GuangdongProvincialExpresswayDevelopmentCo.,Ltd.
2024AnnualReport
March4,2025
I.ImportantNotice,TableofContentsandDefinitions
TheBoardofDirectorsandthedirectors,SupervisoryCommitteeandsupervisorsandSeniorExecutivesoftheCompanyherebywarrantthatattheyear,therearenomisstatement,misleadingrepresentationorimportantomissionsinthisreportandshallassumejointandseveralliabilityfortheauthenticity,accuracyandcompletenessofthecontentshereof.Mr.MiaoDeshan,TheCompanyleader,Mr.LuMing,ChieffinancialofficerandtheMs.YanXiaohong,thepersoninchargeoftheaccountingdepartment(thepersoninchargeoftheaccounting)herebyconfirmtheauthenticityandcompletenessofthefinancialreportenclosedinthisannualreport.AllthedirectorsattendedtheboardmeetingforreviewingtheAnnualReport.ThetollrevenuesofExpresswayismainsourceofthemajorbusinessincomeofthecompany,Thechargestandardofvehicletollmustbesubmittedtothesamelevelpeople'sgovernmentforreviewandapprovalafterthetransportregulatorydepartmentofprovince,autonomousregionormunicipalitydirectlyunderthecentralgovernmentinconjunctionwiththepriceregulatorydepartmentatthesamelevelconsenteduponexamination.Therefore,theadjustmenttrendofthechargepriceandthechargepriceifhasthecorrespondingadjustmentinthefuturepricelevelwhenthecostofthecompanyrisesstilldependontheapprovalofrelevantnationalpoliciesandgovernmentdepartments,andthecompanyisn'tabletomaketimelyadjustmenttothechargestandardinaccordancewiththeitsownoperationcostorthechangeofmarketsupplydemand.So,thechangeofchargepolicyandtheadjustmentofchargestandardalsohaveinfluenceontheexpresswaysoperatedbythecompanytosomeextent.So,thechargingpolicychangesandchargesadjustmentwillaffectthehighwaysoperationofthecompany.
Theprofitdistributionproposalreviewedandapprovedbytheboardingmeetingwassummarizedasfollows:
2,090,806,126forthebase,theCompanywoulddistributecashdividendtoalltheshareholdersattherateofCNY5.23forevery10shares(withtaxinclusive),0bonusshares（includingtax）andnoreservewouldbeconvertedintosharecapital.
TableofContents
I.ImportantNotice,TableofcontentsandDefinitionsII.CompanyProfile&FinancialHighlights.III.ManagementDiscussion&AnalysisIV.CorporateGovernanceV.Environmental&SocialResponsibilityVI.ImportantEventsVII.ChangeofsharecapitalandshareholdingofPrincipalShareholdersVIII.SituationofthePreferredSharesIX.CorporateBondX.FinancialReport
Documentsavailableforinspection
1.Accountingstatementscarriedwithpersonalsignaturesandsealsoflegalrepresentative,ChiefFinancialofficer（Chiefaccountant）,thepersoninchargeoftheaccountingdepartment(thepersoninchargeoftheaccounting)FinancialPrincipal.
2.OriginalofAuditors’ReportcarriedwiththesealofCertifiedPublicAccountantsaswellaspersonalsignaturesofcertifiedPublicaccountants.
3.ThetextsofalltheCompany'sdocumentspubliclydisclosedonthenewspapersandperiodicalsdesignatedbyChinaSecuritiesRegulatoryCommissioninthereportperiod.
Definition
| Termstobedefined | Refersto | Definition |
| Reportingperiod,Thisyear | Refersto | January1,2024toDecember31,2024 |
| Reportingdate | Refersto | Theannualreportofthecompanywasapprovedbytheboardofdirectorson2024,thatisMarch3,2025 |
| YOY | Refersto | Comparedwith2023 |
| TheCompany,ThisCompany,GuangdongExpressway | Refersto | GuangdongProvincialExpresswayDevelopmentCo.,Ltd. |
| ProvincialFreeway | Refersto | GuangdongProvincialFreewayCo.,Ltd. |
| GuangfoCompany | Refersto | GuangdongGuangfoExpresswayCo.,Ltd. |
| GuangdongExpresswayCapital | Refersto | YuegaoCapitalInvestment(Guangzhou)Co.,Ltd. |
| GuanghuiCompany | Refersto | GuangdongGuanghuiExpresswayCo.,Ltd. |
| GuangzhuEastCompany | Refersto | JiangzhuExpresswayGuangzhuSectionCo.,Ltd. |
II.CompanyProfile&FinancialHighlights.
1.CompanyProfile
| Stockabbreviation: | ExpresswayA,ExpresswayB | Stockcode | 000429,200429 |
| Stockexchangeforlisting | ShenzhenStockExchange | ||
| NameinChinese | 广东省高速公路发展股份有限公司 | ||
| AbbreviationofRegisteredCompany(ifany) | 粤高速 | ||
| Englishname(Ifany) | GuangdongProvincialExpresswayDevelopmentCo.Ltd. | ||
| Englishabbreviation(Ifany) | GPED | ||
| LegalRepresentative | MiaoDeshan | ||
| Registeredaddress | 85BaiyunRoad,Guangzhou,GuangdongProvince | ||
| PostalcodeoftheRegisteredAddress | 510100 | ||
| Historicalchangeofthecompany'sregisteredaddress | 1992—1999，4/F,DongjianBuilding,No.503,DongfengRoad,Guangzhou;Since1999,85BaiyunRoad,Guangzhou,GuangdongProvince | ||
| OfficeAddress | 45-46/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TianheDisrtict,Guangzhou | ||
| Postalcodeoftheofficeaddress | 510623 | ||
| InternetWebSite | www.gpedcl.com | ||
| ygs@gdcg.cn | |||
2.Contactpersonandcontactmanner
| Boardsecretary | SecuritiesaffairsRepresentative | |
| Name | YangHanming | LiangJirong |
| Contactaddress | 46/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TianheDistrict,Guangzhou | 45/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TianheDistrict,Guangzhou |
| Tel | 020-29004619 | 020-29004523 |
| Fax | 020-38787002 | 020-38787002 |
| Hmy69@126.com | 139221590@qq.com |
3.Informationdisclosureandplaced
| NewspapersselectedbytheCompanyforinformationdisclosure | SecuritiesTimes,ChinaSecurities,ShanghaiSecuritiesDailyandHongkongCommercialDaily. |
| InternetwebsitedesignatedbyCSRCforpublishingtheAnnualreportoftheCompany | www.cninfo.com.cn |
| TheplacewheretheAnnualreportispreparedandplaced | SecuritiesaffairDeptoftheCompany |
4.ChangesinRegistration
| OrganizationCode | 91440000190352102M |
| Changesinprincipalbusinessactivitiessincelisting(ifany) | Nochange |
| Changesisthecontrollingshareholderinthepast(isany) | OnNovember2000,InaccordancewithCaiGuanZi(2008)No.109DocumentofMinistryofFinanceandYueBanHan(2000)No.574DocumentofGeneralOfficeofGuangdongPeople'sGovernment,thestate-ownedsharesofGuangdongExpresswayoriginallyentrustedtoGuangdongExpresswayCompany(nowrenamedas"GuangdongProvincialExpresswayCo.,Ltd.")formanagementweretransferredtoGuangdongCommunicationGroupCo.,Ltd.forholdingandmanagement.Afterthetransferofstate-ownedshares,GuangdongCommunicationGroupCo.,Ltd.becamethelargestshareholderoftheCompany.Thenatureofequitywasdefinedasstate-ownedshares. |
5.OtherRelevantInformationCPAsengaged
| NameoftheCPAs | YongTuoCertifiedPublicAccountants(SpecialGeneralPartnership) |
| Officeaddress： | 13/F,2Building,No.1NorthStreet,Guandongdian,ChaoyangDistrict,Beijing |
| NamesoftheCertifiedPublicAccountantsasthesignatories | SunXiuqing,HuangZhiyan |
ThesponsorperformingpersistentsupervisiondutiesengagedbytheCompanyinthereportingperiod.
□Applicable√NotapplicableTheFinancialadvisorperformingpersistentsupervisiondutiesengagedbytheCompanyinthereportingperiod
□Applicable√Notapplicable
6.Whetherithasretroactiveadjustmentorre-statementonpreviousaccountingdata
□Yes√No
| 2024 | 2023 | Changedoverlastyear（％） | 2022 | |
| Operatingincome（Yuan） | 4,569,903,078.72 | 4,879,066,948.19 | -6.34% | 4,168,634,113.98 |
| Netprofitattributabletotheshareholdersofthelistedcompany（Yuan） | 1,562,122,219.95 | 1,633,811,033.68 | -4.39% | 1,276,341,322.98 |
| Netprofitafterdeductingofnon-recurringgain/lossattributabletotheshareholdersoflistedcompany（Yuan） | 1,644,578,715.04 | 1,705,099,801.05 | -3.55% | 1,310,871,115.42 |
| Cashflowgeneratedbybusinessoperation,net（Yuan） | 3,256,363,593.91 | 3,831,785,563.47 | -15.02% | 2,752,026,558.38 |
| Basicearningpershare(Yuan/Share) | 0.75 | 0.78 | -3.85% | 0.61 |
| Dilutedgainspershare(Yuan/Share) | 0.75 | 0.78 | -3.85% | 0.61 |
| WeightedaverageROE(%) | 15.52% | 17.30% | -1.78% | 14.30% |
| Endof2024 | Endof2023 | Changedoverlastyear（％） | Endof2022 | |
| Grossassets（Yuan） | 22,441,664,114.93 | 21,368,963,167.41 | 5.02% | 20,267,998,963.78 |
| Netassetsattributabletoshareholdersofthelistedcompany（Yuan） | 10,468,100,319.53 | 9,847,531,855.89 | 6.30% | 9,075,659,162.81 |
Thelowerofthecompany’snetprofitbeforeandafterthedeductionofnon-recurringgainsandlossesinthelastthreefiscalyearsisnegative,andtheauditor'sreportofthepreviousyearshowsthattheCompany’sgoingconcernabilityisuncertain.
□Yes√NoThelowerofthenetprofitbeforeandafterthedeductionofthenon-recurringgainsandlossesisnegative.
□Yes√No
7.Thedifferencesbetweendomesticandinternationalaccountingstandards1．SimultaneouslypursuanttobothChineseaccountingstandardsandinternationalaccountingstandardsdisclosedinthefinancialreportsofdifferencesinnetincomeandnetassets.
□Applicable□√NotapplicableNone
2.DifferencesofnetprofitandnetassetsdisclosedinfinancialreportspreparedunderoverseasandChineseaccountingstandards.
□Applicable√NotapplicableNone
8.MainFinancialIndexbyQuarters
InRMB
| Firstquarter | Secondquarter | Thirdquarter | Fourthquarter | |
| Operatingrevenue | 1,124,466,320.26 | 1,106,399,341.94 | 1,271,450,135.34 | 1,067,587,281.18 |
| Netprofitattributabletotheshareholdersofthelistedcompany | 420,705,862.42 | 434,759,578.58 | 500,935,260.34 | 205,721,518.61 |
| Netprofitafterdeductingofnon-recurringgain/lossattributabletotheshareholdersoflistedcompany | 434,155,502.39 | 449,703,900.81 | 515,479,932.95 | 245,239,378.89 |
| NetCashflowgeneratedbybusinessoperation | 808,097,600.77 | 795,158,408.91 | 928,285,020.28 | 724,822,563.95 |
Whethersignificantvariancesexistbetweentheabovefinancialindexortheindexwithitssumandthefinancialindexofthequarterlyreportaswellassemi-annualreportindexdisclosedbytheCompany.
□Yes√No
9.Itemsandamountofnon-currentgainsandlosses
√Applicable□Notapplicable
InRMB
| Item | Amount(2024) | Amount(2023） | Amount(2022) | Notes |
| Non-currentassetdisposalgain/loss(includingthewrite-offpartforwhichassetsimpairmentprovisionismade) | 6,080,729.08 | 12,740,003.03 | 62,389.24 | |
| Governmentsubsidiesrecognizedincurrentgainandloss(excludingthosecloselyrelatedtotheCompany’sbusinessandgrantedunderthestate’spolicies) | 11,296,964.50 | 10,685,002.61 | 12,414,047.87 | |
| Gainandlossfromchangeofthefairvaluearisingfromtransactionalmonetaryassets,transactionalfinancialliabilitiesasheldaswellastheinvestmentincomearisingfromdisposalofthetransactionalmonetaryassets,transactionalfinancialliabilitiesandfinancialassetsavailableforsaleexcludingtheeffectivehedgingtransactioninconnectionwiththeCompany’snormalbusiness | 2,637,409.20 | 2,456,768.00 | 10,400,000.00 | |
| Capitaloccupationchargesonnon-financialenterprisesthatarerecordedintocurrentgainsandlosses | 1,284,835.59 |
| Reverseoftheprovisionforimpairmentofaccountsreceivableundergoingimpairmenttestindividually | 25,515.00 | |||
| Netamountofnon-operatingincomeandexpenseexcepttheaforesaiditems | -1,689,556.16 | -4,515,527.98 | -1,798,078.90 | |
| Othernon-recurringGains/lossitems | 235,202.32 | 921,152.92 | 14,877,866.34 | |
| Theimpairmentprovisionfortheadvanceexpensesthathaveoccurredbutneedtobedefinedfromthesourceoffunds | -121,834,522.51 | -123,358,138.31 | -97,749,481.71 | |
| Less:Influencedamountofincometax | 9,343,308.39 | 988,084.33 | -5,627,816.96 | |
| Influencedamountofminorshareholders’equity(aftertax) | -28,875,751.28 | -30,770,056.69 | -21,610,132.76 | |
| Total | -82,456,495.09 | -71,288,767.37 | -34,529,792.44 | -- |
Detailsofotherprofitandlossitemsthatmeetthenon-recurringprofitandlossdefinition
√Applicable□NotapplicableDuetothespecialnatureoftheimpairmentprovisionformanagementandmaintenanceexpensesadvancedbytheGuangzhou-FoshanExpresswaytobeclarified,itwillaffectthenormaljudgmentoftheCompany'soperatingperformanceandprofitabilitybytheuserofthereport.FortheCompany’snon-recurringgain/lossitemsasdefinedintheExplanatoryAnnouncementNo.1oninformationdisclosureforCompaniesOfferingtheirSecuritiestothePublic-Non-recurringGainsandLossesanditsnon-recurringgain/lossitemsasillustratedintheExplanatoryAnnouncementNo.1oninformationDisclosureforCompaniesofferingtheirsecuritiestothepublic-non-recurringGainsandlosseswhichhavebeendefinedasrecurringgainsandlosses,itisnecessarytoexplainthereason.
□Applicable√NotapplicableNoneofNon-recurringgain/lossitemsrecorgnizedasrecurringgain/loss/itemsasdefinedbytheinformationdisclosureexplanatoryAnnouncementNo.1-Non–recurringgain/lossinthereportperiod.
III.ManagementDiscussion&AnalysisI.IndustryinformationoftheCompanyduringthereportingperiodTheCompany'smainbusinessistheinvestment,construction,chargingandmaintenancemanagementoftollhighwaysandbridges,whichshallbeclassifiedintotheroadtransportindustry.Highwayindustryisthebasicandleadingserviceindustryofnationaleconomy,whichcanrationallyallocaterelevantresources,improvethequalityandefficiencyofeconomicoperation,andplayaleadingroleinthetransportationindustry.Asanimportantpartofthehighwayindustry,theexpresswayisanimportantnationalresource,whichischaracterizedbyhighdrivingspeed,largetrafficcapacity,lowtransportationcostandsafedriving,andplaysanimportantroleinpromotingnationaleconomicgrowth,improvingpeople'slivequalityandsafeguardingnationalsecurity.
Withthebasicpenetrationofthe"ten-verticalandten-horizontal"comprehensivetransportationcorridorandthebasiccompletionofthe"71118"nationalexpresswaynetworkplanning,China'sexpresswaynetworkhasbeencontinuouslyextended,withsignificantlyincreasedindustrydevelopment.Accordingtothestatisticaldataofthe2023StatisticalBulletinonDevelopmentofTransportationIndustryissuedbytheMinistryofTransport,bytheendof2023,thetotalmileageofexpresswaysinChinahasreached177,300kilometers,withanincreaseof183,600kilometers.WithChina'seconomicdevelopmentsteppingintoanewnormal,thenationaleconomyisconstantlygrowing,andGuangdong-HongKong-MacaoGreaterBayAreaconstructionarefurtheradvanced,thewholesociety'sdemandforsupportingservicesofexpresswaysisexpectedtoincreasecontinuously,andChina'sexpresswayindustrystillwitnessesalargedevelopmentpotentialinthefuture.Asanimportantinfrastructureindustryforthedevelopmentofnationaleconomy,mostoftheexpresswaytransportationdemandsarerigiddemands,whicharelessaffectedbymacroeconomicfluctuationsandlesscyclical.Astheoperatingincomeofexpresswayenterprisesismainlyincash,andthecashflowisabundant,itensuresthestabilityandsecurityofexpresswayindustryoperationandfinance.Whentheeconomyisbooming,therapidgrowthoftrafficcandrivethedevelopmentoftheindustrytoacertainextent;duringtheperiodofeconomicadjustment,theexpresswayindustrycanbetterresistthemarketimpactcausedbymacroeconomicchangeswithitsuniquerigiddemands.Therefore,theexpresswayindustryischaracterizedbystronganti-riskabilityandstableinvestmentincome.II.MainBusinesstheCompanyisEngagedinDuringtheReportPeriodTheCompanyismainlyengagedintollingandmaintenanceofGuangfoExpressway,FokaiExpressway,JingzhuExpresswayGuangzhuSectionandGuanghuiExpresswayinvestmentintechnologicalindustriesandprovisionofrelevantconsultationwhileinvestinginShenzhenHuiyanExpresswayCo.,Ltd.,GuangdongJiangzhongExpresswayCo.,Ltd.,ZhaoqingYuezhaoExpresswayCo.,Ltd.,GanzhouKangdaExpressway,GanzhouGankangExpresswayCo.,Ltd.,GuangdongYuepuSmallRefinancingCo.,Ltd,GuoyuanSecuritiesCo.,Ltd.,GarageelectricpileHolding(Shenzhen)Co.,Ltd.,GuangdongYuetongQiyuanChipPowerTechnologyCo.,Ltd.Asoftheendofthereportingperiod,thecompany’sshare-controlledexpresswayis306.78km,andtheshare-participationexpresswayis295.88km.III.AnalysisOncoreCompetitiveness
Thetollrevenueofexpresswayindustrymainlydependsontheregionaleconomicdevelopment.Theregionaleconomyisthecriticalfactorthatinfluencesthetrafficvolume.TheGuangfoexpresswayandtheFokaiexpressway,controlledbythecompany,arepartoftheNationalExpresswayNetworkPlanning-“Fiveverticalandsevenhorizontal”,JingzhuExpresswayGuangzhuSectionisafastandconvenientexpressway,Guanghui
Expresswayisanimportantsectionofthenationalkeyhighway-the15thHengshanweitoYunnanQingshuiheHighway,Andmanyofthecompany’sequity-participationexpresswaysthatarepartofthemainskeletonoftheGuangdongProvincialExpresswayPlanning-“Tenverticalandfivehorizontal”,whichprovidesastrongguaranteeforstabletrafficvolume.Meanwhile,theregionaleconomyisthecriticalfactorthatinfluencesthetrafficvolume,asGuangdongprovinceistheeconomicallydevelopedregion,withyears’continuoushighgrowthofGDP,sothatprovidesthestablerisingdemandforthecompany.IV.MainbusinessanalysisⅠ.General
(1)TheoverallsituationIn2024,theCompanyadheredtotheconceptof"servingsocietyforsteadydevelopment",activelyrespondedtocomplexandchangingeconomicenvironmentandindustrychallenges,insistedonpartybuildingleadership,maintainedstrategicfocus,vigorouslyfocusedonimprovingqualityandefficiency,andmadesignificantachievementsinvariousaspectssuchasexpresswayoperation,serviceimprovement,andprojectconstruction.1）Aimatsteadydevelopmentofitsmainbusinessandsteadilypromotethereconstructionandexpansionofmultipleparticipatingandcontrollingprojects.Duringthereportingperiod,theJiangmen-ZhongshanExpresswayreconstructionandexpansionprojectwascompletedandopenedtotraffic;ThereconstructionandexpansionprojectsoftheBeijing-ZhuhaiExpresswayGuangzhou-ZhuhaiSection,Huizhou-YantianExpressway,andYuezhaoExpresswaywereimplementedinanorderlymanner.
2）Promotethequalityimprovementandupgradingofexpresswayserviceareas.Accordingtotheoverallworkdeploymentofthe"High-qualityDevelopmentProjectof100counties,1000townsand1000villages",withthegoalof"twoimprovementsandoneintegration",theCompanyhasmadeeveryefforttobuildtheFoshan–KaipingExpresswayYayaoServiceAreaasabenchmarkserviceareafor"SupportingAgricultureandIndustrialDevelopment"andtheFoshan–KaipingExpresswayZhishanServiceArea(NorthArea)asthefirstnewenergyserviceareaintheprovince,whichhasbeencompletedandputintooperationbytheendof2024.
3）Comprehensivelyimprovethepassageservicelevelofroadsections.TheCompanysupervisedtheroadsectioncompanytoguaranteesmoothandsafeservicesduringmajorholidays,strengthenandincreasepatrolinspectionsbyroadadministration,deepenthelinkageandcooperationmechanismbyroadpoliceandemergencyjointservices,ensureexcessrejectionatentrancesandaccurateissuanceofETCattollstations,strengthensafetysupervisionofroadoccupationconstruction,andensureroadsafetyandunimpededaccess.
(2)Participateintheholdingoftheexpresswaysituation
| Volumeofvehicletrafficin2024（Tenthousandsvehicles） | Increase/Decrease(%) | Tollincomein2024（Tenthousands） | Increase/Decrease(% | |
| GuangfoExpressway | 9,923.53 | 4.53% | - | - |
| FokaiExpressway | 9,018.41 | 0.58% | 149,526.79 | -1.72% |
| JingzhuExpresswayGuangzhuEastSection | 7,788.64 | 6.28% | 107,975.71 | -6.66% |
| GuanghuiExpressway | 8,671.69 | -3.66% | 192,480.52 | -9.74% |
| HuiyanExpressway | 4,598.69 | -12.32% | 20,402.13 | -5.80% |
| GuangzhaoExpressway | 4,205.52 | 0.63% | 53,629.85 | -1.78% |
| JiangzhongExpressway | 5,971.11 | 25.21% | 34,984.71 | 11.93% |
| KangdaExpressway | 153.57 | 0.73% | 30,533.45 | 4.68% |
| GankangExpressway | 420.09 | -23.33% | 21,271.61 | -12.81% |
| GuangleExpressway | 3,912.53 | -1.59% | 289,047.10 | -6.92% |
Note.AccordingtotheinformalletterNo.24-[2022]YueTransportationOperation-"NoticeoftheDepartmentofTransportationofGuangdongProvinceonIssuesConcerningtheExpirationofTollCollectionofGuangfoExpressway"issuedbyGuangdongProvincialDepartmentofTransportation,GuangfoExpresswayshallstoptollcollectionfrom0:00onMarch3,2022.1）Guangzhou-ZhuhaiSectionoftheBeijing-ZhuhaiExpressway:Thetrafficvolumeincreasedandthetollrevenuedecreased,whichwereduetofactorssuchastheopeningoftheShenzhen–ZhongshanLinkandtheNansha–ZhongshanExpressway,aswellasthereconstructionandexpansionprojects.2）Guangzhou-HuizhouExpressway:Theadditionofnewroadnetworks(Huizhou–LongmenExpressway,Dongguan–PanyuExpressway)andtheopeningofGuangzhou-ShanweiHigh-speedRailway,Meizhou-LongchuanHigh-speedRailway,andGuangzhou-HuizhouIntercityRailway,hashadacertaindiversionimpactonthetrafficflowofGuangzhou-HuizhouExpressway,resultinginayear-on-yeardecreaseintrafficflowandtollrevenue.3）Huizhou-YantianExpresswayismainlyaffectedbythereconstructionandexpansionconstruction,aswellastheclosureofLonggangStation,resultinginayear-on-yeardecreaseintrafficflowandtollrevenue.4）ThereconstructionandexpansionprojectofJiangmen-ZhongshanExpresswaywascompletedandopenedtotrafficthisyear,achievingtheopeningofeightlanesinbothdirections,andayear-on-yearincreaseintrafficvolumeandtollrevenue.5）TheGanzhou-KangqiaoExpresswayexperiencedasignificantyear-on-yeardecreaseintrafficvolumeandtollrevenueduetochangesintheroadnetwork,suchastheearlycompletionofthereconstructionandexpansionoftheDaqing–GuangzhouExpressway(Ji'an-NankangSection),theopeningoftheGanzhou-NankangExpressWay,andtheopeningoftheLongxunBranchLine.6）Guangzhou-LechangExpressway:In2024,duetotherainstormweatherinthefloodseasonfromApriltoJune,thediversionofFoshan-Qingyuan-ConghuaExpresswayNorthernSectionandGuangzhou-LianzhouExpresswayandtheimpactofclosedconstruction,thetrafficvolumeandtollrevenuedecreasedyear-on-year.
2.Revenueandcost
(1)ComponentofBusinessIncome
InRMB
| 2024 | 2023 | Increase/decrease | |||
| Amount | Proportion | Proportion | |||
| Totaloperatingrevenue | 4,569,903,078.72 | 100% | 4,879,066,948.19 | 100% | -6.34% |
| Industry | |||||
| Highway | 4,499,825,267.43 | 98.47% | 4,810,921,181.65 | 98.60% | -6.47% |
| 2024 | 2023 | Increase/decrease | |||
| Amount | Proportion | Proportion | |||
| transportations | |||||
| Other | 70,077,811.29 | 1.53% | 68,145,766.54 | 1.40% | 2.84% |
| Product | |||||
| Highwaytransportations | 4,499,825,267.43 | 98.47% | 4,810,921,181.65 | 98.60% | -6.47% |
| Other | 70,077,811.29 | 1.53% | 68,145,766.54 | 1.40% | 2.84% |
| Area | |||||
| GuangfoExpressway | -4,985.14 | 230,723.26 | -102.16% | ||
| FokaiExpressway | 1,495,267,944.19 | 32.72% | 1,521,448,612.59 | 31.18% | -1.72% |
| JingzhuExpresswayGuangzhuSection | 1,079,757,126.95 | 23.63% | 1,156,827,589.26 | 23.71% | -6.66% |
| GuanghuiExpressway | 1,924,805,181.43 | 42.12% | 2,132,414,256.54 | 43.71% | -9.74% |
| Other | 70,077,811.29 | 1.53% | 68,145,766.54 | 1.40% | 2.84% |
| Sub-salesmodel | |||||
| Highwaytransportations | 4,499,825,267.43 | 98.47% | 4,810,921,181.65 | 98.60% | -6.47% |
| Other | 70,077,811.29 | 1.53% | 68,145,766.54 | 1.40% | 2.84% |
(2)SituationofIndustry,ProductandDistrictOccupyingtheCompany’sBusinessIncomeandOperatingProfitwithProfitover10%
√Applicable□Notapplicable
InRMB
| Turnover | Operationcost | Grossprofitrate(%) | Increase/decreaseofrevenueinthesameperiodofthepreviousyear(%) | Increase/decreaseofbusinesscostoverthesameperiodofpreviousyear(%) | Increase/decreaseofgrossprofitrateoverthesameperiodofthepreviousyear(%) | |
| Industry | ||||||
| Highwaytransportations | 4,499,825,267.43 | 1,597,998,245.80 | 64.49% | -6.47% | -6.43% | -0.01% |
| Product | ||||||
| Highwaytransportations | 4,499,825,267.43 | 1,597,998,245.80 | 64.49% | -6.47% | -6.43% | -0.01% |
| Area | ||||||
| FokaiExpressway | 1,495,267,944.19 | 551,806,608.73 | 63.10% | -1.72% | -8.68% | 2.81% |
| JingzhuExpresswayGuangzhuSection | 1,079,757,126.95 | 362,140,500.92 | 66.46% | -6.66% | -7.27% | 0.22% |
| GuanghuiExpressway | 1,924,805,181.43 | 684,087,923.40 | 64.46% | -9.74% | -4.08% | -2.09% |
| Sub-salesmodel | ||||||
| Highwaytransportations | 4,499,825,267.43 | 1,597,998,245.80 | 64.49% | -6.47% | -6.43% | -0.01% |
Undercircumstancesofadjustmentinreportingperiodforstatisticscopeofmainbusinessdata,adjustedmainbusinessbasedonlatestonyear’sscopeofperiod-end.
□Applicable√Notapplicable
(3)WhethertheCompany’sPhysicalSalesIncomeExceededServiceIncome
□Yes√No
(4)DegreeofPerformanceoftheSignificantSalesContractSigneduptothisReportPeriod
□Applicable√Notapplicable
(5)ComponentofbusinesscostIndustrycategory
InRMB
| Industrycategory | Item | 2024 | 2023 | Increase/Decrease(%) | ||
| Amount | Proportionintheoperatingcosts(%) | Amount | Proportionintheoperatingcosts(%) | |||
| Highwaytransportations | DepreciationandAmortized | 1,050,490,831.47 | 64.40% | 1,137,727,666.65 | 65.35% | -7.67% |
| Highwaytransportations | Outofpocketexpenses | 547,507,414.33 | 33.57% | 570,060,780.97 | 32.75% | -3.96% |
| Other | Other | 33,076,019.31 | 2.03% | 33,029,810.55 | 1.90% | 0.14% |
(6)WhetherChangesOccurredinConsolidationScopeintheReportPeriod
□Yes?No
(7)RelevantSituationofSignificantChangesorAdjustmentoftheBusiness,ProductorServiceintheCompany’sReportPeriod
□Applicable√Notapplicable
(8)SituationofMainCustomersandMainSupplierMainCustomers
□Applicable√NotapplicableMainSupplier
□Applicable√Notapplicable
3.Expenses
InRMB
| 2024 | 2023 | Increase/Decrease(%) | Notes | |
| Administrativeexpenses | 203,389,242.59 | 189,461,539.01 | 7.35% | |
| Financialexpenses | 126,040,674.05 | 121,774,781.75 | 3.50% | |
| R&Dexpenses | 5,083,785.20 | 3,245,205.00 | 56.66% | TheR&Dprojectshaveincreasedinthisperiod. |
4.ResearchandDevelopment
√Applicable□Notapplicable
| NameofmainR&Dproject | Projectpurpose | Projectprogress | Goaltobeachieved | ExpectedimpactonthefuturedevelopmentoftheCompany |
| ResearchonTechnologyforHighPerformanceWearLayerofAdditionalRoadSurfaceforExtraHeavyTrafficPriortoReconstructionandExpansion | BasedontheroadconditionsandexpansionplansofGuangzhou-HuizhouExpressway,itexploresthestructuraldesignofadditionalpavementontheexistingroadsurface,itshigh-performancewearlayermaterials,andthedevelopmentlawsofroadperformancethatmatchthecharacteristicsoftheroadsurface,studiestheconstructionprocessandspecificapplicationeffectsthroughphysicalengineeringresearch,andexpandsthestudyontheapplicabilityofadditionalhigh-performancewearlayeronexistingroadsurfaceunderextraheavytrafficlevelconditionsbeforereconstructionandexpansiontoformrelevantcompletesetsoftechnologiesandprovidereferenceforsimilarprojectsinGuangdongProvince. | Closedandaccepted | (1)FormthetechnicalreportoftheResearchonHighPerformanceWearLayerofAdditionalRoadSurfaceforExtraHeavyTrafficPriortoReconstructionandExpansion.(II)Train1-2engineeringtechnicalpersonnel. | Thewearlayerprovidesexcellentroadperformanceatthepresentstageandduringthereconstructionandexpansion,andcanbeusedasastructuralfunctionallayertodelayreflectioncracksinthelaterstageofreconstructionandexpansion,withoutmillingandplaning,whichconformstotheprincipleofgreenmaintenance,withhigheconomicapplicabilityforuseinthelaterstage,andsavesthecostofmaintenanceandexpansion,withgoodsocialandeconomicbenefits. |
| ResearchandApplicationProjectofSafetySupervisionSysteminDigitalWorkArea | Itproposesaresearchprotocolbasedoncloudcomputing,InternetofThings,millimeterwaveradarandothertechnologiestobuildasafetysupervisionsystemindigitalworkareaforthetraditionalmodeofsafetysupervisiononconstructionsitesoccupyingexpressway,inordertoimprovethesafetyprotectionandsupervisionlevelofon-siteroadconstruction. | Passedtheproposalreview | Strengthentheinvestigationofrelatedtechnologiesandfunctions;Improvethedesignofthesystemandfurtheroptimizeallfunctions. | TheimplementationofelectronicinspectionanddigitalsupervisioncaneffectivelyimprovetheefficiencyandlevelofsafetymanagementofroadoccupationconstructionunderthejurisdictionoftheCompanyandreducecasualties. |
| ResearchonSplicingTechnologyofBridgeIrregularStructuresunderComplexConstructionConditionsBasedonFactoryProduction | Basedonthestressperformancerequirementsoftheconcretebridgesplicedwidthwithmediumandsmallspans,byexploringtheoverallandlocalmechanicalpropertiesofsplicedbridges,itsystematicallyproposesthetheoreticalmechanismofdifferenttypesofstructuralsplicingformediumandsmallspans,whichsignificantlyimprovesthetheoreticallevelofsplicingforbridgeswithdifferent | Passedtheproposalreview | Improvetheconstructionefficiencyofsmallandmedium-spanbridgesthroughthestudyonsplicedwidthofbridgeswithdifferentstructures,anddirectlyreducetheinvestmentinconstructionperiodbymorethan15%. | TheimplementationofthistopichasimportantguidingsignificanceforthisprojectandsubsequentreconstructionandexpansionprojectsinGreaterBayArea. |
| NameofmainR&Dproject | Projectpurpose | Projectprogress | Goaltobeachieved | ExpectedimpactonthefuturedevelopmentoftheCompany |
| structuresinexpresswayreconstructionandexpansion. | ||||
| ResearchonSoilSqueezingEffectandSettlementControlofDeepSoftFoundationinEmbankmentofReconstructionandExpansionProject | Thedesign,construction,evaluationofpipepilesoilsqueezingeffectofsqueezedbranchpiles,andintelligentconstructionofcementmixingpilesinthestudyofsoftfoundationtreatmentforexpansionandreconstructionintheprovincearemajorissuesthaturgentlyneedtobestudiedandsolved. | Passedtheproposalreview | Theimplementationofthisprojectwillformanumberofdesignmethodsandtechnicalsystemswithindependentintellectualpropertyrights,providetechnicalsupportforthereconstructionandexpansionprojectsofexpresswayswithdeepsoftfoundation,andsignificantlyimprovetheconstructionqualityofexpresswayreconstructionandexpansionprojectsinsoftfoundationareasinChina. | Withtheincreasingtrafficvolume,thehighwaysunderthejurisdictionofGreaterBayArea,suchasGuangzhou-MacaoExpresswayNansha-ZhuhaiSection(referredtoasGuangzhou-ZhuhaiEastLine),arelocatedinsoftsoildevelopmentareas,andsomesubgradesectionsarestillsinking,whichhashighrequirementsforsubgradesoftfoundationtreatmentofexpansionprojects.Theimplementationofthereformtopiccanimprovethelevelofsoftfoundationtreatmentandreducethelatermaintenancecost. |
| ResearchontheDesignandMaintenanceTechnologyofWideRoadsurfaceDrainageSystemforExpressways | Atpresent,asthereisnoclearsystemforthedrainageofultra-wideroadsurfaceathomeandabroad,itisveryimportanttoimprovethecomprehensivedrainagecapacityofultra-wideroadsurfacebyimprovingandoptimizingthedesign,constructionandmaintenanceprotocolofroadsurfacedrainagesystemandevaluatingtheefficiencyofdrainagesystem,whichwillbecomethenewnormalinexpresswayconstructioninChina. | Passedtheproposalreview | Theimplementationofthisprojectwillformanumberofdesignmethodsandtechnicalsystemswithindependentintellectualpropertyrights,providetechnicalsupportforthereconstructionandexpansionprojectofwideroadsurfacedrainagesystemforexpressways,andsignificantlyimprovetheconstructionqualityofthereconstructionandexpansionprojectofwideroadsurfacedrainagesystemforexpresswaysinChina. | Fortheproblemsexistinginthesupervisionandmaintenanceofexpresswaydrainagefacilities,suchasunnecessarylaborconsumptionandlagginginfindingproblems,deploywaterfilmmonitoringequipment,pipenetworkrobotsandroadsurfaceinspectionrobotstocollectkeydatafortrainingandimprovingthedrainagesystemevaluationmodel,whichisintegratedintothedrainagesystemsupervisionandmaintenancesystembasedoncloudtechnologytorealizethedigital,visualandstandardizedmanagementofdrainagefacilitiesblockage,damageandrunoffpollution,andcarryoutthedemonstrationapplicationofadvancedinformationcloudplatformindesignatedsections. |
| ResearchonComprehensiveMeasuresforCollisionPreventionofExistingBridgesunderComplexNavigationConditionsin | Basedontheactualdemandofcollisionpreventionofexistingbridgepiersinreconstructionandexpansionprojects,throughsystematicresearchonthestructuralcharacteristicsofthebridgeitselfandthechannelenvironment,itstudiesthemeasures | Passedtheproposalreview | Developthekeytechnologyofthenewspecificationforanti-collisionresearchbasedonexistingbridges,andreducetheriskofshipcollisionbymorethan15%;Developananti-collisionplanthatmeetstheneedsofexistingbridgesandreducethemaintenancecostby | Guangzhou-AomenExpresswayspansseveralClassIwaterways.Theimplementationofthistopiccaneffectivelyreducetheriskofshipcollisionandimprovethesafetyoftheproject. |
| NameofmainR&Dproject | Projectpurpose | Projectprogress | Goaltobeachieved | ExpectedimpactonthefuturedevelopmentoftheCompany |
| ReconstructionandExpansionProjects | thatcanbetakenfortheexistingbridgestomeetthecurrentbridgespecifications,makeupfortheshortcomingsofexistingresearch,andsignificantlyimprovethecollisionpreventionperformanceofexpresswayreconstructionandexpansionintobridges,whichisofgreatsignificanceforensuringthesafetyandpracticalityofbridgesandpromotingtheirapplicationinconstructionprojects. | morethan20%. | ||
| EvaluationafterBridgeReinforcement | AccordingtotheNoticeonIssuingtheDevelopmentOutlineandWorkBreakdownSheetforMaintenanceManagementofGuangdongProvincialTransportationGroup's"14thFiveYearPlan"Expressway,throughon-siteinspectionandresearch,itestablishesatechnicalandeconomicanalysismodelforbridgemaintenanceengineeringtodeeplyanalyzetheprincipleofpostevaluationmethodsandbuildatechnicalsystemforpostevaluationofbridgemaintenanceengineeringeffects;anddevelopstheevaluationguidelinesfortechnicalmeasuressuchasmaintenance,treatment,reinforcement,andreconstructionofexpresswaybridgesinGuangdongProvince. | Inthemid-term | Technicalresearchreportonpost-evaluationofstrengtheningeffectofboxgirderbridgeofFoshan–KaipingExpresswayinservice | Improvethelevelofbridgemanagementandmaintenance |
| ResearchonTrafficSafetyImprovementStrategiesforExpresswaySectionswithHighTrafficVolumeandAccidents | Thereare16small-radiusbendsalongtheentireFoshan–KaipingExpressway,mainlyinthesouthernsection,wherevehiclesarepronetotrafficaccidentsduetohighspeed,strongcentrifugalforce,andclosevisualdistance,especiallyinrainydays,whichcancauseskiddingandlossofcontrol.InordertopreventandresolveroadtrafficrisksandimprovethedrivingsafetylevelonFoshan–KaipingExpressway,acomprehensiveevaluationofthesafetytechnologyofFoshan–KaipingExpresswayisproposed,combinedwithtypicaltrafficaccidentsforcomprehensiveanalysis, | Proposed | ResearchreportontrafficsafetyimprovementcountermeasuresofFoshan–KaipingExpresswaywithlargetrafficvolumeandhighaccidentrate | Improvehighwaysafetylevel |
| NameofmainR&Dproject | Projectpurpose | Projectprogress | Goaltobeachieved | ExpectedimpactonthefuturedevelopmentoftheCompany |
| andacomprehensiveimprovementplanforroadtrafficsafetyisproposed. | ||||
| ResearchonKeyTechnologiesforDigitalApplicationofExistingExpresswaysBasedonHighPrecisionDigitalBaseMaps | Throughtheresearchofsuchtopic,itformstheevaluationcriteriaandrecommendeddeploymentprinciplesforperceptionindicatorsofholographicperceptionanddigitalfront-endperceptiondevicesforexpressways,andinadditionitcanformakeytechnicalsystemsuitablefortheoperationandsafetyguaranteeoftheFoshan–KaipingExpresswaythroughthetechnicalresearchontheintegrationofdigitaldataofmainlinetrafficflowandhigh-precisiondigitalbasemaps,soastoguidetheconstructionandmanagementofexpressways,andprovidereferenceforsimilarexpresswayconstructionnationwide. | Proposed | Researchreportonkeytechnologiesofdigitalapplicationofexistingexpresswaysbasedonhigh-precisiondigitalbasemapinFoshan–KaipingExpressway | Improvethelevelofdigitalandintelligentmanagementandmaintenance |
| ResearchonIntelligentControlApplicationofStreetLightingSystemforJiujiangBridgeandItsNorth-SouthExtensionofFoshan–KaipingExpressway | Themaincontentistheresearchonlightingcontrolanddimmingsystem.Throughtheinstallationofconversionswitchesandlightingcontrollersinthelightingcontrolcabinet,manualcontrol,automatictimecontrol,andlightsensitivitycontrolcanbeachievedlocally.Atthesametime,remotecontrolfunctionsarereservedforthehigher-leveldispatchcenter,makinglightingcontrolintelligentandefficient. | Closed | ResearchreportonintelligentapplicationofstreetlightingsystemcontrolinJiujiangBridgeofFoshan–KaipingExpresswayanditsnorth-southextendedsection. | Improvethelevelofdigitalandintelligentmanagementandmaintenance |
| ResearchonKeyTechnologiesforSafetyEvaluationofHighwayTransportationofLargeItems | Theincreasinglyfrequenttransportationoflargeitemsonhighwaysposesnewrequirementsfortheload-bearingcapacityofhighways,especiallybridges,andalsochallengesontheevaluationofbridgecapacityunderoverweightloads.Toensurethesafetransportationofoverweightandoversizeditemsthroughbridges,itisnecessarytoevaluatethebearingcapacityofthebridgeinarelativelyshortperiodoftime,inordertodeterminewhetheritcanpassandwhethertemporaryreinforcementorotherreinforcement | Proposed | Technicalguideforpassagesafetyonhighwaysforlargeitemtransportation | Improvehighwaysafetylevel |
| NameofmainR&Dproject | Projectpurpose | Projectprogress | Goaltobeachieved | ExpectedimpactonthefuturedevelopmentoftheCompany |
| measuresneedtobetaken.Thesafetyevaluationofbridgeswillbecomeakeylinkinthetransportationoflargeitemsonhighways,anditsspeedandsafetyarecrucial. |
Company'sresearchanddevelopmentpersonnelsituation
| 2024 | 2023 | Increase/decrease | |
| NumberofResearchandDevelopmentpersons(persons) | 81 | 0 | |
| ProportionofResearchandDevelopmentpersons | 2.71% | 0.00% | 2.71% |
| AcademicstructureofR&Dpersonnel | |||
| Bachelor | 67 | 0 | |
| Master | 9 | 0 | |
| AgecompositionofR&Dpersonnel | |||
| Undertheageof30 | 12 | 0 | |
| 30-40yearsold | 30 | 0 | |
| Over40yearsold | 39 | 0 | |
TheCompany'sR&Dinvestmentsituation
| 2024 | 2023 | Increase/decrease | |
| AmountofResearchandDevelopmentInvestment(RMB) | 7,492,700.07 | 6,457,084.00 | 16.04% |
| ProportionofResearchandDevelopmentInvestmentofOperationRevenue | 0.16% | 0.13% | 0.03% |
| AmountofResearchandDevelopmentInvestmentCapitalization(RMB) | 2,408,914.87 | 3,211,879.00 | -25.00% |
| ProportionofCapitalizationResearchandDevelopmentInvestmentofResearchandDevelopmentInvestment | 32.15% | 49.74% | -17.59% |
ReasonsandinfluenceofsignificantchangesinR&DpersonnelcompositionoftheCompany
?Applicable□NotapplicableTheReasonoftheProminentChangeinTotalAmountofResearchandDevelopmentInputOccupyingtheBusinessIncomeYearonYear
□Applicable√Notapplicable?Applicable□NotapplicableReasonsforthedrasticchangeofcapitalizationrateofR&Dinvestmentanditsrationalityexplanation
□Applicable√Notapplicable
5.CashFlow
InRMB
| Item | 2024 | 2023 | Increase/Decrease(%) |
| Subtotalofcashinflowreceivedfromoperationactivities | 5,072,283,780.29 | 5,514,711,610.62 | -8.02% |
| Subtotalofcashoutflowreceivedfromoperationactivities | 1,815,920,186.38 | 1,682,926,047.15 | 7.90% |
| Netcashflowarisingfromoperatingactivities | 3,256,363,593.91 | 3,831,785,563.47 | -15.02% |
| Subtotalofcashinflowreceivedfrominvestingactivities | 204,637,881.38 | 221,115,093.91 | -7.45% |
| Subtotalofcashoutflowforinvestmentactivities | 2,241,932,456.33 | 1,705,898,439.58 | 31.42% |
| Netcashflowarisingfrominvestmentactivities | -2,037,294,574.95 | -1,484,783,345.67 | -37.21% |
| Subtotalcashinflowreceivedfromfinancingactivities | 1,583,547,970.12 | 850,525,000.00 | 86.18% |
| Subtotalcashoutflowforfinancingactivities | 3,240,033,342.17 | 2,779,864,198.30 | 16.55% |
| Netcashflowarisingfromfinancingactivities | -1,656,485,372.05 | -1,929,339,198.30 | 14.14% |
| Netincreaseincashandcashequivalents | -442,004,349.42 | 416,969,202.67 | -206.00% |
Notestotheyear-on-yearchangeoftherelevantdata
√Applicable□Notapplicable
(1)Thesubtotalofcashoutflowfrominvestmentactivitiesincreasedby31.42%andthenetcashflowfrominvestmentactivitiesdecreasedby37.21%respectivelyyear-on-year,mainlyduetothecontinuedconstructionofthereconstructionandexpansionprojectofBeijing-ZhuhaiExpresswayGuangzhou-ZhuhaiSection.
(2)Thesubtotalofcashinflowfromfund-raisingactivitiesincreasedby86.18%year-on-year,mainlyduetothepromotionofthereconstructionandexpansionprojectoftheBeijing-ZhuhaiExpresswayGuangzhou-ZhuhaiSection,withincreasedfundingdemand,andincreasedborrowing.
(3)Thenetincreaseincashandcashequivalentsdecreasedby206%year-on-year,mainlyduetothecombinedimpactofchangesinnetcashflowsfromoperatingactivities,investmentactivities,andfund-raisingactivities.ReasonsofmajordifferencebetweenthecashflowofoperationactivityinreportperiodandnetprofitoftheCompany
□Applicable√NotapplicableV.AnalysisofNon-coreBusiness
√Applicable□Notapplicable
InRMB
| Amount | Proportionintotalprofit | Explanationofcause | Sustainable(yesorno) | |
| InvestmentIncome | 302,846,786.74 | 10.92% | Operatingaccumulationofshareholdingcompanies | Yes |
| Lossonfairvaluechanges | 2,637,409.20 | 0.10% | Changesinfairvalueofequityinvestmentsmeasuredatfairvalue,whichareincludedincurrentprofitsandlosses. | No |
| Non-operatingincome | 6,624,670.82 | 0.24% | Mainlyinsuranceclaimsandroadpropertyclaims | No |
| Non-operatingexpenses | 8,289,204.77 | 0.30% | Mainlyroadpropertyrepairexpenditure | No |
| Creditimpairmentloss | -121,656,189.18 | -4.39% | MainlytoaccruethecreditlossofGuangzhou-FoshanExpresswaycustodyexpensesreceivablefromDepartmentofTransportofGuangdongProvince | No |
VI.ConditionofAssetandLiabilities
1.ConditionofAssetCausingSignificantChange
InRMB
| Endof2024 | Endof2023 | Proportionincrease/decrease | Notestothesignificantchange | |||
| Amount | Proportioninthetotalassets(%) | Amount | Proportioninthetotalassets(%) | |||
| Monetaryfund | 4,289,826,663.22 | 19.12% | 4,718,631,732.20 | 22.08% | -2.96% | |
| Accountsreceivable | 82,361,054.69 | 0.37% | 139,899,420.24 | 0.65% | -0.28% | |
| Investmentrealestate | 2,225,911.46 | 0.01% | 2,447,026.45 | 0.01% | 0.00% | |
| Long-term | 3,332,350,008.84 | 14.85% | 3,095,578,288.00 | 14.49% | 0.36% | |
| equityinvestment | |||||
| Fixedassets | 8,872,808,692.97 | 39.54% | 9,010,168,712.92 | 42.16% | -2.62% |
| Constructioninprocess | 2,665,392,094.81 | 11.88% | 1,960,092,562.22 | 9.17% | 2.71% |
| Userightassets | 14,217,517.99 | 0.06% | 24,967,509.81 | 0.12% | -0.06% |
| Shore-termloans | 110,085,708.33 | 0.52% | -0.52% | ||
| Long-termborrowing | 6,728,264,750.00 | 29.98% | 5,944,716,050.00 | 27.82% | 2.16% |
| Leaseliabilities | 2,730,189.11 | 0.01% | 13,482,202.97 | 0.06% | -0.05% |
Overseasassetsaccountforarelativelyhighproportion.
□Applicable√Notapplicable
2.AssetandLiabilitiesMeasuredbyFairValue
√Applicable□Notapplicable
InRMB
| Item | Openingamount | Gain/Lossonfairvaluechangeinthereportingperiod | Cumulativefairvaluechangerecordedintoequity | Impairmentprovisionsinthereportingperiod | Purchasedamountinthereportingperiod | Soldamountinthereportingperiod | Otherchanges | Closingamount |
| Financialassets | ||||||||
| 4.Otherequityinstrumentinvestment | 1,534,396,887.63 | 453,044,707.32 | 1,768,953,885.85 | |||||
| 5.Othernon-currentfinancialassets | 183,856,768.00 | 2,637,409.20 | 186,494,177.20 | |||||
| Subtotaloffinancialassets | 1,718,253,655.63 | 2,637,409.20 | 453,044,707.32 | 0.00 | 0.00 | 0.00 | 0.00 | 1,955,448,063.05 |
| Totaloftheabove | 1,718,253,655.63 | 2,637,409.20 | 453,044,707.32 | 0.00 | 0.00 | 0.00 | 0.00 | 1,955,448,063.05 |
| Financialliabilities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
OtherchangeNoneDidanysignificantchangeoccurtotheattributeoftheCompany’smainassetmeasurementduringthereportingperiod?
