SHENZHENPROPERTIES&RESOURCES
DEVELOPMENT(GROUP)LTD.
ANNUALREPORT2020
(AnnouncementNo.2021-07)
March2021
PartIImportantNotes,TableofContentsandDefinitionsTheBoardofDirectors(orthe“Board”),theSupervisoryCommitteeaswellasthedirectors,supervisorsandseniormanagementofShenZhenProperties&ResourcesDevelopment(Group)Ltd.(hereinafterreferredtoasthe“Company”)herebyguaranteethefactuality,accuracyandcompletenessofthecontentsofthisReportanditssummary,andshallbejointlyandseverallyliableforanymisrepresentations,misleadingstatementsormaterialomissionstherein.LiuShengxiang,theCompany’slegalrepresentative,CaiLili,theCompany’sheadoffinancialaffairs,andLiuQiang,headoftheCompany’sfinancialdepartment(equivalenttofinancialmanager)herebyguaranteethattheFinancialStatementscarriedinthisReportarefactual,accurateandcomplete.AlltheCompany’sdirectorshaveattendedtheBoardmeetingforthereviewofthisReportanditssummary.TheCompanyissubjecttotheGuidelineNo.3oftheShenzhenStockExchangeonInformationDisclosurebyIndustry—forListedCompaniesEngaginginRealEstate.TheCompanyhasdescribedindetailinthisReportthepossiblerisksfacingit,alongwithcountermeasures.Pleaserefertothesectionheaded“Prospects”of“PartIVOperatingPerformanceDiscussionandAnalysis”ofthisReport.TheBoardhasapprovedafinaldividendplanasfollows:basedonthesharecapitalof595,979,092shares,acashdividendofRMB4.1(taxinclusive)per10sharesistobedistributedtotheshareholders,withnobonusissuefromeitherprofitorcapitalreserves.ThisReportanditssummaryhavebeenpreparedinbothChineseandEnglish.Shouldtherebeanydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionsshallprevail.
TableofContents
PartIImportantNotes,TableofContentsandDefinitions ...... 2
PartIICorporateInformationandKeyFinancialInformation ...... 5
PartIIIBusinessSummary ...... 10
PartIVOperatingPerformanceDiscussionandAnalysis ...... 16
PartVSignificantEvents ...... 47
PartVIShareChangesandShareholderInformation ...... 65
PartVIIPreferredShares ...... 75
PartVIIIConvertibleCorporateBonds ...... 76
PartIXDirectors,Supervisors,SeniorManagementandStaff ...... 77
PartXCorporateGovernance ...... 87
PartXICorporateBonds ...... 95
PartXIIFinancialStatements ...... 96
PartXIIIDocumentsAvailableforReference ...... 252
Definitions
| Term | Definition |
| The“Company”,the“Group”,“SZPRD”or“we” | ShenZhenProperties&ResourcesDevelopment(Group)Ltd.anditsconsolidatedsubsidiaries,exceptwherethecontextotherwiserequires |
| SIHC | ShenzhenInvestmentHoldingsCo.,Ltd. |
| ITCTechnologyPark | ShenzhenITCTechnologyParkServiceCo.,Ltd. |
| HuangchengRealEstate | ShenzhenHuangchengRealEstateCo.,Ltd. |
| DongguanCompany | DongguanITCChangshengRealEstateDevelopmentCo.,Ltd. |
| XuzhouCompany | SZPRDXuzhouDapengRealEstateDevelopmentCo.,Ltd. |
| YangzhouCompany | SZPRDYangzhouRealEstateDevelopmentCo.,Ltd. |
| RongyaoRealEstate | ShenzhenRongyaoRealEstateDevelopmentCo.,Ltd. |
| ITCPropertyManagement | ShenzhenInternationalTradeCenterPropertyManagementCo.,Ltd. |
| HuangchengPropertyManagement | ShenzhenHuangchengPropertyManagementCo.,Ltd. |
| ShandongShenguomaoRealEstateManagement | ShandongShenguomaoRealEstateManagementCo.,Ltd. |
| ChongqingShenguomaoRealEstateManagement | ChongqingShenguomaoRealEstateManagementCo.,Ltd. |
| ShouxihuJingyue | YangzhouShouxihuJingyuePropertyDevelopmentCo.,Ltd. |
| ShenshanGuomaoPropertyDevelopment | ShenzhenShenshanSpecialCooperationZoneGuomaoPropertyDevelopmentCo.,Ltd. |
| GuomaoTonglePropertyManagement | ShenzhenGuomaoTonglePropertyManagementCo.,Ltd. |
| CommercialOperationCompany | ShenzhenSZPRDCommercialOperationCo.,Ltd. |
| GuomaoCatering | ShenzhenGuomaoCateringCo.,Ltd. |
| SupervisionCompany | ShenzhenPropertyEngineeringandConstructionSupervisionCo.,Ltd. |
| RMB,RMB’0,000,RMB’00,000,000 | ExpressedintheChinesecurrencyofRenminbi,expressedintensofthousandsofRenminbi,expressedinhundredsofmillionsofRenminbi |
| COVID-19 | Thenovelcoronavirusdiseasethatstartedin2019 |
PartIICorporateInformationandKeyFinancialInformationICorporateInformation
| Stockname | PRD,PRD-B | Stockcode | 000011,200011 |
| Changedstockname(ifany) | N/A | ||
| Stockexchangeforstocklisting | ShenzhenStockExchange | ||
| CompanynameinChinese | 深圳市物业发展(集团)股份有限公司 | ||
| Abbr. | 深物业集团 | ||
| CompanynameinEnglish(ifany) | ShenZhenProperties&ResourcesDevelopment(Group)Ltd. | ||
| Abbr.(ifany) | SZPRD | ||
| Legalrepresentative | LiuShengxiang | ||
| Registeredaddress | 39/Fand42/F,InternationalTradeCenter,RenminSouthRoad,LuohuDistrict,Shenzhen,GuangdongProvince,P.R.China | ||
| Zipcode | 518014 | ||
| Officeaddress | 16/F,20/F,39/Fand42/F,InternationalTradeCenter,RenminSouthRoad,LuohuDistrict,Shenzhen,GuangdongProvince,P.R.China | ||
| Zipcode | 518014 | ||
| Companywebsite | www.szwuye.com.cn | ||
| Emailaddress | 000011touzizhe@szwuye.com.cn | ||
IIContactInformation
| BoardSecretary | SecuritiesRepresentative | |
| Name | ZhangGejian | DingMinghuaandChenQianying |
| Address | 20/F,InternationalTradeCenter,RenminSouthRoad,LuohuDistrict,Shenzhen,GuangdongProvince,P.R.China | 39/F,InternationalTradeCenter,RenminSouthRoad,LuohuDistrict,Shenzhen,GuangdongProvince,P.R.China |
| Tel. | 0755-82211020 | 0755-82211020 |
| Fax | 0755-8221061082212043 | 0755-8221061082212043 |
| Emailaddress | 000011touzizhe@szwuye.com.cn | 000011touzizhe@szwuye.com.cn |
IIIMediaforInformationDisclosureandPlacewherethisReportIsLodged
| NewspapersdesignatedbytheCompanyforinformationdisclosure | ForA-stockinvestors:SecuritiesTimesForB-stockinvestors:TaKungPao(HK) |
| WebsitedesignatedbyCSRCforpublicationofthisReport | www.cninfo.com.cn |
| PlacewherethisReportislodged | BoardOffice,39/F,InternationalTradeCenter,RenminSouthRoad,LuohuDistrict,Shenzhen,GuangdongProvince,P.R.China |
IVChangetoCompanyRegisteredInformation
| Unifiedsocialcreditcode | Nochange |
| ChangetoprincipalactivityoftheCompanysincegoingpublic(ifany) | Nochange |
| Everychangeofcontrollingshareholdersinceincorporation(ifany) | On29September2004,theState-OwnedAssetsSupervisionandAdministrationCommissionofShenzhenMunicipality(“SASACShenzhen”)decidedtoincorporateShenzhenInvestmentHoldingsCo.,Ltd.(“SIHC”)toincludeShenzhenInvestmentManagementCo.,Ltd.(“SIM”,theformercontrollingshareholderoftheCompany)andShenzhenConstructionInvestmentHoldingsCorporation(“SCIHC”).SCIHCandSIMhold323,796,324and56,582,573sharesrespectivelyintheCompany,representingacombinedstakeof63.82%.On19October2018,theCompanywasnotifiedbyitsactualcontrollingshareholderSIHCthatithadreceivedtheConfirmationofSecuritiesTransferRegistrationfromChinaSecuritiesDepositoryandClearingCo.,Ltd.(Shenzhenbranch),markingthecompletionoftheequitytransfertoSIHC.Assuch,SIHChasbecomethecontrollingshareholderoftheCompany.ThecontrollingshareholderremainedunchangedduringtheReportingPeriod. |
VOtherInformation
TheindependentauditfirmhiredbytheCompany:
| Name | BakerTillyChinaCertifiedPublicAccountantsLLP |
| Officeaddress | 9/F,ZhonghePlaza,2002ShennanMiddleRoad,FutianDistrict,Shenzhen,GuangdongProvince,China |
| Accountantswritingsignatures | LiMingandChenZihan |
TheindependentsponsorhiredbytheCompanytoexerciseconstantsupervisionovertheCompanyintheReportingPeriod:
□Applicable√NotapplicableTheindependentfinancialadvisorhiredbytheCompanytoexerciseconstantsupervisionovertheCompanyintheReportingPeriod:
□Applicable√Notapplicable
VIKeyFinancialInformationIndicatebytickmarkwhetherthereisanyretrospectivelyrestateddatuminthetablebelow.
√Yes□NoReasonsfortheretrospectiverestatements:
Businesscombinationinvolvingentitiesundercommoncontrol
| 2020 | 2019 | 2020-over-2019change(%) | 2018 | ||
| Before | Restated | ||||
| Operatingrevenue(RMB) | 4,104,374,646.02 | 3,961,669,942.44 | 3.60% | 2,787,240,632.53 | 3,376,673,249.90 |
| Netprofitattributabletothelistedcompany’sshareholders(RMB) | 798,572,121.74 | 817,805,780.12 | -2.35% | 592,723,852.71 | 698,050,728.96 |
| Netprofitattributabletothelistedcompany’sshareholdersbeforeexceptionalgainsandlosses(RMB) | 788,377,322.39 | 695,675,201.19 | 13.33% | 591,362,024.37 | 591,362,024.37 |
| Netcashgeneratedfrom/usedinoperatingactivities(RMB) | 385,497,782.12 | 939,789,565.96 | -58.98% | 1,123,594,927.59 | 1,231,718,056.18 |
| Basicearningspershare(RMB/share) | 1.3399 | 1.3722 | -2.35% | 0.9945 | 1.1713 |
| Dilutedearningspershare(RMB/share) | 1.3399 | 1.3722 | -2.35% | 0.9945 | 1.1713 |
| Weightedaveragereturnonequity(%) | 23.47% | 20.46% | 3.01% | 18.94% | 19.47% |
| 31December2020 | 31December2019 | Changeof31December2020over31December2019(%) | 31December2018 | ||
| Before | Restated | ||||
| Totalassets(RMB) | 12,207,356,912.54 | 10,772,491,740.53 | 13.32% | 5,820,202,137.54 | 7,023,354,613.55 |
| Equityattributabletothelistedcompany’sshareholders(RMB) | 3,727,917,440.03 | 3,147,949,009.38 | 18.42% | 3,337,949,324.64 | 3,872,406,104.67 |
Indicatebytickmarkwhetherthelowerofthenetprofitattributabletothelistedcompany’sshareholdersbeforeandafterexceptionalgainsandlosseswasnegativeforthelastthreeaccountingyears,andthelatestindependentauditor’sreportindicatedthattherewasuncertaintyabouttheCompany’sabilitytocontinueasagoingconcern.
□Yes√NoIndicatebytickmarkwhetherthelowerofthenetprofitattributabletothelistedcompany’sshareholdersbeforeandafterexceptionalgainsandlosseswasnegative.
□Yes√No
VIIAccountingDataDifferencesunderChina’sAccountingStandardsforBusinessEnterprises(CAS)andInternationalFinancialReportingStandards(IFRS)andForeignAccountingStandards
1.NetProfitandEquityunderCASandIFRS
□Applicable√NotapplicableNodifferencefortheReportingPeriod.
2.NetProfitandEquityunderCASandForeignAccountingStandards
□Applicable√NotapplicableNodifferencefortheReportingPeriod.VIIIKeyFinancialInformationbyQuarter
Unit:RMB
| Q1 | Q2 | Q3 | Q4 | |
| Operatingrevenue | 861,546,080.08 | 559,531,687.75 | 332,619,949.47 | 2,350,676,928.72 |
| Netprofitattributabletothelistedcompany’sshareholders | 152,014,318.10 | 59,953,416.66 | -19,555,182.58 | 606,159,569.56 |
| Netprofitattributabletothelistedcompany’sshareholdersbeforeexceptionalgainsandlosses | 152,909,860.77 | 57,711,762.61 | -19,618,268.67 | 597,373,967.68 |
| Netcashgeneratedfrom/usedinoperatingactivities | -609,307,576.52 | -1,013,874,562.38 | 1,170,415,181.72 | 838,264,739.30 |
IndicatebytickmarkwhetheranyofthequarterlyfinancialdatainthetableaboveortheirsummationsdiffersmateriallyfromwhathavebeendisclosedintheCompany’squarterlyorinterimreports.
□Yes√No
IXExceptionalGainsandLosses
√Applicable□Notapplicable
Unit:RMB
| Item | 2020 | 2019 | 2018 | Note |
| Gainorlossondisposalofnon-currentassets(inclusiveofimpairmentallowancewrite-offs) | -322,603.77 | 47,015.23 | -79,489.58 | |
| Governmentsubsidieschargedtocurrentprofitorloss(exclusiveofgovernmentsubsidiesgivenintheCompany’sordinarycourseofbusinessatfixedquotasoramountsasperthegovernment’suniformstandards) | 7,100,657.34 | 2,410,184.82 | 165,676.08 | Pandemic-relatedgovernmentgrant |
| Currentprofitorlossonsubsidiariesobtainedinbusinesscombinationsinvolvingenterprisesundercommoncontrolfromtheperiod-beginningtocombinationdates,net | 118,680,871.93 | 105,442,907.48 | ||
| GainorlossoncontingenciesthatdonotariseintheCompany’sordinarycourseofbusiness | -2,396,947.00 | Expectedlawsuit-relatedcompensation | ||
| Reversedportionsofimpairmentallowancesforreceivablesandcontractassetswhicharetestedindividuallyforimpairment | 19,900.00 | |||
| Non-operatingincomeandexpenseotherthantheabove | 9,089,508.74 | 2,048,751.21 | 1,724,017.41 | Demolitioncompensationreceived |
| Othergainsandlossesthatmeetthedefinitionofexceptionalgain/loss | 94,284.37 | 91,337.56 | ||
| Less:Incometaxeffects | 3,470,226.55 | 1,146,936.51 | 448,375.57 | |
| Non-controllinginterestseffects(netoftax) | -80,226.22 | 645.31 | 116,031.23 | |
| Total | 10,194,799.35 | 122,130,578.93 | 106,688,704.59 | -- |
ExplanationofwhytheCompanyreclassifiesasrecurrentanexceptionalgain/lossitemdefinedorlistedintheExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic—ExceptionalGain/LossItems:
□Applicable√NotapplicableNosuchcasesfortheReportingPeriod.
PartIIIBusinessSummaryIPrincipalActivityoftheCompanyintheReportingPeriod
(I)CoreBusinessOverviewEstablishedin1982,theCompanywasoriginallyknownas"LuohuEngineeringandConstructionHeadquarters"andrenamed"ShenzhenMunicipalPropertyDevelopmentCorporation"inAugust1985.TheCompanywasdeterminedasthesecondbatchofpilotunitsforjoint-stockreformofstate-ownedenterprisesin1988.Approvedbythemunicipalgovernment,theCompanyrenamedtoShenZhenProperties&ResourcesDevelopment(Group)Ltd.in1990.Thestockofthegroupcompany(stockname:SZPRD,A/B;stockcode:000011,200011)wasofficiallylistedinShenzhenStockExchangeinMarch1992.TheCompanycontractedandbuiltShenzhenInternationalTradeCenterBuildingasPartyAandcreated,planned,andorganizedtheworld-famous"ShenzhenSpeed".ThebuildingwastheplacewhereChairmanDengXiaopinggavetalksinhisinspectiontothesouth.SZPRDcameintobeingbecauseofthebuildingandhasrisenamidtheReformandOpeningupcampaign.EmergingandgrowingtogetherwithShenzhen,acityofmiracles,theCompanyhasbeen“aloyalpractitionerofthespiritoftheox”andovercomedifficultiesinproposingnewservicesinthenewera.Inthepastfourdecadesoftrialsandhardships,generationsofSZPRDemployeeshavemanifestedtheenterprisespiritof"goingaheadandreforming"andcenteredonthefunctionalpositioningasstateassetsof"servingnationaleconomicandsocialdevelopment,thecity,theindustry,andthepeople".TheCompanyhasadheredtotheoriginalaspirationandstrivenaheadtobeapioneer.Therefore,ithasmaderemarkableachievementsindevelopmentspeedandquality.Sofar,theCompanyhasgrownintoalargecomprehensiveindustrialgroupfromtheprojectcompanythatbuiltShenzhenInternationalTradeCenterBuilding.Lookingahead,itwillsizeupthesituationandseizethemomentumintheneweraandphaseandforgeaheadtowardthegoalandvisionofbecominga"leadingsmartoperatorofindustry-cityspaceinChina".Theyear2020markstheendofthe"13thFive-Year"planandisakeyyearfortheCompanytomakemajoradjustmentstowincriticalbattlesinimplementingitsreformsonallfronts.IntheReportingPeriod,facingtheabruptCOVID-19anddeepregulationandcontrolinrealestate,theCompanyvigorouslyexploredwaystomakebreakthroughsintransformationandintegratedandrenovatedtraditionalbusinesses,suchasrealestate,propertymanagement,andhouseassetoperations.Besides,itoptimizedandreshapeditsbusinesssegmentssoastoformfourmajorbusinesssegments,thatis,industry-cityspacedevelopment,propertymanagementservices,industrialecosystemoperation,andmainbusinessecosysteminvestment.SZPRDendeavoredtofurtherconsolidateandhighlightitsadvantagesofindustry-cityintegrationandthewholeindustrychainthroughexpandingthemainbusinessandmakingbreakthroughs.
1.Industrial&urbanspacedevelopmentIntermsofthespacedevelopmentsegment,theCompanyisspecializedindevelopingtheresidence,thehi-endapartment,theofficebuilding,andtheindustrialparkandhasdevelopedabatchofbrandprojects,includingShenzhenInternationalTradeCenterBuilding,HuanggangPort,Tian'anInternationalBuilding,QianhaiGangwanGarden,andGoldenCollarHolidayApartment.Basedonitspresentrealestatedevelopmentbusiness,theCompanywillimproveitsexistingportfolioandplanfornewbusinesses.Itwillengageanumberofsubsidiariesinpropertydevelopmentandurbanrenewals,includingHuangchengRealEstate,RongyaoRealEstate,theUrbanRenewalCompany,DongguanCompany,XuzhouCompany,andYangzhouCompany,strengthencapitaloperationviathelistingplatform,andmakeareasonablelayoutofthecityspacedevelopmentsegment.IntheReportingPeriod,SZPRDmademultipleeffortsforthissegment.Forinstance,itsteadilyadvancedtheexistingprojectdevelopmentinsideandoutsideShenzhen,acceleratedthesalesofprojectsinXuzhou,Yangzhou,andDongguan,andspeduptherecoveryofinvestment.Moreover,itfocusedonthedevelopmentandconstructionofindustry-citycomplexesandacceleratedtocreateanintegratedandco-existingmodelforthedevelopmentofboutiqueurbanresidencesandhigh-endindustryspace.
2.PropertymanagementservicesIntheReportingPeriod,SZPRDdeeplyintegrateditspropertymanagementsegmenttoestablishabusinesslayoutfeaturingtheplatformofITCPropertyManagementand"1+1>2"coordinateddevelopment.Thetotalareaofpropertymanagementexceeded24millionsquaremeters.Overmorethan30yearsofdevelopment,ITCPropertyManagementhasdevelopedintoadomestictopbrandedpropertyserviceproviderofindustrialparks.Ithaswonthetitlesof"Top100NationalPropertyManagementEnterprises"and"ExcellentEnterpriseofPropertyManagementofIndustrialParkinChina"forseveralyearssuccessively,andhassubsidiaries,includingShenzhenGuomaomeiLifeServiceCo.,Ltd.,ShandongShenguomaoRealEstateManagement,andChongqingShenguomaoRealEstateManagement,andthreejointventures,namely,ShenshanGuomaoPropertyManagement,GuomaoTonglePropertyManagement,andShouxihuJingyue.Ithasbuiltstrikingbrandadvantagesandestablishedpropertyserviceprojectsalloverthecountry.Next,theCompanywilltakeadvantageofthebrand,ITCPropertyManagement,strivetointegratepropertymanagementresourcesinsideandoutsidethesystem,quicklyexpandchannelspace,upgradepropertymanagement,andsignificantlyenhancechannelservicequality.Inaddition,itwillcombineindustrychainandnewrequirementsofcommunitydevelopmentandearnestlyutilizenewtechnologies,suchastheInternetofThings(IoT),bigdata,andartificialintelligence(AI)todevelopasmartserviceplatformwhereproductionandlifeservicescanbescheduledinaunifiedmanner.
3.IndustrialecosystemoperationWithrespecttotheindustrialecosystemoperationsegment,theCompanygavefullplaytoitsfoundationinthethreebasicindustries,namely,realestatedevelopment,propertymanagement,andleasingandtheadvantageofthewholeindustrychainanddeepenedinternalandexternalstrategiccooperation.Itiscommittedtocreatingaclosedloopofthewholeindustrialecosystem,coveringprojectdevelopmentservices,parkoperationservices,andsupportingrentaloperations,andkeepingimprovingthespaceserviceandrentalecosystemintheindustrialpark.TheCompanyisexpeditingthestocktakingandassessmentofitspropertiesinstockandstrengtheningthemanagementoverthem.Inthefuture,itwillgraduallyexpandthescopeofleasingandraisethedevelopmentcapabilityofpropertyrental.Moreover,theCompanywillgraduallyshiftthefocusofindustrialecosystemoperationtosci-techparks,providesupportingservicescoveringthewholevaluechain,suchastheimportofindustrialecosystem,projectdevelopmentservices,andparkoperationservices,andservetheroleof"spaceserviceprovider"centeringonsci-techparks.
4.OtherbusinessIntheReportingPeriod,theCompany'sbusinessesalsoincludedcateringserviceandprojectsupervisionservice.ThecateringserviceisoperatedbyShenzhenGuomaoCateringCo.,Ltd.GuomaoCateringCo.,Ltd.,establishedin1986,becamefamousathomeandabroad,asitwastheplacewherePresidentDengXiaopinggavetalksduringhisinspectiontothesouthin1992.Sinceitsestablishment,ithasreceivedmorethan600domesticandoverseasstateheads,famouspeople,andnumerousdomesticandoverseasguests,withitsreputationspreadingallovertheworld.Therevolvingrestauranthaditsintegratedrenovationcompletedandwasreopenedin2020.TheprojectsupervisionserviceishandledbythesubordinatedsupervisioncompanyoftheGroup.ThecompanyhastheGradeAsupervisionqualificationofbuildingworksoftheMinistryofHousingandUrban-RuralDevelopment(MOHURD).ItwasoriginallyknownasShenzhenPropertyEngineeringManagementDepartment,andtakespartintheconstructionandmanagementworkofShenzhenInternationalTradeCenterBuilding.Itisawitnessofthewholeprocessof"Shenzhenspeed",andmainlyservesforthedevelopmentprojectoftheGroup.(II)IndustrydevelopmentstageandcycliccharacteristicsoftheCompany,andindustrypositionoftheCompanyduringtheReportingPeriod
1.RealestateindustryDuringtheReportingPeriod,Chinamaintainedthebasictoneofrealestatepolicyregulationandcontrolunchanged,including"Housesareforlivingin,notforspeculatingon."and"threestabilities"andfurtherreinforceditsfinancialregulation.InordertofightagainsttheCOVID-19pandemic,theprimaryobjectivesforthefirsthalfoftheyearwere"sixstabilities"and"sixguarantees".Localgovernmentsadoptedmoreflexiblepoliciescommensuratewiththeirlocalsituations.Multipleregionsreleasedan
underpinningpolicyfortherealestatemarket.Thus,realestatesalesremainedhighinthecountry.Inthesecondhalfoftheyear,Chinaconstantlytighteneditsrealestatefinancingpolicies,issuednewregulationsfortheinvestmentofinsurancefundsandtrustsinrealestate,andstrictlyinvestigatedtherule-violatingtransferoffundsfromthebanktotherealestateindustry.Undersuchapolicybackground,China'srealestateindustrymainlypresentsthefollowingcharacters:
(1)RealestatemarketremainsresilientandhasbroadprospectsAccordingtotheNationalBureauofStatistics,in2020,thesalesareaofnationalcommercialhousingwas1,761millionsquaremeters,withanincreaseof2.6%year-on-year(YoY),whilethesalesamountwasRMB17.36trillion,upby8.7%YoYandhigherthanthegrowthrateof6.5%in2019.ThesalesamountofresidentialhousingreachedRMB15.46trillion,risingby10.8%YoY,representingnearly90%ofthetotalsalesamountofcommercialhousing.However,thesalesamountofofficebuildingsandhousesforbusinessusedroppedby5.3%and11.2%,respectively,fromthesameperiodlastyear.Pricesofcommercialhousinggenerallyclimbedanddemonstratedapparentdifferencesbyregion.Thedramaticincreaseinthepricesincorecities,suchasthoseintheYangtzeRiverDeltaandthePearlRiverDelta,drovethegrowthinsurroundingareas.Therealestateindustryremainedresilientamidthepandemic.
(2)Financingregulationturnedstricterthanexpectations.ThecapitalchainofrealestateenterprisesbecametightThecentralmonetarypolicieswereloosesoastoeffectivelypromotetheresumptionofworkandproductionatthebeginningoftheyear.Governmentsinmultipleregionsloosenedtheregulationandcreditpoliciesforrealestateenterprises.MonetarypolicieshaveresumetightsinceMay,astheadverseimpactofthepandemicturnedweakerandweakerandthesalesofcommercialhousingandlandremainedhot.Theprinciplethat"Housesareforlivingin,notforspeculatingon."hasbeenstressedagain.Themonitoringoftheflowoffundsfromthebanktorealestateenterpriseshasbeenintensified.The"ThreeRedLines"policywasintroducedandpilotedinAugusttofurtherregulatethefinancingofrealestateenterprises.Financingintherealestateindustrysloweddownin2020amidstricterregulationoverfinancingandgrowthinthescaleofdebtsdue.Thefinancingscalefell.Theoverallfinancingcostdroppedslightly.Intermsofstructure,self-raisedfundsandmortgageloansaccountedforahigherproportion.BondissuancecontinuedtogrowinChina,whilethescaleofbondsoverseasplungeddrastically.InnovativeproductslikeABSbecameincreasinglyimportant.Thepeakoftherepaymentofoverseasbondsbroughtsomecashflowriskstorealestateenterprises.Theindustrymightusherinanewcycleofsupply-sidereform.
(3)Landsalesremainedhot.BothsalesvolumesandpricesincreasedRealestateenterprisesshowedanincreasingwillingnesstopurchaseland,attributabletotheloosemonetarypoliciesandperformanceofthecommercialhousingmarketbetterthanexpectations.Besides,localgovernmentsacceleratedtopromotelandsales.Boththesupplyanddemandsidesjointlypushedforwardtheincreaseinsalesvolumesandprices.In2020,turnoveroflandsalesthroughtendering,auctioningandlistingwasapproximatelyRMB8.05trillion,risingby18.8%YoY.4,925millionsquaremetersofplannedbuildingareaweretransferredwithaYoYincreaseof14.9%.TheaveragesalespriceoflandwasRMB1,635/squaremeterthroughouttheyear,whichclimbedby3.5%YoY.Byregions,tier-1citiesrepresentedbythoseintheYangtzeRiverDelta,thePearlRiverDelta,andtheBeijing-Tianjin-HebeiRegionmaintainedhighincreasesinboththesalesareaandamountofland,followedbytier-3cities.Becauseofahighinventory,thegrowthratesintier-2citieswereweakandatthedownsideofthecycle.
2.IndustryofpropertymanagementWiththeaccelerationofurbanization,theupgradingofcitizen'sconsumptionlevel,andtheconstantincreaseofstockpropertyarea,theChinesepropertymanagementindustryentersacycleofrapidprogress,asdrivenbyfavorablepolicies.Atpresent,thepropertymanagementindustryisscatteredinChina.Inotherwords,itsmarketconcentrationisnothigh.Largepropertymanagemententerpriseswilloccupyahighermarketshare,alongwiththeprogressofM&Asofsuchenterprises.China'spropertymanagementindustrymainlypresentsthefollowingcharacteristics:
(1)Marketprospectsarebroad.RevenuegrowsrapidlyAccordingtotheEvaluationReportofComprehensiveStrengthsofPropertyServiceEnterprisesfor2020,in2019,thetotalnationalmanagementareaofthepropertymanagementindustrywas31billionsquaremeterswithaYoYincreaseof11%.Thetop100
propertymanagemententerprisesactivelyimplementeddiversifiedexpansionstrategies.Theirnumberofprojectsundermanagementin2019averaged212,upby10.42%YoY,whiletheareaundermanagement,42,788,300squaremeterswithaYoYincreaseof
15.08%.Themarketshareofthetop100propertymanagemententerpriseswasapproximately43.6%.Theindustryconcentrationfurtherincreased.Thegapamongenterprisesatdifferentlevelsturnedwider.Ingeneral,thepropertyservicefeegrew.InDecember2020,thecompositeindexofpropertyservicepricesin20majorcitiesreached1070.32,upby0.6%YoY.ThepropertyserviceindustryinChinawillenteragoldenperiodofrapiddevelopment,alongwiththeincreaseintheexistingandnewpropertiesandtheprogressofnewtypesofcommunities.TheindustryscalewillhopefullysurpassRMB2trillion.
(2)Thecrazeoflistingamongpropertymanagemententerprisescontinues.IndustrycompetitionisbecomingstrongerPropertymanagemententerpriseshaveendeavoredtogetlistedsince2018,thankstothehighvaluationinthemarket.Theyear2020witnessedthelistingof17suchenterprises,mostofwhichwereH-share-listed,indicatinganapparentMatthewEffect.Nevertheless,thestockpricesonthefirstdayofoverhalfofthepropertymanagemententerpriseslistedin2020werelowerthantheirissueprices,whichimpliedthatthevaluationofpropertymanagemententerprisesdivergedfromreality.PropertymanagemententerprisesacceleratetoperformM&Asandintegrationinordertocopewiththeincreasinglyfierceindustrycompetitionandexpandscaleandbusiness.Qualityunderlyingassetsarelike"sweetpastries".Leadingenterpriseshaveraisedtheareaundermanagementtoanewlevelof500millionsquaremetersthroughM&As.
(3)TheindustryspeedsuptotransformandvigorouslyexpandtheBlueOceanMarketThetenministriesanddepartmentsofChinapublishedtheNoticeonStrengtheningandImprovingResidentialPropertyManagementinJanuary2021.Thedocumentencouragespropertyserviceenterprisestoproactivelyemploytechnologies,suchastheIoT,cloudcomputing,bigdata,blockchain,andAI,tobuildasmartpropertymanagementserviceplatformandexplorethe"propertyservice+lifeservice"model.Aspropertyservicesareexpandingtocoverelderlyandchildcare,housekeeping,culture,health,houseagency,andexpressdeliveryandreceipt,multi-levelanddiversifiedresidentialandlifedemandsofownerswillbebettersatisfied.Furthermore,propertymanagemententerpriseswillhopefullyexpandtheBlueOceanMarketandimprovetheprofitabilityperunitarea.Thelegalstatusoftheowners'committeeofthecommunityisspecifiedupontheimplementationoftheCivilCode.Thecommitteeisbecomingstronger.Disputesovertherightstooperationsandearningsofpublicspacearesurging,leadingtopressureonthesustainabledevelopmentofthepropertymanagementindustry.
3.IndustrypositionoftheCompanySZPRDarisestogetherwithShenzhenopeningupanddevotestoShenzhenrealestateandpropertymanagementandotherfieldsformorethan30years.Itscomprehensivecapacityandbrandinfluenceisgettingstronger.Itsindustrypositionimprovesgradually.Ithaswonmanyhonorsandawardsinthepastyears.DuringtheReportingPeriod,atthe10thGrandCeremonyofShenzhenRealEstateheldbytheShenzhenRealEstateAssociation,theGroupwonthehonorof"BrandValueEnterpriseofShenzhenRealEstateDevelopmentIndustry".ITCPropertyManagementwasamongthefirstbatchofnationalqualifiedLevelIenterprisesofpropertymanagement.DuringtheReportingPeriod,thankstoitscontinuousimprovementininternalcontrol,steadyprogressinpropertymanagementquality,andconstantR&Dofservicesandproductsmatchingcustomerrequirements,ITCPropertyManagementwasgrantedthetitlesof"Top100EnterprisesofChina'sPropertyManagementin2020"and"PropertyManagementEnterprisesofChina'sIndustrialParkin2020".Additionally,itwasranked27thamongChina'stop100propertyservicesforcomprehensivecompetency,upbysixplacesover2019.IthasbeenincludedintheTop100EnterprisesofChina'sPropertyServiceforfiveconsecutiveyearssince2016.Besides,itwasranked11thofthe"Top100ofComprehensiveCapacityofShenzhenPropertyServiceEnterprisesin2019".IISignificantChangesinMajorAssets
1.SignificantChangesinMajorAssets
| Majorassets | Mainreasonforsignificantchanges |
| Equityassets | Up1.41%fromthebeginningamount,primarilydrivenbyreturnoninvestmentinjointventuresrecognizedattheequitymethod |
| Fixedassets | Up24.24%fromthebeginningamount,primarilydrivenbydecorationspendingfortheCompany’sownhousingproperties |
| Intangibleassets | Down31.17%fromthebeginningamount,primarilydrivenbyamortization |
| Constructioninprogress | Nosuchassets |
| Monetaryassets | Up27.54%fromthebeginningamount,primarilydrivenbysettlementofsalesandanincreaseinbankborrowings |
| Long-termprepaidexpenses | Up68.64%fromthebeginningamount,primarilydrivenbyadditionaldecorationspendingforhousingpropertiesintheleasebusiness |
| Deferredincometaxassets | Up44.45%fromthebeginningamount,primarilydrivenbyanincreaseintax-relateddeductibleloss |
2.MajorAssetsOverseas
□Applicable√Notapplicable
IIICoreCompetitivenessAnalysis
Long-lastingenterprisespiritTheenterprisespiritof"goingaheadandreforming"hasrunthroughthedevelopmentoftheCompany,fromthepioneeringimplementationofthejoint-stocksystemreformattheendofthe1980stotheacquisitionoftheITCSci-techPark,epitomizingthe"ShenzhenSpeed"ofmarketizedincorporationofstate-ownedenterprisesinShenzhenandthefirstadoptionofthefollowinginvestmentsystemofurbanrenewalprojectsinmunicipalstate-ownedassetsystem.ThekeyoftheCompanytomaintainitsvitalityoverthepastthreedecadesliesinbeingbraveandcourageoustoreformandgoodatreform.TheCompanywillfullystudyandjudgethemacro-economicenvironmentandtheindustrydevelopmentprogressanddeeplyanalyzeitsadvantagesanddisadvantages,whilesteppingonthenewjourneyofthe"14thFive-yearPlan".Itwillmakeaforward-lookinglayout,transforminanappropriatetime,andseekprogressbasedonreform.RiseofallmajorbusinessesbasedonaccumulatedstrengthTheCompanyhasdevotedenormousresourcesinrealestateandpropertymanagementindustries.IthaskeptafootholdinShenzhenandearnestlyexpandedtheexternalmarket.Uptonow,ithascreatedamarketlayoutwherekeybusinessesarehighlightedandpromotedhierarchically.Inregardtotherealestatebusiness,theCompanyregardsHuangchengRealEstateasitsprimaryplatformandRongyaoRealEstate,XuzhouCompany,YangzhouCompany,andDongguanCompanyaspropertydevelopmententities.Atpresent,itsmainprojectsaredistributedinShenzhen,Xuzhou,Yangzhou,andDongguan.Intermsofthepropertymanagementbusiness,ITCPropertyManagementembracessubsidiaries,suchasShenzhenGuomaomeiLifeServiceCo.,Ltd.,ChongqingShenguomaoRealEstateManagement,andYangzhouJingyuePropertyManagementCo.,Ltd.,andhasgrownintoafirst-classpropertyserviceproviderforindustrialparksinChina.Currently,itsareaundermanagementexceeds24millionsquaremeters,includingnearly8millionsquaremetersinhigh-endindustrialparks,demonstratingitsever-growingbusinessexpansioncapabilities.StandardizedandeffectivecorporategovernanceGuidedbythephilosophyofrunningbylaw,theCompanyconstantlydeepenedsystemconstructionandimproveditsgovernancestructure.Itrevisednearly30regulationsandrulesintheyear,includingtheArticlesofAssociation,theRulesofProcedureofShareholders'Meeting,theRulesofProcedureoftheBoardofDirectors,theRulesofProcedureofBoardofSupervisors,implementationrulesofspecialcommitteesundertheBoardofDirectors,aswellas
documentsonbiddingandtendering,investmentandmerger,internalcontrol,andauthorities.Theinternalgovernancestructureisclearandsound.Inthemeantime,theGroupdeeplyimplementedtheremunerationreform,establishedmarket-orientedandmulti-levelincentiveandperformanceassessmentmechanisms,andstimulatedtheenthusiasmofallemployeesforworkandentrepreneurship.WidelyrecognizedbrandvalueSZPRDarisestogetherwithShenzhenopeningupandhasbeenhighlyrecognizedinthemarketbyvirtueofits"ITC"brandthatcarriesthespiritofopeningup.Atthe10thGrandCeremonyofShenzhenRealEstateheldbytheShenzhenRealEstateAssociation,theGroupwonthehonorof"BrandValueEnterpriseofShenzhenRealEstateDevelopmentIndustry".Moreover,ithaswonmultiplehonorsforyearsconsecutively,suchasthe"Best500ofChinaRealEstateDevelopers"andthe"GuangdongTop500Enterprises",withitssocialinfluenceandbrandreputationimprovedconstantly.
PartIVOperatingPerformanceDiscussionandAnalysisIOverview
TheCompanyissubjecttotheGuidelineNo.3oftheShenzhenStockExchangeonInformationDisclosurebyIndustry—forListedCompaniesEngaginginRealEstate.(I)IndustryreviewfortheReportingPeriod
1.MacroeconomicsituationTheCOVID-19pandemicexertedasevereimpactacrosstheworldin2020andbecameasystematicsystemwithextremelygreatuncertaintiesco-existingwithtradefrictionsandgeopolitics.Itconstitutedatremendousshocktotheworldeconomy.Currently,COVID-19hasbeeneffectivelycontrolledinChina,whilethesituationoverseasisstillnotoptimistic.Inthefinancialfield,theeconomicdownturnhasresultedinsoaringriskaversionandfrequentfluctuationsintheglobalstockmarket.Risingunemploymentratesanddecreasingincomeareinhibitingconsumption.Centralbanksinallcountrieshavetakenloosemonetarypoliciestopromoteeconomicrecovery.Globaldebtshavehitanewhigh.Generally,pandemicreboundhinderseconomicrecoveryintheUnitedStatesandEurope.Globalinflationremainssluggish.Itispredictedthattheeconomyin2020wouldshrinkby3.5%.Thatsaid,theseverestmomenthaspassed.Theworldeconomywillhopefullyenterarecoverycycle,asthepandemicacrosstheworldbecomesanewnormal,theworldpoliticalsituationturnsstable,andtradeprotectionmeasuresareexpectedtodecrease.Therecoveryprogressismainlydeterminedbythepandemictrendallovertheworld.Inthecontextoftheglobaleconomicdepression,ChinarecordedaGDPofRMB101.6trillionin2020withaYoYincreaseof2.3%.ItwasthefirsttimeforChinatosurpassedRMB10billion.Besides,Chinawastheonlymajoreconomyintheworldthatachievedpositivegrowthintheyear.Mostregionsacrossthecountrystoppedworkandproduction,asinfluencedbythesuddenoutbreakofCOVID-19atthebeginningoftheyear.Consequently,thefirstquarter(Q1)witnessedaYoYdecreaseof6.8%inGDP.However,asthepandemicwasgraduallycontrolledandtheresumptionofworkandproductionwasorderlypromoted,China'seconomysteadilyrecovered.TheYoYgrowthratesofGDPinQ2,Q3,andQ4were3.2%,4.9%,and6.5%,respectively.Chinatooktheleadincontrollingthepandemic,whilerepeatedoutbreaksoccurredoverseas.Hence,Chinahadanoutstandingperformanceinexports.TheexporttradetotaledRMB32.16trillionintheyear,growingby1.9%YoY.Specifically,exportsroseby4%,whileimportsdeclinedby0.7%.TotalretailsalesofconsumergoodsamountedtoRMB3.92billion,downby3.9%YoY.Pricesslowlyrecoveredafteraslightdecreaseatthebeginningoftheyear.TheannualCPIclimbedby2.5%.Generally,investmentinfixedassetsfirstdeclinedandthenrose.Thegrowthratesofinvestmentinmanufacturingandinfrastructureconstructiongraduallypickedup.Investmentintherealestateindustrycontinuedtoberesilient.FromJanuarytoNovember,investmentinrealestatedevelopmentamountedtoRMB12,949.2billionwithaYoYincreaseof6.8%.Theindustryprospectskeptrecovering.Theyear2021marksthestartofthe"14thFive-yearPlan".Thepandemicstillexists.Chinaisrecoveringitseconomy.Itsfiscalandmonetarypolicieswillresumeneutral.Endogenousconsumptionandmanufacturinginvestmentwillbecomethemainengineofeconomicgrowth.ItisexpectedthatChina'seconomywillgraduallyreturntonormalin2021andmakesignificantcontributionstotheglobaleconomicrecovery.Ingeneral,themomentumofthesteadyeconomicprogressinChinawillremainunchanged.
2.PolicyenvironmentoftheindustryIn2020,thecentralgovernmentofChinaobservedthebasictonethat"Housesareforlivingin,notforspeculatingon."intermsofrealestateregulationandcontrol.Itadoptedloosemonetarypolicies,whenthepandemicwasthemostsevereinthefirsthalfoftheyear.Asaresult,thefundenvironmentoftherealestateindustrywasimproved.Localgovernmentsimplementedmoreflexiblepoliciesinlinewiththeiractualsituations.Forthedemandside,prioritywasgiventothetalentattractionpolicyandloosenedrequirementsforhouseholdregistration.Forthesupplyside,relevantmarketsupportpolicieswerereleased.Forinstance,Shanghai,
Hangzhou,andNanjingrelaxedthetimelimitforrealestateenterprisestopaythelandtransferfee.Fuzhou,Huzhou,andTianjinallowedthedelayofthestartandcompletionofprojects.XuzhouandDongguanadjustedthepre-saleconditionsforcommercialhousing.Nanchang,Jinan,Wuxi,andXi'anreducedtheregulatoryrequirementsforfunds.Xiamen,Shenzhen,andGuangzhouraisedcreditlines.Inthesecondhalfoftheyear,asthepandemicturnedweakerandtherealestatemarketenjoyedhighpopularityagainstthetrend,regulationandcontrolpoliciesturnedtighter.Financialregulationwasconstantlyreinforced.InAugust,theMOHURDandthePeople'sBankofChina(PBoC)heldasymposiumattendedbykeyrealestateenterprisesinordertostressagainthat"Housesareforlivingin,notforspeculatingon.",stabilizelandprices,houseprices,andexpectations,andmaintainthecontinuityandstabilityofregulationandcontrolpoliciesfortherealestateindustry.Fundmonitoringandfinancingmanagementruleswereformulatedforkeyrealestateenterprisesatthesymposium.Throughthe"ThreeRedLines",newrequirementswereraisedtochangethetraditionalfinancingmodelofrealestateenterprises,whichwouldbebeneficialtoguidethebenigndevelopmentoftherealestateindustry.EightkeytasksofthecentralgovernmentofChinawereproposedfor2021attheCentralEconomicWorkConferenceheldinDecember2020.Prominentproblemsabouthousinginmajorcitiesshouldbeproperlyaddressed.Housingproblemsarerelatedtothewell-beingofthepeople.Multiplepoliciesshouldbeadoptedinlinewiththeactualsituationtopushforwardthesteadyandwholesomeprogressoftherealestatemarket.Greatimportanceshouldbeattachedtotheconstructionofsecurityrentalhouses.Thelong-termrentalmarketshouldbestrictlystandardized.Moreover,morelandshouldbeprovidedfortheconstructionofrentalhouses.Realestateenterprisesshouldbeencouragedtoutilizecollectivelandforconstructionandself-ownedidlelandtoconstructrentalhouses.Meanwhile,thetaxburdenofrentalhousesshouldbereduced.Therentalmarketshouldberemedied.Therentlevelshouldbereasonablyregulatedandcontrolled.ThePBoCandtheChinaBankingandInsuranceRegulatoryCommission(CBIRC)jointlypublishedanoticeonDecember31,2020,todecidetoformulateapolicyformanagingtheconcentrationofrealestateloansprovidedbyfinancialinstitutionsinthebankingindustry.Thepolicyisdesignatedtofacilitatemarketentitiestoformstablepolicyexpectationsandpromotethesustainabledevelopmentoftherealestatemarket.
3.RegionalmarketlayoutIn2020,therealestatemarketinShenzhenledthenationalmarketinbothsupplyanddemanddespitethepandemicandpolicyregulationandcontrol.InQ1,duetotheimpactofthepandemic,therealestatemarketwasbasicallystagnant.InQ2,asthepandemicwasgraduallycontrolledandpolicieswererelaxed,alargeamountofcapitalflewintoboosttherealestatemarket.Housepricessurgeddramatically,resultinginpainpoints,suchashothousingspeculation,therule-violatingflowoffunds,andsupply-demandimbalance.Inviewofthis,theShenzhenMunicipalBureauofHousingandUrban-RuralDevelopmentissuedeightmeasuresonJuly15toregulateandcontroltherealestatemarketfromeightaspects,includingidentificationofthehousepurchasequalificationandtimeofhouseholdregistration,adjustmentofthepolicyfortherestrictedpurchaseofcommercialhouses,andpromotionofsigningofthemortgageloancontractonline.Themarketquicklyrecoveredupontheimplementationofnewpolicies.Second-handhousesweresoldatalowprice.Thegovernmentrelaxedthepre-salespolicy,followedbyanincreaseinthesupplyofhouses.Q4markedthe40thanniversaryoftheestablishmentoftheShenzhenSpecialEconomicZone.TheconstructionoftheGuangdong-HongKong-MacaoGreaterBayAreaandtheDemonstrationAreaofSocialismwithChineseCharacteristicswaspromotedconstantly.Therewerehighexpectationsforthelong-termprospectsoftherealestatemarket.Theenthusiasmofbuyersranhighagain.Generally,in2020,Shenzhensupplied54,000setsofnewhouses.4,489,000squaremeters/45,384setsofnewresidentialhousesweresold,upby20.5%and19.8%YoY,respectively.Thetransactionscalehadreachedarecordhighsince2016.Throughouttheyear,thesalesrateontheopeningdaywashigherthan60%,settinganewrecordinthepastthreeyears.TheaverageannualtransactionpriceofnewhouseswasRMB53,000/squaremeter,whichwasstablewithaslightdecline.95,273setsofsecond-handhousesweresoldintheyear,risingby23.5%YoY.TheLonggangCenter,Buji,andXixiangtookthefirstthreeplacesintransactionvolumes.TheaveragetransactionpriceinthecitywasRMB66,000/squaremeter,higherthanthatinthesameperiodlastyear.Throughouttheyear,24,910setsofcommercialapartmentswereapprovedandsoldwithatotalareaof1.47millionsquaremeters.
Thetwofiguresincreasedby23.6%and23.7%overthesameperiodlastyear.Apartmentsdemonstratedastrongerquasi-residentialproperty.In2020,Shenzhenlistedandtransferred96plotsofland,including34plotsofresidentiallandwithanaccumulativelandtransferfeeofRMB80billion.Lookinginto2021,therealestatemarketinShenzhenwillcontinuethebasictonethat"Housesareforlivingin,notforspeculatingon."andraisehousesupply.Shenzhenwillstabilizelandprices,houseprices,andexpectations,drivethesteadyandwholesomeprogressoftherealestatemarket,andeffectivelypreventandmitigaterisksinthemarket.(II)BusinessReviewfortheCompanyin2020In2020,theCompanysuccessfullyaccomplishedvariousobjectives.Fortheyear,itrecordedoperatingrevenueofapproximatelyRMB4.1billionandagrossprofitofaroundRMB1.03billion.Inaddition,itstotalassetsreachedRMB12.2billion,hittingarecordhigh.Alltheseremarkableresultsrepresentedaperfectendingforthe“13
th
Five-YearPlan”oftheCompany.Forthe13
thFiveYear,theCompanycumulativelyrecordedoperatingrevenue,agrossprofitandanetprofitofRMB16.82billion,RMB4.33billionandRMB3.19billionrespectively,up132%,114%and112%comparedtothe12
thFiveYear;anditstotalassetsandnetassetsasattheendoftheperiodwentup179%and80%respectivelyfromfiveyearsago.Thesedatarepresentedconsiderableover-fulfillmentofthegoalsset.Duringthe13
th
FiveYear,theCompanyadoptedasustained,consistentandactivedividendpolicy,takingintoaccountbothreasonablereturntoinvestorsandthesustainabilityoftheCompany.Thefive-yearperiodsawatotaldividendpayoutamountofRMB924million(includingthe2020dividendpayoutplan).
1.AphasedvictorywasachievedinfightingagainstthepandemicthroughunityofeffortsInthefaceofthesuddenoutbreakoftheCOVID-19pandemic,theGroupimmediatelyestablishedananti-pandemicleadinggroup,accuratelyimplementedallanti-pandemictasks,andsparednopainstoarrangetheresumptionofworkandproduction.Nosuspiciousorconfirmedcaseswereidentifiedamongover8,000employeesoftheGroup.Inaddition,theGroupactivelyadoptedthepolicyrequirementforrentreductionandexemptionandjoinedhandswithsmall-andmedium-sizedprivateenterprisestorespondtochallenges.ApproximatelyRMB38millionofrentswerereducedandexempted,benefitingnearly700tenants.TheGroupandindividualsdonatedoverRMB2million,whichfullyreflectedthemissionandresponsibilityasastate-ownedenterprise.
2.TheCompanystucktothebusinessphilosophyofmarketorientationandachievedremarkableperformancesinthetwomajorsegmentsIntheReportingPeriod,theCompanyhostedarealestateworkmeetingandintroducedawhole-cycledevelopmentmanagementsystem.Itspecifiedthegoalof"efficiency,benefitsandeffects"ofoperationsandmanagementofrealestateprojectsandstrovetomanagetheprocessinaplanned,coordinated,andcooperativemanner.Furthermore,itfollowedthe"117"specificimplementationpathtoholisticallyandconstantlyimprovetheoperationsandmanagementofrealestateprojects.TheCompanyplannedandpreciselyimplementedstrategiesamidthepandemic.Itdelivered100%offinelydecoratedTowerCofGoldenCollarHolidayApartmentinadvanceandsuccessfullysoldPhaseIIofXuzhouout.Throughouttheyear,theCompanyrecordedrevenueofapproximatelyRMB2.9billioninrealestateandanetprofitofaroundRMB661million.Projectresourceswereexpandedthroughmultiplechannels,suchastendering,auctioning,listing,andcooperativedevelopment.SubstantialprogresswasmadeintheIntegratedIndustry-cityProjectoftheEcologicalHealthValleyofYangzhouShouxihu,theurbanrenewalprojectintheFuyuanIndustryPark,theGuangmingTangjiaProject,andtheBaoluProjectintheyear.Withrespecttothepropertymanagementsegment,theCompanyvigorouslyblazedatrailbasedonendogenousexpansionandM&As.In2020,itaccumulativelyhad27newprojectswithatotalareaofover3millionsquaremeters,betterthantheannualobjectiveforendogenousgrowth.Moreover,theCompanyexplorednon-conventionalinvestmentmethodsforthefirsttime,suchasoverseasinvestmentandprivatenon-controllinginvestmentsoastoopenanewpathtocopewiththefiercecompetition.First,itsuccessfullyexpandedtheoverseasmarketbyestablishingasubsidiaryinVietnam.Besides,itenteredintoanagreementwithVCEPtojointlycreateanationaldemonstrationzoneofthe"theBeltandRoad"initiative.Thenewareaunderpropertymanagementintheparkwasapproximately1.96millionsquaremeters.Second,newinvestmentcooperationmodelswereproposed.Thethreejointventures,namely,ShenzhenGuomaoTonglePropertyManagementCo.,Ltd.,ShenshanGuomaoPropertyDevelopment,andShouxihuJingyue,havegrowngraduallybytakingadvantageoftheresourcesoftheirpartners.Especially,ShouxihuJingyuewon
keyprojectslikeSanwanScenicSpotofYangzhouCanal,SongjiaCity,andHuaDuHui.Itsareaundermanagementwasuptoaround3.7millionsquaremeters.Itisaneffectiveexampleofthemarket-orientedexpansionofthepropertymanagementbusiness.
3.TheCompanyadheredtotheideathatdevelopmentisthetoppriorityandaddressedmanyprominentproblemsconcerningoveralloperationsanddevelopment.First,itactivelypromotedthedemolitionoftheBanglingProject,heldtheopeningceremonyinOctober,andstartedthesubstantialconstructionofPhaseII.Second,itassistedforeigntradegroupsinactivatingassets.Thefirstbatchofassetshavebeendisposedof.OverRMB1.5billionwasrealized.Third,itactivelysupportedthetaxexaminationoverthekeyandlargeenterprisesspecifiedbytheStateTaxationAdministration,sparednoefforttosolvethehistoricalproblemoflandcostsintheHuangyuyuanArea,andbasicallyeliminatedtheriskofasupplementarypaymentofincrementtaxonlandvalue.Fourth,itstronglysupportedshantyhouserenovationprojectsofthegovernmentandcompletedthesigningfortheremovaloftenantsandhousedeliveryoftenantsonChuanbuStreet.ItisestimatedthattheGroupwillobtainanareaofrelocatedpropertyofapproximately14,000squaremetersby2025.Forotheraspects,acomprehensiveagreementwassignedforYupinluanshanGardenprojectafternearlyonedecade.TheFuminComplexwasrenovatedandputintooperation,becomingthefirstrentalhouseprojectforspecialtalentofprofessionallawyers.EffectivemeasureshavebeenadoptedtopromotePhaseIIofFuchang,uponnegotiationwithseveralparties.BasementswereconstructedintheReportingPeriod.
4.Internalreformwasdeepened.VitalityandpowerofqualitydevelopmentoftheGroupweresignificantlystimulatedTheremunerationreformwasearnestlypromoted.Thelong-actingincentiveandrestraintplanforthefirstphasehasbeenimplemented.Theintegrationofbusinesssegmentswascoordinated.Incentiveandperformanceassessmentmechanisms,suchastheremunerationreformandincrementalsharing,werecomprehensivelyconductedinallsubordinatedcompaniesfromtoptobottom.Inaddition,theCompanyorderlypromotedtheoptimizationoftheorganizationalstructureaftertheacquisitionofTKPropertyandtheintegrationofpropertymanagementandrentalsegments.TheProjectManagementDepartmentandtheIndustryOperationOfficewerenewlysetupintheHeadquarters.Shortcomingsinoperationswereimproved.Adevelopmentplatformwascreatedforthefourmajorbusinesses.Aplatformbusinesssystemwithareasonablestructureandindependentoperationswasdeveloped.Furthermore,policieswererevisedasappropriate.Over30regulationsandruleswererevised,includingtheArticlesofAssociation,topracticallyimprovecorporategovernance.Intermsofotheraspects,anewstridewasmadeinintegratedfinancialmanagement.ApproximatelyRMB1.6billionnewfinancingwasadded.Tenderingandthedeterminationofbidwinnerswerestrengthened.Costcontrolwasreinforced.Additionally,theCompanyfirmlyupheldtheconceptofsafedevelopmentandtookmultiplemeasurestoensureproductionsafety.(III)LandBank
1.NewadditionstothelandbankTherewerenonewadditionstothelandbankinthecurrentperiod.
2.Cumulativelandbank
| Nameofproject/area | Sitearea（0,000㎡） | Floorarea（0,000㎡） | Floorareaavailablefordevelopment（0,000㎡） |
| YupinluanshanGardenproject | 2.19 | 7.89 | 7.89 |
| Baoluproject | 3.24 | 8.16 | 8.16 |
| LandinDanshui,HuiyangDistrict,HuizhouCity | 1.77 | 6.20 | 6.20 |
| LandinHongqiTown,HaikouCity | 15.8 | - | - |
| Total | 23 | 22.25 | 22.25 |
Note:ThefloorareasoftheYupinluanshanGardenproject,theBaoluprojectandthelandinDanshui,HuiyangDistrict,HuizhouCityarefloorareaswithplotratio.(IV)Developmentstatusofmajorprojects
| City/region | Nameofproject | Location | Usage | TheCompany’sinterest | Timeforcommencementofconstruction | %developed | %thathascompletedconstruction | Sitearea（㎡） | Plannedfloorareawithplotratio（㎡） | FloorareathatcompletedconstructionintheCurrentPeriod（㎡） | Cumulativefloorareathathascompletedconstruction（㎡） | Estimatedtotalinvestment(RMB’0,000) | Cumulativeinvestment(RMB’0,000) |
| Shenzhen | GoldenCollar’sResortapartments | FutianDistrict | Residential | 100% | 2014.03 | 100% | 100% | 12,598 | 133,800 | 0 | 183,295 | 138,311 | 108,406 |
| Shenzhen | FuhuiHuayuan | FutianDistrict | Affordablehousing | 100% | 2018.12 | Underconstruction | ConcreteroofcompletedforthebasementsinSection1and2;structurecompletedfor-2/FofSection3 | 4,274 | 33,430 | 0 | 0 | 90,439 | 60,072 |
| XuzhouCity | BanshanYujing(PhaseII) | TongshanDistrict | Residential | 100% | 2019.03 | Underconstruction | Pre-acceptancecompletedforthemainframe | 31,537 | 22,795 | 0 | 0 | 23,581 | 15,997 |
| Shenzhen | GuanlanBangling | LonghuaDistrict | Residential,commercialapartmentsandindust | 69% | 2020.10 | Underconstruction | 75.88%completedfordemolition | 68,300 | 433,640 | 0 | 0 | 694,150 | 330,262 |
(V)Salesstatusofmajorprojects
rial
City/region
| City/region | Nameofproject | Location | Usage | TheCompany’sinterest | Floorareawithplotratio（㎡） | Floorareaavailableforsale（㎡） | Cumulativepre-sold/soldfloorarea（㎡） | Floorareapre-sold/soldintheCurrentPeriod（㎡） | Pre-sale/salesrevenuegenerateintheCurrentPeriod(RMB’0,000) | Cumulativesettledfloorarea(㎡) | FloorareasettledintheCurrentPeriod（㎡） | Pre-sale/salesrevenuesettledintheCurrentPeriod(RMB’0,000) |
| Shenzhen | GoldenCollar’sResortapartments | IntersectionofFutianSouthRoadandBinheRoadinFutianDistrict | Residential,studioapartmentsandcommercial | 100% | 133,800.6 | 125,231.07 | 68,323.44 | 33,414.96 | 262,382 | 64,287.07 | 37,184.94 | 274,075 |
| DongguanCity | SonghuLangyuan | DalangTown | Residential,commercial | 100% | 147,139.96 | 140,911 | 140,911 | 0 | 0 | 145,443 | 0 | 0 |
| Shenzhen | SZPRD-QianhaiGangwanGarden | IntersectionofYueliangwanBoulevardandXinghaiBoulevardinNanshanDistrict | Residential | 100% | 64,625.13 | 63,448.26 | 63,448.26 | 0 | 0 | 63,336.29 | 0 | 0 |
| XuzhouCity | BanshanYujing(PhaseI) | 6HuashanRoad,TongshanDistrict,XuzhouCity, | Villa | 100% | 54,589.12 | 85,652.81 | 85,652.81 | 0 | 0 | 85,652.81 | 2,331.54 | 1,802.17 |
| JiangsuProvince | ||||||||||||
| XuzhouCity | BanshanYujing(PhaseII) | 6HuashanRoad,TongshanDistrict,XuzhouCity,JiangsuProvince | Residential(elevatorhousesof4-7floors) | 100% | 22,794.76 | 21,720.72 | 21,720.72 | 9992.97 | 12,256.85 | 0 | 0 | 0 |
| YangzhouCity | HupanYujingPhaseI | IntersectionofShouxihuRoadandHangouRoad | Residentialunits,shops,apartments,parkinggaragesandlots | 100% | 36,141.28 | 48,870.98 | 42,349.26 | 870.59 | 332.2 | 42,215.85 | 944.67 | 575.03 |
| YangzhouCity | HupanYujingPhaseII | IntersectionofShouxihuRoadandHangouRoad | Residentialunits,shops,apartments,parkinggaragesandlots | 100% | 56,935.75 | 73,121.96 | 67,523.37 | 1,317.54 | 1,678.47 | 64,177.89 | 1,060.9 | 1,042.74 |
(VI)Rentalstatusofmajorprojects
| Nameofproject | Location | Usage | TheCompany’sworkinginterest | Rentablearea（㎡） | Cumulativerentedarea（㎡） | Averageoccupancyrate |
| XiApartments(Longyuan) | Shenzhen | Apartmentsforlong-termrental | 100.00% | 3967 | 3967 | 100.00% |
| XiApartments(Longhua) | Shenzhen | Apartmentsforlong-termrental | 100.00% | 1609 | 1609 | 100.00% |
| XiApartments(Xinhu) | Shenzhen | Apartmentsfor | 100.00% | 1600 | 1600 | 100.00% |
| long-termrental | ||||||
| FoodCourtintheInternationalTradeCenter | Shenzhen | Commercial | 100.00% | 4049 | 2645 | 65.00% |
| FuminComplex | Shenzhen | Commercial,apartments | 100.00% | 6450 | 4576 | 71.00% |
| TowerAofWenjinduPortBuilding | Shenzhen | Officebuilding | 75.00% | 5884 | 5703 | 97.00% |
| HaiwaiLianyiBuilding | Shenzhen | Commercialunitsandoffices | 75.00% | 9788 | 9788 | 100.00% |
| AnhuaBuilding | Shenzhen | Offices | 75.00% | 1414 | 1414 | 100.00% |
| TrainingBuilding/Dormitory | Shenzhen | Residentialunits/offices/commercialunits | 75.00% | 4244 | 4244 | 100.00% |
| PengfuBuilding | Shenzhen | Offices | 75.00% | 6494 | 6494 | 100.00% |
| JinfuBuilding | ShenzhenShenzhen | Commercial | 75.00% | 1702 | 1702 | 100.00% |
| JinfuBuilding | ShenzhenShenzhen | Commercial | 100.00% | 568 | 568 | 100.00% |
| FuxingGarden | Shenzhen | Residential/commercial | 75.00% | 5877 | 5877 | 100.00% |
| FuxingGarden | Shenzhen | Commercial | 100.00% | 1417 | 1417 | 100.00% |
| PlantareainTangxiaTown,DongguanCity | DongguanCity | Plant | 75.00% | 22034 | 22034 | 100.00% |
| PacificBusinessBuilding | Shenzhen | Commercialunits/offices | 75.00% | 3199 | 3199 | 100.00% |
| PacificBusinessBuilding | Shenzhen | Commercialunits/offices | 15.00% | 14889 | 14718 | 99.00% |
| KangtiBuilding | Shenzhen | Commercialunits/offices | 75.00% | 2096 | 2096 | 100.00% |
| KangtiBuilding | Shenzhen | Commercialunits/offices | 15.00% | 1147 | 1147 | 100.00% |
| LyuhuaBuilding | Shenzhen | Commercialandresidential | 75.00% | 6960 | 6578 | 94.51% |
| ShopsonthegroundfloorofTower48inLianhuaNorthVillage | Shenzhen | Shops | 75.00% | 1000 | 1000 | 100.00% |
| HaonianhuaBuilding | Shenzhen | Apartmentsandcommercialunits | 100.00% | 1803 | 1774 | 98.00% |
| HaonianhuaBuilding | Shenzhen | Apartmentsandcommercialunits | 75.00% | 2278 | 2235 | 98.00% |
| Hostel2atYuxinSchool | Shenzhen | Hostel | 75.00% | 3000 | 3000 | 100.00% |
| KaifengGardeninShangmeilin | Shenzhen | Residential | 100.00% | 1307 | 1084 | 83.00% |
| FuyuanIndustrialZone | Shenzhen | Plantarea | 75.00% | 47130 | 47130 | 100.00% |
| TongluIndustrialZone | Shenzhen | Plantarea | 100.00% | 76886 | 73221 | 95.00% |
| GongluBuilding | Shenzhen | Commercial/offices | 75.00% | 317 | 317 | 100.00% |
| GongluBuilding | Shenzhen | Offices | 100.00% | 89 | 89 | 100.00% |
| JianglingIndustrialZone | Shenzhen | Plantarea | 75.00% | 10397 | 10397 | 100.00% |
| Zone21 | Shenzhen | Commercial/offices | 75.00% | 9514 | 9514 | 100.00% |
| BaoliCommunity | Shenzhen | Residential | 75.00% | 9020 | 9003 | 99.81% |
| SonggangPlant | Shenzhen | Plantarea | 75.00% | 5700 | 5700 | 100.00% |
| LongbuPlant | Shenzhen | Plantarea | 75.00% | 7471 | 7471 | 100.00% |
| GongluBuildingin | Shenzhe | Offices | 75.00% | 4600 | 4461 | 96.98% |
| Huanggang | n | |||||
| YuetongComplex | Shenzhen | Offices | 75.00% | 3044 | 3044 | 100.00% |
(VII)Primarylanddevelopment
□Applicable√Notapplicable(VIII)Financingchannels
| Financingchannel | Endingbalanceoffinancings | Financingcostrange/averagefinancingcost | Maturitystructure | |||
| Within1year | 1-2years | 2-3years | Over3years | |||
| Bankloans | 3,618,800,000.00 | 4%-6% | 3,000,000.00 | 3,615,800,000.00 | ||
| Total | 3,618,800,000.00 | 4%-6% | 3,000,000.00 | 3,615,800,000.00 | ||
(IX)DevelopmentstrategyandoperatingplanforthecomingyearInregardtolandreserves,theCompanywillcontinuetoexpanditslandreservesthroughmarketcompetitionandcapitaloperationin2021.Itwillexertmoreeffortsinthisaspectandpushforwardthefastlaunchofprojects.Bypropertytypes,residentialprojectswillbemainlydistributedintheGuangdong-HongKong-MacaoGreaterBayArea,theYangtzeRiverDeltaMetropolitanArea,andtheareaswithexistingprojects.Besides,theCompanywillgraduallypayattentiontoandexpanditspresenceinkeycitiesinthecentralurbanagglomerationcenteringonWuhan,theChengdu-ChongqingRegioninwesternChina,andtheBeijing-Tianjin-HebeiRegion.UrbanrenewalprojectswillprimarilybelaunchedinShenzhenandtheareassurroundingShenzhenlikeDongguanandHuizhou.TheCompanywillgraduallytracksuchprojectsinGuangzhou.Mostofthecomprehensiveindustry-cityprojectswillbelocatedintheGuangdong-HongKong-MacaoGreaterBayArea,theYangtzeRiverDelta,centralChinacenteringonWuhan,andtheChengdu-ChongqingRegioninwesternChina.Inregardtosales,in2021,theCompanywillconstantlyenhancetheoverallcontroloverthegeneralgoal,phasedobjectives,schedule,andinvestmentplanofallprojects,paycloseattentiontothewholesalesofTowerAandtheremaininghousesofTowerCofGoldenCollarHolidayApartment,andfullypromotetheconstructionofPhasesIandIIofGuanlanBangling.Furthermore,itwillstrivetosellallhousesofHupanYujingoutandcompleteanddeliverBanshanYujingPhaseIIinXuzhouandendeavortocompletetheprojectsetupoftheFuyuanIndustryPark,thelandreplacementofBaolu,thecappingofPhaseIIofFuchang,andtheconstructionofYupinLuanshan.Pleasereferto“IXProspects”in“PartIVOperatingPerformanceDiscussionandAnalysis”.(X)Provisionofguaranteesforhomebuyersonbankmortgages
√Applicable□NotapplicableAsausualpracticeforrealestatedevelopers,theCompanyhasbeenprovidingguaranteesandsecuritydepositsforitshomebuyersontheirbankmortgages.Asat31December2020,securitydepositsforsuchoutstandingguaranteesamountedtoRMB1,148,647.30,whichwillbereturnedupontheexpiryoftheguarantees,i.e.whentherelevanthomebuyerspaidofftheirbankmortgages.Onthegroundthattherehavebeennodefaultbythehomebuyerssofarandthatthemarketpricesoftherelevantpropertiesarecurrentlyhigherthanthetradingprices,theCompanybelievestheriskassociatedwithsuchguaranteesislow.(XI)Jointinvestmentsbydirectors,supervisorsandseniormanagementandthelistedcompany(applicableforsuchinvestmentswherethedirectors,supervisorsandseniormanagementaretheinvestmententities)
√Applicable□Notapplicable
| Nameofproject | Typeofinvestmententity | Amountofinvestment | %ofinvestmen | As%ofthepeakofthe | Cumulative | Disinvestment | Compatibilityofactual |
| (RMB’0,000) | tamount | projectfunds | income | investmentamountanddistributedincome | |||
| UrbanRenewalofBanglingSectionatGuanlanStreet | Mandatoryinvestmententities(includingdirectorsandseniormanagement) | 2,647.00 | 66.18% | N/A | 0 | None | N/A |
| Voluntaryinvestmententities | 1,353.00 | 33.82% | N/A | 0 | None | N/A |
Note:Sincethisisanongoingproject,thepeakoftheprojectfunds,cumulativeincomeanddisinvestmentareunknown.Fordetails,pleaserefertotherelevantannouncementsdisclosedbytheCompanyonwww.cninfo.com.cndated9November2019.IICoreBusinessAnalysis
1.Overview
See“IOverview”above.
