Report for the First Quarter of 2015 of Shenzhen Properties& Resources Development (Group) Ltd. Shenzhen Properties& Resources Development (Group) Ltd. Report for the First Quarter of 2015
2015-11
Apr. 2015
Report for the First Quarter of 2015 of Shenzhen Properties& Resources Development (Group) Ltd. Section I. Important Reminders
The Board of Directors, the Supervisory Committee, directors, supervisors and senior management staff of Shenzhen Properties& Resources Development (Group) Ltd. (hereinafter referred to as “the Company”) warrant that the information carried in this report is factual, accurate and complete, without any false record, misleading statement or material omission. And they shall be jointly and severally liable for that.
Mr. Chen Yugang, company principal, Mr. Wang Hangjun, chief of the accounting work, and Ms. Shen Xueying, chief of the accounting organ (chief of accounting), hereby confirm that the financial statements enclosed in this report are factual, accurate and complete.
All directors have attended the board session for reviewing this report.
This report is prepared in both Chinese and English. Should there be any discrepancy between the two versions, the Chinese version shall prevail.
Report for the First Quarter of 2015 of Shenzhen Properties& Resources Development (Group) Ltd. Section II. Financial Highlights& Changes in Shareholders I. Main accounting data and financial indicators
Does the Company adjust retrospectively or restate accounting data of previous years due to change of the accounting policy or correction of any accounting error?
□ Yes√ No
|||||
|-|-|-|-|
||Jan.-Mar. 2015|Jan.-Mar. 2014|+/- (%)|
|Operating revenues (RMB Yuan)|135,271,193.34|194,462,902.01|-30.44%|
|Net profit attributable to shareholders of|356,364.92|27,725,441.51||
||||-98.71%|
|the Company (RMB Yuan)||||
|Net profit attributable to shareholders of||||
||254,313.28|24,910,981.85|-98.98%|
|the Company after extraordinary gains and||||
|losses (RMB Yuan)||||
|Net cash flows from operating activities|-129,634,375.83|-33,493,465.85||
||||287.04%|
|(RMB Yuan)||||
|Basic EPS (RMB Yuan/share)|0.0006|0.0465|-98.71%|
|Diluted EPS (RMB Yuan/share)|0.0006|0.0465|-98.71%|
|Weighted average ROE (%)|0.02%|1.53%|-1.51%|
||31 Mar. 2015|31 Dec. 2014|+/- (%)|
|Total assets (RMB Yuan)|3,816,825,942.62|3,883,288,145.46|-1.71%|
|Net assets attributable to shareholders of|2,075,471,013.61|2,074,242,662.07||
||||0.06%|
|the Company (RMB Yuan)||||

Items and amounts of extraordinary gains and losses
√ Applicable□ Inapplicable
Unit: RMB Yuan
||||
|-|-|-|
|Item|Jan.-Mar. 2015|Explanation|
|Gains/losses on the disposal of non-current assets (including the|||
||-2,775.00||
|offset part of asset impairment provisions)|||
|Other non-operating income and expenses other than the above|43,065.42||
|Less: Income tax effects|-61,761.22||
|Total|102,051.64|--|

Explain the reasons if the Company classifies an item as an extraordinary gain/loss according to the definition in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to thePublic—Extraordinary Gains and Losses, or classifies any extraordinary gain/loss item mentioned in the said explanatory announcement as a recurrent gain/loss item
□ Applicable√ Inapplicable
No such cases in the reporting period.
Report for the First Quarter of 2015 of Shenzhen Properties& Resources Development (Group) Ltd. II. Total number of shareholders at the period-end and shareholdings of top 10 shareholders 1. Total number of common shareholders at the period-end and shareholdings of top 10 common shareholders
Unit: share
||||||||
|-|-|-|-|-|-|-|
|Total number of common|||||||
|||37,740|||||
|shareholders at the period-end|||||||
|Shareholdings of top 10 common shareholders|||||||
|||||Number of|Pledged or frozen shares||
|Name of|Nature of|Shareholding|Number of shares||||
|||||restricted shares|||
|shareholder|shareholder|percentage (%)|held||Status of shares|Number of shares|
|||||held|||
|SHENZHENCONSTRUCTIONINVESTMENTHOLDINGSCORPORATION|State-ownedcorporation|54.33%|323,796,324|293,997,370|||
|SHENZHENINVESTMENTMANAGEMENTCORPORATION|State-ownedcorporation|9.49%|56,582,573|56,582,573|||
|SHENZHENDUTY-FREECOMMODITYENTERPRISESCO., LTD.|Domesticnon-state-ownedcorporation|0.29%|1,730,300|1,730,300|||
|Zhu Yiping|Domestic naturalperson|0.22%|1,213,039|0|||
|Chen Liying|Domestic naturalperson|0.17%|1,076,051||||
|ZRGG-Zhongrong-AssembledFunds Trust Planof QuantitativeHedge SecuritiesInvestment ofNo. 2 ofRuitianfu||0.17%|987,567|0|||
|ZRGG-Zhongron||0.16%|852,639|0|||

