Shimao : Announcement of unaudited financial results of Shanghai Shimao Co., Ltd. for the three months ended 31 March 2022

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(Incorporated in the Cayman Islands with limited liability)

(Stock code: 813)

OVERSEAS REGULATORY ANNOUNCEMENT

SHANGHAI SHIMAO CO., LTD.

A SUBSIDIARY OF SHIMAO GROUP HOLDINGS LIMITED ANNOUNCEMENT OF UNAUDITED FINANCIAL RESULTS

FOR THE THREE MONTHS ENDED 31 MARCH 2022

Shanghai Shimao Co., Ltd. ("Shanghai Shimao"), a subsidiary of Shimao Group Holdings Limited (the "Company"), is a company incorporated in the People's Republic of China whose shares are listed on the Shanghai Stock Exchange. The Company has an approximately 63.92% attributable interest in Shanghai Shimao. The board of directors of Shanghai Shimao has approved the unaudited consolidated financial results for the three months ended 31 March 2022. Shanghai Shimao's unaudited consolidated financial results will be posted on the Shanghai Stock Exchange's website. The consolidated income statement for the three months ended 31 March 2022 and the consolidated balance sheet as at 31 March 2022 of Shanghai Shimao are provided below:

CONSOLIDATED INCOME STATEMENT FOR THE THREE MONTHS ENDED 31 MARCH 2022

2022	2021
RMB	RMB
1.	Operating income	2,642,181,418.37	3,687,055,803.40
Less: Operating costs	1,637,362,511.01	2,259,664,358.98
Operating taxes and surcharges	172,847,376.10	239,513,885.22
Selling expenses	152,109,044.23	211,625,714.74
General and administrative expenses	191,863,186.51	174,460,905.42
Financial expenses	63,015,300.21	70,894,921.74
Investment loss	13,651,907.70	27,216,117.30
Allowance for credit loss	(430,693.37)	(480,747.71)
Impairment loss of assets	-	23,004.80
Loss on disposal of assets	16,503.79	954,192.11
Add: Other income	1,419,613.27	683,649.59
2.	Operating profit	413,165,895.46	703,867,100.39
Add: Non-operating income	25,732,223.03	9,923,498.20
Less: Non-operating expenses	13,931,852.00	5,311,570.23
3.	Total profit	424,966,266.49	708,479,028.36
Less: Income tax expenses	123,524,543.72	191,512,337.66
4.	Net profit	301,441,722.77	516,966,690.70
Net profit attributable to equity holders of
Shanghai Shimao	96,590,071.95	236,021,064.65
Net profit attributable to minority
shareholders	204,851,650.82	280,945,626.05
5.	Earnings per share
Earnings per share - basic	0.03	0.06
Earnings per share - diluted	0.03	0.06
6.	Other comprehensive loss	31,151,420.15	15,423,478.98
7.	Total comprehensive income	270,290,302.62	501,543,211.72
Total comprehensive income attributable
to equity holders of Shanghai Shimao	64,664,138.81	223,804,943.08
Total comprehensive income attributable
to minority shareholders	205,626,163.81	277,738,268.64

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2022

31 December 2021
RMB
ASSETS
Current assets	76,668,810,408.93	81,034,252,419.59
Non-current assets	61,821,849,884.01	61,949,204,627.54
Total assets	138,490,660,292.94	142,983,457,047.13
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities	64,738,368,170.07	65,950,666,679.46
Non-current liabilities	24,496,782,045.78	28,047,570,593.20
Total liabilities	89,235,150,215.85	93,998,237,272.66
Shareholders' equity
Share capital	3,751,168,261.00	3,751,168,261.00
Capital reserve	778,163,752.75	778,163,752.75
Other comprehensive income	3,912,189,212.16	3,944,115,145.30
Surplus reserve	986,744,705.67	986,744,705.67
Retained profits	16,445,744,952.10	16,349,154,880.15
Equity attributable to equity holders of
Shanghai Shimao	25,874,010,883.68	25,809,346,744.87
Minority interests in equity	23,381,499,193.41	23,175,873,029.60
Total owners' equity	49,255,510,077.09	48,985,219,774.47
Total liabilities and owners' equity	138,490,660,292.94	142,983,457,047.13
-3-

31 March 2022

RMB

GENERAL

Shareholders should note that the above unaudited financial information pertains only to Shanghai Shimao and not to the Company itself.

Details of the unaudited consolidated financial results of Shanghai Shimao for the three months ended 31 March 2022 are accessible at the Shanghai Stock Exchange's website (www.sse.com.cn).

On behalf of the Board Shimao Group Holdings Limited

Hui Sai Tan, Jason

Vice Chairman and President

Hong Kong, 29 April 2022

As at the date of this announcement, the board of directors of the Company comprises five Executive Directors, namely, Mr. Hui Wing Mau (Chairman), Mr. Hui Sai Tan, Jason (Vice Chairman and President), Ms. Tang Fei, Mr. Lu Yi and Mr. Xie Kun; one Non-executive Director, namely, Mr. Ye Mingjie; and three Independent Non-executive Directors, namely, Ms. Kan Lai Kuen, Alice, Mr. Lyu Hong Bing and Mr. Lam Ching Kam.