2.RevenueandCostAnalysis
(1)BreakdownofOperatingRevenue
Unit:RMB
| 2020 | 2019 | Change(%) | |||
| Operatingrevenue | As%oftotaloperatingrevenue(%) | Operatingrevenue | As%oftotaloperatingrevenue(%) | ||
| Total | 4,104,374,646.02 | 100% | 3,961,669,942.44 | 100% | 3.60% |
| Byoperatingdivision | |||||
| Propertydevelopment | 2,895,323,736.80 | 70.54% | 2,665,571,690.51 | 67.28% | 8.62% |
| Propertymanagement | 1,070,094,746.33 | 26.07% | 1,097,767,114.02 | 27.71% | -2.52% |
| Propertyrental | 138,956,162.89 | 3.39% | 198,331,137.91 | 5.01% | -29.94% |
| Byproductcategory | |||||
| Propertydevelopment | 2,895,323,736.80 | 70.54% | 2,665,571,690.51 | 67.28% | 8.62% |
| Propertymanagement | 1,070,094,746.33 | 26.07% | 1,097,767,114.02 | 27.71% | -2.52% |
| Propertyrental | 138,956,162.89 | 3.39% | 198,331,137.91 | 5.01% | -29.94% |
| Byoperatingsegment | |||||
| Shenzhen | 3,718,740,286.40 | 90.60% | 3,712,909,688.00 | 93.72% | 0.16% |
| Other | 385,634,359.62 | 9.40% | 248,760,254.44 | 6.28% | 55.02% |
(2)OperatingDivision,ProductCategoryorOperatingSegmentContributingover10%ofOperatingRevenueorOperatingProfit
√Applicable□Notapplicable
Unit:RMB
| Operatingrevenue | Costofsales | Grossprofitmargin | YoYchangeinoperatingrevenue(%) | YoYchangeincostofsales(%) | YoYchangeingrossprofitmargin(%) | |
| Byoperatingdivision | ||||||
| Propertydevelopment | 2,895,323,736.80 | 388,253,086.57 | 86.59% | 8.62% | -10.56% | 2.88% |
| Propertymanagement | 1,070,094,746.33 | 912,325,050.31 | 14.74% | -2.52% | -0.56% | -1.68% |
| Byproductcategory | ||||||
| Propertydevelopment | 2,895,323,736.80 | 388,253,086.57 | 86.59% | 8.62% | -10.56% | 2.88% |
| Propertymanagement | 1,070,094,746.33 | 912,325,050.31 | 14.74% | -2.52% | -0.56% | -1.68% |
| Byoperatingsegment | ||||||
CorebusinessdataoftheprioryearrestatedaccordingtothechangedstatisticalcaliberfortheReportingPeriod:
□Applicable√Notapplicable
(3)WhetherRevenuefromPhysicalSalesIsHigherthanServiceRevenue
√Yes□No
| Operatingdivision | Item | Unit | 2020 | 2019 | Change(%) |
| Propertydevelopment | Salesvolume | m2 | 47,540.93 | 69,138.45 | -31.23% |
| Output | m2 | 262,098 | 262,098 | 0.00% | |
| Inventory | m2 | 76,447.91 | 114,628 | -38.18% |
Anyover30%YoYmovementsinthedataaboveandwhy:
√Applicable□NotapplicableDuetocyclicalchangesintheindustry,aswellasthedevelopmentandsalesprogressofprojects,etc.,thesalesvolumeandthe
inventorybothshowedadecrease.
(4)ExecutionProgressofMajorSignedSalesContractsintheReportingPeriod
□Applicable√Notapplicable
(5)BreakdownofCostofSales
Byoperatingdivision
Unit:RMB
| Operatingdivision | Item | 2020 | 2019 | Change(%) | ||
| Costofsales | As%oftotalcostofsales(%) | Costofsales | As%oftotalcostofsales(%) | |||
| Propertydevelopment | 388,253,086.57 | 28.00% | 434,102,478.63 | 30.28% | -10.56% | |
| Propertymanagement | 912,325,050.31 | 65.79% | 917,506,251.33 | 64.00% | -0.56% | |
| Propertyrental | 86,132,102.66 | 6.21% | 82,007,155.47 | 5.72% | 5.03% | |
(6)ChangesintheScopeofConsolidatedFinancialStatementsfortheReportingPeriod
√Yes□NoOnenewentitywasaddedtotheconsolidatedfinancialstatementsoftheyearunderreviewcomparedtolastyear.See“VIIIChangestotheConsolidationScope”in“PartXIIFinancialStatements”inthisReport.
(7)MajorChangestotheBusinessScopeorProductorServiceRangeintheReportingPeriod
□Applicable√Notapplicable
(8)MajorCustomersandSuppliersMajorcustomers:
| Totalsalestotopfivecustomers(RMB) | 354,418,642.97 |
| Totalsalestotopfivecustomersas%oftotalsalesoftheReportingPeriod(%) | 8.64% |
| Totalsalestorelatedpartiesamongtopfivecustomersas%oftotalsalesoftheReportingPeriod(%) | 1.17% |
Informationabouttopfivecustomers:
| No. | Customer | Salesrevenuecontributed | As%oftotalsalesrevenue(%) |
| fortheReportingPeriod(RMB) | |||
| 1 | PropertyManagementCenteroftheGovernmentofFutianDistrict,Shenzhen | 237,929,904.00 | 5.80% |
| 2 | ShenzhenBayTechnologyDevelopmentCo.,Ltd. | 47,871,320.92 | 1.17% |
| 3 | TencentTechnology(Shenzhen)Co.,Ltd. | 27,967,605.26 | 0.68% |
| 4 | TaoBao(China)Co.,Ltd. | 22,981,728.34 | 0.60% |
| 5 | WeBankCo.,Ltd. | 17,668,084.45 | 0.43% |
| Total | -- | 354,418,642.97 | 8.64% |
Otherinformationaboutmajorcustomers:
□Applicable√NotapplicableMajorsuppliers:
| Totalpurchasesfromtopfivesuppliers(RMB) | 338,484,600.00 |
| Totalpurchasesfromtopfivesuppliersas%oftotalpurchasesoftheReportingPeriod(%) | 50.06% |
| Totalpurchasesfromrelatedpartiesamongtopfivesuppliersas%oftotalpurchasesoftheReportingPeriod(%) | 0.00% |
Informationabouttopfivesuppliers:
| No. | Supplier | PurchaseintheReportingPeriod(RMB) | As%oftotalpurchases(%) |
| 1 | TheFifthConstructionCo.,LtdofChinaConstructionFourthEngineeringBureau | 227,074,600.00 | 33.59% |
| 2 | ShenzhenFutianSecurityServiceCo.,Ltd. | 34,299,200.00 | 5.07% |
| 3 | ShenzhenRuiheConstructionDecorationCo.,Ltd. | 29,126,900.00 | 4.31% |
| 4 | ShenzhenWeiyeDecorationGroupCo.,Ltd. | 29,004,600.00 | 4.29% |
| 5 | ShenzhenShenxuAir-ConditioningEng.Co.,Ltd. | 18,979,300.00 | 2.81% |
| Total | -- | 338,484,600.00 | 50.06% |
Otherinformationaboutmajorsuppliers:
□Applicable√Notapplicable
3.Expense
Unit:RMB
| 2020 | 2019 | Change(%) | Reasonforanysignificantchange | |
| Sellingexpenses | 44,753,247.18 | 111,553,952.50 | -59.88% | Decreaseincommissionsforsalesagentsandadvertisingexpenditure |
| Administrativeexpenses | 238,625,143.31 | 204,654,552.64 | 16.60% | Increaseinremunerations,intermediaryagentexpense,anddepreciationandamortizationexpense |
| Financecosts | 111,263,558.80 | 134,718,833.57 | -17.41% | Decreaseintheaverageinterestrateofborrowings |
4.R&DInvestments
□Applicable√Notapplicable
5.CashFlows
Unit:RMB
| Item | 2020 | 2019 | Change(%) |
| Subtotalofcashgeneratedfromoperatingactivities | 4,809,961,005.82 | 5,264,435,040.93 | -8.63% |
| Subtotalofcashusedinoperatingactivities | 4,424,463,223.70 | 4,324,645,474.97 | 2.31% |
| Netcashgeneratedfrom/usedinoperatingactivities | 385,497,782.12 | 939,789,565.96 | -58.98% |
| Subtotalofcashgeneratedfrominvestingactivities | 136,131.48 | 357,613.40 | -61.93% |
| Subtotalofcashusedininvestingactivities | 48,482,853.70 | 1,031,698,003.98 | -95.30% |
| Netcashgeneratedfrom/usedininvestingactivities | -48,346,722.22 | -1,031,340,390.58 | -95.31% |
| Subtotalofcashgeneratedfromfinancingactivities | 2,176,820,000.00 | 2,236,220,000.00 | -2.66% |
| Subtotalofcashusedinfinancingactivities | 1,627,885,573.80 | 2,740,366,078.11 | -40.60% |
| Netcashgeneratedfrom/usedinfinancingactivities | 548,934,426.20 | -504,146,078.11 | -208.88% |
| Netincreaseincashandcashequivalents | 882,809,678.36 | -595,682,024.42 | -248.20% |
Explanationofwhyanyofthedataabovevariessignificantly:
√Applicable□Notapplicable?Netcashgeneratedfromoperatingactivitiesdecreasedyearonyear,primarilydrivenbythepaymentofalargeamountoftaxesandleviesintheReportingPeriodforwhichprovisionsweremadeinthepriorperiod.②Netcashusedininvestingactivitiesdecreasedyearonyear,primarilydrivenbyadecreaseinpaymentsfortheacquisitionofequityinvestmentsintheReportingPeriod.
③Netcashgeneratedfromfinancingactivitiesincreasedyearonyear,primarilydrivenbynewbankborrowings.ReasonforanybigdifferencebetweenthenetoperatingcashflowandthenetprofitforthisReportingPeriod
√Applicable□NotapplicableFortheReportingPeriod,netcashgeneratedfromoperatingactivitiesstoodatRMB385,497,782.12,representingabigdifferencefromthenetprofitofRMB731,337,869.73,primarilydrivenbythetimedifferencebetweenmakingtaxprovisionsforrealestatedevelopmentprojectsandtheactualpayments,aswellasbetweenthereceiptofpropertysalesandtherecognitionofthesesales.IIIAnalysisofNon-CoreBusinesses
√Applicable□Notapplicable
Unit:RMB
| Amount | As%oftotalprofit | Source/Reason | Recurrentornot | |
| Returnoninvestment | 634,098.07 | 0.06% | Shareofprofitsofjointventures | Yes |
| Assetimpairments | -51,185.46 | 0.00% | Changesininventoryvaluationallowances | Not |
| Non-operatingincome | 11,697,661.23 | 1.13% | Compensationfordemolition | Not |
| Non-operatingexpense | 5,244,329.50 | 0.51% | Lawsuit-relatedcompensationandcompensationforremovingtenants | Not |
| Creditimpairments | 4,623,356.81 | 0.45% | Changesinallowancesfordoubtfulreceivables | Not |
IVAnalysisofAssetsandLiabilities
1.SignificantChangesinAssetComposition
IndicatewhethertheCompanyhasadoptedthenewaccountingstandardsgoverningrevenueandleasessince2020andrestatedthebeginningamountsofrelevantfinancialstatementlineitemsintheyear.Applicable.
Unit:RMB
| 31December2020 | 1January2020 | Changeinpercentage(%) | Reasonforanysignificantchange | ||
| Amount | As%of | Amount | As%of | ||
| totalassets | totalassets | |||||
| Monetaryassets | 4,206,266,629.32 | 34.46% | 3,297,890,935.91 | 30.61% | 3.85% | Increaseinsalesrecognizedandbankborrowings |
| Accountsreceivable | 187,697,631.47 | 1.54% | 216,923,663.25 | 2.01% | -0.47% | Decreaseinarrearsduetogreatereffortsspentbythepropertymanagementsubsidiariesonpaymentcollection |
| Inventories | 5,312,489,258.20 | 43.52% | 4,913,510,876.66 | 45.61% | -2.09% | RecognitionofcostoftheGoldenCollarproject,andincreaseincapitalizedexpenseoftheBanglingandotherprojects |
| Investmentproperty | 484,738,506.83 | 3.97% | 503,323,428.61 | 4.67% | -0.70% | Depreciationallowances |
| Long-termequityinvestments | 45,710,220.79 | 0.37% | 45,076,122.72 | 0.42% | -0.05% | |
| Fixedassets | 116,233,936.04 | 0.95% | 93,557,782.83 | 0.87% | 0.08% | IncreaseindecorationexpenseontheCompany’sownhousingproperties |
| Long-termborrowings | 3,587,800,000.00 | 29.39% | 2,193,833,000.00 | 20.37% | 9.02% | NewborrowingintheReportingPeriod |
| Otherreceivables | 789,050,350.51 | 6.46% | 917,981,165.74 | 8.52% | -2.06% | Settlementofcertainreceivablesfromexternalparties |
| Deferredincometaxassets | 950,681,245.50 | 7.79% | 658,153,122.73 | 6.11% | 1.68% | Increaseintax-relateddeductibleloss |
| Accountspayable | 468,269,685.65 | 3.84% | 577,689,139.10 | 5.36% | -1.52% | Decreaseinaccountspayableforengineering |
| Contractliabilities | 666,893,629.72 | 5.46% | 690,543,580.95 | 6.41% | -0.95% | Recognitionofoperatingrevenue |
| Othernon-currentliabilities | 108,778,327.45 | 0.89% | 108,164,737.46 | 1.00% | -0.11% |
2.AssetsandLiabilitiesatFairValue
√Applicable□Notapplicable
Unit:RMB
| Item | Beginningamount | Gain/lossonfair-valuechangesintheReportingPeriod | Cumulativefair-valuechangeschargedtoequity | ImpairmentallowancefortheReportingPeriod | PurchasedintheReportingPeriod | SoldintheReportingPeriod | Otherchanges | Endingamount |
| Financialassets | ||||||||
| Investmentsinotherequityinstruments | 1,580,475.86 | -494,182.95 | -41,387.79 | 1,044,905.12 | ||||
| Subtotaloffinancialassets | 1,580,475.86 | -494,182.95 | -41,387.79 | 1,044,905.12 | ||||
| Totaloftheabove | 1,580,475.86 | -494,182.95 | -41,387.79 | 1,044,905.12 | ||||
| Financialliabilities | 0.00 | 0.00 | 0.00 | 0.00 |
Otherchangesareimpactsofexchangeratefluctuations.SignificantchangestothemeasurementattributesofthemajorassetsintheReportingPeriod:
□Yes√No
3.RestrictedAssetRightsasatthePeriod-End
(1)Intermofmonetaryassetswithrestrictedrighttouseattheperiod-end,therewaslimitedcapitaloffrozenaccountwithRMB11,031.58inthesubsidiarycompanyShenzhenHuazhengpengPropertyManagementCo.,Ltd.
(2)Intermofmonetaryassetswithrestrictedrighttouseattheperiod-end,therewascustodydepositaccountwithRMB44,554.35inthesubsidiarycompanyCateringBranchofShandongShenguomaoRealEstateManagement.
(3)Intermofmonetaryassetswithrestrictedrighttouseattheperiod-end,therewasRMB1,148,647.30,whichistheCompanyasarealestatedeveloperandhistoricallyprovidedmortgageguaranteesandpaidloanguaranteesforcommercialhousingpurchasersinaccordancewithrealestatebusinesspractices.
(4)Intermofmonetaryassetswithrestrictedrighttouseattheperiod-end,therewaspaymentguaranteewithRMB11,213,310.06
(principalofRMB11,075,002.60andinterestofRMB138,307.46)inthesubsidiarycompanyXuzhouCompany,whichsignedtheNo.XingyinXubao(2020)25paymentguaranteewithJiangsuHanjianGroupon1June2020.
(5)Intermofmonetaryassetswithrestrictedrighttouseattheperiod-end,therewasRMB25,394,174.20whichistheinterestoffixeddepositsaccruedattheendoftheperiod.
(6)Intermofmonetaryassetswithrestrictedrighttouseattheperiod-end,therewasanguaranteeletterofRMB300,000.00issuedbythesubsidiarycompanySupervisionCompanyforthesecondphaseprojectsupervisionandserviceprojectofBanglingDistrict,GuanlanStreet,LonghuaDistrictofRongyaoRealEstatein2020.
(7)TheCompanyappliedforaloanfromShenzhenBranchofBankofCommunicationCo.,Ltd.withthelanduserightofFuminNewVillage,FutianDistrictasthepledgeduetotheneedsofitsdailybusinessactivities.Theperiodoftheloanisfrom27November2020to27November2023.Theinterestoftheloanisafloatinginterestrateandthefirstexecutioninterestrateis
4.655%.
VInvestmentsMade
1.TotalInvestmentAmount
□Applicable√Notapplicable
2.MajorEquityInvestmentsMadeintheReportingPeriod
□Applicable√Notapplicable
3.MajorNon-EquityInvestmentsOngoingintheReportingPeriod
□Applicable√Notapplicable
4.FinancialInvestments
(1)SecuritiesInvestments
√Applicable□Notapplicable
Unit:RMB
| Varietyofsecurity | Codeofsecurity | Nameofsecurity | Initialinvestmentcost | Accountingmeasurementmethod | Beginningcarryingvalue | Gain/LossonfairvaluechangesinReportingPeriod | Accumulatedfairvaluechangeschargedtoequity | PurchasedinReportingPeriod | SoldinReportingPeriod | Gain/lossinReportingPeriod | Endingcarryingvalue | Accountingtitle | Sourceofinvestmentfunds |
| Domestic/Foreignstock | 400016、420016 | GintianA,GintianB | 3,565,856.06 | Fairvaluemethod | 1,580,475.86 | 0.00 | -494,182.95 | 0.00 | 0.00 | -41,387.79 | 1,044,905.12 | Investmentsinotherequityinstruments | ObtainedinGintian’sdebtrestructuring |
| Total | 3,565,856.06 | -- | 1,580,475.86 | 0.00 | -494,182.95 | 0.00 | 0.00 | -41,387.79 | 1,044,905.12 | -- | -- | ||
| DisclosuredateofannouncementonBoard’sconsentforsecuritiesinvestment | |||||||||||||
| Disclosuredateofannouncementonshareholders’meeting’sconsentforsecuritiesinvestment(ifany) | |||||||||||||
(2)InvestmentsinDerivativeFinancialInstruments
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.
5.UseofFundsRaised
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.VISaleofMajorAssetsandEquityInterests
1.SaleofMajorAssets
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.
2.SaleofMajorEquityInterests
□Applicable√NotapplicableVIIMajorSubsidiaries
√Applicable□Notapplicable
Majorfully/majority-ownedsubsidiariesandthoseminority-ownedsubsidiarieswithanover10%effectontheCompany’snetprofit:
Unit:RMB
| Name | RelationshipwiththeCompany | Principalactivity | Registeredcapital | Totalassets | Netassets | Operatingrevenue | Operatingprofit | Netprofit |
| ShenzhenHuangchengRealEstateCo.,Ltd. | Subsidiary | Developmentandsalesofrealestate | 30000000 | 4,640,791,319.39 | 1,592,008,734.84 | 2,842,263,700.56 | 1,111,460,791.87 | 831,385,847.81 |
| ShenzhenRongyaoRealEstateDevelopmentCo.,Ltd. | Subsidiary | Developmentandsalesofrealestate | 10000000 | 4,379,435,501.61 | 125,509,116.39 | 0.00 | -289,665,846.19 | -217,986,090.23 |
SubsidiariesobtainedordisposedintheReportingPeriod:
√Applicable□Notapplicable
| Subsidiary | HowsubsidiarywasobtainedordisposedintheReportingPeriod | Effectsonoveralloperationsandoperatingperformance |
| ShenzhenSZPRDFuyuantaiDevelopmentCo.,Ltd. | Newlyestablished | IncomewasofRMB0,andthelosswasofRMB2000 |
VIIIStructuredBodiesControlledbytheCompany
√Applicable□NotapplicableFordetails,seeIX1.EquityinterestsinsubsidiariesinPartXIIFinancialReportherein.IXProspects(I)DevelopmentEnvironmentAnalysisReferto"(I)Reviewofindustrydevelopmentduringthereportingperiod"in"PartIV:OperatingPerformanceDiscussionandAnalysis"(II)TheCompany’sFutureDevelopmentStrategyAsthetraditionalrealestatemarket’sdevelopmentdeclinesonthewhole,variousindustrialresourceshavebeencontinuouslyoccupiedbythelarge-scalebrandhouses,whichhasthreatenedthesurvivalanddevelopmentofmediumandsmall-sizedpropertycompanies.“Large-scaleEnterprisesTakingAllAdvantages”hasbecomenormalintheindustry,andthepositioningof“Housesareforlivingin,notforspeculatingon”hasalreadybeenestablished.Inthiscase,ShenzhenProperties&ResourcesDevelopment(Group)Ltd.specializedinthetraditionalrealestatewillbeconfrontedwiththeextremelysevereindustrialsituation.Inthiscontext,theCompanyputforwardthe“12345”overalldevelopmentideaof“1Vision+2MajorSectors+3DrivingFactors+4Businesses+5Value-addedServices”.Inotherwords,theCompanywilltakeeffectivemeasureswiththefocuson“spatialassetmanagement”and“dataassetmanagement”todevelopfourmajorbusinessesincludingindustrialandurbanspacedevelopment,
industrialecologicaloperation,propertymanagementservices,andmainecologicalinvestmentthroughexpandingthemainbusinessandmakingbreakthroughs.Meanwhile,theCompanywillrealizerapiddeploymentandintegrationoffivemajorvalue-addedservicesincludinghigh-endconsultingservices,customizedhousekeeperservices,intelligentoperationplatform,bigdataoperationandecosystemintegration.BaseonShenzhenwithscientificandtechnologicalinnovationastheprimarydrivingforce,theCompanywillincludeGuangdong,HongKongandMacaometropolitanareaandsurroundingareastomaximizetheleverageofcapitaltobuildadoortypeintelligentmanagementandcontrolserviceplatformwithbasicfunctions,aimingtobuild“theworld’sleadingintelligentoperatorofindustrialandurbanspace”.Inaccordancewiththree-stepstrategicimplementationrouteof“strengtheningbases,brinkbreakthrough,andfocusonleading”,theCompanywillseektransformationandupgradinginthedevelopmentbaseonthecurrentdevelopmentconditions,andpromoteincrementaldevelopmentinthetransformationtobuilduniquedevelopmentadvantagesandcreateanewpatternofinnovationanddevelopmentoftheCompany.(III)Keytasksin2021Standingatthenewhistoricalstartingpoint,theCompanywillkeepthegeneralprincipalofsteadyandprogressin2021andfocusonpromotinghigh-qualitytransformationanddevelopmentbasedontheguidelineof“expansion,acceleration,transformation,empowermentandeffectiveness”.I.Focusingonprojectlaunch.TheCompanywillincreaseinvestmentinexpansiontocovertheplannedconstructionofnewintegrationprojectofproductiontownsover600,000㎡intheyear,includingthepromotionoflaunchofprojectsofYangzhouSlenderWestLakeEcologicalHealthValleyandurbanrenewalofFuyuanIndustrialZone,thesigningofcooperationdevelopmentagreementonTianjunIndustrialParkproject,andcompletionofadjustmentoftherenewaldirectionofGuangmingTangjiaprojectandfunctionalsubstitutionofindustriallandofBaolu.II.Overallcontrolandpromotionofprojectconstruction.Thenewlystartedconstructionareaisover620,000m2,includingtheconstructionofPhaseIandIIofBenglingproject,whichshallbefullyandlegallystarted,theadvancebookingofPhaseIIofBenglingproject;thecompletionofimprovementofBlockAofJinlingprojecttoensuresalesandadmission;thesigningofcontractonthecappingandcounter-purchaseofthemainpartofFuchangPhaseIIproject;andtheconstructionofYupinluanshanGardento±0level,focusingonthecompletionofapprovalprocedureofprojectseparationandtransferandlisting.III.Consolidationofthebaseoffourbusinessplatforms.TheCompanywillbasicallyformplatformoperationcapabilityofspacedevelopmentplatewiththeabilitytoindependentlyexecuteprojectoperationinthewholeprocess;constructinvestmentmanagementsystemofindustrialecologicaloperationsectiontoexploreoperationtransformationandupgradingandimproveassetoperationability,aimingtocompletetheindustrialpositioningreportandinvestmentoperationplanofBenglingproject,YangzhouprojectandFuyuanIndustrialZone;completetheconstructionofprofessionaloperationstandardmodelandpreciseassessmentsystem,focusingonthecompletionofrepositioningandsystemprocessreconstructionoftheheadquartersofITCPropertyManagementCo.,Ltd.;achievenewmaterialmanagementareanotlessthan10million㎡andendogenousgrowthnotlessthan1million㎡bymeansofM&Aandjointventurecooperation,andtrytocompletetheestablishmentandoperationmechanismconstructionoftheindustrialinvestmentplatformcompanyoftheGroup,establishandoperateindustrialfunds,andcarryouttargetedinvestment.IV.Financialmanagementenhancementforbusinessdevelopment.TheCompanywillenhancecomprehensivebudgetmanagementtocontrolandassessbudget;improvetheintegrationofindustryandfinance,financialanalysisandtaxplanning,anddynamictractionofassetliabilityratio,ROEandIRRonbusinessoperation;innovatefinancingmethods,broadenfinancingchannels,reduceoverallcapitalcost,andraisefundsfrommultiplechannelsaccordingtothecompany’sfinancialstandingandactualconditionstoensurebusinessdevelopmentoftheGroup.V.Riskcontrolenhancementforsafetyinproduction.TheCompanywillkeeppromotingthestandardizationofsafeproductionandtheconstructionof“dualpreventionmechanism”byimplementinglistmanagementonkeyareasandriskpointsofimportantlinksandbuildinginformationplatformforsafeproductionandconstructionforaccidentpreventionthroughouttheyear.TheCompanywillalsoworkonrequestfromcomplaintlettersandvisitsandriskinvestigationandprevention,andstrengthendynamic
trackingandimplementationofmajorriskstomaintainstableoperationanddevelopmentoftheGroup.VI.Talentteamdevelopmentforjointforceofdevelopment.TheCompanywillactivelypromotetheconstructionofmulti-levelincentivemechanism,focusingonthetenuresystemandcontractualmanagementofmanagers,byformulatingandimplementingincentiveschemessuchaslong-termincentive,excessbonus,projectnodeawardandincrementalsharingofsubordinateenterprisesonthebasisofsalarybenchmarkingmarket,andrealizefullcoverageofincentiveprinciplesforincrementalperformancedeterminedbyincrementalrevenue.TheCompanywilldevelopcadreteamsbybroadeningpersonnelselectionandemployment,andoptimizetalentintroduction,reservation,trainingandusetomeetthebusinessdevelopmentneedsoftheGroup.TheCompanywillalsostrengthenbrandingoftheGrouptrainingcenter,buildahigh-leveltalenttrainingsystem,andincreasetheexchangeandrotationofGroupemployeestofullyimprovethecomprehensiveabilityandqualityofemployeesforgroupbusinessdevelopment.(IV)Riskanalysis
1.MarketriskAffectedbytheepidemic,China’seconomicgrowthratedeclinedin2020.Asconsumptiondecreased,theCompanyfacesbusinessdevelopmentopportunitiesandchallenges.Theguidanceofpolicesof“ensuringstabilityinemployment,financialoperation,foreigntrade,foreigninvestment,domesticinvestmentandexpectations”,“ensuringsecurityinjob,basiclivingneeds,operationsofmarketentities,foodandenergysecurity,stableindustrialandsupplychains,andthenormalfunctioningofprimary-levelgovernment”,“threeredlines”and“housesareforlivingin,notforspeculatingon”whichremainunchangedledtoadownwardtrackofthedemandendofrealestatemarket,andthecentralgovernmentisimplementingstrictfinancialsupervisionontherealestatemarket.Duetotheepidemic,theconstructionperiodofsomeprojectsunderconstructionhaslaggedbehind.Aspaymentrateofpropertymanagementfeeislowandmainincomefromsalesandrentareunderdownwardpressure,themarketenvironmentiscomplex.Facingthedifficulties,theCompanystudiedtheopportunitiesandchallengesbroughtbymacroeconomicandpolicytrendforstrategicbreakthrough.TheCompanyputforwardthe“12345”overalldevelopmentideaof“1Vision+2MajorSectors+3DrivingFactors+4Businesses+5Value-addedServices”,andincludedGuangdong,HongKongandMacaometropolitanareaandsurroundingareasinexpansiontargetbasedonShenzhentoimprovesustainabledevelopmentability.
2.LandReserveRiskAsamatteroffact,theCompanystilllacksenoughlandreservesanddevelopmentpoweratlaterstages.Inrecentyears,thesupplyofresidentiallandonShenzhenMarkethascontinuouslydeclined.Asthepriceofeachsingleplotincreasesyearafteryear,variouslarge-scalerealestateenterpriseshaveenlargedtheirmarketsharesandacceleratedtheirM&Apace.Whiletherealestateindustryiscentralizing,thedegreeofcentralizationofthelandreservescalehasalsobeenenhanced.Astheexternalenvironmentandtheindustry’strendbecomemuchmorecomplicatedandsevere,theincrementmarketscalewillfurthershrinkandthemarketcompetitionwillbecomeincreasinglyfierce.Facingthechallenges,theCompanywillcontinuetoexpandthroughmarketcompetition,capitaloperationandurbanrenewal,increaselandreservesandpromotethelaunchofprojects.Inrespecttopropertytype,residentialprojectswillfocusonGuangdong-HongKong-MacaoGreaterBayArea,YangtzeRiverDeltametropolitanareaandareaswhereexistingprojectslocate,andgraduallyturntocentralurbanagglomerationsurroundingWuhan,keycitiesinChengdu-ChongqingintheWestandthoseinBeijing,TianjinandHebei.UrbanrenewalprojectswillfocusonShenzhen,DongguanandHuizhou,andfollow-upofurbanrenewalprojectsinGuangzhou.ComprehensiveindustryandurbanprojectswillfocusonGuangdong-HongKong-MacaoGreaterBayArea,YangtzeRiverDeltaregion,WuhanregioninthecentralpartandChengdu-ChongqingareaintheWest.
3.FinancingRiskAsthecentralgovernmenttightenedfinancialsupervisionoverrealestateandimplementedthe“threeredlines”inthesecondhalfof2020,financingofrealestateenterprisesarefurtherrestricted.Intheprocessofactivelyincreasinglandreservesandacceleratingthebusinessdevelopment,theCompanyneedstoinvestalargeamountoffundsforlandacquisitionandprojectdevelopment.Inadditiontoitsownfunds,theCompany’sprojectdevelopmentfundsneedtobeexternallyfinancedthroughbankloansandissuingsecurities.Currently,theCompanyhassteadyfinancialsituation,sufficientcashflowandgoodcreditcondition,andwillfurtherstrictlycontrol
financialrisks,activelyexplorevariousfinancingchannelssoastoraisefundsforprojectdevelopmentinthefuture.TheabovebusinessplanandbusinessobjectivesdonotrepresentthelistedCompany’sprofitforecastfor2021.Whetheritcanbeachieveddependsonvariousfactorsincludingchangesinmarketconditionsandtheeffortmadebythemanagementteam.Investorsmustpayspecialattentiontothatbecausethereexistshugeuncertainty.XCommunicationswiththeInvestmentCommunitysuchasResearches,InquiriesandInterviews
1.DuringtheReportingPeriod
√Applicable□Notapplicable
| Dateofvisit | Placeofvisit | Wayofvisit | Typeofvisitor | Visitor | Contentsandmaterialsprovided |
| 2020-01-02 | TheCompany | Others | Individual | Individual | InquiredofdisclosureoftheCompany’s2011annualreport |
| 2020-01-06 | TheCompany | Others | Individual | Individual | InquiredofcompletionofoccupationofGoldenCollar’sResortProject |
| 2020-02-24 | TheCompany | Others | Individual | Individual | InquiredofthetransferofsomesharesbySIHCAgreement |
| 2020-03-04 | TheCompany | Byphone | Individual | Individual | InquiredoftheCompany’sstockpriceperformanceandresult |
| 2020-03-05 | TheCompany | Others | Individual | Individual | InquiredofthecustodysituationofChinaShenzhenForeignTradeGroup |
| 2020-03-18 | TheCompany | Byphone | Individual | Individual | Inquiredoftheconstructionstatusoftheprojectintheannualreport |
| 2020-03-18 | TheCompany | Byphone | Individual | Individual | Inquiredoftheinventoryandprojectconstructionstatusintheannualreport |
| 2020-03-18 | TheCompany | Byphone | Individual | Individual | InquiredoftheincomeofthepropertymanagementsectorandtheprogressoftheBanglingprojectintheannualreport |
| 2020-03-21 | TheCompany | Others | Individual | Individual | InquiredoftheperformanceofRongyaoRealEstate |
| 2020-03-23 | The | Byphone | Individual | Individual | Inquiredoftheproportionofbusiness |
| Company | sectorsandprojectprogressintheannualreport | ||||
| 2020-04-02 | TheCompany | Byphone | Individual | Individual | InquiredoftheCompany'ssharepriceperformance |
| 2020-04-02 | TheCompany | Byphone | Individual | Individual | InquiredoftheCompany’sgeneralmeetingofshareholders |
| 2020-04-02 | TheCompany | Others | Individual | Individual | InquiredoftheCompany'sworkresumption |
| 2020-04-03 | TheCompany | Others | Individual | Individual | InquiredoftheCompany'sfirst-quarterreportdisclosuretime |
| 2020-04-07 | TheCompany | Byphone | Individual | Individual | InquiredoftheprofitabilityoftheCompany's2019propertymanagementsector |
| 2020-04-08 | TheCompany | Byphone | Individual | Individual | InquiredoftheCompany'simplementationofdividends |
| 2020-04-08 | TheCompany | Byphone | Individual | Individual | InquiredoftheCompany’sleasingbusinessdevelopment |
| 2020-04-13 | TheCompany | Byphone | Individual | Individual | InquiredoftheCompany's2020salesforecast,dividends,restructuring,projectprogress |
| 2020-04-14 | TheCompany | Byphone | Individual | Individual | InquiredoftheCompany’ssalesandconstructionofBanglingprojectandGoldenCollar’sResortproject |
| 2020-04-15 | TheCompany | Others | Individual | Individual | InquiredoftheCompany'sannualreportinformationdisclosure |
| 2020-04-16 | TheCompany | Others | Individual | Individual | Inquiryofthedateofequityregistration |
| 2020-04-18 | TheCompany | Others | Individual | Individual | InquiredoftheCompany'ssaleablerealestateprojects |
| 2020-04-23 | TheCompa | Byphone | Individual | Individual | InquiredoftheCompany'sGoldenCollar’sResortprojectsales |
| ny | |||||
| 2020-04-23 | TheCompany | Others | Individual | Individual | InquiredoftheCompany’sthreemainbusinesses |
| 2020-04-27 | TheCompany | Byphone | Individual | Individual | InquiredoftheCompany’sgeneralmeetingofshareholders |
| 2020-04-27 | TheCompany | Others | Individual | Individual | Inquiredofstockdividends |
| 2020-04-29 | TheCompany | Byphone | Individual | Individual | InquiredoftheimpactofCOVID-19ontheCompany'sfirst-quarteroperations |
| 2020-04-29 | TheCompany | Others | Individual | Individual | InquiredoftheCompany'snetprofitanddividendinthefirstquarter |
| 2020-05-06 | TheCompany | Byphone | Individual | Individual | InquiryoftheimplementationofdividenddistributionoftheCompany |
| 2020-05-11 | TheCompany | Byphone | Individual | Individual | InquiredoftheBanglingandotherprojects |
| 2020-05-12 | TheCompany | Others | Individual | Individual | InquiryoftheCompany'spropertymanagementbusinessscope |
| 2020-05-14 | TheCompany | Others | Individual | Individual | InquiredofthedemolitionprogressofBanglingproject |
| 2020-05-18 | TheCompany | Others | Individual | Individual | InquiredoftheCompany'sfirst-quarterrevenueandprofitinthepropertymanagementsector |
| 2020-05-20 | TheCompany | Others | Individual | Individual | InquiredoftheCompany'sB-sharestockprice |
| 2020-05-26 | TheCompany | Others | Individual | Individual | InquiredofnumberoftheCompany’sshareholders |
| 2020-05-26 | TheCompany | Byphone | Individual | Individual | InquiredoftheCompany'sdividendpaymentstatus |
| 2020-05-27 | TheCompany | Others | Individual | Individual | Inquiredoftheimpactofthemixedreformofstate-ownedenterprisesfortheCompany |
| 2020-05-28 | TheCompany | Others | Individual | Individual | InquiredoftheCompany'sstockXRdividends |
| 2020-05-28 | TheCompany | Byphone | Individual | Individual | InquiredoftheCompany'spropertymanagementsectorcompositionandprojectconstructionprogress |
| 2020-06-01 | TheCompany | Others | Individual | Individual | InquiredofnumberoftheCompany’sshareholders |
| 2020-06-03 | TheCompany | Others | Individual | Individual | InquiryoftheCompany'sexpectedperformanceinthefirsthalfoftheyear |
| 2020-06-03 | TheCompany | Byphone | Individual | Individual | InquiryoftheCompany'sHuiyangplotconstructionprogress |
| 2020-06-04 | TheCompany | Byphone | Individual | Individual | InquiryoftheCompany'sstockpricechanges |
| 2020-06-04 | TheCompany | Others | Individual | Individual | InquiryoftheCompany'smarketvalue |
| 2020-06-05 | TheCompany | Others | Individual | Individual | InquiryoftheCompany'sstockpricechanges |
| 2020-06-08 | TheCompany | Others | Individual | Individual | InquiryofiftheCompanyhasanymajorinvestmentplansinthenearfuture |
| 2020-06-10 | TheCompany | Byphone | Individual | Individual | InquiryoftheCompany'sstockpricechanges |
| 2020-06-12 | TheCompany | Others | Individual | Individual | InquiryofmanagersoftheCompany |
| 2020-06-12 | TheCompany | Byphone | Individual | Individual | InquiryoftheCompany'sstockpricechanges |
| 2020-06-15 | The | Others | Individual | Individual | InquiryofmanagersoftheCompany |
| Company | |||||
| 2020-06-16 | TheCompany | Fieldresearch | Institution | Researchersfromseveralfundsandsecuritiescompanies | InquiryoftheCompany'sbusinessin2019,projectconstructionandfuturebusinessplans |
| 2020-06-17 | TheCompany | Byphone | Individual | Individual | InquiryoftheCompany'sstockpricechanges |
| 2020-06-17 | TheCompany | Byphone | Individual | Individual | InquiryoftheCompany'sB-sharestockprice |
| 2020-06-19 | TheCompany | Byphone | Individual | Individual | InquiryoftheCompany'sstockpricerise,propertymanagementmodel |
| 2020-06-19 | TheCompany | Byphone | Individual | Individual | InquiryoftheCompany'sstockpriceriseandtherecoveryoftheinquiryletter |
| 2020-06-23 | TheCompany | Others | Individual | Individual | InquiryoftheCompany'smajorassetrestructuringplan |
| 2020-06-24 | TheCompany | Others | Individual | Individual | InquiryoftheCompany'srealestatesubsidiary |
| 2020-06-28 | TheCompany | Others | Individual | Individual | InquiryoftheCompany'sprogressofBanglingproject |
| 2020-06-29 | TheCompany | Others | Individual | Individual | InquiryoftheCompany'spartialequitytransfer |
| 2020-07-01 | TheCompany | Others | Individual | Individual | InquiryoftheinventoryintheCompany'sfinancialstatements |
| 2020-07-01 | TheCompany | Others | Individual | Individual | InquiryoftheCompany'ssemi-annualreport |
| 2020-07-02 | TheCompa | Others | Individual | Individual | InquiryoftheCompany'sperformanceinthefirsthalfoftheyear |
| ny | |||||
| 2020-07-06 | TheCompany | Others | Individual | Individual | InquiryofiftheCompanyhasappliedforatax-exemptbusinesslicenseplan |
| 2020-07-06 | TheCompany | Byphone | Individual | Individual | InquiryoftheCompany'ssemi-annualreport |
| 2020-07-07 | TheCompany | Others | Individual | Individual | InquiryofthecooperationbetweentheCompanyandShenzhenDutyFreeGroup |
| 2020-07-15 | TheCompany | Others | Individual | Individual | InquiryoftheCompany'spropertyrights |
| 2020-07-20 | TheCompany | Byphone | Individual | Individual | Inquiryofmajorshareholders'shareholdingreduction |
| 2020-07-23 | TheCompany | Byphone | Individual | Individual | InquiryofthecooperationbetweentheCompanyandShenzhenDutyFreeGroup |
| 2020-07-24 | TheCompany | Others | Individual | Individual | InquiryoftheimpactofSino-U.S.relationsfortheCompany’sperformance |
| 2020-07-27 | TheCompany | Others | Individual | Individual | InquiryoftheCompany'sfuturedevelopmentplans |
| 2020-08-10 | TheCompany | Others | Individual | Individual | InquiryoftherevitalizationprojectoftheRenminSouthCommercialDistrictinLuohuDistrictisledbytheCompany |
| 2020-08-17 | TheCompany | Others | Individual | Individual | InquiryoftheCompanywhethertoundertaketheconstructionprojectofthe"ShenzhenDemonstrationPilotZone”orprovidepropertyservicesforit |
| 2020-08-25 | TheCompany | Byphone | Individual | Individual | InquiryofthereasonsforthesharpdropintheCompany'sshareprice |
| 2020-08-28 | TheCompany | Others | Individual | Individual | InquiryoftheCompany'sstockpricechanges |
| 2020-08-31 | TheCompa | Others | Individual | Individual | InquiryoftheprogressoftheRenminSouthCommercialDistrictrenovationplan |
| ny | |||||
| 2020-09-07 | TheCompany | Others | Individual | Individual | InquiryoftheprogressofBanglingproject |
| 2020-09-14 | TheCompany | Others | Individual | Individual | InquiryofthecooperationbetweentheCompanyandShenzhenDutyFreeGroup |
| 2020-10-15 | TheCompany | Others | Individual | Individual | InquiryoftheCompany'slandreserves,areaunderconstruction,andsalesofGoldenCollar’sResortproject |
| 2020-10-18 | TheCompany | Others | Individual | Individual | InquiryofiftheCompanyhasplanstoinvestinmarineindustryclusters |
| 2020-10-20 | TheCompany | Others | Individual | Individual | Inquiryofthecashflowofthesemi-annualreport |
| 2020-10-21 | TheCompany | Others | Individual | Individual | InquiryoftheCompany'sfuturebusinessplans |
| 2020-10-26 | TheCompany | Others | Individual | Individual | InquiryoftheCompany'sthird-quarterreportrevenueandcashflow |
| 2020-10-27 | TheCompany | Others | Individual | Individual | InquiryofnumberoftheCompany’sshareholders |
| 2020-10-28 | TheCompany | Others | Individual | Individual | InquiryoftheprogressoftheBanglingprojectandFuchangBuilding |
| 2020-10-29 | TheCompany | Others | Individual | Individual | Inquiryoftheoperationofsmartpark |
| 2020-11-20 | TheCompany | Others | Individual | Individual | InquiryoftheprogressoftheCompany'smajorshareholders'shareholdingreduction |
| 2020-11-26 | TheCompany | Byphone | Individual | Individual | InquiryofthereasonsforthesharpdropintheCompany'sshareprice |
| 2020-11-26 | TheCompany | Others | Individual | Individual | InquiryofthereasonsforthesharpdropintheCompany'sshareprice |
| 2020-12-08 | TheCompany | Others | Individual | Individual | InquiryoftheprogressofVietnamproject |
| 2020-12-19 | TheCompany | Others | Individual | Individual | InquiryoftheCompany'scashflowandtaxexpenditures |
| Timesofcommunications | 90 | ||||
| Numberofinstitutionscommunicatedwith | 1 | ||||
| Numberofindividualscommunicatedwith | 89 | ||||
| Numberofothercommunicationparties | 0 | ||||
| Tip-offsorleakagesofsubstantialsupposedly-confidentialinformationduringcommunications | None | ||||
PartVSignificantEventsIProfitDistributionstoOrdinaryShareholders(intheFormofCashand/orStock)
Howtheprofitdistributionpolicy,especiallythecashdividendpolicy,forordinaryshareholderswasformulated,executedorrevisedintheReportingPeriod:
□Applicable√NotapplicableTheprofitdistributionstoordinaryshareholders,eitherintheformofcashorstock,inthepastthreeyears(includingtheReportingPeriod)aresummarizedasfollows:
| Year | Profitdistributions(intheformofcashorstock) |
| 2020 | AcashdividendofRMB4.10(taxincluded)per10sharesandnosharecapitalincreasefromcapitalreserve |
| 2019 | AcashdividendofRMB3.60(taxincluded)per10sharesandnosharecapitalincreasefromcapitalreserve |
| 2018 | AcashdividendofRMB3.00(taxincluded)per10sharesandnosharecapitalincreasefromcapitalreserve |
Cashdividendforordinaryshareholdersinthepastthreeyears(includingtheReportingPeriod):
Unit:RMB
| Year | Cashdividends(taxinclusive)(A) | Netprofitattributabletoordinaryshareholdersofthelistedcompanyinconsolidatedstatementsfortheyear(B) | Aas%ofB(%) | Cashdividendsinotherforms(suchassharerepurchase)(C) | Cas%ofB(%) | Totalcashdividends(includingthoseinotherforms)(D) | Das%ofB(%) |
| 2020 | 244,351,427.72 | 798,572,121.74 | 30.60% | 244,351,427.72 | 30.60% | ||
| 2019 | 214,552,473.12 | 817,805,780.12 | 26.24% | 214,552,473.12 | 26.24% | ||
| 2018 | 178,793,727.60 | 698,050,728.96 | 25.61% | 178,793,727.60 | 25.61% |
IndicatebytickmarkwhethertheCompanyfailstoputforwardacashdividendproposalfortheordinaryshareholdersdespitethefactsthattheCompanyhasmadeprofitsintheReportingPeriodandtheprofitsoftheCompanyastheparentdistributabletotheordinaryshareholdersarepositive.
□Applicable√Notapplicable
IIFinalDividendPlanfortheReportingPeriod
√Applicable□Notapplicable
| Bonussharesforevery10shares(share) | 0 |
| Dividendforevery10shares(RMB)(taxinclusive) | 4.1 |
| Totalsharesasthebasisfortheprofitdistributionproposal(share) | 595,979,092 |
| Cashdividends(RMB)(taxinclusive) | 244,351,427.72 |
| Cashdividendsinotherforms(suchassharerepurchase)(RMB) | 0.00 |
| Totalcashdividends(includingthoseinotherforms)(RMB) | 244,351,427.72 |
| Distributableprofit(RMB) | 1,487,964,894.53 |
| Totalcashdividends(includingthoseinotherforms)as%oftotalprofitdistribution | 100% |
| Cashdividendpolicy | |
| IftheCompanyisinamaturedevelopmentstageandhasnoplansforanysignificantexpenditure,inprofitallocation,theratioofcashdividendsintheprofitallocationshallbe80%orabove. | |
| Detailsabouttheproposalforprofitdistributionandconvertingcapitalreserveintosharecapital | |
| AccordingtotheCompany’sArticlesofAssociationaswellastheactualsituationofitsdevelopmentandoperation,theproposaloftheCompanyfor2020annualprofitdistributionisasfollows:Basedonthetotal595,979,092sharesoftheCompanyasat31December2020,acashdividendofRMB4.1(taxincluded)willbedistributedtoallitsshareholdersforevery10sharestheyhold,withthetotalcashdividendstobedistributedamountingtoRMB244,351,427.72.Nocapitalreserveswillbeturnedintosharecapitalfor2020. | |
IIIFulfillmentofCommitments
1.CommitmentsoftheCompany’sActualController,Shareholders,RelatedPartiesandAcquirers,aswellastheCompanyItselfandotherEntitiesFulfilledintheReportingPeriodorOngoingatthePeriod-end
√Applicable□Notapplicable
| Commitment | Promisor | Typeofcommitment | Detailsofcommitment | Dateofcommitmentmaking | Termofcommitment | Fulfillment |
| Commitmentsmadeinacquisitiondocumentsorshareholdingalterationdocuments | ShenzhenInvestmentHoldingsCo.,Ltd. | Commitmentsonhorizontalcompetition,related-partytransactionsandcapitaloccupation | Wholly-ownedsubsidiaryShenzhenExpanderandsubsidiaryholdingSPGofShenzhenInvestmentHoldingsdealwithrealestateoperationandcommercialhousesales,whichbelongtothesameindustryoftheListedCompany,andhashorizontalcompetitionwiththeListedCompany.Toavoidhorizontalcompetition,ShenzhenInvestmentHoldingsmake | 6September2018 | Threeyears | Normalperformance |
| thefollowingcommitments1. | ||||||
| ShenzhenInvestmentHoldingsCo.,Ltd. | Commitmentsonhorizontalcompetition,related-partytransactionsandcapitaloccupation | ToreduceandstandardizerelatedtransactionswiththeListedCompany,ShenzhenInvestmentHoldingsmakesthefollowingcommitments2. | 6September2018 | Long-term | Normalperformance | |
| Othercommitmentsmadetominorityshareholders | ShenzhenInvestmentHoldingsCo.,Ltd. | Performancecommitmentandcompensationarrangement | ShenzhenInvestmentHoldingssighedequitytransfercontracton100%equitytransferofTKPropertywiththeCompany,andthecontractstipulatedrelevantcommitmentsonperformance3. | 23September2019 | Threeyears | Normalperformance |
| Fulfilledontime | Yes | |||||
Note1:Wholly-ownedsubsidiaryShenzhenExpanderandsubsidiaryholdingSPGofShenzhenInvestmentHoldingsdealwithrealestateoperationandcommercialhousesales,whichbelongtothesameindustryoftheListedCompany,andhashorizontalcompetitionwiththeListedCompany.Toavoidhorizontalcompetition,ShenzhenInvestmentHoldingsmakethefollowingcommitments:1.OnthehorizontalcompetitionsolutionofShenzhenExpander:astheholdingshareholderoftheListedCompany,duringthelistingperiodatShenzhenStockExchangeoftheListedCompany,asforthecurrentbusinessofShenzhenExpanderwhichhashorizontalcompetitionwiththeListedCompany,withinthescopepermittedbylawandregulation,within12monthsfromtheequityofSZPRDbeingtransferredtoShenzhenInvestmentHoldings,ShenzhenInvestmentHoldingswillstartthesolutionwithpracticaloperabilityamongbelowhorizontalcompetitionsolutiontimelyandcompleteimplementationofthesolutionwithin3yearsfromthedatethattheequityofSZPRDistransferredtoShenzhenInvestmentHoldingstosolvecurrenthorizontalcompetitionproblems:(1)ShenzhenExpandersignsassetcustodyagreementwiththeListedCompany,entruststheassetswhichhasdirectcompetitionwiththeListedCompanytotheListedCompany,confirmsfaircustodianfeeatthesametime,andtakeseffectivemeasurestosolvehorizontalcompetitionwithincommitmentperiod;(2)InjectassetswithdirectcompetitionwiththeListedCompanyintotheListedCompany;(3)TransferassetswithdirectcompetitionwiththeListedCompanytounrelatedthirdparty;(4)othermeasureswhichcansolvehorizontalcompetitioneffectivelyandisfavorableforprotectingtheinterestoftheListedCompanyandlegalinterestsofothershareholders.Beforesolvingcurrenthorizontalcompetition,whilecompany,enterprise,economicorganization(notincludingenterprisescontrolledbytheListedCompany,hereinafterreferredtoassubordinatedCompanies)whichtheListedCompanyandShenzhenInvestmentHoldingsholdcontrollingsharesorcontrolsactuallyhavebusiness,incasetheinvolveddispute,etc.havemajorinfluenceonthebusiness,ShenzhenInvestmentHoldingsshouldkeepneutralasacontrollingshareholdertoensurethattheListedCompanyandsubordinatedCompaniescantakepartinmarketcompetitionontheprincipleoffaircompetition.2.HorizontalcompetitionsolutionofSPG:From14September2016tonow,SPGhashadstocksuspensionbecauseofmajorassetsreconstruction.AccordingtoReviewOpinionsonDelayingStockResumptionbecauseofMajorAssetsReconstructionofSPGannouncedbyCITICSecuritiesandHuataiSecuritieson26November2016,thereconstructionsolutionisthatSPGplanstoissueAshareand/orusecurrencytopurchase100%equityofEvergrandeGroup(hereinafterreferredtoas“thereconstructionofSPG”).On9November2020,SPGissuedanannouncementthatthecurrentconditiontocontinuetopromotethemajorassetsreconstructionwasnotsoundyetbasedonthecurrentmarketenvironmentanddecidedtoterminatethistransactiontosafeguardinterestsoftheCompanyandallshareholders.Aftertheterminationofthistransaction,ShenzhenInvestmentHoldingsisstillthecontrollingshareholderofSPG.ForbusinessofSPGwhichhashorizontalcompetitionwiththeListedCompany,ShenzhenInvestmentHoldings,withinthescopepermittedbylawandregulation,ShenzhenInvestmentHoldingswillstartarationalhorizontalcompetitionsolutionaccordingtoactualsituationatthetimewithin12monthsaftertheterminationofreconstructionofSPGand
stockresumptionannouncementdate,andfulfillannouncementobligation,andSPGwillcompletetoimplementthesolutionandsolvethehorizontalcompetitionbetweenSZPRDandSPGwithin3yearsfromthedateSPGterminatesthereconstructionandannouncesstockresumption.3.Othercommitmentstoavoidhorizontalcompetition:asthecontrollingshareholderoftheListedCompanyandduringthelistingperiodoftheListedCompanyatShenzhenStockExchange,othersubordinatedCompaniesofShenzhenInvestmentHoldingswillnotengageinrelevantbusinesswhichhasdirecthorizontalbusinesscompetitionwiththeListedCompanyinnewbusinessfieldsexceptforinthebusinessfieldwhereitalreadyhashadhorizontalcompetitionwiththeListedCompany.ShenzhenInvestmentHoldingspromisesnottoseekimproperbenefitswiththepositionofcontrollingshareholderoftheListedCompanyanddamagetheinterestoftheListedCompanyanditsshareholders.Incaseofviolatingabovecommitment,ShenzhenInvestmentHoldingsshallundertakecorrespondinglegalliabilities,includingbutnotlimitedtoundertakingcompensationresponsibilitiesforalllossescausedtotheListedCompany.On17October2019,theCompanyreceivedCorrespondenceontheProgressofHorizontalCompetitionSolvingfromcontrollingshareholderShenzhenInvestmentHoldings.Duringthecommitmentperiodofhorizontalcompetitionsolving,ShenzhenInvestmentHoldingsactivelyfulfilleditsrelevantcommitments,withthedetailsasthefollowing:1.ShenzhenInvestmentHoldingsissortingouttherelevantassetsandbusinessofShenzhenExpander,andstudyingtoformulatethesolutionofhorizontalcompetition.DuetothelonghistoryofShenzhenExpanderandthecomplicatedassetstate,relevantsolutionneedstobefurtheranalyzedanddemonstrated.ShenzhenInvestmentHoldingswillactivepromoterelevantwork,strivesforsolvecompetitionproblemwithincommitmentperiod.2.ThereconstructionofSPGwithEvergrandeGroupisterminatedforsomereason,ShenzhenInvestmentHoldingswillstartarationalhorizontalcompetitionsolvingsolutionaccordingtoongoingsituationofreconstructionandannouncetimely.3.Withinthecommitmentperiod,ShenzhenInvestmentHoldingswillnotengageinrelevantbusinesswhichhasdirecthorizontalbusinesscompetitionwithSZDRPinnewbusinessfieldsexceptforinthebusinessfieldwhereitalreadyhashadhorizontalcompetitionwithSZDRP.ShenzhenInvestmentHoldingsdoesnotseekimproperbenefitswiththepositionofcontrollingshareholderofSZPRDanddamagetheinterestoftheListedCompanyanditsshareholders.Note2:ToreduceandstandardizerelatedtransactionswiththeListedCompany,ascontrollingshareholderoftheListedcompanyandduringthelistingperiodoftheListedCompanyatShenzhenExchangeStock,ShenzhenInvestmentHoldingspromises:1.ShenzhenInvestmentHoldingsanditscontrollingoractuallycontrolledcompanies,enterprises,economicorganizations(notincludingenterprisescontrolledbytheListedCompany,hereinafterreferredtoasthe“subordinatedcompanies”)willstrictlyexercisetherightsofshareholdersaccordingtoprovisionsoflaws,regulations,andothernormativedocuments,andfulfilltheobligationsofshareholders,andkeeptheindependenceoftheListedCompanyinassets,finance,employees,businessandagency,etc.2.ShenzhenInvestmentHoldingspromisesnottouseitspositionofcontrollingshareholdertopromoteboardofshareholdersorboardofdirectorstomakeresolutionswhichmaydamagethelegalinterestoftheListedCompanyorothershareholders;3.ShenzhenInvestmentHoldingsanditssubordinatedcompanieswilltrytheirbesttoavoidhavingrelatedtransactionswiththeListedCompany.IncasethetransactionwiththeListedCompanyisinevitable,ShenzhenInvestmentHoldingsanditssubordinatedcompanieswillhavetransactionwiththeListedCompanyonthebasisofequalityandfreewill,accordingtofair,rationalandnormalcommercialtransactionconditions,willnotrequireoracceptconditionswhichismorepreferentialthantheListedCompanygivestothethirdpartyinanyfairmarkettransactions,andstrictlyfulfillvariousrelatedtransactionswiththeListedCompanywithgoodwill.
4.ShenzhenInvestmentHoldingsanditssubordinatedcompanieswillstrictlyfulfilldecisionmakingproceduresandrelevantinformationdisclosureobligationsofrelatedtransactionsaccordingtoarticlesofassociationoftheListedCompanyandrelevantlawsandregulations.5.ShenzhenInvestmentHoldingsanditssubordinatedcompanieswillmakesurethattheywillnotseekspecialinterestsbeyondabovestipulationsbyhavingrelatedtransactionswiththeListedCompany,willnotuserelatedtransactionstoillegallytransferfundsandprofitsoftheListedCompanyandtomaliciouslydamagethelegalinterestsoftheListedCompanyanditsshareholders.6.AsforcurrentrelatedtransactionwiththeListedCompany,withinthescopepermittedbylawsandregulations,ShenzhenInvestmentHoldingspromisestoconfirmrationalrelatedtransactionsolutionwithin12monthsaftertheCompanysharesaretransferredtoShenzhenInvestmentHoldings,andcompletetoimplementthesolutionwithin5yearsaftertheCompanysharesaretransferredtoShenzhenInvestmentHoldings,tosolvesuchrelatedtransactionscompletely.Thespecificformsinclude:(1)After
currentrelatedtransactioncontractexpires,itwillnotberenewed.IncasecontractrenewalisnecessaryaccordingtotheoperationneedsoftheListedCompany,itwillfulfillrelevantdecisionmakingproceduresstrictlyaccordingtoproceduresofrelatedtransactions.(2)Underthepreconditionofpossiblerealization,terminatecontractwhichisbeingfulfilled,andadoptmarketizedandopenbidinvitation,etc.,inquireagainonserviceitemsinvolvedinsuchrelatedtransactionstoconfirmappropriateserviceprovider.Incaserelatedtransactionisinvolved,itshouldfulfillrelevantdecisionmakingproceduresaccordingtorelatedtransactionprocedures.(3)Incasethereispossibilityofpricere-negotiationintherelatedtransactioncontractwhichisbeingfulfilled,conductpricenegotiationagain,makethecontractamountafterre-pricingconformtomarketpriceandnothigherthantheamountofcontractwhichisbeingfulfilled,andstrictlyfulfillrelevantdecisionmakingproceduresaccordingtorelatedtransactionprocedures.(4)Otherappropriatemeasureswhichcanreduceandfinallyeliminatecurrentrelatedtransactionbutnotnecessary.7.Incaseofviolatingabovecommitments,ShenzhenInvestmentHoldingsshallundertakecorrespondinglegalliabilities,includingbutnotlimitedtoundertakingcompensationliabilityforallthelossescausedtotheListedCompany.Note3:ShenzhenInvestmentHoldingssighedequitytransfercontracton100%equitytransferofTKPropertywiththeCompany,andthecontractstipulated:1.ShenzhenInvestmentHoldingspromisesthatthecumulativenetprofits(netprofitafterdeductingextraordinaryitems)ofTKPropertyfrom2019to2021willnotbelessthan18%oftheequitytransferpaymentamountofthistransaction,i.e.three-yearcumulativenetprofits≥equitytransferpayment*18%.TheabovenetprofitsaresubjecttotheamountwhichisconfirmedbyauditedfinancialreportofTKProperty.2.Incasethree-yearcumulativeprofitsofTKPropertyfailstoreachabovepromisedamount,TPPropertyshallcompensatetheinsufficientparttotheCompanyinfullamountbycash.Incasethree-yearcumulativeprofits(netprofitafterdeductingextraordinaryitems)ofTKPropertyismorethanthepromisedamount,theCompanywillnotrefund.3.IncaseShenzhenInvestmentHoldingsneedstofulfillperformancecompensationobligation,itshallcompletetheperformancecompensationobligationwithin30daysafterreceivingthecompensationnoticeoftheCompany,andthespecificdeliverymethodwillbeagreedbybothparties.IncaseShenzhenInvestmentHoldingsdelaystopaytheperformancecompensation,itshallpayliquidateddamagesof3/10000ofunpaidamountforeachdaydelay.Incaseoffailingtopayformorethan90days,thenCompanyhastherighttocancelthecontract.On27November2019,theCompanycompletedtheproceduresforregistrationchangesinindustryandcommerceregarding100%equitytransferofShenzhenInvestmentHoldings.AccordingtotheEquityTransferContractandtheauditresultonprofitorlossoftransitionalperiodintheauditreport,thefinalpriceforthisequitytransferwasdeterminedbilaterallyasRMB1,027,382,513.56.Asof28April2020,theCompanyhadpaidoffaboveaccountsandtherelated-partytransactionwasformallycompleted.Abovecommitmentsareundernormalperformance.
2.WheretherehadbeenanearningsforecastforanassetorprojectandtheReportingPeriodwasstillwithintheforecastperiod,explainwhytheforecasthasbeenreachedfortheReportingPeriod.
□Applicable√Notapplicable
IVOccupationoftheCompany’sCapitalbytheControllingShareholderorItsRelatedPartiesforNon-OperatingPurposes
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.VExplanationsGivenbytheBoardofDirectors,theSupervisoryBoardandtheIndependentDirectors(ifany)RegardingtheIndependentAuditor's“ModifiedOpinion”ontheFinancialStatementsoftheReportingPeriod
□Applicable√Notapplicable
VIYoYChangestoAccountingPolicies,EstimatesandMethods
√Applicable□NotapplicableTheCompanyhasadoptedtheprovisionsofAccountingStandardforBusinessEnterprisesNo.14–Revenue(CK[2017]No.22)since1January2020.Accordingtocumulativeeffects,theCompanyadjustedretainedearningsatthebeginningoftheyearandotherrelevantitemsinthefinancialstatements,withoutadjustmentofanyinformationofthecomparableperiod.Theimpactofaccountingpolicychangesincludes:
| Contentsofchangesinaccountingpoliciesandreasonsthereof | Itemsandamountsoffinancialstatementsaffected |
| Considerationpaidbycustomersbeforethedeliveryofgoodsislistedas“contractliabilities”inaccordancewiththenewstandardforincome,andtaxincludedislistedas“othercurrentliabilities”. | Intheconsolidatedbalancesheeton1January2020,“Advancesfromcustomers”areRMB516,988.76,“Contractliabilities”areRMB690,543,580.95and“Othercurrentliabilities”areRMB37,125,462.92;InthebalancesheetoftheCompanyastheParenton1January2020,“Advancesfromcustomers”areRMB320,469.53,“Contractliabilities”areRMB0.00and“Othercurrentliabilities”areRMB0.00. |
| Therighttoreceiveconsiderationforgoodsorservicesthathavebeentransferredtocustomers(whichdependsonotherfactorsotherthantime)islistedas“contractassets”inaccordancewiththenewstandardforincome. | Intheconsolidatedbalancesheeton1January2020,“Contractassets”areRMB0.00;InthebalancesheetoftheCompanyastheParenton1Januray2020,“Contractassets”areRMB0.00. |
| Incrementalcost(suchassalescommission)incurredforcontractacquisitionisrecognizedasanassetascostofcontractacquisition,andlistedascostofcontractacquisitionin“othercurrentassets”or“othernon-currentassets”inaccordancewiththenewstandardforincome.However,iftheamortizationofassetiswithinoneyear,itcanbeincludedinthecurrentprofitandlosswhenitoccurs. | Intheconsolidatedbalancesheeton1January2020,“Othercurrentassets”areRMB0.00and“Othernon-currentassets”areRMB0.00;InthebalancesheetoftheCompanyastheParenton1Januray2020,“Othercurrentassets”areRMB0.00and“Othernon-currentassets”areRMB0.00. |
TheCompanyadoptssimpletreatmentmethodtoincludesalescommissionwithamortizationperiodwithinoneyearinthecurrentprofitandlosswhenitoccurs.Theamortizationperiodofsalescommissionin2019iswithinoneyear.VIIRetrospectiveRestatementsduetoCorrectionofMaterialAccountingErrorsintheReportingPeriod
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.
VIIIYoYChangestotheScopeoftheConsolidatedFinancialStatements
√Applicable□NotapplicableForthedetailedchangestothescopeoftheCompany’sconsolidatedstatementsoftheReportingPeriod,see“PartXIIFinancialStatements”,VIII.
IXEngagementandDisengagementofIndependentAuditor
Currentindependentauditor:
| Nameofthedomesticindependentauditor | BakerTillyChinaCertifiedPublicAccountants(LLP) |
| TheCompany’spaymenttothedomesticindependentauditor(RMB’0,000) | 84 |
| HowmanyconsecutiveyearsthedomesticindependentauditorhasprovidedauditservicefortheCompany | Oneyear |
| Namesofthecertifiedpublicaccountantsfromthedomesticindependentauditorwritingsignaturesontheauditor’sreport | LiMing,ChenZihan |
| HowmanyconsecutiveyearsthecertifiedpublicaccountantshaveprovidedauditservicefortheCompany | OneyearforLiMingandoneyearforChenZihan |
IndicatebytickmarkwhethertheindependentauditorwaschangedfortheReportingPeriod.
√Yes□NoIndicatebytickmarkwhethertheindependentauditorwaschangedduringtheauditperiod.
□Yes√NoIndicatebytickmarkwhetheranapprovalprocedurewasimplementedforthechangeofindependentauditor.