□Yes√No
3.AssetsrightrestrictiontillendofreportingperiodThebalanceofrestrictedbankdepositsattheendoftheperiodwasRMB1,221,200.00,whichwasthelandreclamationfunddepositedintothefundcustodyaccountforthereconstructionandexpansionprojectofsanbaotoshuikousectionofFokaiExpressway.VII.Investmentsituation
1.General
√Applicable□Notapplicable
| CurrentInvestmentAmount(Yuan) | Sameperiodoflastyear(Yuan) | Changerate |
| 1,568,931,452.34 | 1,285,100,576.31 | 22.09% |
2.ConditionofAcquiringSignificantShareRightInvestmentduringtheReportPeriod?Applicable□Notapplicable
InRMB
| NameoftheCompanyInvested | MainBusiness | InvestmentWay | InvestmentAmount | ShareProportion% | CapitalSource | Partner | InvestmentHorizon | ProductType | ProgressuptoBalanceSheetDate | AnticipatedIncome | GainorLessortheCurrentInvestment | WhethertoInvolveinLawsuit | DateofDisclosure | DisclosureIndex |
| ZhaoqingYuezhaoHigywayCo.,Ltd. | Expressway | Increasecapital | 233,500,000.00 | 25.00% | Selffunds | GuangdongRoad&BridgeConstructionDevelopmentCo.,Ltd.,ZhaoqingHighwayDevelopmentCo.,Ltd.,XunhaoInternationalCo.,Ltd. | Onthebasisofthetermofoperationapprovedbythegovernment | Limitedcompany | Completed | No | October21,2023 | Resolutionsofthe13th(Provisional)MeetingoftheTenthBoardofDirectors | ||
| GuangdongJiangzhongExpresswayCo.,Ltd. | Expressway | Increasecapital | 52,350,000.00 | 15.00% | Selffunds | Xinyue(Guangzhou)InvestmentCo.,Ltd.,GuangdongHighwayConstructionCo.,Ltd. | Onthebasisofthetermofoperationapprovedbythegovernment | Limitedcompany | Completed | No | July21,2021 | Resolutionsofthe20th(Provisional)MeetingoftheNinthBoardofDirectors | ||
| GarageelectricpileHolding(Shenzhen)Co.,Ltd | NewEnergy | Newlyestablished | 15,312,000.00 | 17.40% | Selffunds | HainanAlphaFishTechnologyCo.,Ltd.,ZhuhaiSpeedEnterpriseManagement | Long-term | Limitedcompany | Completed | No | September27,2023 | Resolutionsofthe12th(Provisional)MeetingoftheTenthBoardofDirectors |
| Partnership(limitedpartnership) | ||||||||||||||
| Total | -- | -- | 301,162,000.00 | -- | -- | -- | -- | -- | -- | 0.00 | 0.00 | -- | -- | -- |
3.SituationoftheSignificantNon-equityInvestmentUndergoingintheReportPeriod?Applicable□Notapplicable
InRMB
| Projectname | Investmentmethod | Fixedinvestmentsornot | Industryinvolvedininvestmentprojects | Investmentamountinthisreportingperiod | AccruedActualInvestmentAmountuptotheEndofReportingPeriod | CapitalSource | Projectschedule | Anticipatedincome | AccruedRealizedIncomeuptotheEndofReportingPeriod | ReasonsfornotReachingthePlannedScheduleandAnticipatedIncome | Disclosuredate | DisclosureIndex |
| Nansha-ZhuhaiSectionofGuangzhou-MacaoExpresswayWasrebuiltandExpanded | Self-built | Yes | Expressway | 1,267,769,452.34 | 2,916,163,970.82 | SelfandLoan | 20.86% | No | October22,2022 | AnnouncementofResolutionoftheSecond(Provisional)MeetingtheTenthBoardofDirectors | ||
| Total | -- | -- | -- | 1,267,769,452.34 | 2,916,163,970.82 | -- | -- | 0.00 | 0.00 | -- | -- | -- |
4.InvestmentofFinancialAsset
（1）Securitiesinvestment
√Applicable□Notapplicable
InRMB
| Securitycategory | Securitycode | StockAbbreviation: | Initialinvestmentcost | Modeofaccountingmeasurement | Bookvaluebalanceatthebeginningofthereportingperiod | Changesinfairvalueofthethis | Cumulativefairvaluechangesinequity | Purchaseamountinthethisperiod | Saleamountinthethis | Gain/lossofthereportingperiod | Bookvaluebalanceattheendofthereportingperiod | Accountingitems | Sourcesoffunds |
| period | period | ||||||||||||
| Domesticandforeignstocks | 601818 | EverbrightBank | 517,560,876.80 | FVM | 682,239,337.60 | 392,875,756.48 | 40,699,105.31 | 910,436,633.28 | Otherequityinstrumentinvestment | Self | |||
| Total | 517,560,876.80 | -- | 682,239,337.60 | 0.00 | 392,875,756.48 | 0.00 | 0.00 | 40,699,105.31 | 910,436,633.28 | -- | -- | ||
| DisclosureDateofAnnouncementonSecuritiesInvestmentApprovedbytheBoardofDirectors | July22,2009 | ||||||||||||
| DisclosureDateofAnnouncementonSecuritiesInvestmentApprovedbytheShareholdersMeeting(Ifany) | August7,2009 | ||||||||||||
2）InvestmentinDerivatives
□Applicable√NotapplicableTheCompanyhadnoinvestmentinderivativesinthereportingperiod.
5.Applicationoftheraisedcapital
□Applicable√NotapplicableTheCompanyhadnoapplicationoftheraisedcapitalinthereportingperiod.
VIII.Salesofmajorassetsandequity
1.Salesofmajorassets
□Applicable√NotapplicableTheCompanyhadnosalesofmajorassetsinthereportingperiod.
2.Salesofmajorequity
□Applicable√Notapplicable
IX.AnalysisoftheMainShareHoldingCompaniesandShareParticipatingCompanies
√Applicable□NotapplicableSituationofMainSubsidiariesandtheJoint-stockCompanywithover10%netprofitinfluencingtotheCompany
InRMB
| CompanyName | Companytype | Leadingproductsandservices | Registeredcapital | Totalassets | Netassets | OperatingIncome | Operatingprofit | NetProfit |
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | Subsidiary | TheoperationandmanagementofGuangzhuExpressway | RMB2.8557billion | 5,477,873,714.51 | 2,642,815,319.69 | 1,122,523,853.96 | 678,349,741.55 | 506,281,476.77 |
| GuangdongGuanghuiExpresswayCo.,Ltd. | Sharingcompany | InvestmentinandconstructionofGuanghuiExpresswayCo.,Ltd.andsupportingfacilities,thetollcollectionandmaintenancemanagementofGuanghuiExpressway,TheGuanghuiExpressway'ssupportinggasstation,salvation,vehiclemaintenance,vehicletransport,catering,warehousinginvestmentanddevelopment | RMB2.351678billion | 4,513,218,555.75 | 4,209,045,556.78 | 1,939,250,120.24 | 1,228,865,752.80 | 905,929,261.28 |
Subsidiariesobtainedordisposedinthereportingperiod
□Applicable√NotapplicableParticularsabouttheMutualholdingcompaniesNone.
X.Structuredsubjectsituationcontrolledbythecompany
□Applicable√NotapplicableXI.ProspectforfuturedevelopmentoftheCompany
In2025,theCompanywillcontinuetofocusonthemainresponsibilityandbusinessofexpressways,expanditsscaleanddeepenitsoperations,andstrivetoachieveanoperatingincomeofRMB4.447billionandcontrolitsoperatingcostswithinRMB1.716billionby2025.
(I)Stabilizeandexpandthemainbusinessofexpressways.MakeinvestmentdecisionsaftertheapprovaloftheGuangzhou-HuizhouExpresswayreconstructionandexpansionproject;CooperatetopromotethehandoverandacceptanceoftheHuizhou-YantianExpresswayreconstructionandexpansionproject;SteadilypromotetheconstructionofthereconstructionandexpansionprojectofBeijing-ZhuhaiExpresswayGuangzhou-ZhuhaiSectionandYuezhaoExpressway;Continuetoexplorethesourcesofexpresswayprojects,properlyconductanalysisandevaluationofreserveprojects,seizeinvestmentandmergeropportunities,andexpandeffectiveinvestment.
(II)Deepenthequalityimprovementandupgradingofserviceareas.Consolidateandenhancetheeffectivenessofthe"microreconstruction"oftheYayaoserviceareaontheFoshan–KaipingExpressway,strengthentheleadershipofthedemonstrationserviceareaforsupportingagricultureandindustrialdevelopment,andfurtherinnovatemeasuresforserviceoptimization;ScientificallycarryouttheoperationandmanagementoftheFoshan–KaipingExpresswayZhishanServiceArea,andstrivetoimprovetheoperationalandsocialbenefitsoftheservicearea;Acceleratetheacquisition,design,andconstructionoflandfortheconstructionoftheFoshan–KaipingExpresswayZhishanServiceArea(SouthArea).
(III)Ensuresmoothandexcellentserviceonexpressways.Seriouslycarryouttheworkofensuringroadsafety,unimpededaccess,andexcellentservicesduringmajorholidays,focusonpreventingandresolvingroadtrafficsafetyrisks,improvetheoperationservicelevelandoperationefficiencyofroadsection,andsupervisetheroadsectioncompanytoeffectivelymanagecongestionattollstationsandaccuratelyissueETC;PromotespecialprojectssuchastheconstructionofGuangzhou-FoshanandFoshan-Kaipingsmarttollstations,furtherconsolidatethesafetyfoundationofroadtrafficonoperatingexpressways,resolutely
(IV)Enhancetheplatform'sdevelopmentcapability.Increasesupportforplatformcompany,strivetoleveragethemarket-orientedinvestmentplatformfunctionsandrolesoftheResourceDevelopmentBranchandYuegaoCapitalCompany,activelyexpandinvestmentbusiness,tapintoresourcedevelopmentpotential,andimprovecomprehensiveincome.
XII.Structuredsubjectsituationcontrolledbythecompany
□Applicable√Notapplicable
| Receptiontime | Placeofreception | Wayofreception | Typesofvisitors | Visitorsreceived | Maincontentsdiscussedandinformationprovided | Basicindex |
| January26,2024 | MeetingRoomoftheCompany | Fieldresearch | Organization | ChinaCindaFengSiqi;BNBWealthYaoShuang;HengshenFundLuoXujian;FuangfaSecuritiesYuMuhan;CICCResearchDepartmentFengQibin,ZhangWenjie;AnxinSecuritiesChenJiamin | ThediscussionmainlyincludestheCompany'soperation,themainworkcompleted,theprogressoftheinvestedreconstructionandexpansionprojects,andtheCompany'sdevelopmentplanandworkpriorities. | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo..,Ltd."disclosedbytheinteractiveplatform（2024001） |
| January31,2024 | MeetingRoomoftheCompany | Fieldresearch | Organization | HuataiSecuritiesShenXiaofeng,LinXiaying;ChinaLifeLiZhePei;TenbaggerCapitalZhuangXiyang;DanenCapitalXiangQianyu;MinshengRoyalfundFuYu;XuanjiaprivatefundLiDazhi;MorganStanleyFundWuHuiwen | ThediscussionmainlyincludestheCompany'soperation,themainworkcompleted,theprogressoftheinvestedreconstructionandexpansionprojects,andtheCompany'sdevelopmentplanandworkpriorities. | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo..,Ltd."disclosedbytheinteractiveplatform（2024002） |
| February1,2024 | MeetingRoomoftheCompany | Fieldresearch | Organization | GuotaiJunanSecuritiesSuMin,YuXin;TaikangAssetsXuZhanjie,WangQi,ZhangShou,QiuZheng,ZhouMengdie | ThediscussionmainlyincludestheCompany'soperation,themainworkcompleted,theprogressoftheinvestedreconstructionandexpansionprojects,andtheCompany'sdevelopmentplanandworkpriorities. | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo..,Ltd."disclosedbytheinteractiveplatform（2024003） |
| March18,2024 | MeetingRoomoftheCompany | Fieldresearch | Organization | ChinaMerchantrsFund,JumingInvestment,QifengCapital,GreatwallWealth,IndustrialSecuritiesAssetManagement,ShanghaiElegantInvestment,ShanghaiTuling,GuohuaXingyi,PSBCWealtm,GreatwallSecurities,CITICSecurities,ShifengAssets,NingquanAssets,BOSCAssets,ShenghaiLife,ShenzhenWeimingHengyuanInvestmentManagementCo.,Ltd.,LubomaiFund | ThediscussionmainlyincludestheCompany'soperation,themainworkcompleted,theprogressoftheinvestedreconstructionandexpansionprojects,andtheCompany'sdevelopmentplanandworkpriorities. | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo..,Ltd."disclosedbytheint |
| Receptiontime | Placeofreception | Wayofreception | Typesofvisitors | Visitorsreceived | Maincontentsdiscussedandinformationprovided | Basicindex |
| Management(China)Co.,Ltd,PinganAssets,BeijingEngineFund,PenghuaFund,IndustrialSecurities,NanyinWealtm,HongdeFund,ChinaMerchantsSecuritiesAssetManagement,XunyuanAssets,ZhongtaiSecurities,WisdomshireAsset,HappyLife,WesternLeadbankFMC,TiananLife,GuangfaSecurities,SouthernAsset,HuaxiaFund,InvescoGreatWall,GuotaiSecuruites,DanShuiQuan,EverbrightPGIM,YuDeCapital,ShenghaiSecurities,WesternSecurities,YonganInsuranceEssenceself-run,CCBCapital,BoshiFund,PinganFund | eractiveplatform（2024004） | |||||
| March19,2024 | MeetingRoomoftheCompany | ByPhone | Organization | HuataiSecuritiesLinXiaying；E-FUNDTangBolun；J.P.MorganAssetManagementVivianTao；FountainCapResearch&InvestmentLiCheng；APSAssetManagementPTEJasonZeng；ShanghaiYitangShengshiPrivateFundWuXiaochao；CICCGuYuanfan;QianheCapitalZouTianye;HZBANKWeathManagementWanSihua | ThediscussionmainlyincludestheCompany'soperation,themainworkcompleted,theprogressoftheinvestedreconstructionandexpansionprojects,andtheCompany'sdevelopmentplanandworkpriorities. | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo..,Ltd."disclosedbytheinteractiveplatform（2024005） |
| March21,2024 | MeetingRoomoftheCompany | ByPhone | Organization | NationalgoldtransportZhengShuming;ZhongyingYiliZhangZhiqiang;QuuanguoFundGeShiqi;GuotaiFundJiangtYing;TruvalueAssetGongChao;CICCCapitalDongJunye;YinhuaFundJiaowei;CGSTangLei;FounderSecuritiesproprietaryLiuRan,BankofChinaFundYangCan | ThediscussionmainlyincludestheCompany'soperation,themainworkcompleted,theprogressoftheinvestedreconstructionandexpansionprojects,andtheCompany'sdevelopmentplanandworkpriorities. | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo..,Ltd."disclosedbytheinteractiveplatform（2024006） |
| May6,2024 | MeetingRoomoftheCompany | ByPhone | Organization | ZhongtaiSecuritiesShaoMeiling,edEarthInnovationFundManagementCo.,Ltd.ShiChangda;OrientSecuritiesCo.,Ltd.ZhangKaiyuan,DanshuiquanYangXinyi;BOSCASSETYanFeng;MorganStanleyZhangDiou;PengyangFundSunBiying;WesternLeadbankFMCWenZhenyu;TaipingAssetGaoHongzhi;ZhengyuanInvestmentXiongXiaoming;CaitongSecuritiesAssetChenJianxin;GuanfuAssetBeiXuan;HotlandInnovationAssetChenRejin;ShanghaiShengyuInvestmentWuXiaochuan;ChinaLife | ThediscussionmainlyincludestheCompany'soperation,themainworkcompleted,theprogressoftheinvestedreconstructionandexpansionprojects,andtheCompany'sdevelopmentplanandworkpriorities. | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo..,Ltd."disclosedbytheinteractiveplatform（2024007） |
| Receptiontime | Placeofreception | Wayofreception | Typesofvisitors | Visitorsreceived | Maincontentsdiscussedandinformationprovided | Basicindex |
| ZhouYifu;ShanxiAssetNanXun;CaidaSecuritiesZengZhen;TaipingAssetZhangYang,QingHequan,ZhouZhanzhao;CCBLifeassetYangChen | ||||||
| June24,2024 | PanoramicNetwork"InvestorRelationInteractivePlatform" | Onlinecommunicationononlineplatforms | Organization,Individual | Investor | ThediscussionmainlyincludestheCompany'soperation,themainworkcompleted,theprogressoftheinvestedreconstructionandexpansionprojects,andtheCompany'sdevelopmentplanandworkpriorities. | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo..,Ltd."disclosedbytheinteractiveplatform（2024008） |
| August30,2024 | MeetingRoomoftheCompany | ByPhone | Organization | TheYangtzerivertransportZhangYinhan,Orientalself-runZhangKaiyuan,AnxinSelf-runChenJiamin;GuosenSelf-runZhangYao;YuanchengInvestmentHeZonghuan;MingyaoInvestmentZhaoKangjie;NingquanInvestmentGaoXiran;FidelityXiaQinyi;ICBCCreditSuisseAssetXiongGongtao;AxASPDBInvestmentManagersZhengDoudou;HongdeFundLiuYunchang;WesternLeanbankFMCZhengDiou;MorganStanleyChenZhiyuan;GuolianFundZhuXiaoming;BaoyingFundLiYafan;EfundHongHelin;CCBPrincipalAssetYangYi;SouthernFundZhangLei;DongwuFundZhouWeilin;TaikangAssetRenHuifeng;ccbLifeYangChen;PinganLifeZhangZhenggang;YonganInsuranceFengOu;ZhongyingLifeZhengLin;BOfASECURITIESZengDilu;ZheshangsecuritiesLiYi;HaitongSecuritiesLuoYujiang;HufuSecuritiesYangXinyi;HuachuangSecuritiesLiangWanyi;ZhongtaiSecuritiesShaoMeileng;FangzhengSecuritiesDengTianshu;CITICSecuritiesLinMujin;IndustialSecuritiesChenErdong;ChinaPostSecuritiesZengFanji | ThediscussionmainlyincludestheCompany'soperation,themainworkcompleted,theprogressoftheinvestedreconstructionandexpansionprojects,andtheCompany'sdevelopmentplanandworkpriorities. | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo..,Ltd."disclosedbytheinteractiveplatform（2024009） |
| August30,2024 | MeetingRoomoftheCompany | ByPhone | Organization | ChinaMerchantsSecuritiesWangChunhuan;ChinaMerchantsSecuritiesLiuRicong;ICBCSheShaobo;ShenzhenYuanwangjiaoInvestmentManagementYuGuang;WwsternLeddbankFMCWenZhenyup;HuataiSecuritiesLinXiayingHuanengGuichengTrustCo.,Ltd.GuoRunchen;GuohaiSecuriatiesShiYazhou;GuolianSecuritiesLiWei; | ThediscussionmainlyincludestheCompany'soperation,themainworkcompleted,theprogressoftheinvestedreconstructionandexpansionprojects,andtheCompany'sdevelopmentplanandworkpriorities. | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo.., |
| Receptiontime | Placeofreception | Wayofreception | Typesofvisitors | Visitorsreceived | Maincontentsdiscussedandinformationprovided | Basicindex |
| SinolinkSecuritiesQiuYoufeng;GuangfaSecuritiesDevelopmenCenterWangHang;MingshiPartnersPrivateFundManagement(Zhuhai)Co.,Ltd.SunYong;ZhongtianRortuneXuGaofei;GuangdongPrivateEquityFundManagement(Wuhan)Co.,Ltd.CaoZhiping;UnifiedletterZhengZongjie;ShanghaiTianniInvestmentCaoGuojun | Ltd."disclosedbytheinteractiveplatform（2024010） | |||||
| August30,2024 | MeetingRoomoftheCompany | ByPhone | Organization | TianfengSecuritiesLiNintg;BaoyingFundHouJiamin;SDICSecuritiesCo.,Ltd.ChenJiamin;BeijingChangquanCapitalManagementWangHaibin;BOSCASSETYanFeng;TianfengInternationalAssetHarvestPrestige；ShenzhenBolongSecuritiesHuangjun;ChinaMerchantsfundDengYi;BoshiFundXieZelin;MorganStanleyZhangDiou;ShanghaiYunhanAssetManagementBole;XunyuanAssetTianChaoping;XinyinFundChenYuxiang;BeijingRunhuiAssetManagementJiaSiyuan;ChinaLifeGuQingzhe;WesternLeadbankFMCWenZhenyu;GreatwallWealthYangHaida;ShanghaiTulingAssetManagementZhaoZhifeng;Xulie(Hainan)FundZhongHua | ThediscussionmainlyincludestheCompany'soperation,themainworkcompleted,theprogressoftheinvestedreconstructionandexpansionprojects,andtheCompany'sdevelopmentplanandworkpriorities. | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo..,Ltd."disclosedbytheinteractiveplatform（2024011） |
| September2,2024 | MeetingRoomoftheCompany | ByPhone | Organization | PenghuaFundZhangJia;ChinaUniversalAssetLaoJienan;IndustrialFundLiYong;PinganFundHeJie;HappylifeZhangWangyue;PICCYinJinze;ZhongyiAssetMaBaoliang;HuabaoTrustZhuYongxi;HuabaoTr4ustLiBo;CITIBANKXingXiaoyu;HSBCAssetManagement(hk)AiweiLi;SamsungInvestmentFengChen;HuanengGuichengTrustLiuLing;GreatwallWealthJiangWei;YuexinAssetChenJinhong;PuboAssetSunZuojun;MingyaoInvestmentZhaoKangjie;AecninsumanceAssetXuJuanjuan;TongjuInvestmentZhangLifeng;LiuRenAssetLiuJungang;KangtengInvestmentYunZhihuanZhihua;HongshiliuHeYing;HuaxianwealthLiuChensheng;EvergreenvineassetsFuXiaolin;YonganGuofuZhengXitao;CITICSecuritiesHuShimin;CITICSecuritiesLinMujin | ThediscussionmainlyincludestheCompany'soperation,themainworkcompleted,theprogressoftheinvestedreconstructionandexpansionprojects,andtheCompany'sdevelopmentplanandworkpriorities. | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo..,Ltd."disclosedbytheinteractiveplatform（2024013） |
| September2,2024 | MeetingRoomof | ByPhone | Organization |
CICCGuYuanfan;ChunhouFundLiuJun;HengyingAsset；XiaowenLIN，Keywise；HengyingAsset；ZhaoZherui;CICCCaiRongzhuan;SunSimon，PleiadInvestment
| ThediscussionmainlyincludestheCompany'soperation,themainworkcompleted,theprogressoftheinvested | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivit |
| Receptiontime | Placeofreception | Wayofreception | Typesofvisitors | Visitorsreceived | Maincontentsdiscussedandinformationprovided | Basicindex |
| theCompany | AdvisorsLimited；Jayden，XueYining，FuandaFundShenkun;ShanghaiKandaoAssetPanjiang;ShenzhenShangchentgAssetHuangXiangqian;XianPubuAssetYangSen;NuoanFundXiuliSHAN，BlackRockAMNorthAsiaLimited；HuangYouwen;BocInvestmentZhangXiangdong;SouthernFundZhangLei;AnzhongInvestmentLiuWeiting;AijianSecuritiesYuQianguang;ShenghaiTianniInvestmentXieChenjin,CaoGluojun;HuizhiCapitalZhaoKangjie;ZhenzhenZhengyuanInvestmentQiChen;NingboMagicpartyquantitativeinvestmentManagementpartnership-shLouFengye;ShenzhenOrientalMarathonInvestmentManagementCo.,LtdBole;BocInvestmentmanagementWangHan;,CPICWeiWei;SuzhouJingqianInvestmentManagementZhangXiaolinHongShaomeng;FuandaFundZhuYi;HuataiAssetChenShaonan;ZhongouFundLiaoXinyu，ValuePartnersLimited.ZhaoHengyi;ShanghaiFuchengFutongAssetYeJunxian;ShenghaiMingheInvestmentZhangLing;GuangdongYupuInvestmentZhuChenhong,LiShu，LIUMIAO,ZhengJie;ShenwanHongyuanSecuritiesZhangLiping;ShenghaiTianniInvestmentWangBoluo;XunyuanAssetTianChaoping;EverbrightPGIMLinXiaofeng;hinaMerchantsSecuritiesAssetManagementDepartmentHuWencen,SumitomoMitsuiAM-ClientsFunds,SunYu;ChinaLifeAMPAssetManagementC.,Ltd.LiBowen;JianghaiSecuritiesYinWei;CITICSecuritiesLiuChunmao;ChinaTaipingAssetManagementZhaoYang;ShanghaiYongxingSecuritiesAssetManagementXuXiaohao;WesternLeadbankFMCJiXu;ZheshangSecuritiesWengJinchong;CindaFundGuoMin;ShanghaiJiugeInvestmentZhouXiaodong,ChengDong;ChangjiangSecuritiesFengYuan;CICCPanZhihua;ShanghaiElectricGroupFinanceCo.,Ltd.ZhaoZhifeng;BeijingChengquanAssetManagementWangHaibin;ChangjiangAssetXuXiaoyong,HuangYiming,XuJie;BeijingHongdaoInvestmentManagementLinYuming,DingKaisheng;TaipingFundShiYangang;ShanghaiShengyuInvestmentZhangYahui;LifeInsuranceAssetManagementCo.,Ltd.JiaDuancun;GreatwallWealthHuJiyuan;CITICPE | reconstructionandexpansionprojects,andtheCompany'sdevelopmentplanandworkpriorities. | iesofGuangdongProvincialExpresswayDevelopmentCo..,Ltd."disclosedbytheinteractiveplatform（2024013） |
| Receptiontime | Placeofreception | Wayofreception | Typesofvisitors | Visitorsreceived | Maincontentsdiscussedandinformationprovided | Basicindex |
| GengHua;ShenzhenQianhaiChengshiCapitalManagementLiangYueqian;CapitalFundHuangChaohao,LiuTeng,LiuXingwang,ZhangZhenrong,YangYi;HuaxiaFundZhuYuanfen,TongxiaoZhichengNo.1Wangji;RongtongFundSuLinjie;GuangfaFundSunmin;ShanghaiGuyuanInvestmentLaiZhengjiana;SunshineAssetZhuangyan,GuotaiJunanXuXinpeng;CICCYifu;XinhuaFundManagementYaoHaiming;ShanghaiDingtianInvestmentBiGaoang,Hebaoyan;HuataiSecuritiesLiYanguang;ShanghaiCoastHornPrivateEquityFundManagementCo.,Ltd.LiuZe;CITICPanYunjiao;CICCHuangQiong,ZhangWenjie;JinmenFananceChenMeiling | ||||||
| October25,2024 | MeetingRoomoftheCompany | ByPhone | Organization | CCBPrinelpalAssetYangYi;ChinaMerchamtsfundSunYanqing;CITICSecuritiesWangKaisi;FuguoFundZhangZeyue;Orientalself-runZhangKaiyuan;HuataiSelf-runLiYanguang;MorganStanleySunLiang;MinshengTonghuiLuErmao,YuanLecheng,AiMengqi;NuoanFundHuangYouwen;HuabaoTrustWangQiaoxin,LiBoWTAssetManagementLimited；ShenzhenXinsizeInvestmentManagementYangJiayi;HuanengGuichengTrrstGuoRunchen;NewSiluInvestmentWangMaoYi,ShanghaiLeigenAssetManagementCo.,Ltd.YinTao;MorganStanleyGuYuanpan,ZhongyiAssetManagementCo.,Ltd.MaBaoliang;FudeSinoLifeZhangYixuan;ChinaWealthManagementCo.,Ltd.LiuChunsheng;ZhengqiEnergyTechnologyGroupNieRui;ShenzhenRedpomegranateInvestmentManagementCo.,Ltd.HeYing | o | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo..,Ltd."disclosedbytheinteractiveplatform（2024014） |
| October25,2024 | MeetingRoomoftheCompany | ByPhone | Organization | XunyuanAssetManagementTianChaoping;ShanghaiWujuAssetManagementWangXin;ChinaMerchantsFundDengYi;ShanghaiJinxiInvestmentManagermentPartnership(LP)DengKewei;TaiwanGuotaiInvestmentCo.,Ltd.Albert;TianfengSecuritiesCo.,Ltd.LiNing;BOSCAssetYanFeng;ShanghaiBaoyinPrivateEquityFundManagementCo.,Ltd.XieLei;EssenceSecuritiesChenJiamin;DongxingSecuriatiesZhUJiayi;ShanghaiHuakunConstructionandEquityInvestmentFund.ManagementCo.,Ltd.MaoZhiwei;WTAssetManagementLimitedWang | ThediscussionmainlyincludestheCompany'soperation,themainworkcompleted,theprogressoftheinvestedreconstructionandexpansionprojects,andtheCompany'sdevelopmentplanandworkpriorities. | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo..,Ltd."disclosedbytheinteractiveplatform（2024015） |
| Receptiontime | Placeofreception | Wayofreception | Typesofvisitors | Visitorsreceived | Maincontentsdiscussedandinformationprovided | Basicindex |
| Qiaoxin;WesternLeadbankFMCWenZhenyu;YonganGuofuAssetManagementCo.,Ltd.ZhengXitao;HongdeFundManagementCo.,Ltd.DongXiaojun;ChinaLifeLiuJinghui;ShanghaiTulingAssetManagementCo.,Ltd.ZhaoZhifeng | ||||||
| November21,2024 | MeetingRoomoftheCompany | ByPhone | Organization | HaitongSecuritiesYuNan,DuQingli;GuangdongZhengyuanPrivateFundManagementCo.,Ltd.,bocommsigLife;BoyuanFundManagementCo.,Ltd.;NuoanFundManagementCo.,Ltd.;YinhuaFundManagementCo.,Ltd.;ShanghaiFenglanAssetManagementCo.,Ltd.;HaitongResearchInstitute;ShhanghaiHundunInvestment(Group)Co.,Ltd.;CindaFund;MinshengTonghuiAssetManagementCo.,Ltd.;BoyuanFundManagementCo.,Ltd.;Yizhi(Beijing)InvestmentCo.,Ltd.;PinanFund;HongtuFund;InforeCapitalManagementHongKongCompanyLimited；OrientFund;PinganFund;BankofChinaInvestmentManagement;ShanghaiTulingAssetManagement;SunshineAssetManagement;WwsternLeadbankFMC;CICC;FullertonFundManagementCompanyLtd.；BeijingYiheJiufuInvestmentManagementCo.,Ltd.;JingjunInvestment | ThediscussionmainlyincludestheCompany'soperation,themainworkcompleted,theprogressoftheinvestedreconstructionandexpansionprojects,andtheCompany'sdevelopmentplanandworkpriorities. | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo..,Ltd."disclosedbytheinteractiveplatform（2024016） |
XIII.ImplementationofMarketValueManagementSystemandValuationEnhancementPlanWhethertheCompanyhasestablishedamarketvaluemanagementsystem.
□Yes?NoWhethertheCompanyhasdisclosedthevaluationenhancementplan.
□Yes?NoXIV.Theimplementationoftheactionplanof"Doubleimprovementofqualityandreturn".WhethertheCompanyhasdisclosedtheactionplanof"Doubleimprovementofqualityandreturn".?Yes□No
Inordertorespondtoandpracticetheguidingideologyof"activatingthecapitalmarketandboostinginvestors'confidence"putforwardattheMeetingofthePoliticalBureauoftheCPCCentralCommitteeand"vigorouslyimprovingthequalityandinvestmentvalueoflistedcompanies,takingmorepowerfulandeffectivemeasurestostabilizethemarketandconfidence"putforwardattheexecutivemeetingoftheStateCouncil,safeguardtheinterestsofallshareholdersandpromotethelong-termhealthyandsustainabledevelopmentoftheCompany,GuangdongProvincialExpresswayDevelopmentCo.,Ltd.(hereinafterreferredtoas"theCompany")hasformulatedtheactionplanof"doubleimprovementofbothqualityandreturns".Themeasuresareasfollows:(I)Adheretohigh-qualitydevelopment,focusonconnotativegrowth,andoptimizeresourceallocation.(II)Effectivelyreturntoshareholdersandsharethefruitsofdevelopment.(III)Deepenmarketcommunicationandstrengtheninvestorrelationmanagement.Sincethedisclosureoftheactionplan,theCompanyhastakenmultiplemeasurestoimplementitsplan:(I)Aimatthesteadydevelopmentofitsmainbusiness,continuouslypromotethereconstructionandexpansionprojectsoftheBeijing-ZhuhaiExpresswayGuangzhou-ZhuhaiSection,YuezhaoExpressway,Huizhou-YantianExpressway,andJiangmen-ZhongshanExpressway,tofurtherexpandandoptimizetheCompany'stransportationnetwork,andlayasolidfoundationforthesustainedgrowthandlong-termdevelopmentoftheCompany.Promotethequalityimprovementandupgradingofexpresswayserviceareas,andmakeeveryefforttotransformtheYayaoserviceareaoftheFoshan–KaipingExpresswayintoabenchmarkserviceareafor"supportingagricultureandindustrialdevelopment",andcreatetheZhishanServiceArea(NorthArea)asthefirstnewenergyserviceareaintheprovince.(II)Persistinimplementingcashdividends.Inthe2024profitdistributionplan,thecashdividendratioshallbemaintainedat70%ofthenetprofitattributabletotheownersoftheparentcompany.(III)Fullyutilizevariouscommunicationchannelssuchasgeneralmeetingofshareholders,websites,analystbriefings,performancepresentations,roadshows,one-to-manycommunication,fieldresearch,telephoneconsultations,andtheShenzhenStockExchange's"InteractiveEasy"tomaintaincloseinteractionwithinvestors,andorganizeatotalof8institutionalinvestorresearchandexchangemeetings.
IV.CorporateGovernance
I.GeneralsituationTheCompanystrictlyfollowedtherequirementoflawsandregulationsin<companylaw>,<theSecuritiesLaw>,<CodeofCorporateGovernanceforListedCompaniesinChina>,<StockListingRules>etc.andkeptonimprovingcorporategovernancestructures,improvingnormativeoperationlevel.Companyhadstipulatedrulessuchas<articlesofassociation>,rulesofproceduresinthreemeetings,workingguideofspecialcommitteeinboardofdirectors,workingguideofgeneralmanageretc.andinternalcontrolsystembasicallycoveringalloperatingmanagementsuchascompanyfinancialmanagement,investmentmanagement,informationdisclosure,relatedtransaction,externalguarantee,fundraisingetc.Allrulesarewellimplemented.Inthereportperiod,strictlyfollowingtherelevantprovisionsof“CompanyLaw”and“Regulations”,theshareholder’smeetingofourbankeffectivelyperformedthefunctions.Theboardofdirectorsistoberesponsiblefortheshareholder’smeeting,totaketheultimateresponsibilityforthebank’soperationandmanagementandtoconveneameetingaswellasperformingthefunctionandpoweraccordingtolegalprocedure.Inlinewiththeattitudewhichisresponsibleforallshareholdersandkeepinginclosecontactandcommunicationwiththeboardofdirectorsandthemanagement,theboardofsupervisorscarriesouttheassessmentworkondutyexercisingfortheboardofdirectorsandtheboardofsupervisors,effectivelyperformingfunctionsandobligationsofsupervision.Doesthereexistanydifferenceincompliancewiththecorporategovernance,thePRCCompanyLawandtherelevantprovisionsofCSRC,
□Yes√NoThereexistnodifferenceincompliancewiththecorporategovernance,thePRCCompanyLawandtherelevantprovisionsofCSRC.II.IndependenceandCompletenessinbusiness,personnel,assets,organizationandfinance
1.IndependentbusinessTheCompanyismainlyengagedintollingandmaintenanceofGuangfoExpressway,FokaiExpressway,JingzhuExpresswayGuangzhuSectionandGuanghuiExpresswayinvestmentintechnologicalindustriesandprovisionofrelevantconsultaionwhileinvestinginShenzhenHuiyanExpresswayCo.,Ltd.,GuangdongJiangzhongExpresswayCo.Ltd.,ZhaoqingYuezhaoExpresswayCo.,Ltd.,GanzhouKangdaExpressway,GanzhouGankangExpresswayCo.,Ltd.,GuangdongYuepuSmallRefinancingCo.,Ltd,GuoyuanSecuritiesCo.,Ltd.,GarageelectricpileHolding(Shenzhen)Co.,Ltd.,GuangdongYuetongQiyuanChipPowerTechnologyCo.,Ltd.TheCompanyhasoutstandingmainoperation,independentandcompletebusinessandtheabilityofindependentoperation.AllbusinessdecisionsoftheCompanyweremadeindependently,beingcompletelyseparatedfromtheshareholderwithactualcontrol.Relatedtransactionswerecarriedoutinlightoftheprincipleoffairtransaction,whichdidnotharmtheinterestsoftheCompanyandothershareholdersoftheCompany.Thecontentofrelatedtransactionswasfully,timelyandaccuratelydisclosed,whichdidnothavenegativeinfluenceontheCompany.
2.Completeassets
TherelationshipoftheCompany'spropertyrightisclear.TheassetsinjectedbyshareholdersintheCompanyareindependentandcompleteandhaveclearpropertyright.Allcapitalwaspaidupandrelevantformalitiesofpropertyrightchangeweresettled.
3.Independentpersonnel
Asforpersonnelrelationship,thegeneralmanager,deputygeneralmanagers,thesecretarytotheboardofdirectorsandfinancialcontrolleroftheCompanywerefull-timeemployeesandreceivedsalaryfromtheCompany,whodidnotconcurrentlyholdpositionsattheparentcompany.AlldirectorsandsupervisorsoftheCompanywereelectedthroughlegalprocedure.Thegeneralmanager,deputygeneralmanagers,chiefaccountant,chiefeconomicengineerandchiefengineerweredirectlyappointedbytheboardofdirectors.Othermanagerialpersonnelofalllevelsweredirectlyappointedbythegeneralmanager.TheCompanyownsindependentpowerofpersonnelappointmentandremoval.
4.IndependentfinanceTheCompany,includingsubsidiariesestablishedindependentaccountingdepartment，independentaccountingsystemandregulationsonfinancialmanagement.TheCompanyindependentlyopenedbankaccountanddidnotdepositfundsintheaccountsofthefinancecompanyorsettlementcenterofthemajorityshareholder.TheCompanyindependentlypaidtax.TheCompany'sfinancialdecisionswereindependentlymade.Themajorityshareholderdidnotinterferewiththeuseoffundsbylistedcompanies.
5.IndependentorganizationTheboardofdirectors,thesupervisorycommitteeandotherinternalorgansoftheCompanyoperatedindependently.Itsorgansarecompleteandindependent.III.HorizontalCompetitions
□Applicable√NotapplicableIV.AnnualGeneralMeetingandExtraordinaryShareholders’MeetingsintheReportingPeriod
1.AnnualGeneralMeeting
| Sessions | Typeofmeeting | Investorparticipationratio | MeetingDate | Disclosuredate | Disclosureindex |
| 2023Shareholders’generalmeeting | AnnualShareholders’GeneralMeeting | 65.10% | May20,2024 | May21,2024 | ThemeetingexaminedandadoptedtheProposalConcerningFinalAccountingReportfor2023,ThemeetingexaminedandadoptedtheProposalConcerningplanforProfitDistributionfor2023;ThemeetingexaminedandadoptedtheProposalConcerningOverallbudgetreportoftheCompanyfor2024;ThemeetingexaminedandadoptedtheWorkReportoftheBoardofDirectorsfor2023;ThemeetingexaminedandadoptedtheWorkReportofthesupervisoryCommitteefor2023;6.ThemeetingexaminedandadoptedAnnualReportfor2023anditssummary; |
| ThemeetingexaminedandadoptedtheProposalforHiringthe2024AnnualFinancialReportAuditAgency;ThemeetingexaminedandadoptedtheProposalforHiringthe2024InternalControlAuditInstitution;ThemeetingexaminedandadoptedtheProposalonthePreparationoftheShareholderReturnPlanofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.fortheNextThreeYears(2024-2026);ThemeetingexaminedandadoptedtheProposalontheInvestmentPlanfor2024;1ThemeetingexaminedandadoptedtheProposalontheelectionofMr.WuGuijunasadirectorofthe10thboardofdirectorsoftheCompany. | |||||
| TheFirstprovisionalshareholders’Generalmeetingof2024 | Provisionalshareholders’Generalmeeting | 36.22% | December12,2024 | December13,2024 | ThemeetingexaminedandadoptedtheProposalonSigningaSupplementaryAgreementtotheFinancialServicesAgreementwithGuangdongCommunicationGroupFinanceCo.,Ltd |
2.Requestforextraordinarygeneralmeetingbypreferredstockholderswhosevotingrightsrestore
□Applicable√Notapplicable
V.InformationaboutDirectors,SupervisorsandSeniorExecutives
1.Basicsituation
| Name | Sex | Age | Positions | Officestatus | Startingdateoftenure | Expirydateoftenure | Sharesheldattheyear-begin(share) | Thenumberofsharesheldinthecurrentperiod(shares) | Numberofsharesreducedinthecurrentperiod(shares) | Otherchanges(shares) | Numberofsharesheldattheendoftheperiod(shares) | Reasonsforincreaseordecreaseofshares |
| MiaoDeshan | Male | 53 | BoardChairman | Inoffice | August19,2022 | September20,2025 | ||||||
| LuMing | Male | 46 | Director,Chiefaccountant | Inoffice | December25,2020 | September20,2025 | ||||||
| ZuoJiang | Female | 52 | Director,DeputyGeneralManager | Inoffice | October19,2015 | September20,2025 | ||||||
| ChengRui | Male | 50 | Director | Inoffice | September20,2022 | September20,2025 | ||||||
| ZengZhijun | Male | 54 | Director | Inoffice | December4,2017 | September20,2025 | ||||||
| YaoXuechang | Male | 53 | Director | Inoffice | September20,2022 | September20,2025 | ||||||
| WuGuijun | Male | 46 | Director | Inoffice | May20,2024 | September20,2025 | ||||||
| WuHao | Female | 52 | Director | Inoffice | November2,2020 | September20,2025 | ||||||
| ZengXiaoqing | Female | 55 | Independentdirector | Inoffice | May20,2019 | September20,2025 | ||||||
| YouDewei | Male | 56 | Independentdirector | Inoffice | September20,2022 | September20,2025 | ||||||
| YuMingyuan | Male | 62 | Independentdirector | Inoffice | September20,2022 | September20,2025 |
| Name | Sex | Age | Positions | Officestatus | Startingdateoftenure | Expirydateoftenure | Sharesheldattheyear-begin(share) | Thenumberofsharesheldinthecurrentperiod(shares) | Numberofsharesreducedinthecurrentperiod(shares) | Otherchanges(shares) | Numberofsharesheldattheendoftheperiod(shares) | Reasonsforincreaseordecreaseofshares |
| ZhangRenshou | Male | 59 | Independentdirector | Inoffice | December5,2023 | September20,2025 | ||||||
| LiuHeng | Male | 41 | Independentdirector | Inoffice | December5,2023 | September20,2025 | ||||||
| HeSen | Male | 51 | ChairmanoftheSupervisoryCommittee | Inoffice | August19,2022 | September20,2025 | ||||||
| WangXiaobing | Female | 53 | Supervisor | Inoffice | May17,2022 | September20,2025 | ||||||
| DengYunfeng | Male | 49 | Supervisor | Inoffice | December23,2021 | September20,2025 | ||||||
| ZhouDong | Female | 54 | Supervisor | Inoffice | September9,2022 | September20,2025 | ||||||
| LuoBaoguo | Male | 51 | DeputyGeneralManager | Inoffice | December25,2020 | September20,2025 | ||||||
| ZhuQijun | Male | 42 | DeputyGeneralManager | Inoffice | April27,2023 | September20,2025 | ||||||
| YangHanming | Male | 55 | SecretarytotheBoard | Inoffice | August28,2017 | September20,2025 | ||||||
| ZhouYisan | Male | 44 | legalcounsel | Inoffice | September20,2022 | September20,2025 | ||||||
| WangChunhua | Male | 60 | Director,GeneralManager | Dimission | April16,2013 | April4,2024 | 101,325 | 101,325 | 0 | |||
| Kuang | Male | 39 | Director | Dimission | May | November |
| Name | Sex | Age | Positions | Officestatus | Startingdateoftenure | Expirydateoftenure | Sharesheldattheyear-begin(share) | Thenumberofsharesheldinthecurrentperiod(shares) | Numberofsharesreducedinthecurrentperiod(shares) | Otherchanges(shares) | Numberofsharesheldattheendoftheperiod(shares) | Reasonsforincreaseordecreaseofshares |
| Yu | 17,2022 | 19,2024 | ||||||||||
| YouXiaocong | Male | 57 | Director | Dimission | November2,2020 | March6,2024 | ||||||
| KeLin | Female | 55 | Supervisor | Dimission | September15,2017 | March6,2025 | 0 | 900 | 900 | |||
| Total | -- | -- | -- | -- | -- | -- | 101,325 | 900 | 101,325 | 0 | 900 | -- |
Duringthereportingperiod,whetherthereisdismissalofdirectorsandsupervisorsanddecruitmentofseniormanagers?Yes□No
1.Ms.KeLin,supervisor,reachedtheretirementageandresignedfromherpositionassupervisoronMarch6,2024.
2.Mr.YouXiaocong,director,resignedfromhispositionasthedirectoronMarch6,2024duetojobtransferreasons.Mr.YouXiaocongwillnotholdanyotherpositionsintheCompanyafterhisresignation.
3.Mr.WangChunhua,directorandgeneralmanager,reachedtheretirementageandresignedfromhispositionasthedirectorandgeneralmanageronApril8,2024.Mr.WangChunhuawillnolongerholdanypositionintheCompanyafterhisresignation.
4.Mr.KuangYu,director,resignedfromhispositionasthedirectoronNovember19,2024duetopersonalreasons.Mr.KuangYuwillnotholdanyotherpositionsintheCompanyafterhisresignation.Changesofdirectors,supervisorsandseniorexecutives
√Applicable□Notapplicable
| Name | Positions | Types | Date | Reason |
| KeLin | Supervisor | Dimission | March6,2024 | Retirement |
| YouXiaocong | Director | Dimission | March6,2024 | JobChange |
| WangChunhua | Director,GeneralManager | Dimission | April8,2024 | Retirement |
| KuangYu | Director | Dimission | November19,2024 | Personalreasons |
2.PostsholdingProfessionalbackgrounds,majorworkexperienceandcurrentdutiesintheCompanyoftheincumbentdirectors,supervisorsandseniormanagement:
Mr.MiaoDeshan，HeservedasChairman,withbachelordegree.BachelorofEngineeringdegree,seniorengineer.FromJune2011toJuly2022,heservedsuccessivelyasDeputyGeneralManager,ChiefEngineer,DeputySecretaryofthePartyCommittee,DirectorandGeneralManagerofGuangdongCommunicationsIndustrialInvestmentCo.,Ltd.hasbeentheChairmanoftheCompanysinceAugust19,2022.HeisalsotheDirectorofGuangdongYuetongQiyuanxinPowerTechnologyCo.,Ltd.,theCompany'sshareholdingcompany,andtheLegalRepresentativeandExecutiveDirectorofYuegaoCapitalHoldings(Guangzhou)Co.,Ltd.
Mr.LuMing,HeservedasDirectorandChiefaccountantoftheCompany,Graduatedegree,MBA,senioraccountant,fromMarch2009toDecember2020,servedastheManager,DeputyBusinessDirectorandBusinessDirectoroftheFinancialManagementDepartmentofGuangdongCommunicationsGroupCo.,Ltd.,andfromDecember2018toDecember2019,heservedasthefirstsecretaryofthePartyBranchofYinghuaiManagementOfficeofGuangdongNanyueCommunicationsLonghuaiExpresswayManagementCenter.SinceDecember25,2020,hehasservedastheChiefAccountantoftheCompany,andsinceFebruary3,2021,hehasservedasaDirectoroftheCompany.HealsoservesastheViceChairmanofGanzhouNankang–DayuExpresswayCo.,Ltd.,theCompany'sshareholdingcompany,theDirectorofGuangdongYuekeScienceandTechnologyMicrofinanceCo.,Ltd.,theChairmanofBeijing-ZhuhaiExpresswayGuangzhou-ZhuhaiSectionCo.,Ltd.andGuangdongGuangzhou-HuizhouExpresswayCo.,Ltd.
Ms.ZuoJiang,DeputyGeneralManageroftheCompany,Graduatedegree，MasterofEconomics,SeniorEconomist,QualifiedasLegalAdviseroftheEnterprise,SecretaryoftheBoardofDirectors.HehasbeenworkingintheCompanysince1994.HehasbeentheMinisterofSecuritiesAffairsoftheCompanysince1999.HehasbeentheSecretaryoftheBoardofDirectorsandDirectorofSecuritiesAffairsDepartmentsinceMarch2006.FromOctober2015toJuly2016,hewastheDeputyGeneralManagerandSecretaryoftheBoardofDirectorsAndMinisterofSecuritiesAffairs.SinceOctober2015,hehasbeentheDeputyGeneralManageroftheCompany,andholdaconcurrentpostofDirectorofGuangdongYuekeScienceandTechnologyMicrofinanceCo.,Ltd.,directorofGuoyuanSecuritiesCo.,Ltd.andGeneralManager,PartybranchsecretaryofYuegaoCapitallnvestment(Guangzhou)Co.,Ltd.
Mr.ChengRui,DirectoroftheCompany,holdsamaster'sdegreeinbusinessadministration,aneconomist,withtheCorporateLegalAdviserandLawyerqualification.FromAugust2017toMay2022,heservedasDeputyGeneralManagerofGuangdongExpresswayDevelopmentCo.,Ltd.,duringwhich,fromMay2019toAugust2021,hewasappointedastheFirstSecretaryofthePartyOrganizationinShanhuVillage,JinheTown,JiexiCounty,JieyangCity.SinceMay2022tillnow,hehasservedastheDirectorofLegalAffairsDepartmentofGuangdongCommunicationsGroupCo.,Ltd.HehasbeenthedirectoroftheCompanysinceSeptember20,2022.Mr.ZengZhijun,economist,isadirectoroftheCompany,withmasterdegree.FromJune2010September2020,hehasservedasthedeputychiefeconomistofGuangdongProvincialExpresswayCo.,Ltd.FromSeptember2015toAugust2021,hehasservedasMinisterofLegalAffairsDepartmentofGuangdongProvincialFreewayCo.,Ltd.，SinceSeptember2020,HeservesasMinisterofpersonnelresourcedepartment
ofGuangdongProvincialFreewayCo.,Ltd.，SinceDecember4,2017,heservesasDirectoroftheCompany.
Mr.WuGuijun,heisthedirectoroftheCompany,hasabachelor'sdegree,amaster'sdegreeinaccounting,andisasenioraccountant.FromJuly2003toJune2009,hesuccessivelyservedasthefinancialstaffandfinancialsupervisorofGuangdongJingtongHighwayEngineeringConstructionGroupCo.,Ltd.,thefinancial
supervisoroftheprojectmanagementdepartmentofSheExpresswayNo.1project,thestaffofthefinancialsettlementcenterofGuangdongCommunicationsGroupCo.,Ltd.fromJune2009toJanuary2010,thesupervisoroftheauditandsupervisiondepartment,andthedeputymanager,deputyministerandministerofthefinancialmanagementdepartmentfromJanuary2010toDecember2015inGuangdongCommunicationsGroupCo.,Ltd.FromDecember2015toNovember2023,heservedasthebusinesssupervisorofthefinancialmanagementdepartmentofGuangdongCommunicationsGroupCo.,Ltd.,andhasbeenthechiefaccountantofGuangdongHighwayConstructionCo.,Ltd.sinceNovember2023.HehasbeentheDirectoroftheCompanysinceMay20,2024.Mr.YaoXuechang,DirectoroftheCompany,BachelorDegree,MBA,SeniorEngineerofroadandbridge,servedastheDirectorandDeputySecretaryofthePartyBranchoftheReconstructionandExpansionProjectManagementOfficeoftheSouthernSectionofFoshan-KaipingExpresswayfromOctober2015toFebruary2020.FromFebruary2020toOctober2021,hesuccessivelyservedastheDirectorandDeputySecretaryofthePartyBranchofZhongshan-JiangmenExpresswayReconstructionandExpansionManagementOffice,DeputySecretaryandDirectorofthePartyBranchoftheReconstructionandExpansionProjectManagementOfficeoftheSouthernSectionofFoshan-KaipingExpressway,directoranddeputysecretaryofthePartybranchoftheGuangzhou-ZhuhaiExpresswayReconstructionandExpansionManagementOffice.SinceOctober2021,hehasservedastheDeputySecretaryandDirectorofthePartyBranchoftheReconstructionandExpansionManagementOfficeoftheGuangzhou-ZhuhaisectionofBeijing-ZhuhaiExpresswayandtheDirectoroftheReconstructionandExpansionProjectManagementOfficeoftheSouthernSectionofFoshan-KaipingExpressway.HehasbeentheDirectoroftheCompanysinceSeptember20,2022.
Ms.WuHao,SheisthedirectoroftheCompany,withbachelordegree.FromFebruary2012toMay2020,Shesuccessivelyservedasdeputymanagerofthefinancedepartment,deputymanageroftheinvestmentbusinessdepartment,andmanageroftheinvestmentbusinessdepartmentofShandongExpresswayInvestmentDevelopmentCo.,Ltd.ShehasservedasthedeputygeneralmanagerandmemberofpartycommitteeofShandongExpresswayInvestmentDevelopmentCo.,LtdsinceMay2020.FromNovember2,2020,ShehasservedasdirectoroftheCompany.
Ms.ZengXiaoqing,independentdirectoroftheCompany,PhD;CurrentprofessoranddoctoralsupervisorattheSchoolofTransportation,TongjiUniversity,directoroftheJointExperimentalCenterforTrafficInformationControl,andvicepresidentandsecretary-generaloftheShanghaiCreativeStudiesInstitute;Holderofbachelor's,master'sanddoctoraldegreesinTongjiUniversity,withacademictitlessuchasMultiGridArchitectatTsinghuaUniversity,PostdoctoralFellowatTokyoInstituteofTechnology,VisitingScholaratDAADinGermany,andOutstandingAchievementAwardforGlobalFemaleEngineers.Herteachingandresearchfieldsincludedigitalartificialintelligence,trafficsecurityandenvironmentalprotection,ADSrailtransitcontrolandsafety,andecologicalgreenconstruction.ShehasbeenanindependentdirectoroftheCompanysinceMay20,2019.