Report for the First Quarter of 2015 of Shenzhen Properties& Resources Development (Group) Ltd.
||||||||
|-|-|-|-|-|-|-|
|g-AssembledFunds Trust Planof QuantitativeHedge SecuritiesInvestment ofNo. 8 ofRongyuanzhengying|||||||
|MinmetalsInternationalTrust Co.,Ltd.-AssembledFunds Trust Planof QuantitativeHedge SecuritiesInvestment ofNo. 2 ofZhengshun||0.15%|728,800|0|||
|Zhou Xiaohong|Domestic naturalperson|0.15%|715,776|0|||
|ZRGG-Assembled Funds TrustPlan ofQuantitativeHedge SecuritiesInvestment ofNo. 1 ofZhirongying||0.14%|652,000|0|||
|Shareholdings of top 10 non-restricted common shareholders|||||||
||||||Variety of shares||
|Name of shareholder||Number of non-restricted common shares held|||||
||||||Variety|Number|
|SHENZHEN CONSTRUCTIONINVESTMENT HOLDINGSCORPORATION||29,798,954|||||
||||||RMB ordinary||
|||||||29,798,954|
||||||shares||
|Zhu Yiping||1,213,039|||RMB ordinary||
|||||||1,213,039|
||||||shares||
|Chen Liying||1,076,051|||Domestically||
||||||listed foreign||
||||||shares||
|ZRGG-Zhongrong-AssembledFunds Trust Plan of Quantitative||987,567|||RMB ordinary||
|||||||987,567|
||||||shares||

Report for the First Quarter of 2015 of Shenzhen Properties& Resources Development (Group) Ltd.
|||||
|-|-|-|-|
|Hedge Securities Investment of No.2 of Ruitianfu||||
|ZRGG-Zhongrong-AssembledFunds Trust Plan of QuantitativeHedge Securities Investment of No.8 of Rongyuanzhengying|852,639|||
|||RMB ordinary||
||||852,639|
|||shares||
|Minmetals International Trust Co.,Ltd.-Assembled Funds Trust Plan ofQuantitative Hedge SecuritiesInvestment of No. 2 of Zhengshun|728,800|||
|||RMB ordinary||
||||728,800|
|||shares||
|Zhou Xiaohong|715,776|RMB ordinary||
||||715,776|
|||shares||
|ZRGG-Assembled Funds Trust Planof Quantitative Hedge SecuritiesInvestment of No. 1 of Zhirongying|652,000|||
|||RMB ordinary||
||||652,000|
|||shares||
|Wu Shilong|642,527|RMB ordinary||
||||642,527|
|||shares||
|Guangdong Finance Trust Co., Ltd.-Assembled Funds Trust Plan ofQuantitative Hedge SecuritiesInvestment of No. 5 of JingyinghuiXiangcai Capital|592,500|||
|||RMB ordinary||
||||592,500|
|||shares||
|Explanation on associated|The top 10 common shareholders, the first shareholder and the second shareholder are|||
|relationship or persons acting in|managed by Shenzhen Investment Holding Corporation, the actual controlling shareholder of|||
|concert among the above-mentioned|the Company. Other than that, it is unknown whether the remaining 8 shareholders are related|||
|shareholders|parties or acting-in-concert parties.|||