√Yes□NoFurtherdetailsaboutthechangeofindependentauditor:
Pan-ChinaCertifiedPublicAccountants(LLP)(hereinafterreferredtoas“Pan-ChinaCPA”)originallyhiredbytheCompanyprovidedtheauditservicefortheCompany.Pan-ChinaCPAadheredtotheprincipleofindependentauditinthecourseofpracticing,andreflectedthefinancialstatusoftheCompanyinanobjective,fairandimpartialway,earnestlyfulfilledtheirdueresponsibilities,andeffectivelysafeguardedthelegitimaterightsandinterestsoftheCompanyanditsshareholdersfromaprofessionalperspective.BasedonthedemandofbusinessdevelopmentandfutureauditoftheCompanyandbilateralcommunicationandnegotiation,Pan-ChinaCPAwasnolongertheindependentauditoroftheCompany.TheCompanyheldthe12
th
Meetingofthe9
thBoardofDirectorsandthe2019AnnualGeneralMeetingofShareholdersrespectivelyon7April2020and28April2020anddeterminedtohireBakerTillyChinaCertifiedPublicAccountants(LLP)astheauditorforthe2020FinancialStatementsandinternalcontroloftheCompany.Thesaidproposalhasbeenapprovedbothontheboardmeetingandshareholdersmeeting.Independentauditor,financialadvisororsponsorengagedfortheauditofinternalcontrols:
√Applicable□NotapplicableInthisReportingPeriod,theCompanyengagedBakerTillyChinaCertifiedPublicAccountants(LLP)foritsinternalcontrolauditandpaidaninternalcontrolauditfeeofRMB0.15milliontoitfortheperiod.
XPossibilityofDelistingafterDisclosureofthisReport
□Applicable√NotapplicableXIInsolvencyandReorganization
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.
XIIMajorLegalMatters
√Applicable□Notapplicable
| Generalinformation | Involvedamount(RMB’0,000) | Provision | Progress | Decisionsandeffects | Executionofdecisions | Disclosuredate | Indextodisclosedinformation |
| LitigationmattersindisputesoverenvironmentalpollutionliabilityofCSCECandtheCompany(180casesintotal) | 815.4 | Not | Theverdictwasreachedinthefirstinstanceandtheplaintiffappealed | ThefirstinstancejudgedthattheCompanyundertooknocompensationliabilities. | Noneedtoperform | ||
| Summaryofothercontractdisputes | 840.62 | SeePartXIIFinancialReport-XIV-2 | SeePartXIIFinancialReport-XIV-2 | SeePartXIIFinancialReport-XIV-2 | SeePartXIIFinancialReport-XIV-2 |
XIIIPunishmentsandRectifications
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.XIVCreditQualityoftheCompanyaswellasItsControllingShareholderandActualController
□Applicable√Notapplicable
XVEquityIncentivePlans,EmployeeStockOwnershipPlansorOtherIncentiveMeasuresforEmployees
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.XVIMajorRelated-PartyTransactions
1.ContinuingRelated-PartyTransactions
√Applicable□Notapplicable
| Related | Relati | Type | Specif | Pricin | Trans | Total | As% | Appro | Over | Metho | Obtaina | Disc | Ind |
| party | onshipwiththeCompany | oftransaction | ictransaction | gprinciple | actionprice | value(RMB’0,000) | oftotalvalueofallsame-typetransactions | vedtransactionline(RMB’0,000) | theapprovedlineornot | dofsettlement | blemarketpriceforsame-typetransactions | losuredate | extodisclosedinformation |
| ShenzhenBayTechnologyDevelopmentCo.,Ltd. | Wholly-ownedsubsidiaryoftheCompanyastheparent | Related-partytransactionsgoverningsalesofcommodityandprovidingoflabors | Propertymanagementservices | Marketprinciple | Agreementprice | 4,787.13 | 4.47% | 3,792 | Yes | Cash | 4,787.13 | ||
| ShenzhenBayTechnologyDevelopmentCo.,Ltd. | Wholly-ownedsubsidiaryoftheCompanyastheparent | Related-partytransactionsgoverningpurchaseofcommodityandprovidingoflabors | Managementservices | Marketprinciple | Agreementprice | 6,460.99 | 7.08% | 6,692 | Not | Cash | 6,460.99 | ||
| Shenzhen | Wholly-own | Lease | Entrusted | Market | Agreement | 4,834.13 | 34.79% | 6,080 | Not | Cash | 4834.13 |
| ShentouRealEstateDevelopmentCo.,Ltd. | edsubsidiaryoftheCompanyastheparent | managementservicesofhouses | principle | price | |||||||||
| Total | -- | -- | 16,082.25 | -- | 16,564 | -- | -- | -- | -- | -- | |||
| Large-amountsalesreturnindetail | N/A | ||||||||||||
| GivetheactualsituationintheReportingPeriod(ifany)whereanestimatehadbeenmadeforthetotalvalueofcontinuingrelated-partytransactionsbytypetooccurintheReportingPeriod | Thetotalamountofdailyrelated-partytransactionsoftheCompanyin2020isexpectedtobeRMB168.87million,andactualtotalamountofdailyrelated-partytransactionsisRMB170.39million.Theexcessamountislowerthanthedisclosurestandard.Fordetails,pleaserefertotheProposalonDaily-RelatedPartyTransactionsin2021disclosedonthesamedayofthisreport. | ||||||||||||
| Reasonforanysignificantdifferencebetweenthetransactionpriceandthemarketreferenceprice(ifapplicable) | N/A | ||||||||||||
2.Related-PartyTransactionsRegardingPurchaseorSalesofAssetsorEquityInterests
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.
3.RelatedTransactionsRegardingJointInvestmentsinThirdParties
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.
4.CreditsandLiabilitieswithRelatedParties
√Applicable□NotapplicableIndicatebytickmarkwhethertherewereanycreditsandliabilitieswithrelatedpartiesfornon-operatingpurposes.
√Yes□NoReceivablefromrelatedparties
| Relatedparty | RelationshipwiththeCompany | Reason | Capitaloccupationfornon-ope | Beginningbalance(RMB’0,000) | Amountnewlyaddedincurrentperiod(RMB’0 | Amountreceivedincurrentperiod(RMB’0,000) | Interestrate | Currentinterest(RMB’0,000) | Endingbalance(RMB’0,000) |
| ratingpurposes(yes/no) | ,000) | |||||||
| ShenzhenXinhaiHoldingsCo.,Ltd. | TheparentcompanyofthesubsidiaryRongyaoRealEstate’sminorityshareholderXinhaiRongyao | Businesscirculatingfundsbeforeacquisition | No | 55,150 | 15,000 | 40,150 | ||
| ShenzhenXinhaiRongyaoRealEstateDevelopmentCo.,Ltd. | MinorityshareholderofthesubsidiaryRongyaoRealEstate | Businesscirculatingfundsbeforeacquisition | No | 33,047.29 | 33,047.29 | |||
| InfluenceontheCompany’soperatingresultsandfinancialcondition | AllwerewithintheriskscontroloftheCompanyandnotinfluencedtheoperatingresultsandthefinancialconditions. | |||||||
Liabilitiespayabletorelatedparties
| Relatedparty | RelationwiththeCompany | Formationreason | Beginningbalance(RMB’0,000) | Amountnewlyaddedincurrentperiod(RMB’0,000) | Amountreturnedincurrentperiod(RMB’0,000) | Interestrate | Currentinterest(RMB’0,000) | Endingbalance(RMB’0,000) |
| ShenzhenJifaWarehouseCo.,Ltd. | Jointventure | Intercoursefunds | 3,579.67 | 3,579.67 | ||||
| ShenzhenTian’anInternationalBuildingPropertyManagementCo.,Ltd. | Jointventure | Intercoursefunds | 521.43 | 521.43 |
| InfluenceontheCompany’soperatingresultsandfinancialcondition | AllwerewithintheriskscontroloftheCompanyandnotinfluencedtheoperatingresultsandthefinancialconditions. |
5.OtherMajorRelated-PartyTransactions
√Applicable□Notapplicable
1.OnSeptember6and23,2019,theCompanyheldtheeighthmeetingoftheninthsessionoftheBoardofDirectorsandthe2019secondextraordinarygeneralmeetingofshareholdersrespectivelytoreviewandpasstheProposalonAcquisitionof100%ofEquityInterestsinTKPropertyandRelated-partyTransaction.TheCompanypurchased100%equityofTKPropertyheldbyShenzhenInvestmentHoldingsCo.,Ltd.,thecontrollingshareholderofTKProperty,intheformofcashpayment.OnNovember27,2019,theCompanycompletedtheindustrialandcommercialregistrationproceduresforthetransferof100%equityinterestsofTKProperty.AccordingtotheagreementonEquityInterestTransferContractandauditreportontheprofitandlossofthetransitionperiod,bothpartiesconfirmedthatthefinalpriceofequityintereststransferwasRMB1,027,382,513.56.AsofApril28,2020,theCompanyhaspaidtheaboveamount,andcompletedtherelated-partytransaction.Fordetails,pleaserefertotheAnnouncementonAcquisitionof100%ofEquityInterestsinTKPropertyandRelated-partyTransactionpublishedonwww.cninfo.com.cnonApril28,2020.
2.OnDecember28,2020,theCompanyheldthe21stmeetingoftheninthsessionofBoardofDirectorstoreviewandpasstheProposalonSigningthePropertyManagementServiceContractwithAnDuongIndustrialParkofHaiphong,VietnamandRelated-PartyTransaction.VCEPentrustedITCPropertyManagementtoprovidepropertymanagementservicestoAnDuongIndustrialParklocatedinHongfengTownship,AnDuongTown,HaiphongCity,Vietnam,withaserviceareaof1.961millionsquaremetersofindustrialpark(includingadministrativeofficeanddormitorybuildings).VCEP,awholly-ownedsubsidiaryofShenzhenInvestmentHoldings,thecontrollingshareholderoftheCompany,isarelatedpartyoftheCompany,andthistransactionconstitutedarelated-partytransaction.Fordetails,pleaserefertotheAnnouncementonSigningthePropertyManagementServiceContractwithAnDuongIndustrialParkofHaiphong,VietnamandRelated-PartyTransactionpublishedonwww.cninfo.comonDecember28,2020.
XVIIMajorContractsandExecutionthereof
1.Entrustment,ContractingandLeases
(1)Entrustment
√Applicable□NotapplicableDescriptionoftrusteeshipsituation:
TheCompanysignedtheAgreementforEngagementinAssistedManagementwithitscontrollingshareholderShenzhenInvestmentHoldingsCo.,Ltd.(SIHC)on1March2020.AccordingtotheAgreement,theCompanywasappointedtoexerciseassistedmanagementoverChinaShenzhenForeignTrade(Group)Co.,Ltd.,awholly-ownedsubsidiaryofSIHC.Theassistedmanagementperiodwouldbesixmonths,from1March2020to31August2020.Forthespecificcontent,pleaserefertotheCompany’sVoluntaryInformationDisclosureAnnouncementontheAgreementforEngagementinAssistedManagementSignedwiththeControllingShareholder,No.2020-5,disclosedonhttp://www.cninfo.com.cnon3March2020.ProjectswhoseprofitsandlossesfortheCompanyreachedmorethan10%ofthetotalprofitsduringtheReportingPeriod:
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.
(2)Contracting
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.
(3)Leases
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.
2.Majorguarantees
√Applicable□Notapplicable
(1)Guarantees
Unit:RMB'0,000
| GuaranteesprovidedbytheCompanyastheparentanditssubsidiariesforexternalparties(exclusiveofthoseforsubsidiaries) | ||||||||
| Obligor | Disclosuredateoftheguaranteelineannouncement | Lineofguarantee | Actualoccurrencedate | Actualguaranteeamount | Typeofguarantee | Termofguarantee | Havingexpiredornot | Guaranteeforarelatedpartyornot |
| GuaranteesprovidedbytheCompanyforitssubsidiaries | ||||||||
| Obligor | Disclosuredateoftheguaranteelineannouncement | Lineofguarantee | Actualoccurrencedate | Actualguaranteeamount | Typeofguarantee | Termofguarantee | Havingexpiredornot | Guaranteeforarelatedpartyornot |
| ShenzhenRongyaoRealEstateDevelopmentCo.,Ltd. | 18October2019 | 500,000 | 27November2019 | 299,980 | Joint-liability | 27November2019to20November2024 | No | Yes |
| TotalapprovedlineforsuchguaranteesintheReportingPeriod(B1) | 0 | TotalactualamountofsuchguaranteesintheReportingPeriod(B2) | 80,700 | |||||
| TotalapprovedlineforsuchguaranteesattheendoftheReportingPeriod(B3) | 500,000 | TotalactualbalanceofsuchguaranteesattheendoftheReporting | 299,980 | |||||
| Period(B4) | ||||||||
| Guaranteesprovidedbetweensubsidiaries | ||||||||
| Obligor | Disclosuredateoftheguaranteelineannouncement | Lineofguarantee | Actualoccurrencedate | Actualguaranteeamount | Typeofguarantee | Termofguarantee | Havingexpiredornot | Guaranteeforarelatedpartyornot |
| Totalguaranteeamount(totalofthethreekindsofguaranteesabove) | ||||||||
| TotalguaranteelineapprovedintheReportingPeriod(A1+B1+C1) | TotalactualguaranteeamountintheReportingPeriod(A2+B2+C2) | 80,700 | ||||||
| TotalapprovedguaranteelineattheendoftheReportingPeriod(A3+B3+C3) | 500,000 | TotalactualguaranteebalanceattheendoftheReportingPeriod(A4+B4+C4) | 299,980 | |||||
| Totalactualguaranteeamount(A4+B4+C4)as%oftheCompany’snetassets | 80.47% | |||||||
| Ofwhich: | ||||||||
| Balanceofguaranteesprovidedforshareholders,actualcontrollerandtheirrelatedparties(D) | 0 | |||||||
| Balanceofdebtguaranteesprovideddirectlyorindirectlyforobligorswithanover70%debt/assetratio(E) | 299,980 | |||||||
| Amountbywhichthetotalguaranteeamountexceeds50%oftheCompany’snetassets(F) | 113,584 | |||||||
| Totalofthethreeamountsabove(D+E+F) | 299,980 | |||||||
Compoundguarantees:
Naught
(2)IrregularitiesinProvisionofGuarantees
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.
3.CashEntrustedtoOtherEntitiesforManagement
(1)CashEntrustedforWealthManagement
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.
(2)EntrustedLoans
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.
4.ContinuingMajorContracts
□Applicable√Notapplicable
5.OtherMajorContracts
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.XVIIICorporateSocialResponsibility(CSR)
1.MeasuresTakentoFulfillCSRCommitmentSinceitsinception,SZPRDhasbeenadheringtotheconceptofhonesty,responsibilityandwin-wincooperationforthebenefitofsociety.TheCompanyactivelyfulfillsitssocialresponsibilitiesandalwaystakesrepayingthesocietyasanimportantdevelopmentconcept.Itactivelyfulfillsitsstatutorysocialresponsibilitiesandethicalsocialobligations,andunifiestherealizationofeconomicandsocialbenefitstocreateanexcellentcorporateimage.TheCompanycarriedoutthefollowingactivitiestoperformitssocialresponsibilityin2020:
(1)Carryforwardthespiritofreformandopening-up,createabuildingbrandwithCCPcharacteristicsTomaximizethehistoricalvalueofInternationalTradeCenterBuilding,andinheritandcarryforwardthespiritofreformandopening-up,SZPRDstartedthepreparationofhistoryexhibitioninShenzhenInternationalTradeCenterinearly2019tocreatearedtourrouteonthebasisoffunctioningason-siteteachingcenterofShenzhenPartySchoolonreformandopeningup.TheexhibitionwascompletedattheendofAugust2020andlaunchedonSeptember1.TheexhibitioninShenzhenInternationalTradeCentertrulypresentedthebuildinginthe1980s,whichwasfamousforthe“ShenzhenSpeed”that“onefloorwascompletedinthreedays”,andreproducedtheimportanthistoricalsceneofDengXiaoping'sTalksintheSouth.TheexhibitionconsistsofsixpartstoshowthescenesofDengXiaoping,JiangZemin,HuJintaoandotherleader’svisittoShenzhenInternationalTradeCenterandreformandopeningupofShenzhenSpecialEconomicZone,includingthePrefaceHall(Leaders’care),ShenzhenSpeed,TalksintheSouth,HistoricalMoment,VideostoriesandEnterpriseDevelopment,whichdisplayprecioushistoricalmaterialstoshow“Shenzhenstory”andthespiritof“venture,courageandworkhard”ofShenzhenSpecialZone.SZPRDcreatedarededucationrouteinInternationalTradeCentertoinnovateandpromotethebuildingworkwithCCPcharacteristics,andstrengthentheconstructionofPartyMemberServiceCentertosharewithgovernmentdepartments,streetsandcommunities,andprovidealearningplatformandrichteachingmaterialstoSZPRDinternalstaff,Partymembersandthepublic.Sinceitsopening,theexhibitionhallhasreceived147interviewsofPeople.cn,Xuexi.cnandothermedia,whomade114reports,andvisitsof2755person-time,includingimportantreceptionsofleadersoftheOrganizationDepartmentoftheCPCCentralCommittee,GuangdongProvincialGovernmentandShenzhenMunicipalGovernment.ThebuildingwithCCPcharacteristicsbuiltbySZPRDisrecognizedbyShenzhenmunicipalandLuohudistrictdepartments.IthasbecomeanimportantpartofrededucationresourcesinShenzhen,beinglistedasaredroutevisitingspotbytheOrganizationDepartmentoftheMunicipalPartyCommitteeandeducationsiteonreformandopeningupofthePartySchool.
SZPRDheldtheexhibitiononreformandopeninguptorevitalizeandreshapetheculturalimageandbusinessatmosphereofInternationalTradeCenterforthelandingofduty-freetowninGuangdong-HongKong-MacaoGreaterBayAreatopromotetherevitalizationofRenminSouthBusinessDistrictofLuohu.
(2)Carryoutblooddonation,createprojectswithCCPcharacteristicsontheprincipalsof“projectsledbytheSecretary,brandscreatedbybranches,achievementsmadebyPartymembers”Tocelebratethe99thanniversaryofthefoundingofCCP,consolidatetheeducationalachievementsofthethemeof“remaintruetoouroriginalaspirationandkeepourmissionfirmlyinmind”,on1July,thepartycommitteeofShenzhenInternationalTradeCenterPropertyManagementCo.,Ltd.subordinatedtoSZPRDtogetherwiththeJiabeiCommunityStationofNanhuSub-districtinLuohuDistrictandInternationalTradeCenterSub-branchofShenzhenBranchofBankofChinaheldtheactivityof“RedBanner&RedAction”VoluntaryBloodDonation,attractingatotalof115peopletovoluntarilydonatetheirbloodonthedaywiththetotalamountofblooddonation41,950ml.Since2011,thepartycommitteeofShenzhenInternationalTradeCenterPropertyManagementCo.,Ltd.hasinsistedoncarryingoutthethemeactivityforpublicbenefitsof“RedBanner&RedAction”tocommemoratetheparty’sbirthdayeveryyear,allowingpartymembervolunteerstoplayanexemplaryrole.Fortunately,theactivityhasattractedtheactiveresponsefromtheownersandtenantsofITCBuilding,variouspartyorganizationsinthesouthernbusinessdistrictandJiabeiCommunitystationandpeoplefromallwalksoflife,andbecomeauniquepartybuildingactivityfeaturing“thesecretarycontrolstheactivity,thepartybranchcreatesthebrand,andthepartymembersstriveforbecomingthevanguard”.Thisactivityhasbeenheldforconsecutivenineyears.Intermsofthisactivity,morethan700peoplehavedonatedtheirbloodvoluntarilywiththetotalunpaidblooddonationvolumenearly270,000ml.Inaddition,tosupportShenzhenbloodbanktomeettheurgentdemandaftertheoutbreakoftheepidemicthisyearandcarryforwardthevoluntaryservicespiritof“dedication,fraternallove,mutualaidandprogress”,theYouthLeagueCommitteeofSZPRDorganizedandcarriedoutthepublicwelfareactivityof“FraternalLove,TK’sSupportinPeople’sLivelihood”forblooddonationfromMarch24to25.About110YouthLeaguemembersfromYouthLeagueCommitteesofTKProperty,andYouthLeaguebranchesofHuangchengRealEstateandHuangchengPropertyManagement,whichareaffiliatedtotheYouthLeagueCommitteeoftheGroup,participatedinblooddonationanddonated43400mlbloodintotal.Grass-rootsYouthLeaguememberssupportedtheepidemicpreventionandcontrolvoluntarilytorespondtotheactivityof“showyourpartymemberidentitiesinepidemicpreventionandbuildbrandswithlove”heldbytheGroup,fullydemonstratingtheactionsofthenewerayouthfreshtroopsandcommandosofShenzhenpropertygroup,andmakegreatcontributionstothepromotionofurbancivilizationinShenzhenandepidemicpreventionandcontrol.
(3)DonateRMB2Milliontosupportepidemicpreventionandcontrol,exemptsmallandmedium-sizedenterprisesfrompaymentofrentapproximatingRMB38MillionAftertheoutbreakofCOVID-19epidemicin2020,residentialquarters,officebuildingsandindustrialparksmanagedbypropertymanagemententerprisesoftheGroupworkedhardonepidemicpreventionandcontrolandworkresumption.Leadersandstaffofpropertymanagemententerprisesmadegreatcontributionstoepidemicpreventionandcontrolandrecognizedbythesocietyandpropertyowners.InMarch2020,theGroupdonatedRMB2milliontosupportHubeiandWuhantotackletheepidemic,includingRMB50thousanddonatedbyPartymembers.ToimplementthepoliciesandrequirementsoftheMunicipalPartyCommittee,MunicipalGovernmentandMunicipalState-ownedAssetsSupervisionandAdministrationCommission(SASAC)ontacklingtheepidemicandsupportingenterprisestotideoverthedifficulties,SZPRDactedquicklytoimplementpropertyrentreductionpolicytosupportprivateenterprisestorelieveoperationdifficulties.InMarch2020,SZPRDexemptednon-state-ownedenterprises,scientificresearchinstitutions,medicalinstitutionsandindividualbusinessesfrompaymentoftwomonths’rentinthreestages.Basedonthepolicyofmoderateleniency,theGroupalsoincludednaturalpersonswhorentpropertiesforproductionandoperationinthescopeoftwomonths’rentexemption,coveringofficebuildings,shops,factories,supportingservicefacilitiesandotherpropertieswithanareaofabout310,000m
,whichaccountedforabout83%oftheCompany’stotalareasforlease,benefiting447leaseesand700companiesbyrentreductionofRMB24.88million
intotal.InAugust2020,torespondtotherequirementsoftheMunicipalGovernmentandSASAConalleviationrentpressureofsmallandmicroenterprisesintheserviceindustryandindividualbusiness,SZPRDextendedtherentexemptionperiodofstate-ownedpropertyforonemonth,whichinvolvedapropertyareaofabout270,000m
,benefiting584leaseesbyrentreductionofapproximatingRMB13million.Sofar,SZPRDexemptedrentpaymentapproximatingRMB38millionintotal.
(4)CarryoutpovertyalleviationworkTheGroupcarriedoutpro-consumptionactivitiestoaidpovertyalleviation,andpurchasedagriculturalandside-lineproductstotalledRMB865,432frompoorareasonline.Meanwhile,HuangchengRealEstateCo.,Ltd.oftheGroupsupportedtargetedpovertyalleviationandelimination,andmadeatargeteddonationofRMB10,000toMulamNationalityinLuocheng.
(5)Careforemployees,takeonsocialresponsibilityToimplementtheGroup’sassistancemechanism,SZPRDPartyCommitteecarriedoutactivitiesbeforetheSpringFestivaltoexpresscareforemployeeswithdifficultiesonJanuary17.LiuShengxiang,SecretaryofthePartyCommitteeandChairmanoftheGroup,WangHangjun,DeputySecretaryofthePartycommitteeandGeneralManageroftheGroup,WeiXiaodong,DeputysecretaryofthePartyCommitteeandSecretaryoftheDisciplineInspectionCommissionvisitedemployeefamiliesindifficultiesandsentgiftsandconsolationmoneytoexpresscareandgreetingsonbehalfoftheGroup.Tocelebratethe99thanniversaryofthefoundingoftheCCPandimplementtheinner-partyincentive,careandassistancemechanism,SZPRDPartyCommitteecarriedout“July1stconversations”toexpresscaretoPartymembersindifficultiesinthemorningofAugust3.Tohelppartymembersinneedinaneffectiveway,thePartyCommitteeandPartybranchesoftheGroupconductedanin-depthinvestigationonfamilylifeofpartymembersanddeterminedmemberfamiliestovisit.
(6)SocialhonorsIn2020,HousingandUrban-RuralDevelopmentofShandongProvinceannouncedthelistofoutstandingenterprisesinthepropertyserviceindustryinShandongProvince.ShandongShenguomaoRealEstateManagementofSZPRDwasawardedthetitleof“ProvincialModelEnterpriseforCivilizationofthePropertyManagementServiceIndustry”,andZhangNing,employeeoftheCompany,wasawardedthetitleof“ProvincialServiceStarforCivilizationofthePropertyManagementServiceIndustry”.OnMay13,ChinaIndexAcademyreleasedthelistofChina’sTop100PropertyManagementServiceEnterprises2020.ITCPropertyManagementofSZPRDwasawardedthetitleof“China’sTop100PropertyManagementServiceEnterprises2020”and“China’sExcellentEnterprisesinIndustrialParkService2020”byvirtueofcontinuousimprovementofinternalcontrol,propertymanagementqualityandserviceproductsmeetingcustomers’needs.ITCPropertyManagementranked27thinthetop100propertymanagementservicecompanies.ItisthefifthconsecutiveyearthatITCPropertyManagementwonthishonor.Atthe10thGrandCeremonyhostedbyShenzhenRealEstateAssociationonAugust28,SZPRDwasawardedthetitleof“enterprisewithbrandvalue”inShenzhenrealestatedevelopmentindustry.WangHangjun,GeneralManageroftheGroup,wasawardedthetitleof“40OutstandingPersonsofRealEstateIndustryinShenzhenSpecialEconomicZone”.
2.MeasuresTakenforTargetedPovertyAlleviation
TheCompanydidn’ttakeanytargetedmeasurestohelppeopleliftthemselvesoutofpovertyduringtheReportingPeriod,notargetedpovertyalleviationplantemporarilytoo.
3.IssuesRelatedtoEnvironmentalProtection
IndicatebytickmarkwhethertheCompanyoranyofitssubsidiariesisidentifiedasamajorpolluterbytheenvironmentalprotectionauthorities.
□Yes√No
XIXOtherSignificantEvents
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.
XXSignificantEventsofSubsidiaries
□Applicable√Notapplicable
PartVIShareChangesandShareholderInformationI.ShareChanges
1.ShareChanges
Unit:share
| Before | Increase/decreaseintheReportingPeriod(+/-) | After | |||||||
| Shares | Percentage(%) | Newissues | Sharesasdividendconvertedfromprofit | Sharesasdividendconvertedfromcapitalreserves | Other | Subtotal | Shares | Percentage(%) | |
| I.Restrictedshares | 1,931,280 | 0.33% | 0 | 0 | 0 | -32,974 | -32,974 | 1,898,306 | 0.32% |
| 1.SharesheldbyState | 0 | 0.00% | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% |
| 2.Sharesheldbystate-ownedlegalperson | 0 | 0.00% | 0 | 0 | 0 | 3,326 | 3,326 | 3,326 | 0.00% |
| 3.Sharesheldbyotherdomesticinvestors | 1,931,280 | 0.33% | 0 | 0 | 0 | -36,300 | -36,300 | 1,894,980 | 0.32% |
| Amongwhich:Sharesheldbydomesticlegalperson | 1,894,980 | 0.32% | 0 | 0 | 0 | 0 | 0 | 1,894,980 | 0.32% |
| Sharesheldbydomesticnaturalperson | 36,300 | 0.01% | 0 | 0 | 0 | -36,300 | -36,300 | 0 | 0.00% |
| 4.Sharesheldbyotherforeigninvestors | 0 | 0.00% | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% |
| II.Unrestrictedshares | 594,047,812 | 99.67% | 0 | 0 | 0 | 32,974 | 32,974 | 594,080,786 | 99.68% |
| 1.RMBcommonshares | 526,442,569 | 88.33% | 0 | 0 | 0 | 32,974 | 32,974 | 526,475,543 | 88.34% |
| 2.Domesticallylistedforeignshares | 67,605,243 | 11.34% | 0 | 0 | 0 | 0 | 0 | 67,605,243 | 11.34% |
| 3.Overseaslistedforeignshares | 0 | 0.00% | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% |
| 4.Others | 0 | 0.00% | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% |
| III.Totalshares | 595,979,092 | 100.00% | 0 | 0 | 0 | 0 | 0 | 595,979,092 | 100.00% |
Reasonsforsharechanges:
√Applicable□NotapplicableOn16January2020,theshareholderwithrestrictedpublicsharesoftheCompanyHanYihuarepaidtheadvancedsharesforsharereformof3,326totheCompany’scontrollingshareholderShenzhenInvestmentHoldingsandtransferredtheshareownershiptothelatter.On30April2020,all32,974restrictedsharesheldbyHanYihuaweredesterilizedandofficiallycirculatedinthemarket.Approvalofsharechanges:
√Applicable□NotapplicableAbove-mentioneddesterilizationofnon-tradableshareshasbeenapprovedbyShenzhenStockExchangeandcompletedthechangeregistrationinShenzhenBranchofChinaSecuritiesDepositoryandClearingCorporationLimited.Transferofshareownership:
□Applicable√NotapplicableProgressonanysharerepurchases:
□Applicable√NotapplicableProgressonreducingtherepurchasedsharesbymeansofcentralizedbidding:
□Applicable√NotapplicableEffectsofsharechangesonthebasicanddilutedearningspershare,equitypershareattributabletotheCompany’sordinaryshareholdersandotherfinancialindicatorsoftheprioryearandtheprioraccountingperiod,respectively:
□Applicable√NotapplicableOtherinformationthattheCompanyconsidersnecessaryorisrequiredbythesecuritiesregulatortobedisclosed:
√Applicable□NotapplicableOnJanuary29,2021,theCompanydisclosedtheAnnouncementofShenzhenProperties&ResourcesDevelopment(Group)Ltd.ontheTransferofSomeState-ownedSharesHeldbyControllingShareholderstoSocialSecurityFundwithoutCompensation.ThecontrollingshareholdersoftheCompanydecidedtotransfer38037,890unrestrictedcommonAsharesoftheCompanytoShenzhenState-ownedEquityManagementCo.,Ltd.forthepurposeofreplenishingsocialsecurityfund.OnMarch15,thetransferproceduresofstate-ownedshareswithoutCompensationwerecompletedbyChinaSecuritiesDepositoryandClearingCorporationLimited.Afterthetransfer,ShenzhenInvestmentHoldingsholds301,414,637sharesoftheCompany,accountingfor50.575%ofthetotalsharecapital,andShenzhenState-ownedEquityManagementCo.,Ltd.holds38,037,890sharesoftheCompany,accountingfor
6.382%ofthetotalsharecapital.ShenzhenState-ownedEquityManagementbecamethesecondlargestshareholderoftheCompany.
2.ChangesinRestrictedShares
√Applicable□Notapplicable
Unit:share
| Nameofshareholders | Numberofrestrictedsharesattheperiod-begin | Numberofincreasedrestrictedshares | Numberofreleasedrestrictedshares | Numberofrestrictedsharesattheperiod-end | Reasonforrestriction | Dateofrestrictionrelease |
| HanYihua | 36,300 | 0 | 32,974 | 0 | Sharereformcommitments | 30April2020 |
| ShenzhenInvestmentHoldingsCo., | 0 | 3,326 | 0 | 3,326 | Repaymentofadvancesharesfor | - |
| Ltd. | stockreform | |||||
| Total | 36,300 | 3,326 | 32,974 | 3,326 | -- | -- |
II.IssuanceandListingofSecurities
1.Securities(ExclusiveofPreferredShares)IssuedintheReportingPeriod
□Applicable√Notapplicable
2.ChangestoTotalShares,ShareholderStructureandAssetandLiabilityStructures
□Applicable√Notapplicable
3.ExistingStaff-HeldShares
□Applicable√NotapplicableIIIShareholdersandActualController
1.ShareholdersandTheirShareholdingsatthePeriod-End
Unit:share
| Numberofordinaryshareholders | 52,587 | Numberofordinaryshareholdersatthemonth-endpriortothedisclosureofthisReport | 54,313 | Numberofpreferredshareholderswithresumedvotingrights(ifany) | 0 | Numberofpreferredshareholderswithresumedvotingrightsatthemonth-endpriortothedisclosureofthisReport(ifany) | 0 | ||||||||
| 5%orgreatershareholdersortop10shareholders | |||||||||||||||
| Nameofshareholder | Natureofshareholder | Shareholdingpercentage | Totalsharesheldattheperiod-end | Increase/decreaseintheReportingPeriod | Restrictedsharesheld | Unrestrictedsharesheld | Sharesinpledgeorfrozen | ||||||||
| Status | Shares | ||||||||||||||
| ShenzhenInvestmentHoldingsCo.,Ltd. | State-ownedlegalperson | 56.96% | 339,452,527 | -40,926,370 | 3,326 | 339,449,201 | |||||||||
| ChinaOrientAssetManagementCo.,Ltd. | State-ownedlegalperson | 4.99% | 29,798,300 | 29,798,300 | 0 | 29,798,300 | |||||||||
| HongKongSecuritiesClearingCompanyLtd. | Foreignlegalperson | 0.31% | 1,874,823 | 1,874,823 | 0 | 1,874,823 | |||
| ShenzhenDuty-FreeCommodityEnterprisesCo.,Ltd. | Domesticnon-state-ownedlegalperson | 0.29% | 1,730,300 | 0 | 1,730,300 | 0 | |||
| DuanShaoteng | Domesticnaturalperson | 0.27% | 1,618,565 | 550,865 | 0 | 1,618,565 | |||
| YangYaochu | Domesticnaturalperson | 0.25% | 1,500,384 | 75,364 | 0 | 1,500,384 | |||
| MaiFurong | Domesticnaturalperson | 0.18% | 1,049,200 | -132,300 | 0 | 1,049,200 | |||
| UBSAG | Foreignlegalperson | 0.17% | 1,036,938 | 1,036,938 | 0 | 1,036,938 | |||
| HeSimo | Domesticnaturalperson | 0.17% | 1,011,750 | 249,100 | 0 | 1,011,750 | |||
| ChinaConstructionBank-WanjiaSelectedMixedTypeSecuritiesInvestmentFund | Other | 0.16% | 982,300 | 982,300 | 0 | 982,300 | |||
| Strategicinvestororgenerallegalpersonbecomingatop-10ordinaryshareholderduetorightsissue(ifany) | N/A | ||||||||
| Relatedoracting-in-concertpartiesamongtheshareholdersabove | Thefirstlargestshareholder,ShenzhenInvestmentHoldingsCo.,Ltd.,istheactualcontrollingshareholderoftheCompany.AndtheCompanydoesnotknowwhethertherearerelatedpartiesoracting-in-concertpartiesamongtheother9shareholders. | ||||||||
| Top10unrestrictedshareholders | |||||||||
| Nameofshareholder | Unrestrictedsharesheldattheperiod-end | Sharesbytype | |||||||
| Type | Shares | ||||||||
| ShenzhenInvestmentHoldingsCo.,Ltd. | 339,449,201 | RMBcommonshare | 339,449,201 | ||||||
| ChinaOrientAssetManagementCo.,Ltd. | 29,798,300 | RMBcommonshare | 29,798,300 | ||||||
| HongKongSecuritiesClearingCompanyLtd. | 1,874,823 | RMBcommonshare | 1,874,823 | ||||||
| DuanShaoteng | 1,618,565 | RMBcommonshare | 1,618,565 | ||||||
| YangYaochu | 1,500,384 | Domesticallylisted | 1,500,384 | ||||||
| foreignshare | ||||
| MaiFurong | 1,049,200 | Domesticallylistedforeignshare | 1,049,200 | |
| UBSAG | 1,036,938 | RMBcommonshare | 1,036,938 | |
| HeSimo | 1,011,750 | Domesticallylistedforeignshare | 1,011,750 | |
| ChinaConstructionBank-WanjiaSelectedMixedTypeSecuritiesInvestmentFund | 982,300 | RMBcommonshare | 982,300 | |
| ShenzhenJunhaoTradingCo.,Ltd. | 831,200 | RMBcommonshare | 831,200 | |
| Relatedoracting-in-concertpartiesamongtop10unrestrictedpublicshareholders,aswellasbetweentop10unrestrictedpublicshareholdersandtop10shareholders | Thefirstlargestshareholder,ShenzhenInvestmentHoldingCorporation,istheactualcontrollingshareholderoftheCompany.AndtheCompanydoesnotknowwhethertherearerelatedpartiesoracting-in-concertpartiesamongtheother9shareholders. | |||
| Top10ordinaryshareholdersinvolvedinsecuritiesmargintrading(ifany) | N/A | |||
Indicatebytickmarkwhetheranyofthetop10ordinaryshareholdersorthetop10unrestrictedordinaryshareholdersoftheCompanyconductedanypromissoryrepoduringtheReportingPeriod.
□Yes√NoNosuchcasesintheReportingPeriod.
2.ControllingShareholderNatureofthecontrollingshareholder:Controlledbyalocalstate-ownedlegalpersonTypeofthecontrollingshareholder:legalperson
| Nameofcontrollingshareholder | Legalrepresentative/personincharge | Dateofestablishment | Unifiedsocialcreditcode | Principalactivity |
| ShenzhenInvestmentHoldingsCo.,Ltd. | WangYongjian | 13October2004 | 914403007675664218 | ToexecuteinvestmentsandM&Aonfinancialequitysuchasbanks,securities,insurance,fundsandguaranteesandpseudo-bankingequity;toengageinthepropertydevelopmentandoperationbusinesswithinthescaleoflegallyacquirethelanduseright;toexecuteinvestmentsandservicesinstrategic |
| emergingindustry;toexecutetheinvestment,operatingandmanagementofthestate-ownedequitiesofthewholly-owned,controllingandstock-participatingenterprisesthroughthemethodssuchastherestructuringintegration,capitaloperationandassetsdisposal;otherbusinessdevelopedwiththeauthorityfromtheMunicipalState-ownedAssetsSupervisionandAdministrationCommission(iftheactivityneedsapprovalasrequiredbystateregulations,itshallnotbeoperateduntilitisapproved). | ||
| ShareholdingsofthecontrollingshareholderinotherlistedcompaniesathomeorabroadinthisReportingPeriod | ShenzhenTextileA(000045)holds234.07millionshares,accountingfor46.10%;SPGA(000029)holds642.88millionshares,accountingfor63.55%;ShenzhenUniverseA(000023)holds9.59millionshares,accountingfor6.91%;Ping’an(601318)holds962.72millionshares,accountingfor5.27%;GuosenSecurities(002736)holds3,223.11millionshares,accountingfor33.53%;GuotaiJun’an(601211)holds609.43millionA-sharesand103.37millionH-shares,totallyaccountingfor8.00%;TellingTelecommunication(000829)holds195.03millionshares,accountingfor18.89%;ShenzhenInternational(00152)holds952.01millionshares,accountingfor43.39%;BeautyStar(002243)holds604.82millionshares,accountingfor49.96%;BayAreaDevelopment(00737)holds2,213.45millionshares,accountingfor71.83%;Infinova(002528)holds315.83millionshares,accountingfor26.35%;EternalAsia(002183)holds388.45millionshares,accountingfor18.30%;ShenzhenEnergy(000027)holds6.77millionshares,accountingfor0.14%;BankofCommunications(601328)holds9.52millionshares,accountingfor0.01%;Techand(300197)holds113.98millionshares,accountingfor4.84%;Vanke(02202)holds77.27millionshares,accountingfor0.67%. | |
ChangeofthecontrollingshareholderintheReportingPeriod:
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.
3.ActualControllerandItsActing-in-ConcertParties
Natureoftheactualcontroller:localinstitutionforstate-ownedassetsmanagementTypeoftheactualcontroller:legalperson
| Nameofactualcontroller | Legalrepresentative/personincharge | Dateofestablishment | Unifiedsocialcreditcode | Principalactivity |
| ShenzhenMunicipalState-ownedAssetsSupervisionandAdministrationCommission | YuGang | 1July2004 | K31728067 | (I)Implementingandpracticingstate,provincialandmunicipallawsandregulationsrelatedtomanagementonstate-ownedassets,draftinglocallaws,regulations,andpoliciesaboutmanagementonstate-ownedassets,andorganizingimplementationactivitiesuponapprovals.Intendingtodraftsupervisionsystemsandmethodsaboutoperationalstate-ownedassets,andorganizingimplementationactivities.(II)Onthebasisofauthorizationfrommunicipalgovernment,fulfillingdutiesofinvestorsaccordingtolawsandregulations,andprotectingtherightsandinterestsofinvestorsforstate-ownedassetsaccordingtolaws(III)TakingchargeofParty-buildingworkforenterprisesinitssupervisionandorgansentrusted(IV)Undertakingthesupervisionoverstate-ownedassetsofmunicipalenterprises,strengtheningmanagementonstate-ownedassets,furtherperfectingthemanagementmechanismforstate-ownedassetswiththeunificationofpower,obligation,andduties,aswellasthecombinationofmanagingassets,people,andaffairs(V)Beingresponsibleforhedgingandappreciationofthevalueofstate-ownedassetsofenterprisesinitssupervision,establishingandperfectingtheindexsystemforhedgingandappreciationofthevalueofstate-ownedassets,settingoutassessmentstandards,supervisingonhedgingandappreciationofthevalueofstate-ownedassetsofenterprisesinits |
| CFOstoenterprisesinitssupervision,andauditingoneconomicdutiesofpeopleinchargeofenterprisesinitssupervisionaccordingtorulesaboutmanagementauthorizationtopeopleinchargeofenterprises(XI)Inchargeofpreparingthedraftofbudgetsandfinalaccountsofannualstate-ownedcapitalofenterprisesinitssupervision,includingittothegovernmentbudgetsystem,organizingtheexecutionuponapprovals,andcollectingearningsofstate-ownedcapitalhandedinbyenterprisesinitssupervision(XII)Inchargeofstrategyresearch,policyformulation,andguidancefortransformation,development,andassetmanagementrelatedtocollectively-ownedenterprises(XIII)Assumingotherassignmentsassignedbymunicipalgovernmentandsuperiordepartments | ||
| ShareholdingsoftheactualcontrollerinotherlistedcompaniesathomeorabroadinthisReportingPeriod | ListedcompaniessuchastheShenzhenAirport,YTP,ShenzhenEnergy,ShenzhenZhenye,ShenzhenTagenandSDGI. | |
ChangeoftheactualcontrollerduringtheReportingPeriod:
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.OwnershipandcontrolrelationsbetweentheactualcontrollerandtheCompany:
IndicatebytickmarkwhethertheactualcontrollercontrolstheCompanyviatrustorotherwaysofassetmanagement.
□Applicable√Notapplicable
4.Other10%orGreaterCorporateShareholders
□Applicable√Notapplicable
5.LimitationsonShareholdingDecreasebytheCompany’sControllingShareholder,ActualController,ReorganizerandOtherCommitmentMakers
□Applicable√Notapplicable
PartVIIPreferenceShares
□Applicable√NotapplicableNopreferencesharesintheReportingPeriod.
PartVIIIConvertibleCorporateBonds
□Applicable√NotapplicableNoconvertiblecorporatebondsintheReportingPeriod.
PartIXDirectors,Supervisors,SeniorManagementandStaffIChangeinShareholdingsofDirectors,SupervisorsandSeniorManagement
| Name | Officetitle | Incumbent/Former | Gender | Age | Startoftenure | Endoftenure | Beginningshareholding(share) | IncreaseintheReportingPeriod(share) | DecreaseintheReportingPeriod(share) | Otherincrease/decrease(share) | Endingshareholding(share) |
| LiuShengxiang | PartySecretaryandChairmanoftheBoard | Incumbent | Male | 50 | 15June2018 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| WangHangjun | Director,DeputyPartySecretary,GM | Incumbent | Male | 55 | 15June2018 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| WeiXiaodong | Director,DeputyPartySecretary | Incumbent | Male | 51 | 15June2018 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| ShenXueying | DirectorandCFO | Incumbent | Female | 52 | 15June2018 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| WangGe | Director | Incumbent | Male | 50 | 15June2018 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| XieChang | Director | Incumbent | Male | 49 | 7April2020 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| ZhangShilei | Director | Former | Male | 43 | 15June2018 | 6April2020 | 0 | 0 | 0 | 0 | 0 |
| YuanHongchang | IndependentDirector | Incumbent | Male | 50 | 14April2017 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| MeiYonghong | IndependentDirector | Incumbent | Male | 57 | 15June2018 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| LiQingyuan | IndependentDirector | Incumbent | Male | 44 | 15June2018 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| Dai | Chairmanofthe | Incum | Ma | 59 | 15June2018 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| Xianhua | SupervisoryCommittee,SecretaryofCommitteeforDisciplineInspection | bent | le | ||||||||
| ZhangManhua | Supervisor | Incumbent | Male | 46 | 15June2018 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| LiQinghua | Supervisor | Incumbent | Male | 39 | 15June2018 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| WangQiuping | Employeesupervisor,executivedirectorofITCTechnologyPark,PartySecretary,GM | Incumbent | Female | 51 | 15June2018 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| GuWeimin | Employeesupervisor,DirectorofDisciplineInspectionOffice | Incumbent | Female | 40 | 15June2018 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| FanWeiping | MemberofthePartyCommittee,ViceGM,GeneralCounsel,BoardSecretary | Former | Male | 56 | 15June2018 | 28December2020 | 0 | 0 | 0 | 0 | 0 |
| ChenHongji | MemberofthePartyCommittee,ViceGM | Incumbent | Male | 52 | 28December2020 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| CaiLili | MemberofthePartyCommittee,ViceGM | Incumbent | Female | 49 | 15June2018 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| LiPeng | MemberofthePartyCommittee,ViceGM | Incumbent | Male | 45 | 15June2018 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| ZhangGejian | MemberofthePartyCommittee,ViceGM,BoardSecretary(Acting) | Incumbent | Male | 46 | 15June2018 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| Total | -- | -- | -- | -- | -- | -- | 0 | 0 | 0 | 0 | 0 |
IIChangeofDirectors,SupervisorsandSeniorManagement
√Applicable□Notapplicable
| Name | Officetitle | Typeofchange | Dateofchange | Reasonforchange |
| ZhangShilei | Director | Leaving | 7April2020 | Leavingforjobturnover |
| FanWeiping | ViceGM,BoardSecretary | Leaving | 28December2020 | Leavingforjobturnover |
IIIBiographicalInformation
Professionalbackgrounds,majorworkexperienceandcurrentdutiesintheCompanyoftheincumbentdirectors,supervisorsandseniormanagement:
MembersoftheBoardofDirectors:
Mr.LiuShengxiang,borninAugust1971,isanowmemberoftheCommunistPartyofChina,professor-levelseniorengineer,NationalCertifiedArchitect(Level1),andhasobtainedhisBachelorDegree,MasterofEngineering,andMBA.InJune1994,hejoinedShenzhenTagenGroupCo.,Ltd.,andsuccessivelyservedasthedeputygeneralmanager,generalmanager,andgeneralPartybranchsecretaryofShenzhenMunicipalEngineeringCorp.andthedeputygeneralmanagerofShenzhenTagenGroupCo.,Ltd.InJune2013,hejoinedShenzhenRoad&BridgeGroupastheexecutivedirector,SecretaryofthePartyCommitteeandgeneralmanager.HestartstoserveastheSecretaryofthePartyCommitteeandtheChairman(June2018)oftheCompany&theSecretaryofthePartyCommittee,ExecutivedirectorandGM(fromAugust2018toMay2020)inShenzhenToukongPropertyManagementCo.,Ltd.&theSecretaryofthePartyCommitteeandtheChairmanoftheBoard(fromMarch2020tonow)inChinaShenzhenForeignTrade(Group)Corp.Ltd.sinceSeptember2017.Mr.LiuShengxiangwasawardedthetitleofOutstandingCommunistPartyMemberofShenzhenin2001,andobtainedTien-yowJemeCivilEngineeringPrizein2013,andMay1
st
LaborMedalofShenzhenin2015,thePartyrepresentativeofthe6
th
PartyCongressinShenzhen.Mr.WangHangjun,borninNov.1966,memberofCommunistPartyofChina,isaseniorauditorwithamasterdegreeofeconomy.HeevertookpostofDeputyChiefofAuditBureauofNanshanDistrict,Shenzhen;ViceMinister,MinisterofAuditDepartmentofShenzhenInvestmentandManagementCompany;ViceMinister,MinisterofSupervisionDepartmentofShenzhenInvestmentandManagementCompany;MinisterofAuditandInspectionDepartmentofShenzhenInvestmentHoldingCo.,Ltd.HehasbeenDeputyGMoftheCompanysinceOct.2007.NowheistheDirector,deputyPartySecretaryandGMoftheCompany.Mr.WeiXiaodong,borninJanuary1970,isamemberoftheCommunistPartyofChinawiththeBachelor’sDegree.Mr.WeiXiaodongeverworkedinthemunicipalgovernmentdepartmentofShenzhenformanyyears.In2008,hebegantoworkforShenzhenState-ownedAssetsSupervisionandAdministrationCommission,andsuccessivelyservedasthedeputydirectoranddirectorofShenzhenSASACOffice.InJune2014,heservedasthedeputydirectorofShenzhenSASACOffice,andnow,heistheDirector,deputysecretaryofthePartycommitteeandChairmanoftheLaborUnionintheCompany.Ms.ShenXueying,borninOctober1969,BachelorofEconomics,isasenioraccountant.Ms.ShenXueyinghasbeenengagedinthefinancialmanagementoflistedcompaniesformorethan20years.ShejoinedtheFinanceDepartmentoftheCompanyin1991andsuccessivelyservedastheclerkanddeputymanagerofthefinancialmanagementdepartmentoftheCompany.ShewasthemanagerofthefinancialmanagementdepartmentoftheCompanyfrom2007-2018andnowsheiscurrentlytheDirectorandChiefFinancialOfficeroftheCompany.Mr.WangGe,borninOctober1971,thememberoftheCommunistPartyofChina,isnowtheseniorengineerwiththedegreeofBachelorofEngineering.Mr.WangGehasbeenengagedintheenterprisemanagementformanyyears.Hesuccessivelyservedas
thedeputydirectoranddirectoroftheengineeringdepartmentofShenzhenJian’an(Group)Co.,Ltd.,themanagerandthedeputysecretaryofthePartyBranchofJian’anGroupConstructionandMunicipalEngineeringCompany,andthedeputygeneralmanager,director,thedeputysecretaryofthePartyCommitteeandthegeneralmanagerofJian’anGroup.FromMarch2017topresent,hehasservedastheChiefEngineerofShenzhenInvestmentHoldingsCo.,Ltd.Mr.XieChang,borninNovember1971,CPCmember,bachelorofengineering,seniorengineer,economist,andpoliticalengineer.HeusedtobetheheadofthePartyandMassWorkDepartment,memberoftheDisciplinaryCommittee,andheadoftheAssetManagementDepartmentofShenzhenJian'an(Group)Co.,Ltd.;thedeputyGMofShenzhenSibionoGeneTechCo.,Ltd.;theheadoftheoperationmanagementdepartment,officedirector,secretaryoftheBoardofDirectorsofShenzhenForeignLaborServiceCo.,Ltd.;officedirectorofShenzhenTalentExchangeServiceCenterCo.,Ltd.HehasservedastheheadofthecomprehensivemanagementdepartmentofShenzhenInvestmentHoldingsCo.,Ltd.fromSeptember2017,andplanstobethedirectoroftheCompanyfromApril2020.Mr.YuanHongchang,borninMar.1971,Chinesenationalitywithoutoverseasresidency,isaundergraduateandpostgraduateofTsinghuaUniversity,EMBAofCentralEurope.HeholdsprofessionalqualificationofregisteredlandappraiserofChinaandregisteredrealestatebroker.HejoinedinShenzhenWorldUnionPropertiesConsultancyIncorporatedin2001,andactedasSecretaryofBoard,viceGMofDirectorGroup,directorinShenzhenWorldUnionPropertiesConsultancyIncorporated.NowheworksasChairmanoftheSupervisoryCommitteeofShenzhenWorldUnionPropertiesConsultancyIncorporated.&GMofShanghaiWorldUnion.Mr.MeiYonghong,borninOctober1964,isthememberoftheCommunistPartyofChina,andgraduatedfromtheDepartmentofAgricultureofHuazhongAgriculturalUniversitywiththeDegreeofBachelorofAgriculture.HesuccessivelyservedasthedeputydirectoroftheGeneralOfficeofMinistryofScienceandTechnologyandthedirectoroftheinformationresearchoffice,thedirectorofthePolicy,RegulationsandSystemReformDepartmentofMinistryofScienceandTechnologyandthemayorofJiningCityinShandongProvince.NowheservesastheChairmanoftheBoardofBGIAgriculturalGroup,VicepresidentofCountryGardenGroup&CEOofCountryGardenHoldingsCo.Ltd.Mr.LiQingyuan,Bornin1977,isthememberoftheCommunistPartyofChinawiththeChinesenationality.AfterheobtainedthedegreeoftheDoctorofAccountancy,hebecameavisitingscholarofColumbiaUniversity,andwassuccessivelysupportedbyProgramforNewCenturyExcellentTalentsinUniversityofMinistryofEducationin2012,351ProgramforTalentsofWuhanUniversityin2011andOutstandingAccountingTalents(Academic)ofMinistryofFinancein2008.Meanwhile,healsoservesasthememberoftheAcademicExchangeCommitteeofAccountingSocietyofChina,theeditormemberofChinaJournalofAccountingStudies,theprofessionaleditor-in-chiefofLuojiaManagementReviewandthedirectoroftheBoardofJournalofManagementAccountingStudies.Asaprofessor(Level4),heisnominatedandelectedintoNationalSupportProgramforOutstandingYoungTalents,andnowservesasthedeputydeanofthedepartmentofeconomyandmanagementandthedirectorofthedepartmentofaccountingofWuhanUniversity.MembersoftheSupervisoryCommittee:
Mr.DaiXianhua,wasborninApril1962,doctordegree,PartymemberofCPC.HeworkedasalecturerinSchoolofBusinessandEconomyofZhongnanUniversityofEconomicsandLawfrom1986to1989.Hetookpostsofeditorofdepartmentoftheoryandreview,vicedirector,andeditor-in-chief,inShenzhenEconomicDailyfrom1992to1997;workedinShenzhenStateAssetsAdministrationCommittee(hereinafterreferredas“ShenzhenSAC”)asViceSectionChiefofAssetsManagementDepartment,investigatorofpropertyrightmanagementDepartment,ViceDirector,investigatorofOffice,andinvestigatorofAppraisalandDistributionDepartmentfrom1997to2012.Since2012heistheChairmanoftheSupervisoryCommitteeoftheCompanyandisthePartySecretarysince2020.Mr.ZhangManhua,borninFeb.1975,master’sdegree,memberoftheCommunistPartyofChina,studiedandworkedinCentralSouthUniversityfrom1992to2004;SeniorManagerintheInvestmentCenterofKonkaGroupandconcurrentlyworkedastheBoardSecretaryforShenzhenJvlongOptoelectronicCo.,Ltd.,andInvestmentManagerinShenchaoTechnologicalInvestmentCo.,Ltd.from2004to2013;heworkedasdeputydirectorintheStrategy&DevelopmentDepartmentinShenzhenInvestmentHolding
Co.,Ltdfrom2013to2018.HeisthedirectorinLawandRisksManagementdepartmentofShenzhenInvestmentHoldingsCo.,Ltdsince2018.Mr.LiQinghua,borninApril1982,hasobtainedhisBachelordegree.From2003to2013,heworkedforDZXInternationalAppraisalLimited,andsuccessivelyservedastheprojectassistance,theprojectmanagerandtheseniormanager;from2013to2017,heservedastheseniorexecutiveofthepropertyrightmanagementandlegalaffairsdepartmentofShenzhenInvestmentHoldingsCo.,Ltd.,andfrom2017tillnow,heservesasthedeputydirectoroftheauditdepartmentofShenzhenInvestmentHoldingsCo.,Ltd.Ms.WangQiuping,borninJan.1970,Bachelordegree,memberoftheCommunistPartyofChina,isasenioreconomist.From1992to2015,sheevertookpostinGMoffice,PlanandFinanceDepartment,andDevelopmentManagement.NowsheistheExecutivedirectorandGMofShenzhenITCTechnologyParkPropertyManagementCo.,Ltd.Ms.GuWeimin,BorninOctober1981,isthememberoftheCommunistPartyofChinawiththeMaster’sDegree.From2007to2010,heservedastheauditassistancemanagerofKPMGShenzhen;from2011tillnow,hehasworkedfortheCompanyintheauditdepartment(theofficeoftheboardofsupervisors),andisnowthedirectoroftheDisciplineInspectionOffice.Executiveofficers:
Mr.WangHangjun,borninNov.1966,memberofCommunistPartyofChina,isaseniorauditorwithamasterdegreeofeconomy.HeevertookpostofDeputyChiefofAuditBureauofNanshanDistrict,Shenzhen;ViceMinister,MinisterofAuditDepartmentofShenzhenInvestmentandManagementCompany;ViceMinister,MinisterofSupervisionDepartmentofShenzhenInvestmentandManagementCompany;MinisterofAuditandInspectionDepartmentofShenzhenInvestmentHoldingCo.,Ltd.HehasbeenDeputyGMoftheCompanysinceOct.2007.NowheistheDirector,deputyPartySecretaryandGMoftheCompany.Mr.ChenHongji,borninMay1968,CPCmember,postgraduatedegree,andmasterofphilosophy.HehasworkedinShenzhenMunicipalPeople'sGovernmentformanyyears.HejoinedShenzhenConstructionInvestmentHoldingCo.,Ltd.inJanuary1998andsuccessivelyservedassectionchiefofdevelopmentresearchdepartment,deputydirectorofoffice,deputydirectorofPartycommitteeofficeanddirectorofsecretaryofficeofboardofdirectors.InOctober2004,hejoinedShenzhenInvestmentHoldingCo.,Ltd.andsuccessivelyservedasdirectorofthepartymassdepartmentanddirectoroftheboardoffice.SinceJuly2012,hehasbeenthedeputyGMofShenzhenExpander.FromDecember2020,hehasservedasamemberofthepartycommitteeanddeputyGMoftheCompany.Ms.CaiLili,BorninNovember1972,isthememberoftheCommunistPartyofChina,andhasobtainedtheMaster’sDegreeinEconomics.Since1995,hehasworkedinShenzhenTaxService,SAT,andeverservedasthedeputychiefofthetaxationandscientificandtechnologicaldevelopmentdepartmentofShenzhenTaxService,SAT,andthememberofthePartyOrganizationandthedeputydirectorofFutianDistrictTaxBureauinShenzhen.Currently,heisthememberofthePartyCommittee,deputygeneralmanagerandChiefFinancialOfficer.Mr.LiPeng,BorninMay1976,isthememberoftheCommunistPartyofChina,theBachelorofEngineeringandtheintermediateeconomist.SinceJuly1999,hehasworkedfortheCompanyastheoperationmanager,andsuccessivelyservedasthedeputymanageroftheCompany’sdevelopmentmanagementdepartment,themanagerofthecostcontroldepartment,andthesecretaryofthePartybranchandthedeputygeneralmanagerofShenzhenHuangchengRealEstateCo.,Ltd.Currently,henowisthememberofthePartyCommittee,anddeputygeneralmanager.Mr.ZhangGejian,borninSeptember1975,thememberoftheCommunistPartyofChina,MBA,isanAccountantaswellasAuditor.HewasengagedininternalauditingworkinAuditDepartmentoftheCompanysinceJuly1997.Heactedastheauditmanager,SupervisoroftheCompanyandconcurrentlytheCostControlManager.NowheisthememberofthePartyCommittee,theviceGMandBoardSecretary(Acting)oftheCompany.Ms.ShenXueying,borninOctober1969,thememberoftheCommunistPartyofChina,BachelorofEconomics,isasenioraccountant.Ms.ShenXueyinghasbeenengagedinthefinancialmanagementoflistedcompaniesformorethan20years.ShejoinedtheFinanceDepartmentoftheCompanyin1991andsuccessivelyservedastheclerkanddeputymanagerofthefinancialmanagementdepartmentoftheCompany.ShehasbeenthemanagerofthefinancialmanagementdepartmentoftheCompanyfrom2007to2018,andnowsheistheDirector,andChiefFinancialOfficeroftheCompany.
Officesheldconcurrentlyinshareholdingentities:
√Applicable□Notapplicable
| Name | Shareholdingentity | Officeheldintheshareholdingentity | Startoftenure | Endoftenure | Remunerationorallowancefromtheshareholdingentity |
| WangGe | ShenzhenInvestmentHoldingsCo.,Ltd. | ChiefEngineerofShenzhenInvestmentHoldingsCo.,Ltd. | 1March2017 | Yes | |
| XieChang | ShenzhenInvestmentHoldingsCo.,Ltd. | DirectorofthegeneralmanagementdepartmentofShenzhenInvestmentHoldingsCo.,Ltd. | 7April2020 | Yes | |
| ZhangManhua | ShenzhenInvestmentHoldingsCo.,Ltd. | DirectorofthelegalandriskmanagementdepartmentofShenzhenInvestmentHoldingsCo.,Ltd. | 1January2017 | Yes | |
| LiQinghua | ShenzhenInvestmentHoldingsCo.,Ltd. | DeputydirectoroftheauditdepartmentofShenzhenInvestmentHoldingsCo.,Ltd. | 1January2017 | Yes |
Officesheldconcurrentlyinotherentities:
√Applicable□Notapplicable
| Name | Otherentity | Officeheldintheentity | Startoftenure | Endoftenure | Remunerationorallowancefromtheentity |
| YuanHongchang | ShenzhenWorldUnionPropertiesConsultancyIncorporated | ChairmanoftheSupervisoryCommitteeofShenzhenWorldUnionPropertiesConsultancyIncorporated&GMofShanghaiWorldUnion | 1September2013 | Yes | |
| MeiYonghong | BGIAgriculturalGroup,CountyGarden | ChairmanofBGIAgriculturalGroup,VicepresidentofCountyGardenGroup&CEOofCountryGardenHoldingsCo.Ltd. | 1September2015 | Yes | |
| LiQingyuan | WuhanUniversity | Deputydeanofthedepartmentofeconomy | 1December2015 | Yes |
| andmanagementandthedirectorofthedepartmentofaccountingofWuhanUniversity. | |||||
| DaiXianhua | ShenZhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd. | ChairmanoftheSupervisoryCommitteeofShenZhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd. | 16January2020 | 31December2020 | No |
Punishmentsimposedintherecentthreeyearsbythesecuritiesregulatorontheincumbentdirectors,supervisorsandseniormanagementaswellasthosewholeftintheReportingPeriod:
□Applicable√Notapplicable
IVRemunerationofDirectors,SupervisorsandSeniorManagementDecision-makingprocedure,determinationbasisandactualpaymentsofremunerationfordirectors,supervisorsandseniormanagement:
DuringthisReportingPeriod,theboardandthemanagementoftheCompanysignedstatementofoperationobjectivesresponsibilityfor2020,conductedappraisalsystemintegratingoperationindicators,classificationindicatorswithmanagementobjectives.AftertheendofthisReportingPeriod,assessmentwasimplementedbytheboard.Remunerationofseniorexecutiveswasdeterminedaccordingto“ManagementMethodofAnnualsalarySystemofDirectors,SupervisorsandSeniorExecutives”and“Long-termIncentive-and-RestraintMechanismofShenZhenProperties&ResourcesDevelopment(Group)Ltd.”andneedtobeimplementedaftertheannualassessmentoftheboard.Remunerationofdirectors,supervisorsandseniormanagementfortheReportingPeriod
Unit:RMB'0,000
| Name | Officetitle | Gender | Age | Incumbent/Former | Totalbefore-taxremunerationfromtheCompany | Anyremunerationfromrelatedparty |
| LiuShengxiang | PartySecretaryandChairmanoftheBoard | Male | 50 | Incumbent | 226.33 | No |
| WangHangjun | Director,DeputyPartySecretary,GM | Male | 55 | Incumbent | 201.63 | No |
| WeiXiaodong | Director,DeputyPartySecretary | Male | 51 | Incumbent | 161.75 | No |
| ShenXueying | DirectorandCFO | Female | 52 | Incumbent | 129.42 | No |
| WangGe | Director | Male | 50 | Incumbent | 0 | Yes |
| XieChang | Director | Male | 49 | Incumbent | 0 | Yes |
| ZhangShilei | Director | Male | 43 | Former | 0 | Yes |
| YuanHongchang | IndependentDirector | Male | 50 | Incumbent | 8 | Yes |
| MeiYonghong | IndependentDirector | Male | 57 | Incumbent | 8 | Yes |
| LiQingyuan | IndependentDirector | Male | 44 | Incumbent | 8 | Yes |
| DaiXianhua | ChairmanoftheSupervisoryCommittee,SecretaryofCommitteeforDisciplineInspection | Male | 59 | Incumbent | 133.63 | No |
| ZhangManhua | Supervisor | Male | 46 | Incumbent | 0 | Yes |
| LiQinghua | Supervisor | Male | 39 | Incumbent | 0 | Yes |
| WangQiuping | Employeesupervisor,executivedirectorofITCTechnologyPark,PartySecretary,GM | Female | 51 | Incumbent | 61.49 | No |
| GuWeimin | Employeesupervisor,DirectorofDisciplineInspectionOffice | Female | 40 | Incumbent | 57.15 | No |
| FanWeiping | MemberofthePartyCommittee,ViceGM,GeneralCounsel,BoardSecretary | Male | 56 | Former | 161.93 | No |
| ChenHongji | MemberofthePartyCommittee,ViceGM | Male | 52 | Incumbent | 0 | Yes |
| CaiLili | MemberofthePartyCommittee,ViceGM | Female | 49 | Incumbent | 173.33 | No |
| LiPeng | MemberofthePartyCommittee,ViceGM | Male | 45 | Incumbent | 173.54 | No |
| ZhangGejian | MemberofthePartyCommittee,ViceGM,BoardSecretary(Acting) | Male | 46 | Incumbent | 141.04 | No |
| Total | -- | -- | -- | -- | 1,645.24 | -- |
Equityincentivesfordirectors,supervisorsandseniormanagementintheReportingPeriod:
□Applicable√Notapplicable
VEmployees
1.Number,FunctionsandEducationalBackgroundsofEmployees
| Numberofin-serviceemployeesoftheCompanyastheparent | 101 |
| Numberofin-serviceemployeesofmajorsubsidiaries | 7,934 |
| Totalnumberofin-serviceemployees | 8,035 |
| TotalnumberofpaidemployeesintheReportingPeriod | 8,035 |
| NumberofretireestowhomtheCompanyastheparentoritsmajorsubsidiariesneedtopayretirementpensions | 0 |
| Functions | |
| Function | Employees |
| Production | 5,557 |
| Sales | 214 |
| Technical | 1,380 |
| Financial | 244 |
| Administrative | 453 |
| Managerial | 187 |
| Total | 8,035 |
| Educationalbackgrounds | |
| Educationalbackground | Employees |
| CollegeandTechnicalsecondaryschoolgraduatesandabove | 3,273 |
| Highschoolgraduatesandbelow | 4,762 |
| Total | 8,035 |
2.EmployeeRemunerationPolicy
In2020,theGroupstucktoremunerationsystemofindustrializationwithintheGroupandmarketizationintheindustry,referredtomarketremunerationlevelofthesameindustry,reformedbravelyandpromotedtheincomedistributionsystemreformandupgradingofthesubordinatecompaniesstablybylearningfromexternalexperienceaswellasmultipledemonstration,completedremunerationperformancemanagementsystem,establishedincrementalsharingmechanism,studiedandrevisedorganizationframeworkdesign,departmentfunctiondivision,fixedpositionandfixedarrangementandremunerationperformanceofsubordinatedCompaniesbasedonmarketizedprinciple.
3.EmployeeTrainingPlans
In2020,theGrouppromotedtheconstructionoflearningtypeorganization,formulatedtrainingplanaccordingtooperationdevelopmentneeds,withthekeycontentsincludingspecialcoursesofrealestate,comprehensivemanagementability,teamexpansion,positionabilityandqualityimprovement,andothercourses,takingthemethodofcombininginternaltrainingandexternal
training,organizedalltheemployeestotakepartintrainingbygradeasplanned,improvedtheprofessionalquality,businessabilityandexecutionabilityofstaffteam,enhancedtheunderstandingandconscientiousnessforgoverningtheenterprisebylawandactingaccordingtorules.