Mr.YouDewei,theindependentdirectoroftheCompanywithamaster'sdegreeinlaw,servedastheSeniorPartnerandLawyerofGuangdongZonghengTianzhengLawFirmfromJune1997toJanuary2019,andastheSupervisor,SeniorPartnerandLawyerofGuangdongETRLawFirmsinceJanuary2019.Meanwhile,heisalsoapart-timeExternalDirectorofthesupervisionenterpriseofGuangdongState-ownedAssetsSupervisionandAdministrationCommission,part-timeExternalDirectorofGuangdongPortandShippingGroup,IndependentDirectorofGuangzhouAcademyofBuildingResearchCo.,Ltd.,IndependentDirectorofGuangshengNonferrousMetalsCo.,Ltd.,andoneofthefirstbatchof35mediatorsintheMediationCenterofGuangdongLawyersAssociation,DeputyDirectorofthe11thState-ownedAssetsLawCommitteeofGuangdongLawyersAssociation,DeputyDirectorofthe12thComplianceandRiskControlLawCommitteeof
GuangdongLawyersAssociation,ExecutiveDirectorofChinaHealthLawSociety,ExecutiveDirectorofGuangdongHealthLawSociety,DirectorofGuangdongLawSociety'sCorporateComplianceResearchSociety,DirectorofGuangdongLawSociety'sMedicineandFoodLawResearchSociety,DeputyDirectorofGuangzhouLawyersAssociation'sMedicineandHealthBusinessLegalCommittee,anArbitratorofShenzhenCourtofInternationalArbitration,ArbitratorofQingyuanArbitrationCommittee,MemberofGuangdongProvince'sEighthFive-YearPlanLawPopularizationLecturerGroup,andMemberofGuangzhouMunicipalBureauofJustice's"WarmEnterpriseAction"100-expertLawyerLegalServiceGroup.HehasbeenanindependentdirectoroftheCompanysinceSeptember20,2022.
Mr.YuMingyuan,anIndependentDirectoroftheCompany,BachelorofEngineering,second-classresearcher,andExpertenjoyingspecialgovernmentallowancefromtheStateCouncil,onceservedastheDirectoroftheHighwayandComprehensiveTransportationDevelopmentResearchCenteroftheResearchInstituteofHighway,MinistryofTransport.SinceJuly2021,hehasalsoservedasanIndependentDirectorofJiangsuShanghai-NanjingExpresswayCo.,Ltd.,sinceDecember2022,asanIndependentDirectorofHubeiChutianIntelligentTransportationCo.,Ltd.,andsinceSeptember20,2022,asanIndependentDirectoroftheCompany.
Mr.YuMingyuanhasbeenengagedinresearchontransportationpoliciesandstrategiesforalongtime.Hehasmadeoutstandingachievementsinthefieldsoftollroadpolicyandinstitutionalinnovation,highwaymanagementsystemreform,highwayoperationmanagement,transportationeconomyandnewbusinesssupervision,highwaytransportationdevelopmentstrategyandplanning,aswellashighwaytransportationrelatedregulations.Hehasledmorethan40nationalandprovincialscientificresearchprojects,andhasledandparticipatedinmajorspecialresearchandtheformulationandrevisionofpoliciesandregulationsoftheMinistryformultipletimes.HehasrepeatedlyinterpretednationalandindustrypoliciesrelatedtotransportationonmainstreammediasuchasCCTV.Hehaswon1provincialandministeriallevelscienceandtechnologyspecialprize,4firstprizes,2secondprizes,and5thirdprizes;Hehaspublishedmorethan30papersandarticlesinvariousacademicjournalsandnewspapers,andhassuccessivelywonthetitlesofexemplaryindividualofSpiritualCivilizationintheNationalTransportationIndustryandOneHundredExcellentEngineers.HeisanexpertintheexpertdatabaseoftheNationalScienceandTechnologyProgressAward,anexpertintheacademicdepartmentoftheChineseAcademyofSciences,ahigh-leveltalentoftheChineseAssociationforScienceandTechnology,anexpertintheexpertdatabaseoftheMinistryofTransport,anexpertinthePPPexpertdatabaseoftheMinistryofFinance,andamemberoftheexpertcommitteeoftheChinaHighway&TransportationSociety.
Mr.ZhangRenshouisanindependentdirectoroftheCompany.Heisadoctoralsupervisor,apostdoctoralcooperativesupervisor,anMPACCmaster'ssupervisor,andanMBAsupervisor.HeusedtobethedeanoftheCollegeofModernIndustryofGuangzhouUniversityandthedeanoftheSino-CanadianSchoolofInternationalEducationofGuangzhouUniversity.HeiscurrentlyaprofessoroftheDepartmentofAccountingofSchoolofManagementofGuangzhouUniversity,thedeanoftheInstituteofPerformanceandStrategicManagementofGuangzhouUniversity,thedeanoftheSouthChinaInstituteofBigDataintheGuangdong-HongKong-MacaoGreaterBayArea,andthedeputydeanoftheGuangdongNewEraCareerDevelopmentResearchInstitute.HehasbeenanindependentdirectoroftheCompanysinceDecember5,2023.
Governmentagencyexperts:ExpertinthedemonstrationofmajoradministrativedecisionsbytheGuangzhouMunicipalGovernment;MemberoftheExpertGroupoftheBudgetCommitteeoftheGuangzhouMunicipalPeople'sCongress;MemberoftheExpertGroupoftheEconomicCommissionoftheGuangzhouMunicipalPeople'sCongress;ExpertinIndustrialEconomicOperationAnalysisofGuangdongProvince;SocialSupervisorinFoodSafetyofGuangdongProvince;SpecialResearcherofGuangzhouTaxService,State
TaxationAdministration;ConsultingExpertinMajorAdministrativeDecisionsofShaoguanMunicipalPeople'sGovernment;SeniorFinancialExpertandIndustrialDevelopmentConsultingExpertofDepartmentofFinance,DepartmentofScienceandTechnology,andDepartmentofIndustryandInformationTechnologyofGuangdongProvince.Academicinstitutionexperts:Memberofthe8thCommitteeoftheGuangdongSocialSciencesAssociation;PresidentofGuangdongSouthChinaEconomicDevelopmentResearchAssociation;ExternalMemberofGuangdongProvincialBureauofStatistics;SocialSupervisorofGuangdongProvincialFoodandDrugSafetySupervisionCommission;MemberoftheAcademicCommitteeofGuangdongLocalPublicFinanceResearchCenter;MemberoftheAcademicCommitteeofGuangdongCoastalEconomicBeltDevelopmentResearchCenter.Mr.LiuHeng,Ph.D.,doctoralsupervisor,projectexpertoftheNationalFoundationandProvincialDepartmentofScienceandTechnology,isstrategicconsultantofmanyenterprises,etc.FromJune2015toJune2023,heservedasanassociateprofessoratSunYat-senUniversity,andsinceJune2023,hehasbeenaprofessoratSunYat-senUniversity.SinceAugust2022,hehasservedasanindependentdirectorofGuangdongZhaoqingXinghuBiotechnologyCo.,Ltd.HehasbeenanindependentdirectoroftheCompanysinceDecember5,2023.Mr.HeSen,ChairmanoftheBoardofSupervisorsoftheCompany,BachelorDegree,MBA,SeniorAccountant,hasbeenappointedChairmanoftheBoardofSupervisorsofGuangdongCommunicationsGroupCo.,Ltd.sinceMarch2016.SinceAugust19,2022,hehasservedasChairmanoftheBoardofSupervisorsoftheCompany.Ms.WangXiaobing,supervisoroftheCompany,bachelor'sdegreeinliterature,SeniorEconomistandAccountant.ShestartedworkinginDecember1993andservedasthedeputydepartmentmanager,businessdepartmentmanager,andpresident'ssecretaryofZhanjiangSecuritiesCo.,Ltd.fromDecember1993toFebruary2000.From2001toAugust2008,sheworkedasanemployeeoftheFinancialSettlementCenteranddeputymanageroftheComprehensiveOfficeofGuangdongProvincialTransportationGroupCo.,Ltd.FromAugust2008toDecember2024,sheservedasadispatchedsupervisorofGuangdongProvincialTransportationGroupCo.,Ltd.FromDecember2024,shebeganengagingininternalauditworkintheAuditDepartmentofGuangdongProvincialTransportationGroupCo.,Ltd.SinceMay17,2022,shehasservedastheSupervisoroftheBoardofSupervisorsoftheCompany.
Mr.DengYunfeng,supervisoroftheCompany,bachelordegree,MBA,seniorengineer.HeservedasPartySecretaryofGuangzhou-FoshanExpresswayCo.,Ltd.fromFebruary2014toJuly2018;MinisterofPartyandMassWorkDepartmentoftheCompanyfromJuly2018tothepresent,andalsovicechairmanofthetradeunionoftheCompanyandchairmanofthetradeunionofitsheadquartersfromMarch2021tothepresent.HehasservedastheemployeesupervisoroftheninthboardofsupervisorsoftheCompanysinceDecember23,2021.HehasservedastheMinisteroftheHumanResourcesDepartmentoftheCompanysinceJanuary2025.Ms.ZhouDong,SupervisoroftheCompany,BachelorofEconomics,andSeniorAccountant.FromApril2003toJanuary2018,sheservedasDeputyDirectoroftheFinancialManagementDepartmentoftheCompany.SinceJanuary2018,shehasservedasDeputySecretaryoftheDisciplineInspectionCommitteeoftheCompanyandDirectoroftheDisciplineInspectionandAuditDepartmentoftheCompany.SinceSeptember2022,ShehasservedasEmployeeSupervisoroftheBoardofSupervisorsoftheCompany.SheisalsotheChairmanoftheBoardofSupervisorsofGanzhouGankangExpresswayCo.,Ltd.,ashareholdingcompanyoftheCompany,SupervisorofGuangdongLechang-GuangzhouExpresswayCo.,Ltd.andSupervisorofShenzhenHuizhou-ShenzhenExpresswayCo.,Ltd.andYuegaoCapitalHoldings(Guangzhou)Co.,Ltd.
Mr.LuoBaoguo,DeputyGeneralManageroftheCompany,MasterofEngineering,SeniorEngineer.FromJuly1999toDecember2003,hesuccessivelyservedastheProjectChiefEngineer,DeputyManageroftheProjectDepartment,ManageroftheProjectManagementDepartment,DeputyManageroftheBranch,ManageroftheOperatingContractDepartment,andEmployeeSupervisorofGuangdongHighwayEngineeringConstructionGroupCo.,Ltd.FromMarch2007toJuly2014,hesuccessivelyservedastheDirectoroftheProjectDevelopmentOfficeandDirectoroftheInvestmentDevelopmentDepartmentofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.FromAugust2014toJuly2017,heservedastheDirector,GeneralManager,andDeputySecretaryofthePartyCommitteeofGuangdongFoshan–KaipingExpresswayCo.,Ltd.FromAugust2017toDecember2020,heservedastheGeneralManager(PersoninCharge)andDeputySecretaryofthePartyCommitteeofGuangdongFoshan–KaipingBranchofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.SinceDecember25,2020,hehasservedastheDeputyGeneralManageroftheCompany.HealsoservedasthechairmanofZhaoqingYuezhaoHighwayCo.,Ltd.,thecompany'sshareholdingcompany,thevicechairmanofGuangdongJiangmen-ZhongshanExpresswayCo.,Ltd.,thevicechairmanofShenzhenHuizhou-YantianExpresswayCo.,Ltd.andthedirectorofGuangdongGuangzhou-HuizhouExpresswayCo.,Ltd.
Mr.ZhuQijun,DeputyGeneralManageroftheCompany,holdsamaster'sdegreeinartsandisapoliticalengineer.FromAugust2016toFebruary2022,hesuccessivelyservedasthesecretaryofthePartybranch,thedeputygeneralmanagerandthechairmanofthelaborunionofthecommercialoperationandmanagementbranchofGuangdongLitongRealEstateInvestmentCo.,Ltd.(afterupgrading),duringwhichheconcurrentlyservedasthedeputygeneralmanagerofGuangdongGaodaPropertyDevelopmentCo.,Ltd.andthedeputygeneralmanagerofGuangdongLitongPropertyDevelopmentCo.,Ltd.FromFebruary2022toMay2022,heservedasthedirectoroftheplanningandmarketingcenterofGuangdongLitongDevelopmentandInvestmentCo.,Ltd.FromMay2022toMarch2023,heservedasthedirectorofthebusinessplanningdepartmentofGuangdongUrbanTransportationInvestmentCo.,Ltd.andGuangdongLitongDevelopmentandInvestmentCo.,Ltd.,andconcurrentlyservedasadirectorofGuangdongTrafficEngineeringCo.,Ltd.duringtheperiod.HehasbeentheDeputyGeneralManageroftheCompanysinceApril27,2023.AlsoservesasthechairmanandlegalrepresentativeoftheCompany'sdirectsubsidiary,Guangzhou-FoshanExpresswayCo.,Ltd.
Mr.ZhouYisan,GeneralCounseloftheCompany,MasterofLaw,corporatelawyer,second-classlegaladviserofstate-ownedenterprises,hasthequalificationsofsecretaryoftheboardofdirectors,securities,futuresandfunds.FromApril2016toOctober2017,heservedasDeputyDirectorofInvestmentDevelopmentDepartmentandLegalAffairsDepartmentoftheCompany;fromOctober2017tonow,heservedasDirectorofLegalAffairsoftheCompany;fromSeptember2019toSeptember2022,heservedasEmployeeSupervisoroftheNinthBoardofSupervisorsoftheCompany;andfromSeptember20,2022,heservedasGeneralCounseloftheCompany.Meanwhile,healsoservesastheDirectorofBeijing-ZhuhaiExpresswayGuangzhou-ZhuhaiSectionCo.,Ltd.,theholdingcompanyoftheCompany,SupervisorofGuangdongYuekeScienceandTechnologyMicrofinanceCo.,Ltd.andDirectorofGuangdongGuangzhou-HuizhouExpresswayCo.,Ltd.
Mr.YangHanming,hehasbeentheSecretaryoftheBoard，bachelor'sdegree,senioreconomist,corporatelegaladviser,withtheboardsecretaryqualifications.SinceMarch2000,hehasservedinthecompanyasDeputyDirectoroftheInvestmentPlanningDepartment,DirectoroftheLegalAffairsDepartment,andDirectoroftheInvestmentDevelopmentDepartment.SinceAugust2017,hehasbeentheSecretaryoftheBoardoftheCompany,viceChairmanofGanzhouGankangExpresswayCo.,Ltd.,DirectorofGuangdongJiangzhongExpresswayCo.,ltd.andsupervisorofGuangdongYuekeScienceandTechnologyMicrofinanceCo.,Ltd.,FromSeptember2019toAugust2023,,heservedasMinisterofDevelopmentDeptoftheCompany.HealsoservesastheviceChairmanofGangzhouGankangExpresswayCo.,Ltd.,ajointstockcompanyoftheCompany.andvice
chairmanofJingzhuExpresswayGuangzhuSectionCo.,Ltd.Officetakinginshareholdercompanies
√Applicable□Notapplicable
| Namesofthepersonsinoffice | Namesoftheshareholders | Titlesengagedintheshareholders | Sharingdateofofficeterm | Expirydateofofficeterm | Doeshe/shereceiveremunerationorallowancefromtheshareholder |
| ChengRui | GuangdongCommunicationGroup | MinisterofLegalAffairs. | May1,2022 | Yes | |
| WuGuijun | GuangdongHighwayConstructionCo.,Ltd. | Chiefaccountant | November1,2023 | Yes | |
| YaoXuechang | Beijing-ZhuhaiExpresswayGuangzhou-ZhuhaisectionreconstructionandexpansionmanagementOffice | DeputysecretaryanddirectorofthePartybranch. | October1,2021 | Yes | |
| ZengZhijun | GuangdongProvincialFreewayCo.,Ltd. | GeneralCounsel,MinisterofHumanResources | September1,2020 | Yes | |
| HeSen | GuangdongCommunicationGroupCo.,Ltd. | Dispatchedchairmanofthesupervisorycommittee | March1,2016 | Yes | |
| WangXiaobing | GuangdongCommunicationGroupCo.,Ltd. | AuditworkoftheauditDepartment | December13,2024 | Yes | |
| Notestopost-holdinginshareholder’sunit | Inadditiontoservingasdirectorsandsupervisors,theabove-mentionedpersonsdonotholdanyotherpositionsinthecompany. | ||||
Officestakeninotherorganizations
√Applicable□Notapplicable
| Nameofthepersonsinoffice | Nameofotherorganizations | Titlesengagedintheotherorganizations | Startingdateofofficeterm | Expirydateofofficeterm | Doeshe/shereceiveremunerationorallowancefromotherorganization |
| ZengXiaoqing | TongjiUniversity'sSchoolofTransportationEngineering | Professorand | June1,2007 | Yes | |
| ZengXiaoqing | TongjiUniversity'sJointExperimentalCenterforTrafficInformationControl | Director | June30,2003 | No | |
| YouDewei | GuangdongETRLawFirm | Lawyer | January1,2019 | Yes | |
| YouDewei | GuangdongETRLawFirm | Seniorpartner | March2019 | June2023 | Yes |
| YouDewei | GuangdongETRLawFirm | ChiefSupervisor | June2022 | June2023 | Yes |
| YouDewei | GuangdongProvinceSASACsupervisesenterprises | Externaldirector | July2019 | Yes | |
| YouDewei | GuangdongGanghangGroup | Externaldirector | July2019 | Yes | |
| YouDewei | GuangdongProvincialAcademyofBuildingResearch | Independent | August2022 | Yes |
| GroupCo.,Ltd. | director | ||||
| YouDewei | RisingNonferrousMetalsShareCo.,ltd. | Independentdirector | August2022 | January2025 | Yes |
| YouDewei | ChinaSouthernAirlinesGeneralAviationCo.,Ltd | Independentdirector | December2022 | Yes | |
| YouDewei | ZhuhaiRuralCommercialBankCo.,Ltd | Executivesupervisor | June2023 | Yes | |
| YouDewei | TheCounciloftheHealthLawResearchAssociationoftheGuangdongProvincialLawSociety | Vicechairman | May2023 | No | |
| YouDewei | GuangdongEnterpriseFederation,GuangdongEntrepreneursAssociation | Vicechairman | March2023 | March2024 | No |
| Doctoralsupervisor | March2024 | ||||
| YouDewei | The11thState-ownedAssetsLawProfessionalCommitteeofGuangdongLawyersAssociation | Vicedirector | March2017 | No | |
| YouDewei | The12thComplianceRiskControlLegalProfessionalCommitteeofGuangdongLawyersAssociation | Vicedirector | April2022 | No | |
| YouDewei | ChinaHealthLawSociety | Executivedirector | June2019 | No | |
| YouDewei | GuangdongHealthLawSociety | Executivedirector | December2021 | No | |
| YouDewei | GuangdongProvincialLawSocietyofMedicineandFoodLawResearchAssociatio | Director | December2020 | No | |
| YouDewei | PharmaceuticalandHealthBusinessLegalProfessionalCommitteeofGuangzhouLawAssociation | Vicedirector | September2020 | No | |
| YouDewei | ShenzhenCourtofInternationalArbitration | Arbitrator | February2019 | No | |
| YouDewei | QingyuanArbitrationCommission | Arbitrator | February2016 | No | |
| YouDewei | GuangzhouMunicipalBureauofJustice"warmenterpriseaction"100expertslawyerslegalservice | Member | September2016 | No | |
| YuMingyuan | ResearchInstituteofHighwayMinistryofTransport | Second-levelresearcher | October2022 | Yes | |
| YuMingyuan | ChinaHighwaySocietyInvestmentBranch | Executivedirector | July2022 | No | |
| YuMingyuan | JiangsuNinghuExpresswayCo.,Ltd. | Independentdirector | June2024 | Yes | |
| YuMingyuan | HubeiChutianSmartCommunicationCo.,Ltd. | Independentdirector | December2022 | Yes | |
| ZhangRenshou | AccountingDepartment,SchoolofManagement, | Professor | February2004 | Yes |
| GuangzhouUniversity | |||||
| ZhangRenshou | Counsellors'OfficeofGuangdongProvincialPeople'sGovernment | Specialresearcher | July2024 | No | |
| ZhangRenshou | GuangdongSouthChinaEconomicDevelopmentResearchAssociation | President | October2022 | No | |
| ZhangRenshou | SoshanElectricalandLightingCo.,Ltd. | Independentdirector | October2021 | Yes | |
| ZhangRenshou | BeijingScienkongTechnologyCo.,ltd. | Independentdirector | October2024 | Yes | |
| ZhangRenshou | JRCB（UnlistedCompany） | Independentdirector | December2018 | Yes | |
| LiuHeng | GuangdongZhaoqingXinghuBiotechnologyCo.,Ltd | Independentdirector | August2022 | Yes | |
| WuHao | ShandongExpresswayInvestmentDevelopmentCo.,Ltd. | MemberofPartycommittee,deputygeneralmanager | May2020 | Yes | |
| Descriptionofemploymentinotherunits | No | ||||
Punishmentstothecurrentandleavingboarddirectors,supervisorsandseniormanagersduringthereportperiodbysecuritiesregulatorsintherecentthreeyears
□Applicable√Notapplicable
3.Remunerationtodirectors,supervisorsandseniorexecutivesDecision-makingprocedures,basisfordeterminationandactualpaymentoftheremunerationtodirectors,supervisorsandseniorexecutives
TheremunerationofmembersoftheTenthboardofdirectorsandsupervisorycommitteewasexaminedanddeterminedatthesecondprovisionalshareholders’generalmeetingin2022.
1.Non-independentdirectorsarenotentitledtodirectors'remuneration.
2.Independentdirectorsareentitledtodirectors'remuneration，DirectorswhohavenotheldotherpositionsintheCompanyandthecontrollingshareholderoftheCompanyanditsrelatedpartiesareremuneratedbythedirectorsoftheCompany,andthestandardisRMB8,000(taxincluded)perpersonpermonth.Inaddition,theexpensesincurredbytheindependentdirectorsattheboardofdirectorsandtheshareholders'generalmeetingandtheexpensesincurredinexercisingtheirfunctionsandpowersinaccordancewiththearticlesofassociationmaybereimbursedinthecompany.Remunerationtodirectors,supervisorsandseniorexecutivesinthereportingperiod
InRMB10,000
| Name | Sex | Age | Positions | Officestatus | TotalremunerationreceivedfromtheCompany | Whethertogetpaidinthecompanyrelatedparty |
| MiaoDeshan | Male | 53 | BoardChairman | InOffice | 79.97 | No |
| LuMing | Male | 46 | Director,ChiefAccountant | InOffice | 65.79 | No |
| Name | Sex | Age | Positions | Officestatus | TotalremunerationreceivedfromtheCompany | Whethertogetpaidinthecompanyrelatedparty |
| ZuoJiang | Female | 52 | Director,DeputyGeneralManager | InOffice | 66.61 | No |
| ChengRui | Male | 50 | Director | InOffice | 0 | Yes |
| ZengZhijun | Male | 54 | Director | InOffice | 0 | Yes |
| YouXiaocong | Male | 53 | Director | InOffice | 0 | Ye |
| WuGuijun | Male | 46 | Director | InOffice | 0 | Yes |
| WuHao | Female | 52 | Director | InOffice | 0 | No |
| ZengXiaoqing | Female | 55 | Independentdirector | InOffice | 9.6 | No |
| YouDewei | Male | 56 | Independentdirector | InOffice | 9.6 | No |
| YuMingyuan | Male | 62 | Independentdirector | InOffice | 9.6 | No |
| ZhangRenshou | Male | 59 | Independentdirector | InOffice | 9.6 | No |
| LiuHeng | Male | 41 | Independentdirector | InOffice | 9.6 | No |
| HeSen | Male | 51 | ChairmanoftheSupervisoryCommittee | InOffice | 0 | No |
| WangXiaobing | Female | 53 | Supervisor | InOffice | 0 | No |
| DengYunfeng | Male | 49 | Supervisor | InOffice | 58.7 | No |
| ZhouDong | Female | 54 | Supervisor | InOffice | 59.91 | No |
| LuoBaoguo | Male | 51 | DeputyGeneralManager | InOffice | 66.77 | No |
| ZhuQijun | Male | 42 | DeputyGeneralManager | InOffice | 64.07 | No |
| YangHanming | Male | 55 | SecretarytotheBoard | InOffice | 60.93 | No |
| ZhouYisan | Male | 44 | Chieflegaladviser | InOffice | 60.71 | No |
| WangChunhua | Male | 60 | Director,GeneralManager | Dimission | 32.25 | No |
| YouXiaocong | Male | 57 | Director | Dimission | 0 | Yes |
| KuangYu | Male | 39 | Director | Dimission | 0 | No |
| Name | Sex | Age | Positions | Officestatus | TotalremunerationreceivedfromtheCompany | Whethertogetpaidinthecompanyrelatedparty |
| KeLin | Male | 55 | Supervisor | Dimission | 23.12 | No |
| Total | -- | -- | -- | -- | 686.83 | -- |
Other
□Applicable?NotapplicableVI.Performanceofdirectors'dutiesduringthereportingperiod
1.Informationoftheboardmeetingsduringthereportingperiod
| Session | Conveningdate | Disclosuredate | Meetingresolution |
| The17thmeetingoftheTenthBoardofDirectors | January30,2024 | January31,2024 | ThemeetingexaminedandadoptedoftheProposalonProvisionforAssetImpairment,ProposalontheWrite-offofAssetImpairmentProvisionandProposalontheSigningofthe2024-2026EntrustedOperationandManagementContractoftheGuangzhou-ZhuhaiNorthSectionoftheGuangdongBeijing-ZhuhaiExpresswaybetweenGuangzhou-ZhuhaiEastCompanyandGuangzhou-ZhuhaiNorthSectionCompany. |
| The18thmeetingoftheTenthBoardofDirectors | March15,2024 | March16,2024 | ThemeetingexaminedandadoptedoftheProposalonChangesinAccountingPolicies,ProposalConcerningFinalAccountingReportfor2023,ProposalConcerningPreplanforProfitDistributionfor2023,ProposalConcerningOverallbudgetreportoftheCompanyfor2024,theWorkReportoftheBoardofDirectorsfor2023,theBusinessReportoftheGeneralManagerfor2023,AnnualReportfor2023anditssummary,ProposalthereportonevaluationoftheCompany'sinternalcontrolin2023,ProposalforHiringthe2024AnnualFinancialReportAuditAgency,ProposalforHiringthe2024InternalControlAuditInstitution,ProposalonConfirmingtheContinuousRiskAssessmentReportofGuangdongCommunicationGroupFinanceCo.,Ltd.,ProposalontheReportontheControlofDebtRiskof2023,ProposalontheReportontheanalysisofDebtRiskof2023,ProposalonconfirmingthedifferencebetweentheactualprofitandtheprofitforecastofGuanghuiExpressway,ProposalontheImpairmentTestReportoftheSubjectAssetsofMajorAssetRestructuring,ProposalonthePreparationoftheShareholderReturnPlanofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.fortheNextThreeYears(2024-2026),Proposalonthe2023Environmental,SocialandGovernance(ESG)ReportoftheCompany,ProposalonConcerningtheCompanyDailyAssociatedTransactionsPredictedof2024,ProposalontheInvestmentPlanfor2024,ProposalonDeliberatingthe2024ManagementTargetResponsibilityLetterforMembersoftheCompany'sManagementLevel,Proposalonthe2023GrossSalaryDistributionPlanoftheCompany,ProposalonNominatedCandidateforDirectoroftheTenthBoardofDirectors,Proposalonthe2023AuditWorkReportand2024InternalAuditWorkPlanofGuangdongExpressway. |
| The19thmeetingoftheTenthBoardof | April26,2024 | April29,2024 | ThemeetingexaminedandadoptedoftheProposalconcerningtheFirstQuarterof2024,Proposalonholdingthe2023annualshareholders'GeneralMeeting. |
| Directors | |||
| The20thmeetingoftheTenthBoardofDirectors | August29,2024 | August30,2024 | ThemeetingexaminedandadoptedoftheProposalforsemi-annualreport2024anditssummary,ProposalonConfirmingtheContinuousRiskAssessmentReportofGuangdongCommunicationGroupFinanceCo.,Ltd.,ProposalonthescrappinganddisposalofmechanicalandelectricalandrescuevehiclesandotherassetsofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.FokaiBranch. |
| The21stmeetingoftheTenthBoardofDirectors | September24,2024 | September25,2024 | ThemeetingexaminedandadoptedoftheProposalontheListingandTransferofEquityofHunanLianzhiTechnologyCo.,Ltd.byYuegaoCapital |
| The22ndmeetingoftheTenthBoardofDirectors | October24,2024 | October25,2024 | ThemeetingexaminedandadoptedoftheProposalconcerningtheThirdQuarterof2024,ProposalontheChangeofAccountingEstimates,ProposalonSigningaSupplementaryAgreementtotheFinancialServicesAgreementwithGuangdongCommunicationGroupFinanceCo.,Ltd.,ProposalonAmendingtheManagementSystemforAssetImpairmentProvisionandWrite-offofGuangdongProvincialExpresswayDevelopment,ProposalonAdjustingtheInvestmentScaleoftheShenzhenSectionReconstructionandExpansionProjectofHuiyanExpressway |
| The23rdmeetingoftheTenthBoardofDirectors | November26,2024 | November27,2024 | ThemeetingexaminedandadoptedoftheProposalforHolding2024FirstProvisionalShareholders'GeneralMeeting |
| The24thmeetingoftheTenthBoardofDirectors | December13,2024 | December14,2024 | ThemeetingexaminedandadoptedoftheProposalontheGuangzhuSectionCompanyEntrustingTongyiCompanytobeResponsiblefortheDevelopmentandOperationofGasStationinZhongshan(FormerMinzhong)ServiceArea,ProposalontheContractualAssessmentResultsoftheTenureSystemoftheCompany'sManagerialMembersin2023. |
| The25thmeetingoftheTenthBoardofDirectors | December26,2024 | December27,2024 | ThemeetingexaminedandadoptedoftheProposalontheGuangdongExpressway2024TotalSalaryBudgetAllocationPlan,roposalontheImplementationMeasuresforthe‘ThreeImportanceandOneGreatnessDecision-makingSystem’ofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.,ProposalontheAmendmentoftheRulesofProcedureoftheBoardofDirectors,ProposalonAmendingtheManagementSystemforDirectors,SupervisorsandSeniorManagersHoldingCompanySharesandChanges. |
2.Attendanceofdirectorsattheboardmeetingsandthegeneralmeetingofshareholders
| Attendanceofdirectorsattheboardmeetingsandthegeneralmeetingofshareholders | |||||||
| Nameofdirector | Numberofboardmeetingsattendedduringthereportingperiod | Numberofboardmeetingsattendedinperson | Numberofboardmeetingsattendedbymeansofcommunication | Numberofboardmeetingsattendedbyproxy | Numberofboardmeetingsabsentfrom | Whethertoattendtheboardmeetinginpersontwiceinarow | Generalmeetingsofshareholdersattended |
| MiaoDeshan | 9 | 3 | 6 | 0 | 0 | No | 2 |
| LuMing | 9 | 4 | 5 | 0 | 0 | No | 2 |
| ZuoJiang | 9 | 4 | 5 | 0 | 0 | No | 2 |
| ChengRui | 9 | 4 | 5 | 0 | 0 | No | 2 |
| ZengZhijun | 9 | 3 | 6 | 0 | 0 | No | 2 |
| WuGuijun | 6 | 3 | 3 | 0 | 0 | No | 2 |
| YaoXuechang | 9 | 0 | 9 | 0 | 0 | No | 2 |
| WuHao | 9 | 0 | 9 | 0 | 0 | No | 2 |
| ZengXiaoqing | 9 | 0 | 9 | 0 | 0 | No | 2 |
| YouDewei | 9 | 3 | 6 | 0 | No | 2 | |
| YuMingyuan | 9 | 2 | 7 | 0 | 0 | No | 2 |
| ZhangRenshou | 9 | 4 | 5 | 0 | 0 | No | 2 |
| LiuHeng | 9 | 3 | 6 | 0 | 0 | No | 2 |
| YouXiaocong | 1 | 1 | 0 | 0 | 0 | No | 0 |
| WangChunhua | 2 | 2 | 0 | 0 | 0 | No | 0 |
| KuangYu | 6 | 0 | 6 | 0 | 0 | No | 1 |
ExplanationoffailuretoattendtheboardmeetinginpersontwiceinarowNone
3.Directors'objectionstorelatedmattersoftheCompanyWhetherthedirectorraisesanyobjectiontotherelevantmattersoftheCompany
□Yes√NoDuringthereportingperiod,thedirectorsdidnotraiseanyobjectiontotherelevantmattersoftheCompany.
4.Otherdescriptionsofdirectors'performanceofdutiesWhetherthedirectors'suggestionsontheCompanyhavebeenadopted
√Yes□NoThedirector'sstatementonwhethertherelevantsuggestionsoftheCompanyhavebeenadoptedornot
Duringthereportingperiod,allthedirectorsoftheCompanydiligentlyperformedthedutiesentrustedbythegeneralmeetingofshareholders,carefullyevaluatedandconsideredtheCompany'soperationmanagement,investment,corporategovernanceandothermatters,activelyproposed,scientificallydiscussedandcollectivelymadedecisionsintheboardmeeting,andputforwardmultiplesuggestionsthatmeettheCompany'sdevelopmentneedsatthepresentstage,whichwereadoptedbytheCompanyintheformofresolutionsoftheBoardofDirectors.
VII.SituationofspecialcommitteesundertheBoardofDirectorsduringthereportingperiod
| Committeename | Memberinformation | Numberofmeetingsconvened | Conveningdate | Meetingcontent | Putforwardimportantopinionsandsuggestions | Otherinformationofdutyperformance | Detailsofobjections(ifany) |
| AuditCommittee | Chairmanofthecommittee:ZhangRenshou,Member:YouDewei,LiuHeng | 6 | January15,2024 | Listentotheauditplanoftheannualauditaccountantforthe2023financialreportofGuangdongExpressway,includingtheauditscope,auditstaff,auditworkschedule,accountingpolicychanges,accountingestimates,keyauditmatters,majorissuesintheearlystage,etc. | Conductconsultationandcommunicationonthedetailsoftheauditplan,andproposesuggestionsformodification,aswellasrequirementsforrigorousandtimelycompletionoftheaudit. | ||
| February28,2024 | 1.Listentothereportontheauditofthe2023financialreportofGuangdongExpressway;2.ReviewandapprovetheProposalonthe2023InternalControlEvaluationReport;3.ReviewandapprovetheProposalontheCompany's2023AuditReportand2024InternalAuditPlan;4.ReviewandapprovetheProposalontheInternalControlEvaluationWorkPlanforGuangdongExpresswayin2024. | 1.Reviewtheinitialdraftofthe2023annualauditreportandraiseinquiriesregardingissuessuchasaccountsreceivableandR&Dexpenses;2.Reviewandapproveotherproposalsofthemeeting. | |||||
| March11,2024 | 1.ListentothefinancialinformationpresentedintheCompany's2023AnnualAuditReportand2023AnnualReport;2.ReviewandapprovetheProposalonHiringanAuditInstitutionfor2024FinancialReports;3.ReviewandapprovetheProposalonHiringanAuditInstitutionfor2024InternalControl. | 1.Agreetothe2023AnnualReportand2023AnnualAuditReportofGuangdongExpressway;2.Reviewtheworksituationoftheauditinstitutionin2023andagreetorenewthecontractwiththeauditinstitutionsfor2024financialreportsandinternalcontrol. | |||||
| April25,2024 | ListentothefinancialinformationpresentedintheCompany'sfirstquarterreportof2024. | Inquireaboutthefinancialinformationinthefirstquarterreportof2024andagreetotheproposal. |
| Committeename | Memberinformation | Numberofmeetingsconvened | Conveningdate | Meetingcontent | Putforwardimportantopinionsandsuggestions | Otherinformationofdutyperformance | Detailsofobjections(ifany) |
| August26,2024 | Listentothereviewandfinancialinformationpresentedinthe2024semi-annualreportbytheCompany'sFinanceDepartment. | AgreetothefinancialinformationintheCompany's2024semi-annualreport. | |||||
| October22,2024 | 1.ListentothefinancialinformationpresentedintheCompany'sthirdquarterreportof2024;2.ListentothereportontheProposalonChangesinAccountingEstimates. | 1.InquireaboutthefinancialinformationintheCompany'sthirdquarterreportof2024,andagreetothefinancialinformationinthethirdquarterreportof2024afterreview;2.ReviewtheProposalonChangesinAccountingEstimates,believethatthechangeinsuchaccountingestimatescomplieswiththeAccountingStandardsforBusinessEnterprisesNo.28-AccountingPolicies,AccountingEstimates,andAccountingErrorCorrectionissuedbytheMinistryofFinanceandrelevantregulationsoftheShenzhenStockExchange,andthatthereisnomanipulationoffinancialindicatorssuchasprofitsandowners'equitythroughchangesinaccountingpoliciesandestimates,andagreetothisproposal. | |||||
| RemunerationandAssessmentCommittee | ChairmanoftheCommittee：YouDewei,Member:KuangYu,LiuHeng. | 3 | March11,2024 | Reviewmaterialssuchasthe2023SalaryDistributionResultsoftheGuangdongExpresswayLeadingGroupandthe2024OperationandManagementTargetResponsibilityLetterfortheCompanyManagementMembers. | AgreetothetwoproposalsofthismeetingandsubmitthemtotheCompany'sBoardofDirectorsforreview. | ||
| December10,2024 | ReviewandapprovetheProposalontheContractualAssessmentResultsoftheTermSystemfortheCompanyManagementMembersin2023. | AgreetotheProposalontheContractualAssessmentResultsoftheTermSystemfortheCompanyManagementMembersin2023,andagreetosubmitthemtotheCompany'sBoardofDirectorsforreview. |
| Committeename | Memberinformation | Numberofmeetingsconvened | Conveningdate | Meetingcontent | Putforwardimportantopinionsandsuggestions | Otherinformationofdutyperformance | Detailsofobjections(ifany) |
| December24,2024 | ReviewandapprovetheProposalontheAllocationPlanfortheTotalSalaryBudgetofGuangdongExpresswayin2024. | AgreetotheProposalontheAllocationPlanfortheTotalSalaryBudgetofGuangdongExpresswayin2024andsubmitittotheCompany'sBoardofDirectorsforreview. | |||||
| StrategyCommittee | ChairmanoftheCommittee：MiaoDeshan,Member:WangChunhua,YuMingyuan,LiuHeng,ZengXiaoqing | 1 | March11,2024 | ReviewtheImplementationoftheCompany's2023DevelopmentStrategyandPlan,andthe2024WorkPlan. | AgreetotheImplementationoftheCompany's2023DevelopmentStrategyandPlan,andthe2024WorkPlan,whichobjectivelyreflectstherelevantsituationoftheimplementationoftheCompany's2023developmentplan. | ||
| RiskManagementCommittee | ChairmanoftheCommittee：ZhfangRenshou,Member:MiaoDeshan,YouDewei | 2 | March11,2024 | ReviewtheSummaryReportonComprehensiveRiskManagementandInternalControlSystemofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.in2023. | AgreetotheSummaryReportonComprehensiveRiskManagementandInternalControlSystemofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.in2023,whichobjectivelyreflectstheCompany'scomprehensiveriskmanagementandinternalcontrolmanagementworkin2023. | ||
| December26,2024 | ReviewtheProposalontheResultsofRiskAssessmentin2024andtheProposalontheSummaryReportonComprehensiveRiskManagementandInternalControlSystemofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.in2024. | Thethreecommitteemembersunanimouslyagreedthat:1.TheevaluationresultsobjectivelyreflectedthecurrentrisksituationoftheCompany.2.TheSummaryReportonComprehensiveRiskManagementandInternalControlSystemofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.in2024objectivelyreflectedtheCompany'sriskmanagementworkin2024. | |||||
| ComplianceCommittee | ChairmanoftheCommittee：YouDewei,Member:YuMingyuan,WuHao. | 1 | December26,2024 | ReviewtheComplianceManagementReportofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.in2024. | AgreetotheComplianceManagementReportofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.in2024,whichobjectivelyreflectstheCompany'scompliancemanagementwork |
| Committeename | Memberinformation | Numberofmeetingsconvened | Conveningdate | Meetingcontent | Putforwardimportantopinionsandsuggestions | Otherinformationofdutyperformance | Detailsofobjections(ifany) |
| in2024. |
VIII.TheworkingstatusoftheboardofsupervisorsTheboardofsupervisorsfindsoutwhetherthecompanyhasrisksduringthemonitoringactivitiesduringthereportingperiod
□Yes√NoTheSupervisoryCommitteehasnoobjectiontothesupervisionmattersduringthereportingperiod.IX.Particularsaboutemployees.
1.Numberofstaff,professionalstructureandeducationalbackground
| Numberofin-servicestaffoftheparentcompany(person) | 99 |
| Numberofin-servicestaffofthemainsubsidiaries(person) | 2,895 |
| Thetotalnumberofthein-servicestaff(person) | 2,994 |
| Thetotalnumberofstaffreceivingremunerationinthecurrentperiod(person) | 2,994 |
| Retiredstaffwithchargespaidbytheparentcompanyandmainsubsidiaries(person) | 135 |
| Professional | |
| Category | Numberofpersons（person） |
| Operatingpersonnel | 2,426 |
| Salepersonnel | 0 |
| TechnologyPersonnel | 384 |
| Financialpersonnel | 65 |
| Managementpersonnel | 119 |
| Total | 2,994 |
| Education | |
| Category | Numberofpersons（person） |
| Holdersofmaster’sdegreeorabove | 61 |
| Graduatesofregularuniversity | 739 |
| Graduatesofjuniorcolleges | 1,602 |
| Other | 592 |
| Total | 2,994 |
2.Remunerationpolicies
GuangdongExpresswayadherestotheprincipleofefficiency-orientation,efficiencyandfairness,andcombinationofincentivesandconstraints,withpositiveincentivesandfocusonlongterm.Accordingtonationallaws,regulationsandpolicies,itestablishesanannualsalarysystemfortheassessmentofenterpriseleadersandaperformance-basedsalarysystemformanagementpersonnel,andadoptsatotalsalarybudgettobeincludedincomprehensivebudgetmanagement.Accordingtotheinterrelatedperformancecontributionsoflabor,managementandskills,employeesalariesarecloselylinkedwithpersonalperformanceandenterprisebenefits.
TheCompanyprovidesvariousbenefitsthatcomplywithlawsandregulations.Employeesareentitledtovariousbenefitssuchassocialinsurance,enterpriseannuity,supplementarymedicalcare,andtradeunionmutualaidinsurance,toensurethatemployeessharethefruitsofdevelopmentandstimulatetheirworkenthusiasm.
3.TrainingplanEachbusinessdepartmentorganizesemployeestoparticipateinthebusinessposttrainingorganizedbythecompetentdepartmentofindustryandsocialprofessionaltraininginstitutionsaccordingtotheemployeejobcharacteristics,employeejobperformanceandindustrydevelopmenttrendofthedepartment.Inordertohelpenterprisesdevelopwithhighqualityandefficientlycompletethetaskofstate-ownedenterprisereform,itisplannedtocarryoutspecialtrainingonstate-ownedenterprisereform;inordertoimproveemployees'workingsatisfaction,itisplannedtocarryoutspecialtrainingonemployees'mentalhealthandphysicalhealthcare.Carryoutcontinuingeducationandtrainingforprofessionalandtechnicalpersonnel.Carryoutvarioustrainingactivitiessuchasspecialeducationandincorruptioneducationincooperationwiththepartyandthemasses,supervisionandexamination,etc.
4.Outsourcingsituation
□Applicable√NoApplicableX.SpecificationofprofitdistributionandcapitalizingofcommonreservesFormulation,implementationoradjustmentoftheprofitdistributionpolicy,especiallythecashdividendpolicyduringthereportingperiod
□Applicable√NotapplicableDuringthereportingperiod,theCompanymadeaprofitandtheprofitavailabletoshareholdersoftheparentcompanywaspositive,butnocashdividenddistributionplanwasputforward.
□Applicable√NotapplicableProfitdistributionandcapitalizationofcapitalreserveduringthereportingperiod
√Applicable□Notapplicable
| Bonussharesforeverytenshares(Shares) | 0 |
| Cashdividendforeverytenshares(Yuan)(Tax-included) | 5.23 |
| Atotalnumberofsharesasthedistributionbasis(shares) | 2,090,806,126 |
| Cashdividendamount(yuan,includingtax | 1,093,491,603.90 |
| Othermeans(suchasrepurchaseofshares)cashdividendamount(yuan) | 0.00 |
| Totalcashdividend(yuan,includingtax) | 1,093,491,603.90 |
| Distributableprofit(yuan) | 5,647,838,088.10 |
| Theproportionofthetotalcashdividend(includingothermeans)inthetotalprofitdistribution | 100% |
| Proportionofcashdividendinthedistributableprofit | |
| TheCompanyisinafastgrowthstage,thereforthecashdividendwillreach80%oftheprofitdistributionatleast.Cashdividenddistributionpolicy. | |
| DetailsofprofitdistributionorreservecapitalizationPreplan | |
| 1.Limitedto10%oftheregisteredcapitaloftheParentcompany,thenetprofitofthecompany,i.e.163,460,199.30yuan,istobeallocatedforstatutorycommonreservefund；2.Theprofitfor2024istobedistributedasfollows:1,093,491,603.90yuan.istobeallocatedasthefundfordividenddistributionfor2024.withthetotalsharesattheendof2024,i.e.,2,090,806,126shares,asthebase,cashdividendof5.23yuan(includingtax)istobedistributedforevery10shares.Theremainingundistributedprofitsaretobecarriedforwardtothenextyear.TheforeignexchangetranslationofthecashdividendsforshareholdersholdingBshareandoverseascorporateshareswillbedeterminedaccordingtoHKD:RMBbank’sMiddleratequotedbyPeople’sBankofChinaonthefirstworkingdayafter2024annualshareholders’generalmeetingmakesresolutionondividenddistribution. | |
XI.ImplementationSituationofStockIncentivePlanoftheCompany,EmployeeStockOwnershipPlanorOtherEmployeeIncentiveMeasures
□Applicable√NotapplicableNoneXII.Constructionandimplementationofinternalcontrolsystemduringthereportingperiod
1.ConstructionandimplementationofinternalcontrolTheCompanyhasestablishedasoundcorporategovernancestructure,withclearresponsibilitiesofgeneralmeetingofshareholders,BoardofDirectors,BoardofSupervisorsandmanagement,establishedcorporategovernancerulescenteredbytheArticlesofAssociation,rulesofprocedureofgeneralmeetingofshareholders,BoardofSupervisors,BoardofDirectorsandspecializedcommitteesthereunder,standardizedoperationofgeneralmeetingofshareholders,BoardofDirectorsandBoardofSupervisors,heldandconvenedrelevantmeetingsinaccordancewiththeprovisionsoftheCompanyLawandtheArticlesofAssociation,andreachedlegalandvalidresolutions.ThegeneralmeetingofshareholdersisthehighestauthorityoftheCompany;theBoardofSupervisorsisresponsibleforthegeneralmeetingofshareholders,andthesupervisionofdirectorsandmanagementtoperformtheirdutiesaccordingtolawissoundandeffective.TheBoardofDirectorsshallberesponsibletothegeneralmeetingofshareholdersandexercisethebusinessdecision-makingpoweraccordingtolaw.ItisprovidedwithanAuditCommittee,theindependentdirectorsmeetthequorum,andthedecision-makingproceduresandmanagementrulesofprocedureoftheBoardofDirectorsarescientificandtransparent;themanagementisefficientandrigorousinimplementingtheresolutionsoftheBoardofDirectors.TheCompanyhassetup10functionaldepartments,includingInvestmentDevelopmentDepartment,HumanResourcesDepartment,FinancialManagementDepartment,InfrastructureManagementDepartment,OperationandManagementDepartment,DisciplineInspectionandAuditDepartment,SecuritiesAffairsDepartment,ComprehensiveAffairsDepartment,LegalAffairsDepartmentandPartyandMassWorkDepartment.Thedistributionofpowersandresponsibilitiesandbusinessprocessesofallfunctionaldepartmentsareclearandreasonable,formingaworkingmechanismofdutyperformance,responsibilityshouldering,mutualrestrictionandcoordination.TheCompanyhasestablishedaperfectcontrolsystemforparent-subsidiarycompanies,andformedasoundinternalcontrolsystemforeachsubsidiarycompany.Meanwhile,theCompanyhasestablishedandimprovedrulesandregulationsrelatedtoriskassessment,fraudriskcontrol,informationandcommunication,andmaintainedeffectiveinternalcontrol.
TheCompanyhassetupanAuditCommitteeundertheBoardofDirectorstosupervisetheeffectiveimplementationoftheCompany'sinternalcontrolandself-evaluationofinternalcontrol.TheCompanyhassetuptheDisciplineInspectionandAuditDepartment,whichisresponsibleforsupervisingtheestablishmentandoperationoftheCompany'sinternalcontrolsystem,evaluatingtheCompany'sriskcontrolandevaluatingtheeffectivenessoftheCompany'sinternalcontrol.Ithasdefinedthestandardsofinternalcontroldefectidentification,rectificationproceduresandinternalcontrolself-evaluationprocedures,andformedaneffectiveinternalcontrolsupervisionsystem.
2.Detailsofmajorinternalcontroldefectsfoundduringthereportingperiod
□Yes√NoXIII.ManagementandcontroloftheCompany'ssubsidiariesduringthereportingperiod
□Applicable√Notapplicable
XIV.Internalcontrolself-evaluationreportorinternalcontrolauditreport
1.Self-evaluationreportoninternalcontrol
| Disclosuredateofappraisalreportoninternalcontrol | March4,,2025 | |
| Disclosureindexofappraisalreportoninternalcontrol | www.cninfo.com.cn | |
| Theratioofthetotalassetsofunitsincludedinthescopeofevaluationaccountingforthetotalassetsonthecompany'sconsolidatedfinancialstatements | 100.00% | |
| Theratiooftheoperatingincomeofunitsincludedinthescopeofevaluationaccountingfortheoperatingincomeonthecompany'sconsolidatedfinancialstatements | 100.00% | |
| StandardsofDefectsEvaluation | ||
| Type | FinancialReport | Non-financialReport |
| Qualitativestandard | ThequalitativecriteriafortheevaluationofinternalcontroldeficienciesinfinancialreportsconfirmedbytheCompanyisasfollows:Thefollowingsituations(includingbutnotlimitedto)shallbedeemedas“materialdeficiencies”intheinternalcontrolofthefinancialreport.(1)Therearemajorfraudsmadebythedirectors,orsupervisors,orseniormanagementpersonnelinthecompany’smanagementactivities;(2)Therearematerialmisstatementsinthecurrentfinancialreportbuttheinternalcontrolfailedtofindthemisstatementsduringitsoperation;(3)Thesupervisionsmadebythecompany'sauditcommitteeandtheinternalauditorganizationontheinternalcontrolareinvalid;(4)Thecontrolenvironmentisinvalid;(5)Thematerialdeficienciesfoundandreportedtothemanagementbutarenotcorrectedwithinareasonabletime;(6)Thereisanadministrativepunishmentfromthesecuritiesregulatoryinstitutionduetoaccountingerrors. | Thequalitativecriteriafortheevaluationofinternalcontroldeficienciesinnon-financialreportsconfirmedbytheCompanyisasfollows:Materialdeficiencies:seriousviolationsandbeingsentencedtoheavyfinesorneedtakingcriminalresponsibility;utterlydisregardtherulesoflaw,illegalbehaviorsintheoperationandmanagementareparticularlysevereandthecircumstanceisverybad,whichleadstothesuspensionorcessationtothecompany'sdailyoperationandmanagementactivities,andleadstotheauditreportwithadisclaimerofopinionoranegativeopinionissuedbytheCPA;thenegativenewsspreadalloverthecountry,whichcausedseveredamagetothecompany’sreputation;resultedindeceaseofanumberofworkersorcitizens,orresultedindamagesthatareunabletorecovertoworkersorcitizens;reachedthecircumstance(gradeII)ofmajorenvironmentalevent.Significantdeficiencies:illegalandbeingpunished;disregardtherequirementsofthe |
| Thefollowingsituations(includingbutnotlimitedto)shallbedeemedas“significantdeficiencies”intheinternalcontrolofthefinancialreportandthereareintensesignsforthesituationsbecoming“materialdeficiencies”:(1)Fraudsmadebystaffinkeypositions;(2)Thesupervisoryfunctiononcomplianceisinvalid,andtheviolationsofregulationsmayhaveasignificantimpactonthereliabilityofthefinancialreport;(3)Thesignificantdeficienciesreportedtothemanagementbutarenotcorrectedwithinareasonableperiod.Thefollowingsituations(includingbutnotlimitedto)shallbedeemedas“generaldeficiencies”intheinternalcontrolofthefinancialreport.(1)Fraudsmadebystaffinnonkeypositions,orbusinessoperatorsexecutetheimplementationproceduresnotstrictlyconformingtothecompany’spolicybutresultedinnosignificantimpactonthereliabilityofthefinancialreport.(2)Thesupervisoryfunctiononcomplianceisinvalid,andtheviolationsofregulationsmaynothaveasignificantimpactonthereliabilityofthefinancialreport;(3)Thegeneraldeficienciesreportedtothemanagementbutarenotcorrectedwithinareasonableperiod. | company’smanagementsystemandtherelevantrulesoflaw,thereareillegalactsofusingtheauthoritytoseekillegalinterestsinthework,whichsignificantlyaffecttheefficiencyandtheresultofdailyoperationandmanagementactivitiesandleadtotheauditreportwithqualifiedopinionissuedbytheCPA;thenegativenewsspreadinaregion,whichcausedthelarge-extentdamagetothecompany’sreputation;resultedindeceaseofaworkeroracitizen,orresultedindamagesthatneedlongtimetorecovertoworkersorcitizens;reachedthecircumstance(gradeⅢ)ofbigenvironmentalevent.Generaldeficiencies:minorviolations;theawarenessofmanagementunderincompliancewithlawsandregulationsisweak,lackingofbusinessandmanagementknowledge,andtherearephenomenasuchasbeingslackinperformingmanagementduties,beingpassiveandpoorlyexecutetheinstitutioninthework,whichshallaffecttheefficiencyandtheresultofdailyoperationandmanagementactivitiesandleadtosmalleffectstothecompany’smanagementgoal;thenegativenewsspreadwithinthecompany,whichcausedthelittle-extentdamagetothecompany’sreputation;shortlyaffectedthehealthoftheworkersorcitizensandtheworkersorcitizenscanberecoveredinashorttime;reachedthecircumstance(gradeⅣ)ofgeneralenvironmentalevent. | |
| StandardsofQuantization | ThequalitativecriteriafortheevaluationofinternalcontroldeficienciesinfinancialreportsconfirmedbytheCompanyisasfollows:Materialdeficiencies:potentialmisstatement≧1%ofthetotalamountoftheowner’sequityorRMB200million; | ThequalitativecriteriafortheevaluationofinternalcontroldeficienciesinfinancialreportsconfirmedbytheCompanyisasfollows:Materialdeficiencies:potentialmisstatement≧1%ofthetotalamountoftheowner’sequityorRMB200million; |
| significantdeficiencies:0.5%ofthetotalamountoftheowner’sequityorRMB100million≤potentialmisstatement＜1%ofthetotalamountoftheowner’sequityorRMB200million;generaldeficiencies:potentialmisstatement＜0.5%ofthetotalamountoftheowner’sequityorRMB100millionStandardsofQuantization | significantdeficiencies:0.5%ofthetotalamountoftheowner’sequityorRMB100million≤potentialmisstatement＜1%ofthetotalamountoftheowner’sequityorRMB200million;generaldeficiencies:potentialmisstatement＜0.5%ofthetotalamountoftheowner’sequityorRMB100millionStandardsofQuantization | |
| Numberofmajordefectsinfinancialreporting（a） | 0 | |
| Numberofmajordefectsinnonfinancialreporting(a) | 0 | |
| Numberofimportantdefectsinfinancialreporting（a） | 0 | |
| Numberofimportantdefectsinnonfinancialreporting（a） | 0 | |
2.InternalControlauditreport
√Applicable□Notapplicable
| Reviewopinionsintheinternalcontrolauditreport | |
| Inouropinion,GuangdongExpresswayhasmaintainedeffectivefinancialreportinternalcontrolinallmaterialaspectsaccordingtothebasicstandardsforEnterpriseinternalcontrolandrelevantregulationsendedDecember31,2024. | |
| Disclosureofinternalauditreport | Disclosure |
| Disclosuredateofauditreportofinternalcontrol | March4,,2025 |
| Disclosureindexofauditreportofinternalcontrol(full-text) | www.cninfo.com.cn |
| Internalauditreport’sopinion | Unqualifiedauditopinion |
| Non-financialreportinghasmaterialdeficiencies | No |
HastheCPAsissuedaqualifiedauditor’sreportofinternalcontrol.