Did any of the top 10 common shareholders or the top 10 non-restricted common shareholders of the Company conduct any promissory repo during the reporting period?
□ Yea√ No
No such cases in the reporting period.
2. Total number of preferred shareholders at the period-end and shareholdings of top 10 preferred shareholders
□ Applicable√ Inapplicable
Report for the First Quarter of 2015 of Shenzhen Properties& Resources Development (Group) Ltd. Section III. Significant Events
I. Significant changes in the major accounting statement items and financial indicators for the reporting period, as well as the reasons for these changes
√ Applicable□ Inapplicable
1. Accounts receivable stood at RMB 38,471,654.21 at the end of the reporting period, up44.71% from the opening amount, which was mainly becausesubsidiaries’ property management receivables increased.
2. Prepayments stood at RMB 41,558,900.88 at the end of the reporting period, up59.90% from the opening amount, which was mainly becausesubsidiaries’ prepayments for taxi renewal increased.
3. Other receivables stood at RMB 9,087,377.36 at the end of the reporting period, up36.89% from the opening amount, which was mainly because the utilities that were paid by subsidiaries on behalf of their clients and not yet cleared with them, etc. increased.
4. Short-term borrowings stood at RMB 30,000,000.00 at the end of the reporting period, down70.00% from the opening amount, which was mainly because the mature borrowings were repaid.
5. Accounts received in advance stood at RMB 48,414,575.43 at the end of the reporting period, up68.36% from the opening amount, which was mainly because the advances from house buyers increased.
6. Non-current liabilities due within one year stood at RMB 0.00 at the end of the reporting period, down100.00% from the opening amount, which was mainly because the mature borrowings were repaid.
7. Deferred income tax liabilities stood at RMB 612,375.00 at the end of the reporting period, up137.70% from the opening amount, which was mainly because the fair value of the available-for-sale financial assets held by the Company increased.
8. Operating revenues for the reporting period stood at RMB 135,271,193.34, down30.44% from the same period of last year, which was mainly because the project area available for settlement decreased.
9. Business tax and surtaxes for the reporting period stood at RMB 11,318,731.55, down68.02% from the same period of last year, which was mainly because the real estate income decreased and the business tax, land VAT and other taxes and fares decreased accordingly.
10. Selling expenses for the reporting period stood at RMB 3,613,799.88, up121.36% from the same period of last year, which was mainly because the Company enhanced marketing and paid more for advertising.
11. Investment gains for the reporting period stood at RMB 309,996.43 and the investment gains on associates and joint ventures for the reporting period stood at RMB 309,996.43, both down40.32% from the same period of last year, which was mainly because joint venture Shenzhen GuomaoTian’an Properties Co., Ltd. was sold last year. 12. Net non-operating income for the reporting period stood at RMB 40,290.42, down88.78% from the same period of last year, which was mainly because the fines and so on paid increased.
13. Income tax expenses for the reporting period stood at RMB 1,663,553.21, down83.16% from the same period of last year, which was mainly because the profits decreased.
14. Operating profits, total profits and net profits (attributable to the Company) for the reporting period stood at RMB 1,979,627.71, RMB 2,019,918.13 and RMB 356,364.92 respectively, down94.68%,94.63% and98.71% respectively from the same period of last year, which was mainly because the real estate area available for settlement decreased, causing a considerable decrease in the real estate income.
Report for the First Quarter of 2015 of Shenzhen Properties& Resources Development (Group) Ltd. 15. The net after-tax amount of other comprehensive gains for the reporting period stood at RMB 871,986.62, up310.09% from the same period of last year, which was mainly because the fair value of the available-for-sale financial assets held by the Company increased.
16. Net cash flows from operating activities for the reporting period stood at RMB -129,634,375.83, with net outflows up287.04% from the same period of last year, which was mainly because the incoming funds from sale of houses decreased and the inputs to project development increased.
17. Net cash flows from investing activities for the reporting period stood at RMB -14,011,460.10, with net cash outflows up1922.97% from the same period of last year, which was mainly because subsidiaries renewed taxies. 18. Net cash flows from financing activities for the reporting period stood at RMB -58,656,309.66, with net cash outflows down55.13% from the same period of last year, which was mainly because cash repayments decreased. II. Progress of significant events and analysis& explanations on their influence and solutions□ Applicable√ Inapplicable
III. Commitments made by the Company or any shareholder with a shareholding over5% in the reporting period or such commitments made in previous period and carried down into the reporting period
□ Applicable√ Inapplicable
No such cases in the reporting period.
IV. Predict the operating results of Jan.-Jun. 2015
Warning of possible loss or considerable YoY change of the accumulated net profit made during the period-begin to the end of the next reporting period according to prediction, as well as explanations on the reasons
√ Applicable□ Inapplicable
Prediction: significant increase in the same direction
Type of the predicted data: exact quantity
||||||
|-|-|-|-|-|
||Jan.-Jun. 2015|Jan.-Jun. 2014|+/-||
|Predicted accumulative net|||||
||150|11,207|Down|-98.66%|
|profit (RMB Ten thousand)|||||
|Basic EPS (RMB Yuan/share)|0.0025|0.1881|Down|-98.66%|
||Main reason for the considerable fluctuation of the business results: a considerable decrease of the||||
||sales of the realized projects and the total available-for-settlement area of Jan.-Jun. 2015 over the||||
|Explanation about the|same period of last year. The aforesaid estimate was preliminary measurement given by the||||
|predictions|Company according to the current sales situation of real estate projects. Investors are kindly||||
||reminded to be noted that the actual earnings of the Company for Jan.-Jun. 2015 shall be subject to||||
||data disclosed in the Company’s 2015 Semi-annual Report.||||

Report for the First Quarter of 2015 of Shenzhen Properties& Resources Development (Group) Ltd. V. Securities investments
□ Applicable√ Inapplicable
No such cases in the reporting period.
VI. Shareholdings in other listed companies
√ Applicable□ Inapplicable
||||||||||
|-|-|-|-|-|-|-|-|-|
|Code of|Abbreviati|Initial investment|Percentage|||Equity changes|||
|securities|on of|amount|of equities||Gain/loss for report|of the owner in|Accounting|Source of|
|||||Closing book value|||||
||securities||||period|the reporting|title|stock|
|||||||period|||
|000509|ChinaPlasticHolding|2,962,500.00|0.10%|5,412,000.00|0.00|1,064,250.00|Available-for-salefinancialassets|Directionalpurchase ofthe corporateshares|
|Total||2,962,500.00|-|5,412,000.00|0.00|1,064,250.00|||