4.LaborOutsourcing
□Applicable√Notapplicable
PartXCorporateGovernanceIGeneralInformationofCorporateGovernance
TheinternalcontrolsystemoftheCompanyiscomplete,accomplishedanddefinedthatinaccordancewithCompanyLaw,ArticlesofAssociationandotherlawsandregulationsaswellasrequirementsofregulatorydocuments.TheconveneofShareholders’GeneralMeeting,theBoardofDirectorsandSupervisoryBoardarestrictlyinaccordancewithrelevantrulesandregulations,alldirectorsandsupervisorsearnestlyanddiligentlycommittheirresponsibilities.CorporatestructureoftheCompanyiscompleteandtheoperationoftheCompanyisstandardized.Duringthereportingperiod,theCompanyrevisedtheArticlesofAssociation,RulesofProceduresforGeneralMeetingofShareholders,RulesofProceduresfortheBoardofDirectors,RulesofProceduresfortheBoardofSupervisorsandregulationsontheworkofspecialcommitteesundertheBoardofDirectorsinaccordancewiththeCompanyLaw,SecuritiesLaw,ListingRulesandotherrelevantprovisionsbasedontheactualconditionsoftheCompanytoestablishandimproveinternalmanagementandcontrolsystem.Abidingbytheprincipleofbeingscientific,simplifiedandhighefficient,theCompanyadjustedtheitssettingofdepartmentsandinstitutions,currentlysetupParty-massoffice,disciplineinspectionandsupervisionoffice(theauditdepartment,officeofthesupervisorycommittee,officeofboardofdirectors,comprehensiveoffice(procedureandinformationcenter,lettersandvisitsoffice),HRdepartment(trainingcenter),financialmanagementdepartment(settlementcenter),investmentdevelopmentdepartment,operationandmanagementdepartment,designmanagementdepartment(technologicalcenter),costcontractdepartment,engineeringmanagementdepartment(officeofsecuritycommittee),officeofindustrialoperation.Eachdepartmentperformsitsownfunctions,andstrictlycarriesoutworkaccordingtointernalcontrolsystem,toensurethenormalandefficientoperationoftheCompany.TheCompanyhasalwaysattachedgreatimportanceonstandardizinginsiderinformationmanagement,formulatedandcompletedManagementProvisionsonInformationDisclosure,WorkProceduresofAnnualReportofAuditingCommittee,AccountabilitySystemofMajorErrorsinInformationDisclosureofAnnualReport,WorkSystemofAnnualReport,InsiderManagementSystemofInsiderInformation,ManagementSystemofInvestorRelationship,andotherinternalcontrolsystem,toensuretheauthenticity,accuracyandcompletenessofCompanyinformationdisclosure.Duringthereportingperiod,theCompanystrictlycarriedoutinformationdisclosure,corporategovernanceconferenceorganization,andotherworkaccordingtorequirementsofsecuritiessupervision,disclosedinformationtimely,accuratelyandcompletely,withoutanyaccidentswhichviolaterelevantinternalcontrolsystemofinformationdisclosure.Attheendofthereportingperiod,theCompanycarriedoutqualityself-examinationoflistedcompaniesaccordingtotherequirementsofShenzhenSecuritiesRegulatoryBureautofindoutdeficienciesintheoperationoftheCompanyandformulaterectificationplantoimprovecompanygovernanceandstandardoperation.IndicatebytickmarketwhetherthereisanymaterialincompliancewiththeregulatorydocumentsissuedbytheCSRCgoverningthegovernanceoflistedcompanies.
□Yes√NoNosuchcasesintheReportingPeriod.
IITheCompany’sIndependencefromItsControllingShareholderinBusiness,Personnel,Asset,OrganizationandFinancialAffairs
TheCompanywasindependentfromthecontrollingshareholderinbusiness,personnel,assets,organizationandfinancetorealizethatindependentpersonnel,independentfinance,completeassets,independentorganizationandindependentbusiness.
1.Inaspectofbusiness:TheCompanywasindependentfromthecontrollingshareholderwithindependentandcompletebusinessandindependentoperationcapability.Therewasnobusinesswhichwassameorcompetitivewiththecontrollingshareholder.
2.Inaspectofpersonnel:TheCompanywascompleteindependentfromthecontrollingshareholderintermsoflaborandpersonnel,managementonremuneration.PersonneloftheCompanyareindependent,allonessignedlaborcontractwiththeCompany.TheCompanywasindependentfromtheshareholdersorotherrelatedpartiesinpersonnelmanagement,socialsecurity,salaryetc.
3.Inaspectofasset:TheCompany’sassetswerecompleteandindependent,thepropertyrelationshipwasclear.Therewasnocapitaloccupationbycontrollingshareholder,andassetsoftheCompanywerecompletelyindependentfromcontrollingshareholder.
4.Inaspectoforganization:TheCompany’sorganizationwasindependent,andtheCompanyimplementedrulesandregulationsaswellasresponsibilitiesforalldepartments,formedindependentresponsibilitiesandrights,scientificandrationalinternalcontrolsystem.
5.Inaspectoffinance:TheCompany’sfinancewasindependentwithindependentfinancedepartment.TheCompanyestablishedtheindependentfinancesettlingsystemandfinancialmanagementsystem,haditsownfinanceaccountandpaidthetaxinlinewithlaws,runfinancedecision-makingindependently.ThecontrollingshareholderoftheCompanyperformednormativelywithnoconductthatintervenedwiththeoperationdecision-makingandoperationactivitiesdirectlyorindirectlyovertheshareholders’generalmeeting,however,thecontrollingshareholdercouldinfluenceonthesignificantdecision-makingthroughthesharesholding.
IIIHorizontalCompetition
□Applicable√NotapplicableIVAnnualandSpecialGeneralMeetingsConvenedduringtheReportingPeriod
1.GeneralMeetingConvenedduringtheReportingPeriod
| Meeting | Type | Investorparticipationratio | Dateofthemeeting | Disclosuredate | Indextodisclosedinformation |
| The1stExtraordinaryGeneralMeetingof2020 | ExtraordinaryGeneralMeeting | 63.90% | 15January2020 | 16January2020 | AnnouncementonResolutionsofthe1stExtraordinaryGeneralMeetingof2020(No.:2020-3)onCninfo |
| The2019AnnualGeneralMeeting | AnnualGeneralMeeting | 63.90% | 28April2020 | 29April2020 | AnnouncementonResolutionsofthe2019AnnualGeneralMeeting(No.:2020-21)onCninfo |
| The2ndExtraordinaryGeneralMeetingof2020 | ExtraordinaryGeneralMeeting | 62.91% | 12October2020 | 13October2020 | AnnouncementonResolutionsofthe2ndExtraordinaryGeneralMeetingof2020(No.:2020-47) |
2.SpecialGeneralMeetingsConvenedattheRequestofPreferredShareholderswithResumedVotingRights
□Applicable√Notapplicable
VPerformanceofDutybyIndependentDirectorsintheReportingPeriod
1.AttendanceofIndependentDirectorsatBoardMeetingsandGeneralMeetings
onCninfoAttendanceofindependentdirectorsatboardmeetingsandgeneralmeetings
| Attendanceofindependentdirectorsatboardmeetingsandgeneralmeetings | |||||||
| Independentdirector | Totalnumberofboardmeetingstheindependentdirectorwaseligibletoattend | Boardmeetingsattendedonsite | Boardmeetingsattendedbywayoftelecommunication | Boardmeetingsattendedthroughaproxy | Boardmeetingstheindependentdirectorfailedtoattend | Theindependentdirectorfailedtoattendtwoconsecutiveboardmeetings(yes/no) | Generalmeetingsattended |
| YuanHongchang | 9 | 0 | 9 | 0 | 0 | No | 3 |
| MeiYonghong | 9 | 0 | 9 | 0 | 0 | No | 3 |
| LiQingyuan | 9 | 0 | 9 | 0 | 0 | No | 3 |
Whyanyindependentdirectorfailedtoattendtwoconsecutiveboardmeetings:
Notapplicable
2.ObjectionsRaisedbyIndependentDirectorsonMattersoftheCompanyIndicatebytickmarkwhetheranyindependentdirectorsraisedanyobjectionsonanymatteroftheCompany.
□Yes√NoNosuchcasesintheReportingPeriod.
3.OtherInformationaboutthePerformanceofDutybyIndependentDirectorsIndicatebytickmarkwhetheranysuggestionsfromindependentdirectorswereadoptedbytheCompany.
√Yes□NoSuggestionsfromindependentdirectorsadoptedornotadoptedbytheCompany:
WithattitudeofcredibilityanddiligencetotheCompanyandallshareholders,independentdirectorswasdiligentandresponsible,reviewedallresolutions,andinlinewiththeirprofessionalknowledgeandcapability,madeindependent,objectiveandfairjudgmentawayfrominfluencefromtheCompanyandprincipalshareholdersoftheCompany.Also,independentdirectorsexpressed
independent,objectiveandfairopiniononrelevantevents,whichmadepracticaleffortstosafeguardinterestsoftheCompanyandminorityshareholders.VIPerformanceofDutybySpecializedCommitteesundertheBoardintheReportingPeriod
Thefourspecialcommitteesunderthe9
th
board—theStrategicDevelopmentandInvestmentDecision-MakingCommittee,theNominationCommittee,theRemunerationandAppraisalCommitteeandtheAuditCommittee—accordingto“GovernancePrincipleoflistedCompany”,“ArticlesofAssociation”,“andRulesofProcedureoftheBoardofDirectors”andimplementationrulesofspecialcommittee,earnestlyperformedtheirduties.DuringthisReportingPeriod,strategicdevelopmentandinvestmentdecision-makingcommitteepaidattentiontoauthorizationoftheboardtoprojectdevelopmentandfinancing,keptgoodcontactwiththemanagementandhadagoodknowledgeofmatterswithintheirpower.TheNominationCommitteecommunicatedandexchangedwithrelevantdepartmentsoftheCompanyonthedemandfordirectorsandseniorexecutivestoadapttothedevelopmentandchangesoftheCompany’sbusinesspatternandassetscale,andheldameetingtoreviewthequalificationofMr.ChenHongjitoactasaSeniorManagerandofferedopinions.TheCompensationandAssessmentCommitteecommunicatedwiththeManagementandheldfourmeetingstorespectivelyreviewtheperformanceappraisalofcompanyorganizationsin2019,theLong-termIncentiveandRestraintPlan,executiveappraisalmethodandexecutiveappraisalresultsfor2019.TheAuditCommitteeheldfivemeetingstolistentotheauditopinionsontheCompany’sauditworkreportfor2019andauditworkplanfor2020,offerauditopinionsonthere-employmentofaccountingfirm,internalauditworkinthefirsthalfof2020andinternalauditworkinthethirdquarterof2020,andreviewthecomprehensivebudgetfor2021(draft).
VIIPerformanceofDutybytheSupervisoryCommittee
IndicatebytickmarkwhethertheSupervisoryCommitteefoundanyrisktotheCompanyduringitssupervisionintheReportingPeriod.
□Yes√NoTheSupervisoryCommitteeraisednoobjectionsintheReportingPeriod.VIIIAppraisalofandIncentiveforSeniorManagementDuringthereportingperiod,theBoardofDirectorssignedtheLetterofResponsibilityforBusinessObjectivesof2020withtheManagementoftheCompanyreferringtotheMeasuresforAssessmentofSeniorManagementbytheBoardofDirectorsofSZPRDandMeasuresforPerformanceAssessmentofDeputyGeneralManagerofSZPRD,andadoptedtheassessmentmethodintegratingperformanceassessmentwithbonusitemforassessmentattheendoftheyear.ThesalarysystemoftheCompany’sseniormanagersisbasedontheManagementMeasuresforAnnualSalaryofDirectors,SupervisorsandSeniorManagers,whichisimplementedafterannualassessmentoftheBoardofDirectors.Thefirstlong-termincentiveandrestraintplanoftheGrouphasbeenimplemented,whichisconducivetobettermotivateseniorexecutivestoachievegoodperformance.
IXInternalControl
1.MaterialInternalControlWeaknessesIdentifiedfortheReportingPeriod
□Yes√No
2.InternalControlSelf-EvaluationReport
| Disclosuredateoftheinternalcontrolself-evaluationreport | 31March2021 | |
| Indextothedisclosedinternalcontrolself-evaluationreport | http://www.cninfo.com.cn | |
| Evaluatedentities’combinedassetsas%ofconsolidatedtotalassets | 99.00% | |
| Evaluatedentities’combinedoperatingrevenueas%ofconsolidatedoperatingrevenue | 99.00% | |
| Identificationstandardsforinternalcontrolweaknesses | ||
| Type | Weaknessesininternalcontroloverfinancialreporting | Weaknessesininternalcontrolnotrelatedtofinancialreporting |
| Naturestandard | Indicationsoftheseriousdefectofthefinancialreportwereincluding:1.thecontrolenvironmentisinvalid;2.Commitmentofmajorfraudbydirectors,supervisorsorseniormanagementoftheCompany;3.theauditinstitutiondiscoveredthecurrentfinancialreporthadgreatdefectwhiletheinternalcontroloftheCompanydidn’tfoundoutduringtheoperatingprocess;4.CorrectionofmajormisstatementinfinancialreportsreportedordisclosedbytheCompany;5.thesupervisionoftheCompany’sAuditCommitteeandtheinternalauditdepartmentontheinternalcontrolwasinvalid.Indicationsoftheimportantdefectofthefinancialreportwereincluding:1.didn’tabidebytheuniversallyacknowledgedaccountingstandardtochooseandapplytheaccountingpolicies;2.hadnotbuiltuptheanti-fraudprocessandthecontrolmeasures;3.hadnotbuiltupthecorrespondingcontrolmechanismorhadnotexecutedthecorrespondingcompensatingcontrolfortheaccounting | Majordefectsinclude:1.Seriousviolationofnationallawsandregulationsleadingtomajorlitigation,orinvestigationofregulatoryagencies,orderedsuspensionofbusinessforrectification,investigationforcriminalresponsibilityorreplacementofseniormanagers;2.Abnormalmajorchangesofdirectors,supervisors,seniormanagementandmaintechnicalpersonneloftheCompany;3.Majordecision-makingerrorsduetolackofinternaldemocraticdecision-makingproceduresorunscientificprocedures;4.Seriouslossofcoremanagementortechnicalpersonnel;5.Viciousnegativenewsfrequentlyappearedinthemedia,involvingawiderangeandnegativeexistinginfluence;6.SignificantimpactontheCompany’sproductionandoperationduetolackofsystemcontrolorsystemfailureofimportantbusiness;7.Majordefectsofinternalcontrol |
| treatmentwhichwasunconventionalorwithspecialtransaction;4.thecontrolduringtheprocessofthefinancialreportattheperiod-endexistedoneormultipledefectsthatcouldnotguaranteethecompileofthefinancialreportreachthegoalofbeingrealandcomplete;5.Importantorgeneraldefectsofinternalcontroltoberectified.Commondefect:referstotheothercontroldefectexceptfortheabovegreatdefectandsignificantdefect. | evaluationtoberectified;8.AnyothernegativecircumstancesgeneratingsignificantimpactontheCompany.Significantdefectsinclude:1.Incompletedemocraticdecision-makingprocessthataffectsproductionandoperationoftheCompany;2.Violationofinternalrulesandregulationsleadingtoimportantlosses;3.ExposureofnegativenewsbythemedialeadingtosignificantimpactontheCompany;4.Importantdefectsofimportantbusinessregulationsorsystemtoberectified;5.AnyothernegativecaseleadingtogreatimpactontheCompany.Commondefects:anyothercontroldefectexceptfortheabovemajorandsignificantdefects. | |
| Quantitativestandard | Seriousdefect:potentialmisstatementoftheoperatingincome≥1%oftheoperatingincomeoftheconsolidatedstatementsoftheCompany,potentialmisstatementofthetotalassetsamount≥0.40%ofthetotalassetsoftheconsolidatedstatementsoftheCompany,potentialmisstatementofthenetassets≥1.00%ofthenetassetsoftheconsolidatedstatementsoftheCompany.Importantdefect:0.50%oftheoperatingincomeoftheconsolidatedstatementsoftheCompany≤misstatement<1%oftheoperatingincomeoftheconsolidatedstatementsoftheCompany;0.2%ofthetotalassetsoftheconsolidatedstatementsoftheCompany≤misstatement<0.4%ofthetotalassetsoftheconsolidatedstatementsoftheCompany,0.5%ofthenetassetsoftheconsolidatedstatementsoftheCompany≤misstatement<1%ofthenetassetsoftheconsolidatedstatementsof | Majordefects:directpropertyloss≥1.00%ofnetassetsofthepreviousyear;Significantdefects:0.5%ofnetassetsofthepreviousyear≤directpropertyloss<1.00%ofnetassetsofthepreviousyear;Commondefects:directpropertyloss<0.5%ofnetassetsofthepreviousyear. |
| theCompany.Commondefect:misstatementoftheoperatingincome<0.5%oftheoperatingincomeoftheconsolidatedstatementsoftheCompany,misstatementofthetotalassetsamount<0.2%ofthetotalassetsamountoftheconsolidatedstatementsoftheCompany,misstatementofthenetassets<0.5%ofthenetassetsoftheconsolidatedstatementsoftheCompany. | ||
| Numberofmaterialweaknessesininternalcontroloverfinancialreporting | 0 | |
| Numberofmaterialweaknessesininternalcontrolnotrelatedtofinancialreporting | 0 | |
| Numberofseriousweaknessesininternalcontroloverfinancialreporting | 0 | |
| Numberofseriousweaknessesininternalcontrolnotrelatedtofinancialreporting | 0 | |
XIndependentAuditor’sReportonInternalControl
√Applicable□Notapplicable
| Opinionparagraphintheindependentauditor’sreportoninternalcontrol | |
| WebelievethatShenzhenProperties&ResourcesDevelopment(Group)Ltd.maintainedefficientinternalcontroloffinancialreportsinallsignificantaspectsaccordingto“BasicStandardsofCorporateInternalControl”andrelevantregulations. | |
| Independentauditor’sreportoninternalcontroldisclosedornot | Disclosed |
| Disclosuredate | 31March2021 |
| Indextosuchreportdisclosed | http://www.cninfo.com.cn |
| Typeoftheauditor’sopinion | Unmodifiedunqualifiedopinion |
| Materialweaknessesininternalcontrolnotrelatedtofinancialreporting | None |
Indicatebytickmarkwhetheranymodifiedopinionisexpressedintheindependentauditor’sreportontheCompany’sinternalcontrol.
□Yes√NoIndicatebytickmarkwhethertheindependentauditor’sreportontheCompany’sinternalcontrolisconsistentwiththeinternalcontrolself-evaluationreportissuedbytheCompany’sBoard.
√Yes□No
PartXICorporateBonds
DoestheCompanyhaveanycorporatebondspubliclyofferedonthestockexchange,whichwereoutstandingbeforethedateofthisReport’sapprovalorwereduebutcouldnotberedeemedinfull?No.
PartXIIFinancialStatementsIIndependentAuditor’sReport
| Typeoftheindependentauditor’sopinion | Unmodifiedunqualifiedopinion |
| Dateofsigningthisreport | 30March2021 |
| Nameoftheindependentauditor | BakerTillyChinaCertifiedPublicAccountants(LLP) |
| ReferencenumberofAuditReport | BakerTillyYZ[2021]No.14873 |
| Nameofthecertifiedpublicaccountants | LiMing,ChenZihan |
TextoftheAuditor’sReport
AllshareholdersofShenzhenProperties&ResourcesDevelopment(Group)Ltd.:
1.OpinionWehaveauditedthefinancialstatementsofShenzhenProperties&ResourcesDevelopment(Group)Ltd.(the“Company”),whichcomprisetheconsolidatedandparentcompanybalancesheetsasof31December2020,theconsolidatedandparentcompanystatementsofincome,cashflowsandchangesinshareholders’equityfortheyearthenended,aswellasthenotestothefinancialstatements.Inouropinion,thefinancialstatementsreferredtoabovepresentfairly,inallmaterialrespects,theconsolidatedandparentcompanyfinancialpositionoftheCompanyat31December2020,andtheconsolidatedandparentcompanyoperatingresultsandcashflowsfortheyearthenended,inconformitywiththeChineseAccountingStandards(CAS).
2.BasisforOpinionWeconductedourauditsinaccordancewiththeAuditStandardsforChineseRegisteredAccountants.OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditor’sResponsibilitiesforAuditofFinancialStatementssectionofourreport.WeareindependentoftheCompanyinaccordancewiththeChinaCodeofEthicsforCertifiedPublicAccountants,andwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththesaidCodeofEthics.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforouropinion.
3.KeyaudititemsKeyaudititemsaretheitemsthatareconsideredmostimportantfortheauditofthecurrentfinancialstatementsbasedonourprofessionaljudgment.Theresponsetotheseitemsisbasedontheauditofthefinancialstatementsasawholeandtheformationofauditopinions.Wedonotcommentontheseitemsseparately.
| Keyaudititem | Auditresponse |
| 1.Recognitionandmeasurementofrevenuefromrealestatedevelopmentandsales | |
| SZPRDachievedarevenueofRMB2.792billionfromrealestatedevelopmentprojectsin2020,accountingfor68.03%ofthetotaloperatingrevenue.SZPRDconfirmsrevenuefromrealestatedevelopmentprojectswhenallthefollowingconditionsaremet:(1)Realestateproductsofsalescontractsunderdevelopmentarecompletedandaccepted;(2)Irreversiblesales | Ourauditproceduresforthiskeyauditissueinclude:Understandingandsamplingkeycontrolmeasuresrelatedtopropertysalesbusinesstoevaluatetheeffectivenessofimplementationofcontrolprocedures.Obtainingandreviewingcompletionacceptancedocumentsofprojects;reviewingpropertysalescontractsandverifyingthe |
| contractsaresignedandbuyers’paymentcertificatesarereceived;(3)Noticeofpropertyacceptanceisissued.TherecognitionandmeasurementofrevenuefromrealestatebusinesshasasignificantimpactontheoperatingresultsofSZPRD,whichmaybeinaccuratelymeasuredorrecognizedinimproperaccountingperiod.Therefore,weregardtherecognitionandmeasurementofrealestatedevelopmentandsalesrevenueaskeyauditissues.Foraccountingpoliciesanddetailsofrevenuefromrealestatedevelopmentandsales,pleaserefertoNoteIII,(26),VI,(32)tothefinancialstatement. | authenticityofrevenuefrompropertysalesrecognizedinthisyear;checkingoriginalcollectioncertificatesorcertificatesofbankmortgageprocedurestodeterminewhetherfullpaymentamountisreceived;reviewingadmissionnoticeorothersupportingdocumentsondeliveryofpropertiestoevaluatewhetherrevenuefrompropertysalesmeetstheconditionsforrevenuerecognitionasstipulatedbytheCompany’saccountingpolicy.Obtainingandreviewingsupportingdocumentsforpropertydeliverybeforeandafterthebalancesheetdatetoevaluatewhetherrevenuefrompropertysalesisrecordedinproperaccountingperiod. |
| 2.Provisionofincrementtaxonlandvalue | |
| TheCompanyshallpayincrementtaxonlandvalueattherateof30-60%ofextraprogressivetaxrateofincrementamountonlandvalueforrealestatesalesanddevelopment.Attheendofeachfinancialreportingperiod,theManagementshallestimatetheprovisionamountofincrementtaxonlandvalue.Whenmakingestimationjudgment,mainfactorstobeincludedinconsiderationshallincludetheprovisionsandexplanationsofrelevanttaxlawsandregulations,theamountofestimatedrevenuefromsaleofrealestateminusestimateddeductiblelandcost,realestatedevelopmentcost,interestexpenseanddevelopmentcost,etc.TheactualamountinfinalsettlementpayablebySZPRDforincrementtaxonlandvaluemaybedifferentfromtheestimatedamount.Astheimportanceofprovisionofincrementtaxonlandvalueontheprofitandlossofrealestateenterprises,andManagementincludestheunderstandingofrelevanttaxlawsandregulationsandactualpracticesinconsiderationforestimationjudgment,wedeterminetheprovisionofincrementtaxonlandvalueofSZPRDasakeyauditissue. | Ourauditproceduresforthiskeyauditissueinclude:ObtainingcalculationdataofincrementtaxonlandvalueofmainrealestatedevelopmentprojectstoreviewandcalculatetheaccuracyofamountofincrementtaxonlandvalueaccruedbytheCompanyinthisyear.CombiningtheauditrevenuefromrealestatesalestoreviewtherationalityofestimatedamountofrevenuefromrealestatesalesmadebytheManagementinthecalculationofincrementtaxonlandvalue.Combininginventoryaudittoreviewtheaccuracyoflandcost,realestatedevelopmentcost,interestexpenseanddevelopmentcostdeductedbytheManagementinthecalculationofincrementtaxonlandvalue. |
4.OtherInformationTheCompany’smanagement(hereinafterreferredtoastheManagement”)isresponsiblefortheotherinformation.TheotherinformationcomprisesalloftheinformationincludedintheCompany’s2020AnnualReportotherthanthefinancialstatementsandourauditor’sreportthereon.Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationandwedonotexpressanyformofassuranceconclusionthereon.Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsorourknowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.If,basedontheworkwehaveperformed,weconcludethatthereisamaterialmisstatementofthisotherinformation,wearerequiredtoreportthatfact.Wehavenothingtoreportinthisregard.
5.ResponsibilitiesofManagementandThoseChargedwithGovernanceforFinancialStatementsTheManagementisresponsibleforthepreparationofthefinancialstatementsthatgiveafairviewinaccordancewithCAS,andfordesigning,implementingandmaintainingsuchinternalcontrolasthemanagementdeterminesisnecessarytoenablethepreparationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror.Inpreparingthefinancialstatements,theManagementisresponsibleforassessingtheCompany’sabilitytocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlesstheManagementeitherintendstoliquidatetheCompanyortoceaseoperations,orhavenorealisticalternativebuttodoso.Thosechargedwithgovernance(hereinafterreferredtoasthe“Governance”)areresponsibleforoverseeingtheCompany’sfinancialreportingprocess.
6.Auditor’sResponsibilitiesforAuditofFinancialStatementsOurobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor’sreportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewithCASwillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.AspartofanauditinaccordancewithCAS,weexerciseprofessionaljudgmentandmaintainprofessionalskepticismthroughouttheaudit.Wealso:
(1)Identifyandassesstherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror,designandperformauditproceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,intentionalomissions,misrepresentations,ortheoverrideofinternalcontrol.
(2)Obtainanunderstandingofinternalcontrolrelevanttotheauditinordertodesignauditproceduresthatareappropriateinthecircumstances.
(3)Evaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesandrelateddisclosuresmadebythemanagement.
(4)Concludeontheappropriatenessofthemanagement’suseofthegoingconcernbasisofaccountingand,basedontheauditevidenceobtained,whetheramaterialuncertaintyexistsrelatedtoeventsorconditionsthatmaycastsignificantdoubtontheCompany’sabilitytocontinueasagoingconcern.Ifweconcludethatamaterialuncertaintyexists,wearerequiredbyCAStodrawusers’attentioninourauditor’sreporttotherelateddisclosuresinthefinancialstatementsor.ifsuchdisclosuresareinadequate,tomodifyouropinion.Ourconclusionsarebasedontheauditevidenceobtaineduptothedateofourauditor’sreport.However,futureeventsorconditionsmaycausetheCompanytoceasetocontinueasagoingconcern.
(5)Evaluatetheoverallpresentation,structureandcontentofthefinancialstatements,andwhetherthefinancialstatementsrepresenttheunderlyingtransactionsandeventsinamannerthatachievesfairpresentation.
(6)ObtainsufficientappropriateauditevidenceregardingthefinancialinformationoftheentitiesorbusinessactivitieswithintheCompanytoexpressanopiniononthefinancialstatements.Weareresponsibleforthedirection,supervisionandperformanceoftheCompanyaudit.Weremainsolelyresponsibleforourauditopinion.Wecommunicatewiththosechargedwithgovernanceregardingtheplannedscopeandtimingoftheauditandsignificantauditfindings,includinganynoteworthydeficienciesininternalcontrolthatweidentifyduringouraudit.Wealsoprovidethosechargedwithgovernancewithastatementthatwehavecompliedwithrelevantethicalrequirementsregardingindependence,andcommunicatewiththemallrelationshipsandothermattersthatmayreasonablybethoughttobearonourindependence,andwhereapplicable,relatedsafeguards.Fromthematterscommunicatedwiththosechargedwithgovernance,wedeterminethosemattersthatwereofmostsignificancein
theauditoftheconsolidatedfinancialstatementsofthecurrentperiodandarethereforethekeyauditmatters.Wedescribethesemattersinourauditor’sreportunlesslaworregulationprecludespublicdisclosureaboutthematterorwhen,inextremelyrarecircumstances,wedeterminethatamattershouldnotbecommunicatedinourreportbecausetheadverseconsequencesofdoingsowouldreasonablybeexpectedtooutweighthepublicinterestbenefitsofsuchcommunication.
BakerTillyYZ[2021]No.14873Beijing·China30March2021
ChineseCPA(EngagementPartner):LiMingChineseCPA:ChenZihanIIFinancialStatementsCurrencyunitforthefinancialstatementsandthenotesthereto:RMB
1.ConsolidatedBalanceSheet
PreparedbyShenzhenProperties&ResourcesDevelopment(Group)Ltd.
31December2020
Unit:RMB
| Item | 31December2020 | 31December2019 |
| Currentassets: | ||
| Monetaryassets | 4,206,266,629.32 | 3,297,890,935.91 |
| Settlementreserve | ||
| Interbankloansgranted | ||
| Held-for-tradingfinancialassets | ||
| Derivativefinancialassets | ||
| Notesreceivable | ||
| Accountsreceivable | 187,697,631.47 | 216,923,663.25 |
| Accountsreceivablefinancing | ||
| Prepayments | 50,543,422.85 | 69,546,774.17 |
| Premiumsreceivable | ||
| Reinsurancereceivables | ||
| Receivablereinsurancecontractreserve | ||
| Otherreceivables | 789,050,350.51 | 917,981,165.74 |
| Including:Interestreceivable | ||
| Dividendsreceivable | ||
| Financialassetspurchasedunderresaleagreements | ||
| Inventories | 5,312,489,258.20 | 4,913,510,876.66 |
| Contractassets | ||
| Assetsheldforsale | ||
| Currentportionofnon-currentassets | ||
| Othercurrentassets | 48,991,965.92 | 42,500,585.94 |
| Totalcurrentassets | 10,595,039,258.27 | 9,458,354,001.67 |
| Non-currentassets: | ||
| Loansandadvancestocustomers | ||
| Investmentsindebtobligations | ||
| Investmentsinotherdebtobligations | ||
| Long-termreceivables | ||
| Long-termequityinvestments | 45,710,220.79 | 45,076,122.72 |
| Investmentsinotherequityinstruments | 1,044,905.12 | 1,580,475.86 |
| Othernon-currentfinancialassets | ||
| Investmentproperty | 484,738,506.83 | 503,323,428.61 |
| Fixedassets | 116,233,936.04 | 93,557,782.83 |
| Constructioninprogress | ||
| Productivelivingassets | ||
| Oilandgasassets | ||
| Right-of-useassets | ||
| Intangibleassets | 482,049.51 | 700,369.66 |
| Developmentcosts | ||
| Goodwill | ||
| Long-termprepaidexpense | 11,862,716.14 | 7,034,472.79 |
| Deferredincometaxassets | 950,681,245.50 | 658,153,122.73 |
| Othernon-currentassets | 1,564,074.34 | 4,711,963.66 |
| Totalnon-currentassets | 1,612,317,654.27 | 1,314,137,738.86 |
| Totalassets | 12,207,356,912.54 | 10,772,491,740.53 |
| Currentliabilities: | ||
| Short-termborrowings | ||
| Borrowingsfromthecentralbank | ||
| Interbankloansobtained | ||
| Held-for-tradingfinancialliabilities | ||
| Derivativefinancialliabilities | ||
| Notespayable | ||
| Accountspayable | 468,269,685.65 | 577,689,139.10 |
| Advancesfromcustomers | 473,274.48 | 728,186,032.63 |
| Contractliabilities | 666,893,629.72 | |
| Financialassetssoldunderrepurchaseagreements | ||
| Customerdepositsandinterbankdeposits | ||
| Payablesforactingtradingofsecurities | ||
| Payablesforunderwritingofsecurities | ||
| Employeebenefitspayable | 177,190,197.36 | 143,493,868.80 |
| Taxespayable | 2,487,212,979.37 | 2,598,283,291.68 |
| Otherpayables | 847,142,613.09 | 1,149,104,928.85 |
| Including:Interestpayable | ||
| Dividendspayable | 12,202,676.04 | 12,202,676.04 |
| Handlingchargesandcommissionspayable | ||
| Reinsurancepayables | ||
| Liabilitiesdirectlyassociatedwithassetsheldforsale | ||
| Currentportionofnon-currentliabilities | 36,722,824.88 | 3,921,032.24 |
| Othercurrentliabilities | 43,354,691.51 | |
| Totalcurrentliabilities | 4,727,259,896.06 | 5,200,678,293.30 |
| Non-currentliabilities: | ||
| Insurancecontractreserve | ||
| Long-termborrowings | 3,587,800,000.00 | 2,193,833,000.00 |
| Bondspayable |
| Including:Preferredshares | ||
| Perpetualbonds | ||
| Leaseliabilities | ||
| Long-termpayables | ||
| Long-termemployeebenefitspayable | ||
| Provisions | 2,396,947.00 | 2,903,327.87 |
| Deferredincome | 341,259.63 | |
| Deferredincometaxliabilities | 262.20 | 3,821.08 |
| Othernon-currentliabilities | 108,778,327.45 | 108,164,737.46 |
| Totalnon-currentliabilities | 3,698,975,536.65 | 2,305,246,146.04 |
| Totalliabilities | 8,426,235,432.71 | 7,505,924,439.34 |
| Owners’equity: | ||
| Sharecapital | 595,979,092.00 | 595,979,092.00 |
| Otherequityinstruments | ||
| Including:Preferredshares | ||
| Perpetualbonds | ||
| Capitalreserves | 80,488,045.38 | 80,488,045.38 |
| Less:Treasurystock | ||
| Othercomprehensiveincome | -6,749,589.41 | -2,698,371.44 |
| Specificreserve | ||
| Surplusreserves | 19,205,979.63 | 17,060,448.05 |
| Generalreserve | ||
| Retainedearnings | 3,038,993,912.43 | 2,457,119,795.39 |
| TotalequityattributabletoownersoftheCompanyastheparent | 3,727,917,440.03 | 3,147,949,009.38 |
| Non-controllinginterests | 53,204,039.80 | 118,618,291.81 |
| Totalowners’equity | 3,781,121,479.83 | 3,266,567,301.19 |
| Totalliabilitiesandowners’equity | 12,207,356,912.54 | 10,772,491,740.53 |
Legalrepresentative:LiuShengxiangHeadoffinancialaffairs:CaiLiliHeadofthefinancialdepartment:LiuQiang
2.BalanceSheetoftheCompanyastheParent
Unit:RMB
| Item | 31December2020 | 31December2019 |
| Currentassets: | ||
| Monetaryassets | 3,216,703,036.69 | 2,455,001,204.14 |
| Held-for-tradingfinancialassets | ||
| Derivativefinancialassets | ||
| Notesreceivable | ||
| Accountsreceivable | 2,624,500.42 | 755,932.14 |
| Accountsreceivablefinancing | ||
| Prepayments | 496,729.09 | |
| Otherreceivables | 145,325,697.20 | 501,082,153.81 |
| Including:Interestreceivable | ||
| Dividendsreceivable | ||
| Inventories | 653,885,107.24 | 624,499,208.02 |
| Contractassets | ||
| Assetsheldforsale | ||
| Currentportionofnon-currentassets | ||
| Othercurrentassets | 496,729.09 | 1,113,935.28 |
| Totalcurrentassets | 4,019,035,070.64 | 3,582,949,162.48 |
| Non-currentassets: | ||
| Investmentsindebtobligations | ||
| Investmentsinotherdebtobligations | ||
| Long-termreceivables | ||
| Long-termequityinvestments | 1,071,176,101.18 | 1,070,542,003.11 |
| Investmentsinotherequityinstruments | 1,275,405.12 | 1,810,975.86 |
| Othernon-currentfinancialassets | ||
| Investmentproperty | 303,827,356.62 | 312,638,785.76 |
| Fixedassets | 51,091,963.72 | 26,337,488.29 |
| Constructioninprogress | ||
| Productivelivingassets | ||
| Oilandgasassets | ||
| Right-of-useassets | ||
| Intangibleassets |
| Developmentcosts | ||
| Goodwill | ||
| Long-termprepaidexpense | 432,440.01 | 605,416.29 |
| Deferredincometaxassets | 252,331,518.26 | 343,958,821.07 |
| Othernon-currentassets | 1,197,407,234.55 | 1,613,657,031.92 |
| Totalnon-currentassets | 2,877,542,019.46 | 3,369,550,522.30 |
| Totalassets | 6,896,577,090.10 | 6,952,499,684.78 |
| Currentliabilities: | ||
| Short-termborrowings | ||
| Held-for-tradingfinancialliabilities | ||
| Derivativefinancialliabilities | ||
| Notespayable | ||
| Accountspayable | 55,887,947.36 | 64,503,938.37 |
| Advancesfromcustomers | 320,469.53 | |
| Contractliabilities | ||
| Employeebenefitspayable | 50,710,148.02 | 36,735,205.68 |
| Taxespayable | 3,736,082.67 | 1,322,751,671.37 |
| Otherpayables | 3,971,988,862.11 | 3,146,684,268.89 |
| Including:Interestpayable | ||
| Dividendspayable | 29,642.40 | 29,642.40 |
| Liabilitiesdirectlyassociatedwithassetsheldforsale | ||
| Currentportionofnon-currentliabilities | 31,573,154.86 | |
| Othercurrentliabilities | ||
| Totalcurrentliabilities | 4,113,896,195.02 | 4,570,995,553.84 |
| Non-currentliabilities: | ||
| Long-termborrowings | 588,200,000.00 | |
| Bondspayable | ||
| Including:Preferredshares | ||
| Perpetualbonds | ||
| Leaseliabilities | ||
| Long-termpayables | ||
| Long-termemployeebenefitspayable |
| Provisions | ||
| Deferredincome | ||
| Deferredincometaxliabilities | ||
| Othernon-currentliabilities | 40,000,000.00 | 40,000,000.00 |
| Totalnon-currentliabilities | 628,200,000.00 | 40,000,000.00 |
| Totalliabilities | 4,742,096,195.02 | 4,610,995,553.84 |
| Owners’equity: | ||
| Sharecapital | 595,979,092.00 | 595,979,092.00 |
| Otherequityinstruments | ||
| Including:Preferredshares | ||
| Perpetualbonds | ||
| Capitalreserves | 53,876,380.11 | 53,876,380.11 |
| Less:Treasurystock | ||
| Othercomprehensiveincome | -2,545,451.19 | -2,051,268.24 |
| Specificreserve | ||
| Surplusreserves | 19,205,979.63 | 16,403,637.61 |
| Retainedearnings | 1,487,964,894.53 | 1,677,296,289.46 |
| Totalowners’equity | 2,154,480,895.08 | 2,341,504,130.94 |
| Totalliabilitiesandowners’equity | 6,896,577,090.10 | 6,952,499,684.78 |
3.ConsolidatedIncomeStatement
Unit:RMB
| Item | 2020 | 2019 |
| 1.Revenue | 4,104,374,646.02 | 3,961,669,942.44 |
| Including:Operatingrevenue | 4,104,374,646.02 | 3,961,669,942.44 |
| Interestincome | ||
| Insurancepremiumincome | ||
| Handlingchargeandcommissionincome | ||
| 2.Costsandexpenses | 3,094,700,417.31 | 2,966,054,505.18 |
| Including:Costofsales | 1,386,710,239.54 | 1,433,615,885.43 |
| Interestexpense | ||
| Handlingchargeandcommissionexpense | ||
| Surrenders |
| Netinsuranceclaimspaid | ||
| Netamountprovidedasinsurancecontractreserve | ||
| Expenditureonpolicydividends | ||
| Reinsurancepremiumexpense | ||
| Taxesandsurcharges | 1,313,348,228.48 | 1,081,511,281.04 |
| Sellingexpense | 44,753,247.18 | 111,553,952.50 |
| Administrativeexpense | 238,625,143.31 | 204,654,552.64 |
| R&Dexpense | ||
| Financecosts | 111,263,558.80 | 134,718,833.57 |
| Including:Interestexpense | 182,930,469.55 | 194,545,794.14 |
| Interestincome | 72,357,101.87 | 61,860,403.42 |
| Add:Otherincome | 12,770,810.75 | 5,150,377.43 |
| Returnoninvestment(“-”forloss) | 634,098.07 | 5,076,839.48 |
| Including:Shareofprofitorlossofjointventuresandassociates | 634,098.07 | 5,076,839.48 |
| Incomefromthederecognitionoffinancialassetsatamortizedcost(“-”forloss) | ||
| Exchangegain(“-”forloss) | ||
| Netgainonexposurehedges(“-”forloss) | ||
| Gainonchangesinfairvalue(“-”forloss) | ||
| Creditimpairmentloss(“-”forloss) | 4,623,356.81 | -18,701,016.31 |
| Assetimpairmentloss(“-”forloss) | -51,185.46 | -1,234,250.84 |
| Assetdisposalincome(“-”forloss) | 2,311.70 | |
| 3.Operatingprofit(“-”forloss) | 1,027,653,620.58 | 985,907,387.02 |
| Add:Non-operatingincome | 11,697,661.23 | 23,732,348.28 |
| Less:Non-operatingexpense | 5,244,329.50 | 4,793,503.85 |
| 4.Profitbeforetax(“-”forloss) | 1,034,106,952.31 | 1,004,846,231.45 |
| Less:Incometaxexpense | 302,769,082.58 | 262,716,180.91 |
| 5.Netprofit(“-”fornetloss) | 731,337,869.73 | 742,130,050.54 |
| 5.1Byoperatingcontinuity | ||
| 5.1.1Netprofitfromcontinuing | 731,337,869.73 | 742,061,273.73 |
| operations(“-”fornetloss) | ||
| 5.1.2Netprofitfromdiscontinuedoperations(“-”fornetloss) | 68,776.81 | |
| 5.2Byownership | ||
| 5.2.1NetprofitattributabletoshareholdersoftheCompanyastheparent | 798,572,121.74 | 817,805,780.12 |
| 5.2.1Netprofitattributabletonon-controllinginterests | -67,234,252.01 | -75,675,729.58 |
| 6.Othercomprehensiveincome,netoftax | -4,051,217.97 | -912,189.75 |
| AttributabletoownersoftheCompanyastheparent | -4,051,217.97 | -912,189.75 |
| 6.1Itemsthatwillnotbereclassifiedtoprofitorloss | -494,182.95 | -2,051,268.24 |
| 6.1.1Changescausedbyremeasurementsondefinedbenefitschemes | ||
| 6.1.2Othercomprehensiveincomethatwillnotbereclassifiedtoprofitorlossundertheequitymethod | ||
| 6.1.3Changesinthefairvalueofinvestmentsinotherequityinstruments | -494,182.95 | -2,051,268.24 |
| 6.1.4Changesinthefairvaluearisingfromchangesinowncreditrisk | ||
| 6.1.5Other | ||
| 6.2Itemsthatwillbereclassifiedtoprofitorloss | -3,557,035.02 | 1,139,078.49 |
| 6.2.1Othercomprehensiveincomethatwillbereclassifiedtoprofitorlossundertheequitymethod | ||
| 6.2.2Changesinthefairvalueofinvestmentsinotherdebtobligations | ||
| 6.2.3Othercomprehensiveincomearisingfromthereclassificationoffinancialassets | ||
| 6.2.4Creditimpairmentallowanceforinvestmentsinotherdebtobligations | ||
| 6.2.5Reserveforcashflowhedges | ||
| 6.2.6Differencesarisingfromthetranslationofforeigncurrency-denominatedfinancial | -3,557,035.02 | 1,139,078.49 |
| statements | ||
| 6.2.7Other | ||
| Attributabletonon-controllinginterests | ||
| 7.Totalcomprehensiveincome | 727,286,651.76 | 741,217,860.79 |
| AttributabletoownersoftheCompanyastheparent | 794,520,903.77 | 816,893,590.37 |
| Attributabletonon-controllinginterests | -67,234,252.01 | -75,675,729.58 |
| 8.Earningspershare | ||
| 8.1Basicearningspershare | 1.3399 | 1.3722 |
| 8.2Dilutedearningspershare | 1.3399 | 1.3722 |
WherebusinesscombinationsundercommoncontroloccurredintheCurrentPeriod,thenetprofitachievedbytheacquireesbeforethecombinationswasRMB0.00,withtheamountforthesameperiodoflastyearbeingRMB118,680,871.93.Legalrepresentative:LiuShengxiangHeadoffinancialaffairs:CaiLiliHeadofthefinancialdepartment:LiuQiang
4.IncomeStatementoftheCompanyastheParent
Unit:RMB
| Item | 2020 | 2019 |
| 1.Operatingrevenue | 64,151,369.60 | 393,330,909.38 |
| Less:Costofsales | 45,749,528.01 | 61,706,002.23 |
| Taxesandsurcharges | 8,552,661.46 | 152,745,770.45 |
| Sellingexpense | 2,287,301.10 | 13,078,323.49 |
| Administrativeexpense | 98,340,542.43 | 77,139,133.61 |
| R&Dexpense | ||
| Financecosts | -43,492,708.54 | -43,712,067.17 |
| Including:Interestexpense | 15,950,523.75 | |
| Interestincome | 65,751,243.49 | 42,193,217.20 |
| Add:Otherincome | 253,884.96 | 85,442.53 |
| Returnoninvestment(“-”forloss) | 116,246,519.46 | 86,697,646.64 |
| Including:Shareofprofitorlossofjointventuresandassociates | 634,098.07 | 5,076,839.48 |
| Incomefromthederecognitionoffinancialassetsatamortizedcost(“-” |
| forloss) | ||
| Netgainonexposurehedges(“-”forloss) | ||
| Gainonchangesinfairvalue(“-”forloss) | ||
| Creditimpairmentloss(“-”forloss) | -116,544.34 | 811,051.45 |
| Assetimpairmentloss(“-”forloss) | ||
| Assetdisposalincome(“-”forloss) | ||
| 2.Operatingprofit(“-”forloss) | 69,097,905.22 | 219,967,887.39 |
| Add:Non-operatingincome | 9,989,210.85 | 359,518.50 |
| Less:Non-operatingexpense | 374,965.45 | 1,292,469.73 |
| 3.Profitbeforetax(“-”forloss) | 78,712,150.62 | 219,034,936.16 |
| Less:Incometaxexpense | 50,688,730.41 | 54,998,560.04 |
| 4.Netprofit(“-”fornetloss) | 28,023,420.21 | 164,036,376.12 |
| 4.1Netprofitfromcontinuingoperations(“-”fornetloss) | 28,023,420.21 | 164,036,376.12 |
| 4.2Netprofitfromdiscontinuedoperations(“-”fornetloss) | ||
| 5.Othercomprehensiveincome,netoftax | -494,182.95 | -2,051,268.24 |
| 5.1Itemsthatwillnotbereclassifiedtoprofitorloss | -494,182.95 | -2,051,268.24 |
| 5.1.1Changescausedbyremeasurementsondefinedbenefitschemes | ||
| 5.1.2Othercomprehensiveincomethatwillnotbereclassifiedtoprofitorlossundertheequitymethod | ||
| 5.1.3Changesinthefairvalueofinvestmentsinotherequityinstruments | -494,182.95 | -2,051,268.24 |
| 5.1.4Changesinthefairvaluearisingfromchangesinowncreditrisk | ||
| 5.1.5Other | ||
| 5.2Itemsthatwillbereclassifiedtoprofitorloss | ||
| 5.2.1Othercomprehensiveincomethatwillbereclassifiedtoprofitorlossundertheequitymethod |
| 5.2.2Changesinthefairvalueofinvestmentsinotherdebtobligations | ||
| 5.2.3Othercomprehensiveincomearisingfromthereclassificationoffinancialassets | ||
| 5.2.4Creditimpairmentallowanceforinvestmentsinotherdebtobligations | ||
| 5.2.5Reserveforcashflowhedges | ||
| 5.2.6Differencesarisingfromthetranslationofforeigncurrency-denominatedfinancialstatements | ||
| 5.2.7Other | ||
| 6.Totalcomprehensiveincome | 27,529,237.26 | 161,985,107.88 |
| 7.Earningspershare | ||
| 7.1Basicearningspershare | 0.0470 | 0.2752 |
| 7.2Dilutedearningspershare | 0.0470 | 0.2752 |
5.ConsolidatedCashFlowStatement
Unit:RMB
| Item | 2020 | 2019 |
| 1.Cashflowsfromoperatingactivities: | ||
| Proceedsfromsaleofcommoditiesandrenderingofservices | 4,390,400,364.60 | 4,536,821,506.05 |
| Netincreaseincustomerdepositsandinterbankdeposits | ||
| Netincreaseinborrowingsfromthecentralbank | ||
| Netincreaseinloansfromotherfinancialinstitutions | ||
| Premiumsreceivedonoriginalinsurancecontracts | ||
| Netproceedsfromreinsurance | ||
| Netincreaseindepositsandinvestmentsofpolicyholders | ||
| Interest,handlingchargesandcommissionsreceived | ||
| Netincreaseininterbankloansobtained | ||
| Netincreaseinproceedsfromrepurchase |
| transactions | ||
| Netproceedsfromactingtradingofsecurities | ||
| Taxrebates | 17,586,334.90 | |
| Cashgeneratedfromotheroperatingactivities | 401,974,306.32 | 727,613,534.88 |
| Subtotalofcashgeneratedfromoperatingactivities | 4,809,961,005.82 | 5,264,435,040.93 |
| Paymentsforcommoditiesandservices | 1,398,688,587.24 | 2,805,353,837.83 |
| Netincreaseinloansandadvancestocustomers | ||
| Netincreaseindepositsinthecentralbankandininterbankloansgranted | ||
| Paymentsforclaimsonoriginalinsurancecontracts | ||
| Netincreaseininterbankloansgranted | ||
| Interest,handlingchargesandcommissionspaid | ||
| Policydividendspaid | ||
| Cashpaidtoandforemployees | 660,768,525.22 | 635,119,649.94 |
| Taxespaid | 2,200,056,926.04 | 698,846,233.34 |
| Cashusedinotheroperatingactivities | 164,949,185.20 | 185,325,753.86 |
| Subtotalofcashusedinoperatingactivities | 4,424,463,223.70 | 4,324,645,474.97 |
| Netcashgeneratedfrom/usedinoperatingactivities | 385,497,782.12 | 939,789,565.96 |
| 2.Cashflowsfrominvestingactivities: | ||
| Proceedsfromdisinvestment | ||
| Returnoninvestment | ||
| Netproceedsfromthedisposaloffixedassets,intangibleassetsandotherlong-livedassets | 136,131.48 | 357,613.40 |
| Netproceedsfromthedisposalofsubsidiariesandotherbusinessunits | ||
| Cashgeneratedfromotherinvestingactivities | ||
| Subtotalofcashgeneratedfrominvestingactivities | 136,131.48 | 357,613.40 |
| Paymentsfortheacquisitionoffixedassets,intangibleassetsandotherlong-livedassets | 48,482,853.70 | 62,167,787.99 |
| Paymentsforinvestments | ||
| Netincreaseinpledgedloansgranted | ||
| Netpaymentsfortheacquisitionofsubsidiariesandotherbusinessunits | 969,530,215.99 |
| Cashusedinotherinvestingactivities | ||
| Subtotalofcashusedininvestingactivities | 48,482,853.70 | 1,031,698,003.98 |
| Netcashgeneratedfrom/usedininvestingactivities | -48,346,722.22 | -1,031,340,390.58 |
| 3.Cashflowsfromfinancingactivities: | ||
| Capitalcontributionsreceived | 1,820,000.00 | 3,220,000.00 |
| Including:Capitalcontributionsbynon-controllingintereststosubsidiaries | 1,820,000.00 | 3,220,000.00 |
| Borrowingsraised | 2,175,000,000.00 | 2,193,000,000.00 |
| Cashgeneratedfromotherfinancingactivities | 40,000,000.00 | |
| Subtotalofcashgeneratedfromfinancingactivities | 2,176,820,000.00 | 2,236,220,000.00 |
| Repaymentofborrowings | 750,133,000.00 | 2,193,067,000.00 |
| Interestanddividendspaid | 411,945,003.98 | 423,796,908.60 |
| Including:Dividendspaidbysubsidiariestonon-controllinginterests | ||
| Cashusedinotherfinancingactivities | 465,807,569.82 | 123,502,169.51 |
| Subtotalofcashusedinfinancingactivities | 1,627,885,573.80 | 2,740,366,078.11 |
| Netcashgeneratedfrom/usedinfinancingactivities | 548,934,426.20 | -504,146,078.11 |
| 4.Effectofforeignexchangerateschangesoncashandcashequivalents | -3,275,807.74 | 14,878.31 |
| 5.Netincreaseincashandcashequivalents | 882,809,678.36 | -595,682,024.42 |
| Add:Cashandcashequivalents,beginningoftheperiod | 3,285,345,233.47 | 3,881,027,257.89 |
| 6.Cashandcashequivalents,endoftheperiod | 4,168,154,911.83 | 3,285,345,233.47 |
6.CashFlowStatementoftheCompanyastheParent
Unit:RMB
| Item | 2020 | 2019 |
| 1.Cashflowsfromoperatingactivities: | ||
| Proceedsfromsaleofcommoditiesandrenderingofservices | 64,857,663.10 | 338,520,399.21 |
| Taxrebates | ||
| Cashgeneratedfromotheroperatingactivities | 2,041,809,928.38 | 3,301,015,120.23 |
| Subtotalofcashgeneratedfromoperatingactivities | 2,106,667,591.48 | 3,639,535,519.44 |
| Paymentsforcommoditiesandservices | 67,846,809.36 | 617,310,657.83 |
| Cashpaidtoandforemployees | 50,551,468.21 | 47,049,144.09 |
| Taxespaid | 1,296,096,715.75 | 342,530,888.32 |
| Cashusedinotheroperatingactivities | 377,760,390.30 | 45,901,384.05 |
| Subtotalofcashusedinoperatingactivities | 1,792,255,383.62 | 1,052,792,074.29 |
| Netcashgeneratedfrom/usedinoperatingactivities | 314,412,207.86 | 2,586,743,445.15 |
| 2.Cashflowsfrominvestingactivities: | ||
| Proceedsfromdisinvestment | 565,000,000.00 | 100,000,000.00 |
| Returnoninvestment | 42,319,444.45 | |
| Netproceedsfromthedisposaloffixedassets,intangibleassetsandotherlong-livedassets | 7,398.06 | 690.00 |
| Netproceedsfromthedisposalofsubsidiariesandotherbusinessunits | ||
| Cashgeneratedfromotherinvestingactivities | ||
| Subtotalofcashgeneratedfrominvestingactivities | 565,007,398.06 | 142,320,134.45 |
| Paymentsfortheacquisitionoffixedassets,intangibleassetsandotherlong-livedassets | 33,629,541.56 | 25,563,107.56 |
| Paymentsforinvestments | 495,807,569.82 | 2,634,574,943.74 |
| Netpaymentsfortheacquisitionofsubsidiariesandotherbusinessunits | ||
| Cashusedinotherinvestingactivities | ||
| Subtotalofcashusedininvestingactivities | 529,437,111.38 | 2,660,138,051.30 |
| Netcashgeneratedfrom/usedininvestingactivities | 35,570,286.68 | -2,517,817,916.85 |
| 3.Cashflowsfromfinancingactivities: | ||
| Capitalcontributionsreceived | ||
| Borrowingsraised | 619,000,000.00 | |
| Cashgeneratedfromotherfinancingactivities | 40,000,000.00 | |
| Subtotalofcashgeneratedfromfinancingactivities | 619,000,000.00 | 40,000,000.00 |
| Repaymentofborrowings | ||
| Interestanddividendspaid | 229,729,842.01 | 178,793,727.60 |
| Cashusedinotherfinancingactivities | ||
| Subtotalofcashusedinfinancingactivities | 229,729,842.01 | 178,793,727.60 |
| Netcashgeneratedfrom/usedinfinancingactivities | 389,270,157.99 | -138,793,727.60 |
| 4.Effectofforeignexchangerateschangesoncashandcashequivalents | -28,110.51 | 14,878.31 |
| 5.Netincreaseincashandcashequivalents | 739,224,542.02 | -69,853,320.99 |
| Add:Cashandcashequivalents,beginning | 2,450,935,673.17 | 2,520,788,994.16 |
| oftheperiod | ||
| 6.Cashandcashequivalents,endoftheperiod | 3,190,160,215.19 | 2,450,935,673.17 |
7.ConsolidatedStatementsofChangesinOwners’Equity
2020
Unit:RMB
| Item | 2020 | ||||||||||||||
| EquityattributabletoownersoftheCompanyastheparent | Non-controllinginterests | Totalowners’equity | |||||||||||||
| Sharecapital | Otherequityinstruments | Capitalreserves | Less:Treasurystock | Othercomprehensiveincome | Specificreserve | Surplusreserves | Generalreserve | Retainedearnings | Other | Subtotal | |||||
| Preferredshares | Perpetualbonds | Other | |||||||||||||
| 1.Balanceasattheendoftheprioryear | 595,979,092.00 | 80,488,045.38 | -2,698,371.44 | 17,060,448.05 | 2,457,119,795.39 | 3,147,949,009.38 | 118,618,291.81 | 3,266,567,301.19 | |||||||
| Add:Adjustmentforchangeinaccountingpolicy | |||||||||||||||
| Adjustmentforcorrectionofpreviouserror | |||||||||||||||
| Adjustmentforbusinesscombinationundercommoncontrol | |||||||||||||||
| Otheradjustments | |||||||||||||||
| 2.Balanceasatthebeginningof | 595,979,0 | 80,488,045.3 | -2,698,371.4 | 17,060,448.0 | 2,457,119,79 | 3,147,949,00 | 118,618,291. | 3,266,567,30 | |||||||
| theyear | 92.00 | 8 | 4 | 5 | 5.39 | 9.38 | 81 | 1.19 | |||||
| 3.Increase/decreaseintheperiod(“-”fordecrease) | -4,051,217.97 | 2,145,531.58 | 581,874,117.04 | 579,968,430.65 | -65,414,252.01 | 514,554,178.64 | |||||||
| 3.1Totalcomprehensiveincome | -4,051,217.97 | 798,572,121.74 | 794,520,903.77 | -67,234,252.01 | 727,286,651.76 | ||||||||
| 3.2Capitalincreasedandreducedbyowners | 1,820,000.00 | 1,820,000.00 | |||||||||||
| 3.2.1Ordinarysharesincreasedbyowners | 1,820,000.00 | 1,820,000.00 | |||||||||||
| 3.2.2Capitalincreasedbyholdersofotherequityinstruments | |||||||||||||
| 3.2.3Share-basedpaymentsincludedinowners’equity | |||||||||||||
| 3.2.4Other | |||||||||||||
| 3.3Profitdistribution | 2,145,531.58 | -216,698,004.70 | -214,552,473.12 | -214,552,473.12 | |||||||||
| 3.3.1Appropriationtosurplusreserves | 2,802,342.02 | -2,802,342.02 | |||||||||||
| 3.3.2Appropriationtogeneral |
| reserve | ||||||||
| 3.3.3Appropriationtoowners(orshareholders) | -214,552,473.12 | -214,552,473.12 | -214,552,473.12 | |||||
| 3.3.4Other | -656,810.44 | 656,810.44 | ||||||
| 3.4Transferswithinowners’equity | ||||||||
| 3.4.1Increaseincapital(orsharecapital)fromcapitalreserves | ||||||||
| 3.4.2Increaseincapital(orsharecapital)fromsurplusreserves | ||||||||
| 3.4.3Lossoffsetbysurplusreserves | ||||||||
| 3.4.4Changesindefinedbenefitschemestransferredtoretainedearnings | ||||||||
| 3.4.5Othercomprehensiveincometransferredtoretained |
| earnings | |||||||||||||
| 3.4.6Other | |||||||||||||
| 3.5Specificreserve | |||||||||||||
| 3.5.1Increaseintheperiod | |||||||||||||
| 3.5.2Usedintheperiod | |||||||||||||
| 3.6Other | |||||||||||||
| 4.Balanceasattheendoftheperiod | 595,979,092.00 | 80,488,045.38 | -6,749,589.41 | 19,205,979.63 | 3,038,993,912.43 | 3,727,917,440.03 | 53,204,039.80 | 3,781,121,479.83 |
2019
Unit:RMB
| Item | 2019 | ||||||||||||||
| EquityattributabletoownersoftheCompanyastheparent | Non-controllinginterests | Totalowners’equity | |||||||||||||
| Sharecapital | Otherequityinstruments | Capitalreserves | Less:Treasurystock | Othercomprehensiveincome | Specificreserve | Surplusreserves | Generalreserve | Retainedearnings | Other | Subtotal | |||||
| Preferredshares | Perpetualbonds | Other | |||||||||||||
| 1.Balanceasattheendoftheprioryear | 595,979,092.00 | 483,347,184.25 | -1,786,181.69 | 299,569,569.96 | 2,495,296,440.15 | 3,872,406,104.67 | 9,111,409.91 | 3,881,517,514.58 | |||||||
| Add:Adjustmentforchangeinaccountingpolicy | |||||||||||||||
| Adjustment | |||||||||||||||
| forcorrectionofpreviouserror | |||||||||||||
| Adjustmentforbusinesscombinationundercommoncontrol | |||||||||||||
| Otheradjustments | |||||||||||||
| 2.Balanceasatthebeginningoftheyear | 595,979,092.00 | 483,347,184.25 | -1,786,181.69 | 299,569,569.96 | 2,495,296,440.15 | 3,872,406,104.67 | 9,111,409.91 | 3,881,517,514.58 | |||||
| 3.Increase/decreaseintheperiod(“-”fordecrease) | -402,859,138.87 | -912,189.75 | -282,509,121.91 | -38,176,644.76 | -724,457,095.29 | 109,506,881.90 | -614,950,213.39 | ||||||
| 3.1Totalcomprehensiveincome | -912,189.75 | 817,805,780.12 | 816,893,590.37 | -75,675,729.58 | 741,217,860.79 | ||||||||
| 3.2Capitalincreasedandreducedbyowners | -402,859,138.87 | -298,912,759.52 | -660,785,059.67 | -1,362,556,958.06 | 185,182,611.48 | -1,177,374,346.58 | |||||||
| 3.2.1Ordinarysharesincreasedbyowners | 3,220,000.00 | 3,220,000.00 | |||||||||||
| 3.2.2Capitalincreasedbyholdersofotherequityinstruments | |||||||||||||
| 3.2.3Share-based |
| paymentsincludedinowners’equity | ||||||||||
| 3.2.4Other | -402,859,138.87 | -298,912,759.52 | -660,785,059.67 | -1,362,556,958.06 | 181,962,611.48 | -1,180,594,346.58 | ||||
| 3.3Profitdistribution | 16,403,637.61 | -195,197,365.21 | -178,793,727.60 | -178,793,727.60 | ||||||
| 3.3.1Appropriationtosurplusreserves | 16,403,637.61 | -16,403,637.61 | ||||||||
| 3.3.2Appropriationtogeneralreserve | ||||||||||
| 3.3.3Appropriationtoowners(orshareholders) | -178,793,727.60 | -178,793,727.60 | -178,793,727.60 | |||||||
| 3.3.4Other | ||||||||||
| 3.4Transferswithinowners’equity | ||||||||||
| 3.4.1Increaseincapital(orsharecapital)fromcapitalreserves | ||||||||||
| 3.4.2Increaseincapital(orsharecapital) |
| fromsurplusreserves | |||||||||||||
| 3.4.3Lossoffsetbysurplusreserves | |||||||||||||
| 3.4.4Changesindefinedbenefitschemestransferredtoretainedearnings | |||||||||||||
| 3.4.5Othercomprehensiveincometransferredtoretainedearnings | |||||||||||||
| 3.4.6Other | |||||||||||||
| 3.5Specificreserve | |||||||||||||
| 3.5.1Increaseintheperiod | |||||||||||||
| 3.5.2Usedintheperiod | |||||||||||||
| 3.6Other | |||||||||||||
| 4.Balanceasattheendoftheperiod | 595,979,092.00 | 80,488,045.38 | -2,698,371.44 | 17,060,448.05 | 2,457,119,795.39 | 3,147,949,009.38 | 118,618,291.81 | 3,266,567,301.19 |
8.StatementsofChangesinOwners’EquityoftheCompanyastheParent
2020
Unit:RMB
| Item | 2020 |
| Sharecapital | Otherequityinstruments | Capitalreserves | Less:Treasurystock | Othercomprehensiveincome | Specificreserve | Surplusreserves | Retainedearnings | Other | Totalowners’equity | |||
| Preferredshares | Perpetualbonds | Other | ||||||||||
| 1.Balanceasattheendoftheprioryear | 595,979,092.00 | 53,876,380.11 | -2,051,268.24 | 16,403,637.61 | 1,677,296,289.46 | 2,341,504,130.94 | ||||||
| Add:Adjustmentforchangeinaccountingpolicy | ||||||||||||
| Adjustmentforcorrectionofpreviouserror | ||||||||||||
| Otheradjustments | ||||||||||||
| 2.Balanceasatthebeginningoftheyear | 595,979,092.00 | 53,876,380.11 | -2,051,268.24 | 16,403,637.61 | 1,677,296,289.46 | 2,341,504,130.94 | ||||||
| 3.Increase/decreaseintheperiod(“-”fordecrease) | -494,182.95 | 2,802,342.02 | -189,331,394.93 | -187,023,235.86 | ||||||||
| 3.1Totalcomprehensiveincome | -494,182.95 | 28,023,420.21 | 27,529,237.26 | |||||||||
| 3.2Capitalincreasedandreducedbyowners | ||||||||||||
| 3.2.1Ordinarysharesincreasedbyowners | ||||||||||||
| 3.2.2Capital | ||||||||||||
| increasedbyholdersofotherequityinstruments | |||||
| 3.2.3Share-basedpaymentsincludedinowners’equity | |||||
| 3.2.4Other | |||||
| 3.3Profitdistribution | 2,802,342.02 | -217,354,815.14 | -214,552,473.12 | ||
| 3.3.1Appropriationtosurplusreserves | 2,802,342.02 | -2,802,342.02 | |||
| 3.3.2Appropriationtoowners(orshareholders) | -214,552,473.12 | -214,552,473.12 | |||
| 3.3.3Other | |||||
| 3.4Transferswithinowners’equity | |||||
| 3.4.1Increaseincapital(orsharecapital)fromcapitalreserves | |||||
| 3.4.2Increaseincapital(orsharecapital)fromsurplusreserves | |||||
| 3.4.3Lossoffsetbysurplus |
| reserves | ||||||||||
| 3.4.4Changesindefinedbenefitschemestransferredtoretainedearnings | ||||||||||
| 3.4.5Othercomprehensiveincometransferredtoretainedearnings | ||||||||||
| 3.4.6Other | ||||||||||
| 3.5Specificreserve | ||||||||||
| 3.5.1Increaseintheperiod | ||||||||||
| 3.5.2Usedintheperiod | ||||||||||
| 3.6Other | ||||||||||
| 4.Balanceasattheendoftheperiod | 595,979,092.00 | 53,876,380.11 | -2,545,451.19 | 19,205,979.63 | 1,487,964,894.53 | 2,154,480,895.08 |
2019
Unit:RMB
| Item | 2019 | |||||||||||
| Sharecapital | Otherequityinstruments | Capitalreserves | Less:Treasurystock | Othercomprehensiveincome | Specificreserve | Surplusreserves | Retainedearnings | Other | Totalowners’equity | |||
| Preferredshares | Perpetualbonds | Other | ||||||||||
| 1.Balanceasattheendof | 595,979, | 92,326,467. | 298,912,75 | 2,080,513,737. | 3,067,732,056.76 | |||||||
| theprioryear | 092.00 | 62 | 9.52 | 62 | ||||||
| Add:Adjustmentforchangeinaccountingpolicy | ||||||||||
| Adjustmentforcorrectionofpreviouserror | ||||||||||
| Otheradjustments | ||||||||||
| 2.Balanceasatthebeginningoftheyear | 595,979,092.00 | 92,326,467.62 | 298,912,759.52 | 2,080,513,737.62 | 3,067,732,056.76 | |||||
| 3.Increase/decreaseintheperiod(“-”fordecrease) | -38,450,087.51 | -2,051,268.24 | -282,509,121.91 | -403,217,448.16 | -726,227,925.82 | |||||
| 3.1Totalcomprehensiveincome | -2,051,268.24 | 164,036,376.12 | 161,985,107.88 | |||||||
| 3.2Capitalincreasedandreducedbyowners | -38,450,087.51 | -298,912,759.52 | -372,056,459.07 | -709,419,306.10 | ||||||
| 3.2.1Ordinarysharesincreasedbyowners | ||||||||||
| 3.2.2Capitalincreasedbyholdersofotherequityinstruments | ||||||||||
| 3.2.3Share-basedpaymentsincludedin |
| owners’equity | |||||||
| 3.2.4Other | -38,450,087.51 | -298,912,759.52 | -372,056,459.07 | -709,419,306.10 | |||
| 3.3Profitdistribution | 16,403,637.61 | -195,197,365.21 | -178,793,727.60 | ||||
| 3.3.1Appropriationtosurplusreserves | 16,403,637.61 | -16,403,637.61 | |||||
| 3.3.2Appropriationtoowners(orshareholders) | -178,793,727.60 | -178,793,727.60 | |||||
| 3.3.3Other | |||||||
| 3.4Transferswithinowners’equity | |||||||
| 3.4.1Increaseincapital(orsharecapital)fromcapitalreserves | |||||||
| 3.4.2Increaseincapital(orsharecapital)fromsurplusreserves | |||||||
| 3.4.3Lossoffsetbysurplusreserves | |||||||
| 3.4.4Changesindefined |
| benefitschemestransferredtoretainedearnings | ||||||||||
| 3.4.5Othercomprehensiveincometransferredtoretainedearnings | ||||||||||
| 3.4.6Other | ||||||||||
| 3.5Specificreserve | ||||||||||
| 3.5.1Increaseintheperiod | ||||||||||
| 3.5.2Usedintheperiod | ||||||||||
| 3.6Other | ||||||||||
| 4.Balanceasattheendoftheperiod | 595,979,092.00 | 53,876,380.11 | -2,051,268.24 | 16,403,637.61 | 1,677,296,289.46 | 2,341,504,130.94 |
IIICompanyProfile
ShenzhenProperties&ResourcesDevelopment(Group)Ltd.(hereinafterreferredtoas“theCompany”or“Company”)wasincorporatedbasedonthereconstructionofShenzhenProperties&ResourcesDevelopmentCo.,Ltd.afterobtainingapprovalofZFBF[1991]No.831fromPeople’sGovernmentofShenzhenMunicipality.ItwasregisteredwithShenzhenIndustrialandCommercialAdministrationBureauon17January1983withShenzhenasitsheadquarters.NowtheCompanyholdsthebusinesslicenseforlegalpersonwiththeregistrationnumber/unifiedsocialcreditcodeof91440300192174135N.TheregisteredcapitalwasRMB595,979,092withthetotalsharesof595,979,092(RMB1facevaluepershare),amongwhich,restrictedpublicshares:
1,898,306Asharesand0Bshares;unrestrictedpublicshares:526,475,543Asharesand67,605,243Bshares.ThestockoftheCompanyhasbeenlistedontheShenzhenStockExchangeon30March1992.TheCompanyisintherealestatesector.Itsmainbusinessincludesdevelopmentofrealestateandsaleofcommercialhousing,constructionandmanagementofbuildings,houserent,supervisionofconstruction,domestictradingandmaterialssupplyandmarketing(excludingexclusivedealingandmonopolysoldproductsandcommoditiesunderspecialcontroltopurchase).Mainproductsorservicesrenderedmainlyincludethedevelopmentandsalesofcommercialresidentialhousing;propertymanagement;buildingsandthebuildingdevicesmaintenance,gardenafforestandcleaningservice;propertyleasing;superviseandmanagementoftheengineering;retailsoftheChinesefood,Western-stylefoodandwines,andetc.