□Yes√NoDoestheinternalcontrolauditreportissuedbytheCPAsagreewiththeself-assessmentreportoftheBoardofDirectors
√Yes□NoXV.Rectificationofself-examinationproblemsinspecialgovernanceactionsoflistedcompaniesNone.
V.Environmental&SocialResponsibilityI.SignificantenvironmentalissuesWhethertheCompanyoranyofitssubsidiariesisidentifiedasakeypolluterbytheenvironmentauthorities
□Yes√NoAdministrativepenaltiesforenvironmentalproblemsduringthereportingperiodNone.Measuresandeffectstakentoreduceitscarbonemissionsduringthereportingperiod
□Applicable√NotapplicableReasonsfornotdisclosingotherenvironmentalinformationNoneII.Socialresponsibilities
FordetailsofCSRwork,pleaserefertothe"2024Environmental,SocialandGovernance(ESG)ReportofGuangdongProvincialExpresswayDevelopmentCo.,Ltd"disclosedonCninfoInformationNetwork(www.cninfo.com.cn)onMarch4,2025III.ConsolidateandexpandtheachievementsofpovertyalleviationandruralrevitalizationNone
VI.ImportantEventsI.Commitmentstofulfillthesituation
1.Thefulfilledcommitmentsinthereportingperiodandunder-fulfillmentcommitmentsbytheendofthereportingperiodmadebythecompany,shareholder,actualcontroller,acquirer,director,supervisor,seniormanagementpersonnelandotherrelatedparities.
√Applicable□Notapplicable
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| Commitmentonsharereform | GuangdongExpressway | Commitmentonauthenticity,accuracyandcompletenessoftheinformationprovided | 1.Theexplanations,commitmentandinformationprovidedbytheCompanyforthistransactionareauthentic,accurateandcomplete,andtherearenofalserecords,misleadingstatementsormajoromissions.2.TheinformationprovidedbytheCompanytotheintermediariesthatprovideprofessionalservicessuchasauditing,evaluation,legalandfinancialconsultingforthistransactionisauthentic,accurateandcompleteoriginalwritteninformationorduplicateinformation,andtheduplicateorphotocopyoftheinformationisconsistentwithitsoriginalinformationororiginalcopy;Thesignaturesandsealsofalldocumentsareauthentic,andthelegalproceduresrequiredforsigningandsealinghavebeenfulfilledandlegalauthorizationhasbeenobtained;Therearenofalserecords,misleading | November25,2020 | Permanentlyeffective | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| statementsormajoromissions.3.TheCompanyguaranteesthatitwillprovidetimelyinformationaboutthistransactioninaccordancewithrelevantlawsandregulations,relevantregulationsofChinaSecuritiesRegulatoryCommissionandShenzhenStockExchange,ensuretheauthenticity,accuracyandcompletenessofsuchinformation,andguaranteethattherearenofalserecords,misleadingstatementsormajoromissions.4.TheCompanyshallbearindividualandjointlegalresponsibilitiesfortheauthenticity,accuracyandcompletenessoftheinformationprovidedordisclosedforthisexchange.Incaseofanylosscausedtoinvestorsduetoviolationoftheabovecommitments,theCompanywillbearcorrespondingliabilityforcompensationaccordingtolaw. | ||||||
| Commitmentonsharereform | Alldirectors,supervisorsandseniormanagementpersonnelofGuangdongExpressway | Commitmentonauthenticity,accuracyandcompletenessoftheinformationprovided | 1.Theexplanations,commitmentandinformationprovidedbythePromiseeforthistransactionareauthentic,accurateandcomplete,andtherearenofalserecords,misleadingstatementsormajoromissions.2.TheinformationprovidedbythePromiseetotheintermediariesthatprovideprofessionalservicessuchasauditing,evaluation,legalandfinancial | November25,2020 | Permanentlyeffective | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| consultingforthistransactionisauthentic,accurateandcompleteoriginalwritteninformationorduplicateinformation,andtheduplicateorphotocopyoftheinformationisconsistentwithitsoriginalinformationororiginalcopy;Thesignaturesandsealsofalldocumentsareauthentic,andthelegalproceduresrequiredforsigningandsealinghavebeenfulfilledandlegalauthorizationhasbeenobtained;Therearenofalserecords,misleadingstatementsormajoromissions.3.ThePromiseeguaranteesthatitwillprovidetimelyinformationaboutthistransactioninaccordancewithrelevantlawsandregulations,relevantregulationsofChinaSecuritiesRegulatoryCommissionandShenzhenStockExchange,ensuretheauthenticity,accuracyandcompletenessofsuchinformation,andguaranteethattherearenofalserecords,misleadingstatementsormajoromissions.4.Ifthistransactionissuspectedoffalserecords,misleadingstatementsormajoromissionsintheinformationprovidedordisclosed,andisputonfileforinvestigationbyjudicialorgansorbyChinaSecuritiesRegulatoryCommission,thetransferofitsshareswithinterestsinthelisted |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| companywillbesuspendeduntiltheinvestigationconclusionofthecaseisobtained.5.ThePromiseeshallbearindividualandjointlegalresponsibilitiesfortheauthenticity,accuracyandcompletenessoftheinformationprovidedordisclosedforthisexchange.Incaseofanylosscausedtoinvestorsduetoviolationoftheabovecommitments,thePromiseewillbearcorrespondingliabilityforcompensationaccordingtolaw. | ||||||
| Commitmentonsharereform | Alldirectors,supervisorsandseniormanagementpersonnelofGuangdongExpressway | Commitmentonfillingmeasurestodiluteimmediatereward | 1.Ipromisenottotransferbenefitstootherunitsorindividualswithoutcompensationorunderunfairconditions,nortodamagetheinterestsoftheCompanybyothermeans.2.Ipromisetorestrainmyjobconsumptionbehavior.3.IpromisenottousetheassetsoftheCompanytoengageinanyinvestmentandconsumptionactivitiesunrelatedtomyduties.4.IpromisethatthesalarysystemformulatedbytheBoardofDirectorsortheRemunerationCommitteeofGuangdongExpresswaywillbelinkedwiththeimplementationoftherewardfillingmeasuresofGuangdongExpressway.5.IfGuangdongExpresswayplanstoimplementequityincentive,IpromisethattheexerciseconditionsofequityincentiveofGuangdong | November25,2020 | Permanentlyeffective | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| Expresswaytobeannouncedwillbelinkedwiththeimplementationoftherewardfillingmeasures.6.IncaseofanylosscausedtoGuangdongExpresswayoritsshareholdersduetoviolationoftheabovecommitmentsorrefusaltoperformtheabovecommitments,Iwillbearcorrespondingcompensationresponsibilitiesaccordingtolaw. | ||||||
| Commitmentonsharereform | GuangdongProvincialFreewayCo.,Ltd. | Commitmentonavoidinghorizontalcompetition | 1.TheCompanyanditsholdingsubsidiarieswillnotusethecontrollingshareholder'sholdingrelationshipwithGuangdongExpresswaytoconductbusinessactivitiesthatharmthelegitimaterightsandinterestsofGuangdongExpressway,itsminorityshareholdersanditsholdingsubsidiaries.2.TheCompanyanditsholdingsubsidiarieswillnotusetheinformationobtainedfromGuangdongExpresswayanditsholdingsubsidiariestoengageinthemainbusinesscompetingwithGuangdongExpresswayoritsholdingsubsidiaries,andwillnotengageinanyactsoractivitiesthatdamageormaydamagethelegitimaterightsandinterestsofGuangdongExpressway,itsminorityshareholdersanditsholdingsubsidiaries.3.IftheCompanyanditsholdingsubsidiariestransferanytollroads, | June26,2015 | ThisletterofcommitmentisvalidfromthedateofsigningtothedatewhentheProvincialExpresswayisnolongercontrolledbythecontrollingshareholderofGuangdongExpressway | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| bridges,tunnelsandrelatedancillaryfacilitiesorrightsinvestedormanagedbytheCompanytoacompanyotherthanGuangdongCommunicationsGroupCo.,Ltd.andthecompanydirectlyorindirectlycontrolledbyit,GuangdongExpresswaywillbeentitledtothepreemptiverightunderthesameconditions,unlessthetransfereeisexplicitlydesignatedbytherelevantgovernmentauthoritiesunderthepremisepermittedbyrelevantlawsandregulations.4.Inthefuture,iftheCompanyanditsholdingsubsidiariesinvestintheconstructionofexpresswaysparalleltoorinthesamedirectionwithin20kmfromeachsideoftheexpresswaycontrolledbyGuangdongExpressway,GuangdongExpresswaywillenjoythepriorityofinvestmentoverGuangdongCommunicationsGroupCo.,Ltd.anditsdirectlyorindirectlycontrolledcompaniesexceptGuangdongExpresswayanditsholdingsubsidiaries,exceptfortheprojectswhoseinvestmententitiesareclearlydesignatedbytherelevantgovernmentauthoritiesunderthepremisepermittedbyrelevantlawsandregulations. | ||||||
| Commitment | Guangdong | Commitmenton | TheCompanywillnotdamagethe | June26,2015 | Thisletterofcommitmentisvalidfrom | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| onsharereform | ProvincialFreewayCo.,Ltd. | maintainingtheindependenceoflistedcompanies | independenceofGuangdongExpresswayduetotheincreaseofsharesheldbytheCompanyafterthecompletionofthismajorassetrestructuring,andwillcontinuetomaintaintheprincipleofseparationfromGuangdongExpresswayintermsofassets,personnel,finance,organizationandbusiness,andstrictlyabidebytherelevantregulationsofChinaSecuritiesRegulatoryCommissionontheindependenceoflistedcompanies,andwillnotuseGuangdongExpresswaytoprovideguarantees,noroccupyGuangdongExpresswayfundsillegally,soastomaintainandprotecttheindependenceofGuangdongExpresswayandprotectthelegitimaterightsandinterestsofothershareholdersofGuangdongExpressway. | thedateofsigningtothedatewhentheProvincialExpresswayisnolongercontrolledbythecontrollingshareholderofGuangdongExpressway | ||
| Commitmentonsharereform | GuangdongProvincialFreewayCo.,Ltd. | Commitmentonreducingandstandardizingrelatedtransactions | 1.Afterthecompletionofthismajorassetrestructuring,theCompanyandthecompaniesdirectlyorindirectlycontrolledbytheCompanyandotherrelatedpartieswilltrytoavoidrelatedtransactionswithGuangdongExpresswayanditsholdingsubsidiaries;Relatedtransactionsthatarereallynecessaryandunavoidablearecarriedoutinaccordancewiththeprinciplesoffairness,equityandcompensationofequalvalue.Thetransactionpriceisdeterminedata | June26,2015 | ThisletterofcommitmentisvalidfromthedateofsigningtothedatewhentheProvincialExpresswayisnolongercontrolledbythecontrollingshareholderofGuangdongExpressway | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| reasonablepricerecognizedbythemarket.Thetransactionapprovalproceduresandinformationdisclosureobligationsareperformedinaccordancewithrelevantlaws,regulationsandnormativedocuments,andtheinterestsofGuangdongExpresswayanditsminorityshareholdersareeffectivelyprotected.2.TheCompanyguaranteestoexerciseshareholders'rightsandfulfillshareholders'obligationsinstrictaccordancewithrelevantlawsandregulations,rulesandnormativedocumentspromulgatedbyChinaSecuritiesRegulatoryCommission,businessrulespromulgatedbyShenzhenStockExchangeandArticlesofAssociationofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.,anditwillnotusethecontrollingpositionofGuangdongExpressway'scontrollingshareholderstoseekimproperbenefitsordamagethelegitimaterightsandinterestsofGuangdongExpresswayanditsminorityshareholders. | ||||||
| Commitmentonsharereform | GuangdongProvincialFreewayCo.,Ltd. | Commitmentonauthenticity,accuracyandcompletenessoftheinformation | 1.TheinformationinvolvedintheexplanationsandcommitmentprovidedbytheCompanyforthistransactionareauthentic,accurateandcomplete,andtherearenofalserecords,misleadingstatementsormajoromissions.2. | November25,2020 | Permanentlyeffective | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| provided | TheinformationprovidedbytheCompanytotheintermediariesthatprovideprofessionalservicessuchasauditing,evaluation,legalandfinancialconsultingforthistransactionisauthentic,accurateandcompleteoriginalwritteninformationorduplicateinformation,andtheduplicateorphotocopyoftheinformationisconsistentwithitsoriginalinformationororiginalcopy;Thesignaturesandsealsofalldocumentsareauthentic,andthelegalproceduresrequiredforsigningandsealinghavebeenfulfilledandlegalauthorizationhasbeenobtained;Therearenofalserecords,misleadingstatementsormajoromissions.3.TheCompanyguaranteesthatitwillprovidetimelyinformationaboutthistransactioninaccordancewithrelevantlawsandregulations,relevantregulationsofChinaSecuritiesRegulatoryCommissionandShenzhenStockExchange,ensuretheauthenticity,accuracyandcompletenessofsuchinformation,andguaranteethattherearenofalserecords,misleadingstatementsormajoromissions. | |||||
| Commitmentonsharereform | GuangdongCommunications | Commitmentonmaintainingthe | TheCompanyandthecompaniesdirectlyorindirectlycontrolledbytheCompanyexcept | June18,2015 | ThisletterofcommitmentisvalidfromthedateofsigningtothedatewhentheProvincialExpresswayisnolonger | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| Group | independenceoflistedcompanies | GuangdongExpresswayanditsholdingsubsidiarieswillnotdamagetheindependenceofGuangdongExpresswayduetotheincreaseinthesharesofGuangdongExpresswayheldbytheCompanyandthecompaniesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiariesafterthecompletionofthismajorassetrestructuring,andwillcontinuetomaintaintheprincipleofseparationfromGuangdongExpresswayintermsofassets,personnel,finance,organizationandbusiness,andstrictlyabidebytherelevantregulationsofChinaSecuritiesRegulatoryCommissionontheindependenceoflistedcompanies,andwillnotuseGuangdongExpresswaytoprovideguarantees,noroccupyGuangdongExpresswayfundsillegally,soastomaintainandprotecttheindependenceofGuangdongExpresswayandprotectthelegitimaterightsandinterestsofothershareholdersofGuangdongExpressway. | controlledbythecontrollingshareholderofGuangdongExpressway | |||
| Commitmentonsharereform | GuangdongCommunicationsGroup | Commitmentonavoidinghorizontalcompetition | 1.TheCompanyandthecompaniesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiarieswillnotusethecontrollingshareholder'sholdingrelationshipwith | June26,2015 | ThisletterofcommitmentisvalidfromthedateofsigningtothedatewhentheProvincialExpresswayisnolongercontrolledbythecontrollingshareholderofGuangdongExpressway | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| GuangdongExpresswaytoconductbusinessactivitiesthatharmthelegitimaterightsandinterestsofGuangdongExpressway,itsminorityshareholdersanditsholdingsubsidiaries.2.TheCompanyandthecompaniesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiarieswillnotusetheinformationobtainedfromGuangdongExpresswayanditsholdingsubsidiariestoengageinthemainbusinesscompetingwithGuangdongExpresswayoritsholdingsubsidiaries,andwillnotengageinanyactsoractivitiesthatdamageormaydamagethelegitimaterightsandinterestsofGuangdongExpressway,itsminorityshareholdersanditsholdingsubsidiaries.3.IftheCompanyandothercompaniesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiariestransferanytollroads,bridges,tunnelsandrelatedancillaryfacilitiesorinterestsinvestedormanagedbytheCompanytocompaniesotherthantheCompanydirectlyorindirectlycontrolledbytheCompany,GuangdongExpresswayshallbeentitledtothepreemptiverightunderthesame |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| conditions,unlessthetransfereeisexplicitlydesignatedbytherelevantgovernmentauthoritiesunderthepremisepermittedbyrelevantlawsandregulations.4.Inthefuture,iftheCompanyandthecompaniesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiariesinvestintheconstructionofexpresswaysparalleltoorinthesamedirectionwithin20kmfromeachsideoftheexpresswaycontrolledbyGuangdongExpressway,GuangdongExpresswaywillbeentitledtothepriorityinvestmentrightcomparedwiththeCompanyandthecompaniesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiaries,exceptfortheprojectswhoseinvestmententitiesareclearlydesignatedbytherelevantgovernmentauthoritiesunderthepremisepermittedbyrelevantlawsandregulations. | ||||||
| Commitmentonsharereform | GuangdongCommunicationsGroup | Commitmentonreducingandstandardizingrelatedtransactions | 1.Afterthecompletionofthismajorassetrestructuring,theCompanyandothercompaniesandotherrelatedpartiesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiarieswilltry | June18,2015 | ThisletterofcommitmentisvalidfromthedateofsigningtothedatewhentheProvincialExpresswayisnolongercontrolledbythecontrollingshareholderofGuangdongExpressway | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| toavoidrelatedtransactionswithGuangdongExpresswayanditsholdingsubsidiaries;Relatedtransactionsthatarereallynecessaryandunavoidablearecarriedoutinaccordancewiththeprinciplesoffairness,equityandcompensationofequalvalue.Thetransactionpriceisdeterminedatareasonablepricerecognizedbythemarket.Thetransactionapprovalproceduresandinformationdisclosureobligationsareperformedinaccordancewithrelevantlaws,regulationsandnormativedocuments,andtheinterestsofGuangdongExpresswayanditsminorityshareholdersareeffectivelyprotected.2.TheCompanyguaranteestoexerciseshareholders'rightsandfulfillshareholders'obligationsinstrictaccordancewithrelevantlawsandregulations,rulesandnormativedocumentspromulgatedbyChinaSecuritiesRegulatoryCommission,businessrulespromulgatedbyShenzhenStockExchangeandArticlesofAssociationofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.,anditwillnotusethecontrollingpositionofcontrollingshareholderstoseekimproperbenefitsordamagethelegitimaterightsandinterestsofGuangdong |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| Expresswayanditsminorityshareholders. | ||||||
| Commitmentonsharereform | GuangdongCommunicationsGroup | Commitmentonauthenticity,accuracyandcompletenessoftheinformationprovided | 1.Theexplanations,commitmentandinformationprovidedbytheCompanyforthistransactionareauthentic,accurateandcomplete,andtherearenofalserecords,misleadingstatementsormajoromissions.2.TheinformationprovidedbytheCompanytotheintermediariesthatprovideprofessionalservicessuchasauditing,evaluation,legalandfinancialconsultingforthistransactionisauthentic,accurateandcompleteoriginalwritteninformationorduplicateinformation,andtheduplicateorphotocopyoftheinformationisconsistentwithitsoriginalinformationororiginalcopy;Thesignaturesandsealsofalldocumentsareauthentic,andthelegalproceduresrequiredforsigningandsealinghavebeenfulfilledandlegalauthorizationhasbeenobtained;Thevalidityoftheoriginalsofeachdocumenthasnotbeenrevokedwithinitsvalidityperiod,andsuchoriginalsareheldbytheirrespectivelegalholdersuptonow;Therearenofalserecords,misleadingstatementsormajoromissions.3.TheCompanyguaranteesthatiftherearefalserecords,misleading | November25,2020 | Permanentlyeffective | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| statementsormajoromissionsintheinformationprovidedordisclosedforthistransaction,whicharefiledforinvestigationbyjudicialorgansorfiledforinvestigationbyChinaSecuritiesRegulatoryCommission,beforetheinvestigationconclusionisrevealed,theCompanypromisestosuspendthetransferofshareswithinterestsinGuangdongExpressway,andsubmitthewrittenapplicationforsuspensionoftransferandthestockaccounttotheBoardofDirectorsofGuangdongExpresswaywithintwotradingdaysafterreceivingthenoticeoffilinginspection,andtheBoardofDirectorsofGuangdongExpresswaywillapplyforlockingonbehalfoftheCompanytothestockexchangeandtheregistrationandclearingcompany;Iftheapplicationforlockingisnotsubmittedwithintwotradingdays,theBoardofDirectorsofGuangdongExpresswayisauthorizedtodirectlysubmittheidentityinformationandaccountinformationoftheCompanytothestockexchangeandtheregistrationandclearingcompanyafterverificationandapplyforlocking;IftheBoardofDirectorsofGuangdongExpresswayfailstosubmittheCompany'sidentityinformationand |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| accountinformationtothestockexchangeandtheregistrationandclearingcompany,thestockexchangeandtheregistrationandclearingcompanyareauthorizedtodirectlylocktherelevantshares.Iftheinvestigationresultsshowthatthereareviolationsoflawsandregulations,theCompanypromisestolockinsharesandusethemvoluntarilyforcompensationarrangementsofrelevantinvestors.4.TheCompanyshallbearindividualandjointlegalresponsibilitiesfortheauthenticity,accuracyandcompletenessoftheinformationprovidedordisclosedforthisexchange.IncaseofanylosscausedtoGuangdongExpresswayorinvestorsduetoviolationoftheabovecommitments,theCompanywillbearcorrespondingliabilityforcompensationaccordingtolaw. | ||||||
| Commitmentonsharereform | GuangdongCommunicationsGroup | Commitmentonfulfillingfillingmeasurestodiluteimmediatereward | 1.ItwillnotinterferewiththebusinessactivitiesofGuangdongExpresswaybeyondauthority,andwillnotencroachontheinterestsofGuangdongExpressway.2.IncaseofanylosscausedtoGuangdongExpresswayorinvestorsduetoviolationoftheabovecommitments,theCompanywillbearcorrespondingliabilityforcompensationaccordingtolaw. | November25,2020 | Permanentlyeffective | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| Commitmentonsharereform | GuangdongCommunicationsGroup | CommitmentonlandandrealestateofGuanghuiExpressway | 1.ThelandoccupiedandusedbyGuangzhou-HuizhouExpresswaywithatotalareaof3,732,185.08squaremetershasnotyetobtainedtheownershipcertificate.TheCompanyundertakesthat:(1)Theownershipofthelanduserightoftheabove-mentionedlandisclearwithnodispute,andGuangzhou-HuizhouExpresswaycanlegallyoccupyandusetheabove-mentionedland;(2)Guangzhou-HuizhouExpresswaywillcontinuetoeffectivelyoccupyandusetherelevantlandbeforetheownershipcertificateisobtained,andwillnotbemateriallyadverselyaffectedthereby;(3)Afterthecompletionofthistransaction,ifGuangdongExpresswaysufferslossesasashareholderofGuangzhou-HuizhouExpressway,forlossessufferedbecauseGuangzhou-HuizhouExpresswayoccupiesandusestheabove-mentionedlandwithoutownershipcertificate,orengagesinengineeringconstructiononsuchland,theCompanywillbeartheactuallossessufferedbyGuangdongExpressway.2.ThelandoccupiedandusedbyGuangzhou-HuizhouExpresswaywithatotalareaof12,324,867.92squaremetersiscurrentlyregisteredunderthenameofGuangdongChangdaHighway | November25,2020 | Permanentlyeffective | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| EngineeringCo.,Ltd.(nowrenamedas"PolyChangdaEngineeringCo.,Ltd.",hereinafterreferredtoas"ChangdaCompany"),ofwhich8,799,336.79squaremetersoflandhasobtainedtheownershipcertificate,andtheother3,525,531.13squaremetersoflandhasnotyetobtainedtheownershipcertificate.TheCompanypromisesthatafterthecompletionofthistransaction,ifGuangdongExpresswaysufferslossesasashareholderofGuangzhou-HuizhouExpresswayandbecauseGuanghuiExpresswayoccupiesandusesthelandregisteredunderthenameofChangdaCompany,theCompanywillbeartheactuallossessufferedbyGuangdongExpressway.3.Thepropertyownershipcertificatehasnotbeenobtainedforthepropertywithatotalareaof72,364.655squaremetersoccupiedandusedbyGuangzhou-HuizhouExpressway.TheCompanypromisesthat:(1)Theownershipoftheabove-mentionedpropertywithoutownershipcertificatecurrentlyusedbyGuanghuiExpresswayisclearwithnodispute,andGuangzhou-HuizhouExpresswaycanlegallyoccupyandusetheabove-mentionedproperty;(2)Guangzhou-HuizhouExpressway |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| willcontinuetoeffectivelyoccupyandusetheabove-mentionedpropertybeforethepropertyownershipcertificateisobtained,andwillnotbemateriallyadverselyaffected;(3)Afterthecompletionofthistransaction,ifGuangdongExpresswaysufferslossesasashareholderofGuangzhou-HuizhouExpresswayandbecauseGuangzhou-HuizhouExpresswayoccupiesandusestheabove-mentionedpropertywithoutrelevantpropertyownershipcertificate,theCompanywillbeartheactuallossessufferedbyGuangdongExpressway. | ||||||
| Commitmentonsharereform | GuangdongGuanghuiExpresswayCo.,Ltd. | Commitmentonauthenticity,accuracyandcompletenessoftheinformationprovided | 1.Theexplanations,commitmentandinformationprovidedbytheCompanyforthistransactionareauthentic,accurateandcomplete,andtherearenofalserecords,misleadingstatementsormajoromissions.2.TheinformationprovidedbytheCompanytotheintermediariesthatprovideprofessionalservicessuchasauditing,evaluation,legalandfinancialconsultingforthistransactionisauthentic,accurateandcompleteoriginalwritteninformationorduplicateinformation,andtheduplicateorphotocopyoftheinformationisconsistentwithitsoriginalinformationororiginalcopy;Thesignaturesandsealsofall | November25,2020 | Permanentlyeffective | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| documentsareauthentic,andthelegalproceduresrequiredforsigningandsealinghavebeenfulfilledandlegalauthorizationhasbeenobtained;Therearenofalserecords,misleadingstatementsormajoromissions.3.TheCompanyguaranteesthatitwillprovidetimelyinformationaboutthistransactioninaccordancewithrelevantlawsandregulations,relevantregulationsofChinaSecuritiesRegulatoryCommissionandShenzhenStockExchange,ensuretheauthenticity,accuracyandcompletenessofsuchinformation,andguaranteethattherearenofalserecords,misleadingstatementsormajoromissions.4.TheCompanyshallbearindividualandjointlegalresponsibilitiesfortheauthenticity,accuracyandcompletenessoftheinformationprovidedordisclosedforthisexchange.Incaseofanylosscausedtoinvestorsduetoviolationoftheabovecommitments,theCompanywillbearcorrespondingliabilityforcompensationaccordingtolaw. | ||||||
| Commitmentonsharereform | GuangdongCommunicationGroupCo.,Ltd | Othercommitment | Inordertopromotethesmoothprogressoftheissueofshares,thecashpurchaseofassetsandtheraisingofmatchingfunds(hereinafterreferredtoas"themajorassetrestructuring") | April27,2019 | Itcontinuedtopushforwardtheprogressofaccreditation,andcompletedtheregistrationproceduresofrelevantlandandrealestateownershipwithinthree | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| approvedbyGuangdongExpresswayDevelopmentCo.,Ltd.atitssecondextraordinaryshareholders'meetingin2015,withregardtoallthelandandrealestate(hereinafterreferredtoas"relevantlandandrealestate")ownedbyGuangdongFokaiExpresswayCo.,Ltd.(hereinafterreferredtoas"FokaiCompany")andJingzhuExpresswayGuangzhuSectionCo.,Ltd.(hereinafterreferredtoas"GuangzhuEastCompany")withoutownershipcertificates(hereinafterreferredtoas"relevantlandandrealestate")disclosedinthereportofGuangdongExpresswayDevelopmentCo.,Ltd.onissuingsharesandpayingcashtopurchaseassetsandraisingmatchingfundsandrelatedtransactions,thecompanyundertooktourgeFokaiCompanyandGuangzhuEastCompanytogothroughtheownershipregistrationformalitiesaccordingtothefollowingplanundertheconditionthatitisconducivetosafeguardingtherightsandinterestsoflistedcompanies;Continuedtopushforwardtheprogressofaccreditation,andcompletedtheregistrationproceduresofrelevantlandandrealestateownershipwithinthreeyearsaftertherelevantpolicieswereclear | yearsaftertherelevantpolicieswereclearandtherelevantlandandrealestatemettheconditionsforhandlingtheregistrationproceduresofownership,inaccordancewiththerelevantlawsandregulationsandtherequirementsofthecompetentgovernmentdepartments |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| andtherelevantlandandrealestatemettheconditionsforhandlingtheregistrationproceduresofownership,inaccordancewiththerelevantlawsandregulationsandtherequirementsofthecompetentgovernmentdepartments. | ||||||
| Commitmentonsharereform | GuangdongProvincialFreewayCo.,Ltd. | Performancecommitment | ThepredictednetprofitofGuangdongGuanghuiExpresswayCo.,Ltd.afterdeductingnon-recurringgainsandlossesin2020,2021and2022(hereinafterreferredtoas"predictednetprofit")isRMB652,477,500,RMB1,112,587,300andRMB1,234,200,900respectively.Accordingtothespecialauditopinionissuedbytheaccountingfirm,iftheaccumulatedrealizednetprofitofGuangdongGuangzhou-HuizhouExpresswayCo.,Ltd.attheendofanyfiscalyeardoesnotreachtheaccumulatedpredictednetprofitwithinthecompensationperiod,GuangdongProvincialFreewayCo.,Ltd.willcompensateincashasagreed. | November25,2020 | 2020-2022 | Normalperformance |
| Commitmentonsharereform | GuangdongProvincialFreewayCo.,Ltd. | Performancecommitment | Theproposalonchangeofperformancecommitmentofthemajorassetrestructuringprojectin2020andsigningthesupplementaryagreementtotheprofitcompensationagreementwasreviewedinapprovedintheCompany's | August23,2023 | 2020-2023 | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| firstextraordinarygeneralmeetingofshareholdersin2023,agreedtochangetheperformancecommitmentofthemajorassetrestructuringprojectin2020,andagreedtheCompanytosignthe"SupplementaryAgreementtotheProfitCompensationAgreement"withtheProvincialExpressway.Theperformancecompensationperiodfortheassetrestructuringwasadjustedto2020,2021,and2023.TheprovincialexpresswaypromisedthatthenetprofitaccumulatedbyGuanghuiExpresswayin2020,2021and2023afterdeductingnon-recurringprofitsandlosseswillnotbelessthan2,999,265,700yuan. | ||||||
| Completedontime(Y/N) | Yes | |||||
2.Theexistenceofthecompany'sassetsorprojectsearningsforecastsandearningsreportingperiodisstillintheforecastperiod,thecompanyhasassetsorprojectsmeettheoriginalprofitforecastmadeandthereasonsexplained
□Applicable?NotapplicableII.Particularsaboutthenon-operatingoccupationoffundsbythecontrollingshareholder
□Applicable√NotapplicableNoneIII.Illegalprovisionofguaranteesforexternalparties
□Applicable√NotapplicableNoneIV.ExplanationoftheBoardofDirectorsonthelatest"Non-standardAuditReport"
□Applicable√NotapplicableV.Notesfor“non-standardauditreport”ofCPAsfirmduringtheReportingPeriodbyboardofdirectorsandsupervisoryboard
□Applicable√NotapplicableVI.Explainchangeoftheaccountingpolicy,accountingestimateandmeasurementmethodsascomparedwiththefinancialreportingoflastyear.?Applicable□Applicable
(I)ChangesinaccountingpoliciesTheMinistryofFinanceissuedInterpretationNo.17oftheAccountingStandardsforBusinessEnterprisesonOctober25,2023(hereinafterreferredtoas"InterpretationNo.17").AccordingtotherequirementsoftheMinistryofFinance,thecontentof"ClassificationofCurrentLiabilitiesandNonCurrentLiabilities"wasimplementedfromJanuary1,2024.Accordingtorelevantrequirements,theCompanyhasmadecorrespondingchangesinitsaccountingpolicies,andsuchaccountingpolicychangeshavenothadanyimpactontheCompany'sfinancialstatements.
(II)SignificantchangesinaccountingestimatesAfterbeingreviewedandapprovedatthe22nd(temporary)meetingofthe10thBoardofDirectorsoftheCompany,theGuangzhou-AomenExpresswayNansha-ZhuhaiSection-ZhongshanUrbanArea-ZhuhaiSectionwascompletedandopenedtotrafficinSeptember2024.Theentirelineisexpectedtobeopenedtotrafficbytheendof2027.TheCompanyestimatesthattheapprovedtollperiodis25yearsaftertheentirelineisopened,sothedepreciationperiodoftheZhongshanUrbanArea-ZhuhaiSectionhasbeenadjustedtoDecember31,2052.Inresponsetotheaccountingestimatechanges,theCompanyadoptsthefutureapplicationmethod,anditsimpactontheaccountingstatementitemsforthisyearisasfollows:
| Affectedreportitemnameandaffectedamount | |
| Fixedasset | IncreasebyRMB6,541,409.40 |
| Payabletaxesandfees | IncreasebyRMB1,635,352.35 |
| Affectedreportitemnameandaffectedamount | |
| Deferredincometaxliability | DecreasebyRMB314,226.46 |
| Operatingcost | DecreasebyRMB6,541,409.40 |
| Incometaxexpenses | IncreasebyRMB1,321,125.89 |
| Minorityshareholders'equity | IncreasebyRMB1,305,070.88 |
| Minorityshareholders'profitsandlosses | IncreasebyRMB1,305,070.88 |
| Netassetsattributabletotheparentcompany | IncreasebyRMB3,915,212.63 |
| Netprofitattributabletotheparentcompany | IncreasebyRMB3,915,212.63 |
VII.Explainchangeoftheconsolidationscopeascomparedwiththefinancialreportingoflastyear.
□Applicable√NotapplicableNoneVIII.Engagement/DisengagementofCPAsCPAscurrentlyengaged
| NameofthedomesticCPAs | YongTuoCertifiedPublicAccountants(SpecialGeneralPartnership) |
| Remunerationfordomesticaccountingfirm(Tenthousandsyuan) | 110.45 |
| SuccessiveyearsofthedomesticCPAsofferingauditingservices | 5years |
| NameofCPA | SunXiuqing,HuangZhiyan |
| Continuousyearsofauditservicesofcertifiedpublicaccountantsofdomesticpublicaccountingfirms | 5 |
| NameoftheOverseasCPAs（Ifany | None |
| Remunerationforoverseasaccountingfirm(Tenthousandsyuan)（Ifany） | 0 |
| SuccessiveyearsoftheoverseasCPAsofferingauditingservices（Ifany） | None |
| NameofCPA（Ifany） | None |
| Continuousyearsofauditservicesofcertifiedpublicaccountantsofoverseaspublicaccountingfirms（ifany） | None |
HastheCPAsbeenchangedinthecurrentperiod
□Yes√NoAdetailedexplanationofthechangeofemploymentandaccountingfirm
√Applicable□Notapplicable
OnMarch15,2024,the"ProposalonHiringtheInternalControlAuditAgencyfor2024wasapprovedinthe18thmeetingoftheTenthsessionoftheboardofdirectors,anditagreedthattheCompanywillcontinuetohireYongtuoAccountingFirm(LLP)astheinternalcontrolauditorfor2024.TheexpectedauditfeeshallnotexceedRMB300,000.OnMay20,2024,the"ProposalonHiringtheInternalControlAuditAgencyfor2024"was
approvedintheCompany's2023AnnualGeneralMeetingofShareholders.IX.SituationofFacingListingSuspensionandListingTerminationaftertheDisclosureoftheYearlyReport
□Applicable√NotapplicableX.RelevantMattersofBankruptcyReorganization
□Applicable√NotapplicableNoneXI.MattersofImportantLawsuitandArbitration
□Applicable√NotapplicableNoneXII.SituationofPunishmentandRectification
□Applicable√NotapplicableNoneXIII.CreditConditionoftheCompanyanditsControllingShareholdersandActualControllers
□Applicable√NotapplicableAccordingtotheNationalEnterpriseCreditInformationPublicitySystem,thecompany'scontrollingshareholder,GuangdongCommunicationGroupCo.,Ltd.,hasagoodcreditrecordwithnorecordsoflegalviolationsoradministrativepenalties."XIV.Materialrelatedtransactions
1.Relatedtransactionsinconnectionwithdailyoperation
□Applicable√NotapplicableNone
2.Related-partytransactionsarisingfromassetacquisitionorsale
□Applicable√NotapplicableNone
3.Related-partytransitionswithjointinvestments
□Applicable√NotapplicableNone
4.Creditsandliabilitieswithrelatedparties
□Applicable√NotapplicableNone
5.Transactionswithrelatedfinancecompany,especiallyonethatiscontrolledbytheCompany
√Applicable□NotapplicableDepositbusiness
| Relatedparty | Relationship | Maximumdailydepositlimit(RMB'00000） | Depositinterestraterange | Beginningbalance(RMB'00000） | Theamountofthisperiod | Endingbalance(RMB'00000） | |
| Totaldepositamount(RMB'00000） | Totalamountiswithdrawnforthisperiod(RMB'00000） | ||||||
| GuangdongCommunicationsGroupFinanceCo.,Ltd | Controlledbythesameparentcompany | 350,000 | 0.35%-2.85% | 267,814.82 | 1,319,850.72 | 1,308,587.44 | 279,078.10 |
Loanbusiness
| Relatedparty | Relationship | Loanlimit(RMB'00000 | Loantinteres | Beginningbalance(RMB'00000 | Theamountofthisperiod | Endingbalance(RMB'00000） | |
| Totalloanamount | Totalrepayment | ||||||
| ） | traterange | ） | ofthecurrentperiod(RMB'00000） | amountofthecurrentperiod(RMB'00000） | |||
| GuangdongCommunicationsGroupFinanceCo.,Ltd | Controlledbythesameparentcompany | 300,000 | 2.20%-2.70% | 40,632.92 | 75,701.30 | 31,073.38 | 85,260.84 |
Creditextensionorotherfinancialservices
| Relatedparty | Relationship | Businesstype | Totalamount(RMB'00000） | Actualamountincurred(RMB'00000） |
| GuangdongCommunicationsGroupFinanceCo.,Ltd | Controlledbythesameparentcompany | Creditextension | 300,000 | 74,000 |
6.TransactionsbetweenthefinancialcompanycontrolledbytheCompanyandrelatedparties
□Applicable√NotapplicableThereisnodeposit,loan,creditorotherfinancialbusinessbetweenthefinancialcompanycontrolledbytheCompanyandrelatedparties.
7.Othersignificantrelated-partytransactions
√Applicable□Notapplicable
1.The17th(Provisional)meetingofthe10thBoardofDirectorsoftheCompanyreviewedandapprovedtheProposalontheCommissionedOperationandManagementContractofGuangdongBeijing-ZhuhaiExpresswayGuangzhou-ZhuhaiNorthSectionin2024-2026signedbetweenGuangzhou-ZhuhaiEastCompanyandGuangzhou-ZhuhaiNorthSectionCompany.Approvedthesigningofthe"EntrustedOperationandManagementContractfortheGuangzhou-ZhuhaiNorthSectionofGuangdongBeijing-ZhuhaiExpresswayfor2024-2026"betweentheBeijing-ZhuhaiExpresswayGuangzhou-ZhuhaiSectionCo.,Ltd-aholdingsubsidiaryandGuangdongBeijing-ZhuhaiExpresswayGuangzhou-ZhuhaiNorthSectionCo.,Ltd.,withatotalcontractamountofnomorethanRMB84million.
2.The18th(Provisional)meetingofthe10thBoardofDirectorsoftheCompanyreviewedandapprovedtheProposalonConcerningtheCompanyDailyAssociatedTransactionsPredictedof2024.Agreeonthepredicteddailyassociatedtransactionsforthecompanyheadquarters,wholly-ownedandholdingsubsidiariesof2024,ThetotaltransactionamountdoesnotexceedRMB63.8115million.
3.The22nd(extraordinary)meetingofthe10thBoardofDirectorsandthefirstextraordinarygeneralmeetingofshareholdersin2024havereviewedandapprovedtheProposaltoSignaSupplementaryAgreementtotheFinancialServiceAgreementwithGuangdongTransportationGroupFinanceCo.,Ltd.AgreedthattheCompanyandGuangdongCommunicationGroupFinanceCo.,Ltd.Signingasupplementaryagreementtothe"FinancialServicesAgreement",andduringthevalidityperiodoftheagreement,increasethedepositlimitofGuangdongCommunicationGroupFinanceCo.,Ltd.,andstipulatethatthetotaldailybalanceofdepositsabsorbedfromtheCompanyanditsaffiliatedenterprisesshallnotexceed3.5billionyuan.
4.The24th(Provisional)meetingofthe10thBoardofDirectorsoftheCompanyreviewedandapprovedtheProposalontheGuangzhuSectionCompanyEntrustingTongyiCompanytobeResponsiblefortheDevelopmentandOperationofGasStationinZhongshan(FormerMinzhong)ServiceArea.Agreed:1.The
BeijingZhuhaiExpresswayGuangzhouZhuhaiSectionCo.,Ltd.entrustsGuangdongTongyiExpresswayServiceAreaCo.,Ltd.toberesponsibleforthedevelopmentandoperationofthegasstationintheZhongshan(FormerMinzhong)serviceareaoftheGuangzhou-ZhuhaisectionoftheBeijing-ZhuhaiExpressway;2.TheBeijingZhuhaiExpresswayGuangzhouZhuhaiSectionCo.,Ltd.andGuangdongTongyiExpresswayServiceAreaCo.,Ltd.signedacontractforthedevelopmentandoperationofgasstationintheserviceareaforaperiodofthreeyears(thatis,fromDecember2024toDecember2027),andthetotalcontractamountdoesnotexceed54millionyuan.Thewebsitetodisclosetheinterimannouncementsonsignificantrelated-partytransactions
| Descriptionofprovisionalannouncement | Dateofdisclosingprovisionalannouncement | Descriptionofthewebsitefordisclosingprovisionalannouncements |
| AnnouncementonRelated-PartyTransactionsofSubsidiaryEntrustedOperations | January31,2024 | www.cninfo.com.cn |
| EstimatesannouncementoftheDailyRelatedPartyTransactionof2024 | March16,2024 | www.cninfo.com.cn |
| Announcementofrelatedpartytransaction | October25,2024 | www.cninfo.com.cn |
| Announcementofrelatedpartytransaction | December14,2024 | www.cninfo.com.cn |
XV.Significantcontractsandexecution
1.Entrustments,contractingandleasing
（1）Entrustment
□Applicable√NotapplicableNosuchcasesinthereportingperiod.
（2）Contracting
□Applicable√NotapplicableNosuchcasesinthereportingperiod.
（3）Leasing?Applicable□√NotapplicableNoteDuringthereportingperiod,theCompanygeneratedarentalincomeofRMB28,438,950.74,withthemainleasedassetsofhousesandbuildings.Projectwhichgeneratesprofitorlossreachingover10%oftotalprofitsoftheCompanyduringtheReportingPeriod
□Applicable√NotapplicableTherewerenoleaseswitha10%orgreaterimpactontheCompany’sgrossprofitintheReportingPeriod.
2.SignificantGuarantees
□Applicable√NotapplicableNosuchcasesinthereportingperiod.
3.SituationofEntrustingOthersforManagingSpotAsset
(1)SituationofEntrustedFinance
□Applicable√NotapplicableNone
(2)SituationofEntrustedLoans
□Applicable√Notapplicable
None
4.Othersignificantcontract
□Applicable√Notapplicable
NoneXVI.Explanationonothersignificantevents
√Applicable□Notapplicable
Afterbeingreviewedandapprovedatthethirdextraordinarygeneralmeetingofshareholdersin2020,theCompanyacquired21%equityofGuangdongGuangzhou-HuizhouExpresswayCo.,Ltd.heldbyGuangdongExpresswayCo.,Ltd.incashin2020(hereinafterreferredtoas"thistransaction").TheCompanyhassignedtheProfitCompensationAgreementbetweenGuangdongProvincialExpresswayDevelopmentCo.,Ltd.andGuangdongExpresswayCo.,Ltd.(hereinafterreferredtoasthe"ProfitCompensationAgreement")withGuangdongExpressway,andGuangdongExpresswaymadecommitmentstoGuangzhou-HuizhouExpressway'snetprofitsfortheyears2020,2021,and2022(hereinafterreferredtoasthe"PerformanceCommitmentPeriod").Afterbeingreviewedandapprovedatthefirstextraordinarygeneralmeetingofshareholdersin2023,theCompanysignedtheSupplementaryAgreementtotheProfitCompensationAgreementbetweenGuangdongProvincialExpresswayDevelopmentCo.,Ltd.andGuangdongExpresswayCo.,Ltd.(hereinafterreferredtoasthe"SupplementaryAgreement"),withthePerformanceCommitmentPeriodadjustedtotheyearsof2020,2021,and2023.
AccordingtotheSpecialAuditReportontheProfitForecastImplementationofGuangdongGuangzhou-HuizhouExpresswayCo.,Ltd.(YZZZi(2024)No.310039)issuedbyYongtuoCertifiedPublicAccountantsLLP(SpecialGeneralPartnership)onMarch15,2024,Guangzhou-HuizhouExpresswayachievedacumulativenetprofitofRMB2,951,041,600afterdeductingnonrecurringgainsandlossesin2020,2021and2023,andacumulativenetprofitofRMB2,999,265,700afterdeductingnonrecurringgainsandlossesintheperformancecommitmentperiodof2020,2021and2023,withtheactualcumulativeprofitRMB48,224,100lessthanthepromisedcumulativeamount,whichhastriggeredtheprovisionsofArticle2.3oftheProfitCompensationAgreementandArticle2.1oftheSupplementaryAgreement,thusGuangdongExpresswayhadtopayperformancecompensationtotheCompany.Accordingtotheperformancecommitmentcompensationformulastipulatedintheaboveagreement,theperformancecommitmentcompensationamountthattheGuangdongExpresswayshouldpayisRMB40,092,886.12.
AsofJuly2,2024,theCompanyhasreceivedtheabove-mentionedperformancecommitmentcompensationamountfromGuangdongExpressway.GuangdongExpresswayhasfulfilleditsperformancecommitmentandcompensationobligationsformajorassetrestructuringprojectsin2020.
| Descriptionofprovisionalannouncement | Dateofdisclosingprovisionalannouncement | Descriptionofthewebsitefordisclosingprovisionalannouncements |
| Announcementonthecompletionofcashcompensationfortheimplementationof | 2024-7-4 | http://www.cninfo.com.cn |
XVII.SignificanteventofsubsidiaryoftheCompany
□Applicable?Notapplicable
VII.ChangeofsharecapitalandshareholdingofPrincipalShareholdersI.Changesinsharecapital
1.Changesinsharecapital
Inshares
| Beforethechange | Increase/decrease（+，-） | AftertheChange | |||||||
| Amount | Proportion | Shareallotment | Bonusshares | Capitalizationofcommonreservefund | Other | Subtotal | Quantity | Proportion | |
| 1.Shareswithconditionalsubscription | 438,827,545 | 20.99% | -100,425 | -100,425 | 438,727,120 | 20.98% | |||
| 1.State-ownedshares | 410,105,738 | 19.61% | 410,105,738 | 19.61% | |||||
| 2.State-ownedlegalpersonshares | 21,712,738 | 1.04% | 21,712,738 | 1.04% | |||||
| 3.Otherdomesticshares | 7,009,069 | 0.34% | -100,425 | -100,425 | 6,908,644 | 0.33% | |||
| Including：DomesticLegalpersonshares | 6,539,722 | 0.31% | -137,089 | -137,089 | 6,402,633 | 0.31% | |||
| Domesticnaturalpersonshares | 469,347 | 0.02% | 36,664 | 36,664 | 506,011 | 0.02% | |||
| 4.Foreignshares | 0 | 0.00% | 0 | 0.00% | |||||
| Including：Foreignlegalpersonshares | 0 | 0.00% | 0 | 0.00% | |||||
| Foreignnaturalpersonshares | 0 | 0.00% | 0 | 0.00% | |||||
| II.Shareswithunconditionalsubscription | 1,651,978,581 | 79.01% | 100,425 | 100,425 | 1,652,079,006 | 79.02% | |||
| 1.CommonsharesinRMB | 1,303,329,906 | 62.34% | -900 | -900 | 1,303,329,006 | 62.34% | |||
| 2.Foreignsharesindomesticmarket | 348,648,675 | 16.68% | 101,325 | 101,325 | 348,750,000 | 16.68% | |||
| 3.Foreignsharesinforeignmarket | 0 | 0.00% | 0 | 0.00% | |||||
| 4.Other | 0 | 0.00% | 0 | 0.00% | |||||
| III.Totalofcapitalshares | 2,090,806,126 | 100.00% | 0 | 0 | 2,090,806,126 | 100.00% | |||
Reasonsforsharechanged
√Applicable□Notapplicable
1.Duringthereportingperiod,137,089sharesheldby"domesticlegalpersons"wereconvertedintosharesheldby"domesticnaturalpersons".
