I am from Shenzhen. If your numbers are accurate, then that's a very, very good stipend.
You have about 70-90k RMB excluding accommodation and tuition each year. The university cafeteria is probably about 20 RMB or less per meal. If you want to eat out frequently for better food, then maybe closer to 30-50 RMB per meal (if you include the occasional 150 RMB Cantonese restaurant, the average might be closer to 40-50 RMB). Utilities, etc., shouldn't exceed 1000 RMB per month.
Assuming you don't have many expensive habits (e.g. spending a lot of your salary in Macao), that leaves you about 30-50k in savings per year, which is pretty decent even for (working) young people in Shenzhen.