Thefinancialstatementswereapprovedandauthorizedforissuebythe22
ndMeetingofthe9
th
BoardofDirectorsoftheCompanyon30March2021.TheconsolidationscopeoftheCompany’sconsolidatedfinancialstatementswasdeterminedbasedonthecontrol.Therewere44subsidiariesincludingShenzhenHuangchengRealEstateCo.,Ltd.,DongguanGuomaoChangshengRealEstateDevelopmentCo.,Ltd.,ShenzhenInternationalTradeCenterPropertyManagementCo.,Ltd.includedintheconsolidationfinancialstatementsinthisreport.PleaserefertotheNoteVIIIandNoteIXofthefinancialreportfordetails.IVBasisforPreparationofFinancialStatements
1.PreparationBasis
Basedonthecontinuingoperation,thefinancialstatementsoftheCompanyarepreparedinaccordancewiththeactualtransactions,governingprovisionsoftheAccountingStandardsforBusinessEnterprisesandthefollowingmajoraccountingpoliciesandestimates.
2.ContinuationTherewasnosuchcasewherethesustainableoperationabilitywithin12monthssincetheendoftheReportingPeriodwashighlydoubted.
V.ImportantAccountingPoliciesandEstimationsIndicationofspecificaccountingpoliciesandestimations:
1.StatementforComplyingwiththeAccountingStandardforBusinessEnterpriseThefinancialstatementpreparedbytheCompanycomplieswiththerequirementsofthelatestaccountingstandardsforbusinessenterprisesaswellastheapplicationguidelines,interpretationsandotherrelevantregulations(hereinafterreferredtoasthe“accountingstandardsforbusinessenterprises”)issuedbytheMinistryofFinance.ItreflectstheCompany’sfinancialconditions,operatingresults,cashflowandotherrelatedinformationinatruthfulandcompletemanner.Inaddition,inthepreparationofthefinancialreport,referencewasmadetothepresentationanddisclosurerequirementsoftheRuleforInformationDisclosurebyCompaniesOfferingSecuritiestothePublicNo.15-GeneralProvisionsonFinancialReports(2014Revision)andtheNoticeonRelatedMattersoftheImplementationofNewAccountingStandardsforBusinessEnterprisesbyListedCompanies(KJBH[2018]No.453).
2.FiscalPeriodThefiscalyearoftheCompanyisasolarcalendaryear,whichisfrom1Januaryto31December.
3.OperatingCycleExceptfortherealestateindustry,otherbusinessesrunbytheCompanyhaverelativelyshortoperatingcyclesaccordingtotheclassificationstandardof12-month’sliquidityofassetsandliabilities.Theoperatingcycleoftherealestateindustryshallbegenerallymorethan12monthsfromrealestatedevelopmenttocashthesales.Thespecificcycleshallbedeterminedbythedevelopmentprojectandclassifiedbytheassetsandliabilitiesliquidity.
4.StandardCurrencyofAccountsTheCompanyadoptsRenminbiasastandardcurrencyofaccounts.
5.AccountingProcessofBusinessCombinationsundertheSameControlandnotundertheSameControl
1.AccountingProcessofBusinessCombinationsundertheSameControlTheassetsandliabilitiesthattheCompanyobtainsinabusinesscombinationshallbemeasuredonthebasisoftheircarryingamountcombinedpartyintheconsolidatedfinancialstatementsofthefinalcontrolleronthecombiningdate.Asforthebalancebetweenthecarryingamountofcombinedparty’sownersequitiesintheconsolidatedfinancialstatementsofthefinalcontrollerandthecarryingamountoftheconsiderationpaidbyitorthetotalparvalueofthesharesissued),theadditionalpaid-incapitalshallbeadjusted.Iftheadditionalpaid-incapitalisnotsufficienttobeoffset,theretainedearningsshallbeadjusted.
2.AccountingProcessofBusinessCombinationsnotundertheSameControlTheCompanyshallrecognizethepositivebalancebetweenthecombinationcostsandthefairvalueoftheidentifiablenetassetsobtainedfromtheacquireeonpurchasedateasgoodwill.Ifthecombinationcostsarelessthanthefairvalueoftheidentifiablenetassetsobtainedfromtheacquire,theCompanyshallrecheckthevariousidentifiableassetsandliabilitiesobtainedfromtheacquire,fairvaluewithliabilities,andmeasurementofcombinationcosts.Ifthecombinationcostsarelessthanthefairvalueoftheidentifiablenetassetsobtainedfromtheacquireafterrecheck,theCompanyshalltherecordthebalanceintotheprofitandlossofthecurrentperiod.
6.MethodsforPreparingConsolidatedFinancialStatementsTheCompanyastheparentincludeditsallsubsidiariesintotheconsolidationscopeofconsolidatedfinancialstatements.BasedonthefinancialstatementsoftheCompanyastheparentanditssubsidiariesandotherrelatedmaterials,theconsolidatedfinancialstatementswerepreparedbytheCompanyastheparentaccordingtoAccountingStandardsforEnterprisesNo.33–ConsolidatedFinancialStatements.
7.ClassificationofJointarrangementsandAccountingTreatmentofJointOperations
1.Jointarrangementisclassifiedintojointoperationandjointventures.
2.WhentheCompanyisapartyofajointoperation,recognizethefollowingitemsrelatedtotheprofitsinthejointoperation:
(1)Recognizetheassetsheldindependently,andrecognizetheassetsheldjointlyintheholdingportion;
(2)Recognizetheliabilitiesborneindependently,andrecognizetheliabilitiesheldjointlyintheholdingportion;
(3)RecognizetherevenuegeneratedfromtheoutputportionofjointoperationsharedforsellingtheCompany;
(4)RecognizetherevenuegeneratedfromthesaleofassetsinjointoperationintheholdingportionoftheCompany;
(5)Recognizetheexpensesincurredindependently,andrecognizetheexpensesincurredinjointoperationintheholdingportionoftheCompany.
8.RecognitionStandardforCashandCashEquivalentsIntheCompany’sunderstanding,cashandcashequivalentsincludecashonhand,anydepositthatcanbeusedforcover,andshort-term(usuallyduewithin3monthssincethedayofpurchase)andhighcirculatinginvestments,whichareeasilyconvertibleintoknownamountofcashandwhoserisksinchangeofvalueareminimal.
9.ForeignCurrencyBusinessesandTranslationofForeignCurrencyFinancialStatements
(1)AccountingtreatmentsfortranslationofforeigncurrencybusinessAsforaforeigncurrencytransactioninitsinitialrecognition,theamountintheforeigncurrencyshallbetranslatedintotheamountintheRenminbiatthespotexchangerateofthetransactiondate.Onbalancesheetdate,theforeigncurrencymonetaryitemsshallbetranslatedasthespotexchangerateonthebalancesheetdate,thebalanceoccurredthereofshallberecordedintotheprofitsandlossesatthecurrentperiodexceptthatthebalanceofexchangearisingfromtheprincipalandinterestsofforeigncurrencyborrowingsforthepurchaseandconstructionorproductionofassetseligibleforcapitalization.Theforeigncurrencynon-monetaryitemsmeasuredatthehistoricalcostshallstillbetranslatedatthespotexchangerateonthetransactiondate,ofwhichtheamountoffunctionalcurrencyshallnotbechanged.Theforeigncurrencynon-monetaryitemsmeasuredatthefairvalueshallbetranslatedatthespotexchangerateontheconfirmingdateoffairvalue,ofwhichthebalanceofexchangeshallbeincludedintotheprofitand
lossofthecurrentperiodorothercomprehensiveincome.
(2)TranslationofforeigncurrencyfinancialstatementsTheassetandliabilityitemsinthebalancesheetsshallbetranslatedataspotexchangerateonthebalancesheetdate.Amongtheowner’sequityitems,exceptfortheitemsas“retainedearnings”,otheritemsshallbetranslatedatthespotexchangerateatthetimewhentheyareincurred.Theincomeandexpenseitemsintheincomestatementsshallbetranslatedattheapproximatespotexchangerateatthetimewhentheyareincurred.Thedifferencefromtranslationofforeigncurrencyfinancialstatementsthereofshallberecordedintoothercomprehensiveincome.
10.FinancialInstruments
1.ClassificationofFinancialAssetsandFinancialLiabilitiesFinancialassetsshallbeclassifiedintothefollowingthreecategorieswhentheyareinitiallyrecognized:(1)financialassetsmeasuredatamortizedcost;(2)financialassetsatfairvaluethroughothercomprehensiveincome;(3)financialassetsatfairvaluethroughprofitorloss.Financialliabilitiesshallbeclassifiedintothefollowingfourcategorieswhentheyareinitiallyrecognized:(1)financialliabilitiesatfairvaluethroughprofitorloss;(2)financialliabilitiesgeneratedfromtransferoffinancialassetsnotconformingtorequirementsofderecognitionorcontinuousinvolvementoftransferredfinancialassets;(3)financialguaranteecontractsnotbelongingtoabove(1)or(2),andloancommitmentsnotbelongingtoabove(1)andatlowerinterestratethanthemarketinterestrate;(4)financialliabilitiesmeasuredatamortizedcost.
2.RecognitionBasis,CalculationMethod,andTerminationofRecognitionofFinancialAssetsandLiabilities
(1)RecognitionbasisandinitialcalculationmethodoffinancialassetsandliabilitiesWhentheCompanybecomesapartytoafinancialinstrument,itshallrecognizeafinancialassetorfinancialliability.Thefinancialassetsandfinancialliabilitiesinitiallyrecognizedshallbemeasuredattheirfairvalues.Forthefinancialassetsandliabilitiesmeasuredattheirfairvaluesandofwhichthevariationisrecordedintotheprofitsandlossesofthecurrentperiod,thetransactionexpensesthereofshallbedirectlyrecordedintotheprofitsandlossesofthecurrentperiod;forothercategoriesoffinancialassetsandfinancialliabilities,thetransactionexpensesthereofshallbeincludedintotheinitiallyrecognizedamount.However,whentheaccountsreceivableinitiallyrecognizedbytheCompanydonotincludesignificantfinancingortheCompanydoesnotconsiderthefinancingincontractsnotoveroneyear,itshallbeinitiallycalculatedatthetransactionprice.
(2)Subsequentcalculationmethodoffinancialassets
1)FinancialassetsatamortizedcostTheCompanyshallmakesubsequentmeasurementonitsfinancialassetsatamortizedcostbyadoptingtheactualinterestratemethod.Thegainsorlossesgeneratedfromthefinancialassetsatamortizedcostandnotbelongingtoanyhedgingrelationshipshallberecordedintothecurrentprofitoflosswhendecognized,reclassified,amortizedwiththeactualinterestratemethodorrecognizingimpairments.InvestmentsindebtinstrumentsatfairvaluethroughothercomprehensiveincomeTheCompanyshallmakesubsequentmeasurementatfairvalue.Theinterestcalculatedbyadoptingtheactualinterestratemethod,impairmentlossesorprofitsandforeignexchangegainsshallberecordedintothecurrentprofitorloss,andotherprofitsorlossesshallberecordedintoothercomprehensiveincome.Whenderecognized,theaccumulativeprofitsorlossesthereoforiginallyrecordedintoothercomprehensiveincomeshallbetransferredoutandthenrecordedintothecurrentprofitorloss.InvestmentsinequityinstrumentsatfairvaluethroughothercomprehensiveincomeTheCompanyshallmakesubsequentmeasurementatfairvalue.Thedividendsobtained(excludethosebelongtorecoveryofinvestmentcost)shallberecordedintothecurrentprofitorloss,andothergainsorlossesrecordedintoothercomprehensiveincome.Whenderecognized,theaccumulativegainsorlossesthereoforiginallyrecordedintoothercomprehensiveincomeshallbetransferredoutandthenrecordedintotheretainedearnings.FinancialassetsatfairvaluethroughprofitorlossTheCompanyshallmakesubsequentmeasurementatfairvalue.Thegainsorlossesgenerated(includeinterestanddividendincome)
shallberecordedintothecurrentprofitorloss,unlessthefinancialassetisonepartofahedgingrelationship.SubsequentcalculationmethodoffinancialliabilitiesFinancialliabilitiesatfairvaluethroughprofitorlossSuchfinancialliabilitiesincludetradingfinancialliabilities(includederivativeinstrumentsbelongingtofinancialliabilities)andthosedesignatedasfinancialliabilitiesatfairvaluethroughprofitorloss.Forsuchfinancialliabilities,thesubsequentmeasurementshallbeconductedatfairvalue.TheamountofchangesinfairvalueofdesignatedfinancialliabilitiesatfairvaluethroughprofitorlossduetotheCompany’screditriskchangesshallberecordedintoothercomprehensiveincome,unlessthistreatmentwillresultinorenlargeaccountingmismatchoftheprofitorloss.Theothergainsorlossesgeneratedfromsuchfinancialliabilities(includinginterestexpense,changesoffairvaluenotcausedbytheCompany’screditriskchanges)shallberecordedintothecurrentprofitorloss,unlessthetheyareonepartofahedgingrelationship.Andwhenderecognized,theaccumulativegainsorlossesthereoforiginallyrecordedintoothercomprehensiveincomeshallbetransferredoutandthenrecordedintotheretainedearnings.FinancialliabilitiesgeneratedfromfinancialassetstransfernotconformingtoderecognitionconditionsorcontinuousinvolvementoftransferredfinancialassetsTheyshallbemeasuredinaccordancewithregulationsofAccountingStandardsforBusinessEnterprisesNo.23-TransferofFinancialAssetsfinancialguaranteecontractsnotbelongingtoabove(1)or(2),andloancommitmentsnotbelongingtoabove(1)andatlowerinterestratethanthemarketinterestrate;Thesubsequentmeasurementshallbeconductedaccordingtothehigherofthefollowingtwoamountsafterinitialrecognition:
①amountofallowanceforimpairmentsrecognizedinaccordancewiththeimpairmentprovisionsoffinancialinstruments;②theresidualofinitialrecognizedamountafterdeductedaccumulativeamortizedamountrecognizedasrelevantregulations.FinancialliabilitiesatamortizedcostTheCompanyshallmeasureatamortizedcostbyadoptingactualinterestratemethod.Thegainsorlossesgeneratedfromfinancialliabilitiesatamortizedcostandnotbelongingtoanyhedgingrelationshipshallberecordedintothecurrentprofitorlosswhenderecognizedoramortizedwithactualinterestratemethod.DerecognitionoffinancialassetsandfinancialliabilitiesDerecognizefinancialassetswhenmeetingoneofthefollowingconditions:
①Thecontractrightsforcollectingcashflowoffinancialassetshaveterminated;②FinancialassethasbeentransferredandthetransfermeetstheprovisionsofAccountingStandardsforBusinessEnterprisesNo.23-TransferofFinancialAssetsgoverningthederecognitionoffinancialassets.
2)Whenthecurrentobligationofthefinancialliability(orsomeofit)hasbeenrelieved,thefinancialliability(orsomeofit)shallbeaccordinglyderecognized.
3.RecognitionBasisandMeasurementofTransferofFinancialAssetsWheretheCompanyhastransferrednearlyalloftherisksandrewardsrelatedtotheownershipofthefinancialassettothetransferee,itshallstoprecognizingthefinancialassetandseparatelyrecognizetherightsandobligationsgeneratedretainedfromthetransferasassetsorliabilities.Ifitretainednearlyalloftherisksandrewardsrelatedtotheownershipofthefinancialasset,itshallcontinuetorecognizethetransferredfinancialasset.WheretheCompanydoesnottransferorretainnearlyalloftherisksandrewardsrelatedtotheownershipofafinancialasset,itshalldealwithitaccordingtothecircumstancesasfollows,respectively:(1)Ifitgivesupitscontroloverthefinancialasset,itshallstoprecognizingthefinancialassetandseparatelyrecognizetherightsandobligationsgeneratedretainedfromthetransferasassetsorliabilities;(2)Ifitdoesnotgiveupitscontroloverthefinancialasset,itshall,accordingtotheextentofitscontinuousinvolvementinthetransferredfinancialasset,recognizetherelatedfinancialassetandrecognizetherelevantliabilityaccordingly.Ifthetransferofanentirefinancialassetsatisfiestheconditionsforstoppingrecognition,thedifferencebetweentheamountsofthefollowing2itemsshallberecordedintheprofitsandlossesofthecurrentperiod:(1)Thecarryingvalueofthetransferredfinancialassetonthederecognitiondate;(2)Thesumofconsiderationreceivedfromthetransferoffinancialassets,andderecognitionamount
amongtheaccumulativeamountofthechangesofthefairvalueoriginallyrecordedintheothercomprehensiveincome(thefinancialassetsinvolvetransferareinvestmentsindebtinstrumentsatfairvaluethroughothercomprehensiveincome.Ifthetransferofpartialfinancialassetsatisfiestheconditionstostoptherecognition,theentirecarryingvalueofthetransferredfinancialassetshall,betweentheportionwhoserecognitionhasbeenstoppedandtheportionwhoserecognitionhasnotbeenstopped,beapportionedaccordingtotheirrespectiverelativefairvalueonthetransferdate,andthedifferencebetweentheamountsofthefollowingtwoitemsshallbeincludedintotheprofitsandlossesofthecurrentperiod:(1)Thecarryingvalueoftheportionwhoserecognitionhasbeenstopped;(2)Thesumofconsiderationoftheportionwhoserecognitionhasbeenstopped,andderecognitionamountamongtheaccumulativeamountofthechangesofthefairvalueoriginallyrecordedintheothercomprehensiveincome(thefinancialassetsinvolvetransferareinvestmentsindebtinstrumentsatfairvaluethroughothercomprehensiveincome.
4.RecognitionMethodofFinancialAssetsandFinancialLiabilities’FairValueTheCompanyadoptsthevaluationtechniquewithsufficientusefuldataandsupportedbyotherinformationwhichissuitableforthecurrentsituationtorecognizethefairvalueofrelatedfinancialassetsandliabilities.TheCompanyclassifiestheinputvalueusedinthevaluationtechniqueintothefollowinglevelsandusestheminsequence:
(1)Thefirstlevelofinputvalueisthenon-adjustableofferofthesameassetsorliabilitiesintheactivemarketonthecalculationdate;
(2)Thesecondlevelofinputvalueisthedirectlyorindirectlyobservableinputvalueofrelatedassetsorliabilitiesexcepttheinputvalueonthefirstlevel,including:offerofsimilarassetsorliabilitiesintheactivemarket;offerofidenticalorsimilarassetsorliabilitiesinthenon-activemarket;otherobservableinputvalueexceptoffer,includingtheobservableinterestrateduringtheintervalperiodofcommonoffer,profitratecurve,etc.;theinputvalueformarketverificationetc..
(3)Thethirdlevelofinputvalueisthenon-observableinputvalueofrelatedassetsorliabilities,includinginterestratesthatcannotbeobserveddirectlyorverifiedbythedataofobservablemarket,stockfluctuationrate,futurecashflowofthedisposalobligationborneincorporatemergers,financialforecastbasedonself-data,etc..
5.Impairmentoffinancialinstrument
(1)ImpairmentmeasurementandaccountinghandlingoffinancialinstrumentBasedonexpectedcreditloss,theCompanyconductsimpairmenthandlingandconfirmslossreserveforfinancialassetswhichismeasuredbyamortizedcost,debtinstrumentinvestmentwhichismeasuredbyfairvalueandwhosechangeiscalculatedintoothercomprehensiveprofits,accountsreceivableofrental,loancommitmentwhichisbeyondfinancialdebtclassifiedastheonewhichismeasuredbyfairvalueandwhosechangeiscalculatedintocurrentprofitsandlosses,financialdebtwhichdoesnotbelongtotheonewhichismeasuredbyfairvalueandwhosechangeiscalculatedintocurrentprofitsorlosses,orfinancialguaranteecontractoffinancialdebtwhichisformedwhenitdoesnotbelongtofinancialassettransferanddoesn’tconformtoconfirmationconditionofterminationorkeepsonbeinginvolvedintransferredfinancialasset.Expectedcreditlossreferstoweightedaverageofcreditlossoffinancialinstrumentwhichtakestheriskofcontractbreachoccurrenceastheweight.Creditlossreferstothedifferencebetweenallcontractcashflowwhichisconvertedintocashaccordingtoactualinterestrateandreceivableaccordingtocontractandallcashflowwhichtobechargedasexpected,i.e.currentvalueofallcashshortage.Amongit,asforfinancialassetpurchasedororiginalwhichhashadcreditimpairment,itshouldbeconvertedintocashaccordingactualinterestrateofthisfinancialassetaftercreditadjustment.Asforfinancialassetpurchasedororiginalwhichhashadcreditimpairment,theCompanyonlyconfirmscumulativechangeofexpectedcreditlosswithinthewholedurationafterinitialconfirmationonthebalancesheetdateaslossreserve.Asforaccountsreceivablewhichdon’tincludemajorfinancingcontentsortheCompanydoesnotconsiderfinancingcontentsincontractwhichislessthanoneyear,theCompanyappliessimplifiedmeasurementmethod,andmeasureslossreserveaccordingtoamountofexpectedcreditlosswithinthewholeduration.Asforaccountreceivableofrentalandaccountsreceivableincludingmajorfinancingcontents,theCompanyappliessimplifiedmeasurementmethod,andmeasurelossreserveaccordingtoamountofexpectedcreditlosswithinthewholeduration.Asforfinancialassetbeyondabovementionedmeasurementmethods,theCompanyevaluateswhetheritscreditriskhasincreased
obviouslysincetheinitialconfirmationoneachbalancesheetdate.Incasecreditriskhasincreasedobviously,theCompanymeasuresthelossreserveaccordingtoamountofexpectedcreditlosswithinthewholeduration;incasethecreditriskdoesnotincreaseobviously,theCompanymeasureslossreserveaccordingtotheamountofexpectedcreditlossinnext12months.Byutilizingobtainablerationalandwellgroundedinformation,includingforward-lookinginformation,comparingtheriskofcontractbreachonbalancesheetdateandriskofcontractbreachoninitialconfirmationdate,theCompanyconfirmswhetherthecreditriskoffinancialinstrumenthasincreasedobviouslyfrominitialconfirmation.Onbalancesheetdate,incasetheCompanyjudgesthatthefinancialinstrumentjusthasrelativelylowcreditrisk,thenitwillbeassumedthatcreditriskofthefinancialinstrumenthasnotincreasedobviously.Basedonsinglefinancialinstrumentorfinancialportfolio,theCompanyevaluatesexpectedcreditriskandmeasuresexpectedcreditloss.Whenbasedonfinancialinstrumentportfolio,theCompanytakescommonriskcharacteristicsasthebasis,anddividesfinancialinstrumentsintodifferentportfolios.TheCompanymeasuresexpectedcreditlossagainoneachbalancesheetdate,theincreaseoflossreserveoramountwhichistransferbackgeneratedbyitiscalculatedintocurrentprofitsandlossesasimpairmentprofitsorlosses.Asforfinancialassetwhichismeasuredbyamortizedcost,lossreserveoffsetsthecarryingvalueofthefinancialassetlistedinthebalancesheet;asfordebtinvestmentwhichismeasuredbyfairvalueandwhosechangeiscalculatedintoothercomprehensiveprofits,theCompanyconfirmsitslossreserveinothercomprehensiveprofitsanddoesnotoffsetthecarryingvalueofthefinancialasset.
(2)Financialinstrumentsassessingexpectedcreditriskbygroupsandmeasuringexpectedcreditlosses
| Item | Recognitionbasis | Methodofmeasuringexpectedcreditlosses |
| Otherreceivables-intercoursefundsamongrelatedpartygroupwithintheconsolidationscope | Accountsnature | Consultinghistoricalexperienceincreditlosses,combiningactualsituationandpredictionforfutureeconomicsituation,thegroup’sexpectedcreditlossrateshallbeaccountedthroughexposureatdefaultandtheexpectedcreditlossratewithinthenext12monthsortheentirelife |
| Otherreceivables-interestreceivablegroup | ||
| Otherreceivables-otherintercoursefundsamongrelatedpartygroup | ||
| Otherreceivables-creditriskcharacteristicsgroup | Aginggroup | Consultinghistoricalexperienceincreditlosses,combiningactualsituationandpredictionforfutureeconomicsituation,thegroup’sexpectedcreditlossrateshallbeaccountedthroughexposureatdefaultandtheexpectedcreditlossratewithinthenext12monthsortheentirelife |
(3)Accountsreceivablewithexpectedcreditlossesmeasuredbygroups①Specificgroupsandmethodofmeasuringexpectedcreditloss
| Item | Recognitionbasis | Methodofmeasuringexpectedcreditlosses |
| Bank’sacceptancebillsreceivable | Billtype | Consultinghistoricalexperienceincreditlosses,combiningactualsituationandpredictionforfutureeconomicsituation,thegroup’sexpectedcreditlossrateshallbeaccountedthroughexposureatdefaultandtheexpectedcreditlossratewithintheentirelife |
| Tradeacceptancebillsreceivable | ||
| Accountsreceivable-otherintercoursefundsamongrelatedpartygroup | Accountnature | Consultinghistoricalexperienceincreditlosses,combiningactualsituationandpredictionforfutureeconomicsituation,thegroup’sexpectedcreditlossrateshallbeaccountedthroughexposureatdefault |
| andtheexpectedcreditlossratewithintheentirelife | ||
| Accountsreceivable-creditriskcharacteristicsgroup | Aginggroup | Preparethecomparativelistbetweenagingofaccountsreceivableandexpectedcreditlossrateovertheentirelifebyconsultinghistoricalexperienceincreditlosses,combiningactualsituationandpredictionforfutureeconomicsituation |
②Accountsreceivable-thecomparativelistbetweenagingofcommoncustomergroupandexpectedcreditlossrateovertheentirelife
| Aging | Expectedcreditlossrateofaccountsreceivable(%) |
| Within1year(inclusive,thesamebelow) | 3.00 |
| 1to2years | 10.00 |
| 2to3years | 30.00 |
| 3to4years | 50.00 |
| 4to5years | 80.00 |
| Over5years | 100.00 |
6.OffsetbetweenfinancialassetandfinancialdebtFinancialassetandfinancialdebtarelistedinthebalancesheetseparatelyanddon’toffseteachother.However,whenthefollowingconditionsaremetatthesametime,theCompanywilllistthenetamountaftermutualoffsetinthebalancesheet:(1)TheCompanyhasthelegalrighttooffsettheconfirmedamount,andthelegalrightisexecutablecurrently;(2)TheCompanyplanstosettlebynetamount,ormonetizethefinancialassetandliquidatethefinancialdebtatthesametime.Forthosetransfersoffinancialassetsnotmeetingthederecognitionconditions,theCompanydoesnotoffsetthetransferredfinancialassetsandrelativeliabilities.
11.NotesReceivableRefertoNoteV10FinancialInstrumentsofthefinancialstatementsfordetails.
12.AccountsReceivableRefertoNoteV10FinancialInstrumentsofthefinancialstatementsfordetails.
13.AccountsReceivableFinancingNotapplicable.
14.OtherReceivablesRecognitionandaccountingtreatmentmethodsregardingexpectedcreditlossesofotherreceivablesRefertoNoteV10FinancialInstrumentsofthefinancialstatementsfordetails.
15.Inventory
(1)InventoriesClassificationInventoriesincludedevelopmentlandheldforsaleorconsumptionintheprocessofdevelopmentandoperation,developmentproducts,temporarilyleaseddevelopmentproductswhichintendedforsale,relocationhousing,stockmaterials,inventoryequipment,andlow-valueconsumables,etc.,aswellasdevelopmentcostsintheprocessofdevelopment.
(2)CostFlowAssumption
1)Send-outmaterialsshalladoptthemovingweightedaveragemethod.
2)Duringthedevelopmentoftheproject,thedevelopmentlandshallbeincludedinthedevelopmentcostoftheprojectbythefloorareaapportionofthedevelopedproducts.
3)Send-outdevelopedproductsshallbeaccountedbyspecificidentificationmethod.
4)ThetemporarilyleaseddevelopmentproductswhichintendedforsaleandrelocationhousingshallbeamortizedaveragelybystagesaccordingtotheexpectedusefullifeofthesamekindoffixedassetsoftheCompany.
5)Ifthepublicsupportingfacilitiesarecompletedearlierthantherelevantdevelopmentproducts,afterthefinalaccountofthepublicsupportingfacilities，itshallbeaccountintothedevelopmentcostoftherelevantdevelopmentprojectsaccordingtothebuildingarea;Ifthepublicsupportingfacilitiesarecompletedlaterthantherelevantdevelopmentproducts,therelevantdevelopmentproductsshallwithholdthepublicsupportingfacilitiesfees,andadjusttherelevantdevelopmentproductcostsaccordingtothedifferencebetweentheactualoccurrenceandthewithholdamountafterthecompletedpublicsupportingfacilities'finalaccounts.
(3)RecognitionbasisofNetRealizableValueofInventoryOnthebalancesheetdate,inventoryshallbemeasuredatthelowerofcostornetrealizablevalue,andprovisionshallbemadeforfallingpriceofinventoriesonthegroundofthedifferencebetweenthecostofeachitemofinventoriesandthenetrealizablevalue.Inventoriesdirectlyforsale,undernormalproducingprocess,totheamountafterdeductingtheestimatedsaleexpenseandrelevanttaxesfromtheestimatedsellpriceoftheinventory,thenetrealizablevaluehasbeenrecognized;inventorieswhichneedtobeprocessed,undernormalproducingprocess,totheamountafterdeductingtheestimatedcostofcompletion,estimatedsaleexpenseandrelevanttaxesfromtheestimatedsalepriceofproducedfinishedgoods,thenetrealizablevaluehasbeenrecognized;onthebalancesheetdate,inthesameitemofinventories,ifsomehavecontractualpriceagreementwhileothersdonot,thenetrealizablevalueshallberecognizedrespectivelyandcomparedwiththeircost,andtheamountofprovisionwithdrawalorreversalforfallingpriceofinventoriesshallberecognizedrespectively.
(4)InventorySystemforInventoriesInventorysystem:Perpetualinventorysystem
(5)AmortizationMethodoftheLow-valueConsumptionGoodsandPackingArticles
1)Low-valueConsumptionGoodsOne-offamortizationmethod
2)PackingArticlesOne-offamortizationmethod
16.ContractAssetsTheCompanypresentscontractassetsorcontractliabilitiesonthebalancesheetaccordingtotherelationshipbetweenthefulfillmentofitscontractperformanceobligationsanditscustomers’payment.ConsiderationsthattheCompanyhastherighttocollectforcommoditiestransferredorservicesprovidedtocustomers(exceptforaccountsreceivable)arepresentedascontractassets.Forcontractassetsthatdonotcontainsignificantfinancingcomponents,theCompanyusesthesimplifiedmodelofexpectedcreditloss,measuringthelossprovisionaccordingtoanamountthatisequivalenttotheamountofexpectedcreditlossoftheentireduration.Theincreasedlossprovisionorreversedamountthereofshallberecordedintothecurrentprofitorlossasimpairmentlossesorgains.Forcontractassetsthatcontainsignificantfinancingcomponents,theCompanyhasmadetheaccountingpolicychoiceandselectedthesimplifiedmodelofexpectedcreditloss,measuringthelossprovisionaccordingtoanamountthatisequivalenttotheamountofexpectedcreditlossoftheentireduration.Theincreasedlossprovisionorreversedamountthereofshallberecordedintothecurrentprofitorlossasimpairmentlossesorgains.
17.ContractCostsContractcostscomprisecontractperformancecostandcontractacquisitioncost.ThecostincurredbytheCompanyfromperformingacontractisrecognizedintoanassetascontractperformancecostwhenitmeetsthefollowingconditions:
Thiscostdirectlyrelatestoanexistingcontractoracontractexpectedtobeacquired.Itconsistsofdirectlabor,directmaterials,manufacturecosts(orsimilarcosts),costsspecifiedtobebornebythecustomerandothercostsincurredfromthiscontractsolely.
ThiscosthasincreasedtheCompany’ssourcesthatareusedtofulfillitscontractperformanceobligationsinthefuture.Thiscostisexpectedtoberecovered.AnincrementalcostthatisincurredbytheCompanyforacquiringacontractandexpectedtoberecoveredisrecognizedintoanassetascontractacquisitioncost.However,forsuchassetwithanamortizationperiodoflessthanoneyear,theCompanyrecognizesthemintocurrentprofit/lossattheiroccurrence.Assetsrelatedtocontractcostsareamortizedonthesamebasisforrecognizingtherevenuefromcommoditiesorservicesrelatedtosuchassets.Whenthecarryingvalueofanassetrelatedtocontractcostsishigherthanthedifferencebetweenthefollowingtwoitems,theCompanywillwithdrawimpairmentprovisionfortheexceededpartandrecognizeitasassetimpairmentloss:
Residualconsiderationexpectedtobegainedfromtransferringcommoditiesandservicesrelatedtothisasset;Costsexpectedtobeincurredfromtransferringsuchcommoditiesorservices.Whentheaforementionedassetimpairmentprovisionisreversedlater,thecarryingvalueoftheassetafterthereversalshouldnotexceeditscarryingvalueonthereversaldateundertheassumptionofnowithdrawalofimpairmentprovision.
18.AssetsHeldforSaleTheCompanydividesitscomponents(ornon-currentassets)meetingthefollowingconditionsintoavailableforsaleassets:(1)Assetscanbesoldimmediatelyunderthecurrentconditionsaccordingtothepracticeofsellingsuchassetsordisposalgroupsinsimilartransactions;(2)Thesaleislikelytooccur,andaresolutionhasbeenmadeonasaleplanandafirmpurchasecommitmentisobtained(afirmpurchasecommitmentreferstoalegallybindingpurchaseagreementsignedbetweenanenterpriseandotherparties,whichcontainsimportanttermssuchastransactionprice,timeandseverepenaltyforbreachofcontracttominimizethepossibilityofmajoradjustmentorcancellationoftheagreement.Thesaleisexpectedtobecompletedwithinayear.Ithasbeenapprovedbyrelevantauthoritiesorregulatoryauthoritiesaccordingtorelevantregulations.TheCompanyadjuststheestimatednetresidualvalueofavailableforsaleassetstothenetamountofitsfairvalueminusthesellingexpenses(whichshallnotexceedtheoriginalbookvalueoftheassetsavailableforsale).Thedifferencebetweentheoriginalbookvalueandtheadjustedestimatednetresidualvalueshallbeincludedinthecurrentprofitandlossasthelossofassetimpairment,andprovisionsforimpairmentofassetsavailableforsaleshallbemade.Fortheamountofimpairmentlossofdisposalgroupavailableforsalerecognized,thebookvalueofgoodwillofthedisposalgroupshallbeoffsetfirst,andthenthebookvalueofdisposalgroupshallbeoffsetinproportionaccordingtotheshareofthebookvalueofnon-currentassetsinthedisposalgroupmeasuredaccordingtothisStandard.Whenthenetamountoffairvalueofnon-currentassetsavailableforsaleminusthesellingexpensesincreasesonthesubsequentbalancesheetdate,theamountpreviouslywrittendownshallberestoredandreversedwithintheamountofassetimpairmentlossrecognizedafterbeingclassifiedasavailableforsaleassets,andthereversedamountshallbeincludedinthecurrentprofitsandlosses.Theimpairmentlossofassetsrecognizedbeforebeingclassifiedasavailableforsaleassetsshallnotbereversed.Whenthenetamountoffairvalueofdisposalgroupavailableforsaleminusthesellingexpensesincreasesonthesubsequentbalancesheetdate,theamountpreviouslywrittendownshallberestoredandreversedwithintheamountofassetimpairmentlossrecognizedasnon-currentassetsinthedisposalgroupmeasuredaccordingtothisStandardafterbeingclassifiedintothecategoriesavailableforsaleassets,andthereversedamountshallbeincludedinthecurrentprofitsandlosses.Thebookvalueofgoodwillthathasbeenoffsetandtheimpairmentlossofnon-currentassetsmeasuredaccordingtothisStandardshallnotbereversedbeforetheyareclassifiedasavailableforsaleassets.Thesubsequentreversalamountofassetimpairmentlossrecognizedasdisposalgroupavailableforsaleshallbeincreasedinproportiontotheshareofthebookvalueofnon-currentassetsinthedisposalgroup,exceptgoodwill,whicharemeasuredaccordingtothisStandard.Incasethatanenterpriselosesitscontroloverasubsidiaryduetosaleofitsinvestmentinthesubsidiary,theinvestmentinthesubsidiarytobesoldshallbedividedintotheavailableforsalecategoryinindividualfinancialstatementoftheparentcompanywhentheproposedinvestmentinthesubsidiarymeetstheconditionsforclassificationofavailableforsalecategory,andallassetsandliabilitiesofthesubsidiaryshallbeclassifiedintoavailableforsale
categoryintheconsolidatedfinancialstatements,nomatterwhethertheenterpriseretainspartofequityinvestmentafterthesale.
19.InvestmentsinDebtObligationsNotapplicable.
20.InvestmentsinotherDebtObligationsNotapplicable.
21.Long-termReceivableNotapplicable.
22.Long-termEquityInvestments
1.JudgmentofJointControlandSignificantInfluencesTheterm"jointcontrol"referstothejointcontroloveranarrangementinaccordancewiththerelatedagreements,whichdoesnotexistunlesstheparticipantssharingthecontrolpoweragreewitheachotherabouttherelatedarrangedactivity.Theterm"significantinfluences"referstothepowertoparticipateinmakingdecisionsonthefinancialandoperatingpoliciesofanenterprise,butnottocontrolordojointcontroltogetherwithotherpartiesovertheformulationofthesepolicies.
2.RecognitionofInvestmentCost
(1)Ifthebusinesscombinationisunderthecommoncontrolandtheacquirerobtainslong-termequityinvestmentintheconsiderationofcash,non-monetaryassetexchange,bearingacquiree’sliabilities,ortheissuanceofequitysecurities,theinitialcostisthecarryingamountoftheproportionoftheacquiree’sowner’sequityattheacquisitiondate.Thedifferencebetweentheinitialcostofthelong-termequityinvestmentandthecarryingamountofthepaidcombinationorthetotalamountoftheissuedsharesshouldbeadjustedtocapitalsurplus.Ifthecapitalsurplusisnotsufficientforadjustment,retainedearningsareadjustedrespectively.Whenalong-termequityinvestmentisformedfromthebusinesscombinationundercommoncontrolthroughtheCompany’smultipletransactionsstepbystep,thetreatmentshallbecarriedoutbasedonwhetherthetransactionsconstitutethe“packagedeal”.Iftheydo,theaccountingtreatmentshallbecarriedoutonthebasisofassumingalltransactionsasonetransactionwiththeacquisitionofcontrol.Iftheydonot,theinitialinvestmentcostshallbetheportionofthecarryingvalueofacquiree’snetassetsentitledintheconsolidatedfinancialstatementsofthefinalcontrolleraftertheconsolidation.Thedifferencebetweentheinitialinvestmentcostofthelong-termequityinvestmentonthecombinationdateandthecarryingvalueoftheinvestmentbeforethecombinationplusthecarryingvalueofthenewly-paidconsiderationfortheacquisitionofthesharesontheconsolidationdateshallbeadjustedtocapitalreserve;ifthecapitalreserveisinsufficientfortheadjustment,retainedearningsshouldbeadjustedaccordingly.
(2)Forthoseformedfromthebusinesscombinationunderdifferentcontrol,theinitialinvestmentcostisthefairvalueofthecombinationconsiderationpaidontheacquisitiondate.Whenalong-termequityinvestmentisformedfromthebusinesscombinationunderdifferentcontrolthroughtheCompany’smultipletransactionsstepbystep,theaccountingtreatmentshallbecarriedoutbasedonwhetherthefinancialstatementsareindividualorconsolidated:
1)Inindividualfinancialstatements,theinitialinvestmentcostaccountedincostmethodisthesumofthecarryingvalueoftheequityinvestmentoriginallyheldandthecostofnewinvestment.
2)Inconsolidatefinancialstatements,judgewhetherthetransactionsconstitutethe“packagedeal”.Iftheydo,theaccountingtreatmentshallbecarriedoutonthebasisofassumingalltransactionsasonetransactionwiththeacquisitionofcontrol.Iftheydonot,fortheacquiree’sequityheldbeforetheacquisitiondate,re-measurementshallbecarriedoutaccordingtothefairvalueoftheequityontheacquisitiondateandthedifferencebetweenthefairvalueandthecarryingvalueshallberecordedintocurrentinvestmentincome;iftheacquiree’sequityheldbeforetheacquisitiondateinvolvesothercomprehensiveincomeaccountedinequitymethod,othercomprehensiveincomerelatedtoitshallbetransferredintotheincomefortheperiodinwhichtheacquisitiondatefalls,withtheexceptionoftheothercomprehensiveincomesoccurredbecauseofthechangesofnetliabilitiesornetassetsof
thedefinedbenefitpensionplansbere-measuredforsettingbytheinvestees.
3)Forthoseformedotherthanfrombusinesscombination:Iftheyareacquiredincashpayment,theinitialinvestmentcostisthepurchasepriceactuallypaid;iftheyareacquiredintheissueofequitysecurities,theinitialinvestmentcostisthefairvalueoftheissuedequitysecurities;iftheyareacquiredindebtrestructuring,theinitialinvestmentcostshallberecognizedaccordingtotheAccountingStandardsforEnterprisesNo.12-DebtRestructuring;iftheyareacquiredintheexchangeofnon-monetaryassets,theinitialinvestmentshallberecognizedaccordingtotheAccountingStandardsforEnterprisesNo.7-ExchangeofNon-MonetaryAssets.
3.MethodofsubsequentmeasurementandrecognitionofprofitsandlossesLong-termequityinvestmentwithcontroloverinvesteesshallbeaccountedincostmethod;long-termequityinvestmentonassociatedenterprisesandjointventuresshallbeaccountedinequitymethod.
4.Methodoftreatingthedisposaloftheinvestmentinasubsidiarystembystepthroughmultipletransactionsuntilthelossofthecontrollingright
(1)IndividualfinancialstatementsForthedisposedequity,thedifferencebetweenitsfairvalueandtheactuallyobtainedpriceshallberecordedintocurrentprofitsorlosses.Fortheresidualequity,thepartthatstillhassignificanteffectsoninvesteesorwithcommoncontroljointlywithotherpartiesshallbeaccountedinequitymethod;thepartthathasnomorecontrol,commoncontrolorsignificanteffectsoninvesteesshallbeaccountedinaccordancewiththerelevantregulationoftheAccountingStandardsforEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments.
(2)Consolidatedfinancialstatements
1)Forthedisposaloftheinvestmentinsubsidiariesstepbystepuntilthelossofthecontrollingrightthroughmultipletransactions,whichdonotconstitutethe“packagedeal”Beforethelossofthecontrollingright,forthebalancebetweenthedisposalremunerationandthesharesofnetassetsinthesubsidiariesthathavebeencalculatedsincetheacquisitiondateorcombinationdatecorrespondingtothedisposaloflong-termequityinvestment,capitalreserve(capitalpremium)shallbeadjusted,andifthecapitalpremiumisnotsufficientforthewrite-down,theretainedearningsshallbewrittendown.Atthelossofthecontrollingrightovertheoriginalsubsidiaries,theresidualequityshallbere-measuredatitsfairvalueonthedateoflosingthecontrollingright.Thedifferencebetweentheconsiderationobtainedintheequitydisposal,plusthefairvalueoftheremainingequities,lesstheCompany’sshareofnetassetsenjoyedoftheformersubsidiarythathasbeencalculatedsincetheacquisitiondateorcombinationdateaccordingtotheformershareholdingratio,shallberecordedintotheinvestmentgainsfortheperiodwhenthecontrolceases;meanwhile,goodwillshallbewrittendown.Othercomprehensiveincomerelatedtoformersubsidiary'sequityinvestmentshallbetransferredintocurrentinvestmentincomewhenthecontrolceases.
2)Forthedisposaloftheinvestmentinsubsidiariesstepbystepuntilthelossofthecontrollingrightthroughmultipletransactions,whichconstitutethe“packagedeal”Theaccountingtreatmentshallbecarriedoutonthebasisofconsideringeachtransactionasatransactionofdisposingthesubsidiaryandlosingcontrol.However,beforelosingcontrol,thedifferencebetweeneachdisposalpricebeforelosingthecontrol,andthecorrespondingnetassetsshareenjoyedofsubsidiarywhendisposinglong-termequityinvestment,shallberecognizedasothercomprehensiveincomeintheconsolidatedfinancialstatementsandwhenthecontrolceases,transferredintocurrentprofitsorlossesoftheperiodoflosingcontrol.
(5)ImpairmenttestmethodandimpairmentprovisionmethodWhenthereisobjectiveevidenceindicatingimpairmentoftheinvestmentinsubsidiaries,jointventuresandcooperativeenterprisesonthebalancesheetdate,correspondingprovisionforimpairmentshallbemadeaccordingtothedifferencebetweenthebookvalueandrecoverableamount.
23.InvestmentPropertyMeasurementmodeofinvestmentrealestates
MeasurementofcostmethodDepreciationoramortizationmethod
1.Theterm"investmentrealestate"includestherighttouseanylandwhichhasalreadybeenrented,therighttouseanylandwhichisheldandpreparedfortransferafterappreciation,andtherighttouseanybuildingwhichhasalreadybeenrented.
2.TheCompanyinitiallymeasurestheinvestmentpropertyaccordingtothecosts,andadoptsthecostmethodinthesubsequentmeasurementofinvestmentproperty,andadoptsthesamemethodswithfixedassetsandintangibleassetstowithdrawdepreciationoramortization.Whenthereisanyindicationofimpairmentofinvestmentpropertyonthebalancesheetdate,correspondingprovisionforimpairmentshallbemadeaccordingtothedifferencebetweenthebookvalueandrecoverableamount.
24.FixedAssets
(1)RecognizedStandardofFixedAssetsTheterm"fixedassets"referstothetangibleassetsthatsimultaneouslypossessthefeaturesasfollows:theyareheldforthesakeofproducingcommodities,renderinglaborservice,rentingorbusinessmanagement;andtheirusefullifeisinexcessofonefiscalyear.Nofixedassetmayberecognizedunlessitsimultaneouslymeetstheconditionsasfollows:(1)Theeconomicbenefitsarelikelytoflowintotheenterprise;(2)Thecostofthefixedassetcanbemeasuredreliably.
(2)DepreciationMethod
| Category | Depreciationmethod | Usefullife(year) | Expectednetsalvagevalue | Annualdeprecation |
| Housesandbuildings | Straight-linedepreciation | 20-25 | 5-10 | 3.6-4.75 |
| Transportation | Straight-linedepreciation | 5 | 5 | 19 |
| Otherequipment | Straight-linedepreciation | 5 | 5 | 19 |
| Machineryequipment | Straight-linedepreciation | 5 | 5 | 19 |
| Decorationoffixedassets | Straight-linedepreciation | 5 | 0 | 20 |
(3)RecognitionBasis,PricingandDepreciationMethodofFixedAssetsbyFinanceLeaseNotapplicable.
25.ConstructioninProgress
1.Noconstructioninprogressmayberecognizedunlessitsimultaneouslymeetstheconditionsasfollows:(1)Theeconomicbenefitsarelikelytoflowintotheenterprise;(2)Thecostofthefixedassetcanbemeasuredreliably.Constructioninprogressshallbemeasuredaccordingtotheoccurredactualcostsbeforetheassetsavailablefortheintendeduse.
2.Whentheconstructioninprogressisavailablefortheintendeduse,itshallbetransferredtofixedassetsaccordingtotheactualcostoftheproject.Forconstructioninprogressavailablefortheintendedusebutnotdealingwithfinalaccountsofcompletedproject,itshallbetransferredtofixedassetsaccordingtotheestimatedvaluefirst,andthenadjustoriginaltemporarilyestimatedvaluebasedontheactualcostsafterthefinalaccountsofcompletedproject,butnotadjustthedepreciationthatwasalreadycalculated.
26.BorrowingCosts
1.RecognitionPrincipleofCapitalizationofBorrowingCostsWheretheborrowingcostsincurredtotheCompanycanbedirectlyattributabletotheacquisitionandconstructionorproductionofassetseligibleforcapitalization,itshallbecapitalizedandrecordedintothecostsofrelevantassets.Otherborrowingcostsshallberecognizedasexpenseswhenitoccurred,andshallberecordedintothecurrentprofitsandlosses.
2.CapitalizationPeriodofBorrowingsCosts
(1)Theborrowingcostsshallnotbecapitalizedunlesstheysimultaneouslymeetthefollowingrequirements:1)Theassetdisbursementshavealreadyincurred;2)Theborrowingcostshavealreadyincurred;3)Theacquisitionandconstructionorproductionactivitieswhicharenecessarytopreparetheassetforitsintendeduseorsalehavealreadystarted.
(2)Wheretheacquisitionandconstructionorproductionofaqualifiedassetisinterruptedabnormallyandtheinterruptionperiodlastsformorethan3months,thecapitalizationoftheborrowingcostsshallbesuspended.Theborrowingcostsincurredduringsuchperiodshallberecognizedasexpenses,andshallberecordedintotheprofitsandlossesofthecurrentperiod,tilltheacquisitionandconstructionorproductionoftheassetrestarts.
(3)Whentheacquisitionandconstructionorproductionofaqualifiedasseteligibleforcapitalizationareavailableforitsintendeduseorsale,thecapitalizationofborrowingcostsshallbestopped.
3.CapitalizedrateandamountofborrowingcostsTotheextentthatfundsareborrowedspecificallyforthepurposeofacquiringorconstructingaqualifyingasset,theamountofborrowingcostseligibleforcapitalizationonthatassetisdeterminedastheactualinterestcosts(includingamortizationofdiscountandpremiumconfirmedaccordingtoeffectiveinterestmethod)incurredonthatborrowingduringtheperiodlessanyinvestmentincomeonthetemporaryinvestmentoftheborrowing.Totheextentthatfundsareborrowedgenerallyandusedforthepurposeofacquiringorconstructingaqualifyingasset,theamountofborrowingcostseligibleforcapitalizationshallbedeterminedbyapplyingacapitalizationratetotheweightedaverageofexcessofaccumulatedexpendituresonqualifyingassetoverthatonspecificpurposeborrowing.
27.BiologicalAssetsNotapplicable.
28.OilandGasAssetsNotapplicable.
29.Right-of-useAssetsNotapplicable.
30.IntangibleAssets
(1)PricingMethod,UsefulLifeandImpairmentTest
1.Intangibleassetsincluderighttouselandsites,userightofsoftwareetc.andconducttheinitialmeasurementaccordingtothecosts.
2.Withregardtointangibleassetswithlimitedservicelife,itshallbeamortizedsystematicallyandreasonablywithintheirservicelifeaccordingtotheexpectedimplementationofeconomicinterestsrelatedtotheintangibleassets.Ifitcan’trecognizetheexpectedimplementationreliably,itshallbeamortizedbystraight-linemethod.Thespecificusefullivesareasfollows:
| Items | Usefullifeforamortization(years) |
| Userightoflands | Statutorylifeoflanduseright |
| Userightofsoftware | 5 |
Theintangibleassetswithuncertainservicelifeshallnotbeamortized,andtheCompanyrecheckstheservicelifeoftheintangible
assetsineveryaccountingperiod.Forintangibleassetswithuncertainservice,therecognitionbasisiswithoutcertainservicelifeandexpectedbenefitlife.
3.Forintangibleassetswithdefiniteservicelife,whenthereisanyindicationofimpairmentonthebalancesheetdate,correspondingprovisionforimpairmentshallbemadeaccordingtothedifferencebetweenthebookvalueandrecoverableamount;forintangibleassetswithuncertainservicelifeandthosenotreadyforservice,impairmenttestshallbeconductedeveryyearnomatterwhetherthereisanyindicationofimpairment.
(2)AccountingPoliciesofInternalR&DExpensesNotapplicable.
31.ImpairmentofLong-termAssetsForlong-termassets,suchaslong-termequityinvestment,investmentpropertymeasuredbycostmodel,fixedassets,constructioninprogress,andintangibleassetswithlimitedservicelife,theCompanyshallestimatetherecoverableamountiftherearesignsofimpairmentonbalancesheetdate.Forintangibleassetswithuncertaingoodwillorservicelifeformedbyenterprisecombination,whetherornotthereissignofimpairment,impairmenttestshallbeconductedeveryyear.Goodwillcombinationanditsrelatedassetsgrouporcombinationofassetsgroupshallbeconductedtheimpairmenttest.Iftherecoverableamountoftheabove-mentionedlong-termassetsislowerthanitscarryingvalue,itshallmakethepreparationforassetsimpairmentbasedonitsbalanceandberecordedintocurrentprofitsandlosses.
32.Long-termPrepaidExpensesLong-termdeferredexpensesrefertogeneralexpenseswiththeamortizedperiodoveroneyear(oneyearexcluded)thathaveoccurred.Long-termprepaidexpenseshallberecordedintotheaccountaccordingtotheactualaccrual.Long-termprepaidexpenseshallbeamortizedaveragelywithinbenefitperiodorspecifiedperiod.Incaseofnobenefitinthefutureaccountingperiod,theamortizedvalueofsuchprojectthatfailstobeamortizedshallbetransferredintotheprofitsandlossesofthecurrentperiod.
33.ContractLiabilitiesTheCompanypresentscontractassetsorcontractliabilitiesonthebalancesheetaccordingtotherelationshipbetweenthefulfillmentofitscontractperformanceobligationsanditscustomers’payment.ObligationstobefulfilledbytheCompanyoftransferringcommoditiesorprovidingservicestocustomers,astheCompanyhasreceivedorshouldreceivecustomers’considerations,arepresentedascontractliabilities.
34.Payroll
(1)AccountingTreatmentofShort-termCompensationDuringtheaccountingperiodwhentheemployeesprovidingtheservicefortheCompany,theactualshort-termcompensationshallberecognizedasliabilities,andberecordedintothecurrentprofitsandlossesorrelatedassetscosts.
(2)AccountingTreatmentoftheWelfareafterDemissionTheCompany'swelfareafterdemissionplansisdividedintodefinedcontributionplansanddefinedbenefitplans(1)DuringtheaccountingperiodwhentheemployeeprovidingservicefortheCompany,theamountpaidinlinewiththesettingdrawingplanwillberecognizedasliabilitiesandrecordedintocurrentprofitsorlossesorcostofrelevantassets.
(2)Theaccountingtreatmentofdefinedbenefitplansusuallyconsistsofthefollowingsteps:
1)Accordingtotheexpectedcumulativewelfareunitmethod,adoptunbiasedandmutuallyconsistentactuarialassumptionstoevaluaterelateddemographicvariablesandfinancialvariables,measuretheobligationsgeneratedfromdefinedbenefitplansandrecognizetheperiodinrespectofrelatedobligations.Meanwhile,discounttheobligationsgeneratedfromdefinedbenefitplanstorecognizetheirpresentvalueandthecurrentservicecosts;
2)Ifthereareanyassetsinadefinedbenefitplan,thedeficitorsurplusformedfromthepresentvalueofthedefinedbenefitplanobligationslessthefairvalueofthedefinedbenefitplanassetsshallberecognizedasnetliabilitiesornetassetsofadefinedbenefit
plan.Ifthereisanysurplusinadefinedbenefitplan,thenetassetsoftheplanshallbemeasuredatthelowerofthesurplusortheupperassetlimit;
3)Attheendoftheperiod,thestaffremunerationcostsgeneratedfromadefinedbenefitplanshallberecognizedasservicescosts,netinterestsofthenetliabilitiesornetassetsoftheplanandchangesfromthere-measurementofthenetliabilitiesornetassetsoftheplan.Servicecostsandnetinterestsofthenetliabilitiesornetassetsoftheplanshallberecordedintothecurrentprofitsorlossesorrelatedassetcosts,whilechangesfromthere-measurementofthenetliabilitiesornetassetsoftheplanshallberecordedintoothercomprehensiveincomeandshallnotbetransferredbacktoprofitsorlossesinsubsequentaccountingperiods.Buttheamountsrecognizedinothercomprehensiveincomemaybetransferredwithintheequityscope.
(3)AccountingTreatmentofDemissionWelfare
WhentheCompanyisunabletounilaterallywithdrawtheplanonthecancellationoflaborrelationshiporthelayoffproposal,orwhenrecognizingthecostsorexpenses(theearlieronebetweenthetwo)relatedtothereorganizationofpayingthedemissionwelfare,shouldrecognizethepayrollliabilitiesfromthedemissionwelfareandincludeinthecurrentgainsandlosses.
(4)AccountingTreatmentofOtherWelfareoftheLong-termEmployees
TheCompanyprovidestheotherlong-termemployeebenefitsfortheemployees,andforthosemetwiththedefinedcontributionplans,accountingtreatmentshouldbeconductedaccordingtotherelatedregulationsofthedefinedcontributionplans;thefortheotherslong-termemployeebenefitsexceptfortheformer,accountingtreatmentshouldbeconductedaccordingtotherelatedregulationsofthedefinedbenefitplans.Inordertosimplifytherelatedaccountingtreatment,thepayrollsshallberecognizedasservicecosts,thenetamountofinterestofnetliabilitiesandnetassetsofotherwelfareofthelong-termemployees.Thetotalnetamountsmadeupfromthechangesofmeasuringthenetliabilitiesandnetassetsofotherwelfareofthelong-termemployeesagainshallberecordedintothecurrentprofitsandlossesorrelatedassetscosts.
35.LeaseLiabilitiesNotapplicable.
36.Provisions
1.Theobligationsuchasexternalguaranty,litigationorarbitration,productqualityassurance,losscontract,pertinenttoacontingenciesshallberecognizedastheprovisionswhenthefollowingconditionsaresatisfiedsimultaneously:①Thatobligationisacurrentobligationoftheenterprise;②Itislikelytocauseanyeconomicbenefittoflowoutoftheenterpriseasaresultofperformanceoftheobligation;and③Theamountoftheobligationcanbemeasuredinareliableway.
2.TheCompanyshallconducttheinitialmeasurementtoprovisionsaccordingtothebestestimatenumberneededforperformingtherelatedcurrentobligationandrecheckthecarryingvalueofaccruedliabilitiesonbalancesheetdate.
37.Share-basedPaymentNotapplicable.
38.OtherFinancialInstrumentssuchasPreferenceSharesandPerpetualBondsNotapplicable.
39.RevenueTheAccountingPolicyAdoptedforRecognitionandMeasurementofRevenue
(1)RecognitionofrevenueTheCompanygainsrevenuemainlyfrompropertysales,propertymanagementandpropertyleasing(referto42.Leasingformoredetail).TheCompanyrecognizesrevenuewhenithasfulfilledtheobligationofcontractperformance,namely,whenithasacquiredthecontroloftherelatedcommodity.Theacquisitionofcontroloveracommodityreferstothecapacitytocontroltheuseofthecommodityandtogainalmostalleconomicintereststhereof.
(2)TheCompanyjudgeswhetheracontractperformanceobligationis“acontractperformanceobligationfulfilledinatime
period”or“acontractperformanceobligationfulfilledatatimepoint”accordingtothetermsinrevenuestandards,andrecognizesrevenueaccordingtothefollowingprinciples.WhentheCompanymeetsoneofthefollowingconditions,theobligationshouldbeclassifiedasacontractperformanceobligationfulfilledinaspecifictimeperiod:
ThecustomergainsandconsumestheeconomicinterestsbroughtbytheCompany’scontractperformancewhentheCompanyperformsthecontract.ThecustomerisabletocontroltheassetsinprogressduringtheCompany’scontractperformance.TheassetsproducedduringtheCompany’scontractperformancehaveirreplaceableuse,andtheCompanyhastherighttocollectpaymentinrespectofitscompletedcontractperformanceaccumulatedasofnowthroughouttheentirecontractperiod.Foracontractperformanceobligationfulfilledinatimeperiod,theCompanyrecognizesrevenueaccordingtotheprogresstowardscontractcompletioninthatperiod,butexcludingthecasewhensuchprogresscannotbereasonablydetermined.TheCompanyusestheoutputorinputmethodtodeterminetherightprogresstowardscontractcompletionbyconsideringthenatureofthecommodity.Foronethatisclassifiedasacontractperformanceobligationfulfilledatatimepointinsteadofinatimeperiod,theCompanyrecognizesrevenuewhenthecustomeracquiresthecontrolovertherelatedcommodity.Injudgingwhetherthecustomerhasacquiredthecontroloveracommodity,theCompanyconsidersthefollowingsigns:
TheCompanyisentitledtothecurrentrightofpaymentcollectioninrespectofthecommodity.Inotherwords,thecustomerhasthecurrentobligationtopayforthecommodity.TheCompanyhastransferredthelegalownershipofthecommoditytothecustomer.Inotherwords,thecustomerhasownedthelegalownershipofthecommodity.TheCompanyhastransferredthephysicalcommoditytothecustomer.Inotherwords,thecustomerhastakenphysicalpossessionofthecommodity.TheCompanyhastransferredthemajorrisksandremunerationsinrespectoftheownershipofthecommodity.Inotherwords,thecustomerhasacquiredthemajorrisksandremunerationsinrespectoftheownershipofthecommodity.Thecustomerhasacceptedthecommodity.Othersignsindicatingthatthecustomerhasacquiredcontroloverthecommodity.
3)SpecificpoliciesoftheCompanyforrecognizingrevenue:
(1)RealEstateSalesContractsTherealizationofsalesrevenueshallberecognizedunderthefollowingconditions:thedevelopedproductshavebeencompletedandaccepted,thesalescontracthasbeensignedandtheobligationsstipulatedinthecontracthavebeenfulfilled,themainrisksandrewardsofownershipofthedevelopedproductshavebeentransferredtothebuyeratthesametime,theCompanyshallnolongerretainthecontinuousmanagementrightsnormallyassociatedwithownershipandeffectivelycontrolthesolddevelopedproducts,therevenueamountcanbemeasuredreliably,therelatedeconomicbenefitsarelikelytoflowin,andtherelatedcoststhathaveoccurredorwilloccurcanbemeasuredreliably.Forthesaleofself-occupiedhousing,therealizationofsalesincomeshallberecognizedunderthefollowingconditions:themainrisksandrewardsofownershipofself-occupiedhousesaretransferredtothebuyer,theCompanywillnolongerretainthecontinuousmanagementrightsnormallyassociatedwithownershipandeffectivelycontrolthesolddevelopmentproducts,theamountofincomecanbemeasuredreliably,relevanteconomicbenefitsarelikelytoflowin,therelevantcoststhathaveoccurredorwilloccurcanbemeasuredreliably.Onlyrecognizingthesalesincomerealizationunderthefollowingconditions:acquiredtherealestatecompletedandacceptedasqualified(thecompletionandacceptancereports),signedanirreversiblesalescontract,obtainedthebuyer'spaymentcertificate(forthosewhochosebankmortgage,thefirstinstallmentandthefullamountofbankmortgagemustberequired;forthosewhodidnotchoosethebankmortgagetomaketheirpayment,thefullhousepaymentmustberequired)issuedthenoticeofrepossession(iftheownerfailstogothroughtheformalitiesintimewithinthespecifiedtimelimitthebuildingshallbedeemedasrepossessed).
(2)ProvidingLaborServices
Iftheprovisionoflaborservicescanbereliablyestimated(allthefollowingconditionsaremet:
①Theamountofincomecanbemeasuredreliably;②TherelevanteconomicbenefitsarelikelytoinflowtotheCompany;③Theprogressofthetransactioncanbereliablydetermined;④Thecostincurredandtobeincurredinthetransactioncanbemeasuredreliably),itshallrecognizetherevenuefromprovidingservicesemployingthepercentage-of-completionmethod,andconfirmthecompletionoflaborserviceaccordingtothecostsincurredasapercentageofthetotalestimatedcosts.IftheCompanycan’t,onthedateofthebalancesheet,reliablyestimatetheoutcomeofatransactionconcerningthelaborservicesitprovides,itshallbehandledunderthefollowingconditions:Ifthecostoflaborservicesincurredisexpectedtobecompensated,therevenuefromtheprovidingoflaborservicesshallberecognizedinaccordancewiththeamountofthecostoflaborservicesincurred,andthecostoflaborservicesshallbecarriedforwardatthesameamount;Ifthecostoflaborservicesincurredisnotexpectedtocompensate,thecostincurredshouldbeincludedinthecurrentprofitsandlosses,andnorevenuefromtheprovidingoflaborservicesmayberecognized.Propertymanagementrevenueshallberecognizedwhenpropertymanagementserviceshavebeenprovided,economicbenefitsrelatedtopropertymanagementservicescanflowintotheenterprise,andcostsrelatedtopropertymanagementcanbereliablymeasured.
(3)TransferringtheRighttoUseAssetsTherevenueoftransferringtherighttouseassetsmaynotberecognizedunlessthefollowingconditionsarebothmet:therelevanteconomicbenefitsarelikelytoinflowtotheCompany;andtherevenuecanbereliablymeasured.TheinterestincomeshallberecognizedaccordingtothetimeandactualinterestrateinwhichotherpeopleusetheCompany’smonetaryfunds.Royaltyrevenueshallberecognizedaccordingtothechargeabletimeandmethodstipulatedinrelatedcontractsandagreements.Accordingtotheleasedateandleaseamountagreedintheleasecontractandagreement,therealizationofrentalpropertyincomeshallberecognizedwhenrelevanteconomicbenefitsarelikelytoflowin.
(4)OtherBusinessIncomeAccordingtothestipulationsofrelevantcontractsandagreements,whentheeconomicbenefitsrelatedtothetransactioncanflowintotheenterpriseandthecostsrelatedtotheincomecanbereliablymeasured,therealizationofotherbusinessincomeshallbeconfirmed.