2.Duringthereportingperiod,The101,325"restrictedsharesheldbydomesticnaturalpersons"heldbytheresigneddirector,GeneralManagerMr.WangChunhuawereconvertedinto"unrestrictedshares"
3.Duringthereportingperiod,the900sharesof"shareswithnorestrictedsalecondition"heldbyMsKeLin,theresignedsupervisor,wereconvertedinto"shareswithrestrictedsaleconditionheldbydomesticnaturalpersons".ApprovalofChangeofShares
□Applicable√NotapplicableOwnershiptransferofsharechanges
□Applicable√NotapplicableInfluenceonthebasicEPSanddilutedEPSaswellasotherfinancialindexesofnetassetspershareattributabletocommonshareholdersofCompanyinlatestyearandperiod
□Applicable√NotapplicableOtherinformationnecessarytodiscloseforthecompanyorneedtodisclosedunderrequirementfromsecurityregulators
□Applicable√Notapplicable
2.Changeofshareswithlimitedsalescondition
√Applicable□Notapplicable
Inshares
| ShareholderName | InitialRestrictedShares | NumberofUnrestrictedSharesThisTerm | NumberofIncreasedRestrictedSharesThisTerm | RestrictedSharesintheEndoftheTerm | ReasonforRestrictedShares | DateofRestrictionRemoval |
| WangChunhua | 101,325 | 0 | 101,325 | 0 | Outgoingexecutiveslockedupshares | July2024 |
| KeLin | 0 | 900 | 0 | 900 | Outgoingexecutiveslockedupshares | 2026 |
| Total | 101,325 | 900 | 101,325 | 900 | -- | -- |
II.Securitiesissueandlisting
1.ExplanationoftheSituationoftheSecurityIssue(NoPreferredShares)intheReportPeriod
□Applicable√Notapplicable
2.Changeofassetandliabilitystructurecausedbychangeoftotalcapitalsharesandstructure
□Applicable√Notapplicable
3.Abouttheexistingemployees’shares
□Applicable√Notapplicable
III.Shareholdersandactualcontrollingshareholder
1.Numberofshareholdersandshareholding
InShares
| Totalnumberofcommonshareholdersattheendofthereportingperiod | 53,703 | Totalshareholdersattheendofthemonthfromthedateofdisclosingtheannualreport | 49,738 | Thetotalnumberofpreferredshareholdersvotingrightsrestoredatperiod-end(ifany)(Note8) | 0 | Totalpreferenceshareholderswithvotingrightsrecoveredatendoflastmonthbeforeannualreportdisclosed(ifany)(Note8) | 0 | ||||
| Particularsaboutsharesheldabove5%byshareholdersortoptenshareholders(Excludesshareslentthroughrefinancing) | |||||||||||
| Shareholders | Natureofshareholder | Proportionofsharesheld（%） | Numberofsharesheldatperiod-end | Changesinreportingperiod | Amountofrestrictedsharesheld | Amountofun-restrictedsharesheld | Numberofsharepledged/frozen | ||||
| Stateofshare | Amount | ||||||||||
| GuangdongCommunicationGroupCo.,Ltd | State-ownedlegalperson | 24.56% | 513,485,480 | 0 | 410,105,738 | 103,379,742 | Notapplicable | 0 | |||
| GuangdongHighwayConstructionCo.,Ltd, | State-ownedlegalperson | 22.30% | 466,325,020 | 0 | 0 | 0 | Notapplicable | 0 | |||
| ShangdongExpresswayInvestmentDevelopmentCo.,Ltd. | State-ownedlegalperson | 9.68% | 202,429,927 | -8,713,918 | 0 | 0 | Notapplicable | 0 | |||
| GuangdongProvincialFreewayCo.,Ltd. | State-ownedlegalperson | 2.53% | 52,937,491 | 0 | 19,582,228 | 33,355,263 | Notapplicable | 0 | |||
| ChinaPacificLifeInsuranceCo.,Ltd.-ChinaPacificLifeEquityDividendProduct(LifeProprietaryTrading)EntrustedInvestment(ChangjiangPension) | Other | 1.81% | 37,812,274 | 33,699,856 | 0 | 0 | Notapplicable | 0 | |||
| ChinaConstructionBankCo.,Ltd－Yinhuarichthemehybridsecuritiesinvestmentfund | Other | 1.43% | 30,000,000 | 10,378,359 | 0 | 0 | Notapplicable | 0 | |||
| HKSCC | Overseaslegalperson | 0.75% | 15,632,849 | -17,363,666 | 0 | 0 | Notapplicable | 0 | |||
| XinyueCo.,Ltd. | Overseaslegalperson | 0.63% | 13,201,086 | 0 | 0 | 0 | Notapplicable | 0 | |||
| OrientSecurities | State-ownedlegalperson | 0.61% | 12,696,113 | 1,492,300 | 0 | 0 | Notapplicable | 0 | |||
| AgriculturalBankofChinaCo.,Ltd-ChinaPostCoreGrowthMixedSecuritiesInvestmentFund | Other | 0.57% | 12,000,000 | 0 | 0 | 0 | Notapplicable | 0 | |||
| Strategicinvestororgenerallegalpersonbecomingtop-10ordinaryshareholderduetorightsissue(ifany)(seenote3) | GuangdongCommunicationGroupCo.,Ltd.istheparentcompanyofGuangdongHighwayConstructionCo.,Ltd.，GuangdongProvincialFreewayCo.,Ltd.andXinyueCo.,Ltd.,ItisunknownwhetherthereisrelationshipbetweenothershareholdersandwhethertheyarepersonstakingconcertedactionspecifiedintheRegulationsonDisclosureofInformationaboutChangeinShareholdingofShareholdersofListedCompanies. | ||||||||||
| Relatedoracting-in-concertpartiesamongshareholdersabove | None | ||||||||||
| Aboveshareholdersentrustingorentrustedwithvotingrights,orwaivingvotingrights | None | ||||||||||
| Top10shareholdersincludingthespecialaccountforrepurchase(ifany)(seenote10) | None | ||||||||||
| Shareholdingoftop10shareholdersofunrestrictedshares(ExcludingshareslentthroughrefinancingandTopmanagementlock-instock) | |||||||||||
| Nameoftheshareholder | Quantityofunrestrictedsharesheldattheendofthereportingperiod | Sharetype | |||||||||
| Sharetype | Quantity | ||||||||||
| GuangdongHighwayConstructionCo.,Ltd, | 466,325,020 | RMBCommonshares | 466,325,020 | ||||||||
| ShangdongExpresswayInvestmentDevelopmentCo.,Ltd. | 202,429,927 | RMBCommonshares | 202,429,927 | ||||||||
| GuangdongCommunicationGroupCo.,Ltd | 103,379,742 | RMBCommonshares | 103,379,742 | ||||||||
| ChinaPacificLifeInsuranceCo.,Ltd.-ChinaPacificLifeEquityDividendProduct(LifeProprietaryTrading)EntrustedInvestment(ChangjiangPension) | 37,812,274 | RMBCommonshares | 37,812,274 | ||||||||
| GuangdongProvincialFreewayCo.,Ltd. | 33,355,263 | RMBCommonshares | 33,355,263 | ||||||||
| ChinaConstructionBankCo.,Ltd－Yinhuarichthemehybridsecuritiesinvestmentfund | 30,000,000 | RMBCommon | 30,000,000 | ||||||||
| shares | |||
| HKSCC | 15,632,849 | RMBCommonshares | 15,632,849 |
| XinyueCo.,Ltd. | 13,201,086 | Foreignsharesplacedindomestic | 13,201,086 |
| OrientSecurities | 12,696,113 | RMBCommonshares | 12,696,113 |
| AgriculturalBankofChinaCo.,Ltd-ChinaPostCoreGrowthMixedSecuritiesInvestmentFund | 12,000,000 | RMBCommonshares | 12,000,000 |
| Explanationonassociatedrelationshiporconsistentactionamongthetop10shareholdersofnon-restrictednegotiablesharesandthatbetweenthetop10shareholdersofnon-restrictednegotiablesharesandtop10shareholders | GuangdongCommunicationGroupCo.,Ltd.istheparentcompanyofGuangdongHighwayConstructionCo.,Ltd.，GuangdongProvincialFreewayCo.,Ltd.andXinyueCo.,Ltd.,ItisunknownwhetherthereisrelationshipbetweenothershareholdersandwhethertheyarepersonstakingconcertedactionspecifiedintheRegulationsonDisclosureofInformationaboutChangeinShareholdingofShareholdersofListedCompanies. | ||
| Top10ordinaryshareholdersconductingsecuritiesmargintrading(ifany)(seenote4) | None | ||
Informationofshareholdersholdingmorethan5%oftheshares,thetop10shareholdersandthetop10shareholdersofunrestrictedtradablesharesparticipatinginthelendingofsharesinsecuritieslendingandborrowingbusiness
□Applicable√Notapplicable
Thetop10shareholdersandthetop10shareholdersofunrestrictedtradableshareshavechangedcomparedwiththepreviousperiodduetothesecuritieslending/returning,
□Applicable√Notapplicable
Whethertoptencommonshareholdersortoptencommonshareholderswithun-restrictsharesheldhaveabuy-backagreementdealinginreportingperiod.
□Yes√No
Thetoptencommonshareholdersortoptencommonshareholderswithun-restrictsharesheldoftheCompanyhavenobuy–backagreementdealinginreportingperiod.
2.ControllingshareholderNatureofControllingShareholders:LocalstateholdingType:Legalperson
| NameoftheControllingshareholder | Legalrepresentative/Leader | Dateofincorporation | Organizationcode | Principalbusinessactivities |
| GuangdongCommunicationGroupCo.,Ltd. | DengXiaohua | June23,2000 | 91440000723838552J | Equitymanagement,organizationofassetreorganizationandoptimizedallocation,raisingfundsbymeansincludingmortgage,transferofpropertyrightsandjointstocksystemtransformation,projectinvestment,operationandmanagement,trafficinfrastructureconstruction,highwayandrailwayprojectoperationandrelevantindustries,technologicaldevelopment,application,consultationandservices,highwayandrailwaypassengerandcargotransport,shipindustry,relevantoverseasbusinesses;Valueaddedtelecommunicationservices. |
| Equityinotherdomesticandforeignlistedcompaniesheldbythecontrollingshareholderbymeansofcontrolandmutualshareholdinginthereportingperiod | GuangdongCommunicationGroupCo.,Ltd.holds74.12%equityofGuangdongYueyunTrafficCo.,Ltd.,acompanylistingHshares. | |||
Changesofcontrollingshareholderinreportingperiod
□Applicable√NotapplicableNochangesofcontrollingshareholderfortheCompanyinreportingperiod.
3．InformationaboutthecontrollingshareholderoftheCompanyActualcontrollernature：LocalstateownedassetsmanagementActualcontrollertype：Legalperson
| Nameoftheactualcontroller | Legalrepresentative/Leader | Dateofincorporation | Organizationcode | Principalbusinessactivities |
| State-ownedAssetssupervisionandadministrationCommissionofGuangdongProvincialPeople’sGovernment | ZhiGuangnan | June26,2004 | 114400007583361658 | AsanadhocorganizationdirectlyundertheGuangdongprovincialgovernment,itisauthorizedbytheGuangdongprovincialgovernmenttorepresenttheGuangdongprovincialgovernmenttoperformtheinvestor'sdutiesforthesupervisedenterprisesinaccordancewiththelaw,specializinginthesupervisionofstate-ownedassets. |
| Equityofotherdomestic/foreignlistedcompanywithsharecontrollingandshareparticipationbycontrollingshareholderinreportingperiod | AsanadhocorganizationdirectlyundertheGuangdongprovincialgovernment,itisauthorizedbytheGuangdongprovincialgovernmenttorepresenttheGuangdongprovincialgovernmenttoperformtheinvestor'sdutiesforthesupervisedenterprisesinaccordancewiththelaw,specializinginthesupervisionofstate-ownedassets. | |||
Changesofcontrollingshareholderinreportingperiod
□Applicable√NotapplicableNochangesofcontrollingshareholderfortheCompanyinreportingperiodBlockDiagramoftheownershipandcontrolrelationsbetweenthecompanyandtheactualcontroller
Theactualcontrollercontrolsthecompanybymeansoftrustormanagingtheassetsinotherway
□Applicable√Notapplicable
4.Thecumulativenumberofsharespledgedbythecontrollingshareholderorthelargestshareholderofthecompanyanditspersonactinginconcertaccountsfor80%ofthenumberofsharesheldbythecompany
□Applicable√Notapplicable
5.Particularsaboutotherlegalpersonshareholderswithover10%shareheld
√Applicable□Notapplicable
| Legalpersonshareholder | Legalperson/personinchargeoftheunit | Dateoffoundation | Registercapital | Mainoperationbusinessormanagementactivities |
| GuangdongHighwayConstructionCo.,Ltd. | WangKangchen | April16,1987 | 14.3billionyuan | Highway,bridge,tunnelbridge,trafficinfrastructureconstruction,investmentandmanagement,technicalconsulting,leasingofroadconstructionmachinery;salesofconstructionmaterials,constructionmachineryequipment;vehiclerescueservices(operatedbythebranch). |
6.SituationofShareLimitationReductionofControllingShareholders,ActualControllers,
| 24.56% | 2.53% |
GuangdongProvincialExpresswayDevelopmentCo.,Ltd
GuangdongProvincialExpresswayDevelopmentCo.,LtdGuangdongHighwayConstructionCo.,Ltd.
GuangdongHighwayConstructionCo.,Ltd.GuangdongProvinceTransportationDevelopmentCo.,
Ltd
GuangdongProvinceTransportationDevelopmentCo.,
Ltd
22.30%
| 0.10% | 22.30% |
GuangdongProvinceExpresswayCo.,Ltd.
| GuangdongProvinceExpresswayCo.,Ltd. | GuangdongXinyueCo.,Ltd. | |
State-ownedAssetsSupervisionandAdministrationCommission
thepeople’sGovernmentof
GuangdongProvince
State-ownedAssetsSupervisionandAdministrationCommission
thepeople’sGovernmentof
GuangdongProvinceGuangdongCommunication
GroupCo.,Ltd.
GuangdongCommunication
GroupCo.,Ltd.
100%
100%
0.63%
RestructuringPartyandOtherCommitmentSubjects
□Applicable√Notapplicable
IV.Specificimplementationofsharerepurchaseduringthereportingperiod
Progressinimplementationofsharerepurchase
□Applicable√NotapplicableImplementationprogressofreducingrepurchasedsharesbycentralizedbidding
□Applicable√Notapplicable
VIII.SituationofthePreferredShares
□Applicable√NotapplicableTheCompanyhadnopreferredsharesinthereportingperiod.
IX.CorporateBond
I.Enterprisebond
□Applicable√NotapplicableNosuchcasesinthereportingperiod.II.Corporatebond
□Applicable√NotapplicableNosuchcasesinthereportingperiod.
III.Debtfinancinginstrumentsofnon-financialenterprises
√Applicable□Notapplicable
1.Basicinformation
InRMB10,000
| Bondname | Bondshortname | Bondcode | Issueday | Valuedate | Dueday | Bondbalance | Interestrate | Servicingway | Trading |
| GuangdongProvincialExpresswayDevelopmentCo.,Ltd.2020firstphasemedium-termnotes | 20GuangdongExpresswayMTN001 | 102000367 | March13,2020 | March17,2020 | March17,2025 | 74,989.80 | 3% | Duepaymentsonceayear,Theprincipalandthelastinstalmentinterestarepaidinonelumpsumontheredemptiondate. | Interbankmarket |
| Applicabletradingmechanism | Circulationandtransferinthenationalinter-bankbondmarket,itslistingandcirculationwillbecarriedoutinaccordancewiththerelevantregulationspromulgatedbytheNationalInterbankFundingCenter | ||||||||
Overdueandunpaidbonds
□Applicable√Notapplicable
2.Triggerandimplementationofoptionclausesandinvestorprotectionclausesoftheissuerorinvestor
□Applicable√Notapplicable
3.Informationofintermediaryagency
| Nameofbondproject | Nameofintermediaryagency | OfficeAddress | Nameofsigningaccountant | Contactpersonofintermediaryagency | Tel |
| 20GuangdongExpresswayMTN001 | ChinaLianheCreditRatingCo.,Ltd. | No.2JianguomenwaiStreet,ChaoyangDistrict,Beijing | No | YangTing | 010-85679696 |
Whethertheaboveagencychangesduringthereportingperiod
□Yes√No
4.Useofraisedfunds
InRMB
| Nameofbondproject | Totalamountofraisedfunds | Agreeduseofraisedfunds | Usedamount | Unusedamount | Operationofspecialaccountforraisedfunds(ifany) | Rectificationofillegaluseofraisedfunds(ifany) | Whetheritisconsistentwiththepurpose,useplanandotheragreementsstipulatedintheprospectus |
| 20GuangdongExpresswayMTN001 | 750,000,000 | Usedtorepaytheissuer'sexistingdebtandsupplementworkingcapital | 750,000,000 | 0 | No | No | Yes |
Theraisedfundsareusedforconstructionprojects
□Applicable√NotapplicableDuringthereportingperiod,theCompanychangedtheuseoffundsraisedfromtheabovebonds
□Applicable√Notapplicable
5.Adjustmentofcreditratingresultsduringthereportingperiod
□Applicable√Notapplicable6Theimplementationandchangesofguarantee,debtrepaymentplanandotherdebtrepaymentguaranteemeasuresduringthereportingperiodandtheirimpactontherightsandinterestsofbondinvestors
□Applicable√NotapplicableIV.Convertiblebond
□Applicable√NotapplicableNosuchcasesinthereportingperiod.V.Thelosswithinthescopeofconsolidatedstatementsinthereportingperiodexceeded10%ofthenetassetsattheendofthepreviousyear
□Applicable√NotapplicableVI.Overdueinterest-bearingdebtsexceptbondsattheendofthereportingperiod
□Applicable√NotapplicableVII.Whetherthereareanyviolationsofrulesandregulationsduringthereportingperiod
□Yes√NoVIII.MainaccountingdataandfinancialindicatorsoftheCompanyinrecenttwoyearsbytheendofthereportingperiod
InRMB10,000
| Item | Attheendofthereportingperiod | Attheendoflastyear | Atthesametimerateofchange |
| Currentratio | 2.71 | 3.22 | -15.84% |
| Debtratio | 41.20% | 41.93% | -0.73% |
| Quickratio | 2.71 | 3.22 | -15.84% |
| Amountofthisperiod | Amountoflastperiod | Atthesametimerateofchange | |
| Netprofitafterdeductingnon-recurringprofitandloss | 164,457.87 | 170,509.98 | -3.55% |
| EBITDAtotaldebtratio | 52.07% | 56.83% | -4.76% |
| Timeinterestearnedratio | 12.19 | 12.1 | 0.74% |
| Cashinterestguaranteetimes | 16.75 | 17.61 | -4.88% |
| EBITDATimeinterestearnedratio | 16.62 | 16.5 | 0.73% |
| Repaymentofdebt(%) | 100.00% | 100.00% | 0.00% |
| Paymentofinterest(%) | 100.00% | 100.00% | 0.00% |
X.FinancialReportI.Auditreport
| Typeofauditopinion | StandardUnqualifiedauditopinion |
| Dateofsignatureofauditreport | March3,2025 |
| Nameofauditfirm | YongTuoCertifiedPublicAccountants(specialgeneralpartnership) |
| AusitreportNumber | YZSZ(2025)No.110002 |
| NamesoftheCertifiedPublicAccountants | SunXiuqing,HuangZhiyan |
ToallshareholdersofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.I.OpinionWehaveauditedthefinancialstatementsofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.(hereinafterreferredtoas"theCompany"),whichcomprisethebalancesheetasatDecember31,2024,andtheincomestatement,thestatementofcashflowsandthestatementofchangesinowners'equityfortheyearthenendedandnotestothefinancialstatements.Inouropinion,theattachedfinancialstatementsareprepared,inallmaterialrespects,inaccordancewithAccountingStandardsforBusinessEnterprisesandpresentfairlythefinancialpositionoftheCompanyasatDecember31,2024anditsoperatingresultsandcashflowsfortheyearthenended.?II.BasisforOurOpinion?WeconductedourauditinaccordancewiththeAuditingStandardsforCertifiedPublicAccountantsinChina.OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditor'sResponsibilitiesfortheAuditoftheFinancialStatementssectionofourreport.AccordingtotheCodeofEthicsforChineseCPA,weareindependentoftheCompanyinaccordancewiththeCodeofEthicsforChineseCPAandwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirements.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinion.
?III.KeyAuditMatters?Keyauditmattersarethosemattersthat,inourprofessionaljudgment,wereofmostsignificancein
ourauditofthefinancialstatementsofthecurrentperiod.Thesematterswereaddressedinthecontextofourauditofthefinancialstatementsasawhole,andinformingouropinionthereon,andwedonotprovideaseparateopiniononthesematters.Wehaveidentifiedthefollowingitemsaskeyaudititemsthatneedtobecommunicatedintheauditreport.
?1.Itemdescription?Asstatedin"NoteIII,(XV)FixedAssetstotheFinancialStatements"and"NoteV,(X)Fixed
AssetstotheFinancialStatements",thebookvalueofGuangdongExpresswayontollroadsattheendof2024wasRMB8,196,804,742.94,andthedepreciationamountfortollroadsin2024wasRMB932,615,007.31.GuangdongExpressway'sdepreciationontollroadsaremadeaccordingto
thetrafficflowmethod,andthecurrentdepreciationamountiscalculatedaccordingtotheproportionoftheactualtrafficflowinthecurrentperiodtothetotalestimatedremainingtrafficflow.Thetotalestimatedremainingtrafficflowisapredictionofthetotaltrafficflowoftollroadswithintheapprovedremainingtollperiod,whichisamajoraccountingestimate.Therefore,wedeterminethepricinganddepreciationoftollroadsaskeyaudititems.
2.Auditresponse
Inresponsetotheabovekeyauditmatter,wehaveimplementedthefollowingmainauditprocedures:
(1)Understand,evaluateandtesttheinternalcontrolofthemanagementoftheCompanyonthedailymanagementandaccountingtreatmentoftollroads;
(2)CheckwhethertheactualtrafficflowdataappliedbyGuangdongExpresswayCompanyinthedepreciationcalculationoftollroadsisconsistentwiththeactualtrafficflowdataobtainedbyGuangdongExpresswayCompanyfromexternalserviceunits;
(3)Evaluatetheindependenceandprofessionalcompetenceofthethird-partyorganizationemployedbytheCompanythatcarriesouttrafficflowforecast;
(4)Understandthemethodsusedintrafficflowforecastreportsissuedbythird-partyorganizationstoforecastthetrafficflowinthefuture,andevaluatethereliabilityoftrafficflowforecastreportsbycomparingthepredictedtrafficflowforthepastyearwiththeactualtrafficflowforthatperiod;
(5)Recalculatethedepreciationofroadsandbridgestoverifytheaccuracyofthedepreciationamountofroadsandbridgesinthefinancialstatements.?IV.Otherinformation?ThemanagementofGuangdongExpresswayCompanyisresponsibleforotherinformation.Other
informationincludestheinformationcoveredinthe2023annualreportofGuangdongExpresswayCompany,butdoesnotincludethefinancialstatementandourauditreport.?Ourauditopiniononthefinancialstatementsdoesnotcoverotherinformation,andwedonotissueanyformofverificationconclusiononotherinformation.
?Incombinationwithourauditofthefinancialstatements,ourresponsibilityistoreadotherinformation,andconsiderinsuchprocesswhetherotherinformationismateriallyinconsistentwiththefinancialstatementsortheinformationwelearnedduringtheaudit,orwhetherthereappearstobeamaterialmisstatement.?Basedontheworkthatwehavealreadyperformed,ifwedeterminethatotherinformationcontainsmaterialmisstatements,weshouldreportsuchfact.Inthisregard,wehavenothingtoreport.
?V.ResponsibilitiesofManagementandThoseChargedwithGovernancefortheFinancialStatements?TheCompany'smanagementisresponsibleforpreparingthefinancialstatementsinaccordance
withtherequirementsofAccountingStandardsforBusinessEnterprisestoachieveafairpresentation,andfordesigning,implementingandmaintaininginternalcontrolthatisnecessarytoensurethatthefinancialstatementsarefreefrommaterialmisstatements,whetherduetofraudsorerrors.?Inpreparingthefinancialstatements,managementoftheCompanyisresponsibleforassessingtheCompany'sabilitytocontinueasagoingconcern,disclosingmattersrelatedtogoingconcernand
usingthegoingconcernbasisofaccountingunlessmanagementeitherintendstoliquidatetheCompanyortoceaseoperations,orhasnorealisticalternativebuttodoso.?ThosechargedwithgovernanceareresponsibleforoverseeingtheCompany'sfinancialreportingprocess.?VI.Auditor'sResponsibilitiesfortheAuditoftheFinancialStatements?Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawhole
arefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor'sreportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewiththeauditstandardswillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.?AspartofanauditinaccordancewithISAs,weexerciseprofessionaljudgmentandmaintainprofessionalskepticismthroughouttheaudit.Wealso:
?(1)Identifyandassesstherisksofmaterialmisstatementofthefinancialstatements,whetherdueto
fraudorerror,designandperformauditproceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,omissions,misrepresentations,ortheoverrideofinternalcontrol.
?(2)Obtainanunderstandingofinternalcontrolrelevanttotheauditinordertodesignaudit
proceduresthatareappropriateinthecircumstances.
?(3)Evaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccounting
estimatesandrelateddisclosuresmadebymanagementoftheCompany.
?(4)Concludeontheappropriatenessofusingthegoingconcernassumptionbythemanagementof
theCompany,andconclude,basedontheauditevidenceobtained,whetheramaterialuncertaintyexistsrelatedtoeventsorconditionsthatmaycastsignificantdoubtontheCompany'sabilitytocontinueasagoingconcern.Ifweconcludethatamaterialuncertaintyexists,wearerequiredtodrawattentioninourauditor'sreporttotherelateddisclosuresinthefinancialstatementsor,ifsuchdisclosuresareinadequate,tomodifyouropinion.Ourconclusionsarebasedontheauditevidenceobtaineduptothedateofourauditor'sreport.However,futureeventsorconditionsmaycausetheCompanytoceasetocontinueasagoingconcern.
?(5)Evaluatetheoverallpresentation,structureandcontentofthefinancialstatements,includingthe
disclosures,andwhetherthefinancialstatementsrepresenttheunderlyingtransactionsandeventsinamannerthatachievesfairpresentation.?(6)ObtainsufficientappropriateauditevidenceregardingthefinancialinformationoftheentitiesorbusinessactivitieswithintheCompanytoexpressanopiniononthefinancialstatementsandbearallliabilityfortheopinion.
?Wecommunicatewiththosechargedwithgovernanceregarding,amongothermatters,theplanned
scopeandtimingoftheauditandsignificantauditmatters,includinganysignificantdeficienciesininternalcontrolthatweidentifyduringouraudit.?Wealsoprovidethosechargedwithgovernancewithastatementthatwehavecompliedwith
relevantethicalrequirementsregardingindependence,andtocommunicatewiththemallrelationshipsandothermattersthatmayreasonablybethoughttobearonourindependence,andwhereapplicable,relatedsafeguards.?Fromthematterscommunicatedwiththosechargedwithgovernance,wedeterminethosemattersthatwereofmostsignificanceintheauditofthefinancialstatementsofthecurrentperiodandarethereforethekeyauditmatters.Wedescribethesemattersinourauditor'sreportunlesslaworregulationprecludespublicdisclosureaboutthematterorwhen,inextremelyrarecircumstances,wedeterminethatamattershouldnotbecommunicatedinourreportbecausetheadverseconsequencesofdoingsowouldreasonablybeexpectedtooutweighthepublicinterestbenefitsofsuchcommunication.
| YongTuoCertifiedPublicAccountantsCo.,Ltd.(SpecialGeneralPartnership) | CPA： | SunXiuqing |
| (Projectpartner)： | ||
| CPA： | HuangZhiyan | |
| BeijingChina | March3,2025 | |
II.FinancialstatementsCurrencyunitforthestatementsinthenotestothesefinancialstatements:RMB
1.ConsolidatedbalancesheetPreparedby:GuangdongProvincialExpresswayDevelopmentCo.,Ltd.
December31,2024
InRMB
| Item | December31,2024 | January1,2024 |
| Currentasset： | ||
| Monetaryfund | 4,289,826,663.22 | 4,718,631,732.20 |
| Settlementprovision | ||
| Outgoingcallloan | ||
| Transactionalfinancialassets | ||
| Derivativefinancialassets | ||
| Notesreceivable | ||
| Accountreceivable | 82,361,054.69 | 139,899,420.24 |
| Financingofreceivables | ||
| Prepayments | 3,732,159.00 | 8,488,165.87 |
| Insurancereceivable | ||
| Reinsurancereceivable | ||
| ProvisionsofReinsurancecontractsreceivable | ||
| Otheraccountreceivable | 148,857,119.34 | 89,578,207.76 |
| Including：Interestreceivable | ||
| Dividendreceivable | 28,621,800.58 | 1,205,472.90 |
| Repurchasingoffinancialassets | ||
| Inventories | ||
| Including：Dataresources | ||
| Contractassets | ||
| Assetsheldforsales | ||
| Non-currentassetduewithin1year | ||
| Othercurrentasset | 6,167,340.16 | 34,805.71 |
| Totalofcurrentassets | 4,530,944,336.41 | 4,956,632,331.78 |
| Non-currentassets： | ||
| Loansandpaymentonother’sbehalfdisbursed | ||
| Creditor'srightinvestment | ||
| Othercreditor'srightinvestment | ||
| Long-termreceivable | ||
| Longtermshareequityinvestment | 3,332,350,008.84 | 3,095,578,288.00 |
| Otherequityinstrumentsinvestment | 1,768,953,885.85 | 1,534,396,887.63 |
| Othernon-currentfinancialassets | 186,494,177.20 | 183,856,768.00 |
| Item | December31,2024 | January1,2024 |
| Propertyinvestment | 2,225,911.46 | 2,447,026.45 |
| Fixedassets | 8,872,808,692.97 | 9,010,168,712.92 |
| Constructioninprogress | 2,665,392,094.81 | 1,960,092,562.22 |
| Productionphysicalassets | ||
| Oil&gasassets | ||
| Userightassets | 14,217,517.99 | 24,967,509.81 |
| Intangibleassets | 197,694,153.19 | 221,328,753.00 |
| Including：Dataresources | ||
| Developmentexpenses | ||
| Including：Dataresources | ||
| Goodwill | ||
| Long-germexpensestobeamortized | ||
| Deferredincometaxasset | 32,679,298.44 | 39,836,115.11 |
| Othernon-currentasset | 837,904,037.77 | 339,658,212.49 |
| Totalofnon-currentassets | 17,910,719,778.52 | 16,412,330,835.63 |
| Totalofassets | 22,441,664,114.93 | 21,368,963,167.41 |
| Currentliabilities | ||
| Short-termloans | 110,085,708.33 | |
| LoanfromCentralBank | ||
| Borrowingfunds | ||
| Transactionalfinancialliabilities | ||
| Derivativefinancialliabilities | ||
| Notespayable | ||
| Accountpayable | 226,104,482.05 | 214,450,590.80 |
| Advancereceipts | 250,984.74 | 2,647,230.92 |
| Contractliabilities | ||
| Sellingofrepurchasedfinancialassets | ||
| Deposittakingandinterbankdeposit | ||
| Entrustedtradingofsecurities | ||
| Entrustedsellingofsecurities | ||
| Employees’wagepayable | 22,412,317.23 | 20,622,986.18 |
| Taxpayable | 131,748,260.36 | 155,123,590.65 |
| Otheraccountpayable | 272,118,036.92 | 150,293,516.43 |
| Including：Interestpayable | ||
| Dividendpayable | 32,714,825.12 | 27,809,510.32 |
| Feesandcommissionspayable | ||
| Reinsurancefeepayable | ||
| Liabilitiesheldforsales | ||
| Non-currentliabilityduewithin1year | 1,017,246,515.19 | 883,412,159.65 |
| Othercurrentliability | 73,697.84 | 368,676.26 |
| Totalofcurrentliability | 1,669,954,294.33 | 1,537,004,459.22 |
| Non-currentliabilities： |
| Item | December31,2024 | January1,2024 |
| Reservefundforinsurancecontracts | ||
| Long-termloan | 6,728,264,750.00 | 5,944,716,050.00 |
| Bondpayable | 749,401,333.95 | |
| Including：preferredstock | ||
| Sustainabledebt | ||
| Leaseliability | 2,730,189.11 | 13,482,202.97 |
| Long-termpayable | 2,022,210.11 | 2,022,210.11 |
| Long-termremunerationpayabletostaff | ||
| Expectedliabilities | ||
| Deferredincome | 511,971,907.34 | 429,079,908.54 |
| Deferredincometaxliability | 330,830,731.06 | 284,451,199.04 |
| Othernon-currentliabilities | ||
| Totalnon-currentliabilities | 7,575,819,787.62 | 7,423,152,904.61 |
| Totalofliability | 9,245,774,081.95 | 8,960,157,363.83 |
| Owners’equity | ||
| Sharecapital | 2,090,806,126.00 | 2,090,806,126.00 |
| Otherequityinstruments | ||
| Including：preferredstock | ||
| Sustainabledebt | ||
| Capitalreserves | 782,661,218.56 | 783,125,493.70 |
| Less：Sharesinstock | ||
| Othercomprehensiveincome | 366,149,871.08 | 163,568,401.33 |
| Specialreserve | ||
| Surplusreserves | 1,684,087,655.64 | 1,520,627,456.34 |
| Commonriskprovision | ||
| Retainedprofit | 5,544,395,448.25 | 5,289,404,378.52 |
| Totalofowner’sequitybelongtotheparentcompany | 10,468,100,319.53 | 9,847,531,855.89 |
| Minorityshareholders’equity | 2,727,789,713.45 | 2,561,273,947.69 |
| Totalofowners’equity | 13,195,890,032.98 | 12,408,805,803.58 |
| Totalofliabilitiesandowners’equity | 22,441,664,114.93 | 21,368,963,167.41 |
LegalRepresentative:MiaoDeshanPersoninchargeofaccounting：LuMing
AccountingDeptLeader:YanXiaohong
2.ParentCompanyBalanceSheet
InRMB
| Item | December31,2024 | January1,2024 |
| Currentasset： | ||
| Monetaryfund | 1,827,026,427.48 | 2,464,109,767.51 |
| Transactionalfinancialassets | ||
| Derivativefinancialassets | ||
| Notesreceivable |
| Item | December31,2024 | January1,2024 |
| Accountreceivable | 19,832,233.51 | 31,718,251.28 |
| Financingofreceivables | ||
| Prepayments | 2,429,028.94 | 6,668,377.73 |
| Otheraccountreceivable | 436,815,407.73 | 1,021,305,845.87 |
| Including：Interestreceivable | ||
| Dividendreceivable | 28,621,800.58 | 1,205,472.90 |
| Inventories | ||
| Including：Dataresources | ||
| Contractassets | ||
| Assetsheldforsales | ||
| Non-currentassetduewithin1year | ||
| Othercurrentasset | 6,128,385.43 | |
| Totalofcurrentassets | 2,292,231,483.09 | 3,523,802,242.39 |
| Non-currentassets： | ||
| Creditor'srightinvestment | ||
| Othercreditor'srightinvestment | ||
| Long-termreceivable | ||
| Longtermshareequityinvestment | 7,846,717,402.01 | 6,942,986,509.74 |
| Otherequityinstrumentsinvestment | 1,768,953,885.85 | 1,534,396,887.63 |
| Othernon-currentfinancialassets | ||
| Propertyinvestment | 1,973,769.72 | 2,194,888.20 |
| Fixedassets | 4,722,709,889.80 | 4,929,287,711.63 |
| Constructioninprogress | 308,615,083.86 | 241,492,676.67 |
| Productionphysicalassets | ||
| Oil&gasassets | ||
| Userightassets | 13,566,418.32 | 24,137,970.26 |
| Intangibleassets | 116,330,587.32 | 124,092,435.10 |
| Including：Dataresources | ||
| Developmentexpenses | ||
| Including：Dataresources | ||
| Goodwill | ||
| Long-germexpensestobeamortized | ||
| Deferredincometaxasset | 28,274,192.91 | 33,747,359.73 |
| Othernon-currentasset | 2,060,000.00 | |
| Totalofnon-currentassets | 14,809,201,229.79 | 13,832,336,438.96 |
| Totalofassets | 17,101,432,712.88 | 17,356,138,681.35 |
| Currentliabilities | ||
| Short-termloans | ||
| Transactionalfinancialliabilities | ||
| Derivativefinancialliabilities | ||
| Notespayable | ||
| Accountpayable | 116,590,086.29 | 119,520,338.64 |
| Item | December31,2024 | January1,2024 |
| Advancereceipts | 250,984.74 | 250,984.74 |
| ContractLiabilities | ||
| Employees’wagepayable | 7,715,710.30 | 7,453,993.89 |
| Taxpayable | 23,752,944.73 | 8,185,707.22 |
| Otheraccountpayable | 306,323,712.32 | 374,738,279.30 |
| Including：Interestpayable | ||
| DividendsPayable | 32,714,825.12 | 27,809,510.32 |
| Dividendpayable | ||
| Liabilitiesheldforsales | ||
| Non-currentliabilityduewithin1year | 931,134,209.98 | 824,960,532.88 |
| Othercurrentliability | 18,906.24 | 52,275.94 |
| Totalofcurrentliability | 1,385,786,554.60 | 1,335,162,112.61 |
| Non-currentliabilities： | ||
| Long-termloan | 5,172,549,750.00 | 5,464,096,050.00 |
| Bondpayable | 749,401,333.95 | |
| Including：preferredstock | ||
| Sustainabledebt | ||
| Leaseliability | 2,730,189.11 | 13,405,284.96 |
| Long-termpayable | 2,022,210.11 | 2,022,210.11 |
| Long-termremunerationpayabletostaff | ||
| Expectedliabilities | ||
| Deferredincome | 273,537.20 | 3,555,984.68 |
| Deferredincometaxliability | 117,617,593.90 | 61,555,338.93 |
| Othernon-currentliabilities | ||
| Totalnon-currentliabilities | 5,295,193,280.32 | 6,294,036,202.63 |
| Totalofliability | 6,680,979,834.92 | 7,629,198,315.24 |
| Owners’equity | ||
| Sharecapital | 2,090,806,126.00 | 2,090,806,126.00 |
| Otherequityinstruments | ||
| Including：preferredstock | ||
| Sustainabledebt | ||
| Capitalreserves | 975,003,604.00 | 975,003,604.00 |
| Less：Sharesinstock | ||
| Othercomprehensiveincome | 366,149,871.08 | 163,568,401.33 |
| Specialreserve | ||
| Surplusreserves | 1,504,115,388.08 | 1,340,655,188.78 |
| Retainedprofit | 5,484,377,888.80 | 5,156,907,046.00 |
| Totalofowners’equity | 10,420,452,877.96 | 9,726,940,366.11 |
| Totalofliabilitiesandowners’equity | 17,101,432,712.88 | 17,356,138,681.35 |
3.ConsolidatedIncomestatement
InRMB
| Item | 2024 | 2023 |
| I.Incomefromthekeybusiness | 4,569,903,078.72 | 4,879,066,948.19 |
| Incl：Businessincome | 4,569,903,078.72 | 4,879,066,948.19 |
| Interestincome | ||
| Insurancefeeearned | ||
| Feeandcommissionreceived | ||
| II.Totalbusinesscost | 1,988,786,259.66 | 2,078,327,690.70 |
| Incl：Businesscost | 1,631,074,265.11 | 1,740,818,258.17 |
| Interestexpense | ||
| Feeandcommissionpaid | ||
| Insurancedischargepayment | ||
| Netclaimamountpaid | ||
| Netamountofwithdrawalofinsurancecontractreserve | ||
| Insurancepolicydividendpaid | ||
| Reinsuranceexpenses | ||
| Businesstaxandsurcharge | 23,198,292.71 | 23,027,906.77 |
| Salesexpense | ||
| Administrativeexpense | 203,389,242.59 | 189,461,539.01 |
| R&Dcosts | 5,083,785.20 | 3,245,205.00 |
| Financialexpenses | 126,040,674.05 | 121,774,781.75 |
| Including：Interestexpense | 176,538,813.65 | 214,338,558.69 |
| Interestincome | 56,039,879.15 | 94,065,812.39 |
| Add:Otherincome | 11,532,166.82 | 11,606,155.53 |
| Investmentgain（“-”forloss） | 302,846,786.74 | 312,359,708.13 |
| Incl:investmentgainsfromaffiliates | 192,051,727.06 | 215,712,728.62 |
| Financialassetsmeasuredatamortizedcostceasetoberecognizedasincome | ||
| Gainsfromcurrencyexchange | ||
| Netexposurehedgingincome | ||
| Changingincomeoffairvalue | 2,637,409.20 | 2,456,768.00 |
| Creditimpairmentloss | -121,656,189.18 | -123,166,054.97 |
| Impairmentlossofassets | -10,443,015.96 | |
| Assetsdisposalincome | -721,318.52 | |
| III.Operationalprofit（“-”forloss） | 2,775,755,674.12 | 2,993,552,818.22 |
| Add：Non-operationalincome | 6,624,670.82 | 4,745,630.19 |
| Less:Non-operatingexpense | 8,289,204.77 | 21,397,141.51 |
| IV.Totalprofit(“-”forloss) | 2,774,091,140.17 | 2,976,901,306.90 |
| Less：Incometaxexpenses | 671,178,358.12 | 714,561,170.84 |
| V.Netprofit | 2,102,912,782.05 | 2,262,340,136.06 |
| (I)Classificationbybusinesscontinuity | ||
| 1.Netcontinuingoperatingprofit | 2,102,912,782.05 | 2,262,340,136.06 |
| Item | 2024 | 2023 |
| 2.Terminationofoperatingnetprofit | ||
| (II)Classificationbyownership | ||
| 1.Netprofitattributabletotheownersofparentcompany | 1,562,122,219.95 | 1,633,811,033.68 |
| 2.Minorityshareholders’equity | 540,790,562.10 | 628,529,102.38 |
| VI.Netafter-taxofothercomprehensiveincome | 202,581,469.75 | -7,065,255.34 |
| Netofprofitofothercomprehensiveincomeattributabletoownersoftheparentcompany. | 202,581,469.75 | -7,065,255.34 |
| （I）Othercomprehensiveincomeitemsthatwillnotbereclassifiedintogains/lossesinthesubsequentaccountingperiod | 182,511,260.27 | -17,180,132.51 |
| 1.Re-measurementofdefinedbenefitplansofchangesinnetdebtornetassets | ||
| 2.Othercomprehensiveincomeundertheequitymethodinvesteecannotbereclassifiedintoprofitorloss. | 6,593,511.61 | |
| 3.Changesinthefairvalueofinvestmentsinotherequityinstruments | 175,917,748.66 | -17,180,132.51 |
| 4.Changesinthefairvalueofthecompany’screditrisks | ||
| 5.Other | ||
| （II）Othercomprehensiveincomethatwillbereclassifiedintoprofitorloss. | 20,070,209.48 | 10,114,877.17 |
| 1.Othercomprehensiveincomeundertheequitymethodinvesteecanbereclassifiedintoprofitorloss. | 20,070,209.48 | 10,114,877.17 |
| 2.Changesinthefairvalueofinvestmentsinotherdebtobligations | ||
| 3.Othercomprehensiveincomearisingfromthereclassificationoffinancialassets | ||
| 4.Allowanceforcreditimpairmentsininvestmentsinotherdebtobligations | ||
| 5.Reserveforcashflowhedges | ||
| 6.Translationdifferencesincurrencyfinancialstatements | ||
| 7.Other | ||
| NetofprofitofothercomprehensiveincomeattributabletoMinorityshareholders’equity | ||
| VII.Totalcomprehensiveincome | 2,305,494,251.80 | 2,255,274,880.72 |
| Totalcomprehensiveincomeattributabletotheowneroftheparentcompany | 1,764,703,689.70 | 1,626,745,778.34 |
| Totalcomprehensiveincomeattributableminority | 540,790,562.10 | 628,529,102.38 |
| Item | 2024 | 2023 |
| shareholders | ||
| VIII.Earningspershare | ||
| （I）Basicearningspershare | 0.75 | 0.78 |
| (II)Dilutedearningspershare | 0.75 | 0.78 |
Thecurrentbusinesscombinationundercommoncontrol,thenetprofitsofthecombinedpartybeforeachievednetprofitofRMB0.00,lastperiodthecombinedpartyrealizedRMB0.00.LegalRepresentative:MiaoDeshanPersoninchargeofaccounting：LuMingAccountingDeptLeader:ZhouFang
4.IncomestatementoftheParentCompany
InRMB
| Item | 2024 | 2023 |
| I.Incomefromthekeybusiness | 1,508,500,575.92 | 1,535,585,466.23 |
| Incl：Businesscost | 554,664,684.30 | 610,980,785.63 |
| Businesstaxandsurcharge | 8,089,920.77 | 8,076,686.24 |
| Salesexpense | ||
| Administrativeexpense | 128,949,733.56 | 119,191,042.73 |
| R&Dexpense | 3,195,423.45 | 3,245,205.00 |
| Financialexpenses | 177,510,575.54 | 214,571,226.30 |
| Including：Interestexpenses | 205,562,083.83 | 240,441,217.03 |
| Interestincome | 33,491,134.51 | 27,292,545.80 |
| Add：Otherincome | 3,570,579.12 | 4,252,550.47 |
| Investmentgain（“-”forloss） | 1,159,856,692.42 | 1,044,240,085.29 |
| Including:investmentgainsfromaffiliates | 196,194,159.84 | 215,529,559.56 |
| Financialassetsmeasuredatamortizedcostceasetoberecognizedasincome | ||
| Netexposurehedgingincome | ||
| Changingincomeoffairvalue | ||
| Creditimpairmentloss | ||
| Impairmentlossofassets | ||
| Assetsdisposalincome | -721,318.52 | |
| II.Operationalprofit（“-”forloss） | 1,798,796,191.32 | 1,628,013,156.09 |
| Add：Non-operationalincome | 1,334,982.13 | 1,232,923.08 |
| Less：Non-operationalexpenses | 1,199,248.86 | 9,053,337.37 |
| III.Totalprofit(“-”forloss) | 1,798,931,924.59 | 1,620,192,741.80 |
| Less：Incometaxexpenses | 164,329,931.57 | 144,482,868.61 |
| IV.Netprofit | 1,634,601,993.02 | 1,475,709,873.19 |
| 1.Netcontinuingoperatingprofit | 1,634,601,993.02 | 1,475,709,873.19 |
| 2.Terminationofoperatingnetprofit | ||
| V.Netafter-taxofothercomprehensiveincome | 202,581,469.75 | -7,065,255.34 |
| （I）Othercomprehensiveincomeitemsthatwillnotbereclassifiedintogains/lossesinthesubsequentaccounting | 182,511,260.27 | -17,180,132.51 |
| Item | 2024 | 2023 |
| period | ||
| 1.Re-measurementofdefinedbenefitplansofchangesinnetdebtornetassets | ||
| 2.Othercomprehensiveincomeundertheequitymethodinvesteecannotbereclassifiedintoprofitorloss. | 6,593,511.61 | |
| 3.Changesinthefairvalueofinvestmentsinotherequityinstruments | 175,917,748.66 | -17,180,132.51 |
| 4.Changesinthefairvalueofthecompany’screditrisks | ||
| 5.Other | ||
| (II)Othercomprehensiveincomethatwillbereclassifiedintoprofitorloss | 20,070,209.48 | 10,114,877.17 |
| 1.Othercomprehensiveincomeundertheequitymethodinvesteecanbereclassifiedintoprofitorloss. | 20,070,209.48 | 10,114,877.17 |
| 2.Changesinthefairvalueofinvestmentsinotherdebtobligations | ||
| 3.Othercomprehensiveincomearisingfromthereclassificationoffinancialassets | ||
| 4.Allowanceforcreditimpairmentsininvestmentsinotherdebtobligations | ||
| 5.Reserveforcashflowhedges | ||
| 6.Translationdifferencesincurrencyfinancialstatements | ||
| 7.Other | ||
| VI.Totalcomprehensiveincome | 1,837,183,462.77 | 1,468,644,617.85 |
| VII.Earningspershare | ||
| （I）Basicearningspershare | ||
| (II)Dilutedearningspershare |
5.ConsolidatedCashflowstatement
InRMB
| Item | 2024 | 2023 |
| I.Cashflowsfromoperatingactivities | ||
| Cashreceivedfromsalesofgoodsorrendingofservices | 4,745,448,281.75 | 4,951,961,030.30 |
| Netincreaseofcustomerdepositsandcapitalkeptforbrothercompany | ||
| Netincreaseofloansfromcentralbank | ||
| Netincreaseofinter-bankloansfromotherfinancialbodies | ||
| Cashreceivedagainstoriginalinsurancecontract | ||
| Netcashreceivedfromreinsurancebusiness | ||
| Netincreaseofclientdepositandinvestment | ||
| Cashreceivedfrominterest,commissionchargeandcommission | ||
| Netincreaseofinter-bankfundreceived | ||
| Netincreaseofrepurchasingbusiness | ||
| Netcashreceivedbyagentinsecuritiestrading | ||
| Taxreturned | ||
| Othercashreceivedfrombusinessoperation | 326,835,498.54 | 562,750,580.32 |
| Sub-totalofcashinflow | 5,072,283,780.29 | 5,514,711,610.62 |
| Cashpaidforpurchasingofmerchandiseandservices | 349,338,366.27 | 356,711,777.61 |
| Netincreaseofclienttradeandadvance | ||
| Netincreaseofsavingsincentralbankandbrothercompany | ||
| Cashpaidfororiginalcontractclaim | ||
| Netincreaseinfinancialassetsheldfortradingpurposes | ||
| NetincreaseforOutgoingcallloan | ||
| Cashpaidforinterest,processingfeeandcommission | ||
| Cashpaidtostaffsorpaidforstaffs | 502,767,262.92 | 495,860,299.67 |
| Taxespaid | 861,499,760.74 | 732,384,642.28 |
| Othercashpaidforbusinessactivities | 102,314,796.45 | 97,969,327.59 |
| Sub-totalofcashoutflowfrombusinessactivities | 1,815,920,186.38 | 1,682,926,047.15 |
| Netcashgeneratedfrom/usedinoperatingactivities | 3,256,363,593.91 | 3,831,785,563.47 |
| II.Cashflowgeneratedbyinvesting | ||
| Cashreceivedfrominvestmentretrieving | 39,614,562.90 | 80,429,567.10 |
| Cashreceivedasinvestmentgains | 158,293,859.68 | 140,568,804.28 |
| Netcashretrievedfromdisposaloffixedassets,intangibleassets,andotherlong-termassets | 1,470,189.30 | 116,722.53 |
| Netcashreceivedfromdisposalofsubsidiariesor |
| Item | 2024 | 2023 |
| otheroperationalunits | ||
| Otherinvestment-relatedcashreceived | 5,259,269.50 | |
| Sub-totalofcashinflowduetoinvestmentactivities | 204,637,881.38 | 221,115,093.91 |
| Cashpaidforconstructionoffixedassets,intangibleassetsandotherlong-termassets | 2,036,600,945.23 | 1,539,385,895.45 |
| Cashpaidasinvestment | 201,662,000.00 | 166,330,000.00 |
| Netincreaseofloanagainstpledge | ||
| Netcashreceivedfromsubsidiariesandotheroperationalunits | ||
| Othercashpaidforinvestmentactivities | 3,669,511.10 | 182,544.13 |
| Sub-totalofcashoutflowduetoinvestmentactivities | 2,241,932,456.33 | 1,705,898,439.58 |
| Netcashflowgeneratedbyinvestment | -2,037,294,574.95 | -1,484,783,345.67 |
| III.Cashflowgeneratedbyfinancing | ||
| Cashreceivedasinvestment | 192,500,000.00 | 175,000,000.00 |
| Including:Cashreceivedasinvestmentfromminorshareholders | 192,500,000.00 | 175,000,000.00 |
| Cashreceivedasloans | 1,350,955,084.00 | 675,525,000.00 |
| Otherfinancing–relatedcashreceived | 40,092,886.12 | |
| Sub-totalofcashinflowfromfinancingactivities | 1,583,547,970.12 | 850,525,000.00 |
| Cashtorepaydebts | 1,270,080,259.00 | 1,038,658,425.00 |
| Cashpaidasdividend,profit,orinterests | 1,957,815,078.56 | 1,727,111,491.46 |
| Including:Dividendandprofitpaidbysubsidiariestominorshareholders | 566,774,796.34 | 569,575,174.55 |
| Othercashpaidforfinancingactivities | 12,138,004.61 | 14,094,281.84 |
| Sub-totalofcashoutflowduetofinancingactivities | 3,240,033,342.17 | 2,779,864,198.30 |
| Netcashflowgeneratedbyfinancing | -1,656,485,372.05 | -1,929,339,198.30 |
| IV.Influenceofexchangeratealternationoncashandcashequivalents | -4,587,996.33 | -693,816.83 |
| V.Netincreaseofcashandcashequivalents | -442,004,349.42 | 416,969,202.67 |
| Add:balanceofcashandcashequivalentsatthebeginningofterm | 4,701,657,434.00 | 4,284,688,231.33 |
| VI..Balanceofcashandcashequivalentsattheendofterm | 4,259,653,084.58 | 4,701,657,434.00 |
6.CashFlowStatementoftheParentCompany
InRMB
| Item | 2024 | 2023 |
| I.Cashflowsfromoperatingactivities | ||
| Cashreceivedfromsalesofgoodsorrendingofservices | 1,561,429,158.48 | 1,569,576,641.63 |
| Taxreturned | ||
| Othercashreceivedfrombusinessoperation | 114,438,110.42 | 178,378,550.98 |
| Sub-totalofcashinflow | 1,675,867,268.90 | 1,747,955,192.61 |
| Cashpaidforpurchasingofmerchandiseandservices | 113,313,804.87 | 126,343,176.79 |
| Cashpaidtostaffsorpaidforstaffs | 162,987,657.26 | 161,391,920.54 |
| Taxespaid | 199,803,534.19 | 100,391,735.11 |
| Othercashpaidforbusinessactivities | 166,979,810.96 | 152,266,887.57 |
| Sub-totalofcashoutflowfrombusinessactivities | 643,084,807.28 | 540,393,720.01 |
| Netcashgeneratedfrom/usedinoperatingactivities | 1,032,782,461.62 | 1,207,561,472.60 |
| II.Cashflowgeneratedbyinvesting | ||
| Cashreceivedfrominvestmentretrieving | ||
| Cashreceivedasinvestmentgains | 1,020,921,447.70 | 933,027,040.76 |
| Netcashretrievedfromdisposaloffixedassets,intangibleassets,andotherlong-termassets | 1,073,952.30 | 18,092.53 |
| Netcashreceivedfromdisposalofsubsidiariesorotheroperationalunits | ||
| Otherinvestment-relatedcashreceived | ||
| Sub-totalofcashinflowduetoinvestmentactivities | 1,021,995,400.00 | 933,045,133.29 |
| Cashpaidforconstructionoffixedassets,intangibleassetsandotherlong-termassets | 260,396,069.30 | 113,805,594.78 |
| Cashpaidasinvestment | 186,350,000.00 | 163,250,000.00 |
| Netcashreceivedfromsubsidiariesandotheroperationalunits | ||
| Othercashpaidforinvestmentactivities | ||
| Sub-totalofcashoutflowduetoinvestmentactivities | 446,746,069.30 | 277,055,594.78 |
| Netcashflowgeneratedbyinvestment | 575,249,330.70 | 655,989,538.51 |
| III.Cashflowgeneratedbyfinancing | ||