VII. Investments in derivatives
□ Applicable√ Inapplicable
No such cases in the reporting period.
VIII. Researches, visits and interviews received in the reporting period
√ Applicable□ Inapplicable
|||||||
|-|-|-|-|-|-|
||||||Main discussion and|
|Time of reception|Place of reception|Way of reception|Visitor type|Visitor|materials provided by the|
||||||Company|
|||Telephone|||If there is a new flats fin the|
|6 Feb. 2015|Company offices||Individual|Investor||
|||communication|||first quarter|
||||||If there is movement|
|||Telephone||||
|18 Mar. 2015|Company offices||Individual|Investor|instate-owned enterprise|
|||communication||||
||||||reform|

Report for the First Quarter of 2015 of Shenzhen Properties& Resources Development (Group) Ltd. Section IV. Financial Statements
I. Financial statements
1. Consolidated balance sheet
Prepared by Shenzhen Properties& Resources Development (Group) Ltd.
31 Mar. 2015
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Opening balance|
|Current Assets:|||
|Monetary funds|606,851,635.14|808,963,376.68|
|Settlement reserves|||
|Intra-group lendings|||
|Financial assets measured at fair|||
|value of which changes are recorded in|||
|current profits and losses|||
|Derivative financial assets|||
|Notes receivable|||
|Accounts receivable|38,471,654.21|26,585,132.12|
|Accounts paid in advance|41,558,900.88|25,989,832.24|
|Premiums receivable|||
|Reinsurance premiums receivable|||
|Receivable reinsurance contract|||
|reserves|||
|Interest receivable|||
|Dividend receivable|||
|Other accounts receivable|9,087,377.36|6,638,425.25|
|Financial assets purchased under|||
|agreements to resell|||
|Inventories|2,430,579,478.72|2,323,472,671.20|
|Assets held for sale|||
|Non-current assets due within 1 year|||
|Other current assets|||
|Total current assets|3,126,549,046.31|3,191,649,437.49|

Report for the First Quarter of 2015 of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|Non-current assets:|||
|Loans by mandate and advances|||
|granted|||
|Available-for-sale financial assets|19,912,000.00|18,493,000.00|
|Held-to-maturity investments|||
|Long-term accounts receivable|||
|Long-term equity investment|33,198,935.84|32,888,939.41|
|Investing real estate|251,797,241.30|250,014,034.94|
|Fixed assets|60,555,802.60|64,069,233.96|
|Construction in progress|||
|Engineering materials|||
|Disposal of fixed assets|||
|Production biological assets|||
|Oil-gas assets|||
|Intangible assets|98,004,461.27|99,792,587.03|
|R&D expense|||
|Goodwill|||
|Long-term deferred expenses|2,420,970.29|2,553,053.03|
|Deferred income tax assets|217,112,416.01|216,552,790.60|
|Other non-current assets|7,275,069.00|7,275,069.00|
|Total of non-current assets|690,276,896.31|691,638,707.97|
|Total assets|3,816,825,942.62|3,883,288,145.46|
|Current liabilities:|||
|Short-term borrowings|30,000,000.00|100,000,000.00|
|Borrowings from Central Bank|||
|Customer bank deposits and due to|||
|banks and other financial institutions|||
|Intra-group borrowings|||
|Financial liabilities measured at fair|||
|value of which changes are recorded in|||
|current profits and losses|||
|Derivative financial liabilities|||
|Notes payable|||
|Accounts payable|149,966,620.38|175,347,021.19|
|Accounts received in advance|48,414,575.43|28,756,337.08|

Report for the First Quarter of 2015 of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|Financial assets sold for repurchase|||
|Handling charges and commissions|||
|payable|||
|Payroll payable|55,716,383.90|57,777,210.65|
|Tax payable|1,000,639,676.83|1,015,363,636.69|
|Interest payable|459,245.70|562,879.72|
|Dividend payable|||
|Other accounts payable|121,714,056.07|111,032,824.55|
|Reinsurance premiums payable|||
|Insurance contract reserves|||
|Payables for acting trading of|||
|securities|||
|Payables for acting underwriting of|||
|securities|||
|Liabilities held for sale|||
|Non-current liabilities due within 1|||
|||5,000,000.00|
|year|||
|Other current liabilities|||
|Total current liabilities|1,406,910,558.31|1,493,839,909.88|
|Non-current liabilities:|||
|Long-term borrowings|197,266,352.00|177,613,352.00|
|Bonds payable|||
|Of which: preferred shares|||
|Perpetual bonds|||
|Long-term payables|||
|Long-term payroll payables|||
|Specific payables|||
|Estimated liabilities|||
|Deferred income|21,126,364.94|21,765,846.69|
|Deferred income tax liabilities|612,375.00|257,625.00|
|Other non-current liabilities|114,577,191.70|114,706,662.76|
|Total non-current liabilities|333,582,283.64|314,343,486.45|
|Total liabilities|1,740,492,841.95|1,808,183,396.33|
|Owners’ equity:|||
|Share capital|595,979,092.00|595,979,092.00|