(3)MeasurementofRevenueTheCompanyshouldmeasurerevenueaccordingtothetransactionpricesapportionedtoeachoftheindividualcontractperformanceobligations.Indeterminingatransactionprice,theCompanyconsiderstheimpactofanumberoffactors,includingvariableconsideration,significantfinancingcomponentsincontracts,non-cashconsideration,andconsiderationpayabletocustomers.VariableconsiderationTheCompanydeterminesthebestestimateofvariableconsiderationaccordingtotheexpectedvalueortheamountmostlikelytooccur.Butatransactionpricecontainingvariableconsiderationshouldnotexceedtheamountfromtheaccumulatedrecognizedrevenuethatwillprobablynothaveanysignificantreversalwhenrelateduncertaintiesareeliminated.Whenassessingwhetherthesignificantreversalofaccumulatedrecognizedrevenueisalmostimpossibleornot,acompanyshouldconcurrentlyconsiderthepossibilityandweightoftherevenuereversal.SignificantfinancingcomponentWhenacontractcontainsanyfinancingcomponent,theCompanyshoulddeterminethetransactionpriceaccordingtotheamountpayablethatisassumedtobepaidincashbythecustomerwhenitacquirescontroloverthecommodity.Thedifferencebetweenthetransactionpriceandthecontractconsiderationshouldbeamortizedintheeffectiveinterestmethodduringthecontractperiod.Non-cashconsiderationWhenacustomerpaysnon-cashconsideration,theCompanyshoulddeterminethetransactionpriceaccordingtothefairvalueofthenon-cashconsideration.Whensuchfairvaluecannotbereasonablyestimated,theCompanywillindirectlydeterminethetransactionpricebyreferencetotheindividualpricecommittedbytheCompanyfortransferringthecommoditytothecustomer.ConsiderationpayabletoacustomerForconsiderationpayabletoacustomer,theCompanyshoulddeductthetransactionpricefromtheconsiderationpayable,and
deducttherevenueforthecurrentperiodateithertherecognitionofrelatedrevenueorthepayment(orcommittedpayment)oftheconsiderationtothecustomer,whicheverisearlier,butexcludingthecaseinwhichtheconsiderationpayabletothecustomerisforthepurposeofacquiringfromthecustomerothercommoditiesthatcanbeobviouslydistinguished.IftheCompany’sconsiderationpayabletoacustomerisforthepurposeofacquiringfromthecustomerothercommoditiesthatcanbeobviouslydistinguished,theCompanyshouldconfirmthecommoditypurchasedinthesamewayasinitsotherpurchases.WhentheCompany’sconsiderationpayabletoacustomerexceedsthefairvalueofthecommoditythatcanbeobviouslydistinguished,theexceededamountshouldbeusedtodeductthetransactionprice.Ifthefairvalueofthecommodityacquiredfromthecustomerthatcanbeobviouslydistinguishedcannotbereasonablyestimated,theCompanyshoulddeductthetransactionpricefromtheconsiderationpayabletothecustomer.DifferencesinaccountingpoliciesfortherecognitionofrevenuecausedbydifferentbusinessmodelsforthesametypeofbusinessNotapplicable.
40.GovernmentGrants
1.Ifthegovernmentsubsidiesmeetwiththefollowingconditionsatthesame,itshouldberecognized:(1)Theentitywillcomplywiththeconditionattachingtothem;(2)Thegrantswillbereceivedfromgovernment.Ifagovernmentsubsidyisamonetaryasset,itshallbemeasuredaccordingtotheamountreceivedorreceivable.Ifagovernmentsubsidyisanon-monetaryasset,itshallbemeasuredatitsfairvalue,andshallbemeasuredatanominalamountwhenthefairvaluecannotbeobtainedreliably.
2.JudgmentbasisandaccountingmethodsofgovernmentsubsidiesrelatedtoassetsThegovernmentsubsidiesthatareacquiredforconstructionorformlong-termassetsinotherwaysaccordingtogovernmentdocumentsshallbedefinedasasset-relatedgovernmentsubsidies.Forthosenotspecifiedingovernmentdocuments,thejudgmentshallbemadebasedonthecompulsoryfundamentalconditionsforacquiringthesubsidies.Ifthesubsidiesareacquiredwithconstructionortheformationoflong-termassetsinotherwaysasfundamentalconditions,theyshallberecognizedasasset-relatedgovernmentsubsidies.Forasset-relatedgovernmentsubsidies,thecarryingvalueofrelatedassetsshallbewrittendownorrecognizedasdeferredincome.Ifasset-relatedgovernmentsubsidiesarerecognizedasdeferredincome,itshallberecordedintoprofitsorlossesbyperiodinareasonableandsystemicmannerwithinthelifeofrelatedassets.Governmentsubsidiesmeasuredatthenominalamountshallbedirectlyrecordedintocurrentprofitsorlosses.Ifrelatedassetsaresold,transferred,disposedofordestroyedbeforetheendoftheirlife,theundistributedbalanceofrelateddeferredincomeshallbetransferredintotheprofitsorlossesfortheperiodoftheassetdisposal.
3.Judgmentbasisandaccountingtreatmentofprofits-relatedgovernmentsubsidiesGovernmentsubsidiesotherthanasset-relatedgovernmentsubsidiesshallbedefinedasprofits-relatedgovernmentsubsidies.Forgovernmentsubsidiesconsistingofbothasset-relatedpartsandprofits-relatedparts,whicharedifficulttojudgewhethertheyarerelatedtoassetsorprofits,theentiretyshallbeclassifiedasprofits-relatedgovernmentsubsidies.Profits-relatedgovernmentsubsidiesthatareusedtocompensatetherelatedfutureexpensesorlossesshallberecognizedasdeferredincomeandshallbeincludedintothecurrentprofit/lossesduringtheperiodwhentherelevantexpensesorlossesarerecognized;thosesubsidiesusedtocompensatetherelatedexpensesorlossesincurredshallbedirectlyincludedintothecurrentprofits/losses.
4.GovernmentsubsidiesrelatedtotheCompany’sroutineoperatingactivitiesshallbeincludedintootherincomeorwritedownrelatedcostsaccordingtotheeconomicbusinessnature.GovernmentsubsidiesnotrelatedtotheCompany’sroutineactivitiesshallbeincludedintonon-operatingincomeandexpenditure.
41.DeferredIncomeTaxAssets/DeferredIncomeTaxLiabilities
1.Inaccordancewiththebalance(theitemnotrecognizedasassetsandliabilitiescanconfirmtheirtaxbasesaccordingtothetaxlaw,thebalancebetweenthetaxbasesanditscarryingamount)betweenthecarryingamountofassetsorliabilitiesandtheirtaxbases,deferredtaxassetsanddeferredtaxliabilitiesshouldberecognizedatthetaxratesthatareexpectedtoapplytotheperiodwhentheassetisrealizedortheliabilityissettled.
2.Adeferredtaxassetshallberecognizedwithinthelimitoftaxableincomethatislikelytobeobtainedtooffsetthedeductibletemporarydifferences.Atthebalancesheetdate,wherethereisstrongevidenceshowingthatsufficienttaxableprofitwillbeavailableagainstwhichthedeductibletemporarydifferencecanbeutilized,thedeferredtaxassetunrecognizedinpriorperiodshallberecognized.
3.TheCompanyassessesthecarryingamountofdeferredtaxassetatthebalancesheetdate.Ifit’sprobablethatsufficienttaxableprofitwillnotbeavailableagainstwhichthedeductibletemporarydifferencecanbeutilized,theCompanyshallwritedownthecarryingamountofdeferredtaxasset,orreversetheamountwrittendownlaterwhenit’sprobablethatsufficienttaxableprofitwillbeavailable.
4.ThecurrentincometaxanddeferredincometaxoftheCompanyarerecordedintothecurrentgainsandlossesasincometaxexpensesorrevenue,exceptinthefollowingcircumstances:(1)Businesscombination;(2)Thetransactionoreventdirectlyincludedinowner’equity.
42.Lease
(1)AccountingTreatmentofOperatingLeaseAsaLessee,theCompanyshallrecordtherentintorelevantassetscostorrecognizeitasthecurrentprofitorlossonastraight-linebasisovertheleaseterm.Theinitialdirectcostsincurredshallberecognizedasthecurrentprofitorloss;Contingentrentsshallbechargedintothecurrentprofitorlosswhentheyareincurred.WhentheCompanyactsaslessor,rentsshallberecognizedasthecurrentprofitandlossaccordingtostraight-linemethodineachperiodoftheleaseterm.Initialdirectexpensesincurredshallbedirectlyincludedinthecurrentprofitandloss,exceptforthosewithlargeamountwhicharecapitalizedandincludedintheprofitandlossbystages.Contingentrentsshallbeincludedinthecurrentprofitsandlosseswhentheyactuallyincur.
(2)AccountingTreatmentsofFinancialLeaseForthelessee,afixedassetacquiredunderfinanceleaseshallbevaluedatthelowerofthefairvalueoftheleasedassetandthepresentvalueoftheminimumleasepaymentsattheinceptionoflease.Theminimumleasepaymentsastheenteringvalueinlong-termaccountpayable,thedifferenceasunrecognizedfinancingcharges;theinitialdirectcostsshallbedirectlyrecordedintoleasingassetvalue.Ateachperiodduringtheleaseterm,theeffectiveinterestratemethodshallbeadoptedtocalculateandconfirmthecurrentfinancingcharge.Ontheinitialdateoffinanciallease,lesseeofthefinancialleaseshallrecordthesumoftheminimumleasepaymentsandinitialdirectcostsasthefinancingleaseaccountsreceivable,andalsorecordthenon-guaranteedresidualvalue;recognizethedifferencebetweenthetotalminimumleasepayments,initialdirectcosts,non-guaranteedresidualvalueandsumofthepresentvalueastheunrealizedfinancingincome;Ateachperiodduringtheleaseterm,theeffectiveinterestratemethodshallbeadoptedtocalculateandconfirmthecurrentfinancingincome.
43.OtherImportantAccountingPoliciesandAccountingEstimations
(1)ConfirmationstandardandaccountinghandlingmethodforoperationterminationComponentswhichmeetoneofthefollowingconditions,havebeendisposedordividedasheldforsalecategoryandcanbedistinguishedseparatelyareconfirmedasoperationtermination.
1)Thecomponentrepresentsoneimportantindependentmainbusinessoronesinglemainoperationarea.
2)Thecomponentisonepartofarelatedplanwhichplanstodisposeoneindependentmainbusinessoronesinglemainoperationarea.
3)Thecomponentisasubsidiarywhichisobtainedforresalespecially.
(2)AccountingMethodforMaintenancefundandQualityDeposit
1)MaintenancefundaccountingmethodAccordingtothelocalrelevantregulationsofthedevelopmentproject,themaintenancefundshallcollectfromthebuyers,orwithdrawfromthedevelopmentcostsoftheCompany’srelevantdevelopmentproductswhendevelopmentproductssell(pre-sell),
andshalluniformlyturnthemovertothemaintenancefundmanagementdepartment.
2)QualitydepositaccountingmethodThequalityguaranteefundshallbereservedfromtheprojectfundoftheconstructionunitaccordingtotheprovisionsoftheconstructioncontract.Maintenancefeesincurredduringthewarrantyperiodofthedevelopedproductsshallbeoffsetagainstthequalityguaranteedeposit;Aftertheexpirationofthewarrantyperiodagreeduponinthedevelopmentofproducts,thebalanceofthequalityguaranteedepositshallbereturnedtotheconstructionunit.
(3)SegmentalreportTheGrouprecognizestheoperatingsegmentsaccordingtotheinternalorganizationstructure,themanagementrequirementsandtheinternalreportsystem.OperatingsegmentsrefertothecomposepartsoftheGroupwhichmeetwiththefollowingconditionsatthesametime:
thecomposepartcouldcauserevenuesandexpensesinthedailyactivities;themanagementlayercouldperiodicallyevaluatetheoperationresultsofthecomposepartandbasewhichtodistributetheresourcesandevaluatetheperformance;
3)theGroupcouldacquiretherelevantaccountinginformationofthefinancialconditions,operationresultsandthecashflowsofthecomposepartthroughanalysis.
44.ChangesinMainAccountingPoliciesandEstimates
(1)ChangeofAccountingPolicies
√Applicable□Notapplicable
1.TheCompanyhasadoptedtheprovisionsofAccountingStandardforBusinessEnterprisesNo.14–Revenue(CK[2017]No.22)sinceJanuary1,2020.Accordingtocumulativeeffects,theCompanyadjustedretainedearningsatthebeginningoftheyearandotherrelevantitemsinthefinancialstatements,withoutadjustmentofanyinformationofthecomparableperiod.Theimpactofaccountingpolicychangesincludes:
| Contentsofchangesinaccountingpoliciesandreasonsthereof | Itemsandamountsoffinancialstatementsaffected |
| Considerationpaidbycustomersbeforethedeliveryofgoodsislistedas“contractliabilities”inaccordancewiththenewstandardforincome,andtaxincludedislistedas“othercurrentliabilities”. | Intheconsolidatedbalancesheeton1January2020,“Advancesfromcustomers”areRMB516,988.76,“Contractliabilities”areRMB690,543,580.95and“Othercurrentliabilities”areRMB37,125,462.92;InthebalancesheetoftheCompanyastheParenton1Januray2020,“Advancesfromcustomers”areRMB320,469.53,“Contractliabilities”areRMB0.00and“Othercurrentliabilities”areRMB0.00. |
| Therighttoreceiveconsiderationforgoodsorservicesthathavebeentransferredtocustomers(whichdependsonotherfactorsotherthantime)islistedas“contractassets”inaccordancewiththenewstandardforincome. | Intheconsolidatedbalancesheeton1January2020,“Contractassets”areRMB0.00;InthebalancesheetoftheCompanyastheParenton1Januray2020,“Contractassets”areRMB0.00. |
| Incrementalcost(suchassalescommission)incurredforcontractacquisitionisrecognizedasanassetascostofcontractacquisition,andlistedascostofcontractacquisitionin“othercurrentassets”or“other | Intheconsolidatedbalancesheeton1January2020,“Othercurrentassets”areRMB0.00and |
| non-currentassets”inaccordancewiththenewstandardforincome.However,iftheamortizationofassetiswithinoneyear,itcanbeincludedinthecurrentprofitandlosswhenitoccurs. | “Othernon-currentassets”areRMB0.00;InthebalancesheetoftheCompanyastheParenton1Januray2020,“Othercurrentassets”areRMB0.00and“Othernon-currentassets”areRMB0.00. |
TheCompanyadoptssimpletreatmentmethodtoincludesalescommissionwithamortizationperiodwithinoneyearinthecurrentprofitandlosswhenitoccurs.Theamortizationperiodofsalescommissionin2019iswithinoneyear.
(2)ChangesinAccountingEstimates
□Applicable√Notapplicable
(3)AdjustmentstotheFinancialStatementsattheBeginningoftheFirstExecutionYearofanyNewStandardsGoverningRevenueorLeasessince2020ApplicableWhetheritemsofbalancesheetsatthebeginningoftheyearneedtobeadjusted
√Yes□NoConsolidatedbalancesheet
Unit:RMB
| Item | 31December2019 | 1January2020 | Adjustment |
| Currentassets: | |||
| Monetaryassets | 3,297,890,935.91 | 3,297,890,935.91 | |
| Settlementreserve | |||
| Interbankloansgranted | |||
| Held-for-tradingfinancialassets | |||
| Derivativefinancialassets | |||
| Notesreceivable | |||
| Accountsreceivable | 216,923,663.25 | 216,923,663.25 | |
| Accountsreceivablefinancing | |||
| Prepayments | 69,546,774.17 | 69,546,774.17 | |
| Premiumsreceivable | |||
| Reinsurancereceivables | |||
| Receivablereinsurancecontractreserve | |||
| Otherreceivables | 917,981,165.74 | 917,981,165.74 | |
| Including:Interestreceivable | |||
| Dividends |
| receivable | ||
| Financialassetspurchasedunderresaleagreements | ||
| Inventories | 4,913,510,876.66 | 4,913,510,876.66 |
| Contractassets | ||
| Assetsheldforsale | ||
| Currentportionofnon-currentassets | ||
| Othercurrentassets | 42,500,585.94 | 42,500,585.94 |
| Totalcurrentassets | 9,458,354,001.67 | 9,458,354,001.67 |
| Non-currentassets: | ||
| Loansandadvancestocustomers | ||
| Investmentsindebtobligations | ||
| Investmentsinotherdebtobligations | ||
| Long-termreceivables | ||
| Long-termequityinvestments | 45,076,122.72 | 45,076,122.72 |
| Investmentsinotherequityinstruments | 1,580,475.86 | 1,580,475.86 |
| Othernon-currentfinancialassets | ||
| Investmentproperty | 503,323,428.61 | 503,323,428.61 |
| Fixedassets | 93,557,782.83 | 93,557,782.83 |
| Constructioninprogress | ||
| Productivelivingassets | ||
| Oilandgasassets | ||
| Right-of-useassets | ||
| Intangibleassets | 700,369.66 | 700,369.66 |
| Developmentcosts | ||
| Goodwill | ||
| Long-termprepaidexpense | 7,034,472.79 | 7,034,472.79 |
| Deferredincometaxassets | 658,153,122.73 | 658,153,122.73 |
| Othernon-currentassets | 4,711,963.66 | 4,711,963.66 | |
| Totalnon-currentassets | 1,314,137,738.86 | 1,314,137,738.86 | |
| Totalassets | 10,772,491,740.53 | 10,772,491,740.53 | |
| Currentliabilities: | |||
| Short-termborrowings | |||
| Borrowingsfromthecentralbank | |||
| Interbankloansobtained | |||
| Held-for-tradingfinancialliabilities | |||
| Derivativefinancialliabilities | |||
| Notespayable | |||
| Accountspayable | 577,689,139.10 | 577,689,139.10 | |
| Advancesfromcustomers | 728,186,032.63 | 516,988.76 | -727,669,043.87 |
| Contractliabilities | 690,543,580.95 | 690,543,580.95 | |
| Financialassetssoldunderrepurchaseagreements | |||
| Customerdepositsandinterbankdeposits | |||
| Payablesforactingtradingofsecurities | |||
| Payablesforunderwritingofsecurities | |||
| Employeebenefitspayable | 143,493,868.80 | 143,493,868.80 | |
| Taxespayable | 2,598,283,291.68 | 2,598,283,291.68 | |
| Otherpayables | 1,149,104,928.85 | 1,149,104,928.85 | |
| Including:Interestpayable | |||
| Dividendspayable | 12,202,676.04 | 12,202,676.04 | |
| Handlingchargesandcommissionspayable | |||
| Reinsurancepayables | |||
| Liabilitiesdirectlyassociatedwithassetsheld |
| forsale | |||
| Currentportionofnon-currentliabilities | 3,921,032.24 | 3,921,032.24 | |
| Othercurrentliabilities | 37,125,462.92 | 37,125,462.92 | |
| Totalcurrentliabilities | 5,200,678,293.30 | 5,200,678,293.30 | |
| Non-currentliabilities: | |||
| Insurancecontractreserve | |||
| Long-termborrowings | 2,193,833,000.00 | 2,193,833,000.00 | |
| Bondspayable | |||
| Including:Preferredshares | |||
| Perpetualbonds | |||
| Leaseliabilities | |||
| Long-termpayables | |||
| Long-termemployeebenefitspayable | |||
| Provisions | 2,903,327.87 | 2,903,327.87 | |
| Deferredincome | 341,259.63 | 341,259.63 | |
| Deferredincometaxliabilities | 3,821.08 | 3,821.08 | |
| Othernon-currentliabilities | 108,164,737.46 | 108,164,737.46 | |
| Totalnon-currentliabilities | 2,305,246,146.04 | 2,305,246,146.04 | |
| Totalliabilities | 7,505,924,439.34 | 7,505,924,439.34 | |
| Owners’equity: | |||
| Sharecapital | 595,979,092.00 | 595,979,092.00 | |
| Otherequityinstruments | |||
| Including:Preferredshares | |||
| Perpetualbonds | |||
| Capitalreserves | 80,488,045.38 | 80,488,045.38 | |
| Less:Treasurystock | |||
| Othercomprehensiveincome | -2,698,371.44 | -2,698,371.44 | |
| Specificreserve | |||
| Surplusreserves | 17,060,448.05 | 17,060,448.05 | |
| Generalreserve |
| Retainedearnings | 2,457,119,795.39 | 2,457,119,795.39 |
| TotalequityattributabletoownersoftheCompanyastheparent | 3,147,949,009.38 | 3,147,949,009.38 |
| Non-controllinginterests | 118,618,291.81 | 118,618,291.81 |
| Totalowners’equity | 3,266,567,301.19 | 3,266,567,301.19 |
| Totalliabilitiesandowners’equity | 10,772,491,740.53 | 10,772,491,740.53 |
NotestotheadjustmentsAllaboveadjustmentsarecausedbyimplementingthenewstandardsgoverningfinancialinstruments.
1.InfluenceofimplementingthenewstandardsgoverningrevenueontheCompany’sfinancialstatementson1January2020isasfollows:
| Item | Balancesheet | ||
| 31December2019 | Influenced | 1January2020 | |
| Advancesfromcustomers | 728,186,032.63 | -727,669,043.87 | 516,988.76 |
| Contractliabilities | 690,543,580.95 | 690,543,580.95 | |
| Othercurrentliabilities | 37,125,462.92 | 37,125,462.92 | |
BalancesheetoftheCompanyastheparent
Unit:RMB
| Item | 31December2019 | 1January2020 | Adjustment |
| Currentassets: | |||
| Monetaryassets | 2,455,001,204.14 | 2,455,001,204.14 | |
| Held-for-tradingfinancialassets | |||
| Derivativefinancialassets | |||
| Notesreceivable | |||
| Accountsreceivable | 755,932.14 | 755,932.14 | |
| Accountsreceivablefinancing | |||
| Prepayments | 496,729.09 | 496,729.09 | |
| Otherreceivables | 501,082,153.81 | 501,082,153.81 | |
| Including:Interestreceivable | |||
| Dividendsreceivable | |||
| Inventories | 624,499,208.02 | 624,499,208.02 | |
| Contractassets |
| Assetsheldforsale | ||
| Currentportionofnon-currentassets | ||
| Othercurrentassets | 1,113,935.28 | 1,113,935.28 |
| Totalcurrentassets | 3,582,949,162.48 | 3,582,949,162.48 |
| Non-currentassets: | ||
| Investmentsindebtobligations | ||
| Investmentsinotherdebtobligations | ||
| Long-termreceivables | ||
| Long-termequityinvestments | 1,070,542,003.11 | 1,070,542,003.11 |
| Investmentsinotherequityinstruments | 1,810,975.86 | 1,810,975.86 |
| Othernon-currentfinancialassets | ||
| Investmentproperty | 312,638,785.76 | 312,638,785.76 |
| Fixedassets | 26,337,488.29 | 26,337,488.29 |
| Constructioninprogress | ||
| Productivelivingassets | ||
| Oilandgasassets | ||
| Right-of-useassets | ||
| Intangibleassets | ||
| Developmentcosts | ||
| Goodwill | ||
| Long-termprepaidexpense | 605,416.29 | 605,416.29 |
| Deferredincometaxassets | 343,958,821.07 | 343,958,821.07 |
| Othernon-currentassets | 1,613,657,031.92 | 1,613,657,031.92 |
| Totalnon-currentassets | 3,369,550,522.30 | 3,369,550,522.30 |
| Totalassets | 6,952,499,684.78 | 6,952,499,684.78 |
| Currentliabilities: | ||
| Short-termborrowings | ||
| Held-for-tradingfinancialliabilities |
| Derivativefinancialliabilities | ||
| Notespayable | ||
| Accountspayable | 64,503,938.37 | 64,503,938.37 |
| Advancesfromcustomers | 320,469.53 | 320,469.53 |
| Contractliabilities | ||
| Employeebenefitspayable | 36,735,205.68 | 36,735,205.68 |
| Taxespayable | 1,322,751,671.37 | 1,322,751,671.37 |
| Otherpayables | 3,146,684,268.89 | 3,146,684,268.89 |
| Including:Interestpayable | ||
| Dividendspayable | 29,642.40 | 29,642.40 |
| Liabilitiesdirectlyassociatedwithassetsheldforsale | ||
| Currentportionofnon-currentliabilities | ||
| Othercurrentliabilities | ||
| Totalcurrentliabilities | 4,570,995,553.84 | 4,570,995,553.84 |
| Non-currentliabilities: | ||
| Long-termborrowings | ||
| Bondspayable | ||
| Including:Preferredshares | ||
| Perpetualbonds | ||
| Leaseliabilities | ||
| Long-termpayables | ||
| Long-termemployeebenefitspayable | ||
| Provisions | ||
| Deferredincome | ||
| Deferredincometaxliabilities | ||
| Othernon-currentliabilities | 40,000,000.00 | 40,000,000.00 |
| Totalnon-currentliabilities | 40,000,000.00 | 40,000,000.00 |
| Totalliabilities | 4,610,995,553.84 | 4,610,995,553.84 |
| Owners’equity: | ||
| Sharecapital | 595,979,092.00 | 595,979,092.00 |
| Otherequityinstruments | ||
| Including:Preferredshares | ||
| Perpetualbonds | ||
| Capitalreserves | 53,876,380.11 | 53,876,380.11 |
| Less:Treasurystock | ||
| Othercomprehensiveincome | -2,051,268.24 | -2,051,268.24 |
| Specificreserve | ||
| Surplusreserves | 16,403,637.61 | 16,403,637.61 |
| Retainedearnings | 1,677,296,289.46 | 1,677,296,289.46 |
| Totalowners’equity | 2,341,504,130.94 | 2,341,504,130.94 |
| Totalliabilitiesandowners’equity | 6,952,499,684.78 | 6,952,499,684.78 |
Notestotheadjustments
(4)RetroactiveAdjustmentstoComparativeDataofPriorYearswhenFirstExecutionofanyNewStandardsGoverningRevenueorLeasessince2020
□Applicable√Notapplicable
45.OtherIntheNoteofthefinancialstatements,thedataoftheperiod-beginningreferstothefinancialstatementdataon1January2020;thedataoftheperiod-endreferstothefinancialstatementdataon31December2020;theReportingPeriodreferstothe2020;thesameperiodoflastyearreferstothe2019.ThesametotheCompanyastheparent.VITaxes
1.MainTaxesandTaxRates
| Categoryoftaxes | Taxbasis | Taxrate |
| VAT | Salesofgoodsorprovisionoftaxableservices | [Note1] |
| Urbanmaintenanceandconstructiontax | Turnovertaxpayable | Appliedto7%,5%,1%separatelyaccordingtotheregionallevel |
| Enterpriseincometax | Taxableincome | 25%、20%、15%、16.5%[Note2] |
| VATofland | Addedvaluegeneratedfrompaidtransferoftheuserightofstate-ownedlandsandpropertyrightofabove-ground | 30%-60% |
| buildingsandotherattachments | ||
| Realestatetax | Leviedaccordingtoprice:paidaccordingto1.2%oftheresidualvalueoftherealestate’soriginalvalueafterdeducted30%atonce;leviedaccordingtolease:paidaccordingto12%oftherentalincome | 1.2%、12% |
| Educationsurcharge | Turnovertaxpayable | 3% |
| Localeducationsurcharge | Turnovertaxpayable | 2% |
Notesofthedisclosuresituationofthetaxpayingbodieswithdifferententerprisesincometaxrate
| Name | Incometaxrate |
| ChongqingShenzhenInternationalTradeCenterPropertyManagementCo.,Ltd. | 15% |
| ShenzhenSZPRDHousingAssetsOperationandManagementCo.,Ltd. | 20% |
| ShenzhenGuomaoCateringCo.,Ltd. | 20% |
| ShenzhenPropertyEngineeringandConstructionSupervisionCo.,Ltd. | 20% |
| ShenzhenJulianHumanResourcesDevelopmentCo.,Ltd. | 20% |
| ShenzhenHuazhengpengPropertyManagementDevelopmentCo.,Ltd. | 20% |
| ShenzhenJinhailianPropertyManagementCo.,Ltd. | 20% |
| ShenzhenZhongtongdaHouseXiushanServiceCo.,Ltd. | 20% |
| ShenzhenKangpingIndustryCo.,Ltd. | 20% |
| ShenzhenTeacherFamilyTrainingCo.,Ltd. | 20% |
| ShenzhenEducationIndustryCo.,Ltd. | 20% |
| ShenzhenYufaIndustryCo.,Ltd. | 20% |
| ChongqingAoboElevatorCo.,Ltd. | 20% |
| SubsidiariesregisteredinHongKongarea | 16.50% |
| Othertaxpayingbodieswithintheconsolidatedscope | 25% |
2.TaxPreference[Note2]:AccordingtotheregulationsofNo.2,PropertyServiceofNo.37,CommercialServiceamongtheencouragingcategoryoftheGuidanceCatalogueofIndustryStructureAdjustment(Y2011),thewesternindustrymetwiththeconditionsshouldbecollectedthecorporateincometaxaccordingto15%ofthetaxrate.ThesubsidiaryoftheGroupChongqingShenzhenInternationalTradeCenterPropertyManagementCo.,Ltd.appliestoabovepolicy.AccordingtotheStateAdministrationofTaxationNoticeontheImplementationofInclusiveTaxReliefPolicyforSmallandMicro
Enterprises(Fiscal[2019]No.13),from1January2019,to31December2021,theportionoftheannualtaxableincomeofsmallandmicroenterprisesthatdoesnotexceedRMB1millionshallbeincludedinthetaxableincomeatareducedrateof25%,andtheenterpriseincometaxshallbepaidatataxrateof20%.IftheannualtaxableincomeexceedsRMB1millionanddoesnotexceedRMB3million,itshallbeincludedinthetaxableincomeatareducedrateof50%,andtheenterpriseincometaxshallbepaidatataxrateof20%.Thispolicyappliesto12subsidiariesofourgroupfrom2019onwards,includingChongqingAoboElevatorCo.,Ltd.,ShenzhenInternationalTradeCenterCateringCo.,Ltd.,etc.
3.Other[Note1]:TaxableitemsandtaxrateoftheVAToftheCompanyanditssubsidiariesareasfollows:
| Typeoftherevenue | Generalrate | Percentagechargesof |
| Salesofhouseproperty | 9% | 5% |
| Rentofrealestate | 9% | 5% |
| Propertyservice | 6% | 3% |
| Cateringservice | 6% | 3% |
| Others | 13% | -- |
VII.NotestoMajorItemsintheConsolidatedFinancialStatementsoftheCompany
1.MonetaryAssets
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Cashonhand | 96,389.26 | 130,048.49 |
| Bankdeposits | 4,193,301,592.08 | 3,276,826,087.46 |
| Othermonetaryassets | 12,868,647.98 | 20,934,799.96 |
| Total | 4,206,266,629.32 | 3,297,890,935.91 |
| Ofwhich:thetotalamountdepositedoverseas | 51,323,986.36 | 54,480,940.07 |
| Thetotalamountwithrestrictedrightofuseformortgage,pledgeorfreeze | 38,111,717.09 | 12,545,702.44 |
OthernotesTheRMB12,868,647.98othermonetaryassetsmainlyincludeRMB1,148,647.30guaranteedeposit,RMB11,557,864.41cashdepositsforL/GandRMB11,031.58bankfrozenassets;TheRMB4,193,301,592.08bankdepositsincludeRMB25,394,174.20accruedinterestontimedepositsatPeriod-end.Theaboveamountisnotregardedascashandcashequivalentsduetorestrictionsonuse.
2.Held-for-tradingFinancialAssets
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Ofwhich: | ||
| Ofwhich: |
Othernotes:
3.DerivativeFinancialAssets
Unit:RMB
| Item | Endingbalance | Beginningbalance |
Othernotes:
4.NotesReceivable
(1)NotesReceivableListedbyCategory
Unit:RMB
| Item | Endingbalance | Beginningbalance |
Unit:RMB
| Category | Endingbalance | Beginningbalance | ||||||||
| Carryingamount | Baddebtprovision | Carryingvalue | Carryingamount | Baddebtprovision | Carryingvalue | |||||
| Amount | Proportion | Amount | Withdrawalproportion | Amount | Proportion | Amount | Withdrawalproportion | |||
| Ofwhich: | ||||||||||
| Ofwhich: | ||||||||||
Baddebtprovisionseparatelyaccrued:
Unit:RMB
| Name | Endingbalance | |||
| Carryingamount | Baddebtprovision | Withdrawalproportion | Withdrawalreason | |
Baddebtprovisionwithdrawnaccordingtogroups:
Unit:RMB
| Name | Endingbalance | ||
| Carryingamount | Baddebtprovision | Withdrawalproportion | |
Notesofthebasisofrecognizingthegroup:
Ifthebaddebtprovisionfornotesreceivablewaswithdrawninaccordancewiththegeneralmodelofexpectedcreditlosses,
informationrelatedtobaddebtprovisionshallbedisclosedbyreferencetothedisclosuremethodofotherreceivables:
□Applicable√Notapplicable
(2)BadDebtProvisionWithdrawn,ReversedorCollectedduringtheReportingPeriodBaddebtprovisionwithdrawnintheReportingPeriod:
Unit:RMB
| Category | Beginningbalance | Increase/decrease | Endingbalance | |||
| Withdrawn | Reversedorcollected | Verified | Other | |||
Ofwhich,baddebtprovisioncollectedorreversedwithsignificantamount:
□Applicable√Notapplicable
(3)NotesReceivablePledgedbytheCompanyatthePeriod-end
Unit:RMB
| Item | Amount |
(4)NotesReceivablewhichHadEndorsedbytheCompanyorhadDiscountedandhadnotDueontheBalanceSheetDateatthePeriod-end
Unit:RMB
| Item | Amountofrecognitionterminationattheperiod-end | Amountofnotterminatedrecognitionattheperiod-end |
(5)NotesTransferredtoAccountsReceivablebecauseDraweroftheNotesFailedtoExecutetheContractorAgreement
Unit:RMB
| Item | Amountofthenotestransferredtoaccountsreceivableattheperiod-end |
Othernotes
(6)NotesReceivablewithActualVerificationfortheReportingPeriod
Unit:RMB
| Item | Amount |
Ofwhich,verificationofsignificantnotesreceivable:
Unit:RMB
| Nameoftheentity | Nature | Amount | Reason | Procedure | Whetheroccurredbecauseofrelated-party |
Notesoftheverificationofnotesreceivable
5.AccountsReceivable
(1)AccountsReceivableClassifiedbyCategory
Unit:RMB
transactionsCategory
| Category | Endingbalance | Beginningbalance | ||||||||||
| Carryingamount | Baddebtprovision | Carryingvalue | Carryingamount | Baddebtprovision | Carryingvalue | |||||||
| Amount | Proportion | Amount | Withdrawalproportion | Amount | Proportion | Amount | Withdrawalproportion | |||||
| Accountsreceivablewithsinglebaddebtprovisionaccrued | 105,273,564.00 | 34.37% | 105,273,564.00 | 100.00% | 106,958,370.47 | 31.79% | 105,293,364.00 | 98.44% | 1,665,006.47 | |||
| Ofwhich: | ||||||||||||
| Accountsreceivablewithbaddebtprovisionwithdrawnaccordingtogroups | 201,040,006.98 | 65.63% | 13,342,375.51 | 6.64% | 187,697,631.47 | 229,476,481.62 | 68.21% | 14,217,824.84 | 6.20% | 215,258,656.78 | ||
| Ofwhich: | ||||||||||||
| Total | 306,313,570.98 | 100.00% | 118,615,939.51 | 38.72% | 187,697,631.47 | 336,434,852.09 | 100.00% | 119,511,188.84 | 35.52% | 216,923,663.25 | ||
Baddebtprovisionseparatelyaccrued:105,273,564.00
Unit:RMB
| Name | Endingbalance | |||
| Carryingamount | Baddebtprovision | Withdrawalproportion | Withdrawalreason | |
| ShenzhenJiyongProperties&ResourcesDevelopmentCompany | 93,811,328.05 | 93,811,328.05 | 100.00% | Involvedinthelawsuitandnoexecutableproperty |
| ShenzhenTewei | 2,836,561.00 | 2,836,561.00 | 100.00% | Uncollectiblefora |
| IndustryCo.,Ltd. | longperiod | |||
| LunanIndustryCorporation | 2,818,284.84 | 2,818,284.84 | 100.00% | Pooroperatingconditions,uncollectibleforalongperiod |
| Thosewithinsignificantsingleamountforwhichbaddebtprovisionseparatelyaccrued | 5,807,390.11 | 5,807,390.11 | 100.00% | Uncollectibleforalongperiod |
| Total | 105,273,564.00 | 105,273,564.00 | -- | -- |
Baddebtprovisionseparatelyaccrued:
Unit:RMB
| Name | Endingbalance | |||
| Carryingamount | Baddebtprovision | Withdrawalproportion | Withdrawalreason | |
Baddebtprovisionwithdrawnaccordingtogroups:13,342,375.51
Unit:RMB
| Name | Endingbalance | ||
| Carryingamount | Baddebtprovision | Withdrawalproportion | |
| Within1year | 105,789,544.65 | 3,173,686.37 | 3.00% |
| 1to2years | 13,591,883.22 | 1,359,188.34 | 10.00% |
| 2to3years | 3,170,747.25 | 951,224.18 | 30.00% |
| 3to4years | 2,893,200.67 | 1,446,600.35 | 50.00% |
| 4to5years | 635,598.25 | 508,478.60 | 80.00% |
| Over5years | 3,767,450.19 | 3,767,450.19 | 100.00% |
| Total | 129,854,860.25 | 11,206,821.11 | -- |
Notesofthebasisofrecognizingthegroup:
Baddebtprovisionwithdrawnaccordingtogroups:13,342,375.51
Unit:RMB
| Name | Endingbalance | ||
| Carryingamount | Baddebtprovision | Withdrawalproportion | |
| Portfolioofcreditriskfeatures | 129,848,424.23 | 11,206,628.03 | 8.63% |
| Otherintercoursefundsamongrelatedpartygroup | 71,191,582.75 | 2,135,747.48 | 3.00% |
| Total | 201,040,006.98 | 13,342,375.51 | -- |
Notesofthebasisofrecognizingthegroup:
Baddebtprovisionwithdrawnaccordingtogroups:
Unit:RMB
| Name | Endingbalance | ||
| Carryingamount | Baddebtprovision | Withdrawalproportion | |
Notesofthebasisofrecognizingthegroup:
Ifthebaddebtprovisionforaccountsreceivablewaswithdrawninaccordancewiththegeneralmodelofexpectedcreditlosses,informationrelatedtobaddebtprovisionshallbedisclosedbyreferencetothedisclosuremethodofotherreceivables:
□Applicable√NotapplicableDisclosedbyaging
Unit:RMB
| Aging | Carryingamount |
| Within1year(including1year) | 177,505,054.92 |
| 1to2years | 13,067,955.70 |
| 2to3years | 3,170,747.25 |
| Over3years | 112,569,813.11 |
| 3to4years | 2,893,200.67 |
| 4to5years | 635,598.25 |
| Over5years | 109,041,014.19 |
| Total | 306,313,570.98 |
(2)BadDebtProvisionWithdrawn,ReversedorCollectedduringtheReportingPeriodBaddebtprovisionwithdrawnintheReportingPeriod:
Unit:RMB
| Category | Beginningbalance | Increase/decrease | Endingbalance | |||
| Withdrawn | Reversedorcollected | Verified | Other | |||
| Baddebtprovisionseparatelyaccrued | 105,293,364.00 | 19,800.00 | 105,273,564.00 | |||
| Baddebtprovisionwithdrawnaccordingtogroups | 14,217,824.84 | -875,449.33 | 13,342,375.51 | |||
| Total | 119,511,188.84 | -875,449.33 | 19,800.00 | 118,615,939.51 | ||
Ofwhich,baddebtprovisioncollectedorreversedwithsignificantamount:
Unit:RMB
| Nameoftheentity | Amountreversedorcollected | Method |
(3)AccountsReceivablewithActualVerificationfortheReportingPeriod
Unit:RMB
| Item | Amount |
Ofwhich,verificationofsignificantaccountsreceivable:
Unit:RMB
| Nameoftheentity | Nature | Amount | Reason | Procedure | Whetheroccurredbecauseofrelated-partytransactions |
Notesoftheverificationofaccountsreceivable:
(4)Top5oftheEndingBalanceoftheAccountsReceivableCollectedaccordingtotheArrearsParty
Unit:RMB
| Nameoftheentity | Endingbalanceofaccountsreceivable | %oftotalendingbalanceofaccountsreceivable | Endingbalanceofbaddebtprovision |
| ShenzhenJiyongProperties&ResourcesDevelopmentCompany | 93,811,328.05 | 30.63% | 93,811,328.05 |
| ShenzhenBayTechnologyDevelopmentCo.,Ltd. | 60,785,586.79 | 19.84% | 1,823,567.60 |
| ShenzhenInvestmentHoldingsCo.,Ltd. | 8,357,589.14 | 2.73% | 250,727.67 |
| SFTechnologyCo.,Ltd. | 4,310,687.27 | 1.41% | 129,320.62 |
| ShenzhenTeweiIndustryCo.,Ltd. | 2,836,561.00 | 0.93% | 2,836,561.00 |
| Total | 170,101,752.25 | 55.54% |
(5)AccountsReceivableDerecognizedduetotheTransferofFinancialAssets
(6)TheAmountoftheAssetsandLiabilitiesFormedduetotheTransferandtheContinuedInvolvementofAccountsReceivableOthernotes:
6.AccountsReceivableFinancing
Unit:RMB
| Item | Endingbalance | Beginningbalance |
Increaseordecreaseofaccountsreceivablefinancingandchangesinfairvaluethereof
□Applicable√NotapplicableIfthedepreciationreserveforaccountsreceivablefinancingwaswithdrawninaccordancewiththegeneralmodelofexpectedcreditlosses,theinformationrelatedtodepreciationreserveshallbedisclosedbyreferencetothedisclosuremethodofotherreceivables:
□Applicable√NotapplicableOthernotes:
7.Prepayment
(1)ListbyAgingAnalysis
Unit:RMB
| Aging | Endingbalance | Beginningbalance | ||
| Amount | Proportion | Amount | Proportion | |
| Within1year | 28,553,066.87 | 55.83% | 36,985,187.03 | 53.18% |
| 1to2years | 1,208,311.68 | 2.36% | 3,797,085.70 | 5.46% |
| 2to3years | 769,153.00 | 1.50% | 8,360,467.04 | 11.36% |
| Over3years | 20,012,891.30 | 40.31% | 20,404,034.40 | 29.00% |
| Total | 50,543,422.85 | -- | 69,546,774.17 | -- |
Notesofthereasonsoftheprepaymentagingover1yearwithsignificantamountbutfailedsettledintime:
Theprepaymentagingoveroneyeararethevariousprepaidtaxes,likelandVAT,urbanconstructiontaxandeducationalsurtaxofprepaymentofrealestateprojectsstillnotreachingtherecognitionofincomeconditionsaccordingtotaxlaw;therelevantproceduresofconsciencemoneyincludinglandpricetransactionfeesandmunicipalsupportingfacilitiesfeehasn’tbeencompletedyet.
(2)Top5oftheEndingBalanceofthePrepaymentCollectedaccordingtothePrepaymentTarget
| Nameoftheentity | Carryingamount | As%ofthetotalendingbalanceoftheprepayments(%) |
| ShenzhenQianhaiAdvancedInformationServiceCo.,Ltd. | 25,900,000.00 | 51.24 |
| FinancialCommitteeofShenzhen | 19,509,471.00 | 38.60 |
| BeijingJingdongCenturyInformationTechnologyCo.,Ltd. | 805,068.25 | 1.59 |
| ShenzhenYuetongConstruction | 771,452.87 | 1.53 |
| EngineeringCo.,Ltd. | ||
| ChongqingElectricPowerCorporation | 435,482.12 | 0.86 |
| Subtotal | 47,421,474.24 | 93.82 |
Othernotes:
Thetotalprepaymentsofthetop5endingbalancesareRMB47,421,474.24,accountingfor93.82%ofthetotalendingbalancesofprepayments.
8.OtherReceivables
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| OtherReceivables | 789,050,350.51 | 917,981,165.74 |
| Total | 789,050,350.51 | 917,981,165.74 |
(1)InterestReceivable
1)CategoryofInterestReceivable
Unit:RMB
| Item | Endingbalance | Beginningbalance |
2)SignificantOverdueInterest
Unit:RMB
| Entity | Endingbalance | Overduetime | Overduereason | Whetheroccurredimpairmentandthejudgmentbasis |
Othernotes:
3)WithdrawalofBadDebtProvision
□Applicable√Notapplicable
(2)DividendsReceivable
1)CategoryofDividendsReceivable
Unit:RMB
| Item(orinvestees) | Endingbalance | Beginningbalance |
2)SignificantDividendsReceivableAgedover1Year
Unit:RMB
| Item(orinvestees) | Endingbalance | Aging | Reason | Whetheroccurredimpairmentandthejudgmentbasis |
3)WithdrawalofBadDebtProvision
□Applicable√NotapplicableOthernotes:
(3)OtherReceivables
1)OtherReceivablesDisclosedbyAccountNature
Unit:RMB
| Nature | Endingcarryingamount | Beginningcarryingamount |
| Margin | 10,259,805.89 | 13,439,816.18 |
| Cashdeposit | 45,948,194.30 | 30,202,817.84 |
| Pettycash | 595,148.50 | 1,853,585.88 |
| Paymentsonbehalf | 8,381,989.28 | 5,218,908.47 |
| Externalintercoursefunds | 763,481,109.87 | 915,411,567.13 |
| Other | 13,537,736.74 | 9,087,762.19 |
| Total | 842,203,984.58 | 975,214,457.69 |
2)WithdrawalofBadDebtProvision
Unit:RMB
| Baddebtprovision | Firststage | Secondstage | Thirdstage | Total |
| Expectedcreditlossofthenext12months | Expectedlossintheduration(creditimpairmentnotoccurred) | Expectedlossintheduration(creditimpairmentoccurred) | ||
| Balanceof1January2020 | 29,257,660.02 | 27,975,631.93 | 57,233,291.95 | |
| Balanceof1January2020intheReportingPeriod | —— | —— | —— | —— |
| WithdrawaloftheReportingPeriod | -4,076,276.51 | -4,076,276.51 |
| ReversaloftheReportingPeriod | -3,281.37 | -100.00 | -3,381.37 | |
| Balanceof31December2020 | 25,178,102.14 | 0.00 | 27,975,531.93 | 53,153,634.07 |
Changesofcarryingamountwithsignificantamountchangedoflossprovisioninthereportingperiod
□Applicable√NotapplicableDisclosedbyaging
Unit:RMB
| Aging | Carryingamount |
| Within1year(including1year) | 763,219,151.59 |
| 1to2years | 17,722,590.46 |
| 2to3years | 3,599,266.14 |
| Over3years | 57,662,976.39 |
| 3to4years | 2,598,698.34 |
| 4to5years | 436,932.23 |
| Over5years | 54,627,345.82 |
| Total | 842,203,984.58 |
3)BadDebtProvisionWithdrawn,ReversedorCollectedduringtheReportingPeriodBaddebtprovisionwithdrawnintheReportingPeriod:
Unit:RMB
| Category | Beginningbalance | Increase/decrease | Endingbalance | |||
| Withdrawn | Reversedorcollected | Verified | Other | |||
| Baddebtprovisionseparatelyaccrued | 27,975,631.93 | -100.00 | 27,975,531.93 | |||
| Withdrawalofbaddebtprovisionbygroups | 29,257,660.02 | -4,076,276.51 | -3,281.37 | 25,178,102.14 | ||
| Total | 57,233,291.95 | -4,076,276.51 | -3,381.37 | 53,153,634.07 | ||
Individualwithdrawalofbaddebtprovisionofotherreceivablesattheperiod-end
| Nameoftheentity | Carryingamount | Baddebtprovision | Withdrawalproportion(%) | Withdrawalreason |
| ShanghaiYutongRealEstateDevelopmentCo.,Ltd. | 5,676,000.00 | 5,676,000.00 | 100.00 | Difficulttorecoverthelawsuitjudgment |
| HongKongYuehengDevelopmentCo.,Ltd. | 3,271,837.78 | 3,271,837.78 | 100.00 | Uncollectibleforalongperiod |
| DameishaTourismCenter | 2,576,445.69 | 2,576,445.69 | 100.00 | Projectsconstructionceased |
| Elevatedtrainproject | 2,542,332.43 | 2,542,332.43 | 100.00 | Projectsconstructionceased |
| Thosewithinsignificantsingleamountforwhichbaddebtprovisionseparatelyaccrued | 13,908,916.03 | 13,908,916.03 | 100.00 | Uncollectibleforalongperiod |
| Subtotal | 27,975,531.93 | 27,975,531.93 | 100.00 |
Ofwhichbaddebtprovisionreveredorrecoveredwithsignificantamount:
Unit:RMB
| Nameoftheentity | Reversedorcollectedamount | Method |
4)ParticularsoftheActualVerificationofOtherReceivablesduringtheReportingPeriod
Unit:RMB
| Item | Amount |
Ofwhichsignificantactualverificationofotherreceivables:
Unit:RMB
| Nameoftheentity | Nature | Amount | Reason | Procedure | Whetheroccurredbecauseofrelated-partytransactions |
Notesofverificationofotherreceivables:
5)Top5oftheEndingBalanceoftheOtherReceivablesCollectedaccordingtotheArrearsParty
Unit:RMB
| Nameoftheentity | Nature | Endingbalance | Aging | Proportiontoendingbalanceofotherreceivables(%) | Endingbalanceofbaddebtprovision |
| ShenzhenXinhaiHoldingCo.,Ltd. | Externalintercoursefunds | 401,499,990.18 | Within1year | 47.67% | |
| ShenzhenXinhaiRongyaoRealEstateDevelopmentCo.,Ltd. | Externalintercoursefunds | 330,472,932.33 | Within1year | 39.24% |
| ShenzhenBanglingStockCooperativeCompany | Externalintercoursefunds | 30,000,000.00 | Within1year | 3.56% | 900,000.00 |
| ShanghaiYutongRealEstateDevelopmentCo.,Ltd. | Externalintercoursefunds | 5,676,000.00 | Over5years | 0.67% | 5,676,000.00 |
| HongKongYuehengDevelopmentCo.,Ltd. | Externalintercoursefunds | 3,271,837.78 | Over5years | 0.39% | 3,271,837.78 |
| Total | -- | 770,920,760.29 | -- | 91.53% | 9,847,837.78 |
6)AccountsReceivableInvolvingGovernmentSubsidies
Unit:RMB
| Nameoftheentity | Projectofgovernmentsubsidies | Endingbalance | Agingatperiod-end | Estimatedrecoveringtime,amountandbasis |
7)DerecognitionofOtherReceivablesduetotheTransferofFinancialAssets
8)TheAmountoftheAssetsandLiabilitiesFormedduetotheTransferandtheContinuedInvolvementofOtherReceivablesOthernotes:
9.InventoriesWhethertheCompanyneedstocomplywiththedisclosurerequirementsforrealestateindustryYes
(1)CategoryofInventoriesTheCompanyneedstocomplywiththedisclosurerequirementsofShenzhenStockExchangeIndustryInformationDisclosureGuidelinesNo.3-ListedCompaniesEngagedinRealEstateIndustryClassificationbynature:
Unit:RMB
| Item | Endingbalance | Beginningbalance | ||||
| Carryingamount | Fallingpricereservesofinventoryor | Carryingvalue | Carryingamount | Fallingpricereservesofinventoryor | Carryingvalue | |
| depreciationreservesofcontractperformancecost | depreciationreservesofcontractperformancecost | |||||
| R&Dexpenses | 4,867,562,388.16 | 6,648,404.13 | 4,860,913,984.03 | 4,528,429,076.71 | 6,648,404.13 | 4,521,780,672.58 |
| Developingproperties | 450,832,522.28 | 450,832,522.28 | 390,363,836.20 | 390,363,836.20 | ||
| Rawmaterials | 1,169,494.26 | 535,302.89 | 634,191.37 | 1,743,790.82 | 484,117.43 | 1,259,673.39 |
| Inventorygoods | 2,141,714.37 | 2,094,300.39 | 47,413.98 | 2,132,162.67 | 2,094,300.39 | 37,862.28 |
| Low-valueconsumptiongoods | 61,146.54 | 61,146.54 | 68,832.21 | 68,832.21 | ||
| Total | 5,321,767,265.61 | 9,278,007.41 | 5,312,489,258.20 | 4,922,737,698.61 | 9,226,821.95 | 4,913,510,876.66 |
Disclosemainitemsof"R&Dexpenses"andinterestcapitalizationinthefollowingformat:
Unit:RMB
| Nameofproject | Dateofcommencement | Estimateddateofcompletion | Estimatedtotalinvestment | Beginningbalance | Transferredtodevelopingpropertiesforthisperiod | Otherdecreaseforthisperiod | Increase(R&Dexpenses)forthisperiod | Endingbalance | Accumulativeamountofcapitalizedinterests | Ofwhich:amountofcapitalizedinterestsforthisperiod | Capitalresources |
| GuanlanBanglingProject | 6,941,500,000.00 | 3,004,198,155.43 | 566,300,973.66 | 3,570,499,129.09 | Bankloan | ||||||
| SZPRD-BanshanYujingPhaseII | 15March2019 | 31May2021 | 235,810,000.00 | 103,895,147.96 | 64,920,187.23 | 168,815,335.19 | Other | ||||
| SZPRD-GoldenCollar’sResort-BuildingA | 1March2014 | 31December2021 | 138,311,000.00 | 579,765,854.55 | 499,347,853.04 | 165,178,391.56 | 245,596,393.07 | 1,059,684.29 | Other | ||
| SZPRD-FuchangGardenPhaseII | 1December2018 | 1June2021 | 904,390,000.00 | 581,416,971.33 | 27,163,888.88 | 608,580,860.21 | Other | ||||
| YupinluanshanGarden | 215,502,512.42 | 11,111,413.82 | 226,613,926.24 | Other | |||||||
| HainanQiongshanLand | 6,648,404.13 | 6,648,404.13 | Other | ||||||||
| ShenhuiGarden | 37,002,030.89 | 37,002,030.89 | Other |
| FuyuantaiProject | 1,143,184.20 | 1,143,184.20 | Other | ||||||||
| Otherprojects | 2,663,125.14 | 2,663,125.14 | Other | ||||||||
| Total | -- | -- | 8,220,011,000.00 | 4,528,429,076.71 | 499,347,853.04 | 838,481,164.49 | 4,867,562,388.16 | 1,059,684.29 | -- |
Disclosemainitemsof“Developingproperties”inthefollowingformat:
Unit:RMB
| Nameofproject | Dateofcompletion | Beginningbalance | Increase | Decrease | Endingbalance | Accumulativeamountofcapitalizedinterests | Ofwhich:amountofcapitalizedinterestsforthisperiod |
| SZPRD-LangqiaoInternational | 1December2012 | 11,517,196.11 | 8,132,833.87 | 3,384,362.24 | |||
| SZPRD-HupanYujingPhaseI | 1June2015 | 64,058,372.70 | -7,428,922.82 | -2,317,600.89 | 58,947,050.77 | 10,446,911.43 | |
| SZPRD-BanshanYujingPhaseI | 1November2016 | 29,392,977.73 | 2,956,082.10 | 13,564,093.28 | 18,784,966.55 | 27,205,315.95 | |
| SZPRD-SonghuLangyuan | 1July2017 | 27,098,111.12 | 1,947,935.17 | 25,150,175.95 | 30,539,392.65 | ||
| SZPRD-HupanYujingPhaseII | 1November2017 | 90,059,024.33 | -30,607,095.50 | -20,758,116.04 | 80,210,044.87 | ||
| SZPRD-GoldenCollar’sResort-BuildingBandBuildingC | 1December2019 | 158,235,034.42 | 499,347,853.04 | 402,758,861.61 | 254,824,025.85 | 25,325,952.00 | 22,508,124.71 |
| InternationalTradeCenterPlaza | 1December1995 | 4,839,083.10 | 4,839,083.10 | ||||
| HuangyuyuanAArea | 1June2001 | 790,140.58 | 790,140.58 | ||||
| PodiumBuildingofFuchangBuilding | 1November1999 | 645,532.65 | 645,532.65 | ||||
| Otherprojects | 3,728,363.46 | 404,216.85 | 875,440.59 | 3,257,139.72 | 83,077,702.96 | ||
| Total | -- | 390,363,836.20 | 464,672,133.67 | 404,203,447.59 | 450,832,522.28 | 176,595,274.99 | 22,508,124.71 |
Classificationof“Developingpropertieswiththecollectionofpaymentsininstallments”,“Rentingdevelopingproperties”and
“TemporaryHousing”:
Unit:RMB
| Nameofproject | Beginningbalance | Increase | Decrease | Endingbalance |
(2)FallingPriceReservesofInventoryandDepreciationReservesofContractPerformanceCostDisclosureoffallingprovisionwithdrawalofinventoryinthefollowingformat:
Classificationbynature:
Unit:RMB
| Item | Beginningbalance | Increase | Decrease | Endingbalance | Note | ||
| Withdrawn | Other | Reversalorwrite-off | Other | ||||
| R&Dexpenses | 6,648,404.13 | 6,648,404.13 | |||||
| Rawmaterials | 484,117.43 | 51,185.46 | 535,302.89 | ||||
| Inventorygoods | 2,094,300.39 | 2,094,300.39 | |||||
| Total | 9,226,821.95 | 51,185.46 | 9,278,007.41 | -- | |||
Classifiedbynature:
Unit:RMB
| Nameofproject | Beginningbalance | Increase | Decrease | Endingbalance | Note | ||
| Withdrawn | Other | Reversalorwrite-off | Other | ||||
| HainanQiongshanLand | 6,648,404.13 | 6,648,404.13 | |||||
| Total | 6,648,404.13 | 6,648,404.13 | -- | ||||
(3)NotestotheEndingBalanceofInventoriesIncludingCapitalizedBorrowingExpense
| Nameofproject | Period-begin | ReportingPeriod | Carry-overinReportingPeriod | Period-end |
| SZPRD-BanshanYujingPhaseI | 740,173.97 | 740,173.97 | ||
| SZPRD-SonghuLangyuan | 43,719.57 | 43,719.57 | ||
| SZPRD-Langqiao | 2,971,986.54 | 2,971,986.54 |
| International | ||||
| SZPRD-HupanYujingPhaseI | 1,624,566.49 | 201,937.59 | 1,422,628.90 | |
| SZPRD-GoldenCollar’sResort | 3,097,352.86 | 22,508,124.71 | 12,865,212.06 | 12,740,265.51 |
| Subtotal | 8,477,799.43 | 22,508,124.71 | 13,851,043.19 | 17,134,880.95 |
(4)InventoryrestrictionsDisclosingrestrictedinventorybyproject:
Unit:RMB
| Nameofproject | Beginningbalance | Endingbalance | ReasonfortheLimit |
10.ContractAssets
Unit:RMB
| Item | Endingbalance | Beginningbalance | ||||
| Carryingamount | Depreciationreserves | Carryingvalue | Carryingamount | Depreciationreserves | Carryingvalue | |
AmountofsignificantchangesincarryingvalueofcontractassetsintheReportingPeriodandreasonsthereof:
Unit:RMB
| Item | Amountchanged | Reason |
Ifthebaddebtprovisionforcontractassetsinaccordancewiththegeneralmodelofexpectedcreditlosses,theinformationrelatedtothebaddebtprovisionshallbedisclosedbyreferencetothedisclosuremethodofotherreceivables:
□Applicable√NotapplicableWithdrawalofimpairmentprovisionforcontractassetsintheReportingPeriod
Unit:RMB
| Item | WithdrawaloftheReportingPeriod | ReversaloftheReportingPeriod | Write-off/verified | Reason |
Othernotes:
11.Held-for-saleAssets
Unit:RMB
| Item | Endingcarryingamount | Depreciationreserves | Endingcarryingvalue | Fairvalue | Estimateddisposalexpense | Estimateddisposaltime |
Othernotes:
12.CurrentPortionofNon-currentAssets
Unit:RMB
| Item | Endingbalance | Beginningbalance |
Significantinvestmentsindebtobligations/otherinvestmentsindebtobligations
Unit:RMB
| Item | Endingbalance | Beginningbalance | ||||||
| Parvalue | Couponrate | Actualinterestrate | Maturitydate | Parvalue | Couponrate | Actualinterestrate | Maturitydate | |
Othernotes:
13.OtherCurrentAssets
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| PrepaidVAT | 7,467,152.90 | 34,291,844.93 |
| Deductedinputtax | 11,705,028.57 | 8,191,279.34 |
| Prepaidincometax | 17,461.67 | |
| PrepaidlandVAT | 28,960,506.43 | |
| Prepaidurbanconstructiontax | 501,245.53 | |
| Prepaideducationsurcharge | 358,032.49 | |
| Total | 48,991,965.92 | 42,500,585.94 |
Othernotes:
14.Investmentsindebtobligations
Unit:RMB
| Item | Endingbalance | Beginningbalance | ||||
| Carryingamount | Depreciationreserves | Carryingvalue | Carryingamount | Depreciationreserves | Carryingvalue | |
Significantinvestmentsindebtobligations
Unit:RMB
| Item | Endingbalance | Beginningbalance | ||||||
| Parvalue | Couponrate | Actualinterestrate | Maturitydate | Parvalue | Couponrate | Actualinterestrate | Maturitydate | |
Withdrawalofimpairmentprovision
Unit:RMB
| Baddebtprovision | Firststage | Secondstage | Thirdstage | Total |
| Expectedcreditlossofthenext12months | Expectedlossintheduration(creditimpairmentnotoccurred) | Expectedlossintheduration(creditimpairmentoccurred) | ||
| Balanceof1January2020intheReportingPeriod | —— | —— | —— | —— |
Changesofcarryingamountwithsignificantamountchangedoflossprovisioninthereportingperiod
□Applicable√NotapplicableOthernotes:
15.OtherInvestmentsinDebtObligations
Unit:RMB
| Item | Beginningbalance | Accruedinterest | ChangeinfairvalueintheReportingPeriod | Endingbalance | Costs | Accumulatedchangesinfairvalue | Accumulatedprovisionforlossesrecognizedinothercomprehensiveincome | Note |
Significantotherinvestmentsindebtobligations
Unit:RMB
| Item | Endingbalance | Beginningbalance | ||||||
| Parvalue | Couponrate | Actualinterestrate | Maturitydate | Parvalue | Couponrate | Actualinterestrate | Maturitydate | |
Withdrawalofimpairmentprovision
Unit:RMB
| Baddebtprovision | Firststage | Secondstage | Thirdstage | Total |
| Expectedcreditlossofthenext12months | Expectedlossintheduration(creditimpairmentnotoccurred) | Expectedlossintheduration(creditimpairmentoccurred) | ||
| Balanceof1January2020intheReportingPeriod | —— | —— | —— | —— |
Changesofcarryingamountwithsignificantamountchangedoflossprovisioninthereportingperiod
□Applicable√NotapplicableOthernotes:
16.Long-termReceivables
(1)ListofLong-termReceivables
Unit:RMB
| Item | Endingbalance | Beginningbalance | Intervalofdiscountrate | ||||
| Carryingamount | Baddebtprovision | Carryingvalue | Carryingamount | Baddebtprovision | Carryingvalue | ||
Impairmentofbaddebtprovision
Unit:RMB
| Baddebtprovision | Firststage | Secondstage | Thirdstage | Total |
| Expectedcreditlossofthenext12months | Expectedlossintheduration(creditimpairmentnotoccurred) | Expectedlossintheduration(creditimpairmentoccurred) | ||
| Balanceof1January2020intheReportingPeriod | —— | —— | —— | —— |
Changesofcarryingamountwithsignificantamountchangedoflossprovisioninthereportingperiod
□Applicable√Notapplicable
(2)DerecognitionofLong-termReceivablesduetotheTransferofFinancialAssets
(3)TheAmountoftheAssetsandLiabilitiesFormedduetotheTransferandtheContinuedInvolvementofLong-termReceivablesOthernotes
17.Long-termEquityInvestment
Unit:RMB
| Investees | Beginningbalance(carryingvalue) | Increase/decrease | Endingbalance(carryingvalue) | Endingbalanceofdepreciationreserves | ||||||||
| Additionalinvestment | Reducedinvestment | Gainsandlossesrecognizedundertheequitymethod | Adjustmentofothercomprehensiveincome | Changesofotherequity | Cashbonusorprofitsannouncedtoissue | Withdrawalofdepreciationreserves | Other | |||||
| I.Jointventures | ||||||||||||
| ShenzhenRealEstateJifaWarehousingCo.,Ltd. | 38,614,771.66 | 439,152.26 | 39,053,923.92 | |||||||||
| ShenzhenTian’anInternationalMansionPropertyAdministrationCo.,Ltd. | 6,461,351.06 | 194,945.81 | 6,656,296.87 | |||||||||
| Subtotal | 45,076,122.72 | 634,098.07 | 45,710,220.79 | |||||||||
| II.Associatedenterprises | ||||||||||||
| ShenzhenWufangPottery | 18,983,614.14 | 18,983,614.14 | 18,983,614.14 | |||||||||
| &PorcelainIndustrialCo.,Ltd. | ||||
| ShenzhenKangfuHealthProductsCo.,Ltd. | 165,000.00 | 165,000.00 | 165,000.00 | |
| ShenzhenXinghaoImitationPorcelainCo.,Ltd. | 756,670.68 | 756,670.68 | 756,670.68 | |
| ShenzhenSocialWelfareCompanyFudaElectronicsFactory | 326,693.24 | 326,693.24 | 326,693.24 | |
| ShenzhenFulongIndustryDevelopmentCo.,Ltd. | 1,684,350.00 | 1,684,350.00 | 1,684,350.00 | |
| HaonianhuaHotel | 2,733,570.05 | 2,733,570.05 | 2,733,570.05 | |
| ShenzhenEducationFundLonghuaInvestment | 500,000.00 | 500,000.00 | 500,000.00 |
| ShenzhenKangleSportsClubHuangfaBranch | 540,060.00 | 540,060.00 | 540,060.00 | |
| DankengVillagePlantsofFumininGuanlanTown,ShenzhenCity | 1,168,973.20 | 1,168,973.20 | 1,168,973.20 | |
| ShenzhenBullEntertainmentCo.,Ltd. | 500,000.00 | 500,000.00 | 500,000.00 | |
| ShenzhenLianhuaCaitianPropertyManagementCo.,Ltd. | 1,475,465.91 | 1,475,465.91 | 1,475,465.91 | |
| ShenzhenYangyuanIndustrialCo.,Ltd. | 1,030,000.00 | 1,030,000.00 | 1,030,000.00 | |
| JiakaifengCo.,Ltd.Bao’anCompany | 600,000.00 | 600,000.00 | 600,000.00 | |
| GuiyuanGarage | 350,000.00 | 350,000.00 | 350,000.00 | |
| Shenzhen | 500,000.0 | 500,000.00 | 500,000.00 |
| WuweibenRoofGreeningCo.,Ltd. | 0 | |||||
| ShenzhenYuanpingPlasticSteelDoorsCo.,Ltd. | 240,000.00 | 240,000.00 | 240,000.00 | |||
| ShenzhenYoufangPrintingCo.,Ltd. | 100,000.00 | 100,000.00 | 100,000.00 | |||
| ShenzhenLushengIndustrialDevelopmentCo.,Ltd. | 100,000.00 | 100,000.00 | 100,000.00 | |||
| Subtotal | 31,754,397.22 | 31,754,397.22 | 31,754,397.22 | |||
| Total | 76,830,519.94 | 634,098.07 | 77,464,618.01 | 31,754,397.22 |
Othernotes
18.Otherequityinstrumentinvestment
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| GintianIndustry(Group)Co.,Ltd. | 1,044,905.12 | 1,580,475.86 |
| Total | 1,044,905.12 | 1,580,475.86 |
Non-tradingequityinstrumentinvestmentintheReportingPerioddisclosedbyitems
Unit:RMB
| Nameofproject | Dividendincomerecognized | Accumulativegains | Accumulativelosses | Amountofothercomprehensiveincometransferredtoretainedearnings | Reasonforassigningtomeasureinfairvalueofwhichchangesincludedothercomprehensiveincome | Reasonforothercomprehensiveincometransferredtoretainedearnings |
| GintianIndustry(Group)Co.,Ltd. | 2,545,451.19 | Notaimingatgainingearningsbysellingequity |
Othernotes:
19.Othernon-currentfinancialassets
Unit:RMB
| Item | Endingbalance | Beginningbalance |
Othernotes:
20.InvestmentProperty
(1)InvestmentPropertyAdoptingtheCostMeasurementMode
√Applicable□Notapplicable
Unit:RMB
| Item | Housesandbuildings | Landuseright | Constructioninprogress | Total |
| I.Originalcarryingvalue | ||||
| 1.Beginningbalance | 813,946,283.50 | 30,262,437.05 | 21,830,409.39 | 866,039,129.94 |
| 2.Increasedamountoftheperiod | 16,353,757.18 | 11,489,350.36 | 27,843,107.54 | |
| (1)Outsourcing | 11,489,350.36 | 11,489,350.36 | ||
| (2)Transferfrominventories/fixedassets/constructioninprogress | 14,410,282.68 | 14,410,282.68 | ||
| (3)Enterprisecombinationincrease | ||||
| 4.Others | 1,943,474.50 | 1,943,474.50 | ||
| 3.Decreasedamountoftheperiod | 23,813,335.30 | 23,813,335.30 | ||
| (1)Disposal | 16,874,291.98 | 16,874,291.98 | ||
| (2)Othertransfer | 1,197,548.71 | 1,197,548.71 | ||
| (3)Exchangeadjustment | 748,262.70 | 748,262.70 | ||
| 4.Others | 4,993,231.91 | 4,993,231.91 | ||
| 4.Endingbalance | 806,486,705.38 | 30,262,437.05 | 33,319,759.75 | 870,068,902.18 |
| II.Accumulativedepreciationandaccumulativeamortization | ||||
| 1.Beginningbalance | 345,223,823.39 | 14,815,343.57 | 2,676,534.37 | 362,715,701.33 |
| 2.Increasedamountoftheperiod | 28,936,867.75 | 527,566.50 | 4,366,082.76 | 33,830,517.01 |
| (1)Withdrawaloramortization | 27,087,701.73 | 527,566.50 | 4,366,082.76 | 31,981,350.99 |
| (2)Others | 1,849,166.02 | 1,849,166.02 | ||
| 3.Decreasedamountoftheperiod | 11,215,822.99 | 11,215,822.99 | ||
| (1)Disposal | 9,367,302.16 | 9,367,302.16 | ||
| (2)Othertransfer | 1,137,671.27 | 1,137,671.27 | ||
| (3)Exchangeadjustment | 710,849.56 | 710,849.56 | ||
| 4.Endingbalance | 362,944,868.15 | 15,342,910.07 | 7,042,617.13 | 385,330,395.35 |
| III.Depreciationreserves |
| 1.Beginningbalance |
| 2.Increasedamountoftheperiod |
| (1)Withdrawal |
| 3.Decreasedamountoftheperiod |
| (1)Disposal |
| (2)Othertransfer |
| 4.Endingbalance | ||||
| IV.Carryingvalue | ||||
| 1.Endingcarryingvalue | 443,541,837.23 | 14,919,526.98 | 26,277,142.62 | 484,738,506.83 |
| 2.Beginningcarryingvalue | 468,722,460.11 | 15,447,093.48 | 19,153,875.02 | 503,323,428.61 |
(2)InvestmentPropertyAdoptingtheFairValueMeasurementMode
□Applicable√NotapplicableTheCompanyneedstocomplywiththedisclosurerequirementsofShenzhenStockExchangeIndustryInformationDisclosureGuidelinesNo.3-ListedCompaniesEngagedinRealEstateIndustryInvestmentpropertiesmeasuredinfairvaluebyprojectdisclosure:
Unit:RMB
| Nameofproject | Geographiclocation | Dateofcompletion | Buildingarea | LeaseincomeduringthisReportingPeriod | Beginningfairvalue | Endingfairvalue | Rangeoffairvaluechanges | Reasonforfairvaluechangesandreportindex |
WhethertheCompanyhasnewinvestmentpropertiesinconstructionperiodmeasuredinfairvalue
□Yes√NoWhethertheCompanyhasnewinvestmentpropertiesmeasuredinfairvalue
□Yes√No
(3)InvestmentPropertyFailedtoAccomplishCertificationofProperty
Unit:RMB
| Item | Carryingvalue | Reason |
| 02-01plotofStatutoryplaninBaolong | 9,013,112.34 | Replacedfromtheconstructionof |
| EastArea | Xiamen-ShenzhenRailway,andhasn’texchangedforthenewcertification | |
| Meilinland | 0.00 | Obtainedafterthesuccessinthelastinstancein2017,relevantcertificationsofpropertyareintheprocedure[note1] |
| 507units,BlockNo.6,Maguling | 20,608.61 | Thehouseisusedforpropertymanagement,onceoccupiedbythethirdparty,apropertymanagementcompany,nowhasbeenrecovered,buthasn’thandledthewarrantyet. |
| Subtotal | 13,246,672.70 |
Othernotes[Note1]Asof31December2020,withregardtotheMeilinland,thegrossamountwasRMB3,885,469.40,thecumulativedepreciationwasRMB3,885,469.40,andthecarryingamountwasRMB0.