| Cashreceivedasinvestment | ||
| Cashreceivedasloans | 10,955,084.00 | |
| Otherfinancing–relatedashreceived | 40,092,886.12 | |
| Sub-totalofcashinflowfromfinancingactivities | 51,047,970.12 | |
| Cashtorepaydebts | 922,119,384.00 | 67,189,300.00 |
| Cashpaidasdividend,profit,orinterests | 1,357,397,095.53 | 1,130,578,984.77 |
| Othercashpaidforfinancingactivities | 12,058,626.61 | 14,014,903.84 |
| Sub-totalofcashoutflowduetofinancingactivities | 2,291,575,106.14 | 1,211,783,188.61 |
| Netcashflowgeneratedbyfinancing | -2,240,527,136.02 | -1,211,783,188.61 |
| IV.Influenceofexchangeratealternationoncashandcashequivalents | -4,587,996.33 | -693,816.83 |
| V.Netincreaseofcashandcashequivalents | -637,083,340.03 | 651,074,005.67 |
| Add:balanceofcashandcashequivalentsatthebeginningof | 2,462,888,567.51 | 1,811,814,561.84 |
| Item | 2024 | 2023 |
| term | ||
| VI..Balanceofcashandcashequivalentsattheendofterm | 1,825,805,227.48 | 2,462,888,567.51 |
7.ConsolidatedStatementonChangeinOwners’EquityAmountinthisperiod
InRMB
| Item | 2024 | ||||||||||||||
| Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
| Preferredstock | Sustainabledebt | Other | |||||||||||||
| I.Balanceattheendoflastyear | 2,090,806,126.00 | 783,125,493.70 | 163,568,401.33 | 1,520,627,456.34 | 5,289,404,378.52 | 9,847,531,855.89 | 2,561,273,947.69 | 12,408,805,803.58 | |||||||
| Add:Changeofaccountingpolicy | |||||||||||||||
| Correctingofpreviouserrors | |||||||||||||||
| Other | |||||||||||||||
| II.Balanceatthebeginningofcurrentyear | 2,090,806,126.00 | 783,125,493.70 | 163,568,401.33 | 1,520,627,456.34 | 5,289,404,378.52 | 9,847,531,855.89 | 2,561,273,947.69 | 12,408,805,803.58 | |||||||
| III.Changedinthecurrentyear | -464,275.14 | 202,581,469.75 | 163,460,199.30 | 254,991,069.73 | 620,568,463.64 | 166,515,765.76 | 787,084,229.40 | ||||||||
| （1）Totalcomprehensiveincome | 202,581,469.75 | 1,562,122,219.95 | 1,764,703,689.70 | 540,790,562.10 | 2,305,494,251.80 | ||||||||||
| Item | 2024 | ||||||||||||||
| Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
| Preferredstock | Sustainabledebt | Other | |||||||||||||
| （II）Investmentordecreasingofcapitalbyowners | 192,500,000.00 | 192,500,000.00 | |||||||||||||
| 1．OrdinarySharesinvestedbyshareholders | 192,500,000.00 | 192,500,000.00 | |||||||||||||
| 2．Holdersofotherequityinstrumentsinvestedcapital | |||||||||||||||
| 3．Amountofsharespaidandaccountedasowners’equity | |||||||||||||||
| 4．Other | |||||||||||||||
| （III）Profitallotment | 163,460,199.30 | -1,307,131,150.22 | -1,143,670,950.92 | -566,774,796.34 | -1,710,445,747.26 | ||||||||||
| 1.Providingofsurplusreserves | 163,460,199.30 | -163,460,199.30 | |||||||||||||
| 2.Providingof | -1,143,670,950.92 | -1,143,670,950.92 | -566,774,796.34 | -1,710,445,747.26 | |||||||||||
| Item | 2024 | ||||||||||||||
| Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
| Preferredstock | Sustainabledebt | Other | |||||||||||||
| commonriskprovisions | |||||||||||||||
| 3．Allotmenttotheowners(orshareholders) | |||||||||||||||
| 4．Other | |||||||||||||||
| (IV)Internaltransferringofowners’equity | |||||||||||||||
| 1.Capitalizingofcapitalreserves(ortocapitalshares) | |||||||||||||||
| 2.Capitalizingofsurplusreserves(ortocapitalshares) | |||||||||||||||
| 3．Makinguplossesbysurplusreserves. | |||||||||||||||
| 4.Changeamount | |||||||||||||||
| Item | 2024 | ||||||||||||||
| Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
| Preferredstock | Sustainabledebt | Other | |||||||||||||
| ofdefinedbenefitplansthatcarryforwardRetainedearnings | |||||||||||||||
| 5．Othercomprehensiveincomecarry-overretainedearnings | |||||||||||||||
| 6．Other | |||||||||||||||
| (V).Specialreserves | |||||||||||||||
| 1.Providedthisyear | |||||||||||||||
| 2．Usedthisterm | |||||||||||||||
| （VI）Other | -464,275.14 | -464,275.14 | -464,275.14 | ||||||||||||
| IV.Balanceattheendofthisterm | 2,090,806,126.00 | 782,661,218.56 | 366,149,871.08 | 1,684,087,655.64 | 5,544,395,448.25 | 10,468,100,319.53 | 2,727,789,713.45 | 13,195,890,032.98 | |||||||
Amountinlastyear
InRMB
| Item | 2023 | ||||||||||||||
| Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
| Preferredstock | Sustainabledebt | Other | |||||||||||||
| I.Balanceattheendoflastyear | 2,090,806,126.00 | 743,133,557.03 | 170,633,656.67 | 1,373,056,469.02 | 4,698,029,354.09 | 9,075,659,162.81 | 2,293,020,019.86 | 11,368,679,182.67 | |||||||
| Add:Changeofaccountingpolicy | |||||||||||||||
| Correctingofpreviouserrors | |||||||||||||||
| Other | |||||||||||||||
| II.Balanceatthebeginningofcurrentyear | 2,090,806,126.00 | 743,133,557.03 | 170,633,656.67 | 1,373,056,469.02 | 4,698,029,354.09 | 9,075,659,162.81 | 2,293,020,019.86 | 11,368,679,182.67 | |||||||
| III.Changedinthecurrentyear | 39,991,936.67 | -7,065,255.34 | 147,570,987.32 | 591,375,024.43 | 771,872,693.08 | 268,253,927.83 | 1,040,126,620.91 | ||||||||
| （1）Totalcomprehensiveincome | -7,065,255.34 | 1,633,811,033.68 | 1,626,745,778.34 | 628,529,102.38 | 2,255,274,880.72 | ||||||||||
| （II）Investmentordecreasingof | 40,092,886.12 | 40,092,886.12 | 175,000,000.00 | 215,092,886.12 | |||||||||||
| Item | 2023 | ||||||||||||||
| Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
| Preferredstock | Sustainabledebt | Other | |||||||||||||
| capitalbyowners | |||||||||||||||
| 1．OrdinarySharesinvestedbyshareholders | 175,000,000.00 | 175,000,000.00 | |||||||||||||
| 2．Holdersofotherequityinstrumentsinvestedcapital | |||||||||||||||
| 3．Amountofsharespaidandaccountedasowners’equity | |||||||||||||||
| 4．Other | 40,092,886.12 | 40,092,886.12 | 40,092,886.12 | ||||||||||||
| （III）Profitallotment | 147,570,987.32 | -1,042,436,009.25 | -894,865,021.93 | -535,275,174.55 | -1,430,140,196.48 | ||||||||||
| 1.Providingofsurplusreserves | 147,570,987.32 | -147,570,987.32 | |||||||||||||
| 2.Providingofcommonriskprovisions | -894,865,021.93 | -894,865,021.93 | -535,275,174.55 | -1,430,140,196.48 | |||||||||||
| 3．Allotmentto | |||||||||||||||
| Item | 2023 | ||||||||||||||
| Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
| Preferredstock | Sustainabledebt | Other | |||||||||||||
| theowners(orshareholders) | |||||||||||||||
| 4．Other | |||||||||||||||
| (IV)Internaltransferringofowners’equity | |||||||||||||||
| 1.Capitalizingofcapitalreserves(ortocapitalshares) | |||||||||||||||
| 2.Capitalizingofsurplusreserves(ortocapitalshares) | |||||||||||||||
| 3．Makinguplossesbysurplusreserves. | |||||||||||||||
| 4.Changeamountofdefinedbenefitplansthatcarry | |||||||||||||||
| Item | 2023 | ||||||||||||||
| Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
| Preferredstock | Sustainabledebt | Other | |||||||||||||
| forwardRetainedearnings | |||||||||||||||
| 5．Othercomprehensiveincomecarry-overretainedearnings | |||||||||||||||
| 6．Other | |||||||||||||||
| (V).Specialreserves | |||||||||||||||
| 1.Providedthisyear | |||||||||||||||
| 2．Usedthisterm | |||||||||||||||
| （VI）Other | -100,949.45 | -100,949.45 | -100,949.45 | ||||||||||||
| IV.Balanceattheendofthisterm | 2,090,806,126.00 | 783,125,493.70 | 163,568,401.33 | 1,520,627,456.34 | 5,289,404,378.52 | 9,847,531,855.89 | 2,561,273,947.69 | 12,408,805,803.58 | |||||||
8.Statementofchangeinowner’sEquityoftheParentCompanyAmountinthisperiod
InRMB
| Item | 2024 | |||||||||||
| Sharecapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
| Preferredstock | Sustainabledebt | Other | ||||||||||
| I.Balanceattheendoflastyear | 2,090,806,126.00 | 975,003,604.00 | 163,568,401.33 | 1,340,655,188.78 | 5,156,907,046.00 | 9,726,940,366.11 | ||||||
| Add:Changeofaccountingpolicy | ||||||||||||
| Correctingofpreviouserrors | ||||||||||||
| Other | ||||||||||||
| II.Balanceatthebeginningofcurrentyear | 2,090,806,126.00 | 975,003,604.00 | 163,568,401.33 | 1,340,655,188.78 | 5,156,907,046.00 | 9,726,940,366.11 | ||||||
| III.Changedinthecurrentyear | 202,581,469.75 | 163,460,199.30 | 327,470,842.80 | 693,512,511.85 | ||||||||
| （I）Totalcomprehensiveincome | 202,581,469.75 | 1,634,601,993.02 | 1,837,183,462.77 | |||||||||
| (II)Investmentordecreasingofcapitalbyowners | ||||||||||||
| 1．OrdinarySharesinvestedbyshareholders | ||||||||||||
| 2．Holdersofotherequityinstrumentsinvestedcapital | ||||||||||||
| 3.Amountofsharespaidandaccountedasowners’equity | ||||||||||||
| 4．Other | ||||||||||||
| Item | 2024 | |||||||||||
| Sharecapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
| Preferredstock | Sustainabledebt | Other | ||||||||||
| （III）Profitallotment | 163,460,199.30 | -1,307,131,150.22 | -1,143,670,950.92 | |||||||||
| 1.Providingofsurplusreserves | 163,460,199.30 | -163,460,199.30 | ||||||||||
| 2．Allotmenttotheowners(orshareholders) | -1,143,670,950.92 | -1,143,670,950.92 | ||||||||||
| 3．Other | ||||||||||||
| (IV)Internaltransferringofowners’equity | ||||||||||||
| 1.Capitalizingofcapitalreserves(ortocapitalshares) | ||||||||||||
| 2.Capitalizingofsurplusreserves(ortocapitalshares) | ||||||||||||
| 3．Makinguplossesbysurplusreserves. | ||||||||||||
| 4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings | ||||||||||||
| 5．Othercomprehensiveincomecarry-overretainedearnings | ||||||||||||
| 6．Other | ||||||||||||
| Item | 2024 | |||||||||||
| Sharecapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
| Preferredstock | Sustainabledebt | Other | ||||||||||
| (V)Specialreserves | ||||||||||||
| 1.Providedthisyear | ||||||||||||
| 2．Usedthisterm | ||||||||||||
| （VI）Other | ||||||||||||
| IV.Balanceattheendofthisterm | 2,090,806,126.00 | 975,003,604.00 | 366,149,871.08 | 1,504,115,388.08 | 5,484,377,888.80 | 10,420,452,877.96 | ||||||
Amountinlastyear
InRMB
| Item | 2023 | |||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
| Preferredstock | Sustainabledebt | Other | ||||||||||
| I.Balanceattheendoflastyear | 2,090,806,126.00 | 934,908,293.69 | 170,633,656.67 | 1,193,084,201.46 | 4,723,633,182.06 | 9,113,065,459.88 | ||||||
| Add:Changeofaccountingpolicy | ||||||||||||
| Correctingofpreviouserrors | ||||||||||||
| Other | ||||||||||||
| II.Balanceatthebeginningofcurrentyear | 2,090,806,126.00 | 934,908,293.69 | 170,633,656.67 | 1,193,084,201.46 | 4,723,633,182.06 | 9,113,065,459.88 | ||||||
| III.Changedinthecurrentyear | 40,095,310.31 | -7,065,255.34 | 147,570,987.32 | 433,273,863.94 | 613,874,906.23 | |||||||
| （I）Totalcomprehensiveincome | -7,065,255.34 | 1,475,709,873.19 | 1,468,644,617.85 | |||||||||
| (II)Investmentordecreasingofcapitalbyowners | 40,092,886.12 | 40,092,886.12 | ||||||||||
| 1．OrdinarySharesinvestedbyshareholders | ||||||||||||
| 2．Holdersofotherequityinstrumentsinvestedcapital | ||||||||||||
| 3.Amountofsharespaidandaccountedasowners’equity | ||||||||||||
| 4．Other | 40,092,886.12 | 40,092,886.12 | ||||||||||
| （III）Profitallotment | 147,570,987.32 | -1,042,436,009.25 | -894,865,021.93 | |||||||||
| Item | 2023 | |||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
| Preferredstock | Sustainabledebt | Other | ||||||||||
| 1.Providingofsurplusreserves | 147,570,987.32 | -147,570,987.32 | ||||||||||
| 2．Allotmenttotheowners(orshareholders) | -894,865,021.93 | -894,865,021.93 | ||||||||||
| 3．Other | ||||||||||||
| (IV)Internaltransferringofowners’equity | ||||||||||||
| 1.Capitalizingofcapitalreserves(ortocapitalshares) | ||||||||||||
| 2.Capitalizingofsurplusreserves(ortocapitalshares) | ||||||||||||
| 3．Makinguplossesbysurplusreserves. | ||||||||||||
| 4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings | ||||||||||||
| 5．Othercomprehensiveincomecarry-overretainedearnings | ||||||||||||
| 6．Other | ||||||||||||
| (V)Specialreserves | ||||||||||||
| 1.Providedthisyear | ||||||||||||
| Item | 2023 | |||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
| Preferredstock | Sustainabledebt | Other | ||||||||||
| 2．Usedthisterm | ||||||||||||
| （VI）Other | 2,424.19 | 2,424.19 | ||||||||||
| IV.Balanceattheendofthisterm | 2,090,806,126.00 | 975,003,604.00 | 163,568,401.33 | 1,340,655,188.78 | 5,156,907,046.00 | 9,726,940,366.11 | ||||||
III.CompanyProfile
1.BasicinformationoftheIPOandsharecapitalofthecompany
1.TheCompanywasestablishedinFebruary1993,whichwasoriginallynamedasGuangdongFokaiExpresswayCo.,Ltd.OnJune30,1993,itwasrenamedasGuangdongProvincialExpresswayDevelopmentCo.,Ltd.afterreorganizationpursuanttotheapprovaloftheOfficeofJointExaminationGroupofExperimentalUnitsofShareHoldingSystemwithYLSB(1993)No.68document.Thesharecapitalstructureafterreorganizationisasfollows:
Compositionofstate-ownedshares:Theappraisednetvalueofstate-ownedassetsofGuangdongJiujiangBridgeCo.andGuangfoExpresswayCo.,Ltd.asofJanuary31,1993confirmedbyGuangdongState-ownedAssetManagementDept.,i.e.,RMB418.2136million,wasconvertedinto155.025millionshares.GuangdongExpresswayCo.investedcashofRMB115milliontosubscribefor35.9375millionshares.OtherlegalpersonsinvestedcashofRMB286.992milliontosubscribefor89.685millionshares.StaffoftheCompanyinvestedRMB87.008milliontosubscribefor27.19millionshares.ThetotalisRMB307.8375millionshares.2．PursuanttotheapprovalofGuangdongEconomicSystemReformCommitteeandGuangdongSecuritiesRegulatoryCommissionwithYTG(1996)No.67document,partoftheshareholdersofnon-state-ownedlegalpersonsharestransferred20millionnon-state-ownedlegalpersonsharestoMalaysiaYibaoEngineeringCo.,Ltd.inJune1996.
3.PursuanttotheapprovalofSecuritiesCommissionundertheStateCouncilwithWF(1996)No.24approvaldocumentandthatofGuangdongEconomicSystemReformCommitteewithYTG(1996)No.68document,theCompanyissued135milliondomesticallylistedforeigninvestmentshares(Bshares)tooverseasinvestorsatthepriceofHKD3.54(equivalenttoRMB3.8)withtheparvalueofeachsharebeingRMB1duringJunetoJuly1996.
4.PursuanttothereplyoftheMinistryofForeignTradeandEconomicCooperationofthePeople’sRepublicofChinawith(1996)WJMZYHZNo.606document,theCompanywasapprovedtobeaforeign-investedjointstockcompanylimited.5．TheCompanydistributeddividendsandcapitalizedcapitalcommonreservefortheyear1996inthefollowingmanner:TheCompanypaid1.7bonussharesforeach10sharesandcapitalizedcapitalcommonreserveon3.3-for-10basis.
6.PursuanttotheapprovalofChinaSecuritiesRegulatoryCommittee(CSRC)withZJFZ(1997)No.486andNo.487document,theCompanyissued100millionpublicshares(Ashares)atthepriceofRMB5.41intermof“payableinfullonapplication,pro-rateplacingandsubjecttorefund”withtheparvalueofeachsharebeingRMB1inJanuary1998.7．InaccordancewiththeResolutionsofthe1999Shareholders’GeneralMeetingoftheCompanyandpursuanttotheapprovalofGuangzhouSecuritiesRegulatoryOfficeunderCSRCwithGZZJH(2000)No.99andthatofCSRCwithZJGSZ(2000)No.98,theCompanyoffered3Rightsforevery10sharesof764.256249millionsharesatthepriceofRMB11perRight.73,822,250ordinaryshareswereactuallyplacedtoall.
8.PursuanttothereplyoftheGeneralOfficeofthePeople’sGovernmentofGuangdongProvincewithYBH(2000)No.574document,thestate-ownedsharesweretransferredtoGuangdongCommunicationGroupCo.,
Ltd.(GroupCo.)forholdingandmanagementwithoutcompensation.
9.PursuanttotheapprovalofShenzhenStockExchange,53.0205millionstaffsharesoftheCompany(132,722sharesheldbydirectors,supervisorsandseniorexecutivesaretemporarilyfrozen)werelistedonFebruary5,2001.
10.Inaccordancewiththeresolutionsof2000annualshareholders’generalmeeting,theCompanycapitalizedcapitalcommonreserveinto419,039,249shareson5-for-10basiswiththetotalsharecapitalasoftheendof2000,i.e.,838,078,499sharesasbase.ThedateofstockrightregistrationwasMay21,2001.Theex-rightdatewasMay22,2001.11．OnMarch8,2004,AsapprovedbyChinaSecuritiesRegulatoryCommissionbydocumentZheng-Jian-Gong-Si-Zi[2003]No.3,the45,000,000non-negotiableforeignshareswereplacedinShenzhenStock
12.OnDecember21,2005,theCompany'splanforshareholdingstructurereformwasvotedthroughattheshareholders'meetingconcerningAshares.OnJanuary262006,TheMinistryofCommerceofPRCissued“TheapprovalonshareconvertingofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.”toapprovetheshareequityrelocationandtransformation.OnOctober92006,accordingtothe“Circularaboutimplementingofshareequityrelocationandrelativetrading”issuedbyShenzhenStockExchange,theabbreviationIDoftheCompany’sAshareswasrestoredfrom“G-Expressway”“ExpresswayA”.
13.UpontheapprovaldocumentofCSRCNo.230-2016ZhengJianXuke-ApprovaloftheShare-IssuingtoPartiessuchasGuangdongProvincialExpresswayCo.,LtdtoPurchaseAssetsandRaiseMatchingFundsbyGuangdongProvincialExpresswayDevelopmentCo.,Ltd,inJune2016thecompanyissued33,355,263sharesandpaidRMB803.50milliontoGuangdongProvincialExpresswayCo.,Ltdforpurchasingthe25%stakeofGuangdongProvincialFokaiExpresswayCo.,LtdheldbyGuangdongProvincialExpresswayCo.,Ltd;andissued466,325,020sharestoGuangdongProvincialHighwayConstructionCo.,Ltdforpurchasingthe100%stakeofGuangzhouGuangzhuTrafficInvestmentManagementCo.,LtdheldbyGuangdongProvincialHighwayConstructionCo.,Ltd.OnJune21,2016,thecompanydirectionallyissued334,008,095A-sharestoYadongFuxingYalianInvestmentCo.,Ltd,TibetYinyueInvestmentManagementCo.,LtdandGuangfaSecuritiesCo.,Ltd.TheissuanceofshareshavebeenregisteredonJuly7,2016,thenewshareswillbelistedonJuly8,2016.
2.Company'sregisteredplaceandheadquartersaddress
RegistrationplaceNo.85,BaiyunRoad,YuexiuDistrict,Guangzhou.HeadquartersOffice：45-46/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TiheDisrtict,Guangzhou
3.BusinessnatureandmainbusinessactivitiesIndustryandmainproductsofthecompany:highwaymanagementandmaintenance.
Generalbusinessitems:investment,construction,charging,maintenanceandservicemanagementofexpressways,graderoadsandbridges;Automobilerescueservice,maintenanceandcleaning;Parkinglotcharges;Design,production,releaseandagencyofallkindsofadvertisementsathomeandabroad;Landdevelopmentalongthehighway;Warehousingbusiness;Intelligenttransportationtechnologyresearchanddevelopmentandservice;Equityinvestment,managementandconsultation.(Projectsthatmustbeapprovedaccordingtolawcanbeoperatedonlyafterbeingapprovedbyrelevantdepartments).TheCompanyismainlyengagedintollingandmaintenanceofGuangfoExpressway,FokaiExpressway,Jingzhu
ExpresswayGuangzhuSectionandGuanghuiExpresswayinvestmentintechnologicalindustriesandprovisionofrelevantconsultaionwhileinvestinginShenzhenHuiyanExpresswayCo.,Ltd.,GuangdongJiangzhongExpresswayCo.Ltd.,ZhaoqingYuezhaoExpresswayCo.,Ltd.,GanzhouKangdaExpressway,GanzhouGankangExpresswayCo.,Ltd.,GuangdongYuepuSmallRefinancingCo.,Ltd.,GuoyuanSecuritiesCo.,Ltd,HunanLianzhiTechnologyCo.,Ltd.GarageelectricpileHolding(Shenzhen)Co.,Ltd.andGuangdongYuetongQiyuanChipPowerTechnologyCo.,Ltd.
4.Scopeandchangesofconsolidatedfinancialstatementsinthecurrentperiod
(1)Scopeofcurrentconsolidatedfinancialstatements
TheconsolidatedscopeofthecurrentfinancialstatementsinvovlesGuangdongExpresswayTechnologyInvestmentCo.,Ltd.,YuegaoCapitalHolding(Guangzhou)Co.,Ltd.,itsholdingsubsidiariesGuangfoExpresswayCo.,Ltd.,JingzhuExpresswayGuangzhuSectionCo.,Ltd.andGuanghuiExpresswayCo.,Ltd.
(2)Changesinthescopeofconsolidatedfinancialstatementsinthecurrentperiod
None.
5.ApprovalandsubmissiondateoffinancialreportThefinancialstatementshavebeenauthorizedforissuanceoftheBoardofDirectorsoftheCompanyonMarch3,2025.IV.Basisforthepreparationoffinancialstatements
1.PreparationbasisThefinancialstatementsoftheCompanyhavebeenpreparedonbasisofgoingconcerninconformitywithChineseAccountingStandardsforBusinessEnterprisesandtheAccountingSystemsforBusinessEnterprisesissuedbytheMinistryofFinanceofPeople’sRepublicofChina(MinistryofFinanceissuedorderNo.33,theMinistryofFinancerevisedorderNo.76)onFebruary15,2006,andrevisedAccountingStandards(order42oftheMinistryofFinance)andCompilationRulesforInformationDisclosurebyCompaniesOfferingSecuritiestothePublicNo.15–GeneralProvisionsonFinancialReports(2023Revision)issuedbytheChinaSecuritiesRegulatoryCommission(CSRC).AccordingtotherelevantaccountingregulationsinChineseAccountingStandardsforBusinessEnterprises,theCompanyhasadoptedtheaccrualbasisofaccounting.Held-for-salenon-currentassetsaremeasuredatthelowerofitsbookvalueatitsclassificationdateandfairvalueminusexpecteddisposalcosts.Whereassetsareimpaired,provisionsforassetimpairmentaremadeinaccordancewithrelevantrequirements
2.Continuation
Therewillbenosucheventsorsituationsinthe12monthsfromtheendofthereportingperiodthatwillcausematerialdoubtsastothecontinuationcapabilityoftheCompany.V.SignificantAccountingPoliciesandAccountingEstimates
1.StatementofCompliancewiththeAccountingStandardsforBusinessEnterprises
ThefinancialstatementsoftheCompanyarerecognizedandmeasuredinaccordancewiththeregulationsintheChineseAccountingStandardsforBusinessEnterprisesandtheygiveatrueandfairviewofthefinancialposition,businessresultandcashflowoftheCompany.
2.AccountingperiodTheaccountingperiodoftheCompanyisthecalendaryearfromJanuary1toDecember31.
3.OperatingcycleThenormaloperatingcyclereferstotheperiodfromthetimewhentheGrouppurchasesassetsforprocessingtothetimewhencashorcashequivalentsarerealized.TheCompanytakes12monthsasabusinesscycleandusesitasacriterionforliquidityclassificationofassetsandliabilities.
4.Standardcurrencyforbookkeeping
TheCompanyadoptsCNYtoprepareitsfunctionalstatements.5,Importancecriteriadeterminationmethodandselectionbasis?Applicable□Notapplicable
| Item | Materialitystandard |
| Materialreceivableswithbaddebtprovisionaccruedindividually | Thosewhosesingleprovisionamountaccountsformorethan5%oftheendingbalanceofvariousreceivables |
| Materialrecoveryorreversalofbaddebtprovisionsforreceivables | Thosewhoseamountofsinglecollectionorreversalaccountsformorethan5%oftheendingbalanceofvariousreceivables |
| Materialwrite-offofreceivables | Thosewhosesinglewriteoffamountaccountsformorethan5%oftheendingbalanceofvariousreceivables |
| Materialprepaymentswithanageofmorethanoneyear | Thosewhoseamountwithasingleaccountageofmorethanoneyearaccountsformorethan10%oftheendingbalanceofprepayments,andanamountofmorethanRMB5million |
| Materialprojectsunderconstruction | ThosewithasingleprojectinvestmentbudgetofmorethanRMB10million |
| Materialaccountspayableandotherpayableswithanageofoveroneyear | Thosewhoseamountwithasingleageofmorethanoneyearaccountsformorethan5%ofthebalanceofaccountspayableorotherpayables |
| Materialnon-wholly-ownedsubsidiaries | Thesubsidiarieswhoseyear-endnetassets,totalyear-endassets,currentoperatingincome,andtotalcurrentprofitaccountformorethan10%oftheCompany'syear-endnetassets,totalyear-endassets,currentoperatingincome,andtotalcurrentprofit |
| Materialjointventureorassociatedenterprises | Thosewhoseendingbookvalueofalong-termequityinvestmentinasingleinvesteeaccountsformorethan5%oftheCompany'sendingnetassets,orwhosecurrentinvestmentincome(losscalculatedinabsoluteamount)undertheequitymethodoflong-termequityinvestmentaccountsformorethan5%oftheCompany'sconsolidatedcurrentnetprofits |
| Materialcommitments | ThosewithanamountforasingletypeofmorethanRMB500million |
| Materialcontingencies | ThosewithasingleamountofmorethanRMB10million |
| Materialinvestmentactivities | Thosewhosecashreceivedfromorpaidforasingleinvestmentactivityaccountformorethan5%ofthetotalcashinfloworoutflow |
6.AccountingsforBusinessCombinationsundertheSameControl&BusinessCombinationsnotundertheSameControl
1.BusinessCombinationsundertheSameControl
Ifbusinessparticipatinginthecombinationareultimatelycontrolledbythesamepartyorpartiesbeforeandafterthecombination,andthecontrolisnottemporary,itisanbusinesscombinationunderthesamecontrol.Usually,businesscombinationunderthesamecontrolreferstothecombinationbetweenbusinesswithinthesamebusiness,exceptwhichitisgenerallynotregardedasbusinesscombinationunderthesamecontrol.TheassetsandliabilitiesobtainedbytheCompanyasthecombiningpartyinthebusinesscombinationshallbemeasuredaccordingtothebookvalueofthecombinedpartyintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyonthecombinationdate.Forthelong-termequityinvestmentformedbyholdingcombinationunderthesamecontrol,thecompanytakestheshareofthebookowner'sequityofthecombinedpartyonthecombinationdateastheinitialinvestmentcostforformingthelong-termequityinvestment.Seethelong-termequityinvestmentforrelevantaccountingtreatment;TheassetsandliabilitiesobtainedbyabsorptionandcombinationunderthesamecontrolshallberecordedbytheCompanyaccordingtotheoriginalbookvalueoftherelatedassetsandliabilitiesinthecombinedparty.Thecompanyadjuststhecapitalreserveaccordingtothedifferencebetweenthebookvalueofthenetassetsobtainedandthebookvalueofthecombinationconsiderationpaid(orthetotalparvalueoftheissuedshares);Ifthecapitalreserveisinsufficienttooffset,theretainedearningsshallbeadjusted.AlldirectlyrelatedexpensesincurredbytheCompanyasacombiningpartyforbusinesscombination,includingauditfees,evaluationfees,legalservicefees,etc.,areincludedinthecurrentprofitsandlosseswhenincurred.Feesandcommissionspaidforbondsissuedbyenterprisesorotherdebtsshallbeincludedintheinitialmeasurementamountofbondsandotherdebtsissued.Fees,commissionsandotherexpensesincurredinissuingequitysecuritiesinbusinesscombinationshallbeoffsetagainstthepremiumincomeofequitysecurities,andifthepremiumincomeisinsufficienttooffset,theretainedearningsshallbeoffset.Iftheholdingunderthesamecontroliscombinedtoformaparent-subsidiaryrelationship,theparentcompanyshallprepareconsolidatedfinancialstatementsontheconsolidationdate,includingconsolidatedbalancesheet,consolidatedincomestatementandconsolidatedcashflowstatement.Fortheconsolidatedbalancesheet,thebookvalueofthecombinedpartyintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyshallbeincorporatedintotheconsolidatedfinancialstatements,andthetransactionsbetweenthecombiningpartyandthecombinedpartyontheconsolidationdateandthepreviousperiodshallberegardedasinternaltransactionsandoffsetaccordingtotherelevantprinciplesof"ConsolidatedFinancialStatements";Theconsolidatedincomestatementandcashflowstatementincludethenetprofitandcashflowrealizedbythecombiningpartyandthecombinedpartyfromthebeginningofthecurrentconsolidationperiodtotheconsolidationdate,andinvolvethecashflowgeneratedbythetransactionsandinternaltransactionsbetweenthetwopartiesinthecurrentperiod,whichshallbeoffsetaccordingtotherelevantprinciplesoftheconsolidatedfinancialstatements.
2.BusinessCombinationsnotundertheSameControlIfthepartiesinvolvedinthecombinationarenotultimatelycontrolledbythesamepartyorpartiesbeforeandafterthecombination,itisabusinesscombinationnotunderthesamecontrol.BusinessCombinationsnotundertheSameControlDeterminethecostofbusinesscombination:thecostofbusinesscombinationincludesthefairvalueofcashornon-cashassetspaidbythepurchaserforbusinesscombination,debtsissuedorassumed,andequitysecuritiesissuedonthepurchasedate.Inthebusinesscombinationnotunderthesamecontrol,theintermediaryexpensessuchasauditing,legalservices,evaluationandconsultationandotherrelatedmanagementexpensesincurredbythepurchaserforthebusinesscombinationshallbeincludedinthecurrentprofitsandlosseswhentheyoccur;Transactioncostsofequity
securitiesordebtsecuritiesissuedbythepurchaserascombinationconsiderationshallbeincludedintheinitialrecognizedamountofequitysecuritiesordebtsecurities.Forthelong-termequityinvestmentobtainedbyholdingcombinationnotunderthesamecontrol,thecompanytakesthecombinationcostdeterminedonthepurchasedate(excludingcashdividendsandprofitsthatshouldbecollectedfromtheinvestee)astheinitialinvestmentcostforthelong-termequityinvestmentofthepurchaser;Allidentifiableassetsandliabilitiesobtainedbyabsorptionandcombinationunderdifferentcontrolthatmeettherecognitionconditionsshallberecognizedasassetsandliabilitiesoftheenterpriseatfairvalueonthedateofpurchase.IftheCompanytakesnon-monetaryassetsasconsiderationtoobtainthecontrolrightofthepurchaserorvariousidentifiableassetsandliabilities,thedifferencebetweenthefairvalueoftherelevantnon-monetaryassetsonthepurchasedateandtheirbookvalueshallbetakenasthedisposalprofitandlossoftheassetsandrecordedintheincomestatementofthecurrentconsolidationperiod.Inabusinesscombinationnotunderthesamecontrol,thedifferencebetweenthecostofbusinesscombinationandthefairvalueshareofidentifiablenetassetsofthepurchaserobtainedinthecombinationisrecognizedasgoodwill;Inthecaseofabsorptionandcombination,thedifferenceisrecognizedasgoodwillintheindividualfinancialstatementsoftheparentcompany;Inthecaseofholdingcombination,thedifferenceislistedasgoodwillintheconsolidatedfinancialstatements.Thecostofbusinesscombinationislessthanthedifferencebetweenthefairvalueshareofidentifiablenetassetsacquiredduringthecombination,whichisincludedintheprofitsandlosses(non-operatingincome)ofthecurrentcombinationperiodafterreviewbytheCompany.Inthecaseofabsorptionandcombination,thedifferenceisincludedintheindividualincomestatementoftheparentcompanyinthecurrentcombinationperiod;Inthecaseofholdingcombination,thedifferenceisincludedintheconsolidatedincomestatementofthecurrentcombinationperiod.Ifthebusinesscombinationnotunderthesamecontrolrealizedstepbystepthroughmultipleexchangetransactionsisapackagetransaction,eachtransactionwillbetreatedasatransactiontoobtaincontrolrights;Ifitisnotapackagetransaction,theequityofthepurchasedpartyheldbeforethepurchasedateshallbere-measuredaccordingtothefairvalueoftheequityonthepurchasedate,andthedifferencebetweenthefairvalueanditsbookvalueshallbeincludedinthecurrentinvestmentincome;Iftheequityofthepurchasedpartyheldbeforethepurchasedateinvolvesothercomprehensiveincome,othercomprehensiveincomerelatedtoitshallbeconvertedintotheinvestmentincomeofthecurrentperiodonthepurchasedate,exceptforothercomprehensiveincomearisingfromthere-measurementofnetliabilitiesorchangesinnetassetsofthedefinedbenefitplansbytheinvestedparty.
7.CriteriaforControlandPreparationMethodofConsolidatedFinancialStatements
(1)CriteriaforcontrolTheconsolidationscopeofconsolidatedfinancialstatementsisdeterminedonthebasisofcontrol.ControlmeansthattheCompanyhasthepowerovertheinvestee,isentitledtovariablereturnsbyparticipatingintherelatedactivitiesoftheinvestee,andhastheabilitytousethepowerovertheinvesteetoinfluenceitsreturnamount.SubsidiariesrefertosubjectscontrolledbytheCompany(includingenterprises,divisiblepartsofinvestee(s),structuredsubjects,etc.).
(2)CompilationmethodofconsolidatedfinancialstatementsTheconsolidatedfinancialstatementsoftheCompanyarebasedonthefinancialstatementsoftheparentcompanyanditssubsidiaries,andarepreparedaccordingtootherrelevantinformation.Whencompiling,theimportantinternaltransactionsbetweentheparentcompanyanditssubsidiaries,suchasinvestment,transactions,purchaseandsaleofinventoriesandtheirunrealizedprofits,areoffsetandcombineditembyitem,andthe
minorityshareholders'rightsandinterestsandthecurrentincomeofminorityshareholdersarecalculated.Iftheaccountingpoliciesandaccountingperiodsofsubsidiariesareinconsistentwiththoseoftheparentcompany,theaccountingstatementsofsubsidiariesshallbeadjustedaccordingtotheaccountingpoliciesandaccountingperiodsoftheparentcompanybeforecombination.
(3)Increaseanddecreasetheconsolidatedreportprocessingofsubsidiariesduringthereportingperiod
Duringthereportingperiod,whenpreparingtheconsolidatedbalancesheet,thebalanceatthebeginningoftheconsolidatedbalancesheetisadjustedforthesubsidiariesaddedduetobusinesscombinationunderthesamecontrol.Whenpreparingtheconsolidatedbalancesheet,thebalanceatthebeginningoftheyearoftheconsolidatedbalancesheetisnotadjustedforthesubsidiariesaddedduetobusinesscombinationnotunderthesamecontrol.Duringthereportingperiod,thesubsidiariesaredisposedofandthebalanceatthebeginningoftheconsolidatedbalancesheetisnotadjustedwhentheconsolidatedbalancesheetisprepared.
Duringthereportingperiod,theincome,expensesandprofitsofsubsidiariesaddedbybusinesscombinationunderthesamecontrolfromthebeginningtotheendofthereportingperiodareincludedintheconsolidatedincomestatement,andthecashflowsfromthebeginningtotheendofthereportingperiodareincludedintheconsolidatedcashflowstatement.Forsubsidiariesaddedduetobusinesscombinationnotunderthesamecontrol,theincome,expensesandprofitsofsuchsubsidiariesfromthepurchasedatetotheendofthereportingperiodareincludedintheconsolidatedincomestatement,andtheircashflowfromthepurchasedatetotheendofthereportingperiodisincludedintheconsolidatedcashflowstatement.Duringthereportingperiod,thesubsidiaryisdisposedof,andtheincome,expensesandprofitsfromthebeginningoftheperiodtothedisposaldateareincludedintheconsolidatedincomestatement,andthecashflowfromthebeginningoftheperiodtothedisposaldateisincludedintheconsolidatedcashflowstatement.
Whenthecontrolrightoftheoriginalsubsidiaryislostduetothedisposalofpartoftheequityinvestmentorotherreasons,theremainingequityinvestmentafterdisposalshallbere-measuredaccordingtoitsfairvalueonthedateoflossofcontrolright.Thesumoftheconsiderationobtainedfromthedisposalofequityandthefairvalueoftheremainingequity,minusthedifferencebetweentheshareoftheoriginalsubsidiary'snetassetscalculatedcontinuouslyfromthepurchasedateandthesumofgoodwillcalculatedaccordingtotheoriginalshareholdingratio,isincludedintheinvestmentincomeinthecurrentperiodwhenthecontrolrightislost.Othercomprehensiveincomerelatedtotheoriginalsubsidiary'sequityinvestmentisconvertedintocurrentinvestmentincomewhenthecontrolrightislost,exceptforothercomprehensiveincomegeneratedbytheinvestee'sre-measurementofnetliabilitiesorchangesinnetassetsofthesetincomeplan.
Thedifferencebetweenthenewlyacquiredlong-termequityinvestmentduetothepurchaseofminoritysharesandtheidentifiablenetassetsshareofsubsidiariescalculatedaccordingtotheincreasedshareholdingratio,andthedifferencebetweenthedisposalpriceobtainedfrompartialdisposalofequityinvestmentinsubsidiariesandthenetassetsshareofsubsidiariescorrespondingtothedisposaloflong-termequityinvestmentareusedtoadjusttheequitypremiuminthecapitalreserveintheconsolidatedbalancesheet.Iftheequitypremiuminthecapitalreserveisinsufficienttooffset,theretainedearningswillbeadjusted.
(4)Processingofconsolidatedstatementsfromstep-by-stepdisposalofequitytolossofcontrolrights
Ifthetransactionsthatdisposeoftheequityinvestmentinsubsidiariesuntilthelossofcontrolrightsareofapackagetransaction,thetransactionsshallbetreatedastransactionsthatdisposeofsubsidiariesandlosecontrolrights;However,thedifferencebetweenthedisposalpriceandtheshareofthesubsidiary'snetassetsrelatedtothedisposalinvestmentbeforethelossofcontrolrightisrecognizedasothercomprehensiveincomeintheconsolidatedfinancialstatements,whichwillbetransferredtothecurrentprofitandlosswhenthecontrolrightislost,exceptforothercomprehensiveincomearisingfromthere-measurementofthenetliabilitiesorchangesin
netassetsofthesetincomeplanbytheinvestee.Ifitisnotapackagetransaction,beforethelossofcontrol,thedifferencebetweenthedisposalpriceandthecorrespondingnetassetscontinuouslycalculatedbythesubsidiaryfromthepurchasedatewillbeadjustedtothecapitalreserve,andifthecapitalreserveisinsufficienttooffset,theretainedearningswillbeadjusted;Incaseoflossofcontrolright,theaccountingtreatmentshallbecarriedoutaccordingtotheaboveaccountingpolicywhenthecontrolrightovertheoriginalsubsidiaryislost.
8.RecognitionStandardofCash&CashEquivalentsCashandcashequivalentsoftheCompanyincludecashonhand,readyusabledepositsandinvestmentshavingshortholdingterm(normallywillbeduewithinthreemonthsfromthedayofpurchase),withstrongliquidityandeasytobeexchangedintocertainamountofcashthatcanbemeasuredreliablyandhavelowrisksofchange.
9.ForeignCurrencyTransaction
(1)ForeigncurrencybusinessForeigncurrencytransactionsoftheCompanyareconvertedintotheamountofbookkeepingbasecurrencyaccordingtothespotrateonthetransactiondate.Onthebalancesheetdate,foreigncurrencymonetaryitemsandforeigncurrencynon-monetaryitemsshallbetreatedaccordingtothefollowingprovisions:foreigncurrencymonetaryitemsshallbeconvertedatthespotrateonthebalancesheetdate.Exchangedifferencesarisingfromthedifferencebetweenthespotrateonthebalancesheetdateandthespotrateatthetimeofinitialrecognitionorthepreviousbalancesheetdateareincludedinthecurrentprofitsandlosses;Foreigncurrencynon-monetaryitemsmeasuredathistoricalcostarestillconvertedatthespotrateonthetransactiondate,withoutchangingtheirbookkeepingbasecurrencyamount;Foreigncurrencynon-monetaryitemsmeasuredatfairvalueshallbeconvertedatthespotrateonthefairvaluedeterminationdate,andthedifferencebetweentheconvertedbookkeepingbasecurrencyamountandtheoriginalbookkeepingbasecurrencyamountshallbetreatedaschangesinfairvalue(includingexchangeratechanges)andincludedinthecurrentprofitsandlosses;Duringthecapitalizationperiod,theexchangedifferencebetweentheprincipalandinterestofforeigncurrencyspecialloansiscapitalizedandincludedinthecostofassetsthatmeetthecapitalizationconditions.
(2)TranslationofforeigncurrencyfinancialstatementsWhenconvertingforeigncurrencyfinancialstatements,theCompanyshallcomplywiththefollowingregulations:
assetsandliabilitiesinthebalancesheetshallbeconvertedatthespotrateonthebalancesheetdate,andotheritemsofowner'sequityexcept"undistributedprofits"shallbeconvertedatthespotrateatthetimeofoccurrence;Theincomeandexpenseitemsintheincomestatementshallbeconvertedatthespotrateonthetransactiondate(orattheexchangeratedeterminedbyasystematicandreasonablemethodandsimilartothespotrateonthetransactiondate).Thetranslationdifferenceofforeigncurrencyfinancialstatementsgeneratedaccordingtotheabovetranslationisrecognizedasothercomprehensiveincome.Theconversionofcomparativefinancialstatementsshallbehandledaccordingtotheaboveprovisions.
10.Financialinstruments(Excludingimpairment)TheCompanyrecognizesthefinancialassetsorliabilitieswheninvolvedinfinancialinstruments’agreements.
（1）Classification,recognitionandmeasurementoffinancialassetsInaccordancewiththecharacteristicsofbusinessmodelformanagingfinancialassetsandthecontractualcashflowoffinancialassets,theCompanyclassifiesfinancialassetsinto:financialassetsmeasuredinamortizedcost;financialassetsmeasuredatfairvalueandtheir'schangesareincludedinothercomprehensiveincome;financialassetsmeasuredatfairvalueandtheir'schangesareincludedincurrentprofitsandlosses.
Theinitialmeasurementoffinancialassetsiscalculatedbyusingfairvalue.Forfinancialassetsmeasuredatfairvalue,whosechangesareincludedincurrentprofitsandlosses,relevanttransactioncostsaredirectlyincludedincurrentprofitsandlosses;Forothertypesoffinancialassets,relevanttransactioncostsareincludedintheinitialrecognitionamount.
①FinancialassetsmeasuredatamortizedcostThebusinessmodeloftheCompany'smanagementoffinancialassetsmeasuredbyamortizedcostisaimedatcollectingthecontractualcashflow,andthecontractualcashflowcharacteristicsofsuchfinancialassetsareconsistentwiththebasiclendingarrangements,thatis,thecashflowgeneratedonaspecificdateisonlythepaymentofprincipalandinterestbasedontheamountofoutstandingprincipal.Forsuchfinancialassets,theCompanyadoptsthemethodofrealinterestrateandmakessubsequentmeasurementaccordingtothecostofamortization.Theprofitsorlossesresultingfromamortizationorimpairmentareincludedincurrentprofitsandlosses.
②FinancialassetsmeasuredatfairvalueandchangesincludedinothercomprehensiveincomeTheCompany'sbusinessmodelformanagingsuchfinancialassetsistocollectthecontractualcashflow,andthecontractualcashflowcharacteristicsofsuchfinancialassetsareconsistentwiththebasiclendingarrangements.TheCompanymeasuressuchfinancialassetsatfairvalueandtheirchangesareincludedinothercomprehensivegains,butimpairmentlossesorgains,exchangegainsandlossesandinterestincomecalculatedaccordingtotheactualinterestratemethodareincludedincurrentprofitsandlosses.Inaddition,theCompanydesignatedsomenon-tradingequityinstrumentinvestmentsasfinancialassetsmeasuredatfairvaluewithchangesincludedinothercomprehensiveincome.TheCompanyincludestherelevantdividendincomeofsuchfinancialassetsincurrentprofitsandlosses,andthechangesinfairvalueinothercomprehensivegains.Whenthefinancialassetceasestoberecognized,theaccumulatedgainsorlossespreviouslyincludedinothercomprehensivegainsshallbetransferredintoretainedincomefromothercomprehensiveincome,andnotbeincludedincurrentprofitandloss.
③FinancialassetsmeasuredatfairvalueandchangesincludedincurrentprofitsandlossesTheCompanyincludestheabove-mentionedfinancialassetsmeasuredatamortizedcostandthosemeasuredatfairvalueandtheir'schangesinfinancialassetsotherthanfinancialassetsofcomprehensiveincomeandclassifiesthemasfinancialassetsmeasuredatfairvalueandtheir'schangesthatareincludedincurrentprofitsandlosses.Inaddition,theCompanydesignatessomefinancialassetsasfinancialassetsmeasuredatfairvalueandincludestheirchangesincurrentprofitsandlossesinordertoeliminateorsignificantlyreduceaccountingmismatchesduringinitialrecognition.Inregardwithsuchfinancialassets,theCompanyadoptsfairvalueforsubsequentmeasurement,andincludeschangesinfairvalueintocurrentprofitsandlosses.
（2）Classification,recognitionandmeasurementoffinancialliabilities
TheGroup’sfinancialliabilitiesare,oninitialrecognition,classifiedintofinancialliabilitiesatfairvaluethroughprofitorlossandotherfinancialliabilities.Forfinancialliabilitiesatfairvaluethroughprofitorloss,relevanttransactioncostsareimmediatelyrecognizedinprofitorlossforthecurrentperiod,andtransactioncostsrelatingtootherfinancialliabilitiesareincludedintheinitialrecognitionamounts.
①FinancialliabilitiesmeasuredbythefairvalueandthechangesrecordedinprofitorlossTheclassificationbywhichfinancialliabilitiesheld-for-tradeandfinancialliabilitiesdesignedattheinitialrecognitiontobemeasuredbythefairvaluefollowsthesamecriteriaastheclassificationbywhichfinancialassetsheld-for-tradeandfinancialassetsdesignedattheinitialrecognitiontobemeasuredbythefairvalueandtheirchangesarerecordedinthecurrentprofitorlossTransactionalfinancialliabilities(includingderivativesbelongingtofinancialliabilities)aresubsequentlymeasuredaccordingtofairvalue.Exceptforhedgingaccounting,changesinfairvalueareincludedincurrent
profitsandlosses.Financialliabilitiesdesignatedasfinancialliabilitiesthataremeasuredatfairvalueandtheir'schangesareincludedincurrentprofitsandlosses.TheliabilitiesareincludedinothercomprehensivegainsduetochangesinfairvaluecausedbychangesintheCompany'sowncreditrisk,andwhentheliabilitiesareterminated,thechangesinfairvaluecausedbychangesinitsowncreditriskofothercomprehensivegainsareincludedinthecumulativechangesinitsfairvaluecausedbychangesinitsowncreditriskofothercomprehensivegains.Theamountistransferredtoretainedearnings.Theremainingchangesinfairvalueareincludedincurrentprofitsandlosses.Iftheabove-mentionedwayofdealingwiththeimpactofthechangesinthecreditriskofsuchfinancialliabilitieswillresultinorexpandtheaccountingmismatchintheprofitsandlosses,theCompanyshallincludealltheprofitsorlossesofsuchfinancialliabilities(includingtheamountoftheimpactofthechangesinthecreditriskoftheenterpriseitself)intothecurrentprofitsandlosses.
②OtherfinancialliabilitiesInadditiontothetransferofafinancialassetisnotinconformitywiththeconditionstostoptherecognitionorformedbyitscontinuousinvolvementinthetransferredfinancialasset,financialliabilitiesandfinancialguaranteecontractofotherfinancialliabilitiesclassifiedasfinancialliabilitiesmeasuredattheamortizedcost,measuredattheamortizedcostforsubsequentmeasurement,recognitionhasbeenstoppedoramortizationoftheprofitorlossisincludedinthecurrentprofitsandlosses.
(3)RecognitionbasisandmeasurementmethodsfortransferoffinancialassetsFinancialassetssatisfyingoneofthefollowingconditionsshallbeterminatedandrecognized:①Thecontractualrighttocollectthecashflowofthefinancialassetisterminated;②Thefinancialassethasbeentransferred,andalmostalltherisksandrewardsintheownershipofthefinancialassethavebeentransferredtothetransferee;③Thefinancialassethasbeentransferred,althoughtheenterpriseneithertransfersnorretainsalmostalltherisksandrewardsintheownershipofthefinancialasset,butitabandonedcontrolofthefinancialassets.Incasethattheenterprisedoesnottransferorretainalmostallrisksandrewardsonfinancialassetsownershipnorwaivetocontroltheseassets,relevantfinancialassetsshallberecognizedinaccordancewiththedegreeforcontinuedinvolvementoffinancialassetstransferredandrelevantliabilitiesshallberecognizedcorrespondingly.westbankTheterm"continuousinvolvementinthetransferredfinancialasset"shallrefertotherisklevelthattheenterprisefacesresultingfromthechangeofthevalueofthefinancialasset.Iftheoveralltransferofthefinancialassetssatisfiesthederecognitioncriteria,thedifferencebetweenthebookvalueofthetransferredfinancialassetsandthesumoftheconsiderationreceivedfromtransferandcumulativechangeinfairvaluepreviouslyrecognizedinothercomprehensiveincomeisaccountedintothecurrentprofitorloss.Incasethatthepartialtransferoffinancialassetsmeetsde-recognitionconditions,thebookvalueoffinancialassetstransferredshallbeallocatedasperrespectivefairvaluebetweende-recognizedornotde-recognizedparts,andthedifferencebetweenthesumoftheconsiderationreceivedduetotransferwiththeaccumulatedamountoffairvaluechangesthatispreviouslyincludedinothercomprehensiveincomeandshallbeallocatedtode-recognizedpartsandtheaforesaidbookamountallocatedshallbeincludedinthecurrentprofitorloss.TheCompanyshalldeterminewhetheralmostalltherisksandrewardsoftheownershipofthefinancialassetssoldbymeansofrecourseorendorsedtotransferthefinancialassetsitholdshavebeentransferred.Ifalmostalltherisksandrewardsintheownershipofthefinancialassethavebeentransferredtothetransferee,theconfirmationofthefinancialassetshallbeterminated;ifalmostalltherisksandrewardsintheownershipofthefinancialassethavebeenretained,theconfirmationofthefinancialassetshallnotbeterminated;ifneitherthetransfernortheretentionofalmostalltherisksandrewardsintheownershipofthefinancialassethasbeenmade.Incaseofremuneration,itshallcontinuetodeterminewhethertheenterprisehasretainedcontrolovertheassets
andconductaccountingtreatmentinaccordancewiththeprinciplesdescribedintheprecedingparagraphs.