Report for the First Quarter of 2015 of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|Other equity instruments|||
|Of which: preferred shares|||
|Perpetual bonds|||
|Capital reserves|119,951,533.93|119,951,533.93|
|Less: Treasury stock|||
|Other comprehensive income|-3,134,154.91|-4,006,141.53|
|Specific reserves|||
|Surplus reserves|136,591,232.84|136,591,232.84|
|Provisions for general risks|||
|Retained profits|1,226,083,309.75|1,225,726,944.83|
|Total equity attributable to owners of|||
||2,075,471,013.61|2,074,242,662.07|
|the Company|||
|Minority interests|862,087.06|862,087.06|
|Total owners’ equity|2,076,333,100.67|2,075,104,749.13|
|Total liabilities and owners’ equity|3,816,825,942.62|3,883,288,145.46|

 Legal representative: Chen Yugang Person-in-charge of the accounting work: Wang Hangjun Chief of the accounting division: Shen Xueying
2. Balance sheet of the Company
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Opening balance|
|Current Assets:|||
|Monetary funds|232,019,934.57|338,036,109.52|
|Financial assets measured at fair|||
|value of which changes are recorded in|||
|current profits and losses|||
|Derivative financial assets|||
|Notes receivable|||
|Accounts receivable|1,806,159.02|1,029,211.52|
|Accounts paid in advance|||
|Interest receivable|||
|Dividend receivable|||
|Other accounts receivable|1,846,732,093.31|1,758,238,266.73|
|Inventories|404,165,419.85|385,762,064.03|

Report for the First Quarter of 2015 of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|Assets held for sale|||
|Non-current assets due within 1 year|||
|Other current assets|||
|Total current assets|2,484,723,606.75|2,483,065,651.80|
|Non-current assets:|||
|Available-for-sale financial assets|5,642,500.00|4,223,500.00|
|Held-to-maturity investments|||
|Long-term accounts receivable|||
|Long-term equity investment|279,756,196.82|279,446,200.39|
|Investing real estate|165,678,462.48|162,666,161.07|
|Fixed assets|11,086,534.13|11,701,031.08|
|Construction in progress|||
|Engineering materials|||
|Disposal of fixed assets|||
|Production biological assets|||
|Oil-gas assets|||
|Intangible assets|||
|R&D expense|||
|Goodwill|||
|Long-term deferred expenses|1,427,053.62|1,470,297.69|
|Deferred income tax assets|135,508.89||
|Other non-current assets|||
|Total of non-current assets|463,726,255.94|459,507,190.23|
|Total assets|2,948,449,862.69|2,942,572,842.03|
|Current liabilities:|||
|Short-term borrowings|||
|Financial liabilities measured at fair|||
|value of which changes are recorded in|||
|current profits and losses|||
|Derivative financial liabilities|||
|Notes payable|||
|Accounts payable|27,479,204.86|27,475,005.86|
|Accounts received in advance||556,723.50|
|Payroll payable|11,551,646.51|9,765,464.25|
|Tax payable|36,596,832.82|44,829,812.84|

Report for the First Quarter of 2015 of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|Interest payable|663,111.33|621,676.25|
|Dividend payable|||
|Other accounts payable|1,354,936,031.32|1,362,785,410.73|
|Liabilities held for sale|||
|Non-current liabilities due within 1|||
|year|||
|Other current liabilities|||
|Total current liabilities|1,431,226,826.84|1,446,034,093.43|
|Non-current liabilities:|||
|Long-term borrowings|296,023,000.00|276,370,000.00|
|Bonds payable|||
|Of which: preferred shares|||
|Perpetual bonds|||
|Long-term payables|||
|Long-term payroll payables|||
|Specific payables|||
|Estimated liabilities|||
|Deferred income|||
|Deferred income tax liabilities|612,375.00|257,625.00|
|Other non-current liabilities|||
|Total non-current liabilities|296,635,375.00|276,627,625.00|
|Total liabilities|1,727,862,201.84|1,722,661,718.43|
|Owners’ equity:|||
|Share capital|595,979,092.00|595,979,092.00|
|Other equity instruments|||
|Of which: preferred shares|||
|Perpetual bonds|||
|Capital reserves|94,057,859.68|94,057,859.68|
|Less: Treasury stock|||
|Other comprehensive income|3,997,425.45|2,933,175.45|
|Specific reserves|||
|Surplus reserves|135,934,422.40|135,934,422.40|
|Retained profits|390,618,861.32|391,006,574.07|
|Total owners’ equity|1,220,587,660.85|1,219,911,123.60|

Report for the First Quarter of 2015 of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|Total liabilities and owners’ equity|2,948,449,862.69|2,942,572,842.03|