21.Fixedassets
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Fixedassets | 116,233,936.04 | 93,557,782.83 |
| Total | 116,233,936.04 | 93,557,782.83 |
(1)ListofFixedAssets
Unit:RMB
| Item | Housesandbuildings | Machineryequipment | Transportation | Decorationofthefixedassets | Otherequipment | Total |
| I.Originalcarryingvalue | ||||||
| 1.Beginningbalance | 160,964,738.86 | 965,877.00 | 14,203,435.60 | 16,304,309.37 | 33,934,422.85 | 226,372,783.68 |
| 2.Increasedamountoftheperiod | 1,547,351.71 | 3,967,320.00 | 1,630,549.05 | 42,999,040.72 | 12,833,497.84 | 62,977,759.32 |
| (1)Purchase | 187,320.00 | 1,630,549.05 | 2,225,259.53 | 5,348,684.10 | 9,391,812.68 | |
| (2)Transferfromconstructioninprogress | 3,780,000.00 | 23,016,667.70 | 26,796,667.70 | |||
| (3)Enterprise |
| combinationincrease | ||||||
| 4.Others | 1,547,351.71 | 17,757,113.49 | 7,484,813.74 | 26,789,278.94 | ||
| 3.Decreasedamountoftheperiod | 1,584,535.32 | 857,501.65 | 25,241,927.23 | 4,237,649.51 | 31,921,613.71 | |
| (1)Disposalorscrap | 857,501.65 | 4,181,519.54 | 5,039,021.19 | |||
| (2)Exchangeadjustment | 346,283.53 | 346,283.53 | ||||
| (3)Others | 1,238,251.79 | 25,241,927.23 | 56,129.97 | 26,536,308.99 | ||
| 4.Endingbalance | 160,927,555.25 | 4,933,197.00 | 14,976,483.00 | 34,061,422.86 | 42,530,271.18 | 257,428,929.29 |
| II.Accumulativedepreciation | ||||||
| 1.Beginningbalance | 101,569,557.74 | 24,064.14 | 9,779,304.95 | 815,215.47 | 20,551,141.39 | 132,739,283.69 |
| 2.Increasedamountoftheperiod | 4,982,612.30 | 195,621.04 | 1,068,162.08 | 5,390,567.94 | 4,103,430.91 | 15,740,394.27 |
| (1)Withdrawal | 3,844,941.03 | 195,621.04 | 1,068,162.08 | 4,517,454.59 | 3,734,694.51 | 13,360,873.25 |
| (2)Others | 1,137,671.27 | 873,113.35 | 368,736.40 | 2,379,521.02 | ||
| 3.Decreasedamountoftheperiod | 1,491,097.31 | 807,303.83 | 1,241,849.75 | 3,820,150.98 | 7,360,401.87 | |
| (1)Disposalorscrap | 807,303.83 | 3,816,978.00 | 4,624,281.83 | |||
| (2)Exchangeadjustment | 314,758.11 | 314,758.11 | ||||
| (3)Others | 1,176,339.20 | 1,241,849.75 | 3,172.98 | 2,421,361.93 | ||
| 4.Endingbalance | 105,061,072.73 | 219,685.18 | 10,040,163.20 | 4,963,933.66 | 20,834,421.32 | 141,119,276.09 |
| III.Depreciationreserves | ||||||
| 1.Beginningbalance | 75,717.16 | 75,717.16 | ||||
| 2.Increased |
| amountoftheperiod |
| (1)Withdrawal |
| 3.Decreasedamountoftheperiod |
| (1)Disposalorscrap |
| 4.Endingbalance | 75,717.16 | 75,717.16 | ||||
| IV.Carryingvalue | ||||||
| 1.Endingcarryingvalue | 55,866,482.52 | 4,713,511.82 | 4,936,319.80 | 29,097,489.20 | 21,620,132.70 | 116,233,936.04 |
| 2.Beginningcarryingvalue | 59,395,181.12 | 941,812.86 | 4,424,130.65 | 15,489,093.90 | 13,307,564.30 | 93,557,782.83 |
(2)ListofTemporarilyIdleFixedAssets
Unit:RMB
| Item | Originalcarryingvalue | Accumulativedepreciation | Depreciationreserves | Carryingvalue | Note |
(3)FixedAssetsLeasedinbyFinancingLease
Unit:RMB
| Item | Originalcarryingvalue | Accumulativedepreciation | Depreciationreserves | Carryingvalue |
(4)FixedAssetsLeasedoutbyOperationLease
Unit:RMB
| Item | Endingcarryingvalue |
(5)FixedAssetsFailedtoAccomplishCertificationofProperty
Unit:RMB
| Item | Carryingvalue | Reason |
| Room406,2units,HulunbuirGuangxiaDigitalBuilding | 2,756,744.14 | Propertyrightdisputesbefore,nowhaswonalawsuitwithunaccomplishedcertificationofproperty. |
| Room401,402,SanxiangBusinessBuildingOfficeBuilding | 806,859.50 | Theofficebuildingwillberemovedduetotheprojectadjustmentandahigh-riseofficebuildingwillbeestablishednearbythepresentaddress.Theexistingpropertyshallbereplacedafterthecompletionofthenewofficebuilding.Thus,thecertificationofthepropertyisfailedtotransact. |
| Subtotal | 3,563,603.64 |
Othernotes
(6)ProceedsfromDisposalofFixedAssets
Unit:RMB
| Item | Endingbalance | Beginningbalance |
Othernotes
22.Constructioninprogress
Unit:RMB
| Item | Endingbalance | Beginningbalance |
(1)ListofConstructioninProgress
Unit:RMB
| Item | Endingbalance | Beginningbalance | ||||
| Carryingamount | Depreciationreserves | Carryingvalue | Carryingamount | Depreciationreserves | Carryingvalue | |
(2)ChangesinSignificantConstructioninProgressduringtheReportingPeriod
Unit:RMB
| Nameofproject | Budget | Beginningbalance | Increase | Transferredinfixedassets | Otherdecreaseforthisperiod | Endingbalance | Proportionofaccumulatedinvestmentinconstructions | Jobschedule | Accumulativeamountofcapitalizedinterests | Ofwhich:Amountofcapitalizedinterestsforthe | CapitalizationrateofinterestsfortheReportingPeriod | Capitalresources |
| tobudget | ReportingPeriod |
(3)ListoftheWithdrawaloftheDepreciationReservesforConstructioninProgress
Unit:RMB
| Item | Amountwithdrawn | Reasonforwithdrawal |
Othernotes
(4)EngineeringMaterials
Unit:RMB
| Item | Endingbalance | Beginningbalance | ||||
| Carryingamount | Depreciationreserves | Carryingvalue | Carryingamount | Depreciationreserves | Carryingvalue | |
Othernotes:
23.ProductiveLivingAssets
(1)ProductiveLivingAssetsAdoptingCostMeasurementMode
□Applicable√Notapplicable
(2)ProductiveLivingAssetsAdoptingFairValueMeasurementMode
□Applicable√Notapplicable
24.OilandGasAssets
□Applicable√Notapplicable
25.Right-of-useAssets
Unit:RMB
| Item | Total |
Othernotes:
26.IntangibleAssets
(1)ListofIntangibleAssets
Unit:RMB
| Item | Landuseright | Patentright | Non-patenttechnology | Softwareuseright | Total |
| I.Originalcarryingvalue | |||||
| 1.Beginningbalance | 1,234,387.66 | 1,234,387.66 | |||
| 2.Increasedamountoftheperiod | |||||
| (1)Purchase | |||||
| (2)InternalR&D | |||||
| (3)Enterprisecombinationincrease |
| 3.Decreasedamountoftheperiod |
| (1)Disposal |
| 4.Endingbalance | 1,234,387.66 | 1,234,387.66 | |
| II.Accumulatedamortization | |||
| 1.Beginningbalance | 534,018.00 | 534,018.00 | |
| 2.Increasedamountoftheperiod | 218,320.15 | 218,320.15 | |
| (1)Withdrawal | 218,320.15 | 218,320.15 |
| 3.Decreasedamountoftheperiod |
| (1)Disposal |
| 4.Endingbalance | 752,338.15 | 752,338.15 | |
| III.Depreciationreserves |
| 1.Beginningbalance |
| 2.Increasedamountoftheperiod |
| (1)Withdrawal |
| 3.Decreasedamountoftheperiod |
| (1)Disposal |
| 4.Endingbalance | |||
| IV.Carryingvalue | |||
| 1.Endingcarryingvalue | 482,049.51 | 482,049.51 | |
| 2.Beginningcarryingvalue | 700,369.66 | 700,369.66 |
TheproportionofintangibleassetsformedfromtheinternalR&DoftheCompanyatthePeriod-endtotheendingbalanceofintangibleassetswas0.00%.
(2)LandUseRightFailedtoAccomplishCertificationofProperty
Unit:RMB
| Item | Carryingvalue | Reason |
Othernotes:
27.DevelopmentCosts
Unit:RMB
| Item | Beginningbalance | Increase | Decrease | Endingbalance | ||||
| Internaldevelopment | Other | Recognizedasintangibleassets | Transfertocurrentgainsandlosses | |||||
Othernotes
28.Goodwill
(1)OriginalCarryingValueofGoodwill
Unit:RMB
| Nameoftheinvestedunitsoreventsgeneratinggoodwill | Beginningbalance | Increase | Decrease | Endingbalance | ||
| Formedbybusinesscombination | Disposal | |||||
(2)DepreciationReservesofGoodwill
Unit:RMB
Total
Nameoftheinvestedunitsoreventsgeneratinggoodwill
| Nameoftheinvestedunitsoreventsgeneratinggoodwill | Beginningbalance | Increase | Decrease | Endingbalance | ||
| Withdrawn | Disposal | |||||
InformationontheassetsgrouporcombinationofassetsgroupswhichgoodwillbelongstoNotesofthetestingprocessofgoodwillimpairment,parameters(suchasgrowthrateoftheforecastperiod,growthrateofstableperiod,rateofprofit,discountrate,forecastperiodandsoonforpredictionoffuturepresentvalueofcashflows)andtherecognitionmethodofgoodwillimpairmentlosses:
InfluenceofgoodwillimpairmenttestingOthernotes
29.Long-termPrepaidExpense
Unit:RMB
TotalItem
| Item | Beginningbalance | Increase | Amortizationamountoftheperiod | Otherdecreasedamount | Endingbalance |
| Renovationcosts | 6,446,136.79 | 8,615,879.18 | 3,199,299.83 | 11,862,716.14 | |
| Rentalfees | 588,336.00 | 588,336.00 | |||
| Total | 7,034,472.79 | 8,615,879.18 | 3,787,635.83 | 11,862,716.14 |
Othernotes
30.DeferredIncomeTaxAssets/DeferredIncomeTaxLiabilities
(1)DeferredIncomeTaxAssetsthatHadnotBeenOff-set
Unit:RMB
| Item | Endingbalance | Beginningbalance | ||
| Deductibletemporarydifference | Deferredincometaxassets | Deductibletemporarydifference | Deferredincometaxassets | |
| Provisionforimpairmentofassets | 152,217,586.91 | 36,392,566.23 | 157,586,654.91 | 38,312,198.03 |
| Unrealizedprofitofinternaltransactions | 28,484,507.52 | 7,121,126.86 | 49,316,338.72 | 12,329,084.68 |
| Deductiblelosses | 1,340,927,414.29 | 334,560,251.68 | 162,281,053.40 | 40,570,263.35 |
| AccruedlandVAT | 1,979,350,706.70 | 494,837,676.67 | 2,148,670,831.53 | 537,167,707.90 |
| Estimatedprofitcalculatedatpre-salerevenueofpropertyenterprises | 307,175,110.51 | 76,793,777.63 | 119,095,335.72 | 29,773,833.93 |
| Advertisingexpenses | 1,272,210.76 | 318,052.69 | ||
| Otheraccruedexpenses | 4,548,732.57 | 657,793.74 | ||
| Payrollpayableunpaidbutwithdrawn | 139.36 | 34.84 | ||
| Total | 3,813,976,269.26 | 950,681,245.50 | 2,636,950,353.64 | 658,153,122.73 |
(2)DeferredIncomeTaxLiabilitiesHadnotBeenOff-set
Unit:RMB
| Item | Endingbalance | Beginningbalance | ||
| Deductibletemporarydifference | Deferredincometaxliabilities | Deductibletemporarydifference | Deferredincometaxliabilities | |
| Thecarryingvalueoffixedassetswaslargerthanthetaxbasis | 1,048.80 | 262.20 | 15,284.32 | 3,821.08 |
| Total | 1,048.80 | 262.20 | 15,284.32 | 3,821.08 |
(3)DeferredIncomeTaxAssetsorLiabilitiesListedbyNetAmountafterOff-set
Unit:RMB
| Item | Mutualset-offamountofdeferredincometaxassetsandliabilitiesattheperiod-end | Endingbalanceofdeferredincometaxassetsorliabilitiesafteroff-set | Mutualset-offamountofdeferredincometaxassetsandliabilitiesattheperiod-begin | Beginningbalanceofdeferredincometaxassetsorliabilitiesafteroff-set |
| Deferredincometaxassets | 950,681,245.50 | 658,153,122.73 | ||
| Deferredincometaxliabilities | 262.20 | 3,821.08 |
(4)ListofUnrecognizedDeferredIncomeTaxAssets
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Deductibletemporarydifference | 61,255,144.06 | 60,809,797.81 |
| Deductiblelosses | 201,769,872.08 | 187,768,845.36 |
| Total | 263,025,016.14 | 248,578,643.17 |
(5)DeductibleLossesofUnrecognizedDeferredIncomeTaxAssetswillDueintheFollowingYears
Unit:RMB
| Years | Endingamount | Beginningamount | Note |
| Y2019 | 7,443.23 | Thedeductiblelossesof2014 | |
| Y2020 | 8,494.90 | Thedeductiblelossesof2015 | |
| Y2021 | 3,456.91 | Thedeductiblelossesof2016 | |
| Y2022 | 55,165,608.46 | 62,919,255.68 | Thedeductiblelossesof2017 |
| Y2024 | 124,830,194.64 | 124,830,194.64 | Thedeductiblelossesof2019 |
| Y2025 | 21,774,068.98 | Thedeductiblelossesof2020 | |
| Total | 201,769,872.08 | 187,768,845.36 | -- |
Othernotes:
31.OtherNon-currentAssets
Unit:RMB
| Item | Endingbalance | Beginningbalance | ||||
| Carryingamount | Depreciationreserves | Carryingvalue | Carryingamount | Depreciationreserves | Carryingvalue | |
| Prepaymentforpurchaseoffixedassets,investmentpropertiesandintangible | 867,619.10 | 867,619.10 | 4,711,963.66 | 4,711,963.66 | ||
| assets | ||||||
| Other | 696,455.24 | 696,455.24 | ||||
| Total | 1,564,074.34 | 1,564,074.34 | 4,711,963.66 | 4,711,963.66 |
Othernotes:
32.Short-termBorrowings
(1)CategoryofShort-termBorrowings
Unit:RMB
| Item | Endingbalance | Beginningbalance |
Notesofshort-termborrowingscategory:
(2)ListoftheShort-termBorrowingsOverduebutnotReturnedTheamountoftheoverdueunpaidshort-termborrowingsattheperiod-endwasRMB,ofwhichthesignificantoverdueunpaidshort-termborrowingsareasfollows:
Unit:RMB
| Entity | Endingbalance | Interestrate | Overduetime | Overduechargerate |
Othernotes:
33.TradingFinancialLiabilities
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Ofwhich: | ||
| Ofwhich: |
Othernotes:
34.DerivativeFinancialLiabilities
Unit:RMB
| Item | Endingbalance | Beginningbalance |
Othernotes:
35.NotesPayable
Unit:RMB
| Item | Endingbalance | Beginningbalance |
ThetotalamountofnotespayableduebutunpaidwasRMBXXX.
36.AccountsPayable
(1)ListofAccountsPayable
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Engineeringconstructionexpensepayable | 334,297,738.31 | 420,433,422.07 |
| Accruedexpenses | 46,894,644.22 | 90,484,298.98 |
| Other | 87,077,303.12 | 66,771,418.05 |
| Total | 468,269,685.65 | 577,689,139.10 |
(2)SignificantAccountsPayableAgedover1Year
Unit:RMB
| Item | Endingbalance | Unpaid/Un-carry-overreason |
| ChinaConstructionFourthEngineeringDivisionCorp.,Ltd. | 91,604,763.90 | Unsettled |
| ShenzhenPlanningBureauofLandResources | 25,000,000.00 | Historicalproblems |
| TheSecondConstructionCompanyLtd.ofChinaConstructionThirdEngineeringBureau | 14,657,519.42 | Unsettled |
| ShenzhenHongtaoGroupCo.,Ltd. | 8,425,583.78 | Unsettled |
| ShenzhenRuiheConstruction&DecorationCo.,Ltd. | 8,180,740.76 | Unsettled |
| Total | 147,868,607.86 | -- |
Othernotes:
37.AdvancesfromCustomers
(1)ListofAdvancesfromCustomers
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Rent | 473,274.48 | 516,988.76 |
| Total | 473,274.48 | 516,988.76 |
(2)SignificantAdvancesfromCustomersAgedover1Year
Unit:RMB
| Item | Endingbalance | Unpaid/Un-carry-overreason |
TheCompanyneedstocomplywiththedisclosurerequirementsofShenzhenStockExchangeIndustryInformationDisclosureGuidelinesNo.3-ListedCompaniesEngagedinRealEstateIndustryTheproceedsinformationoftopfiveadvancesaleamount:
38.ContractLiabilities
Unit:RMB
| S/N | Nameofproject | Beginningbalance | Endingbalance | Estimateddateofcompletion | Advancesaleproportion |
| 1 | GoldenCollar’sResortBuildingB/C | 358,877,583.81 | 557,454,007.62 | 25December,2019 | 80.54% |
| 2 | BanshanYujingPhaseII | 247,769,597.25 | 64,990,744.95 | 31March,2020 | 90.67% |
| 3 | BanshanYujingPhaseI | 20,523,809.52 | 13,507,405.72 | 30November,2016 | 100.00% |
| 4 | HupanYujingPhaseII | 5,766,348.62 | 5,850,395.41 | 30November,2017 | 86.80% |
| 5 | HupanYujingPhaseI | 128,440.37 | 91,743.12 | 1June2015 | 86.39% |
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Housepaymentinadvance | 633,340,922.42 | 657,977,482.24 |
| Propertyfeeinadvance | 13,124,519.01 | 10,572,288.04 |
| Otherpaymentinadvance | 20,428,188.29 | 21,993,810.67 |
| Total | 666,893,629.72 | 690,543,580.95 |
SignificantchangesinamountofcarryingvalueandthereasonintheReportingPeriod
Unit:RMB
| Item | Amountchanged | Reason |
| GoldenCollar’sResort | 198,576,423.81 | GoldenCollar’sResortBuildingB/Creceivedthesalesreturn |
| BuildingB/C | andcarriedforwardtheincome. | |
| Total | 198,576,423.81 | —— |
39.PayrollPayable
(1)ListofPayrollPayable
Unit:RMB
| Item | Beginningbalance | Increase | Decrease | Endingbalance |
| I.Short-termsalary | 141,448,850.23 | 676,721,649.24 | 642,788,460.56 | 175,382,038.91 |
| II.Post-employmentbenefit-definedcontributionplans | 1,921,102.65 | 21,148,241.17 | 21,261,185.37 | 1,808,158.45 |
| III.Terminationbenefits | 123,915.92 | 592,872.83 | 716,788.75 | |
| Total | 143,493,868.80 | 698,462,763.24 | 664,766,434.68 | 177,190,197.36 |
(2)ListofShort-termSalary
Unit:RMB
| Item | Beginningbalance | Increase | Decrease | Endingbalance |
| 1.Salary,bonus,allowance,subsidy | 127,467,198.54 | 599,497,889.31 | 566,041,720.26 | 160,923,367.59 |
| 2.Employeewelfare | 179,903.05 | 24,307,049.83 | 22,717,286.25 | 1,769,666.63 |
| 3.Socialinsurance | 309,821.38 | 15,124,241.03 | 15,211,021.61 | 223,040.80 |
| Ofwhich:Medicalinsurancepremiums | 307,218.00 | 13,472,063.18 | 13,556,240.38 | 223,040.80 |
| Work-relatedinjuryinsurance | 202,038.26 | 202,038.26 | ||
| Maternityinsurance | 2,603.38 | 958,192.93 | 960,796.31 | |
| Othercommercialinsurance | 491,946.66 | 491,946.66 | ||
| 4.Housingfund | 552,529.86 | 18,768,120.78 | 18,811,139.67 | 509,510.97 |
| 5.Laborunionbudgetandemployeeeducationbudget | 12,939,397.40 | 12,280,851.65 | 13,263,796.13 | 11,956,452.92 |
| 8.Non-monetarywelfare | 6,743,496.64 | 6,743,496.64 | ||
| Total | 141,448,850.23 | 676,721,649.24 | 642,788,460.56 | 175,382,038.91 |
(3)ListofDefinedContributionPlans
Unit:RMB
| Item | Beginningbalance | Increase | Decrease | Endingbalance |
| 1.Basicpensionbenefits | 168,430.00 | 9,240,950.41 | 9,409,380.41 | |
| 2.Unemploymentinsurance | 213,627.75 | 213,627.75 | ||
| 3.Annuity | 1,752,672.65 | 11,693,663.01 | 11,638,177.21 | 1,808,158.45 |
| Total | 1,921,102.65 | 21,148,241.17 | 21,261,185.37 | 1,808,158.45 |
Othernotes:
40.TaxesPayable
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| VAT | 47,751,975.47 | 70,818,175.32 |
| Corporateincometax | 448,111,036.28 | 368,461,498.66 |
| Personalincometax | 4,826,634.10 | 1,556,780.71 |
| Urbanmaintenanceandconstructiontax | 3,165,158.73 | 3,668,311.19 |
| LandVAT | 1,979,388,881.01 | 2,149,507,199.99 |
| Landusetax | 941,099.10 | 942,757.19 |
| Propertytax | 447,199.94 | 526,309.33 |
| Educationsurcharge | 1,372,723.27 | 1,592,152.99 |
| Localeducationsurcharge | 918,545.34 | 1,067,591.60 |
| Other | 289,726.13 | 142,514.70 |
| Total | 2,487,212,979.37 | 2,598,283,291.68 |
Othernotes:
41.OtherPayables
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Dividendspayable | 12,202,676.04 | 12,202,676.04 |
| OtherPayables | 834,939,937.05 | 1,136,902,252.81 |
| Total | 847,142,613.09 | 1,149,104,928.85 |
(1)Interestpayable
Unit:RMB
| Item | Endingbalance | Beginningbalance |
Listofthesignificantoverdueunpaidinterest:
Unit:RMB
| Entity | Overdueamount | Overduereason |
Othernotes:
(2)Dividendspayable
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Ordinarysharedividends | 12,202,676.04 | 12,202,676.04 |
| Total | 12,202,676.04 | 12,202,676.04 |
Othernotes,includingsignificantdividendspayableunpaidforover1year,theunpaidreasonshallbedisclosed:
SignificantOtherPayablesAgedover1Year
| Item | Amountunpaid | Unpaidreason |
| ShenzhenSouthChinaInvestmentDevelopmentCo.,Ltd. | 9,871.20 | Withoutaccesstoitsaccount |
| WenlingQualityControlAssociation | 9,871.02 | Withoutaccesstoitsaccount |
| ShanghaiWeihongIndustry&TradeCo.,Ltd. | 9,900.00 | Withoutaccesstoitsaccount |
| ChinaShenzhenInternationalCooperation(Group)Co.,Ltd. | 0.18 | Withoutaccesstoitsaccount |
| ShenzhenGreeningDepartment | 10,869,036.68 | Companyrestructuredwithoutclearingpaymentobject |
| LaborUnionofShenzhenGreeningDepartment | 1,300,000.00 | Companyrestructuredwithoutclearingpaymentobject |
| ShenzhenSportsAdministration | 3,996.96 | Finalpaymentunpaid |
| Total | 12,202,676.04 |
(3)OtherPayables
1)OtherPayablesListedbyNature
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Margin | 236,714,842.73 | 201,013,437.65 |
| Cashdeposit | 18,041,272.10 | 51,062,427.71 |
| Residualfundsofequitytransferunpaid | 465,807,569.82 | |
| Agencyfund | 12,818,680.31 | 7,531,813.31 |
| Intercoursefund | 426,354,105.87 | 316,244,391.26 |
| Accruedexpenses | 93,276,622.77 | 64,684,769.05 |
| Paymentsonbehalf | 14,038,360.90 | 9,235,637.59 |
| Other | 33,696,052.37 | 21,322,206.42 |
| Total | 834,939,937.05 | 1,136,902,252.81 |
2)SignificantOtherPayablesAgedover1Year
Unit:RMB
| Item | Endingbalance | Unpaid/Un-carry-overreason |
| ShenzhenPasonAluminumTechnologyCo.,Ltd. | 198,352,106.44 | Didnotsubmitthepaymentapplicationduetoredundantreasons |
| ShenzhenRealEstateJifaWarehousingCo.,Ltd. | 35,796,665.14 | Come-and-goaccountswithoutspecificpaymentterm |
| ShenzhenTian’anInternationalMansionPropertyAdministrationCo.,Ltd. | 5,214,345.90 | Come-and-goaccountswithoutspecificpaymentterm |
| ShenzhenSocialCommonwealFoundation | 3,323,202.00 | Didnotsubmitthepaymentapplication |
| RainbowCo.,Ltd. | 2,380,000.00 | Marginwithintheleasingperiod |
| Total | 245,066,319.48 | -- |
Othernotes
42.Held-for-saleLiabilities
Unit:RMB
| Item | Endingbalance | Beginningbalance |
Othernotes:
43.CurrentPortionofNon-currentLiabilities
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Currentportionoflong-termborrowings | 36,722,824.88 | 3,921,032.24 |
| Total | 36,722,824.88 | 3,921,032.24 |
Othernotes:
44.OtherCurrentLiabilities
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Taxestobewrittenoff | 43,354,691.51 | 37,125,462.92 |
| Total | 43,354,691.51 | 37,125,462.92 |
Increase/decreaseoftheshort-termbondspayable:
Unit:RMB
| Bondsname | Parvalue | Issuingdate | Duration | Issuingamount | Beginningbalance | Thecurrentissue | Withdrawalofinterestbyparvalue | Amortizationofpremiumanddepreciation | RepaymentintheReportingPeriod | Endingbalance |
Othernotes:
45.Long-termBorrowings
(1)CategoryofLong-termBorrowings
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Pledgedborrowings | 2,999,600,000.00 | 2,192,900,000.00 |
| Mortgageloan | 3,000,000.00 | |
| Guaranteedborrowings | 933,000.00 | |
| Creditborrowings | 585,200,000.00 | |
| Total | 3,587,800,000.00 | 2,193,833,000.00 |
Notestothecategoryoflong-termborrowings:
Othernotes,includingtheintervalofinterestrate:
Thepledgedborrowingsattheperiod-endwereusedtodeveloptheBanglingurbanrenewalprojectofShenzhenRongyaoRealEstateDevelopmentCo.,Ltd.(hereinafterreferredtoas“RongyaoRealEstate”)withthedurationfrom29November2019to20November2024,applyingtheborrowingratebyrising1.55%complyingwithone-yearlevelofloanprimerate.And69%equityofRongyaoRealEstateheldbytheCompanywaspledgedandtheguaranteemodewasthejointliabilityguaranty.Thepledgedborrowingsattheperiod-endwereusedforthedailyoperatingactivitiesofShenZhenProperties&ResourcesDevelopment(Group)Ltd.(hereinafterreferredtoastheCompany)withthedurationfrom27November2020to27November2023,applyingafloatinginterestrate.Thefirst-phaseexecutioninterestratewas4.655%,andthepledgewasthelanduserightofFuminNewVillageinFutianDistrictoftheCompany.Thecreditborrowingsattheperiod-endwereusedforthetransactionpaymentofequityofShenzhenToukongPropertyManagementCo.,Ltd.withthedurationfrom18May2020to10May2023,applyingtheborrowingratebyadding23.5basispointscomplyingwithone-yearlevelofloanprimerate.
46.BondsPayable
(1)ListofBondsPayable
Unit:RMB
| Item | Endingbalance | Beginningbalance |
(2)Increase/DecreaseofBondsPayable(ExcludingOtherFinancialInstrumentClassifiedasFinancialLiabilitiessuchasPreferredSharesandPerpetualBonds)
Unit:RMB
| Bondsname | Parvalue | Issuingdate | Duration | Issuingamount | Beginningbalance | Thecurrentissue | Withdrawalofinterestbyparvalue | Amortizationofpremiumanddepreciation | RepaymentintheReportingPeriod | Endingbalance |
| Total | -- | -- | -- |
(3)NotestotheConditionsandTimeoftheSharesTransferoftheConvertibleCorporateBonds
(4)NotestoOtherFinancialInstrumentsClassifiedasFinancialLiabilitiesBasicsituationofotherfinancialinstrumentssuchaspreferredsharesandperpetualbondsoutstandingattheperiod-endChangesinfinancialinstrumentssuchaspreferredsharesandperpetualbondsoutstandingattheperiod-end
Unit:RMB
| Outstandingfinancialinstrument | Period-begin | Increase | Decrease | Period-end | ||||
| Amount | Carryingvalue | Amount | Carryingvalue | Amount | Carryingvalue | Amount | Carryingvalue | |
NotestobasisfortheclassificationofotherfinancialinstrumentsasfinancialliabilitiesOthernotes
47.LeaseLiabilities
Unit:RMB
| Item | Endingbalance | Beginningbalance |
Othernotes
48.Long-termPayables
Unit:RMB
| Item | Endingbalance | Beginningbalance |
(1)Long-termPayablesListedbyNature
Unit:RMB
| Item | Endingbalance | Beginningbalance |
Othernotes:
(2)SpecificPayables
Unit:RMB
| Item | Beginningbalance | Increase | Decrease | Endingbalance | Reasonforformation |
Othernotes:
49.Long-termPayrollPayable
(1)ListofLong-termPayrollPayable
Unit:RMB
| Item | Endingbalance | Beginningbalance |
(2)ChangesinDefinedBenefitPlansObligationpresentvalueofdefinedbenefitplans:
Unit:RMB
| Item | Reportingperiod | Sameperiodoflastyear |
Planassets:
Unit:RMB
| Item | Reportingperiod | Sameperiodoflastyear |
Netliabilities(netassets)ofdefinedbenefitplans:
Unit:RMB
| Item | Reportingperiod | Sameperiodoflastyear |
Notesofinfluenceofcontentofdefinedbenefitplansanditsrelevantriskstothefuturecashflow,timeanduncertaintyoftheCompany:
Notestotheresultsofsignificantactuarialassumptionsandsensitivityanalysisofdefinedbenefitplans:
Othernotes:
50.Provisions
Unit:RMB
| Item | Endingbalance | Beginningbalance | Reasonforformation |
| Pendinglitigation | 2,396,947.00 | 2,903,327.87 | CaiBaolin'slawsuitontheresidualvalueofdecoration |
| Total | 2,396,947.00 | 2,903,327.87 | -- |
Othernotes,includingnotestorelatedsignificantassumptionsandevaluationofsignificantprovisions:
RefertoNoteXIV(2)fordetails.
51.DeferredIncome
Unit:RMB
| Item | Beginningbalance | Increase | Decrease | Endingbalance | Reasonforformation |
| Governmentgrants | 341,259.63 | 341,259.63 | 0.00 | ||
| Total | 341,259.63 | 341,259.63 | -- |
Iteminvolvinggovernmentgrants:
Unit:RMB
| Item | Beginningbalance | Amountofnewlysubsidy | Amountrecordedintonon-operatingincomeintheReportingPeriod | AmountrecordedintootherincomeintheReportingPeriod | AmountoffsetcostintheReportingPeriod | Otherchanges | Endingbalance | Relatedtoassets/relatedtoincome |
| GovernmentgrantsforHuangyuyuanPrimarySchool | 341,259.63 | 341,259.63 | Relatedtoassets | |||||
| Total | 341,259.63 | 341,259.63 |
Othernotes:
52.OtherNon-currentLiabilities
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Utilityspecificfund | 490,603.18 | 237,163.63 |
| Housingprinciplefund | 16,825,921.62 | 13,215,811.13 |
| Housewarmingdeposit | 6,925,380.49 | 7,052,274.22 |
| ElectricEquipmentMaintenancefund | 4,019,415.44 | 4,019,415.44 |
| Deputedmaintenancefund | 34,453,351.12 | 36,337,634.47 |
| Follow-upinvestmentofemployeesforGuanlanBanglingproject | 40,000,000.00 | 40,000,000.00 |
| Other | 6,063,655.60 | 7,302,438.57 |
| Total | 108,778,327.45 | 108,164,737.46 |
Othernotes:
53.ShareCapital
Unit:RMB
| Beginningbalance | Increase/decrease(+/-) | Endingbalance | |||||
| Newsharesissued | Bonusshares | Bonusissuefromprofit | Other | Subtotal | |||
| Thesumofshares | 595,979,092.00 | 595,979,092.00 | |||||
Othernotes:
Othernotes:
(1)TheBasicInformationofOtherFinancialInstrumentssuchasPreferredStockandPerpetualBondOutstandingattheEndofthePeriod
(2)ChangesinFinancialInstrumentssuchasPreferredStockandPerpetualBondOutstandingattheEndofthePeriod
Unit:RMB
| Outstandingfinancialinstruments | Period-begin | Increase | Decrease | Period-end | ||||
| Amount | Carryingvalue | Amount | Carryingvalue | Amount | Carryingvalue | Amount | Carryingvalue | |
ThecurrentchangesinotherequityinstrumentsandthecorrespondingreasonsandthebasisoftherelevantaccountingtreatmentOthernotes:
55.CapitalReserve
Unit:RMB
| Item | Beginningbalance | Increase | Decrease | Endingbalance |
| Othercapitalreserves | 80,488,045.38 | 80,488,045.38 | ||
| Total | 80,488,045.38 | 80,488,045.38 |
Othernotes,includingchangesandreasonofchange:
56.TreasuryShares
Unit:RMB
| Item | Beginningbalance | Increase | Decrease | Endingbalance |
Othernotes,includingchangesandreasonofchange:
57.OtherComprehensiveIncome
Unit:RMB
| Item | Beginningbalance | ReportingPeriod | Endingbalance | |||||
| IncomebeforetaxationintheCurrentPeriod | Less:RecordedinothercomprehensiveincomeinpriorperiodandtransferredinprofitorlossintheCurrentPeriod | Less:RecordedintoothercomprehensiveincomeinpriorperiodandtransferredinretainedearningsintheCurrentperiod | Less:Incometaxexpense | AttributabletoownersoftheCompanyastheparentaftertax | Attributabletonon-controllinginterestsaftertax | |||
| I.Othercomprehensiveincomethatmaynotbereclassifiedtoprofitorloss | -2,051,268.24 | -494,182.95 | -494,182.95 | -2,545,451.19 | ||||
| Changesinfairvalueofotherequityinstrumentinvestment\ | -2,051,268.24 | -494,182.95 | -494,182.95 | -2,545,451.19 | ||||
| II.Othercomprehensiveincomethatmaysubsequentlybereclassifiedtoprofitorloss | -647,103.20 | -3,557,035.02 | -3,557,035.02 | -4,204,138.22 | ||||
| Differencesarisingfromtranslationofforeigncurrencydenominatedfinancialstatements | -647,103.20 | -3,557,035.02 | -3,557,035.02 | -4,204,138.22 | ||||
| Totalofothercomprehensiveincome | -2,698,371.44 | -4,051,217.97 | -4,051,217.97 | -6,749,589.41 | ||||
Othernotes,includingtheadjustmentoftheeffectivegain/lossoncashflowhedgestotheinitialrecognizedamount:
58.SpecificReserve
Unit:RMB
| Item | Beginningbalance | Increase | Decrease | Endingbalance |
Othernotes,includingchangesandreasonofchange:
59.SurplusReserves
Unit:RMB
| Item | Beginningbalance | Increase | Decrease | Endingbalance |
| Statutorysurplus | 16,695,044.92 | 2,145,531.58 | 18,840,576.50 |
| reserves | ||||
| Discretionarysurplusreserve | 365,403.13 | 365,403.13 | ||
| Total | 17,060,448.05 | 2,145,531.58 | 19,205,979.63 |
Notes,includingchangesandreasonofchange:
Theincreaseinsurplusreserveinthecurrentperiodisthestatutorysurplusreserveprovidedat10%ofnetprofit.
60.RetainedEarnings
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
| Beginningbalanceofretainedearningsbeforeadjustments | 2,457,119,795.39 | 2,495,296,440.15 |
| Beginningbalanceofretainedearningsafteradjustments | 2,457,119,795.39 | 2,495,296,440.15 |
| Add:NetprofitattributabletoownersoftheCompanyastheparent | 798,572,121.74 | 817,805,780.12 |
| Less:Appropriatestatutorysurplusreserve | 2,802,342.02 | 16,403,637.61 |
| Dividendofordinarysharespayable | 214,552,473.12 | 178,793,727.60 |
| Other | -656,810.44 | 660,785,059.67 |
| Endingretainedearnings | 3,038,993,912.43 | 2,457,119,795.39 |
Listofadjustmentofbeginningretainedearnings:
1)RMBXXXbeginningretainedearningswasaffectedbyretrospectiveadjustmentconductedaccordingtotheAccountingStandardsforBusinessEnterprisesandrelevantnewregulations.
2)RMBXXXbeginningretainedearningswasaffectedbychangesinaccountingpolicies.
3)RMBXXXbeginningretainedearningswasaffectedbycorrectionofsignificantaccountingerrors.
4)RMBXXXbeginningretainedearningswasaffectedbychangesincombinationscopearisingfromsamecontrol.
5)RMBXXXbeginningretainedearningswasaffectedtotallybyotheradjustments.
61.OperatingRevenueandCostofSales
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear | ||
| Operatingrevenue | Costofsales | Operatingrevenue | Costofsales | |
| Mainoperations | 3,970,087,178.43 | 1,355,179,663.50 | 3,878,813,785.99 | 1,412,220,130.41 |
| Otheroperations | 134,287,467.59 | 31,530,576.04 | 82,856,156.45 | 21,395,755.02 |
| Total | 4,104,374,646.02 | 1,386,710,239.54 | 3,961,669,942.44 | 1,433,615,885.43 |
Whethertheloweroftheauditednetprofitbeforeandafterdeductionofnon-recurringgainsandlossesisnegative
□Yes√NoRelevantinformationofrevenue:
Unit:RMB
| Categoryofcontracts | Segment1 | Segment2 | Total | |
| ProductTypes | 4,104,374,646.02 | 4,104,374,646.02 | ||
| Ofwhich: | ||||
| Realestatebusiness | 2,895,323,736.80 | 2,895,323,736.80 | ||
| Propertymanagement | 1,070,094,746.33 | 1,070,094,746.33 | ||
| Leasingbusiness | 138,956,162.89 | 138,956,162.89 |
| Classifiedbybusinessarea | 4,104,374,646.02 | 4,104,374,646.02 | |
| Ofwhich: | |||
| Shenzhen | 3,718,740,286.40 | 3,718,740,286.40 | |
| Otherareas | 385,634,359.62 | 385,634,359.62 | |
| Ofwhich: | |||
| Ofwhich: | |||
| Ofwhich: | |||
| Ofwhich: | |||
| Ofwhich: |
Informationrelatedtoperformanceobligations:
On31December2020,thetransactionpriceassignedtounfulfilled(orpartiallyunfulfilled)performanceobligationswasestimatedtoRMB667million,whichismainlyexpectedfuturerevenueoftransactionpricethathaven’tmetthedeliveryconditionsstipulatedinsalescontractsofrealestate.TheCompanyisexpectedtorecognizetherealizationofsalesrevenuewithinoneyearwhenthehousepropertyiscompletedandpassedtheacceptancewhichmeetthedeliveryconditionsstipulatedinsalescontracts,andwhenthecustomersacquirethecontrolrightsofrelevantgoodsorservices.Informationrelatedtotransactionvalueassignedtoresidualperformanceobligations:
TheamountofrevenuecorrespondingtoperformanceobligationsofcontractssignedbutnotperformedornotfullyperformedyetwasRMB667,344,367.32attheperiod-end,amongwhichRMB667,344,367.32wasexpectedtoberecognizedin2021,RMBXXXinXXXyearandRMBXXXinXXXyear.OthernotesTheCompanyneedstocomplywiththedisclosurerequirementsofShenzhenStockExchangeIndustryInformationDisclosureGuidelinesNo.3-ListedCompaniesEngagedinRealEstateIndustryThetop5accountsreceivedwithconfirmedamountintheReportingPeriod:
Unit:RMB
| No. | Nameofproject | Incomebalance |
| 1 | GoldenCollar’sResort | 2,740,747,887.62 |
| 2 | Huangyuyuan | 82,739,428.57 |
| 3 | SonghuLangyuan | 18,585,235.82 |
| 4 | BanshanYujingPhaseI | 18,021,691.42 |
| 5 | HupanYujingPhaseI,II | 14,842,021.18 |
62.TaxesandSurtaxes
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
| Urbanmaintenanceandconstructiontax | 14,940,404.05 | 13,199,586.55 |
| EducationSurcharge | 6,420,882.98 | 5,689,568.83 |
| Resourcetax | 104,316.94 | |
| Propertytax | 10,257,159.82 | 10,984,861.45 |
| Landusetax | 1,310,782.19 | 1,647,805.28 |
| Businesstax | 41,966.40 | |
| Localeducationsurtax | 4,278,425.22 | 3,716,788.54 |
| LandVAT | 1,273,927,485.51 | 1,043,898,373.56 |
| Othertaxes | 2,171,122.31 | 2,269,979.89 |
| Total | 1,313,348,228.48 | 1,081,511,281.04 |
Othernotes:
63.SellingExpense
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
| Agencyfee | 7,676,210.19 | 84,330,766.24 |
| Consultancyandsalesservicecharges | 10,939,043.07 | 8,639,346.44 |
| Advertising | 10,794,534.19 | 6,975,770.00 |
| Employeebenefits | 5,534,877.38 | 3,847,637.11 |
| Other | 9,808,582.35 | 7,760,432.71 |
| Total | 44,753,247.18 | 111,553,952.50 |
Othernotes:
64.AdministrativeExpense
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
| Employeebenefits | 166,493,999.24 | 143,843,884.07 |
| Administrativeofficecost | 35,213,262.38 | 38,579,803.69 |
| Assetsamortizationanddepreciationexpense | 10,987,180.16 | 6,357,837.46 |
| Litigationcosts | 482,904.31 | 1,596,900.60 |
| Other | 25,447,797.22 | 14,276,126.82 |
| Total | 238,625,143.31 | 204,654,552.64 |
Othernotes:
65.DevelopmentExpense
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
Othernotes:
66.FinanceCosts
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
| Interestexpense | 182,930,469.55 | 194,545,794.14 |
| Less:Interestincome | -72,357,101.87 | -61,860,403.42 |
| Foreignexchangegainsorlosses | -421,264.01 | 770,739.07 |
| Other | 1,111,455.13 | 1,262,703.78 |
| Total | 111,263,558.80 | 134,718,833.57 |
Othernotes:
67.OtherIncome
Unit:RMB
| Sources | ReportingPeriod | Sameperiodoflastyear |
| Governmentgrantsrelatedtoincome[Note] | 6,837,267.10 | 1,015,033.29 |
| Governmentgrantsrelatedtoassets[Note] | 341,259.63 | 48,751.37 |
| Commissionchargesreturnofdeductibleincometax | 94,284.37 | 91,337.56 |
| AdditionaldeductionofVAT | 5,476,769.70 | 3,995,255.21 |
| Other | 55,729.95 | |
| Total | 12,770,810.75 | 5,150,377.43 |
68.InvestmentIncome
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
| Long-termequityinvestmentincomeaccountedbyequitymethod | 634,098.07 | 5,076,839.48 |
| Total | 634,098.07 | 5,076,839.48 |
Othernotes:
69．NetGainonExposureHedges
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
Othernotes:
70.GainonChangesinFairValue
Unit:RMB
| Sources | ReportingPeriod | Sameperiodoflastyear |
Othernotes:
71.CreditImpairmentLoss
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
| Baddebtloss | 4,623,356.81 | -18,701,016.31 |
| Total | 4,623,356.81 | -18,701,016.31 |
Othernotes:
72.AssetImpairmentLoss
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
| II.Lossoninventoryvaluationandcontractperformancecost | -51,185.46 | -1,234,250.84 |
| Total | -51,185.46 | -1,234,250.84 |
Othernotes:
73.AssetDisposalIncome
Unit:RMB
| Sources | ReportingPeriod | Sameperiodoflastyear |
| Incomefromdisposaloffixedassets | 2,311.70 | |
| Total | 2,311.70 |
74.Non-operatingIncome
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear | Amountrecordedinthecurrentnon-recurringprofitorloss |
| Governmentgrants | 34,500.00 | 1,543,085.40 | 34,500.00 |
| Gainsondamageandscrapofnon-currentassets | 2,000.00 | 70,145.12 | 2,000.00 |
| Compensationincome | 759,208.33 | 537,474.45 | 759,208.33 |
| Accountsunpayable | 689,801.09 | 19,416,063.33 | 689,801.09 |
| Other | 10,212,151.81 | 2,165,579.98 | 10,212,151.81 |
| Total | 11,697,661.23 | 23,732,348.28 | 11,697,661.23 |
Governmentgrantsrecordedintocurrentprofitorloss
Unit:RMB
| Item | Distributionentity | Distributionreason | Nature | Whetherinfluencetheprofitsorlossesoftheyearornot | Specialsubsidyornot | ReportingPeriod | Sameperiodoflastyear | Relatedtoassets/relatedtoincome |
| Difficultsubsidies | SocialSecurityBureauofJiulongpoDistrict,Chongqing | Subsidy | Obtainedbyundertakingstate’sfunctionsofensuringcertainpublicserviceorsocialnecessaryproductssupplyorpricecontrol | No | No | 718,712.26 | Relatedtoincome | |
| Publicrentalhousingdecorationsubsidies | ChongqingBeibeiFinancialTreasuryPaymentCenter | Subsidy | Obtainedbyundertakingstate’sfunctionsofensuringcertainpublicserviceorsocialnecessaryproductssupplyorprice | No | No | 777,708.00 | Relatedtoincome |
| control | ||||||||
| Other | Subsidy | Obtainedbyundertakingstate’sfunctionsofensuringcertainpublicserviceorsocialnecessaryproductssupplyorpricecontrol | No | No | 34,500.00 | 36,665.14 | Relatedtoincome |
Othernotes:
75.Non-operatingExpense
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear | Amountrecordedinthecurrentnon-recurringprofitorloss |
| Donation | 476,485.29 | 35,000.00 | 476,485.29 |
| Lossofnon-currentassetsdamagedandscrapped | 275,730.01 | 510,294.93 | 275,730.01 |
| Litigationexpenses | 2,396,947.00 | 1,696,470.00 | 2,396,947.00 |
| Penaltyandfinefordelayingpayment | 237,572.81 | 128,035.72 | 237,572.81 |
| Other | 1,857,594.39 | 2,423,703.20 | 1,857,594.39 |
| Total | 5,244,329.50 | 4,793,503.85 | 5,244,329.50 |
Othernotes:
76.IncomeTaxExpense
(1)ListofIncomeTaxExpense
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
| Currentincometaxexpense | 588,275,917.87 | 400,037,961.67 |
| Deferredincometaxexpense | -285,506,835.29 | -137,321,780.76 |
| Total | 302,769,082.58 | 262,716,180.91 |
(2)AdjustmentProcessofAccountingProfitandIncomeTaxExpense
Unit:RMB
| Item | ReportingPeriod |
| Profitbeforetaxation | 1,034,106,952.31 |
| Currentincometaxexpenseaccountedatstatutory/applicable | 258,437,901.32 |
| taxrate | |
| Influenceofapplyingdifferenttaxratesbysubsidiaries | -224,819.33 |
| Influenceofincometaxbeforeadjustment | -4,500,274.91 |
| Influenceofnon-deductiblecosts,expensesandlosses | 33,187,291.63 |
| Theeffectofusingdeductiblelossesofdeferredincometaxassetsthathavenotbeenrecognizedinthepreviousperiod | -7,327,696.02 |
| InfluenceofdeductibletemporarydifferenceordeductiblelossesofunrecognizeddeferredincometaxintheReportingPeriod | 21,774,068.98 |
| Thetaxrateadjustmentresultsinchangesinthebalanceofdeferredtaxassets/liabilitiesatthebeginningoftheperiod | 1,422,610.91 |
| Incometaxexpense | 302,769,082.58 |
Othernotes:
77.OtherComprehensiveIncomeRefertoNoteVII-57fordetails.
78.CashFlowStatement
(1)CashGeneratedfromOtherOperatingActivities
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
| Largeintercoursefundsreceived | 225,792,047.12 | 599,052,281.39 |
| Interestincome | 46,807,781.51 | 70,613,994.05 |
| Securitydepositandvariousspecialfundsreceived | 83,064,444.34 | 31,810,440.56 |
| Governmentsubsidyreceived | 7,178,526.73 | 2,751,444.45 |
| Othersmallreceivables | 39,131,506.62 | 23,385,374.43 |
| Total | 401,974,306.32 | 727,613,534.88 |
Notes:
(2)CashUsedinOtherOperatingActivities
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
| Payingadministrativeexpenseincash | 62,579,627.01 | 54,452,831.11 |
| Payingsellingexpenseincash | 39,218,369.80 | 96,486,380.21 |
| Netamountofutilities,miscellaneousfeesandaccidentfeeandotherpaymentsonbehalf | 26,822,888.41 | 23,473,862.52 |
| Othersmallpayments | 36,328,299.98 | 10,912,680.02 |
| Total | 164,949,185.20 | 185,325,753.86 |
Notes:
(3)CashGeneratedfromOtherInvestingActivities
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
Notes:
(4)CashUsedinOtherInvestingActivities
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
Notes:
(5)CashGeneratedfromOtherFinancingActivities
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
| Follow-upinvestmentofGuanlanBanglingproject | 40,000,000.00 | |
| Total | 40,000,000.00 |
Notes:
(6)CashUsedinOtherFinancingActivities
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
| Distributionofprofittooriginalshareholderbymergedcompanyunderthesamecontrol | 123,502,169.51 | |
| Cashpaidincurrentperiodduetobusinessconsolidationoccurringinpreviousperiod | 465,807,569.82 | |
| Total | 465,807,569.82 | 123,502,169.51 |
Notes:
79.SupplementalInformationforCashFlowStatement
(1)SupplementalInformationforCashFlowStatement
Unit:RMB
| Supplementalinformation | ReportingPeriod | Sameperiodoflastyear |
| 1.Reconciliationofnetprofittonetcashflowsgeneratedfromoperatingactivities | -- | -- |
| Netprofit | 731,337,869.73 | 742,130,050.54 |
| Add:Provisionforimpairmentofassets | -4,572,171.35 | 20,061,463.19 |
| Depreciationoffixedassets,oil-gasassets,andproductivelivingassets | 45,342,224.24 | 49,096,658.15 |
| Depreciationofrightassets | ||
| Amortizationofintangibleassets | 218,320.15 | 204,396.36 |
| Amortizationoflong-termprepaidexpenses | 3,787,635.84 | 2,254,888.85 |
| Losondisposaloffixedassets,intangibleassetsandotherlong-termassets(gains:negative) | -2,311.70 | |
| Lossesonscrapoffixedassets(gains:negative) | 273,730.01 | 440,149.81 |
| Lossfromfairvaluechange(gains:negative) |
| Financecosts(gains:negative) | 183,674,281.47 | 194,530,915.83 |
| Investmentloss(gains:negative) | -634,098.07 | -5,250,050.75 |
| Decreaseindeferredincometaxassets(gains:negative) | -292,528,122.77 | -137,320,326.24 |
| Increaseindeferredincometaxliabilities(“-”meansdecrease) | -3,558.88 | -1,454.52 |
| Decreaseininventory(gains:negative) | -391,011,344.87 | -1,903,681,041.67 |
| Decreaseinaccountsreceivablegeneratedfromoperatingactivities(gains:negative) | 150,130,667.50 | 458,314,454.42 |
| Increaseinaccountspayableusedinoperatingactivities(decrease:negative) | -40,515,339.18 | 1,519,009,461.99 |
| Other | ||
| Netcashgeneratedfrom/usedinoperatingactivities | 385,497,782.12 | 939,789,565.96 |
| 2.Significantinvestingandfinancingactivitieswithoutinvolvementofcashreceiptsandpayments | -- | -- |
| Conversionofdebtintocapital | ||
| Convertiblecorporatebondsduewithinoneyear | ||
| Fixedassetsunderfinancinglease | ||
| 3.Netincrease/decreaseofcashandcashequivalent: | -- | -- |
| Endingbalanceofcash | 4,168,154,911.83 | 3,285,345,233.47 |
| Less:Beginningbalanceofcash | 3,285,345,233.47 | 3,881,027,257.89 |
| Add:Endingbalanceofcashequivalents | ||
| Less:Beginningbalanceofcashequivalents | ||
| Netincreaseincashandcashequivalents | 882,809,678.36 | -595,682,024.42 |
(2)NetCashPaidForAcquisitionofSubsidiaries
Unit:RMB
| Amount | |
| Ofwhich: | -- |
| Ofwhich: | -- |
| Add:PaymentofcashorcashequivalentsintheCurrentPeriodforpreviousenterprisecombination | 465,807,569.82 |
| Ofwhich: | -- |
| ShenzhenInternationalTradeScienceParkServiceCo.,Ltd.(formerlyknownasShenzhenInvestmentPropertyManagementCo.,Ltd.) | 465,807,569.82 |
| Netpaymentsforacquisitionofsubsidiaries | 465,807,569.82 |
Othernotes:
(3)NetCashReceivefromDisposaloftheSubsidiaries
Unit:RMB
| Amount | |
| Ofwhich: | -- |
| Ofwhich: | -- |
| Ofwhich: | -- |
Othernotes:
(4)CashandCashEquivalents
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| I.Cash | 4,168,154,911.83 | 3,285,345,233.47 |
| Including:Cashonhand | 96,389.26 | 130,048.49 |
| Bankdepositondemand | 4,167,907,417.88 | 3,272,524,570.94 |
| Othermonetaryassetsondemand | 151,104.69 | 12,690,614.04 |
| III.Endingbalanceofcashandcashequivalents | 4,168,154,911.83 | 3,285,345,233.47 |
Othernotes:
80.NotestoItemsoftheStatementsofChangesinOwners’EquityNotestothenameof“Other”ofendingbalanceofthesameperiodoflastyearadjustedandtheamountadjusted:
81.AssetswithRestrictedOwnershiporRightofUse
Unit:RMB
| Item | Endingcarryingvalue | Reasonforrestriction |
| Monetaryassets | 38,111,717.49 | Note1,Note2,Note3,Note4,Note5,Note6 |
| LanduserightofFuminNewVillage,FutianDistrict | 542,507,314.43 | Note7 |
| Total | 580,619,031.92 | -- |
Othernotes:
Note1:Intermsofmonetaryassetswithrestrictedrighttouseattheperiod-end,therewaslimitedcapitaloffrozenaccountwithRMB11,031.58inthesubsidiarycompanyShenzhenHuazhengpengPropertyManagementCo.,Ltd.RefertoNoteXI-(II)1forrelevantmattersinvolvedwithlawsuitfordetails.Note2:Intermsofmonetaryassetswithrestrictedrighttouseattheperiod-end,therewasescrowmarginamountwithRMB44,554.35inthecateringbranchofthesubsidiarycompanyShandongShenguomaoRealEstateManagementCo.,Ltd.Note3:Intermsofmonetaryassetswithrestrictedrighttouseattheperiod-end,asarealestatedeveloper,theCompanyhasprovidedmortgageguaranteesforcommercialhousingpurchasersandpaidloanguaranteesofRMB1,148,647.30accordingtorealestatebusinesspractices.RefertoNoteXI-(II)2fordetails.Note4:Intermsofmonetaryassetswithrestrictedrighttouseattheperiod-end,therewaspaymentguaranteeofRMB11,213,310.06signedbytheCompany'ssubsidiarySZPRDXuzhouDapengRealEstateDevelopmentCo.,Ltd.andJiangsuHanjianGroupCo.,Ltd.on1June2020,ofwhichtheprincipalwasRMB11,075,002.60andtheinterestwasRMB138,307.46.ThenumberofthepaymentguaranteewasXingyinXubao(2020)25.Note5:Intermsofmonetaryassetswithrestrictedrighttouseattheperiod-end,therewasinterestoffixedtimedepositofRMB25,394,174.20unduebutwithdrawnattheperiod-end.Note6:Intermsofmonetaryassetswithrestrictedrighttouseattheperiod-end,therewasletterofguaranteeofRMB300,000.00issuedbyShenzhenPropertyEngineeringandConstructionSupervisionCo.,Ltd.forprojectbiddingforsupervisionserviceof
ShenzhenRongyaoRealEstateDevelopmentCo.,Ltd.phaseIIurbanrenewalunitprojectofBanglingArea,GuanlanStreet,LonghuaDistrictin2020.Note7:Duetotheneedsofdailybusinessactivities,thecompanyappliedforloanfromBankofCommunications,ShenzhenBranchtomortgagethelanduserightofFuminNewVillage,FutianDistrict.Thetermoftheloanwasfrom27November2020to27November2023.Theinterestrateoftheloanwasfloating,andthefirstexecutioninterestratewas4.655%.
82.ForeignCurrencyMonetaryItems
(1)ForeignCurrencyMonetaryItems
Unit:RMB
| Item | Endingforeigncurrencybalance | Exchangerate | EndingbalanceconvertedtoRMB |
| Monetaryassets | -- | -- | 51,762,160.28 |
| Ofwhich:USD | |||
| EUR | |||
| HKD | 61,504,468.01 | 0.8416 | 51,762,160.28 |
| Prepayment | 8,102.52 | 6,819.08 | |
| Ofwhich:HKD | 8,102.52 | 0.8416 | 6,819.08 |
| Otherpayables | 15,033.42 | 12,652.13 | |
| Ofwhich:HKD | 15,033.42 | 0.8416 | 12,652.13 |
| Accountsreceivable | -- | -- | |
| Ofwhich:USD | |||
| EUR | |||
| HKD |
| Long-termborrowings | -- | -- |
| Ofwhich:USD | ||
| EUR | ||
| HKD |
Othernotes:
(2)NotestoOverseasEntitiesIncluding:forSignificantOverseaEntities,MainOperatingPlace,RecordingCurrencyandSelectionBasisShallBeDisclosed;ifthereAreChangesinRecordingCurrency,RelevantReasonsShallBeDisclosed.
√Applicable□Notapplicable
| Item | Mainoperatingplace | Recordingcurrency | Basisforchoosing |
| ShumYipPropertiesDevelopmentCo.,Ltd.anditssubsidiary | HongKong | HKD | LocatedinHK,settledbyHKD |
83.ArbitrageQualitativeandquantitativeinformationofrelevantarbitrageinstruments,hedgedriskinlinewiththetypeofarbitragetodisclose:
Notapplicable.
84.GovernmentGrants
(1)BasicInformationonGovernmentGrants
Unit:RMB
| Category | Amount | Listeditems | Amountrecordedinthecurrentprofitorloss |
| Subsidyofepidemicprevention | 3,077,722.82 | Otherincome | 3,077,722.82 |
| Stablepostsubsidy | 2,806,695.19 | Otherincome | 2,806,695.19 |
| Realestatetaxrefundfromrentcalculation | 380,742.93 | Otherincome | 380,742.93 |
| SubsidyincomeofHuangyuyuanPrimarySchoolandKindergarten | 341,259.63 | Otherincome | 341,259.63 |
| Purchasesubsidy | 148,409.59 | Otherincome | 148,409.59 |
| Newapprenticeshiptrainingsubsidyforenterprises | 100,000.00 | Otherincome | 100,000.00 |
| Watersupplysubsidy | 94,605.93 | Otherincome | 94,605.93 |
| SmallandmicrobusinessesVATexemption | 77,869.39 | Otherincome | 77,869.39 |
| Othersubsidies | 116,721.25 | Otherincome | 116,721.25 |
| Othersubsidies | 34,500.00 | Non-operatingincome | 34,500.00 |
| Total | 7,178,526.73 | 7,178,526.73 |
(2)ReturnofGovernmentGrants
□Applicable√NotapplicableOthernotes:
85.OtherVIII.ChangesofConsolidationScope
1.BusinessCombinationNotundertheSameControl
(1)BusinessCombinationNotundertheSameControlduringtheReportingPeriod
Unit:RMB
| Nameofacquiree | Timeandplaceofgainingtheequity | Costofgainingtheequity | Proportionofequity | Waytogaintheequity | Purchasedate | Recognitionbasisofpurchasedate | Incomeofacquireefromthepurchasedatetoperiod-end | Netprofitsofacquireefromthepurchasedatetoperiod-end |
Othernotes:
(2)CombinationCostandGoodwill
Unit:RMB
Notetodeterminationmethodofthefairvalueofthecombinationcost,considerationandchanges:
Themainformationreasonforthelargegoodwill:
Othernotes:
(3)TheIdentifiableAssetsandLiabilitiesofAcquireeonPurchaseDate
Unit:RMB
| Fairvalueonpurchasedate | Carryingvalueonpurchasedate |
Thedeterminationmethodofthefairvalueofidentifiableassetsandliabilities:
Contingentliabilityofacquireeundertakeninthebusinesscombination:
Othernotes:
(4)GainsorlossesfromRe-measurementofEquityHeldbeforethePurchaseDateatFairValueWhetherthereisatransactionthatthroughmultipletransactionstepbysteptorealizebusinesscombinationandgainingthecontrolduringtheReportingPeriod
□Yes√No
(5)NotestoReasonableConsiderationorFairValueofIdentifiableAssetsandLiabilitiesoftheAcquireethatCannotBeDeterminedontheAcquisitionDateorduringthePeriod-endoftheMerger
(6)OtherNotes
2.BusinessCombinationundertheSameControl
(1)BusinessCombinationundertheSameControlduringtheReportingPeriod
Unit:RMB
| Combinedparty | Proportionoftheequity | Basis | Combinationdate | Recognitionbasisofcombinationdate | Incomefromtheperiod-begintothecombinationdateoftheacquiree | Netprofitsfromtheperiod-begintothecombinationdateoftheacquiree | Incomeoftheacquireeduringtheperiodofcomparison | Netprofitsoftheacquireeduringtheperiodofcomparison |
Othernotes:
(2)CombinationCost
Unit:RMB
ContingentliabilitiesofthecombinedpartyundertakeninthebusinesscombinationOthernotes:
(3)TheCarryingValueofAssetsandLiabilitiesoftheCombinedPartyontheCombinationDate
Unit:RMB
CombinationcostCombinationdate
| Combinationdate | Period-endofthelastperiod |
Contingentliabilitiesofthecombinedpartyundertakeninthebusinesscombination:
Othernotes:
3.CounterPurchaseBasicinformationoftrading,thebasisoftransactionsconstitutecounterpurchase,theretainassets,liabilitiesofthelistedcompanieswhetherconstitutedabusinessanditsbasis,thedeterminationofthecombinationcosts,theamountandcalculationofadjustedrightsandinterestsinaccordancewiththeequitytransactionprocess:
4.DisposalofSubsidiaryWhetherthereisasingledisposaloftheinvestmenttothesubsidiaryandlostcontrol?
□Yes√NoWhetherthereareseveraldisposalsoftheinvestmenttothesubsidiaryandlostcontrols?