(4)TerminationconfirmationoffinancialliabilitiesIfthecurrentobligationofafinancialliability(orpartthereof)hasbeendischarged,theCompanyshallterminatetherecognitionofthefinancialliability(orpartthereof).IftheCompany(thedebtor)signsanagreementwiththelendertoreplacetheoriginalfinancialliabilitiesbyassumingnewfinancialliabilities,andthecontracttermsofthenewfinancialliabilitiesaresubstantiallydifferentfromthoseoftheoriginalfinancialliabilities,itshallterminatetherecognitionoftheoriginalfinancialliabilitiesandatthesametimeconfirmanewfinancialliabilities.IftheCompanysubstantiallyamendsthecontracttermsoftheoriginalfinancialliabilities(orpartthereof),itshallterminatetheconfirmationoftheoriginalfinancialliabilitiesandatthesametimeconfirmanewfinancialliabilitiesinaccordancewiththerevisedterms.Ifthefinancialliabilities(orpartthereof)areterminated,thedifferencebetweentheirbookvalueandtheconsiderationpaid(includingthetransferrednon-cashassetsorliabilitiesassumed)shallbeincludedintheprofitsandlossesofthecurrentperiod.
（5）OffsettingfinancialassetsandfinancialliabilitiesWhentheCompanyhasalegalrightthatiscurrentlyenforceabletosetofftherecognizedfinancialassetsandfinancialliabilities,andintendseithertosettleonanetbasis,ortorealizethefinancialassetandsettlethefinancialliabilitysimultaneously,afinancialassetandafinancialliabilityshallbeoffsetandthenetamountispresentedinthebalancesheet.Exceptfortheabovecircumstances,financialassetsandfinancialliabilitiesshallbepresentedseparatelyinthebalancesheetandshallnotbeoffset.
(6)MethodfordeterminingthefairvalueoffinancialassetsandfinancialliabilitiesFairvaluereferstothepricethatamarketparticipantmustpaytosellortransferaliabilityinanorderlytransactionthatoccursonthemeasurementdate.ThefairvalueoffinancialinstrumentsexistinginanactivemarketisdeterminedbytheCompanyaccordingtoitsquotedpriceinthismarket.westbankThequotedpricesintheactivemarketrefertotheprices,whichareeasilyavailablefromthestockexchanges,brokers,industryassociations,pricingserviceinstitutionsandetc.atafixedterm,andwhichrepresentthepricesatwhichactuallyoccurredmarkettransactionsaremadeunderfairconditions.?¨Incanafinancialinstrumentdoesnotexistinactivemarkets,itsfairvalueshallbedeterminedbytheCompanywithassessmenttechniques.Thevalueappraisaltechniquesmainlyincludethepricesadoptedbytheparties,whoarefamiliarwiththecondition,inthelatestmarkettransactionupontheirownfreewill,thecurrentfairvalueobtainedbyreferringtootherfinancialinstrumentsofthesameessentialnature,thecashflowcapitalizationmethodandtheoptionpricingmodel,etc.Invaluation,theCompanyadoptsvaluationtechniquesthatareapplicableinthecurrentsituationandsupportedbysufficientdataandotherinformationtoselectinputvaluesconsistentwiththecharacteristicsofassetsorliabilitiesconsideredbymarketparticipantsinthetransactionsofrelatedassetsorliabilities,andgiveprioritytotheuseofrelevantobservableinputvaluesasfaraspossible.Unallowablevaluesareusediftherelevantobservableinputvaluesarenotavailableorarenotpracticable.
（7）EquityinstrumentsAnequityinstrumentisanycontractthatevidencesaresidualinterestintheassetsoftheCompanyafterdeductingallofitsliabilities.Theconsiderationreceivedfromissuingequityinstruments,netoftransactioncosts,areaddedtoshareholders’equity.Alltypesofdistribution(excludingstockdividends)madebytheCompanytoholdersofequityinstrumentsaredeductedfromshareholders’equity.Thedividends(including"interest"generatedbythetoolsclassifiedasequityinstruments)distributedbytheCompany'sequityinstrumentsduringtheperiodoftheirexistenceshallbetreatedasprofitdistribution.
11.ImpairmentoffinancialinstrumentsTheCompanyrequirestoconfirmthatthefinancialassetslostbyimpairmentarefinancialassetsmeasuredbyamortizedcost,investmentindebtinstrumentsandleasereceivableswhicharemeasuredatfairvalueandwhosechangesareincludedinothercomprehensivegains,mainlyincludingnotesreceivable,accountsreceivable,otherreceivables,creditor'srightsinvestment,othercreditor'srightsinvestmentandlong-termreceivablesandetc.Inaddition,provisionforimpairmentandconfirmationofcreditimpairmentlossesarealsomadeforcontractassetsandsomefinancialguaranteecontractsinaccordancewiththeaccountingpoliciesdescribedinthissection.
(1)MethodofconfirmingimpairmentprovisionBasedonanticipatedcreditloss,theCompanycalculatesimpairmentpreparationandconfirmscreditimpairmentlossaccordingtotheapplicableanticipatedcreditlossmeasurementmethod(generalmethodorsimplifiedmethod).Creditlossreferstothedifferencebetweenthecashflowofallcontractsdiscountedaccordingtotheoriginalrealinterestrateandtheexpectedcashflowofallcontractsreceivableaccordingtothecontract,thatis,thepresentvalueofallcashshortages.Amongthem,theCompanydiscountsthefinancialassetspurchasedororiginatedwithcreditimpairmentattheactualinterestrateadjustedbycredit.ThegeneralmethodofmeasuringanticipatedcreditlossiswhetherthecreditriskoftheCompany'sfinancialassets(includingotherapplicableitemssuchascontractassets,similarlyhereinafter)hasincreasedsignificantlysincetheinitialrecognitiononeachbalancesheetday.Ifthecreditriskhasincreasedsignificantlysincetheinitialrecognition,theCompanyshallmeasurethelosspreparationaccordingtotheamountequivalenttotheexpectedcreditlossinthewholeduration.Ifthecreditriskhasnotincreasedsignificantlysincetheinitialrecognition,theCompanyshallmeasurethelosspreparationaccordingtotheamountequivalenttotheexpectedcreditlossinthenext12months.TheCompanyshallconsiderallreasonableandevidencedinformation,includingforward-lookinginformation,whenevaluatingexpectedcreditlosses.Assumingthattheircreditriskhasnotincreasedsignificantlysincetheinitialrecognition,theCompanymaychoosetomeasurethelossreserveaccordingtotheexpectedcreditlossinthenext12monthsforfinancialinstrumentswithlowcreditriskonthebalancesheetdate.
(2)CriteriaforjudgingwhethercreditriskhasincreasedsignificantlysincetheinitialrecognitionIftheprobabilityofdefaultofafinancialassetontheestimateddurationofthebalancesheetissignificantlyhigherthantheprobabilityofdefaultduringtheestimateddurationoftheinitialrecognition,thecreditriskofthefinancialassetissignificantlyincreased.Exceptforspecialcircumstances,theCompanyusesthechangeofdefaultriskinthenext12monthsasareasonableestimateofthechangeofdefaultriskintheentiredurationtodeterminewhetherthecreditriskhasincreasedsignificantlysincetheinitialrecognition.
(3)Aportfolio-basedapproachtoassessingexpectedcreditriskTheCompanyshallevaluatethecreditriskoffinancialassetswithdistinctdifferencesincreditrisk,suchastherelatedparty'sreceivables,thereceivablesindisputewiththeotherpartyorinvolvinglitigationandarbitration,andreceivablesthathasbeenprovedthatthedebtormaynotbeabletofulfilltheobligationofrepayment,etc.Inadditiontothefinancialassetsthatassesscreditriskindividually,theCompanyshalldividefinancialassetsintodifferentgroupsbasedoncommonriskcharacteristics,andassesscreditriskonthebasisofportfolio.
(4)AccountingtreatmentofimpairmentoffinancialassetsAttheendoftheduration,theCompanyshallcalculatetheanticipatedcreditlossesofvariousfinancialassets.Iftheanticipatedcreditlossesaregreaterthanthebookvalueofitscurrentimpairmentprovision,thedifferenceisdeemedasimpairmentloss.Ifthebalanceislessthanthebookvalueofthecurrentimpairmentprovision,the
differenceisdeemedasimpairmentprofit.
(5)Methodofdeterminingcreditlossesofvariousfinancialassets
Forfinancialassetswithindividualcreditriskassessment,theCompanyalwaysselectstomeasurethelossprovisionaccordingtotheamountequivalenttotheexpectedcreditlosswithintheduration.Basedonthecharacteristicsofcreditrisk,theCompanydividesthefinancialassetsthathavenotsufferedcreditimpairmentinindividualassessmentintodifferentportfolios:
①Basisfordeterminingthecombinationofcreditriskcharacteristics
| Item | Basisfordeterminingtheportfolio |
| Combination1(agingportfolio) | Exceptforaccountsreceivableandotherreceivablesforwhichlossprovisionhasbeenseparatelymeasuredorbelongingtoportfolio2,portfolio3andportfolio4,theCompanydeterminesthelossprovisionbasedontheexpectedcreditlossofthesameorsimilaraccountsreceivableportfoliowithsimilarcreditriskcharacteristicsinpreviousyearsanddividedaccordingtoaging,consideringtheforward-lookinginformation.Theagingshallbecalculatedfromthetimewhentheaccountsreceivableareinitiallyrecognized |
| Portfolio2(marginportfolio) | Allkindsofdeposits,margins,advances,qualityassurancemargins,employeeloans,changereservefundsandotherreceivablesthatshouldbecollectedindailyandregularactivities |
| Portfolio3(financialassetportfoliowithverylowcreditrisk) | Notesreceivableandotherreceivableswithextremelylowcreditriskaccordingtotheexpectedcreditlosscalculation |
| Portfolio4(risk-freeportfolio) | Fundsreceivablefromaffiliatedcompanieswithinthescopeofconsolidationareusedasthebasisforportfolio |
②Whencreditriskassessmentiscarriedoutbyportfoliomethod,accordingtotheportfoliostructureoffinancialassetsandsimilarcreditriskcharacteristics(thedebtor'sabilitytorepaythedebtsaccordingtothecontractterms),combinedwithhistoricaldefaultlossexperienceandcurrenteconomicsituation,andconsideringforward-lookinginformation,theexpectedcreditlossismeasuredonthebasisofexpectedduration,torecognizethelossprovisionoffinancialassets.
Theaccrualmethodoflossprovisionmeasuredbydifferentportfolios:
| Item | Accrualmethod |
| Combination1(agingportfolio) | Estimatedduration |
| Portfolio2(marginportfolio) | Estimatedduration |
| Portfolio3(financialassetportfoliowithverylowcreditrisk) | Estimatedduration |
| Portfolio4(risk-freeportfolio) | Estimatedduration |
③Theexpectedcreditlossrateofeachportfolioisasfollows:
Combination1(agingportfolio):expectedcreditlossrate
| Aging | Expectedcreditlossrateofaccountsreceivable(%) | Expectedcreditlossrateofotherreceivables(%) |
| Within1year（Including1year） | 0 | 0 |
| 1-2years(Including2years） | 10 | 10 |
| 2-3years（Including3years） | 30 | 30 |
| 3-4years（Including4years） | 50 | 50 |
| 4-5years（Including5years） | 90 | 90 |
| Over5years | 100 | 100 |
Portfolio2(marginportfolio):Basedontheexperienceofhistoricaldefaultlossandcurrenteconomicsituation,andconsideringforward-lookinginformation,theexpectedcreditlossrateis0;Portfolio3(financialassetportfoliowithverylowcreditrisk):combinedwithhistoricaldefaultlossexperienceandcurrenteconomicsituation,consideringforward-lookinginformation,theexpectedcreditlossrateis0;
Portfolio4(risk-freeportfolio):basedonthehistoricalexperienceofdefaultlossesandcurrenteconomicsituation,consideringforward-lookinginformation,theexpectedcreditlossrateis0.
12.ContractassetsandContractliabilities
（1）Contractassets
TheCompanyliststherighttoreceiveconsiderationforgoodsorservicesthathavebeentransferredtocustomers(andthisrightdependsonotherfactorsbesidesthepassageoftime)ascontractassets.Theaccrualofimpairmentprovisionofcontractassetsshallrefertotheexpectedcreditlossmethodoffinancialinstruments.TheCompanyadoptsasimplifiedmethodtomeasurethelossprovisionforcontractassets(whetherornottheycontainsignificantfinancingelements).
Incaseofimpairmentlossofcontractassets,the"assetimpairmentloss"shallbedebitedaccordingtotheamounttobewrittendown,andthecontractassetsimpairmentprovisionshallbecredited;Whenreversingtheaccruedassetimpairmentprovision,maketheoppositeentry.TheCompanyliststheobligationtotransfergoodsorprovideservicestocustomersforconsiderationreceivedorreceivablefromcustomersascontractualliabilities.TheCompanyshalllistthecontractassetsandliabilitiesunderthesamecontractinnetamount.InthecontractbetweentheCompanyandcustomers,theCompanyhastherighttochargethecontractpriceforthegoodsandrelatedservicesthathavebeentransferredtocustomers,andmeanwhileundertaketheperformanceobligationoftransferringthegoodsorservicestocustomers.Whenthecustomeractuallypaysthecontractconsiderationortheenterprisehastransferredthegoodsorservicestothecustomerbeforetheconsiderationbecomesdueandpayable,therighttoreceivetheconsiderationduetothetransferredgoodsorservicesshallbelistedascontractassets,andrecognizedasaccountsreceivableorlong-termreceivableswhentheunconditionalrightofcollectionisobtained.`
InthecontractbetweentheCompanyandcustomers,theCompanyhastherighttochargethecontractpriceforthegoodsandrelatedservicesthathavebeentransferredtocustomers,andmeanwhileundertaketheperformanceobligationoftransferringthegoodsorservicestocustomers.Whenthecustomeractuallypaysthe
contractconsiderationortheenterprisehastransferredthegoodsorservicestothecustomerbeforetheconsiderationbecomesdueandpayable,therighttoreceivetheconsiderationduetothetransferredgoodsorservicesshallbelistedascontractassets,andrecognizedasaccountsreceivableorlong-termreceivableswhentheunconditionalrightofcollectionisobtained.`
13.Long-termequityinvestments
(1)InitialmeasurementTheCompanymakesinitialmeasurementoflong-termequityinvestmentinthefollowingtwosituations:
①Theinitialinvestmentcostoflong-termequityinvestmentformedbybusinesscombinationshallbedeterminedinaccordancewiththefollowingprovisions:
A.Inabusinesscombinationunderthesamecontrol,ifthecombiningpartypayscash,transfersnon-cashassetsorassumesdebtsasthecombinationconsideration,theshareofthebookvalueoftheowner'sequityofthemergedpartyintheconsolidatedfinancialstatementsofthefinalcontrollingpartyshallbetakenastheinitialinvestmentcostoflong-termequityinvestmentonthecombinationdate.Thedifferencebetweentheinitialinvestmentcostoflong-termequityinvestmentandthecashpaid,thetransferrednon-cashassetsandthebookvalueofthedebtsundertakenisadoptedtoadjustthecapitalreserve;Ifthecapitalreserveisinsufficienttooffset,theretainedearningsshallbeadjusted.Alldirectlyrelatedexpensesincurredforbusinesscombination,includingauditfees,evaluationfees,legalservicefees,etc.,areincludedinthecurrentprofitsandlosseswhentheyoccur.
B.Inthebusinesscombinationnotunderthesamecontrol,theCompanydeterminesthecombinationcostbydistinguishingthefollowingsituations:
a)Forbusinesscombinationrealizedbyoneexchangetransaction,thecostofcombinationisthefairvalueofassetspaid,liabilitiesincurredorassumedinordertogaincontroloverthepurchasedpartyonthepurchasedate;
b)Forbusinesscombinationrealizedstepbystepthroughmultipleexchangetransactions,thesumofthebookvalueoftheequityinvestmentofthepurchasedpartyheldbeforethepurchasedateandthenewinvestmentcostonthepurchasedateshallbetakenastheinitialinvestmentcostoftheinvestment;
c)Intermediaryexpensessuchasauditing,legalservices,evaluationandconsultation,andotherrelatedmanagementexpensesincurredforbusinesscombinationareincludedinthecurrentprofitsandlosseswhentheyoccur;
d)Iffutureeventsthatmayaffectthecombinationcostareagreedinthecombinationcontractoragreement,ifitisestimatedthatthefutureeventsarelikelytooccuronthepurchasedateandtheamountofimpactonthecombinationcostcanbereliablymeasured,theywillbeincludedinthecombinationcost.
②Exceptforthelong-termequityinvestmentformedbybusinesscombination,theinitialinvestmentcostoflong-termequityinvestmentobtainedbyothermeansshallbedeterminedinaccordancewiththefollowingprovisions:
A.Forthelong-termequityinvestmentobtainedbycashpayment,theactualpurchasepriceshallbetakenastheinitialinvestmentcost.Initialinvestmentcostincludesexpenses,taxesandothernecessaryexpendituresdirectlyrelatedtoobtaininglong-termequityinvestment.
B.Forlong-termequityinvestmentobtainedthroughexchangeofnon-monetaryassets,theinitialinvestmentcostshallbedeterminedaccordingtoAccountingStandardsforBusinessEnterprisesNo.7-ExchangeofNon-monetaryAssets.
C.Forlong-termequityinvestmentobtainedthroughdebtrestructuring,theinitialinvestmentcostshallbedeterminedaccordingtoAccountingStandardsforBusinessEnterprisesNo.12-DebtRestructuring.
③Nomatterhowthelong-termequityinvestmentisobtained,whentheinvestmentisobtained,thecashdividendsorprofitsincludedinthepaidconsiderationthathavebeendeclaredbutnotyetissuedbytheinvesteeareseparatelyaccountedasreceivableitems,whichdoesnotconstitutetheinitialinvestmentcostofobtainingthe
long-termequityinvestment.
(2)Subsequentmeasurement
Long-termequityinvestmentthatcanbecontrolledbytheinvesteeshallbeaccountedbythecostmethodinindividualfinancialstatements.Long-termequityinvestmentsthathavejointcontrolorsignificantinfluenceontheinvesteeshallbeaccountedbyequitymethod.
①Long-termequityinvestmentaccountedbycostmethodispricedaccordingtotheinitialinvestmentcost。Adjustthecostoflong-termequityinvestmentbyaddingorrecoveringinvestment.Cashdividendsorprofitsdeclaredanddistributedbytheinvesteeshallberecognizedascurrentinvestmentincome.
Iftheinitialinvestmentcostoflong-termequityinvestmentaccountedbyequitymethodisgreaterthanthefairvalueshareofidentifiablenetassetsoftheinvestee,theinitialinvestmentcostoflong-termequityinvestmentshallnotbeadjusted;Iftheinitialinvestmentcostoflong-termequityinvestmentislessthanthefairvalueshareoftheidentifiablenetassetsoftheinvesteeatthetimeofinvestment,thedifferenceshallbeincludedinthecurrentprofitsandlosses,andthecostoflong-termequityinvestmentshallbeadjustedatthesametime.
Afterobtainingthelong-termequityinvestment,theinvestmentincomeandothercomprehensiveincomeshallberecognizedrespectivelyaccordingtotheshareofthenetprofitandlossandothercomprehensiveincomerealizedbytheinvestedunit,andthebookvalueofthelong-termequityinvestmentshallbeadjustedatthesametime;Accordingtotheprofitorcashdividenddeclaredanddistributedbytheinvestee,thebookvalueoflong-termequityinvestmentshallbereducedaccordingly;Thebookvalueofthelong-termequityinvestmentisadjustedandincludedintheowner'sequityforotherchangesintheowner'sequityoftheinvesteeexceptnetprofitandloss,othercomprehensiveincomeandprofitdistribution.Whenrecognizingtheshareofthenetprofitandlossoftheinvestee,thenetprofitoftheinvesteeisrecognizedafteradjustmentbasedonthefairvalueoftheidentifiablenetassetsoftheinvesteeatthetimeofobtainingtheinvestment.IftheaccountingpoliciesandaccountingperiodsadoptedbytheinvesteeareinconsistentwiththoseoftheCompany,thefinancialstatementsoftheinvesteeshallbeadjustedaccordingtotheaccountingpoliciesandaccountingperiodsoftheCompany,andtheinvestmentincomeandothercomprehensiveincomeshallberecognizedaccordingly.Thenetlossincurredbytheinvesteeisrecognizedtobewrittendowntozerobythebookvalueoflong-termequityinvestmentandotherlong-termintereststhatsubstantiallyconstitutethenetinvestmentoftheinvestee,unlesstheCompanyisobligatedtobearadditionallosses.Iftheinvesteeachievesnetprofitinthefuture,theCompanywillresumetherecognitionoftherevenuesharingamountafteritsrevenuesharingamountcompensatesfortheunrecognizedlosssharingamount.
Whencalculatingandrecognizingthenetprofitandlossthatshouldbeenjoyedorsharedbytheinvestee,theunrealizedinternaltransactionprofitandlosswiththeaffiliatedenterpriseandthejointventureshallbecalculatedaccordingtotheproportionthatshouldbeenjoyed,andthepartattributabletotheCompanyshallbeoffset,andtheinvestmentincomeshallberecognizedonthisbasis.UnrealizedinternaltransactionlossesbetweentheCompanyandtheinvesteeareassetimpairmentlosses,whichshallbefullyrecognized.
Partofthecompany'sequityinvestmentinaffiliatedenterprisesisindirectlyheldthroughventurecapitalinstitutions,mutualfunds,trustcompaniesorsimilarentitiesincludinginvestment-linkedinsurancefunds.Regardlessofwhethertheaboveentitieshaveasignificantimpactonthispartofinvestment,theCompanychoosestomeasurethispartofindirectinvestmentatfairvalueanditschangeisincludedinprofitorlossinaccordancewiththerelevantprovisionsofAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments,andtherestisaccountedforbyequitymethod.
③WhentheCompanydisposesoflong-termequityinvestment,thedifferencebetweenitsbookvalueandtheactualpurchasepriceshallbeincludedinthecurrentprofitsandlosses.Forlong-termequityinvestmentaccountedbyequitymethod,whendisposingoftheinvestment,itadoptsthesamebasisastheinvestee'sdirect
disposalofrelatedassetsorliabilities,andaccountsforthepartoriginallyincludedinothercomprehensiveincomeaccordingtothecorrespondingproportion.
(3)Basistodeterminejointcontroloverandsignificantinfluenceontheinvestee
Jointcontrolreferstothecommoncontrolofanarrangementinaccordancewiththerelevantagreement,andtherelevantactivitiesofsucharrangementmustbeunanimouslyagreedbytheparticipantswhosharethecontrolrightsbeforemakingdecisions.Significantinfluencemeansthattheinvestorhastherighttoparticipateinthedecision-makingonthefinancialandoperatingpoliciesoftheinvestee,butcannotcontrolorjointlycontroltheformulationofthesepolicieswithotherparties.Whendeterminingwhethertheinvesteecanbecontrolledorexertsignificantinfluence,thepotentialvotingrightsfactorssuchascurrentconvertiblebondsandcurrentexecutablewarrantsoftheinvesteeheldbytheCompanyandotherpartiesshallbeconsideredatthesametime.
14.InvestmentPropertyThemeasurementmodeofinvestmentpropertyThemeasurementbythecostmethodInvestmentpropertyisheldtoearnrentalsorforcapitalappreciationorforboth.Investmentpropertyincludesleasedorreadytotransferaftercapitalappreciationlanduserightsandleasedbuildings.
TheCompany'sinvestmentrealestateisinitiallymeasuredaccordingtothecostatthetimeofacquisition,anddepreciatedoramortizedonscheduleaccordingtotherelevantprovisionsoffixedassetsorintangibleassets.
SubsequentexpendituresrelatedtoinvestmentrealestateareincludedintheinvestmentrealestatecostwhentherelevanteconomicbenefitsarelikelytoflowintotheCompanyandsuchcostcanbereliablymeasured;Otherwise,theyareincludedinthecurrentprofitsandlosseswhentheyoccur.
Fortheinvestmentrealestatethatissubsequentlymeasuredbythecostmodel,pleasereferto26inthissectionforthemethodofassetimpairment.
Whentheuseofinvestmentrealestateischangedtoself-useorexternalsale,theinvestmentrealestatewillbeconvertedintofixedassets,intangibleassetsorinventoryfromthedateofchange.Whentheuseofprivaterealestateischangedtorent-earningorcapitalappreciation,thefixedassetsorintangibleassetswillbeconvertedintoinvestmentrealestatefromthedateofchange.Incaseofconversion,thebookvaluebeforeconversionistakenastheentryvalueafterconversion.
Theestimatedservicelife,estimatednetsalvageanddepreciation(amortization)methodofinvestmentrealestatearereviewedattheendofeachyearandappropriateadjustmentsaremade.
Whentheinvestmentrealestateisdisposedof,orpermanentlywithdrawnfromuse,anditisnotexpectedtoobtaineconomicbenefitsfromitsdisposal,therecognitionoftheinvestmentrealestatewillbeterminated.Thedisposalincomefromthesale,transfer,scrappingordamageofinvestmentrealestateafterdeductingitsbookvalueandrelatedtaxesisincludedinthecurrentprofitsandlosses.Thedifferencebetweenthedisposalincomefromthesale,transfer,scrappingordamageofinvestmentrealestateafterdeductingitsbookvalueandrelatedtaxesisincludedinthecurrentprofitsandlosses.
15.Fixedassets
（1）ConfirmationconditionsTheCompany'sfixedassetsrefertotangibleassetsheldfortheproductionofcommodities,provisionoflaborservices,leasingoroperationmanagement,whichhaveaservicelifeofmorethanoneyear,andwhoseeconomicbenefitsarelikelytobeincludedintotheCompanyandwhosecostscanbereliablymeasured.
1）TheclassificationofthefixedassetTheCompany'sfixedassetsincluderoadsandbridges,housesandbuildings,machineryandequipment,electronicequipment,transportationtoolsandotherequipment.
（2）Depreciationmethod
Theusefullife,residualvaluerate,andannualdepreciationrateofvariousfixedassetsarelistedasfollows:
| Type | Depreciationmethod | Expectedusefullife(Year) | Residualrate（%） | Annualdepreciationrate(%) |
| GuangfoExpressway | Workingflowbasis | 28years | 0% | |
| FokaiExpressway-XiebiantoSanbaoSection | Workingflowbasis | 40years | 0% | |
| FokaiExpressway-SanbaotoShuikouSection | Workingflowbasis | 47.5years | 0% | |
| JingzhuExpresswayGuangzhuSection | Workingflowbasis | 30years | 0% | |
| GuanghuiExpresswayCo.,Ltd. | Workingflowbasis | 23years | 0% | |
| HouseBuilding | Thestraight-linemethod | 20-30years | 3%-5% | 3.17%-4.85% |
| MachineEquipment | Thestraight-linemethod | 3-10years | 3%-5% | 9.50%-32.33% |
| TransportationEquipment | Thestraight-linemethod | 5-8years | 3%-5% | 11.88%-19.40% |
| Other | Thestraight-linemethod | 5years | 3%-5% | 19.00%-19.40% |
16.Construction-inprocess
TheCompany'sconstructioninprogressisaccountedforindetailaccordingtotheproject,andtheprojectsofconstructioninprogressareregardedastheentryvalueoffixedassetsaccordingtoallexpensesincurredbeforetheassetsreachthescheduledserviceablestate.Includingtheconstructioncost,theoriginalpriceofmachineryandequipment,othernecessaryexpensesincurredtomaketheconstructioninprogressreachthescheduledserviceablestate,aswellastheborrowingcostsincurredforthespecialloanoftheprojectandtheborrowingcostsincurredfortheoccupiedgeneralloanbeforetheassetsreachthescheduledserviceablestate.TheCompanywilltransfertheconstructioninprogressintofixedassetswhentheprojectinstallationorconstructionreachesthescheduledserviceablestate.Theconstructedfixedassetsthathavereachedthescheduledserviceablestatebuthavenotyetbeensettledforcompletionshallbetransferredtofixedassetsaccordingtotheestimatedvalueaccordingtotheprojectbudget,constructioncostoractualcost,andthedepreciationoffixedassetsshallbe
accruedaccordingtothedepreciationpolicyoftheCompany.Afterthecompletionofthefinalaccounts,theoriginalprovisionalestimatedvalueshallbeadjustedaccordingtotheactualcost,buttheoriginalaccrueddepreciationamountshallnotbeadjusted.ThestandardsandtimepointsforconvertingtheCompany'sconstructioninprogressintofixedassetsareasfollows:
| Category | Standardandtimepointforconvertingintofixedassets |
| Expresswayconstructionproject | (1)Thephysicalconstruction,includingtheinstallationofrelatedequipmentandothersupportingfacilities,hasbeencompletelyorsubstantiallycompleted;(2)Theamountofcontinuedconstructionexpenditureisverysmalloralmostnolongeroccurs;(3)Relevantequipmentcanmaintainnormalandstableoperationforaperiodoftimeafterdebugging;(4)Theconstructedexpresswayhasreachedthedesignorcontractrequirements,orbasicallyconformstothedesignorcontractrequirements;(5)Iftheconstructionprojecthasreachedthescheduledserviceablestatebuthasnotyetcompletedthefinalaccountsforcompletion,itwillbetransferredtothefixedassetsaccordingtotheestimatedvalueaccordingtotheactualcostoftheprojectfromthedateofreachingthescheduledserviceablestate. |
| Housesandbuildings | (1)Thephysicalconstruction,includinginstallation,hasbeencompletedorsubstantiallycompleted;(2)Theamountofexpenditurethatcontinuestooccuronthepurchasedhousesandbuildingsisverysmalloralmostnolongeroccurs;(3)Thepurchasedhousesandbuildingshavereachedthedesignorcontractrequirements,orarebasicallyconsistentwiththedesignorcontractrequirements;(4)Iftheconstructionprojecthasreachedthescheduledserviceablestatebuthasnotyetcompletedthefinalaccountsforcompletion,itwillbetransferredtothefixedassetsaccordingtotheestimatedvalueaccordingtotheactualcostoftheprojectfromthedateofreachingthescheduledserviceablestate. |
| Machineryandequipment | (1)Relatedequipmentandothersupportingfacilitieshavebeeninstalled;(2)Afterdebugging,theequipmentcanmaintainnormalandstableoperationforaperiodoftimeandbeacceptedbyrelevantpersonnel. |
17.Borrowingcost
(1)RecognitionprincipleandcapitalizationperiodofborrowingcostcapitalizationBorrowingcostsincurredbytheCompanycanbedirectlyattributedtothepurchase,constructionorproductionofassetsthatmeetthecapitalizationconditions,andshallbecapitalizedwhenthefollowingconditionsaremetatthesametimeandincludedintherelevantassetcosts:
①Productionandexpenditurehaveoccurred;
②Borrowingcostshavealreadyoccurred;
③Thepurchase,constructionorproductionactivitiesrequiredtomaketheassetsreachtheintendedusableorsaleablestatehavestarted.Capitalizationofborrowingcostsshallbesuspendediftheassetsthatmeetthecapitalizationconditionsareabnormallyinterruptedintheprocessofpurchase,constructionorproduction,andtheinterruptiontimecontinuouslyexceeds3months.Borrowingcostsincurredduringtheinterruptionperiodarerecognizedasexpensesandincludedinthecurrentprofitsandlossesuntilthepurchaseandconstructionofassetsortheresumptionofproductionactivities.Iftheinterruptionisanecessaryprocedureforthepurchased,builtorproducedassetsthatmeetthecapitalizationconditionstoreachtheintendedusableorsaleablestate,thecapitalizationofborrowingcostswillcontinue.Capitalizationofborrowingcostsshallbestoppedwhenassetseligibleforcapitalizationarepurchased,builtorproducedtotheintendedusableorsaleablestate.Borrowingcostsincurredinthefuturearerecognizedasexpensesinthecurrentperiod.
(2)CalculationmethodofcapitalizationamountofborrowingcostsWhereaspecialloanisborrowedforthepurposeofpurchasing,buildingorproducingassetsthatmeetthecapitalizationconditions,itshallbedeterminedbydeductingtheinterestincomeobtainedbydepositingunusedloanfundsintothebankfromtheinterestexpensesactuallyincurredinthecurrentperiodofspecialloanorbytheinvestmentincomeobtainedbytemporaryinvestment.Ifthegeneralloanisoccupiedforthepurposeofpurchasing,buildingorproducingassetsthatmeetthecapitalizationconditions,theinterestamountofthegeneralloanthatshouldbecapitalizedshallbecalculatedanddeterminedaccordingtotheweightedaverageoftheaccumulatedassetexpenditureexceedingthespecialloanportionmultipliedbythecapitalizationrateoftheoccupiedgeneralloan.Capitalizationrateiscalculatedanddeterminedaccordingtotheweightedaverageinterestrateofgeneralborrowings.
18.Intangibleassets
(1)Servicelifeanditsdeterminationbasis,estimation,amortizationmethodorreviewprocedureTheintangibleassetsoftheCompanyareinitiallymeasuredatcost.Thepurchasedintangibleassetsshallberegardedastheactualcostaccordingtotheactualpaidpriceandrelatedexpenses.Theactualcostofintangibleassetsinvestedbyinvestorsshallbedeterminedaccordingtothevalueagreedintheinvestmentcontractoragreement,butifthevalueagreedinthecontractoragreementisunfair,theactualcostshallbedeterminedaccordingtothefairvalue.Thecostofself-developedintangibleassetsisthetotalexpenditureincurredbeforereachingtheintendeduse.
Thefollow-upmeasurementmethodsoftheCompany'sintangibleassetsareasfollows:intangibleassetswithlimitedservicelifeareamortizedbythestraight-linemethodorworkloadmethodaccordingtodifferentcategories,andtheservicelifeandamortizationmethodofintangibleassetsarerecheckedattheendoftheyear,andifthereisanydifferencefromtheoriginalestimate,correspondingadjustmentswillbemade;Intangibleassetswithuncertainservicelifearenotamortized,butattheendoftheyear,theirservicelifewillbereviewed.Whenthereisconclusiveevidencethattheirservicelifeislimited,itwillbeestimatedandamortizedbythestraight-linemethod.
Theamortizationmethodofintangibleassetswithlimitedservicelifeisasfollows:
| Category | Amortizationyears | Amortizationmethod |
| Landuseright | Remainingusefullife | Straight-linemethod |
| Software | 3-5years | Straight-linemethod |
| Tollroadfranchise | Residualtolloperationperiod | Workloadmethod |
19.Long-termamortizableexpensesLong-termdeferredexpensesarerecordedaccordingtotheactualamountincurred,andareamortizedequallyininstallmentsduringthebenefitperiodorwithintheprescribedperiod.Ifthelong-termprepaidexpenseitemcannotbenefitthefutureaccountingperiod,theamortizedvalueoftheitemthathasnotbeenamortizedwillbetransferredtothecurrentprofitsandlosses.
20.EmployeeBenefitsEmployeecompensationreferstovariousformsofremunerationorcompensationgivenbytheCompanyforobtainingservicesprovidedbyemployeesordissolvinglaborrelations.Employeecompensationincludesshort-termsalary,post-employmentbenefits,dismissalbenefitsandotherlong-termemployeebenefits.BenefitsprovidedbytheCompanytospouses,children,dependents,survivorsofdeceasedemployeesandotherbeneficiariesofemployeesarealsoemployeecompensation.
（1）Accountingmethodsofshort-termbenefitsDuringtheaccountingperiodwhenemployeesprovideservices,theCompanyrecognizestheactualshort-termsalaryasaliability,whichisincludedinthecurrentprofitsandlosses,exceptthatotheraccountingstandardsrequireorallowittobeincludedinthecostofassets.
(2)Accountingmethodsforpost-employmentbenefitsTheCompanyclassifiesthepost-employmentbenefitplanintodefinedcontributionplananddefinedbenefitplans.Post-employmentbenefitplanreferstotheagreementreachedbetweentheCompanyandemployeesonpost-employmentbenefits,ortherulesormeasuresformulatedbytheCompanytoprovidepost-employmentbenefitstoemployees,amongwhichthesetdepositplanreferstothepost-employmentwelfareplaninwhichtheCompanynolongerundertakesfurtherpaymentobligationsafterpayingafixedfeetoanindependentfund;Definedbenefitplansreferstothepost-employmentbenefitplanexcepttheset-updepositplan.
(3)AccountingTreatmentMethodofDemissionWelfareIftheCompanyprovidesdismissalbenefitstoemployees,theemployeecompensationliabilitiesarisingfromthedismissalbenefitsshallberecognizedassoonaspossibleandincludedinthecurrentprofitsandlosses:whenthecompanycannotunnaturallywithdrawthedismissalbenefitsprovidedbytheterminationoflaborrelationsplanorreductionproposal;whentheCompanyrecognizesthecostsorexpensesrelatedtothereorganizationinvolvingthepaymentofdismissalbenefits.
（4）Otherlong-termemployeebenefitsIfotherlong-termemployeebenefitsprovidedbytheCompanytoemployeesmeettheconditionsofthesetdepositplan,theyshallbehandledaccordingtotheaccountingpoliciesofthesetdepositplanmentionedabove;Otherwise,thenetliabilitiesornetassetsofotherlong-termemployeebenefitsshallberecognizedandmeasuredinaccordancewiththeaccountingpoliciesofdefinedbenefitplansmentionedabove.
21.Estimatedliabilities
(1)RecognitioncriteriaofestimatedliabilitiesIftheobligationsrelatedtocontingenciesstipulatedbytheCompanymeetthefollowingconditionsatthesametime,theyarerecognizedasestimatedliabilities:
①Theobligationsarethecurrentobligationsundertakenbytheenterprise;
②Fulfillingtheobligationsislikelytocauseeconomicbenefitstoflowoutoftheenterprise;
③Theamountoftheobligationscanbemeasuredreliably.
(2)MeasurementmethodofestimatedliabilitiesEstimatedliabilitiesareinitiallymeasuredaccordingtothebestestimateofexpenditurerequiredtofulfillrelevantcurrentobligations.Thereisacontinuousrangeofrequiredexpenditure,andthepossibilityofoccurrenceofvariousresultsinthisrangeisthesame,andthebestestimateisdeterminedaccordingtotheintermediatevalueinthisrange.Inothercases,thebestestimatesaretreatedasfollows:
①Contingenciesinvolvingasingleitemshallbedeterminedaccordingtothemostprobableamount.
②Contingenciesinvolvingmultipleitemsshallbecalculatedanddeterminedaccordingtovariouspossible
resultsandrelevantprobabilities.Whendeterminingthebestestimate,therisk,uncertaintyandtimevalueofmoneyrelatedtocontingenciesshallbeconsideredcomprehensively.Ifthetimevalueofmoneyhasgreatinfluence,thebestestimateisdeterminedbydiscountingtherelatedfuturecashoutflow.
IfallorpartoftheexpensesrequiredbytheCompanytopayofftheestimatedliabilitiesareexpectedtobecompensatedbyathirdparty,thecompensationamountcanberecognizedasanassetonlywhenitisbasicallyconfirmedthatitcanbereceived.Therecognizedcompensationamountshallnotexceedthebookvalueoftheestimatedliabilities.TheCompanyrechecksthebookvalueoftheestimatedliabilitiesonthebalancesheetdate.Ifthereisconclusiveevidencethatthebookvaluecannottrulyreflectthecurrentbestestimate,thebookvalueshallbeadjustedaccordingtothecurrentbestestimate.
22.RevenuesAccountingpoliciesadoptedforincomerecognitionandmeasurement
(1)RevenuerecognitionprincipleSincethestartingdateofthecontract,thecompanyshallevaluatethecontract,identifieseachindividualperformanceobligationcontainedin,anddetermineswhethereachindividualperformanceobligationisperformedwithinacertainperiodoftimeoratacertainpointoftime.Theperformanceobligationisdefinedasfulfillmentwithinacertainperiodoftimeifoneofthefollowingconditionsismet,otherwise,itisdefinedasfulfilledatacertainpointintime:①Thecustomerobtainsandconsumestheeconomicbenefitsbroughtbythecompany'sperformancewhilethecompanyperformsthecontract;
②Thecustomercancontrolthegoodsundermanufacturingorservicesduringthecompany'sperformance;③Thegoodsorservicesproducedduringthecompany'sperformancehaveirreplaceableuses,andthecompanyhastherighttoaccumulateforthecompletedperformancesduringtheentirecontractperiod.Forobligationsperformedwithinacertainperiodoftime,thecompanyrecognizesrevenueinaccordancewiththeperformanceprogressinthatperiod.Iftheperformanceprogresscannotbereasonablydetermined,andthecostincurredisexpectedtobecompensated,therevenueshallberecognizedaccordingtotheamountofthecostincurreduntiltheperformanceprogresscanbereasonablydetermined.Forobligationsperformedatacertainpointintime,revenueshallberecognizedatthepointwhenthecustomerobtainscontroloftherelevantgoodsorservices.Whenjudgingwhetherthecustomerhasobtainedcontroloftheproduct,thecompanyshallconsiderthefollowingpoints:①Thecompanyhasthecurrentrighttoreceivepaymentfortheproduct,thatis,thecustomerhasthecurrentpaymentobligationfortheproduct;②Thecompanyhastransferredthelegalownershipoftheproducttothecustomer,thatis,thecustomerhasthelegalownershipoftheproduct;③Thecompanyhastransferredthephysicalproducttothecustomer,thatis,thecustomerhasphysicallytakenpossessionoftheproduct;④Thecompanyhastransferredthemainrisksandrewardsontheownershipoftheproducttothecustomer,thatis,thecustomerhasobtainedthemainrisksandrewardsontheownershipoftheproduct;⑤Thecustomerhasacceptedtheproduct;⑥Othersignsthatthecustomerhasobtainedcontroloftheproduct.
(2)Principleofrevenuemeasurement
①Thecompanyshallmeasurerevenuebasedonthetransactionpriceallocatedtoeachindividualperformanceobligation.Thetransactionpriceistheamountofconsiderationthatthecompanyexpectstobeentitledtoreceiveduetothetransferofgoodsorservicestocustomers,whiledoesnotincludepaymentsreceivedonbehalfofthirdpartiesandpaymentsexpectedtobereturnedtocustomers.
②Ifthereisvariableconsiderationinthecontract,thecompanyshalldetermineitsbestestimateaccordingtothe
expectedvalueorthemostlikelyamount,butthetransactionpriceincludingthevariableconsiderationshallnotexceedtheaccumulatedamountthat,ifrelevantuncertaintyiseliminated,willmostlikelyhavenosignificantreversal.
③Ifthereisanysignificantfinancingcomponentinthecontract,thecompanyshalldeterminethetransactionpricebasedontheamountpayableincashwhenthecustomerassumescontrolofthegoodsorservices.Thedifferencebetweentransactionpriceandcontractconsiderationshallbeamortizedthrougheffectiveinterestmethodduringthecontractperiod.Onthestartingdateofcontract,ifthecompanyexpectsthatthecustomerwillobtaincontrolofthegoodsorservicesandpaysthepricewithinoneyear,thesignificantfinancingcomponentincontractshallnotbeconsidered.
④Ifthecontractcontainstwoormoreperformanceobligations,thecompanyshall,ondateofthecontract,allocatethetransactionpricetoeachindividualobligationiteminaccordancewiththerelativeproportionoftheseparatesellingpriceofpromisedgoods.Theadoptionofdifferentbusinessmodelsinsimilarbusinessesleadstodifferencesinaccountingpoliciesforrevenuerecognition
(3)Specificmethodsofrevenuerecognition
1)TollservicefeeincomeTollrevenuereferstothetollrevenuefromoperatingtollroads,whichisrecognizedaccordingtotheamountcollectedandreceivablewhenvehiclespass.2）AdvertisingandotherrevenueAdvertisingandotherincomeshallberecognizedasoperatingincomewithintheserviceperiodaccordingtotheservicetimeandpriceaftertheserviceisprovided.
23.Contractcost
IftheincrementalcostincurredbytheCompanytoobtainthecontractisexpectedtoberecovered,itwillberecognizedasanassetforthecontractacquisitioncost.Iftheamortizationperiodofthecontractacquisitioncostdoesnotexceedoneyear,itwillbedirectlyincludedinthecurrentprofitsandlosseswhenitoccurs.IfthecostincurredbytheCompanytoperformthecontractdoesnotapplytothescopeoftherelevantstandardssuchasinventory,fixedassetsorintangibleassetsandmeetsthefollowingconditionsatthesametime,itshallberecognizedasanassetforthecontractperformancecost:
(1)Thecostisdirectlyrelatedtoacurrentorexpectedcontract,includingdirectlabor,directmaterials,manufacturingexpenses(orsimilarexpenses),costsexplicitlybornebycustomersandothercostsincurredonlyduetothecontract;
(2)ThecostincreasestheCompany'sresourcesforperformingandfulfillingitsobligationsinthefuture;
(3)Thecostisexpectedtoberecovered.
TheCompanyamortizestheassetsrelatedtothecontractcostonthesamebasisastheincomeofgoodsorservicesrelatedtotheassets,andincludesthemintothecurrentprofitsandlosses.
Ifthebookvalueoftheassetsrelatedtothecontractcostishigherthantheexpectedremainingconsiderationduetothetransferofthegoodsorservicesrelatedtotheassetsminustheestimatedcoststobeincurred,theCompanywillmakeprovisionforimpairmentoftheexcessandrecognizeitasanasset
impairmentloss.Ifthefactorsofimpairmentinthepreviousperiodhavechanged,sothattheexpectedresidualconsiderationofthegoodsorservicesrelatedtotheassetafterthetransferminustheestimatedcostishigherthanthebookvalueoftheasset,itwillbetransferredbacktotheoriginallyaccruedassetimpairmentprovisionandincludedinthecurrentprofitsandlosses,butthebookvalueoftheassetafterthetransferdoesnotexceedthebookvalueoftheassetonthetransferdateiftheimpairmentprovisionisnotaccrued.
24.GovernmentGrants
(1)TypesofgovernmentsubsidiesandaccountingtreatmentGovernmentsubsidiesrefertothemonetaryassetsornon-monetaryassetsobtainedbytheCompanyfromthegovernmentforfree(butexcludingthecapitalinvestedbythegovernmentastheowner).Ifgovernmentsubsidiesaremonetaryassets,theyshallbemeasuredaccordingtotheamountreceivedorreceivable.Ifgovernmentsubsidiesarenon-monetaryassets,theyshallbemeasuredatfairvalue;Ifthefairvaluecannotbeobtainedreliably,theyshallbemeasuredaccordingtothenominalamount.
Governmentsubsidiesrelatedtothedailyactivitiesareincludedinotherincomeaccordingtothenatureofeconomicbusiness.Governmentsubsidiesunrelatedtothedailyactivitiesareincludedinnon-operatingincome.
Governmentdocumentsclearlyspecifythatgovernmentsubsidiesforpurchasing,constructingorotherwiseforminglong-termassetsarerecognizedasgovernmentsubsidiesrelatedtoassets.Iftheobjectofsubsidyisnotclearlyspecifiedingovernmentdocuments,andlong-termassetscanbeformed,thepartofgovernmentsubsidiescorrespondingtothevalueofassetsshallberegardedasthegovernmentsubsidiesrelatedtoassets,andtherestshallberegardedasthegovernmentsubsidiesrelatedtoincome;Ifitisdifficulttodistinguishthem,thegovernmentsubsidiesasawholewillberegardedasagovernmentsubsidiesrelatedtoincome.Governmentsubsidiesrelatedtoassetsarerecognizedasdeferredincome.Theamountrecognizedasdeferredincomeshallbeincludedinthecurrentprofitsandlossesbystagesinaccordancewithareasonableandsystematicmethodwithintheservicelifeoftherelevantassets.
Governmentsubsidiesotherthanthoserelatedtoassetsarerecognizedasgovernmentsubsidiesrelatedtoincome.Ifgovernmentsubsidiesrelatedtoincomeareusedtocompensatetherelatedexpensesorlossesoftheenterpriseinthefuture,theywillberecognizedasdeferredincome,andwillbeincludedinthecurrentprofitsandlossesduringtheperiodwhentherelatedexpensesarerecognized;Ifusedtocompensatetherelatedexpensesorlossesthathaveoccurredintheenterprise,theywillbedirectlyincludedinthecurrentprofitsandlosses.
TheCompanyhasobtainedthepolicypreferentialloandiscount,andthefinancewillallocatethediscountfundstothelendingbank.IfthelendingbankprovidesloanstotheCompanyatthepolicypreferentialinterestrate,theactuallyreceivedloanamountwillbetakenastherecordedvalueoftheloan,andtherelevantborrowingcostswillbecalculatedaccordingtotheloanprincipalandthepolicypreferentialinterestrate;IfthefinancedirectlyallocatesthediscountfundstotheCompany,theCompanywilloffsettherelevantborrowingcostswiththecorrespondingdiscount.
(2)Recognitiontimeofgovernmentsubsidies
Governmentsubsidiesarerecognizedwhentheymeettheconditionsattachedtogovernmentsubsidiesandcanbereceived.Governmentsubsidiesmeasuredaccordingtotheamountreceivableshallberecognizedattheendoftheperiodwhenthereisconclusiveevidencethattheycanmeettherelevantconditionsstipulatedinthefinancialsupportpolicyanditisexpectedthatfinancialsupportfundscanbereceived.Othergovernment
subsidiesotherthanthosemeasuredaccordingtotheamountreceivableshallberecognizedwhenthesubsidiesareactuallyreceived.
25.Deferredincometaxassetsanddeferredincometaxliabilities
TheCompanyadoptsthebalancesheetliabilitymethodforincometaxaccountingtreatment.
(1)Deferredtaxassets
①Ifthereisadeductibletemporarydifferencebetweenthebookvalueofanassetorliabilityanditstaxbasis,thedeferredincometaxassetsgeneratedbythedeductibletemporarydifferenceshallbecalculatedandconfirmedaccordingtotheapplicabletaxrateduringtheexpectedperiodofrecoveringtheassetorpayingofftheliability.
②Onthebalancesheetdate,ifthereisconclusiveevidencethatsufficienttaxableincomeislikelytobeobtainedinthefutureperiodtooffsetthedeductibletemporarydifference,theunrecognizeddeferredincometaxassetsinthepreviousperiodshallberecognized.
③Onthebalancesheetdate,thebookvalueofdeferredincometaxassetsshallbereviewed.Ifitisunlikelythatenoughtaxableincomewillbeobtainedinthefutureperiodtooffsetthebenefitsofdeferredincometaxassets,thebookvalueofdeferredincometaxassetswillbewrittendown.Whensufficienttaxableincomeislikelytobeobtained,thewritten-downamountwillbereversed.
(2)Deferredincometaxliabilities
Ifthereisataxabletemporarydifferencebetweenthebookvalueofassetsandliabilitiesandtheirtaxbasis,thedeferredincometaxliabilitiesarisingfromthetaxabletemporarydifferenceshallberecognizedaccordingtotheapplicabletaxrateduringtheexpectedperiodofrecoveringtheassetsorpayingofftheliabilities.
26.Lease
(1)Accountingtreatmentmethodforleasingasalessee
Onthestartdateoftheleaseterm,theCompanyrecognizestheright-to-useassetsandleaseliabilitiesforleasesotherthanshort-termleasesandlow-valueassetleases,andrecognizesdepreciationexpensesandinterestexpensesrespectivelyduringtheleaseterm.
TheCompanyadoptsthestraight-linemethodineachperiodoftheleaseterm,andtheleasepaymentofshort-termleasesandlow-valueassetleasesisincludedinthecurrentexpenses.
1)Right-to-useassets
Theright-to-useassetsrefertotherightofthelesseetousetheleasedassetsduringtheleaseterm.Onthestartdateoftheleaseterm,theright-to-useassetsareinitiallymeasuredaccordingtothecost.Thecostincludes:
①Theinitialmeasurementamountofleaseliabilities;②Theleasepaymentamountissuedonorbeforethestartdateoftheleaseterm,whereifthereisaleaseincentive,theamountrelatedtotheentitledleaseincentiveshallbededucted;③Theinitialdirectexpensesincurred;④Thecostexpectedtobeincurredtodismantleandremovetheleasedassets,restorethesitewheretheleasedassetsarelocatedorrestoretheleasedassetstothestateagreedintheleaseterms.