 3. Consolidated income statement
Unit: RMB Yuan
||||
|-|-|-|
|Item|Jan.-Mar. 2015|Jan.-Mar. 2014|
|I. Total operating revenues|135,271,193.34|194,462,902.01|
|Including: Sales income|135,271,193.34|194,462,902.01|
|Interest income|||
|Premium income|||
|Handling charge and commission|||
|income|||
|II. Total operating costs|133,601,562.06|157,739,235.15|
|Including: Cost of sales|96,780,815.07|99,128,200.24|
|Interest expenses|||
|Handling charge and commission|||
|expenses|||
|Surrenders|||
|Net claims paid|||
|Net amount withdrawn for the|||
|insurance contract reserve|||
|Expenditure on policy dividends|||
|Reinsurance premium|||
|Taxes and associate charges|11,318,731.55|35,390,468.29|
|Selling and distribution expenses|3,613,799.88|1,632,556.99|
|Administrative expenses|24,803,739.93|24,658,855.05|
|Financial expenses|-2,915,524.37|-3,070,845.42|
|Asset impairment loss|||
|Add: Gain/(loss) from change in fair|||
|value (“-” means loss)|||
|Gain/(loss) from investment (“-”|||
||309,996.43|519,419.20|
|means loss)|||
|Including: share of profits in|||
||309,996.43|519,419.20|
|associates and joint ventures|||
|Foreign exchange gains (“-” means|||
|loss)|||
|III. Business profit (“-” means loss)|1,979,627.71|37,243,086.06|

Report for the First Quarter of 2015 of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|Add: non-operating income|472,015.31|369,039.53|
|Including: Gains on disposal of|||
|non-current assets|||
|Less: non-operating expense|431,724.89|10,041.61|
|Including: Losses on disposal of|||
||2,775.00||
|non-current assets|||
|IV. Total profit (“-” means loss)|2,019,918.13|37,602,083.98|
|Less: Income tax expense|1,663,553.21|9,876,642.47|
|V. Net profit (“-” means loss)|356,364.92|27,725,441.51|
|Net profit attributable to owners of|||
||356,364.92|27,725,441.51|
|the Company|||
|Minority shareholders’ income|||
|VI. After-tax net amount of other|||
||871,986.62|-415,062.63|
|comprehensive incomes|||
|After-tax net amount of other|||
|comprehensive incomes attributable to|871,986.62|-415,062.63|
|owners of the Company|||
|(I) Other comprehensive incomes|||
|that will not be reclassified into gains and|||
|losses|||
|1. Changes in net liabilities or|||
|assets with a defined benefit plan upon|||
|re-measurement|||
|2. Enjoyable shares in other|||
|comprehensive incomes in investees that|||
|cannot be reclassified into gains and|||
|losses under the equity method|||
|(II) Other comprehensive incomes|||
|that will be reclassified into gains and|871,986.62|-415,062.63|
|losses|||
|1. Enjoyable shares in other|||
|comprehensive incomes in investees that|||
|will be reclassified into gains and losses|||
|under the equity method|||
|2. Gains and losses on fair|||
|value changes of available-for-sale|1,064,250.00||
|financial assets|||
|3. Gains and losses on|||
|reclassifying held-to-maturity|||

Report for the First Quarter of 2015 of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|investments into available-for-sale|||
|financial assets|||
|4. Effective hedging gains and|||
|losses on cash flows|||
|5. Foreign-currency financial|-192,263.38||
|||-415,062.63|
|statement translation difference|||
|6. Other|||
|After-tax net amount of other|||
|comprehensive incomes attributable to|||
|minority shareholders|||
|VII. Total comprehensive incomes|1,228,351.54|27,310,378.88|
|Attributable to owners of the|1,228,351.54||
|||27,310,378.88|
|Company|||
|Attributable to minority|||
|shareholders|||
|VIII. Earnings per share|||
|(I) Basic earnings per share|0.0006|0.0465|
|(II) Diluted earnings per share|0.0006|0.0465|

 Where business mergers under the same control occurred in this reporting period, the net profit achieved by the merged parties before the business mergers was RMB XXX, with the corresponding amount for the same period of last year being RMB XXX.
Legal representative: Chen Yugang Person-in-charge of the accounting work: Wang Hangjun Chief of the accounting division: Shen Xueying
4. Income statement of the Company
Unit: RMB Yuan
||||
|-|-|-|
|Item|Jan.-Mar. 2015|Jan.-Mar. 2014|
|I. Total sales|14,915,009.50|12,230,762.00|
|Less: cost of sales|4,099,248.03|4,263,271.83|
|Business taxes and surcharges|2,330,846.39|1,698,362.81|
|Distribution expenses|||
|Administrative expenses|10,495,132.76|9,175,383.85|
|Financial costs|-1,470,236.90|-38,358.72|
|Impairment loss||92,383.07|
|Add: gain/(loss) from change in fairvalue (“-” means loss)|||