□Yes√No
5.ChangesinCombinationScopeforOtherReasonsNotetochangesincombinationscopeforotherreasons(suchasnewlyestablishmentorliquidationofsubsidiaries,etc.)andrelevantinformation:
Increaseincombinationscope
| Nameofcompany | Waytogainequity | Timeandplaceofgainingequity | Capitalcontribution | Proportion |
| SZPRDFuyuantaiDevelopmentCo.,Ltd. | Newly-establishedsubsidiary | 20August2020 | 10,000,000.00 | 100% |
6.OtherIX.EquityinOtherEntities
1.EquityinSubsidiary
(1)Subsidiaries
| Name | Mainoperatingplace | Registrationplace | Natureofbusiness | Holdingpercentage(%) | Wayofgaining | |
| Directly | Indirectly | |||||
| ShenzhenHuangchengRealEstateCo.,Ltd. | Shenzhen | Shenzhen | Realestate | 100.00% | Set-up | |
| ShenzhenWuheIndustryInvestmentDevelopmentCo.,Ltd.[Note1] | Shenzhen | Shenzhen | Realestate | 100.00% | Set-up | |
| PRDGroupXuzhouDapengRealEstateDevelopmentCo.,Ltd. | Xuzhou | Xuzhou | Realestate | 100.00% | Set-up | |
| DongguanInternationalTradeCenterChangshengRealEstateDevelopmentCo.,Ltd. | Dongguan | Dongguan | Realestate | 100.00% | Set-up | |
| PRDYangzhouRealEstateDevelopmentCo.,Ltd. | Yangzhou | Yangzhou | Realestate | 100.00% | Set-up | |
| Shenzhen | Shenzhen | Shenzhen | Realestate | 100.00% | Set-up | |
| InternationalTradeCenterPropertyManagementCo.,Ltd. | ||||||
| ShenzhenGuomaoMeishenghuoServiceCo.,Ltd.[Note2] | Shenzhen | Shenzhen | Realestate | 100.00% | Set-up | |
| ShandongShenzhenInternationalTradeCenterPropertyManagementCo.,Ltd. | Jinan | Jinan | Realestate | 100.00% | Set-up | |
| ChongqingShenzhenInternationalTradeCenterPropertyManagementCo.,Ltd. | Chongqing | Chongqing | Realestate | 100.00% | Set-up | |
| ChongqingAoboElevatorCo.,Ltd. | Chongqing | Chongqing | Service | 100.00% | Set-up | |
| ChongqingTianqueElevatorTechnologyCo.,Ltd. | Shenzhen | Shenzhen | Service | 100.00% | Set-up | |
| ShenzhenGuoguanElectromechanicalDeviceCo.,Ltd. | Shenzhen | Shenzhen | Service | 100.00% | Set-up | |
| ShenzhenInternationalTradeCenterCateringCo.,Ltd. | Shenzhen | Shenzhen | Hotelsandcateringservices | 100.00% | Set-up | |
| ShenzhenProperty | Shenzhen | Shenzhen | Service | 100.00% | Set-up |
| EngineeringConstructionSupervisionCo.,Ltd. | ||||||
| SZPRDCommercialOperationCo.,Ltd.[Note3] | Shenzhen | Shenzhen | Service | 100.00% | Set-up | |
| ZhanjiangShenzhenRealEstateDevelopmentCo.,Ltd. | Zhanjiang | Zhanjiang | Realestate | 100.00% | Set-up | |
| ShumYipPropertiesDevelopmentCo.,Ltd. | HongKong | HongKong | Realestate | 100.00% | Set-up | |
| WayhangDevelopmentCo.,Ltd. | HongKong | HongKong | Realestate | 100.00% | Set-up | |
| ChiefLinkPropertiesCo.,Ltd. | HongKong | HongKong | Realestate | 70.00% | Set-up | |
| SyndisInvestmentCo.,Ltd. | HongKong | HongKong | Realestate | 70.00% | Businesscombinationnotunderthesamecontrol | |
| YangzhouSlenderWestLakeJingyuePropertyDevelopmentCo.,Ltd. | Yangzhou | Yangzhou | Realestate | 51.00% | Set-up | |
| ShandongInternationalTradeCenterHotelManagementCo.,Ltd. | Jinan | Jinan | Realestate | 100.00% | Set-up | |
| ShenzhenShenshanSpecialCooperationZoneGuomao | Shenzhen | Shenzhen | Realestate | 65.00% | Set-up |
| PropertyDevelopmentCo.,Ltd. | ||||||
| ShenzhenGuomaoTonglePropertyManagementCo.,Ltd. | Shenzhen | Shenzhen | Realestate | 51.00% | Set-up | |
| ShenzhenRongyaoRealEstateDevelopmentCo.,Ltd. | Shenzhen | Shenzhen | Realestate | 69.00% | Businesscombinationnotunderthesamecontrol | |
| ShenzhenGuomaoScienceandTechnologyParkServiceCo.,Ltd.[Note4] | Shenzhen | Shenzhen | Realestate | 100.00% | Businesscombinationunderthesamecontrol | |
| ShenzhenJulianHumanResourcesDevelopmentCo.,Ltd. | Shenzhen | Shenzhen | Service | 100.00% | Businesscombinationunderthesamecontrol | |
| ShenzhenHuazhengpengPropertyManagementDevelopmentCo.,Ltd. | Shenzhen | Shenzhen | Realestate | 100.00% | Businesscombinationunderthesamecontrol | |
| SZPRDUrbanRenewalCo.,Ltd.[Note5] | Shenzhen | Shenzhen | Realestate | 100.00% | Businesscombinationunderthesamecontrol | |
| ShenzhenPenghongyuanIndustrialDevelopmentCo.,Ltd. | Shenzhen | Shenzhen | Hotelsandcateringservices | 100.00% | Businesscombinationunderthesamecontrol | |
| ShenzhenJinhailianProperty | Shenzhen | Shenzhen | Realestate | 100.00% | Businesscombinationunderthesame |
| ManagementCo.,Ltd. | control | |||||
| ShenzhenSocialWelfareCo.,Ltd. | Shenzhen | Shenzhen | Healthandsocialwork | 100.00% | Businesscombinationunderthesamecontrol | |
| ShenzhenFuyuanminPropertyManagementLimitedLiabilityCompany | Shenzhen | Shenzhen | Realestate | 100.00% | Businesscombinationunderthesamecontrol | |
| ShenzhenMeilongIndustrialDevelopmentCo.,Ltd. | Shenzhen | Shenzhen | Service | 100.00% | Businesscombinationunderthesamecontrol | |
| ShenzhenGuomaoShenlvGardenCo.,Ltd.[Note6] | Shenzhen | Shenzhen | Publicfacilitiesmanagement | 90.00% | Businesscombinationunderthesamecontrol | |
| ShenzhenJiayuanPropertyManagementCo.,Ltd. | Shenzhen | Shenzhen | Realestate | 54.00% | Businesscombinationunderthesamecontrol | |
| ShenzhenHelinhuaConstructionManagementCo.,Ltd. | Shenzhen | Shenzhen | Realestate | 90.00% | Businesscombinationunderthesamecontrol | |
| ShenzhenZhongtongdaHouseXiushanServiceCo.,Ltd. | Shenzhen | Shenzhen | Constructionindustry | 90.00% | Businesscombinationunderthesamecontrol | |
| ShenzhenKangpingIndustrialCo.,Ltd. | Shenzhen | Shenzhen | Retailbusiness | 90.00% | Businesscombinationunderthesamecontrol | |
| ShenzhenSportsService | Shenzhen | Shenzhen | Manufacturingindustry | 100.00% | Businesscombination |
| Co.,Ltd. | underthesamecontrol | |||||
| ShenzhenTeacher’sHomeTrainingCo.,Ltd. | Shenzhen | Shenzhen | Retailbusiness | 100.00% | Businesscombinationunderthesamecontrol | |
| ShenzhenEducationIndustrialCo.,Ltd. | Shenzhen | Shenzhen | Service | 100.00% | Businesscombinationunderthesamecontrol | |
| ShenzhenYufaIndustrialCo.,Ltd. | Shenzhen | Shenzhen | Retailbusiness | 80.95% | Businesscombinationunderthesamecontrol | |
| SZPRDFuyuantaiDevelopmentCo.,Ltd. | Shenzhen | Shenzhen | Realestate | 100.00% | Set-up |
Notestoholdingproportioninsubsidiarydifferentfromvotingproportion:
Basisofholdinghalforlessvotingrightsbutstillcontrollingtheinvesteeandholdingmorethanhalfofthevotingrightsbutnotcontrollingtheinvestee:
Significantstructuralentitiesandcontrollingbasisinthescopeofcombination:
BasisofdeterminingwhethertheCompanyistheagentortheprincipal:
Othernotes:
Note1:InNovember2020,SZPRDRealEstateDevelopmentCo.,Ltd.wasrenamedShenzhenWuheIndustrialInvestmentDevelopmentCo.,Ltd.Note2:InJuly2020,ShenzhenHuangchengPropertyManagementCo.,Ltd.wasrenamedShenzhenGuomaoMeishenghuoServiceCo.,Ltd.Note3:InJuly2020,ShenzhenSZPRDHousingAssetsOperationandManagementCo.,Ltd.wasrenamedSZPRDCommercialOperationCo.,Ltd.Note4:InJuly2020,ShenzhenToukongPropertyManagementCo.,Ltd.wasrenamedShenzhenGuomaoScienceandTechnologyParkServiceCo.,Ltd.Note5:InJuly2020,ShenzhenTaixinliPropertyManagementCo.,Ltd.wasrenamedSZPRDUrbanRenewalCo.,Ltd.Note6:InOctober2020,ShenzhenShenlvGardenTechnologyIndustrialCo.,Ltd.wasrenamedShenzhenGuomaoShenlvGardenCo.,Ltd.
(2)SignificantNon-wholly-ownedSubsidiary
Unit:RMB
| Name | Shareholdingproportionofnon-controllinginterests | Theprofitorlossattributabletothenon-controllinginterests | Declaringdividendsdistributedtonon-controllinginterests | Balanceofnon-controllinginterestsattheperiod-end |
| ShenzhenRongyaoRealEstate | 31.00% | -67,575,687.97 | 38,907,826.08 |
| DevelopmentCo.,Ltd. | ||||
| YangzhouShouxihuJingyuePropertyDevelopmentCo.,Ltd. | 49.00% | 526,848.43 | 4,818,381.94 | |
| ShenzhenGuomaoShenlvGardenCo.,Ltd. | 10.00% | -90,932.35 | 270,575.75 |
Holdingproportionofnon-controllinginterestsinsubsidiarydifferentfromvotingproportion:
Othernotes:
(3)TheMainFinancialInformationofSignificantNotWholly-ownedSubsidiary
Unit:RMB
| Name | Endingbalance | Beginningbalance | ||||||||||
| Currentassets | Non-currentassets | Totalassets | Currentliabilities | Non-currentliability | Totalliabilities | Currentassets | Non-currentassets | Totalassets | Currentliabilities | Non-currentliability | Totalliabilities | |
| ShenzhenRongyaoRealEstateDevelopmentCo.,Ltd. | 4,265,252,715.28 | 114,182,786.33 | 4,379,435,501.61 | 224,326,385.22 | 4,029,600,000.00 | 4,253,926,385.22 | 4,111,815,612.87 | 42,716,564.22 | 4,154,532,177.09 | 53,136,970.47 | 3,757,900,000.00 | 3,811,036,970.47 |
| YangzhouShouxihuJingyuePropertyDevelopmentCo.,Ltd. | 15,397,601.22 | 877,958.80 | 16,275,560.02 | 6,442,127.49 | 6,442,127.49 | 8,613,306.97 | 848,862.50 | 9,462,169.47 | 2,703,937.82 | 2,703,937.82 | ||
| ShenzhenGuomaoShenlvGarde | 31,973,980.11 | 1,389,548.34 | 33,363,528.45 | 30,657,770.94 | 30,657,770.94 | 32,340,229.87 | 596,876.54 | 32,937,106.41 | 29,322,025.36 | 29,322,025.36 | ||
Unit:RMB
nCo.,Ltd.Name
| Name | ReportingPeriod | Sameperiodoflastyear | ||||||
| Operatingrevenue | Netprofit | Totalcomprehensiveincome | Cashflowsfromoperatingactivities | Operatingrevenue | Netprofit | Totalcomprehensiveincome | Cashflowsfromoperatingactivities | |
| ShenzhenRongyaoRealEstateDevelopmentCo.,Ltd. | -217,986,090.23 | -217,986,090.23 | -428,153,632.73 | -243,632,621.48 | -243,632,621.48 | -957,858,901.03 | ||
| YangzhouShouxihuJingyuePropertyDevelopmentCo.,Ltd. | 27,454,217.70 | 1,075,200.88 | 1,075,200.88 | 3,369,179.34 | 7,340,745.68 | -1,115,032.25 | -1,115,032.25 | -4,922,102.11 |
| ShenzhenGuomaoShenlvGardenCo.,Ltd. | 13,548,955.86 | -909,323.54 | -909,323.54 | 1,413,554.68 | 21,381,370.38 | 6,394,132.31 | 6,394,132.31 | -23,167,201.63 |
Othernotes:
(4)SignificantRestrictionsonUsingtheAssetsandLiquidatingtheLiabilitiesoftheCompany
(5)FinancialSupportorOtherSupportsProvidedtoStructuralEntitiesIncorporatedintotheScopeofConsolidatedFinancialStatementsOthernotes:
2.TheTransactionoftheCompanywithItsOwner’sEquityShareChangedbutStillControllingtheSubsidiary
(1)NotetotheOwner’sEquityShareChangedinSubsidiary
(2)TheTransaction’sInfluenceontheEquityofNon-controllingInterestsandtheOwner'sEquityAttributabletotheCompanyastheParent
Unit:RMBOthernotes:
3.EquityinJointVenturesorAssociatedEnterprises
(1)SignificantJointVenturesorAssociatedEnterprises
| Name | Mainoperatingplace | Registrationplace | Natureofbusiness | Holdingpercentage(%) | Accountingtreatmentoftheinvestmenttojointventureorassociatedenterprise | |
| Directly | Indirectly | |||||
| ShenzhenJifaWarehouseCo.,Ltd. | Shenzhen | Shenzhen | Warehouseservice | 50.00% | Equitymethod | |
| Tian’anInternationalBuildingPropertyManagementCompanyofShenzhen | Shenzhen | Shenzhen | Propertymanagement | 50.00% | Equitymethod |
Notestoholdingproportionofjointventureorassociatedenterprisedifferentfromvotingproportion:
Basisofholdinglessthan20%ofthevotingrightsbuthasasignificantimpactorholding20%ormorevotingrightsbutdoesnothaveasignificantimpact:
(2)MainFinancialInformationofSignificantJointVentures
Unit:RMB
| Endingbalance/ReportingPeriod | Beginningbalance/Thesameperiodoflastyear | |||
| ShenzhenJifaWarehouseCo.,Ltd. | Tian’anInternationalBuildingPropertyManagementCompanyofShenzhen | ShenzhenJifaWarehouseCo.,Ltd. | Tian’anInternationalBuildingPropertyManagementCompanyofShenzhen | |
| Currentassets | 5,408,927.72 | 56,100,422.58 | 7,020,791.77 | 53,771,789.30 |
| Ofwhich:Cashandcashequivalents | 5,408,401.36 | 35,387,944.60 | 3,913,864.25 | 34,531,027.99 |
| Non-currentassets | 75,370,802.09 | 49,234.16 | 75,129,933.91 | 42,265.30 |
| Totalassets | 80,779,729.81 | 56,149,656.74 | 82,150,725.68 | 53,814,054.60 |
| Currentliabilities | 2,671,881.97 | 26,716,095.36 | 4,921,182.36 | 24,725,254.19 |
| Non-currentliability | 16,120,967.63 | 16,166,098.30 | ||
| Totalliabilities | 2,671,881.97 | 42,837,062.99 | 4,921,182.36 | 40,891,352.49 |
| EquityattributableToownersoftheCompanyastheparent | 78,107,847.84 | 13,312,593.75 | 77,229,543.32 | 12,922,702.11 |
| Portionofnetassetscalculatedaccordingtoproportionofshareholdings | 39,053,923.92 | 6,656,296.88 | 38,614,771.66 | 6,461,351.06 |
| Carryingvalueofequityinvestmenttojointventures | 39,053,923.92 | 6,656,296.88 | 38,614,771.66 | 6,461,351.06 |
| Operatingrevenue | 6,298,927.01 | 18,268,841.02 | 15,900,285.14 | 20,445,172.55 |
| Financeexpense | -7,369.67 | -567,932.96 | -17,194.43 | -421,003.02 |
| Incometaxexpense | 184,895.52 | 130,585.02 | 3,097,834.74 | 379,274.15 |
| Netprofit | 878,304.52 | 389,891.64 | 9,021,862.53 | 1,131,816.44 |
| Totalcomprehensive | 878,304.52 | 389,891.64 | 9,021,862.53 | 1,131,816.44 |
Othernotes
(3)MainFinancialInformationofSignificantAssociatedEnterprise
Unit:RMB
incomeEndingbalance/ReportingPeriod
| Endingbalance/ReportingPeriod | Beginningbalance/Thesameperiodoflastyear |
Othernotes
(4)SummaryFinancialInformationofInsignificantJointVenturesorAssociatedEnterprises
Unit:RMB
| Endingbalance/ReportingPeriod | Beginningbalance/Thesameperiodoflastyear | |
| Jointventures: | -- | -- |
| Thetotaloffollowingitemsaccordingtotheshareholdingproportions | -- | -- |
| Associatedenterprises: | -- | -- |
| Thetotaloffollowingitemsaccordingtotheshareholdingproportions | -- | -- |
Othernotes
(5)NotetotheSignificantRestrictionsontheAbilityofJointVenturesorAssociatedEnterprisestoTransferFundstotheCompany
(6)TheExcessLossofJointVenturesorAssociatedEnterprises
Unit:RMB
| Name | Thecumulativerecognizedlossesinpreviousaccumulativelyderecognized | Thederecognizedlosses(ortheshareofnetprofit)inReportingPeriod | TheaccumulativeunrecognizedlossesinReportingPeriod |
Othernotes
(7)TheUnrecognizedCommitmentRelatedtoInvestmenttoJointVentures
(8)ContingentLiabilitiesRelatedtoInvestmenttoJointVenturesorAssociatedEnterprises
4.SignificantCommonOperation
| Name | Mainoperatingplace | Registrationplace | Natureofbusiness | Proportion/Shareportion | |
| Directly | Indirectly | ||||
Notestoholdingproportionorshareportionincommonoperationdifferentfromvotingproportion:
Forcommonoperationasasingleentity,basisofclassifyingascommonoperationOthernotes
5.EquityintheStructuredEntityExcludedintheScopeofConsolidatedFinancialStatementsNotestothestructuredentityexcludedinthescopeofconsolidatedfinancialstatements:
6.OtherX.TheRiskRelatedtoFinancialInstrumentsTheCompanyisengagedinriskmanagementtoachievebalancebetweenrisksandreturns,minimizingthenegativeeffectsofrisksonitsoperationperformanceandmaximizingtheinterestsofitsshareholdersandotherequityinvestors.Basedonthatriskmanagementgoal,thefundamentalstrategyofitsriskmanagementistoidentifyandanalyzevariousrisksfacingtheCompany,establishanappropriateriskbottomline,carryoutriskmanagementandmonitorvariousrisksinatimelyandreliablemannertocontrolthemwithinarestrictedscope.
TheCompanyfacesvariousrisksrelatedtofinancialinstrumentsinitsroutineactivities,mainlyincludingcreditrisk,liquidityriskmarketrisk.Themanagementhasreviewedandapprovedthepoliciesofmanagingthoserisks,whicharesummarizedasfollows.CreditRiskCreditriskmeanstheriskoffinanciallossesincurredtotheotherpartywhenonepartyofafinancialinstrumentisunabletofulfillitsobligations.
1.CreditRiskManagementPractice
(1)CreditRiskEvaluationMethodOneachbalancesheetdate,theCompanyshallevaluatewhetherthecreditriskofrelevantfinancialinstrumentshasincreasedsignificantlysincetheinitialrecognition.Afterdeterminingwhetherthecreditriskhasincreasedsignificantlysincetheinitialrecognition,theCompanyshallconsiderobtainingreasonableandreliableinformationwithoutpayingunnecessaryextracostsorefforts,includingqualitativeandquantitativeanalysisbasedonhistoricaldata,externalcreditriskratingandforward-lookinginformation.Onthebaseofthesinglefinancialinstrumentorcombinationoffinancialinstrumentswithsimilarcreditriskcharacteristics,theCompanycomparestheriskofdefaultoffinancialinstrumentsonthebalancesheetdatewiththeriskofdefaultontheinitialrecognitiondatetodeterminethechangeofdefaultriskoffinancialinstrumentsduringtheirexpectedduration.Whenoneormoreofthefollowingquantitativeandqualitativecriteriaprevails,theCompanyshallbelievethecreditriskoffinancialinstrumentshasincreasedsignificantly:
1)Forthequantitativestandard,itcanbemainlyanalyzedfromtheprobabilityofdefaultfortheremainingdurationonthebalancesheetdaterisesbymorethanacertainproportioncomparedwiththeinitialconfirmation.
2)Forthequalitativestandard,itcanbemainlyanalyzedfromthemajoradversechangesinthedebtor'soperationorfinancialsituation,changesinexistingorexpectedtechnology,market,economyorlegalenvironmentwhichshallhavemajoradverseimpactsonthedebtor’srepaymentabilityoftheCompany,etc.
3)Theupperlimitisthatthedebtor’scontractpayment(includingprincipalandinterest)isoverdueformorethan90days.
(2)DefinitionofDefaultandCreditImpairment-AssetsWhenafinancialinstrumentmeetsoneormoreofthefollowingconditions,theCompanyshalldefinethefinancialassetashavingdefaulted,anditscriteriaareconsistentwiththedefinitionofhavingincurredcreditimpairment:
1)QuantitativeStandardThedebtorfailstomakethepaymentafterthecontractpaymentdateformorethan90days;
2)Qualitativecriteria①Thedebtorhasmajorfinancialdifficulties;②Thedebtorviolatesthebindingprovisionsonthedebtorinthecontract;③Thedebtorislikelytogobankruptorcarryoutotherfinancialrestructurings;④Thecreditorshallgivethedebtorconcessionsthatwillnotbemadeinanyothercircumstancesduetotheeconomicorcontractualconsiderationsrelatedtothedebtor'sfinancialdifficulties.
2.MeasurementofExpectedCreditLossKeyparametersoftheexpectedcreditlossmeasurementincludedefaultprobability,lossgivendefault,anddefaultriskexposure.TheCompanyconsidersthequantitativeanalysisandforward-lookinginformationofhistoricalstatisticaldata(suchascounterpartyrating,guaranteemethod,collateraltype,repaymentmethod,etc.)toestablishexposuremodelsofdefaultprobability,lossgivendefault,anddefaultrisk.
3.RefertoNoteVI(1),VI(2),VI(8)fordetailsofthereconciliationstatementsofbeginningbalanceandendingbalanceoffinancialinstrumentlossprovision.
4.CreditRiskExposureandCreditRiskConcentrationTheCompany’screditriskmainlycomesfrombankdepositsandaccountsreceivable.Tocontroltheaforementionedrelevantrisks,theCompanyhasadoptedthefollowingmeasures.
(1)Bankdeposits
TheCompanyplacesitsbankdepositswithfinancialinstitutionsofhighcreditratings.Thus,itscreditriskislow.
(2)AccountsreceivableTheCompanyconductscreditassessmentonthecustomerstradinginthemodeofcreditonaregularbasis.Basedonthecreditassessmentresult,theCompanychoosestotradewithrecognizedcustomerswithgoodcreditandmonitorthebalanceoftheaccountsreceivablefromthemtoensurethattheCompanywillnotfaceanysignificantbaddebtrisk.DuetotheCompanymerelytradeswiththeauthorizedthirdpartywithgoodcredit,theguaranteeisnotrequired.Creditriskconcentrationismanagedinaccordancewiththecustomers.Asof31December2020,therearecertaincreditconcentrationrisks,and
55.41%ofaccountsreceivableoftheCompany(63.81%on31December2019)comesfromtop5customersofbalance.TheCompanyhasn’theldanyguaranteeorothercreditenhancementforbalanceofaccountsreceivable.ThemaximumcreditriskexposuretheCompanyundertookshallbethecarryingvalueofeachfinancialassetinbalancesheet.LiquidityRiskLiquidityriskreferstotheriskoffundshortageoccurringwhentheCompanyfulfillsthesettlementobligationinthemodeofcashdeliveryorotherfinancialassets.Liquidityriskmayoriginatefromthefailuretosellfinancialassetsatfairvalueassoonaspossible;orfromtheotherparty’sfailuretopayoffitscontractualdebts;orfromtheearliermaturityofdebts;orfromthefailuretogeneratetheexpectedcashflow.Tocontroltherisk,theCompanycomprehensivelyadoptsbankloansasfinancingapproach,appropriatelycombinelong-termandshort-termfinancingmodesandoptimizethefinancingstructuretomaintainthebalancebetweenfinancingsustainabilityandflexibility.TheCompanyhasobtainedthelineofcreditfromanumberofcommercialbankstosatisfyitsoperationfundneedsandcapitalexpenditure.Financialliabilitiesclassifiedbyremainingmaturity
| Item | Endingbalance | ||||
| Carryingvalue | Undiscountedcontractamount | Within1year | 1to3years | Over3years | |
| Bankloans | 3,587,800,000.00 | 4,314,545,187.20 | 184,013,456.59 | 499,101,299.39 | 3,631,430,431.22 |
| Accountspayable | 468,269,685.65 | 468,269,685.65 | 468,269,685.65 | ||
| Otherpayables | 834,939,937.05 | 834,939,937.05 | 834,939,937.05 | ||
| Othernon-currentliabilitiesduewithinoneyear | 36,722,824.88 | 36,722,824.88 | 36,722,824.88 | ||
| Subtotal | 4,927,732,447.58 | 5,654,477,634.78 | 1,523,945,904.17 | 499,101,299.39 | 3,631,430,431.22 |
(Continued)
| Item | Beginningbalance | ||||
| Carryingvalue | Undiscountedcontractamount | Within1year | 1to3years | Over3years | |
| Bankloans | 2,193,833,000.00 | 2,809,760,244.87 | 122,965,009.77 | 254,890,988.43 | 2,431,904,246.67 |
| Accountspayable | 577,689,139.10 | 577,689,139.10 | 577,689,139.10 | ||
| Otherpayables | 1,136,902,252.81 | 1,136,902,252.81 | 1,136,902,252.81 | ||
| Othernon-currentliabilitiesdue | 3,921,032.24 | 3,926,732.24 | 3,926,732.24 | ||
| withinoneyear | |||||
| Subtotal | 3,912,345,424.15 | 4,528,278,369.02 | 1,841,483,133.92 | 254,890,988.43 | 2,431,904,246.67 |
MarketRiskMarketriskmeansthefluctuationriskofthefairvalueoffinancialinstrumentsorthefuturecashflowduetomarketpricechanges.
1.InterestrateriskInterestrateriskmeansthefluctuationriskofthefairvalueoffinancialinstrumentsorthefuturecashflowduetochangesofmarketinterestrate.TheCompanyhasfacedtheinterestrateriskoffairvaluegeneratedfromthefinancialinstrumentwithinterestoffixedrate,andtheinterestrateriskofcashflowsgeneratedfromfinancialinstrumentwithinterestoffloatinginterestrate.TheCompanywilldeterminedtheproportionbetweenthefinancialinstrumentwithinterestoffixedrateandfloatinginterestrateaccordingtothemarketenvironment,aswellasreviewregularly,superviseandmaintainappropriateportfoliooffinancialinstrument.TheinterestrateriskofcashflowsfacingtheCompanyismainlyrelatedtothebankloanscalculatedbyfloatinginterestrateoftheCompany.Asof31December2020,undertheassumptionoffixedvariableswith50basispointschangedininterestrate,thebankloanwithRMB3,618,800,000.00(RMB2,193,933,000.00on31December2019)calculatedatfloatingratewillnotresultinsignificantinfluenceontotalprofitandshareholders’equityoftheCompany.
2.ForeignexchangeriskForeignexchangeratereferstotheriskthatmayleadtothechangesoffairvalueoffinancialinstrumentsorfuturecashflowsduetofluctuationinexchangerate.TheriskofchangesofexchangeratefacingtheCompanyismainlyrelatedtoforeigncurrencymonetaryassetsandliabilitiesoftheCompany.TheCompanyoperatesinmainlandChina,andthemainactivitiesarerecordedbyRMB.Thus,theforeignexchangemarketriskundertakenisinsignificantfortheCompany.XI.TheDisclosureofFairValue
1.EndingFairValueofAssetsandLiabilitiesatFairValue
Unit:RMB
| Item | Endingfairvalue | |||
| Fairvaluemeasurementitemsatlevel1 | Fairvaluemeasurementitemsatlevel2 | Fairvaluemeasurementitemsatlevel3 | Total | |
| I.Consistentfairvaluemeasurement | -- | -- | -- | -- |
| (III)Otherequityinstrumentinvestment | 1,044,905.12 | 1,044,905.12 | ||
| Totalamountofassetsatfairvalue | 1,044,905.12 | 1,044,905.12 | ||
| II.Inconsistentfairvaluemeasurement | -- | -- | -- | -- |
2.MarketPriceRecognitionBasisforConsistentandInconsistentFairValueMeasurementItemsatLevel
OtherequityinstrumentheldbytheCompanybelongstostocksoflistedcompany,ofwhichtheclosingpriceofstockexchangeon30June2020shallberegardedasthefairvalue.
3.ValuationTechniqueAdoptedandNatureandAmountDeterminationofImportantParametersforConsistentandInconsistentFairValueMeasurementItemsatLevel2
4.ValuationTechniqueAdoptedandNatureandAmountDeterminationofImportantParametersforConsistentandInconsistentFairValueMeasurementItemsatLevel3
5.SensitivenessAnalysisonUnobservableParametersandAdjustmentInformationbetweenBeginningandEndingCarryingValueofConsistentFairValueMeasurementItemsatLevel3
6.ExplaintheReasonforConversionandtheGoverningPolicywhentheConversionHappensifConversionHappensamongConsistentFairValueMeasurementItemsatDifferentLevels
7.ChangesintheValuationTechniqueintheCurrentPeriodandtheReasonforSuchChanges
8.FairValueofFinancialAssetsandLiabilitiesNotMeasuredatFairValue
9.Other
XII.RelatedPartyandRelated-partyTransactions
1.InformationRelatedtotheCompanyastheParentoftheCompany
| Name | Registrationplace | Natureofbusiness | Registeredcapital | ProportionofshareheldbytheCompanyastheparentagainsttheCompany(%) | ProportionofvotingrightsownedbytheCompanyastheparentagainsttheCompany(%) |
| ShenzhenInvestmentHoldingsCo.,Ltd | Shenzhen | Managingstate-ownedassets | RMB28,009million | 56.96% | 56.96% |
Notes:InformationontheCompanyastheparentTheCompanyastheparentoftheCompanyisShenzhenInvestmentHoldingsCo.,Ltd.,anewly-establishedandorganizedstate-ownedcapitalinvestmentcompanybasedontheoriginalthreestate-ownedassetsmanagementcompaniesinOctober2004,amongwhichthemainfunctionistomanagethepartialmunicipalstate-ownedcompaniesaccordingtotheauthorizationofMunicipalSASAC.Asagovernmentdepartment,ShenzhenState-ownedAssetsSupervisionandAdministrationBureaumanagesShenzhenInvestmentHoldingsCo.,Ltd.onbehalfofPeople’sGovernmentofShenzhenMunicipality.ThefinalcontrolleroftheCompanyisShenzhenState-ownedAssetsSupervisionandAdministrationCommitteeofShenzhenGovernment.Othernotes:
2.SubsidiariesoftheCompany
RefertoNoteⅤⅠⅠⅠfordetails.
3.InformationontheJointVenturesandAssociatedEnterprisesoftheCompanyRefertoNoteⅤⅠⅠⅠfordetailsaboutsignificantjointventuresorassociatedenterprises.Informationonotherjointventureorassociatedenterpriseofoccurringrelated-partytransactionswiththeCompanyinReportingPeriod,orformingbalanceduetorelated-partytransactionsmadeinpreviousperiod:
| Name | RelationshipwiththeCompany |
Othernotes
4.InformationonOtherRelatedParties
| Name | RelationshipwiththeCompany |
| ShenzhenInvestmentHoldingsCo.,Ltd. | Wholly-ownedsubsidiaryoftheCompanyastheparentofthe |
| Company | |
| ShenzhenBayTechnologyDevelopmentCo.,Ltd. | Wholly-ownedsubsidiaryoftheCompanyastheparentoftheCompany |
| Wholly-ownedsubsidiaryofShenzhenBayTechnologyDevelopmentCo.,Ltd. | Wholly-ownedsubsidiaryofShenzhenBayTechnologyDevelopmentCo.,Ltd. |
| ShenzhenXinhaiHoldingCo.,Ltd. | TheCompanyastheparentofXinhaiRongyaoofsubsidiaryRongyaoRealEstatebynon-controllinginterests |
| ShenzhenXinhaiRongyaoRealEstateDevelopmentCo.,Ltd. | SubsidiaryRongyaoRealEstatebynon-controllinginterests |
| ShenzhenRealEstateJifaWarehousingCo.,Ltd. | JointventureoftheCompany |
| ShenzhenTian’anInternationalMansionPropertyAdministrationCo.,Ltd. | JointventureoftheCompany |
| ShenzhenWufangCeramicsIndustrialCo.,Ltd. | AssociatedenterpriseoftheCompany |
| HebeiShenbaoInvestmentDevelopmentCo.,Ltd. | Parentcompany'sgrandsoncompany |
| ShenzhenGeneralInstituteofArchitecturalDesignandResearchCo.,Ltd. | Wholly-ownedsubsidiaryoftheparentcompany |
| ShenzhenBayAreaUrbanConstructionDevelopmentCo.,Ltd. | Wholly-ownedsubsidiaryoftheparentcompany |
Othernotes
5.ListofConnectedTransactions
(1)InformationonAcquisitionofGoodsandReceptionofLaborServiceInformationonacquisitionofgoodsandreceptionoflaborservice
Unit:RMB
| Relatedparty | Content | ReportingPeriod | Theapprovaltradecredit | Whetherexceedtradecreditornot | Sameperiodoflastyear |
| ShenzhenBayTechnologyDevelopmentCo.,Ltd. | Managementservicefee | 64,609,934.18 | 28,161,790.79 | ||
| ShenzhenGeneralInstituteofArchitecturalDesignandResearchCo.,Ltd. | Projectarchitecturaldesignplan | 3,326,087.00 |
Informationofsalesofgoodsandprovisionoflaborservice
Unit:RMB
| Relatedparty | Content | ReportingPeriod | Sameperiodoflastyear |
| ShenzhenHi-techZoneDevelopmentConstructionCo.,Ltd | Propertyservicefee | 1,432,390.32 | 1,420,903.83 |
| ShenzhenBayTechnologyDevelopmentCo.,Ltd. | Propertyservicefee | 47,871,320.92 | 58,533,639.69 |
| HebeiShenbaoInvestment | Propertyservicefee | 5,688,129.37 |
| DevelopmentCo.,Ltd. | ||
| ShenzhenBayAreaUrbanConstructionDevelopmentCo.,Ltd. | Propertyservicefee | 2,072,632.08 |
Notesonacquisitionofgoodsandreceptionoflaborservice
(2)InformationonRelated-partyTrusteeship/Contract
Listsoftrusteeship/contract:
Unit:RMB
| Nameoftheentruster/contractee | Nameoftheentrustee/contractor | Type | Startdate | Duedate | Pricingbasis | IncomerecognizedinthisReportingPeriod |
| ShenzhenShentouPropertyDevelopmentCo.,Ltd. | ShenZhenProperties&ResourcesDevelopment(Group)Ltd. | Investmentproperty | 6November2019 | 5November2025 | Marketpricing | 48,341,260.17 |
Notes:
Listsofentrust/contractee
Unit:RMB
| Nameoftheentruster/contractee | Nameoftheentrustee/contractor | Type | Startdate | Duedate | Pricingbasis | ChargerecognizedinthisReportingPeriod |
Notes:
(3)InformationonRelated-partyLeaseTheCompanywaslessor:
Unit:RMB
| Nameoflessee | Categoryofleasedassets | TheleaseincomeconfirmedintheReportingPeriod | TheleaseincomeconfirmedintheSameperiodoflastyear |
TheCompanywaslessee:
Unit:RMB
| Nameoflessor | Categoryofleasedassets | TheleasefeeconfirmedintheReportingPeriod | TheleasefeeconfirmedintheSameperiodoflastyear |
| ShenzhenShentouPropertyDevelopmentCo.,Ltd. | Investmentproperty | 380,681.16 | 373,194.96 |
Notes:
(4)InformationonRelated-partyGuarantee
TheCompanywasguarantor:
Unit:RMB
| Securedparty | Guaranteeamount | Startdate | Enddate | Executionaccomplishedornot |
TheCompanywassecuredparty
Unit:RMB
| Guarantor: | Guaranteeamount | Startdate | Enddate | Executionaccomplishedornot |
Notes:
(5)InformationonInter-bankLendingofCapitalofRelatedParties
Unit:RMB
| Relatedparty | Amount | Startdate | Enddate | Note |
| Borrowing | ||||
| Lending | ||||
(6)InformationonAssetsTransferandDebtRestructuringbyRelatedParty
Unit:RMB
| Relatedparty | Content | Reportingperiod | Sameperiodoflastyear |
(7)InformationonRemunerationforKeyManagementPersonnel
Unit:RMB
| Item | Reportingperiod | Sameperiodoflastyear |
| Remunerationforkeymanagementpersonnel | 16,452,700.40 | 11,861,114.20 |
(8)OtherRelated-partyTransactions
6.AccountsReceivableandPayableofRelatedParty
(1)AccountsReceivable
Unit:RMB
| Item | Relatedparty | Endingbalance | Beginningbalance | ||
| Carryingamount | Baddebtprovision | Carryingamount | Baddebtprovision | ||
| Accountsreceivable | ShenzhenBayTechnologyDevelopmentCo.,Ltd. | 60,785,586.79 | 1,823,567.60 | 93,790,305.70 | 4,689,515.29 |
| HebeiShenbaoInvestmentDevelopmentCo.,Ltd. | 1,465,286.24 | 43,958.59 | 1,470,640.73 | 44,119.22 | |
| ShenzhenHi-techZoneDevelopmentConstructionCo.,Ltd. | 583,120.29 | 17,493.61 | 1,045,589.81 | 31,367.69 | |
| ShenzhenInvestmentHoldingsCo.,Ltd. | 8,357,589.14 | 250,727.67 | 8,282,669.14 | 248,480.07 | |
| Total | 71,191,582.75 | 2,135,747.48 | 104,589,205.38 | 5,013,482.27 | |
| Otherreceivables | ShenzhenXinhai | 401,499,990.18 | 551,499,990.18 | ||
| HoldingCo.,Ltd. | |||||
| ShenzhenXinhaiRongyaoRealEstateDevelopmentCo.,Ltd. | 330,472,932.33 | 330,472,932.33 | |||
| ShenzhenWufangCeramicsIndustrialCo.,Ltd. | 1,747,264.25 | 1,747,264.25 | 1,747,264.25 | 1,747,264.25 | |
| ShenzhenHi-techZoneDevelopmentConstructionCo.,Ltd. | 138,689.46 | 110,951.57 | 138,689.46 | 69,344.73 | |
| ShenzhenInvestmentHoldingsCo.,Ltd. | 109,148.44 | 46,829.92 | 109,148.44 | 46,829.92 | |
| ShenzhenBayTechnologyDevelopmentCo.,Ltd. | 931,784.90 | 27,953.55 | |||
| Total | 734,899,809.56 | 1,932,999.29 | 883,968,024.66 | 1,863,438.90 |
(2)AccountsPayable
Unit:RMB
| Item | Relatedparty | Endingcarryingamount | Beginningcarryingamount |
| Accountspayable | ShenzhenShentouPropertyDevelopmentCo.,Ltd. | 1,338,025.92 | 109,435.61 |
| Total | 1,338,025.92 | 109,435.61 | |
| Otherpayables | ShenzhenShentouPropertyDevelopmentCo.,Ltd. | 14,781,098.23 | 133,725.60 |
| ShenzhenBayTechnologyDevelopmentCo.,Ltd. | 29,944,314.56 | 22,560,522.70 | |
| ShenzhenBayAreaUrbanConstructionandDevelopmentCo.,Ltd. | 360,752.18 | ||
| ShenzhenRealEstateJifaWarehousingCo.,Ltd. | 35,796,665.14 | 35,796,665.14 | |
| ShenzhenTian’anInternationalMansionPropertyAdministrationCo.,Ltd. | 5,214,345.90 | 5,214,345.90 | |
| Total | 86,097,176.01 | 63,705,259.34 |
7.CommitmentsofRelatedParty
8.Other
XIII.StockPayment
1.TheOverallSituationofStockPayment
□Applicable√Notapplicable
2.TheStockPaymentSettledinEquity
□Applicable√Notapplicable
3.TheStockPaymentSettledinCash
□Applicable√Notapplicable
4.ModificationandTerminationoftheStockPayment
5.Other
XIV.CommitmentsandContingency
1.SignificantCommitmentsSignificantContingencyonBalanceSheetDate
1.Largeamountcontractsignedunderperformanceorperformancepreparation
| Item | Reportingperiod | Sameperiodoflastyear |
| Signedbutderecognizedinfinancialstatements—Largeamountcontract | 18,400,472.41 | 145,501,513.44 |
2.Contingency
(1)ImportantContingenciesExistingontheBalanceSheetDate
(1)TheactionabouttransferringJiabinBuildingcontentiousmatterIn1993,theCompanysignedRightofDevelopmentTransferContractofJiabinBuildingwithShenzhenJiyongPropertyDevelopmentCo.,Ltd.(hereinafterreferredtoas“JiyongCompany”).Sincethecontractwasnoteffectivelyexecuted,theCompanysubsequentlyfiledaseriesoflawsuitsagainstthepartiesinvolvedintheproject,buttheoutcomewasnotfavorabletotheCompany.Therefore,theCompanycalculatedandwithdrewbad-debtprovisionsforaccountsreceivablefromJiyongCompanyinfullinpastyearsforthetransferofJiabinBuilding.OnOctober31,2018,ShenzhenIntermediatePeople’sCourtmadeacivilawardandruledthattheCompany’sapplicationforthebankruptcyofJiyongCompanywouldnotbeaccepted.TheCompanyappealedagainsttheruling.OnApril29,2019,theGuangdongProvincialHigherPeople'sCourtruledtorejecttheCompany'sappealandmaintaintheoriginalruling.Asoftheissuancedateofthereport,thereisnonewprogressinthecase.
(2)Thecontentiousmattersinvolvedwithallrenovations,decorations,equipmentandfacilitiesinthefloors5-8ofHaiwaiLianyiBuildingIn2008,ShenzhenHailianGuestHouse,asubsidiaryoftheCompany,signedtheInternalContractofHailianGuestHouse,HouseLeasingContractwithCaiBaolin,obtainedtheuserightoftheroomsinthefloors5-8ofHaiwaiLianyiBuildingaccordinglyandfurtherestablishedShenzhenHailianHotelCo.,Ltd.forbusinessoperationoftherooms.Fortheabove-mentionedcontractswereterminated,CaiBaolinbroughtacivillawsuitagainstShenzhenHailianGuestHouse,ShenzhenJinhailianPropertyManagementCo.,Ltd.(“Jinhailian”)onalloftherenovation,decoration,equipmentandfacilitiesmadeandinstalledintherooms.ThePeople’sCourtatLuohuDistrict,ShenzhenCityissuedtheciviljudgment(2019)Yue0303MinChu4458onDecember26,2019andorderedJinhailiantoaccepttherenovation,decoration,equipmentandfacilitiesremaininginthefloors5-8ofHaiwaiLianyiBuildingbytheplaintiffCaiBaolinwithintendaysafterthejudgmentbecameeffective,andJinhailianshouldpaytheresidualvalueRMB2,396,947.00andCaiBaolinhadnorighttotheaboveassets.Inthisyear,theestimatedliabilitiesRMB2,396,947.00shallbeaccruedforJinhailianaccordingtotheamountofcompensationpayable.
(3)Miscellaneous
Asarealestatedeveloper,theCompanyprovidesmortgageloanguaranteesforcommercialhousingpurchasersaccordingtotheoperationpracticeofrealestateindustryandpaysloandepositforthem.ByDecember31,2020,thebalanceofdepositnotdischargedwithguaranteewasRMB1,148,647.30,whichguaranteewillbedischargedwhenthemortgageloanispaidoff.
(2)InDespiteofnoSignificantContingencytoDisclose,theCompanyShallAlsoMakeRelevantStatementsTherewasnosignificantcontingencyintheCompany.
(3)OtherinformationrequiredinthedisclosuredirectiveoftheindustriesrelatedtoautomobilemanufacturingThesalesarisingfrommortgagesales,financialleasing,etc.accountformorethan10%intheoperatingincome
□Applicable□NotapplicableTheCompany’sguaranteetodealers
□Applicable□Notapplicable
3.OtherXV.EventsafterBalanceSheetDate
1.SignificantNon-adjustedEvents
Unit:RMB
| Item | Content | Influencenumbertothefinancialpositionandoperatingresults | Reasonofinabilitytoestimateinfluencenumber |
2.ProfitDistribution
Unit:RMB
| Profitsordividendsplannedtodistribute | 244,351,427.72 |
| Reviewedandapprovedprofitsordividendsdeclaredtodistribute | 244,351,427.72 |
3.SalesReturn
4.NotestoOtherEventsafterBalanceSheetDate
(1)MattersabouttheVietnamsubsidiarytocompletetheregistrationOn5January2021,theCompany'sgrandsoncompanyVietnamShenzhenGuomaoPropertyManagementCo.,Ltd.completedtheregistrationandreceivedthe"EnterpriseRegistrationCertificate"issuedbytheBusinessRegistrationOfficeofthePlanningandInvestmentDepartmentofHaiphongCity,Vietnam.TheregisteredcapitalwasVND4,640,000,000(approximatelyUSD200,000).
(2)Mattersabouttheissuanceofcommercialrealestatemortgageasset-backedsecuritizationproductsOnMarch30,2021,atthe22ndmeetingofthe9thBoardofDirectorsofthecompany,theproposaltoissuecommercialrealestatemortgageasset-backedsecuritizationproductswaspassed:TheCompanyintendedtoapplytotheShenzhenStockExchangefortheissuanceofcommercialrealestatemortgageasset-backedsecuritizationproductsofnomorethanRMB1.3billionwiththeassetsheldbytheCompanies,suchasGuomaoTower,GuomaoCommercialBuilding,GuomaoPlaza,LongyuanChuangzhanBuilding,etc.Theproductstructurewasdividedintopriorityandsub-prime,withaperiodof12years(3+3+3+3),setupsaleandredemptionrightsevery3years,andintroducedaguaranteestructuretoincreasecreditandreducebondcouponratesandissuancecosts.Thisproposalwillbeimplementedafterapprovalbythegeneralmeetingofshareholders.
XVI.OtherSignificantEvents
1.TheAccountingErrorsCorrectioninPreviousPeriod
(1)RetrospectiveRestatement
Unit:RMB
| Content | Processingprogram | Nameoftheinfluencedreportitemsduringcomparison | Accumulativeimpact |
(2)ProspectiveApplication
periodContent
| Content | Processingprogram | Reasonforadoptingprospectiveapplication |
2.DebtRestructuring
3.AssetsReplacement
(1)Non-monetaryAssetsExchange
(2)OtherAssetsReplacement
4.PensionPlans
5.DiscontinuedOperations
Unit:RMB
| Item | Income | Expense | Totalprofit | Incometaxexpense | Netprofit | ProfitfromdiscontinuedoperationsattributabletoownersoftheCompanyastheparent |
Othernotes
6.SegmentInformation
(1)DeterminationBasisandAccountingPoliciesofReportableSegmentInaccordancewiththeinternalorganizationstructure,managementrequirementsandinternalreportsystem,theCompanyidentifiedthereportablesegmentsbasedontheproductsegmentandassessedtheoperationalperformanceofivorybusiness,printingbusinessandlatexbusiness.Theassetsandliabilitiessharingwithothersegmentsshallbeproportionallydistributedamongsegmentsbyscales.
(2)TheFinancialInformationofReportableSegment
Unit:RMB
| Item | Realestate | Propertymanagement | Leasingbusiness | Offsetamongsegment | Total |
| Operationrevenue | 2,895,323,736.80 | 1,070,094,746.03 | 138,956,163.19 | 4,104,374,646.32 | |
| Operationcost | 388,253,087.00 | 912,325,050.54 | 86,132,102.00 | 1,386,710,239.00 | |
| Totalassets | 10,343,240,698.51 | 1,203,685,772.85 | 660,430,441.18 | 12,207,356,912.54 | |
| Totalliabilities | 7,406,053,932.88 | 806,728,741.54 | 213,452,758.29 | 8,426,235,432.71 |
(3)IfthereWasnoReportableSegment,ortheTotalAmountofAssetsandLiabilitiesofEachReportableSegmentCouldnotBeReported,RelevantReasonsShallBeClearlyStated
(4)Othernotes
7.OtherSignificantTransactionsandEventswithInfluenceonInvestors’Decision-making
8.OtherXVII.NotesofMainItemsintheFinancialStatementsoftheCompanyastheParent
1.NotesReceivableandAccountsReceivable
(1)AccountsReceivableDisclosedbyCategory
Unit:RMB
| Category | Endingbalance | Beginningbalance |
| Carryingamount | Baddebtprovision | Carryingvalue | Carryingamount | Baddebtprovision | Carryingvalue | |||||
| Amount | Proportion | Amount | Withdrawalproportion | Amount | Proportion | Amount | Withdrawalproportion | |||
| Accountsreceivableforwhichbaddebtprovisionseparatelyaccrued | 96,702,269.40 | 99.16% | 96,702,269.40 | 100.00% | 96,702,269.40 | 99.16% | 96,702,269.40 | 100.00% | ||
| Ofwhich: | ||||||||||
| Accountsreceivablewithdrawalofbaddebtprovisionbygroup | 2,735,781.29 | 2.75% | 111,280.87 | 4.07% | 2,624,500.42 | 820,241.30 | 0.84% | 64,309.16 | 7.84% | 755,932.14 |
| Ofwhich: | ||||||||||
| Total | 99,438,050.69 | 100.00% | 96,813,550.27 | 97.36% | 2,624,500.42 | 97,522,510.70 | 100.00% | 96,766,578.56 | 99.22% | 755,932.14 |
Accountsreceivableforwhichbaddebtprovisionseparatelyaccrued:96,702,269.40
Unit:RMB
| Name | Endingbalance | |||
| Carryingamount | Baddebtprovision | Withdrawalproportion | Reasonforwithdrawal | |
| ShenzhenJiyongProperties&ResourcesDevelopmentCompany | 93,811,328.05 | 93,811,328.05 | 100.00% | Involvedinlawsuitandwithnoexecutableproperty |
| ShenzhenTeweiIndustrialCo.,Ltd. | 2,836,561.00 | 2,836,561.00 | 100.00% | Longagingandexpectedunrecoverable |
| LuohuDistrictEconomicDevelopmentCompany | 54,380.35 | 54,380.35 | 100.00% | Longagingandexpectedunrecoverable |
| Total | 96,702,269.40 | 96,702,269.40 | -- | -- |
Accountsreceivableforwhichbaddebtprovisionseparatelyaccrued:
Unit:RMB
| Name | Endingbalance | |||
| Carryingamount | Baddebtprovision | Withdrawalproportion | Reasonforwithdrawal | |
Withdrawalofbaddebtprovisionbygroup:111,280.87
Unit:RMB
| Name | Endingbalance | ||
| Carryingamount | Baddebtprovision | Withdrawalproportion | |
| Portfolioofcreditriskfeatures | 2,735,781.29 | 111,280.87 | 4.07% |
| Total | 2,735,781.29 | 111,280.87 | -- |
Notestothedeterminationbasisforthegroup:
Fordetails,pleaserefertoPartXⅠⅠFinancialStatement.Withdrawalofbaddebtprovisionbygroup:111,280.87
Unit:RMB
| Name | Endingbalance | ||
| Carryingamount | Baddebtprovision | Withdrawalproportion | |
| Within1year | 2,537,153.09 | 76,114.59 | 3.00% |
| 1to2years | 122,110.95 | 12,211.10 | 10.00% |
| 2to3years | 76,517.25 | 22,955.18 | 30.00% |
| Total | 2,735,781.29 | 111,280.87 | -- |
Notestothedeterminationbasisforthegroup:
Withdrawalofbaddebtprovisionbygroup:
Unit:RMB
| Name | Endingbalance | ||
| Carryingamount | Baddebtprovision | Withdrawalproportion | |
Notestothedeterminationbasisforthegroup:
Pleaserefertotherelevantinformationofdisclosureofbaddebtprovisionofotheraccountsreceivableifadoptingthegeneralmodeofexpectedcreditlosstowithdrawbaddebtprovisionofaccountsreceivable.
□Applicable√NotapplicableDisclosedbyaging
Unit:RMB
| Aging | Endingbalance |
| Within1year(including1year) | 2,537,153.09 |
| 1to2years | 122,110.95 |
| 2to3years | 76,517.25 |
| Over3years | 96,702,269.40 |
| Over5years | 96,702,269.40 |
| Total | 99,438,050.69 |
(2)BadDebtProvisionWithdrawal,ReversedorRecoveredintheReportingPeriod
BadDebtProvisionWithdrawn,ReversedorRecoveredintheReportingPeriod:
Unit:RMB
| Category | Beginningbalance | ChangesintheReportingPeriod | Endingbalance | |||
| Withdrawal | Reversalorrecovery | Write-off | Withdrawal | |||
| Baddebtprovisionwithdrawnseparately | 96,702,269.40 | 96,702,269.40 | ||||
| Baddebtprovisionwithdrawnbygroup | 64,309.16 | 46,971.71 | 111,280.87 | |
| Total | 96,766,578.56 | 46,971.71 | 96,813,550.27 |
Ofwhichsignificantamountofreversedorrecoveredbaddebtprovision:
Unit:RMB
| Nameofentity | Amountreversedorrecovered | Wayofrecovery |
(3)AccountsReceivablewithActualVerificationduringtheReportingPeriod
Unit:RMB
| Item | Amountverified |
Ofwhichtheverificationofsignificantotheraccountsreceivable:
Unit:RMB
| Nameofentity | Nature | Amountverified | Reasonforverification | Verificationproceduresperformed | Whethergeneratedfromconnectedtransactions |
Notestoverificationofaccountsreceivable:
(4)Top5oftheEndingBalanceoftheAccountsReceivableCollectedaccordingtoArrearsParty
Unit:RMB
| Nameofentity | Endingbalanceofaccountsreceivable | Proportiontothetotalendingbalanceofaccountsreceivable | Endingbalanceofbaddebtprovision |
| ShenzhenJiyongProperties&ResourcesDevelopmentCompany | 93,811,328.05 | 94.34% | 93,811,328.05 |
| ShenzhenTeweiIndustryCo.,Ltd. | 2,836,561.00 | 2.85% | 2,836,561.00 |
| ShenzhenInternationalTradeCenterPropertyManagementCo.,Ltd. | 440,850.00 | 0.44% | 13,225.50 |
| StateGrainSupplyChain(Shenzhen)Co.,Ltd. | 91,755.00 | 0.09% | 2,752.65 |
| LuohuDistrictEconomicDevelopmentCompany | 54,380.35 | 0.05% | 54,380.35 |
| Total | 97,234,874.40 | 97.77% |
(5)AccountsReceivableDerecognizedduetotheTransferofFinancialAssets
(6)TheAmountofAssetsandLiabilitiesGeneratedfromtheTransferandtheContinuedInvolvementofAccountsReceivableOthernotes:
2.OtherAccountsReceivable
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Otheraccountsreceivable | 145,325,697.20 | 501,082,153.81 |
| Total | 145,325,697.20 | 501,082,153.81 |
(1)InterestReceivable
1)CategoryofInterestReceivable
Unit:RMB
| Item | Endingbalance | Beginningbalance |
2)SignificantOverdueInterest
| Entity | Endingbalance | Overduetime | Overduereason | Whetheroccurredimpairmentanditsjudgmentbasis |
Othernotes:
3)InformationofWithdrawalofBadDebtProvision
□Applicable√Notapplicable
(2)DividendReceivable
1)CategoryofDividendReceivable
Unit:RMB
| Item(orinvestees) | Endingbalance | Beginningbalance |
2)SignificantDividendsReceivableAgingover1Year
Unit:RMB
| Item(orinvestees) | Endingbalance | Aging | Reason | Whetheroccurredimpairmentanditsjudgmentbasis |
3)InformationofWithdrawalofBadDebtProvision
□Applicable√NotapplicableOthernotes:
(3)OtherReceivables
1)OtherReceivablesDisclosedbyAccountNature
Unit:RMB
| Nature | Endingcarryingamount | Beginningcarryingamount |
| Guaranteedeposit | 2,201,527.00 | 2,139,511.80 |
| Pettycash | ||
| Paymentonbehalf | 19,510.00 | 16,557.82 |
| Externalintercoursefunds | 23,305,386.85 | 23,164,046.99 |
| Intercoursefundstosubsidiary | 151,970,155.85 | 508,280,508.64 |
| Total | 177,496,579.70 | 533,600,625.25 |
2)InformationofWithdrawalofBadDebtProvision
Unit:RMB
| Baddebtprovision | Firststage | Secondstage | Thirdstage | Total |
| Expectedcreditlossofthenext12months | Expectedlossintheduration(creditimpairmentnotoccurred) | Expectedlossintheduration(creditimpairmentoccurred) | ||
| Balanceof1January2020 | 8,770,252.14 | 23,748,219.30 | 32,518,471.44 | |
| Balanceof1January | —— | —— | —— | —— |
| 2020inthecurrentperiod | ||||
| Withdrawalofthecurrentperiod | 41,919.63 | 41,919.63 | ||
| Reversalofthecurrentperiod | -389,508.57 | -389,508.57 | ||
| Balanceof31December2020 | 8,812,171.77 | 23,358,710.73 | 32,170,882.50 |
ChangesofcarryingamountwithsignificantamountchangedoflossprovisionintheReportingPeriod
□Applicable√NotapplicableDisclosurebyaging
Unit:RMB
| Aging | Endingbalance |
| Within1years(including1year) | 145,269,091.27 |
| 2to3years | 50,000.00 |
| Over3years | 32,177,488.43 |
| 3to4years | 56,962.82 |
| Over5years | 32,120,525.61 |
| Total | 177,496,579.70 |
3)BadDebtProvisionWithdrawn,ReversedorRecoveredintheReportingPeriod
Informationofbaddebtprovisionwithdrawn:
Unit:RMB
| Category | Beginningbalance | ChangesintheReportingPeriod | Endingbalance | |||
| Withdrawal | Reversalorrecovery | Write-off | Other | |||
| Baddebtprovision | 32,518,471.44 | 41,919.63 | 389,508.57 | 32,170,882.50 | ||
| Total | 32,518,471.44 | 41,919.63 | 389,508.57 | 32,170,882.50 | ||
OfwhichthebaddebtprovisionreversedorrecoveredwithsignificantamountduringtheReportingPeriod:
Unit:RMB
| Nameofentity | Amountreversedorrecovered | Wayofrecovery |
4)ParticularsoftheActualVerificationofOtherReceivablesduringtheReportingPeriod
Unit:RMB
| Item | Amount |
Ofwhichtheverificationofsignificantotherreceivables:
Unit:RMB
| Nameoftheentity | Nature | Amount | Reason | Procedure | Whetheroccurredbecauseofrelated-partytransactions |
Notestotheverificationofotherreceivables:
5)Top5oftheEndingBalanceofOtherReceivablesCollectedaccordingtotheArrearsParty
Unit:RMB
| Nameoftheentity | Nature | Endingbalance | Aging | Proportiontoendingbalanceoftotalotherreceivables% | Endingbalanceofbaddebtprovision |
| ShumYipPropertiesDevelopmentLimited | Intercoursefundstosubsidiary | 103,506,232.43 | Over5years | 58.31% | 6,876,768.60 |
| SZPRDYangzhouRealEstateDevelopmentCo.,Ltd. | Intercoursefundstosubsidiary | 21,889,836.60 | 1-2years(including2years) | 12.33% | |
| ShenzhenHuangchengPropertyManagementCo.,Ltd. | Intercoursefundstosubsidiary | 17,867,525.15 | 1-2years(including2years) | 10.07% | |
| ShanghaiYutongRealEstateCo.,Ltd. | Externalintercoursefunds | 5,676,000.00 | Over5years | 3.20% | 5,676,000.00 |
| ShenzhenGuomaoCateringCo.,Ltd. | Intercoursefundstosubsidiary | 3,484,831.40 | 1-2years(including2years) | 1.96% | |
| Total | -- | 152,424,425.58 | -- | 85.87% | 12,552,768.60 |
6)AccountsReceivableInvolvingGovernmentSubsidies
Unit:RMB
| Nameoftheentity | Projectofgovernmentsubsidies | Endingbalance | Endingaging | Estimatedrecoveringtime,amountandbasis |
7)DerecognitionofOtherReceivablesduetotheTransferofFinancialAssets
8)TheAmountoftheAssetsandLiabilitiesFormedduetotheTransferandtheContinuedInvolvementofOtherReceivablesOthernotes:
3.Long-termEquityInvestment
Unit:RMB
| Item | Endingbalance | Beginningbalance | ||||
| Carryingamount | Depreciationreserve | Carryingvalue | Carryingamount | Depreciationreserve | Carryingvalue | |
| Investmenttosubsidiaries | 1,093,829,880.39 | 68,364,000.00 | 1,025,465,880.39 | 1,095,429,880.39 | 69,964,000.00 | 1,025,465,880.39 |
| Investmenttojointventuresandassociated | 64,693,834.93 | 18,983,614.14 | 45,710,220.79 | 64,059,736.86 | 18,983,614.14 | 45,076,122.72 |
| enterprises | ||||||
| Total | 1,158,523,715.32 | 87,347,614.14 | 1,071,176,101.18 | 1,159,489,617.25 | 88,947,614.14 | 1,070,542,003.11 |
(1)InvestmenttoSubsidiaries
Unit:RMB
| Investee | Beginningbalance(carryingvalue) | Increase/decrease | Endingbalance(carryingvalue) | Endingbalanceofdepreciationreserve | |||
| Additionalinvestment | Reducedinvestment | Depreciationreservewithdrawn | Other | ||||
| ShenzhenHuangchengRealEstateCo.,Ltd. | 35,552,671.93 | 35,552,671.93 | |||||
| ShenzhenWuheIndustryInvestmentDevelopmentCo.,Ltd. | 30,950,000.00 | 30,950,000.00 | |||||
| SZPRDYangzhouRealEstateDevelopmentCo.,Ltd. | 50,000,000.00 | 50,000,000.00 | |||||
| DongguanITCChangshengRealEstateDevelopmentCo.,Ltd. | 20,000,000.00 | 20,000,000.00 | |||||
| ShenzhenInternationalTradeCenterPropertyManagementCo.,Ltd. | 20,000,000.00 | 4,704,758.06 | 24,704,758.06 | ||||
| ShenzhenInternationalTradeCenterCateringCo.,Ltd. | 1.00 | -1.00 | 0.00 | ||||
| ShenzhenPropertyConstruction | 3,000,000.00 | 3,000,000.00 | |||||
| SupervisionCo.,Ltd. | |||||
| SZPRDCommercialOperationCo.,Ltd. | 40,000,000.00 | 22,821,767.90 | 62,821,767.90 | ||
| ZhanjiangShenzhenRealEstateDevelopmentCo.,Ltd. | 0.00 | 0.00 | 2,530,000.00 | ||
| ShumYipPropertiesDevelopmentCo.,Ltd. | 0.00 | 0.00 | 15,834,000.00 | ||
| SZPRDXuzhouDapengRealEstateDevelopmentCo.,Ltd. | 0.00 | 0.00 | 50,000,000.00 | ||
| ShenzhenRongyaoRealEstateDevelopmentCo.,Ltd. | 508,000,000.00 | 508,000,000.00 | |||
| ShenzhenGuomaoScienceandTechnologyParkServiceCo.,Ltd. | 317,963,207.46 | -154,409,952.57 | 163,553,254.89 | ||
| SZPRDUrbanRenewalCo.,Ltd. | 126,883,427.61 | 126,883,427.61 | |||
| Total | 1,025,465,880.39 | 0.00 | 1,025,465,880.39 | 68,364,000.00 |
(2)InvestmenttoJointVenturesandAssociatedEnterprises
Unit:RMB
| Investee | Beginningbalance(carryin | Increase/decrease | Endingbalance(carrying | Endingbalanceofdepreci | |||||||
| Additionalinvestm | Reducedinvestm | Gainsandlosses | Adjustmentofother | Changesofother | Cashbonusor | Withdrawalofimpair | Other | ||||
| gvalue) | ent | ent | recognizedundertheequitymethod | comprehensiveincome | equity | profitsannouncedtoissue | mentprovision | value) | ationreserve | ||
| I.Jointventures | |||||||||||
| ShenzhenRealEstateJifaWarehousingCo.,Ltd. | 38,614,771.66 | 439,152.26 | 39,053,923.92 | ||||||||
| Tian’anInternationalBuildingPropertyManagementCompanyofShenzhen | 6,461,351.06 | 194,945.81 | 6,656,296.87 | ||||||||
| Subtotal | 45,076,122.72 | 634,098.07 | 45,710,220.79 | ||||||||
| II.Associatedenterprises | |||||||||||
| ShenzhenWufangCeramicsIndustrialCo.,Ltd. | 18,983,614.14 | ||||||||||
| Subtotal | 18,983,614.14 | ||||||||||
| Total | 45,076,122.72 | 634,098.07 | 45,710,220.79 | 18,983,614.14 | |||||||
(3)OtherNotes
4.OperatingRevenueandCostofSales
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear | ||
| Operatingrevenue | Costofsales | Operatingrevenue | Costofsales | |
| Mainoperations | 57,579,115.68 | 36,717,719.01 | 393,330,909.38 | 60,386,026.23 |
| Otheroperations | 6,572,253.92 | 9,031,809.00 | 1,319,976.00 | |
| Total | 64,151,369.60 | 45,749,528.01 | 393,330,909.38 | 61,706,002.23 |
Relevantinformationofrevenue:
Unit:RMB
| Categoryofcontracts | Segment1 | Segment2 | Total | |
| ProductTypes | 64,151,369.60 | 64,151,369.60 | ||
| Ofwhich: | ||||
| Houseleasingbusiness | 64,151,369.60 | 64,151,369.60 | ||
| Ofwhich: | ||||
| Shenzhen | 64,151,369.60 | 64,151,369.60 | ||
| Ofwhich: | ||||
| Ofwhich: | ||||
| Ofwhich: | ||||
| Ofwhich: | ||||
| Ofwhich: |
Informationrelatedtoperformanceobligations:
Theincomeoftheparentcompanyinthisperiodwasallincomefromleasingbusiness.Informationrelatedtotransactionvalueassignedtoresidualperformanceobligations:
TheamountofrevenuecorrespondingtoperformanceobligationsofcontractssignedbutnotperformedornotfullyperformedyetwasRMB0.00attheperiod-end,amongwhichRMBXXXwasexpectedtoberecognizedintheyear,RMBXXXintheyearandRMBXXXintheyear.Othernotes:
5.InvestmentIncome
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
| Long-termequityinvestmentincomeaccountedbyequitymethod | 634,098.07 | 5,076,839.48 |
| Interestincomefromentrustedloans | 115,612,421.39 | 81,620,807.16 |
| Total | 116,246,519.46 | 86,697,646.64 |
6.Other
XVIII.SupplementaryMaterials
1.ItemsandAmountsofNon-recurringProfitorLoss
√Applicable□Notapplicable
Unit:RMB
| Item | Amount | Note |
| Gains/lossesonthedisposalofnon-currentassets | -322,603.77 |
| GovernmentgrantsrecognizedintheCurrentPeriod,exceptforthoseacquiredintheordinarycourseofbusinessorgrantedatcertainquotasoramountsaccordingtothegovernment’sunifiedstandards | 7,100,657.34 | Mainlyasepidemicsubsidy |
| Gainsandlossesarisingfromcontingenciesunrelatedtothenormaloperationofthecompany'sbusiness | -2,396,947.00 | Expectedlitigationcompensation |
| Reversalofprovisionforimpairmentofreceivablesandcontractassetsthathavebeenseparatelytestedforimpairment | 19,900.00 | |
| Othernon-operatingincomeandexpenseotherthantheabove | 9,089,508.74 | Mainlyreceivedascompensationfordemolition |
| Projectconfirmedwiththedefinitionofnon-recurringgainsandlosses | 94,284.37 | |
| Less:Incometaxeffects | 3,470,226.55 | |
| Non-controllinginterestseffects | -80,226.22 | |
| Total | 10,194,799.35 | -- |
ExplainthereasonsiftheCompanyclassifiesanitemasannon-recurringgain/lossaccordingtothedefinitionintheExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic—Non-recurringGainsandLosses,orclassifiesanyextraordinarygain/lossitemmentionedinthesaidexplanatoryannouncementasarecurrentgain/lossitem.
□Applicable√Notapplicable
2.ReturnonEquityandEarningsPerShare
| ProfitasofReportingPeriod | WeightedaverageROE(%) | EPS(Yuan/share) | |
| EPS-basic | EPS-diluted | ||
| NetprofitattributabletoordinaryshareholdersoftheCompany | 23.47% | 1.3399 | 1.3399 |
| NetprofitattributabletoordinaryshareholdersoftheCompanyafterdeductionofnon-recurringprofitorloss | 23.17% | 1.3228 | 1.3228 |
3.DifferencesbetweenAccountingDataunderDomesticandOverseasAccountingStandards
(1)DifferencesofNetProfitandNetAssetsDisclosedinFinancialReportsPreparedunderInternationalandChineseAccountingStandards
□Applicable√Notapplicable
(2)DifferencesofNetprofitandNetassetsDisclosedinFinancialReportsPreparedunderOverseasandChineseAccountingStandards
□Applicable√Notapplicable
(3)ExplainReasonsfortheDifferencesbetweenAccountingDataunderDomesticandOverseasAccountingStandards;foranyAdjustmentMadetotheDifferenceExistingintheDataAuditedbytheForeignAuditingAgent,SuchForeignAuditingAgent’sNameShallBeClearlyStated
4.Other
PartXIIIDocumentsAvailableforReferenceI.ThefinancialstatementswiththesignaturesandstampsoftheCompany’slegalrepresentative,headoffinancialaffairsandheadofthefinancialdepartment(accountingsupervisor);II.TheoriginalcopyoftheIndependentAuditor’sReportwiththesealoftheCPAfirmaswellasthesignaturesandsealsofthecertifiedpublicaccountants;III.TheoriginalsofalltheCompany’sdocumentsandannouncementsdisclosedtothepublicvianewspapersdesignatedbytheCSRCintheReportingPeriod.