Report for the First Quarter of 2015 of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|Gain/(loss) from investment (“-”|||
||309,996.43|3,897,819.20|
|means loss)|||
|Including: income form investment|||
||309,996.43|519,419.20|
|on associates and joint ventures|||
|II. Business profit (“-” means loss)|-229,984.35|937,538.36|
|Add: non-operating income|11,021.20|27,030.61|
|Including: Gains on disposal of|||
|non-current assets|||
|Less: non-operating expense|300,949.26||
|Including: Losses on disposal of|||
|non-current assets|||
|III. Total profit (“-” means loss)|-519,912.41|964,568.97|
|Less: Income tax expense|-132,199.66||
|IV. Net profit (“-” means loss)|-387,712.75|964,568.97|
|V. After-tax net amount of other|||
||1,064,250.00||
|comprehensive incomes|||
|(I) Other comprehensive incomes that|||
|will not be reclassified into gains and|||
|losses|||
|1. Changes in net liabilities or|||
|assets with a defined benefit plan upon|||
|re-measurement|||
|2. Enjoyable shares in other|||
|comprehensive incomes in investees|||
|that cannot be reclassified into gains|||
|and losses under the equity method|||
|(II) Other comprehensive incomes|||
|that will be reclassified into gains and|1,064,250.00||
|losses|||
|1. Enjoyable shares in other|||
|comprehensive incomes in investees|||
|that will be reclassified into gains and|||
|losses under the equity method|||
|2. Gains and losses on fair value|||
|changes of available-for-sale financial|1,064,250.00||
|assets|||
|3. Gains and losses on|||
|reclassifying held-to-maturity|||
|investments into available-for-sale|||

Report for the First Quarter of 2015 of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|financial assets|||
|4. Effective hedging gains and|||
|losses on cash flows|||
|5. Foreign-currency financial|||
|statement translation difference|||
|6. Other|||
|VI. Total comprehensive incomes|676,537.25|964,568.97|
|VII. Earnings per share|||
|(I) Basic earnings per share|-0.0007|0.0016|
|(II) Diluted earnings per share|-0.0007|0.0016|

 5. Consolidated cash flow statement
Unit: RMB Yuan
||||
|-|-|-|
|Item|Jan.-Mar. 2015|Jan.-Mar. 2014|
|I. Cash flows from operating activities:|||
|Cash received from sale of|||
||162,154,708.13|214,711,207.68|
|commodities and rendering of service|||
|Net increase of deposits from|||
|customers and dues from banks|||
|Net increase of loans from the|||
|central bank|||
|Net increase of funds borrowed from|||
|other financial institutions|||
|Cash received from premium of|||
|original insurance contracts|||
|Net cash received from reinsurance|||
|business|||
|Net increase of deposits of policy|||
|holders and investment fund|||
|Net increase of disposal of financial|||
|assets measured at fair value of which|||
|changes are recorded into current gains|||
|and losses|||
|Cash received from interest,|||
|handling charges and commissions|||
|Net increase of intra-group|||
|borrowings|||

Report for the First Quarter of 2015 of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|Net increase of funds in repurchase|||
|business|||
|Tax refunds received|||
|Other cash received relating to|||
||6,275,176.45|5,748,576.80|
|operating activities|||
|Subtotal of cash inflows from operating|||
||168,429,884.58|220,459,784.48|
|activities|||
|Cash paid for goods and services|170,577,537.78|130,670,702.37|
|Net increase of customer lendings|||
|and advances|||
|Net increase of funds deposited in|||
|the central bank and amount due from|||
|banks|||
|Cash for paying claims of the|||
|original insurance contracts|||
|Cash for paying interest, handling|||
|charges and commissions|||
|Cash for paying policy dividends|||
|Cash paid to and for employees|75,841,569.79|62,076,065.42|
|Various taxes paid|31,961,378.98|38,825,818.53|
|Other cash payment relating to|||
||19,683,773.86|22,380,664.01|
|operating activities|||
|Subtotal of cash outflows from|||
||298,064,260.41|253,953,250.33|
|operating activities|||
|Net cash flows from operating|||
||-129,634,375.83|-33,493,465.85|
|activities|||
|II. Cash flows from investing activities:|||
|Cash received from withdrawal of|||
|investments|||
|Cash received from return on|||
|investments|||
|Net cash received from disposal of|||
|fixed assets, intangible assets and other|41,000.00|273,000.00|
|long-term assets|||
|Net cash received from disposal of|||
|subsidiaries or other business units|||
|Other cash received relating to|||
|investing activities|||

Report for the First Quarter of 2015 of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|Subtotal of cash inflows from investing|||
||41,000.00|273,000.00|
|activities|||
|Cash paid to acquire fixed assets,|||
|intangible assets and other long-term|14,052,460.10|965,619.00|
|assets|||
|Cash paid for investment|||
|Net increase of pledged loans|||
|Net cash paid to acquire subsidiaries|||
|and other business units|||
|Other cash payments relating to|||
|investing activities|||
|Subtotal of cash outflows from|||
||14,052,460.10|965,619.00|
|investing activities|||
|Net cash flows from investing activities|-14,011,460.10|-692,619.00|
|III. Cash Flows from Financing|||
|Activities:|||
|Cash received from capital|||
|contributions|||
|Including: Cash received from|||
|minority shareholder investments by|||
|subsidiaries|||
|Cash received from borrowings|19,653,000.00||
|Cash received from issuance of|||
|bonds|||
|Other cash received relating to|||
|financing activities|||
|Subtotal of cash inflows from financing|||
||19,653,000.00||
|activities|||
|Repayment of borrowings|75,000,000.00|123,466,666.67|
|Cash paid for interest expenses and|||
||3,309,309.66|7,182,970.97|
|distribution of dividends or profit|||
|Including: dividends or profit paid|||
|by subsidiaries to minority|||
|shareholders|||
|Other cash payments relating to|||
|||88,000.00|
|financing activities|||
|Sub-total of cash outflows from|||
||78,309,309.66|130,737,637.64|
|financing activities|||

Report for the First Quarter of 2015 of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|Net cash flows from financing|||
||-58,656,309.66|-130,737,637.64|
|activities|||
|IV. Effect of foreign exchange rate|||
||190,404.05|405,049.24|
|changes on cash and cash equivalents|||
|V. Net increase in cash and cash|||
||-202,111,741.54|-164,518,673.25|
|equivalents|||
|Add: Opening balance of cash and|||
||808,963,376.68|977,171,814.20|
|cash equivalents|||
|VI. Closing balance of cash and cash|||
||606,851,635.14|812,653,140.95|
|equivalents|||

6. Cash flow statement of the Company
Unit: RMB Yuan
||||
|-|-|-|
|Item|Jan.-Mar. 2015|Jan.-Mar. 2014|
|I. Cash flows from operating activities:|||
|Cash received from sale of|||
||13,539,030.00|11,794,372.00|
|commodities and rendering of service|||
|Tax refunds received|||
|Other cash received relating to|||
||68,204,999.96|32,132,638.04|
|operating activities|||
|Subtotal of cash inflows from operating|||
||81,744,029.96|43,927,010.04|
|activities|||
|Cash paid for goods and services|18,259,645.63|1,955,008.94|
|Cash paid to and for employees|3,939,084.93|3,653,091.62|
|Various taxes paid|11,479,164.15|2,608,644.61|
|Other cash payment relating to|||
||168,636,796.74|561,398,481.06|
|operating activities|||
|Subtotal of cash outflows from|||
||202,314,691.45|569,615,226.23|
|operating activities|||
|Net cash flows from operating|||
||-120,570,661.49|-525,688,216.19|
|activities|||
|II. Cash flows from investing activities:|||
|Cash received from retraction of|||
|||280,000,000.00|
|investments|||
|Cash received from return on|||
|||4,009,800.00|
|investments|||
|Net cash received from disposal of|||

Report for the First Quarter of 2015 of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|fixed assets, intangible assets and other|||
|long-term assets|||
|Net cash received from disposal of|||
|subsidiaries or other business units|||
|Other cash received relating to|||
|investing activities|||
|Subtotal of cash inflows from investing|||
|||284,009,800.00|
|activities|||
|Cash paid to acquire fixed assets,|||
|intangible assets and other long-term|6,297.00|224,682.00|
|assets|||
|Cash paid for investment|||
|Net cash paid to acquire subsidiaries|||
|and other business units|||
|Other cash payments relating to|||
|investing activities|||
|Subtotal of cash outflows from|||
||6,297.00|224,682.00|
|investing activities|||
|Net cash flows from investing activities|-6,297.00|283,785,118.00|
|III. Cash Flows from Financing|||
|Activities:|||
|Cash received from capital|||
|contributions|||
|Cash received from borrowings|19,653,000.00|260,000,000.00|
|Cash received from issuance of|||
|bonds|||
|Other cash received relating to|||
|financing activities|||
|Subtotal of cash inflows from financing|||
||19,653,000.00|260,000,000.00|
|activities|||
|Repayment of borrowings||120,000,000.00|
|Cash paid for interest expenses and|||
||5,092,216.46|3,240,000.00|
|distribution of dividends or profit|||
|Other cash payments relating to|||
|||88,000.00|
|financing activities|||
|Sub-total of cash outflows from|||
||5,092,216.46|123,328,000.00|
|financing activities|||
|Net cash flows from financing|14,560,783.54|136,672,000.00|

Report for the First Quarter of 2015 of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|activities|||
|IV. Effect of foreign exchange rate|||
|changes on cash and cash equivalents|||
|V. Net increase in cash and cash|||
||-106,016,174.95|-105,231,098.19|
|equivalents|||
|Add: Opening balance of cash and|||
||338,036,109.52|420,568,966.65|
|cash equivalents|||
|VI. Closing balance of cash and cash|||
||232,019,934.57|315,337,868.46|
|equivalents|||

II.Auditor’s report
Is this report audited?
□ Yes√ No
This report is not audited.