ThedepreciationoftheCompany'sright-to-useassetsisclassifiedandaccruedbytheaveragelifemethod.Ifitcanbereasonablydeterminedthattheownershipoftheleasedassetswillbeacquiredattheexpirationof
theleaseterm,depreciationwillbeaccruedwithintheexpectedremainingservicelifeoftheleasedassets;Ifitisimpossibletoreasonablydeterminethattheownershipoftheleasedassetswillbeacquiredattheexpirationoftheleaseterm,depreciationshallbeaccruedduringtheleasetermortheremainingservicelifeoftheleasedassets,whicheverisshorter.
AccordingtotherelevantprovisionsofAccountingStandardsforBusinessEnterprisesNo.8-ImpairmentofAssets,theCompanydetermineswhethertheright-to-useassetshavebeenimpairedandcarriesoutaccountingtreatment.
2)Leaseliabilities
Leaseliabilitiesareinitiallymeasuredaccordingtothepresentvalueofunpaidleasepaymentonthestartdateoftheleaseterm.Theleasepaymentinclude:①Fixedpayment(includingsubstantialfixedpayment),ifthereisleaseincentive,therelevantamountofleaseincentiveshallbededucted;②Variableleasepaymentdependingonindexorratio;③Theamountexpectedtobepaidaccordingtotheresidualguaranteeprovidedbythelessee;④Theexercisepriceofthepurchaseoption,providedthatthelesseereasonablydeterminesthattheoptionwillbeexercised;⑤Theamounttobepaidwhentheoptiontoterminatetheleaseisexercised,providedthattheleasetermreflectsthatthelesseewillexercisetheoptiontoterminatethelease;
TheCompanyadoptstheinterestrateimplicitinleaseasthediscountrate;Iftheinterestrateimplicitinleasecannotbereasonablydetermined,theincrementalloaninterestrateoftheCompanyshallbeadoptedasthediscountrate.TheCompanycalculatestheinterestexpenseoftheleaseliabilitiesduringtheleasetermaccordingtothefixedperiodicinterestrate,andincludesitinthefinancialexpense.TheperiodicinterestratereferstothediscountrateadoptedbytheCompanyorthereviseddiscountrate.
Thevariableleasepaymentsthatarenotincludedinthemeasurementofleaseliabilitiesareincludedinthecurrentprofitsandlosseswhenactuallyincurred.
WhentheCompany'sevaluationresultsoftheoptiontorenewthelease,terminatetheleaseorpurchasechange,theleaseliabilitieswillbere-measuredaccordingtothepresentvaluecalculatedbythechangedleasepaymentandthereviseddiscountrate,andthebookvalueoftheright-to-useassetswillbeadjustedaccordingly.Whentheactualleasepayment,theexpectedpayableamountoftheresidualguaranteeorthevariableleasepaymentdependingontheindexorratiochanges,theleaseliabilitiesshallbere-measuredaccordingtothepresentvaluecalculatedbythechangedleasepaymentandtheoriginaldiscountrate,andthebookvalueoftheright-to-useassetsshallbeadjustedaccordingly.
(2)Accountingtreatmentmethodforleasingasalessor
1)Accountingtreatmentofoperatinglease
Duringeachperiodoftheleaseterm,theCompanyadoptsthestraight-linemethodtorecognizetheleasereceiptsfromoperatingleaseasrentalincome.TheCompanycapitalizestheinitialdirectexpensesrelatedtooperatinglease,andincludestheminthecurrentincomebystagesaccordingtothesamerecognitionbasisastherentalincomeduringtheleaseterm.
2)Accountingtreatmentoffinanciallease
Ontheleasestartdate,theCompanyrecognizesthedifferencebetweenthesumofthefinancialleasereceivableandtheunguaranteedresidualvalueanditspresentvalueasunrealizedfinancingincome,and
recognizesitasleaseincomeinthefutureperiodwhentherentisreceived.TheinitialdirectexpensesincurredbytheCompanyrelatedtotheleasingtransactionareincludedintheinitialentryvalueofthefinancialleasereceivable.
27.Impairmentofassets
Thefollowingsignsindicatethattheassetsmaybeimpaired:
(1)Themarketpriceofassetsfellsharplyinthecurrentperiod,whichwassignificantlyhigherthantheexpecteddeclineduetothepassageoftimeornormaluse.
(2)Theeconomic,technicalorlegalenvironmentinwhichtheCompanyoperatesandthemarketinwhichtheassetsarelocatedhaveundergonemajorchangesinthecurrentperiodorinthenearfuture,whichwillhaveadverseeffectsontheCompany.
(3)Themarketinterestrateorothermarketreturnoninvestmenthasincreasedinthecurrentperiod,whichaffectsthediscountrateusedbyenterprisestocalculatethepresentvalueoftheestimatedfuturecashflowofassets,resultinginasignificantdecreaseintherecoverableamountofassets.
(4)Thereisevidencethattheassetsareoutdatedortheirentitieshavebeendamaged.
(5)Assetshavebeenorwillbeidle,terminatedorplannedtobedisposedofinadvance.
(6)Theevidencereportedbythecompanyshowsthattheeconomicperformanceofassetshasbeenorwillbelowerthanexpected,suchasthenetcashflowcreatedbyassetsortherealizedoperatingprofit(orloss)isfarlowerthantheexpectedamount.
(7)Otherindicationsthatassetsmayhavebeenimpaired.Onthebalancesheetdate,theCompanyjudgesvariousassetsthatareapplicabletotheAccountingStandardsforBusinessEnterprisesNo.8-ImpairmentofAssets,suchaslong-termequityinvestment,fixedassets,engineeringmaterials,constructioninprogress,intangibleassets(exceptthosewithuncertainservicelife),andconductsimpairmenttestwhentherearesignsofimpairment-estimatingtheirrecoverableamount.Therecoverableamountisdeterminedbythehigherofthenetamountofthefairvalueoftheassetminusthedisposalexpensesandthepresentvalueoftheestimatedfuturecashflowoftheasset.Iftherecoverableamountofanassetislowerthanitsbookvalue,thebookvalueoftheassetshallbewrittendowntotherecoverableamount,andthewritten-downamountshallberecognizedastheassetimpairmentloss,whichshallbeincludedinthecurrentprofitsandlosses,andthecorrespondingassetimpairmentreserveshallbeaccruedatthesametime.
Iftherearesignsthatanassetmaybeimpaired,theCompanyusuallyestimatesitsrecoverableamountonthebasisofindividualassets.Whenitisdifficulttoestimatetherecoverableamountofasingleasset,therecoverableamountoftheassetgroupisdeterminedbasedontheassetgrouptowhichtheassetbelongs.
AssetgroupisthesmallestassetportfoliothatcanberecognizedbytheCompany,anditscashinflowisbasicallyindependentofotherassetsorassetgroups.Theassetgroupconsistsofassetsrelatedtocashinflow.Theidentificationofassetgroupisbasedonwhetherthemaincashinflowgeneratedbyassetgroupisindependentofotherassetsorcashinflowofassetgroup.
TheCompanyconductsimpairmenttesteveryyearforintangibleassetswithuncertaingoodwillandservicelifeformedbybusinesscombinationandnotyetinserviceablecondition,regardlessofwhetherthereisanysignofimpairment.Theimpairmenttestofgoodwilliscarriedoutincombinationwithitsrelatedassetgrouporcombinationofassetgroups.
Oncetheassetimpairmentlossisconfirmed,itwillnotbereversedinthefollowingaccountingperiod.
28.FairvaluemeasurementFairvaluereferstothepricethatamarketparticipantmustpaytosellortransferaliabilityinanorderly
transactionthatoccursonthemeasurementdate.TheCompanymeasuresrelatedassetsorliabilitiesatfairvalue,assumingthattheorderlytransactionofsellingassetsortransferringliabilitiesisconductedinthemainmarketofrelatedassetsorliabilities;Ifthereisnomajormarket,theCompanyassumesthatthetransactionwillbeconductedinthemostfavorablemarketofrelatedassetsorliabilities.Themainmarket(orthemostfavorablemarket)isthetradingmarketthattheCompanycanenteronthemeasurementday.TheCompanyadoptstheassumptionsusedbymarketparticipantstomaximizetheireconomicbenefitswhenpricingtheassetsorliabilities.Whenmeasuringnon-financialassetsatfairvalue,theabilityofmarketparticipantstousetheassetsforthebestpurposetogenerateeconomicbenefitsortheabilitytoselltheassetstoothermarketparticipantsforthebestpurposetogenerateeconomicbenefitsshallbeconsidered.TheCompanyadoptsthevaluationtechnologywhichisapplicableinthecurrentsituationandsupportedbysufficientavailabledataandotherinformation,andgivesprioritytotherelevantobservableinputvalues,andonlyusestheunobservableinputvalueswhentheobservableinputvaluesareunavailableorimpractical.Forassetsandliabilitiesmeasuredordisclosedatfairvalueinfinancialstatements,itshalldeterminethefairvaluelevelaccordingtothelowestlevelinputvaluewhichisofgreatsignificancetofairvaluemeasurementasawhole:thefirst-levelinputvalueistheunadjustedquotationofthesameassetsorliabilitiesthatcanbeobtainedonthemeasurementdateinanactivemarket;Thesecond-levelinputvalueisdirectlyorindirectlyobservableinputvaluesofrelatedassetsorliabilitiesexceptthefirst-levelinputvalue;Thethirdlevelinputvalueistheunobservableinputvalueofrelatedassetsorliabilities.Oneachbalancesheetdate,theCompanyreassessestheassetsandliabilitiesrecognizedinthefinancialstatementsthatarecontinuouslymeasuredatfairvaluetodeterminewhetherthereisaconversionbetweenthefairvaluemeasurementlevels.
29.Changeofmainaccountingpoliciesandestimations
(1)Changeofmainaccountingpolicies
?Applicable□Notapplicable
InRMB
| Contentsandreasonsofchangesinaccountingpolicies | Nameofreportitemmateriallyaffected | Impactamount |
| TheMinistryofFinanceissuedInterpretationNo.17oftheAccountingStandardsforBusinessEnterprisesonOctober25,2023(hereinafterreferredtoas"InterpretationNo.17").AccordingtotherequirementsoftheMinistryofFinance,thecontentof"ClassificationofCurrentLiabilitiesandNonCurrentLiabilities"willbeimplementedfromJanuary1,2024. | Currentliabilitiesandnoncurrentliabilities | 0.00 |
（2）Changesinimportantaccountingestimates?Applicable□Notapplicable
InRMB
| Contentsandreasonsofchangesinaccountingestimates | Approvalprocedure | Commencementtimeofapplication | Nameofaffectedreportitemandaffectedamount |
| TheNansha-ZhuhaiSection- | Reviewedandapprovedbythe22nd | October1,2024 | Inresponsetotheaccountingestimatechanges,theCompanyadoptsthefutureapplicationmethod,andits |
| ZhongshanUrbanArea-ZhuhaiSectionofGuangzhou-AomenExpresswayoftheCompanyhavebeencompletedandopenedtotrafficinSeptember2024.Theentirelineisexpectedtobeopenedtotrafficbytheendof2027.TheCompanyestimatesthattheapprovedtollperiodis25yearsaftertheentirelineisopened,sothedepreciationperiodoftheZhongshanUrbanArea-ZhuhaiSectionhasbeenadjustedtoDecember31,2052. | (extraordinary)meetingofthe10thBoardofDirectorsoftheCompanyonOctober24,2024 | impactontheaccountingstatementitemsforthisyearisasfollows:heimpactofconsolidatedfinancialstatementsFixedassetsincreasedbyRMB6,541,409.40TaxpayableincreasedbyRMB1,635,352.35DeferredincometaxliabilitiesdecreasedbyRMB314,226.46OperatingcostsdecreasedbyRMB6,541,409.40IncometaxexpensesincreasedbyRMB1,321,125.89Minorityshareholders'equityincreasedbyRMB1,305,070.88Minorityshareholders'profitsandlossesincreasedbyRMB1,305,070.88NetassetsattributabletotheparentcompanyincreasedbyRMB3,915,212.63NetprofitsattributabletotheparentcompanyincreasedbyRMB3,915,212.63 |
（3）Theinformationoftheadjustingitemsrelatedtothefinancialstatementsatthebeginningoftheyearoffirstimplementationduetothefirstimplementationofnewaccountingstandardsfrom2024.Adjustmentdescription
□Applicable?NotapplicableVI.Taxation
1.Majorcategoryoftaxesandtaxrates
| Taxcategory | Taxbasis | Taxrate |
| VAT | Taxableincome | 3%,5%,6%,9%and13% |
| Citymaintenanceandconstructiontax | Theactualpaymentofturnovertax | 5%、7% |
| Enterpriseincometax | Taxableincome | 25% |
| EducationFeeSurcharge | Theactualpaymentofturnovertax | 3% |
| Localeducationsurcharge | Theactualpaymentofturnovertax | 2% |
2.Preferentialtaxtreatment
NoneVII.NotesonmajoritemsinconsolidatedfinancialstatementsoftheCompany
1.Monetaryfunds
InRMB
| Item | Amountinyear-end | BalanceYear-beginning |
| Cash | 10,267.08 | 35,130.15 |
| Bankdeposit | 1,498,518,288.65 | 2,039,934,390.23 |
| Item | Amountinyear-end | BalanceYear-beginning |
| Other | 29,469,450.78 | 16,267,102.68 |
| MoneydepositedwithafinanceCompany | 2,761,828,656.71 | 2,662,395,109.14 |
| Total | 4,289,826,663.22 | 4,718,631,732.20 |
OthernoteTheinterestreceivableisRMB28,952,378.64frominterestaccruedonseven-daycalldeposits.
2.Accountreceivable
（1）Disclosurebyaging
InRMB
| Aging | Balanceinyear-end | BalanceYear-beginning |
| Within1year(Including1year） | 74,944,771.52 | 131,238,586.90 |
| 1-2years | 6,577,116.50 | 9,116,666.67 |
| 2-3years | 1,116,666.67 | |
| Over3year | 3,143,664.00 | 3,143,664.00 |
| 3-4years | 2,077,392.00 | |
| 4-5years | 2,077,392.00 | 1,066,272.00 |
| Over5years | 1,066,272.00 | |
| Subtotal | 85,782,218.69 | 143,498,917.57 |
| Baddebtprovision | 3,421,164.00 | 3,599,497.33 |
| Total | 82,361,054.69 | 139,899,420.24 |
（2）Accordingtothebaddebtprovisionmethodclassificationdisclosure
InRMB
| Category | Amountinyear-end | BalanceYear-beginning | ||||||||
| BookBalance | Baddebtprovision | Bookvalue | BookBalance | Baddebtprovision | Bookvalue | |||||
| Amount | Proportion(%) | Amount | Proportion(%) | Amount | Proportion(%) | Amount | Proportion(%) | |||
| Accrualofbaddebtprovisionbysingle | 3,143,664.00 | 3.66% | 3,143,664.00 | 100.00% | 3,143,664.00 | 2.19% | 3,143,664.00 | 100.00% | ||
| Including： | ||||||||||
| Accrualofbaddebtprovisionbyportfolio | 82,638,554.69 | 96.34% | 277,500.00 | 0.34% | 82,361,054.69 | 140,355,253.57 | 97.81% | 455,833.33 | 0.32% | 139,899,420.24 |
| Including： | ||||||||||
| Agingportfolio | 75,809,821.02 | 88.38% | 277,500.00 | 0.37% | 75,532,321.02 | 140,355,253.57 | 97.81% | 455,833.33 | 0.32% | 139,899,420.24 |
| Otherportfolio | 6,828,733.67 | 7.96% | 6,828,733.67 | |||||||
| Total | 85,782,218.69 | 3,421,164.00 | 82,361,054.69 | 143,498,917.57 | 3,599,497.33 | 139,899,420.24 | ||||
Accrualofbaddebtprovisionbysingle：
InRMB
| Name | BalanceYear-beginning | Balanceinyear-end | ||||
| Bookbalance | Baddebtprovision | Bookbalance | Baddebtprovision | Withdrawalproportion | Reason | |
| GuangdongTaihengExpresswayDevelopmentCo.,Ltd. | 3,143,664.00 | 3,143,664.00 | 3,143,664.00 | 3,143,664.00 | 100.00% | Theenterprisehasenteredthestageofbankruptcyandliquidation,Itisnotexpectedtoberecovered |
| Total | 3,143,664.00 | 3,143,664.00 | 3,143,664.00 | 3,143,664.00 | ||
Accrualofbaddebtprovisionbyportfolio:Theaging
InRMB
| Aging | Balanceinyear-end | ||
| Accountreceivable | Baddebtprovision | Expectedcreditlossrate(% | |
| Within1year | 73,609,821.02 | ||
| 1-2years | 1,083,333.33 | 54,166.67 | 5.00% |
| 2-3years | 1,116,666.67 | 223,333.33 | 20.00% |
| Total | 75,809,821.02 | 277,500.00 | |
Accrualofbaddebtprovisionbyportfolio:Otherportfolio
InRMB
| Name | BalanceYear-beginning | ||
| Bookbalance | Baddebtprovision | Withdrawalproportion | |
| Verylowcreditriskfinancialassetportfolio | 6,828,733.67 | ||
| Total | 6,828,733.67 | ||
Note：
Relevantinformationoftheprovisionforbaddebtswillbedisclosedwithreferencetothedisclosuremethodofotherreceivablesiftheprovisionforbaddebtsofbillsreceivableisaccruedaccordingtothegeneralmodelofexpectedcreditloss:
□Applicable√Notapplicable
(3)Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodThewithdrawalamountofthebaddebtprovision：
InRMB
| Category | Openingbalance | Amountofchangeinthecurrentperiod | Closingbalance | |||
| Accrual | Reversedorcollectedamount | Write-off | Other | |||
| Accrualofbaddebtprovisionbysingleitem | 3,143,664.00 | 3,143,664.00 | ||||
| Accrualofbaddebtprovisionby | 455,833.33 | 178,333.33 | 277,500.00 | |||
| creditrisk | |||||
| Total | 3,599,497.33 | 178,333.33 | 3,421,164.00 |
（4）Theactualwrite-offaccountsreceivableNone
(5)Top5oftheclosingbalanceoftheaccountsreceivablecollectedaccordingtothearrearsparty
InRMB
| CompanyName | Amountofendingbalance | Closingbalanceofthecontractassets | Accountsreceivableandcontractassetsendingbalance | Proportionoftotalaccountsreceivable% | Amountofendingbalanceforbaddebts |
| GuangdongUnionElectronicServicesCo.,Ltd. | 56,215,234.69 | 56,215,234.69 | 65.53% | ||
| GuangdongJingzhuExpresswayGuangzhuNorthsectionCo.,Ltd. | 9,311,649.31 | 9,311,649.31 | 10.85% | ||
| GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | 6,828,733.67 | 6,828,733.67 | 7.96% | ||
| GuangdongHumenBridgeCo.,Ltd. | 5,720,146.53 | 5,720,146.53 | 6.67% | ||
| GuangdongTaihengExpresswayDevelopmentCo.,Ltd. | 3,143,664.00 | 3,143,664.00 | 3.66% | 3,143,664.00 | |
| Total | 81,219,428.20 | 81,219,428.20 | 94.67% | 3,143,664.00 |
3.Otheraccountsreceivable
InRMB
| Item | Balanceinyear-end | BalanceYear-beginning |
| Dividendreceivable | 28,621,800.58 | 1,205,472.90 |
| Otherreceivable | 120,235,318.76 | 88,372,734.86 |
| Total | 148,857,119.34 | 89,578,207.76 |
（1）Interestreceivable：
None
（2）Dividendreceivable
1)Dividendreceivable
InRMB
| Item | Balanceinyear-end | BalanceYear-beginning |
| GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise | 797,664.04 | 1,205,472.90 |
| GuandongGuangleExpresswayCo.,Ltd. | 21,615,181.62 | |
| GuoyuanSecuritiesCo.,Ltd. | 6,208,954.92 | |
| Total | 28,621,800.58 | 1,205,472.90 |
2）Significantdividendreceivableagedover1yearNone
（3）Otheraccountsreceivable
1)Otheraccountsreceivableclassified
InRMB
| Nature | Balanceinyear-end | BalanceYear-beginning |
| Pettycash | 3,142,132.02 | 3,537,793.93 |
| Onbehalfofmoney | 342,942,142.53 | 221,107,620.02 |
| Deposit | 2,736,640.19 | 2,736,640.19 |
| Equitytransferpaymentreceivable | 107,111,100.00 | 39,682,898.02 |
| Compensationforperformancecommitmentsreceivable | 40,092,886.12 | |
| Other | 7,245,446.55 | 2,322,516.60 |
| Subtotal | 463,177,461.29 | 309,480,354.88 |
| Less：Baddebtprovision | 342,942,142.53 | 221,107,620.02 |
| Total | 120,235,318.76 | 88,372,734.86 |
2）Disclosurebyaging
InRMB
| Aging | Balanceinyear-end | BalanceYear-beginning |
| Within1year(Including1year） | 238,920,756.17 | 209,212,525.26 |
| 1-2years | 125,624,239.66 | 98,008,543.71 |
| 2-3years | 97,761,543.71 | 220,243.57 |
| Over3years | 870,921.75 | 2,039,042.34 |
| 3-4years | 31,680.00 | 1,184,699.35 |
| 4-5years | 2,095.07 | 23,848.70 |
| Over5years | 837,146.68 | 830,494.29 |
| Subtotal | 463,177,461.29 | 309,480,354.88 |
| Less：Baddebtprovision | 342,942,142.53 | 221,107,620.02 |
| Total | 120,235,318.76 | 88,372,734.86 |
3）Accordingtothebaddebtprovisionmethodclassificationdisclosure?Applicable□Notapplicable
InRMB
| Category | Closingbalance | Openingbalance | ||||||||
| Bookbalance | Baddebtprovision | Bookvalue | Bookbalance | Baddebtprovision | Bookvalue | |||||
| Amount | Proportion% | Amount | Proportion% | Amount | Proportion% | Amount | Proportion% | |||
| Accrualofbaddebtprovisionbysingle | 342,942,142.53 | 74.04% | 342,942,142.53 | 100.00% | 221,107,620.02 | 71.44% | 221,107,620.02 | 100.00% | ||
| Including： | ||||||||||
| Accrualofbaddebtprovisionbyportfolio | 120,235,318.76 | 25.96% | 120,235,318.76 | 88,372,734.86 | 28.56% | 88,372,734.86 | ||||
| Including： | ||||||||||
| CSFPortfolio | 5,878,772.21 | 1.27% | 5,878,772.21 | 6,274,434.12 | 2.03% | 6,274,434.12 | ||||
| Verylowcreditriskfinancialassetportfolio | 114,356,546.55 | 24.69% | 114,356,546.55 | 81,424,616.85 | 26.31% | 81,424,616.85 | ||||
| Total | 463,177,461.29 | 100.00% | 342,942,142.53 | 74.04% | 120,235,318.76 | 309,480,354.88 | 100.00% | 221,107,620.02 | 71.44% | 88,372,734.86 |
Accrualofbaddebtprovisionbysingle：
InRMB
| Name | BalanceYear-beginning | Balanceinyear-end | ||||
| BookBalance | Baddebtprovision | BookBalance | Baddebtprovision | Withdrawalproportion | Reason | |
| DepartmentofTransportofGuangdong | 221,107,620.02 | 221,107,620.02 | 342,942,142.53 | 342,942,142.53 | 100.00% | ThesourceoffundsforcustodyexpensespaidbyGuangzhou-FoshanExpresswayonbehalfneedstobefurtherdefined,andtheprovisionforbaddebtsshallbemadeinfullaccordingtotheprincipleofprudence |
| Total | 221,107,620.02 | 221,107,620.02 | 342,942,142.53 | 342,942,142.53 | ||
Accrualofbaddebtprovisionbyportfolio:Otherportfolio
InRMB
| Name | Balanceinyear-end | ||
| Bookbalance | Baddebtprovision | Withdrawalproportion | |
| CSFPortfolio | 5,878,772.21 | ||
| Verylowcreditriskfinancialassetportfolio | 114,356,546.55 | ||
| Total | 120,235,318.76 | ||
Provisionforbaddebtsismadeaccordingtothegeneralmodelofexpectedcreditlosses
InRMB
| BadDebtReserves | Stage1 | Stage2 | Stage3 | Total |
| Expectedcreditlossesoverthenext12months | Expectedcreditlossoverlife(nocreditimpairment) | Expectedcreditlossesfortheentireduration(creditimpairmentoccurred) | ||
| BalanceasatJanuary1,2024 | 221,107,620.02 | 221,107,620.02 | ||
| BalanceasatJanuary1,2024incurrent | ||||
| Thisperiodofprovision | 121,834,522.51 | 121,834,522.51 | ||
| BalanceasatDecember31,2024 | 342,942,142.53 | 342,942,142.53 |
Basisfordivisionofeachstageandaccrualratioforbad-debtprovisionLossprovisionchangesincurrentperiod,changeinbookbalancewithsignificantamount
□Applicable√Notapplicable
4)Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodThewithdrawalamountofthebaddebtprovision：
InRMB
| Category | Openingbalance | Amountofchangeinthecurrentperiod | Closingbalance | |||
| Accrual | Reversedorcollectedamount | Write-off | Other | |||
| Accrualofbaddebtprovisionbysingle | 221,107,620.02 | 121,834,522.51 | 342,942,142.53 | |||
| Total | 221,107,620.02 | 121,834,522.51 | 342,942,142.53 | |||
Wherethecurrentbaddebtsbackorrecoversignificantamounts:
None5）Otheraccountreceivablesactuallycancelafterwrite-offNone6）Top5oftheclosingbalanceoftheotheraccountsreceivablecollectedaccordingtothearrearsparty
InRMB
| Name | Nature | Closingbalance | Aging | Proportionofthetotalyearendbalanceoftheaccountsreceivable(%) | Closingbalanceofbaddebtprovision |
| DepartmentofTransportofGuangdongProvince | Highwaymaintenanceexpenditure | 121,834,522.51 | Within1year | 74.03% | 121,834,522.51 |
| 123,358,138.31 | 1-2years | 123,358,138.31 | |||
| 97,749,481.71 | 2-3years | 97,749,481.71 | |||
| HunanLianzhiTechnologyCo.,Ltd. | Equitytransfer | 107,111,100.00 | Within1year | 23.13% | |
| GuangdongHighwayConstructionCo.,Ltd.JiangluoBranch | Currentfund | 6,707,300.48 | Within1year | 1.45% | |
| GuangdongLitongDevelopmentInvestmentCo.,Ltd. | Vehicleparkingdeposit | 1,816,266.94 | 1-2years | 0.39% | |
| Vehicleparkingdeposit | 22,980.00 | 3-4years | |||
| FirstPacificDavisPropertyConsultant(Guangzhou)Co.,Ltd | Vehicleparkingdeposit,Managementfeedeposit,waterandelectricitychargesworkingcapital | 414,524.80 | 1-2years | 0.09% | |
| Vehicleparkingdeposit,Managementfeedeposit, | 4,200.00 | 3-4years |
| waterandelectricitychargesworkingcapital | |||||
| Total | 459,018,514.75 | 99.09% | 342,942,142.53 |
4.Prepayments
（1）Aginganalysis
InRMB
| Aging | Balanceinyear-end | BalanceYear-beginning | ||
| Amount | Proportion（%） | Amount | Proportion（%） | |
| Within1year | 3,572,359.00 | 95.72% | 8,310,359.63 | 97.90% |
| 1-2years | 19,800.00 | 0.53% | 37,806.24 | 0.45% |
| Over3years | 140,000.00 | 3.75% | 140,000.00 | 1.65% |
| Total | 3,732,159.00 | 8,488,165.87 | ||
Notesofthereasonsoftheprepaymentagesover1yearwithsignificantamountbutfailedsettledintime:
None
(2)Top5oftheclosingbalanceoftheprepaymentcollectedaccordingtotheprepaymenttarget
InRMB
| Name | RelationswiththeCompany | Amount | Aging | Reasonsfornon-settlement | Proportion% |
| ChinaPingAnPropertyInsuranceCo.Ltd.GuangdongBranch | Non-Relatedparty | 1,215,595.47 | Within1year | Unliquidated | 32.57% |
| GuangdongCommunicationsTestingCo.,Ltd | Relatedparty | 711,457.00 | Within1year | Unliquidated | 19.06% |
| ChinaPacificPropertyInsuranceCo.,Ltd.GuangdongBranch | Non-Relatedparty | 682,354.65 | Within1year | Unliquidated | 18.28% |
| SinopecSalesCo.,Ltd. | Non-Relatedparty | 413,860.54 | Within1year | Unliquidated | 11.09% |
| ExcellenceAppraisal | Non-Relatedparty | 140,000.00 | Over3year | Unliquidated | 3.75% |
| Total | 3,163,267.66 | 84.75% |
5.Othercurrentassets
InRMB
| Item | Year-endbalance | Year-beginningbalance |
| Tazxtobededucted | 353.70 | |
| Taxtobecertified | 6,064,511.82 | |
| Advancetaxpayment | 38,954.73 | 34,805.71 |
| VATretentiontaxcredits | 63,519.91 | |
| Total | 6,167,340.16 | 34,805.71 |
6.OtherEquityinstrumentinvestment
InRMB
| Name | Closingbalance | Openingbalance | Gainsincludedinothercomprehensiveincomeinthecurrentperiod | Lossesincludedinothercomprehensiveincomeinthecurrentperiod | Gainsaccumulatedinothercomprehensiveincomeattheendofthecurrentperiod | Lossesaccumulatedinothercomprehensiveincomeattheendofthecurrentperiod | Dividendincomerecognizedinthecurrentperiod | Reasondesignatedasbeingmeasuredatfairvalueandchangebeingincludedinothercomprehensiveincome |
| GuangleExpresswayCo.,Ltd. | 799,120,728.12 | 796,722,655.90 | 2,398,072.22 | 50,772,426.39 | ||||
| GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise | 59,396,524.45 | 55,434,894.13 | 3,961,630.32 | 9,396,524.45 | ||||
| ChinaEverbrightBankCo.,Ltd. | 910,436,633.28 | 682,239,337.60 | 228,197,295.68 | 392,875,756.48 | ||||
| HuaxiaSecuritiesCo.,Ltd.（Notes1） | ||||||||
| HuazhengAssetManagementCo.,Ltd.（Notes2） | ||||||||
| Total | 1,768,953,885.85 | 1,534,396,887.63 | 234,556,998.22 | 453,044,707.32 |
Note1:HuaxiaSecuritiesCo.,Ltd.hasbeenseverelyinsolvent.InApril2008,theCSRCsentaletteragreeingtoHuaxiaSecuritiesCo.,Ltd.toapplyforbankruptcy.InAugust2008,theBeijingNo.2IntermediatePeople'sCourtofficiallyacceptedthebankruptcyliquidationapplication.Note2:HuazhengAssetManagementCo.,Ltd.hasbeenseverelyinsolvent.
Breakdowndisclosureofinvestmentinnon-tradableequityinstrumentsinthecurrentperiod
InRMB
| Item | Dividendincomerecognized | Cumulativegain | Cumulativeloss | Amountofotherconsolidatedincometransferredtoretainedearnings | Reasonsfordesignationasmeasuredatfairvalueandchangesincludedinothercomprehensiveincome | Reasonsforotherconsolidatedincometransferredtoretainedearnings |
| GuangleExpresswayCo.,Ltd. | 60,826,640.73 | 50,772,426.39 | Non-transactionalpurposeforshareholding | |||
| GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise | 797,664.04 | 9,396,524.45 | Non-transactionalpurposeforshareholding | |||
| ChinaEverbrightBankCo.,Ltd. | 40,699,105.31 | 392,875,756.48 | Non-transactionalpurposeforshareholding | |||
| HuaxiaSecuritiesCo.,Ltd. | 5,400,000.00 | Non-transactionalpurposeforshareholding | ||||
| HuazhengAssetManagementCo.,Ltd. | 1,620,000.00 | Non-transactionalpurposeforshareholding | ||||
| Total | 102,323,410.08 | 453,044,707.32 | 7,020,000.00 |
7.Long-termequityinvestment
InRMB
| Investedenterprise | Beginningbalance | Impairmentprovisionbegin-yearbalance | Increase/decrease | Closingbalance | Closingbalanceofimpairmentprovision | |||||||
| Additionalinvestment | Negativeinvestment | Investmentprofitandlossrecognizedundertheequitymethod | Adjustmentofothercomprehensiveincome | Changesofotherequity | Cashbonusorprofitsannouncedtoissue | Withdrawalofimpairmentprovision | Other | |||||
| I.Jointventure | ||||||||||||
| 2.AffiliatedCompany | ||||||||||||
| ZhaoqingYuezhaoHighwayCo.,Ltd. | 367,104,015.00 | 233,500,000.00 | 53,004,724.37 | 99,500,000.00 | 554,108,739.37 | |||||||
| GuangdongJiangzhongExpresswayCo.,Ltd. | 557,686,679.66 | 52,350,000.00 | -6,793,579.68 | 4,057,227.52 | 599,185,872.46 | |||||||
| GanzhouGankangExpresswayCo.,Ltd. | 181,054,819.12 | 15,315,233.14 | 17,700,000.00 | 178,670,052.26 | ||||||||
| GanzhouKangdaExpresswayCo.,Ltd. | 257,929,704.98 | 43,565,066.95 | 30,000,000.00 | 271,494,771.93 | ||||||||
| ShenzhenHuiyanExpressway | 377,922,183.98 | 23,880,675.18 | 401,802,859.16 | |||||||||
| Investedenterprise | Beginningbalance | Impairmentprovisionbegin-yearbalance | Increase/decrease | Closingbalance | Closingbalanceofimpairmentprovision | |||||||
| Additionalinvestment | Negativeinvestment | Investmentprofitandlossrecognizedundertheequitymethod | Adjustmentofothercomprehensiveincome | Changesofotherequity | Cashbonusorprofitsannouncedtoissue | Withdrawalofimpairmentprovision | Other | |||||
| Co.,Ltd. | ||||||||||||
| GuoyuanSecuritiesCo.,Ltd. | 1,027,100,533.47 | 54,403,149.25 | 26,663,721.09 | 21,731,342.22 | 1,086,436,061.59 | |||||||
| GuangdongYuepuSmallRefinancingCo.,Ltd(Note) | 221,858,110.10 | 12,818,890.63 | 9,488,418.92 | 225,188,581.81 | ||||||||
| HunnanLianzhiTechnologyCo.,.Ltd. | 101,742,014.92 | 100,332,598.01 | -1,108,904.93 | -300,511.98 | ||||||||
| GuangdongYuetongQiyuanChipPowerTechnologyCo.,Ltd. | 3,180,226.77 | -1,947,723.45 | 4,371.34 | 1,236,874.66 | ||||||||
| ShenzhenGarageElectricPileTechnologyCo.,Ltd | 15,312,000.00 | -1,085,804.40 | 14,226,195.60 | |||||||||
| Subtotal | 3,095,578,288.00 | 301,162,000.00 | 100,332,598.01 | 192,051,727.06 | 26,663,721.09 | -296,140.64 | 182,476,988.66 | 3,332,350,008.84 | ||||
| Total | 3,095,578,288.00 | 301,162,000.00 | 100,332,598.01 | 192,051,727.06 | 26,663,721.09 | -296,140.64 | 182,476,988.66 | 3,332,350,008.84 | ||||
Therecoverableamountisdeterminedonthebasisofthenetamountoffairvaluelessdisposalcosts
□Applicable?NotapplicableTherecoverableamountisdeterminedbythepresentvalueoftheprojectedfuturecashflows
□Applicable?Notapplicable
8.Othernon-currentfinancialassets
InRMB
| Item | Closingbalance | Openingbalance |
| Classifiedasfinancialassetsmeasuredatfairvalueandwhosechangesareincludedinthecurrentprofitandloss | ||
| Including：EquityinvestmentofBeijingInstituteofArchitecturalDesignCo.,Ltd. | 83,510,134.11 | 84,159,575.05 |
| CMSTIntelligentLogisticsTechnologyCo.,Ltd. | 102,984,043.09 | 99,697,192.95 |
| Total | 186,494,177.20 | 183,856,768.00 |
9.Investmentproperty
(1)Investmentpropertyadoptedthecostmeasurementmode
√Applicable□Notapplicable
InRMB
| Item | Housesandbuildings | Landuseright | Total |
| I.Originalvalue | |||
| 1.Openingbalance | 12,664,698.25 | 2,971,831.10 | 15,636,529.35 |
| 2.Increasedamountoftheperiod | |||
| （1）Outsourcing | |||
| (2)Inventory,FixedassetsandConstructionprojectinto | |||
| (3))IncreasedofEnterpriseconsolidation |
3.Decreasedamountoftheperiod
| 3.Decreasedamountoftheperiod |
| （1）Disposal |
| （2）OtherOut |
4.Closingbalance
| 4.Closingbalance | 12,664,698.25 | 2,971,831.10 | 15,636,529.35 |
| II.Accumulateddepreciationaccumulatedamortization | |||
| 1.Openingbalance | 11,137,288.26 | 2,052,214.64 | 13,189,502.90 |
| 2.Increasedamountoftheperiod | 147,545.63 | 73,569.36 | 221,114.99 |
| (1)Withdrawaloramortization | 147,545.63 | 73,569.36 | 221,114.99 |
3.Decreasedamountoftheperiod
| 3.Decreasedamountoftheperiod |
| （1）Disposal |
| （2）OtherOut |
| Item | Housesandbuildings | Landuseright | Total |
| 4.Closingbalance | 11,284,833.89 | 2,125,784.00 | 13,410,617.89 |
| III.Impairmentprovision | |||
| 1.Openingbalance | |||
| 2.Increasedamountoftheperiod | |||
| （1）Withdrawal |
3.Decreasedamountoftheperiod
| 3.Decreasedamountoftheperiod |
| （1）Disposal |
| （2）OtherOut |
4.Closingbalance
| 4.Closingbalance | |||
| IV.Bookvalue | |||
| 1.Closingbookvalue | 1,379,864.36 | 846,047.10 | 2,225,911.46 |
| 2.Openingbook | 1,527,409.99 | 919,616.46 | 2,447,026.45 |
Therecoverableamountisdeterminedonthebasisofthenetamountoffairvaluelessdisposalcosts
□Applicable?NotapplicableTherecoverableamountisdeterminedbythepresentvalueoftheprojectedfuturecashflows
□Applicable?NotapplicableThereasonfortheobviousdiscrepancybetweentheforegoinginformationandtheinformationusedintheimpairmenttestofpreviousyearsortheexternalinformationThereasonfortheobviousdiscrepancybetweentheinformationusedintheCompany'simpairmenttestinpreviousyearsandtheactualsituationinthecurrentyearOthernote
（2）Detailsofinvestmentpropertyfailedtoaccomplishcertificationofproperty
□Applicable?Notapplicable
（3）Detailsofinvestmentpropertyfailedtoaccomplishcertificationofproperty
InRMB
| Item | Bookbalance | Reason |
| HousesandBuilding | 702,553.75 | Transportationandotherancillaryfacilities,Notaccreditation |
10.Fixedassets
InRMB
| Item | Year-endbalance | Year-beginningbalance |
| Fixedassets | 8,872,664,544.10 | 9,010,154,405.32 |
| liquidationoffixedassets | 144,148.87 | 14,307.60 |
| Total | 8,872,808,692.97 | 9,010,168,712.92 |
(1)Listoffixedassets
InRMB
| Item | GuangfoExpressway | FokaiExpressway | GuanghuiExpressway | JingzhuExpresswayGuangzhusection | Houseandbuildings | Machineryequipment | Transportationequipment | Electricityequipmentandother | Total |
| I.Originalprice | |||||||||
| 1.Openingbalance | 1,460,270,190.66 | 10,944,202,847.52 | 6,825,195,881.48 | 5,136,471,234.45 | 648,895,670.39 | 1,731,297,238.00 | 60,422,551.05 | 147,583,818.25 | 26,954,339,431.80 |
| 2.Increasedamountoftheperiod | 101,807,560.31 | 566,943,069.54 | 120,346,759.94 | 177,221,376.93 | 2,245,196.48 | 8,389,892.80 | 976,953,856.00 | ||
| （1）Purchase | 4,780,833.57 | 2,245,196.48 | 7,768,782.80 | 14,794,812.85 | |||||
| （2）Transferofprojectunderconstruction | 11,129,358.87 | 566,943,069.54 | 120,338,907.19 | 163,848,233.08 | 621,110.00 | 862,880,678.68 | |||
| (3)IncreasedofEnterpriseconsolidation | |||||||||
| （4）Other | 90,678,201.44 | 7,852.75 | 8,592,310.28 | 99,278,364.47 | |||||
| 3.Decreasedamountoftheperiod | 7,731,206.12 | 316,358.40 | 89,858,988.88 | 11,284,943.00 | 6,833,818.85 | 116,025,315.25 | |||
| （1）Disposalorscrap | 316,358.40 | 31,325,373.44 | 11,284,943.00 | 3,565,977.71 | 46,492,652.55 | ||||
| （3）Otherout | 7,731,206.12 | 58,533,615.44 | 3,267,841.14 | 69,532,662.70 | |||||
| 4.Closingbalance | 1,460,270,190.66 | 11,038,279,201.71 | 6,825,195,881.48 | 5,703,414,303.99 | 768,926,071.93 | 1,818,659,626.05 | 51,382,804.53 | 149,139,892.20 | 27,815,267,972.55 |
| II.Accumulateddepreciation | |||||||||
| 1.Openingbalance | 1,460,270,190.66 | 6,203,519,026.26 | 4,716,494,291.96 | 3,517,456,318.71 | 499,429,758.64 | 1,387,998,338.20 | 46,833,267.81 | 98,851,424.12 | 17,930,852,616.36 |
| 2.Increasedamountoftheperiod | 359,299,524.59 | 389,225,290.47 | 184,090,192.25 | 28,784,283.58 | 67,138,774.29 | 2,261,514.37 | 11,746,435.73 | 1,042,546,015.28 | |
| （1）Withdrawal | 359,299,524.59 | 389,225,290.47 | 184,090,192.25 | 28,784,283.58 | 62,439,957.49 | 2,261,514.37 | 11,746,435.73 | 1,037,847,198.48 | |
| （2）Other | 4,698,816.80 | 4,698,816.80 |
| Item | GuangfoExpressway | FokaiExpressway | GuanghuiExpressway | JingzhuExpresswayGuangzhusection | Houseandbuildings | Machineryequipment | Transportationequipment | Electricityequipmentandother | Total |
| 3.Decreasedamountoftheperiod | 294,170.46 | 29,928,192.44 | 10,584,595.85 | 3,320,654.56 | 44,127,613.31 | ||||
| (1)Disposalorscrap | 294,170.46 | 29,891,401.70 | 10,584,595.85 | 3,320,654.56 | 44,090,822.57 | ||||
| （3）Otherout | 36,790.74 | 36,790.74 | |||||||
| 4.Closingbalance | 1,460,270,190.66 | 6,562,818,550.85 | 5,105,719,582.43 | 3,701,546,510.96 | 527,919,871.76 | 1,425,208,920.05 | 38,510,186.33 | 107,277,205.29 | 18,929,271,018.33 |
| III.Impairmentprovision | |||||||||
| 1.Openingbalance | 2,889,394.16 | 10,394,796.45 | 48,219.51 | 13,332,410.12 | |||||
| 2.Increasedamountoftheperiod | |||||||||
| (1)Withdrawal | |||||||||
| 3.Decreasedamountoftheperiod | |||||||||
| (1)Disposalorscrap | |||||||||
| 4.Closingbalance | 2,889,394.16 | 10,394,796.45 | 48,219.51 | 13,332,410.12 | |||||
| IV.Bookvalue | |||||||||
| 1.Closingbookvalue | 4,475,460,650.86 | 1,719,476,299.05 | 2,001,867,793.03 | 238,116,806.01 | 383,055,909.55 | 12,872,618.20 | 41,814,467.40 | 8,872,664,544.10 | |
| 2.Openingbook | 4,740,683,821.26 | 2,108,701,589.52 | 1,619,014,915.74 | 146,576,517.59 | 332,904,103.35 | 13,589,283.24 | 48,684,174.62 | 9,010,154,405.32 |
(2)Temporarilyidlefixedassets
InRMB
| Item | Originalbookvalue | Accumulateddepreciation | Impairmentprovision | Bookvalue | Note |
| Houseandbuildings | 2,604,578.00 | 2,474,349.10 | 130,228.90 | ||
| Electricityequipmentandother | 32,630.00 | 19,115.68 | 13,514.32 | ||
| Total | 2,637,208.00 | 2,493,464.78 | 143,743.22 |
(3)Fixedassetsleasing-outbyoperationallease
InRMB
| Item | Year-endbalance |
| Houseandbuildings | 16,387,611.26 |
| Machineryequipment | 1,297,445.08 |
| Total | 17,685,056.34 |
（4）Detailsoffixedassetsfailedtoaccomplishcertificationofproperty
InRMB
| Item | Bookbalance | Reason |
| Houseandbuildings | 213,042,512.36 | Transportationandotherancillaryfacilities，Notaccreditation. |
(5)Informationofimpairmenttestoffixedassets
□Applicable?Notapplicable
（6）liquidationoffixedassets
InRMB
| Item | Year-endbalance | Year-beginningbalance |
| Houseandbuildings | 22,187.94 | |
| Machineryequipment | 63,915.86 | |
| Transportationequipment | 14,307.60 | |
| Officeequipmentandother | 58,045.07 | |
| Total | 144,148.87 | 14,307.60 |
11.Projectunderconstruction
InRMB
| Item | Year-endbalance | Year-beginningbalance |
| Projectunderconstruction | 2,665,392,094.81 | 1,960,092,562.22 |
| Total | 2,665,392,094.81 | 1,960,092,562.22 |
（1）Projectunderconstruction
InRMB
| Item | Year-endbalance | Year-beginningbalance | ||||
| Bookbalance | Provisionfordevaluation | Bookvalue | Bookbalance | Provisionfordevaluation | Bookvalue | |
| ReconstructionandExpansionofNansha-ZhuhaisectionofGuangzhou-MacaoExpressway | 2,228,897,400.42 | 2,228,897,400.42 | 1,648,394,518.48 | 1,648,394,518.48 | ||
| ReconstructionandExpansionofFokaiExpresswaySanbaotoShuikou | 235,837,836.81 | 235,837,836.81 | 197,907,850.29 | 197,907,850.29 | ||
| ReconstructionandexpansionprojectoftheHuizhouXiaojinkou-GuangzhouLuogangSectionofJinan-GuangzhouExpresswayandtheHuizhouXiaojinkou-LingkengSectionofGuangzhou-HuizhouExpressway | 86,685,695.45 | 86,685,695.45 | 21,813,587.29 | 21,813,587.29 | ||
| JiujiangBridgenavigableholeanti-collisionreinforcementproject | 30,758,087.65 | 30,758,087.65 | 16,070,965.65 | 16,070,965.65 | ||
| Guangzhou-ShantouRailwayCrossingproject | 19,446,564.43 | 19,446,564.43 | 19,446,564.43 | 19,446,564.43 | ||
| Jiangxi-Shenzhenhigh-speedrailwaycross-sectionexpansionproject | 15,664,172.98 | 15,664,172.98 | 15,664,172.98 | 15,664,172.98 | ||
| Anti-collisionreinforcementprojectofJilieRiverBridge | 12,126,194.00 | 12,126,194.00 | ||||
| FokaiExpressayintelligenttransformationproject | 8,770,999.00 | 8,770,999.00 | 20,482,399.73 | 20,482,399.73 | ||
| ChargingpileprojectofYayaoservicearea | 7,200,000.00 | 7,200,000.00 | ||||
| Emergencytreatmentprojectoftheleftcuttingslopeofk13 | 6,076,917.00 | 6,076,917.00 | ||||
| Yayaoserviceareawater-savingpoststationproject | 2,979,043.98 | 2,979,043.98 | ||||
| BoluoCentralStationofficeandlivingfacilitiesrenovationandexpansionproject | 13,281,042.37 | 13,281,042.37 | ||||
| Other | 10,949,183.09 | 10,949,183.09 | 7,031,461.00 | 7,031,461.00 | ||
| Total | 2,665,392,094.81 | 2,665,392,094.81 | 1,960,092,562.22 | 1,960,092,562.22 | ||
(2)Changesofsignificantconstructioninprogress
InRMB
| Nameofproject | Budget | Openingbalance | Increase | Transferredtofixedassets | Otherdecrease | Endbalance | Proportion% | Projectprocess | Capitalizationofinterest | Including:capitalizationofinterestthisperiod | Capitalizationofinterestrate(%) | Sourceoffunding |
| ReconstructionandExpansionofNansha-ZhuhaisectionofGuangzhou-MacaoExpressway | 1,373,598.92 | 1,648,394,518.48 | 1,267,769,452.34 | 687,266,570.40 | 2,228,897,400.42 | 20.86% | 20.86% | 112,774,368.81 | 58,088,606.08 | 2.59% | Other | |
| ReconstructionandExpansionofFokaiExpresswaySanbaotoShuikou | 342,621.00 | 197,907,850.29 | 155,769,483.33 | 108,461,658.64 | 9,377,838.17 | 235,837,836.81 | 86.77% | 99.03% | 82,030,506.58 | 4,232,028.71 | 2.93% | Other |
| JiujiangBridgenavigableholeanti-collisionreinforcementproject | 3,641.96 | 16,070,965.65 | 14,687,122.00 | 30,758,087.65 | 84.45% | 84.45% | Other | |||||
| FokaiExpressayintelligenttransformationproject | 3,396.35 | 20,482,399.73 | 8,240,000.00 | 19,951,400.73 | 8,770,999.00 | 84.57% | 84.57% | Other | ||||
| Anti-collisionreinforcementprojectofJilieRiverBridge | 1,241.19 | 12,126,194.00 | 12,126,194.00 | 97.70% | 97.70% | Other |
| Nameofproject | Budget | Openingbalance | Increase | Transferredtofixedassets | Otherdecrease | Endbalance | Proportion% | Projectprocess | Capitalizationofinterest | Including:capitalizationofinterestthisperiod | Capitalizationofinterestrate(%) | Sourceoffunding |
| Geologicalhazardinvestigationandremediationprojectforexpressways | 1,200.00 | 11,129,358.87 | 11,129,358.87 | 92.74% | 100.00% | Other | ||||||
| Jiangxi-Shenzhenhigh-speedrailwaycross-sectionexpansionproject | 1,696.69 | 15,664,172.98 | 15,664,172.98 | 92.32% | 92.32% | Other | ||||||
| Guangzhou-ShantouRailwayCrossingproject | 2,146.00 | 19,446,564.43 | 19,446,564.43 | 90.62% | 90.62% | Other | ||||||
| BoluoCentralStationofficeandlivingfacilitiesrenovationandexpansionproject | 1,700.00 | 13,281,042.37 | 3,550,999.18 | 16,832,041.55 | 100.00% | 100.00% | Other | |||||
| ReconstructionandexpansionprojectoftheHuizhouXiaojinkou- | 3,052,000.00 | 21,813,587.29 | 64,872,108.16 | 86,685,695.45 | 0.28% | 0.28% | Other |
| Nameofproject | Budget | Openingbalance | Increase | Transferredtofixedassets | Otherdecrease | Endbalance | Proportion% | Projectprocess | Capitalizationofinterest | Including:capitalizationofinterestthisperiod | Capitalizationofinterestrate(%) | Sourceoffunding |
| GuangzhouLuogangSectionofJinan-GuangzhouExpresswayandtheHuizhouXiaojinkou-LingkengSectionofGuangzhou-HuizhouExpressway | ||||||||||||
| Emergencytreatmentprojectoftheleftcuttingslopeofk13 | 1,025.01 | 6,076,917.00 | 6,076,917.00 | 59.29% | 59.29% | Other | ||||||
| Total | 1,953,061,101.22 | 1,544,221,634.88 | 843,641,030.19 | 9,377,838.17 | 2,644,263,867.74 | 194,804,875.39 | 62,320,634.79 |
Note:ThebudgetforthereconstructionandexpansionoftheNansha-ZhuhaisectionoftheGuangzhou-MacaoExpresswayincludestheconstructioncostofsomeprojectsbornebythegovernment.
(3)ProvisionforimpairmentofconstructionprojectsinthecurrentperiodNone
（4）Provisionforimpairmentofconstructioninthisperiod
□Applicable?Notapplicable
（5）EngineeringMaterials：
None
12.Userightassets
（1）ListofUserightassets
InRMB
| Item | Houseandbuildings | Machineryequipment | Transportationequipment | Other | Total |
| I.Originalprice | |||||
| 1.Openingbalance | 30,634,734.72 | 357,112.19 | 673,169.06 | 1,007,747.00 | 32,672,762.97 |
| 2.Increasedamountoftheperiod | |||||
| 3.Decreasedamountoftheperiod | 673,169.06 | 673,169.06 | |||
| （1）Transferorholdforsale | 291,478.61 | 291,478.61 | |||
| （2）Disposalsubsidiary | |||||
| （3）Otherout | 381,690.45 | 381,690.45 | |||
| 4.Closingbalance | 30,634,734.72 | 357,112.19 | 0.00 | 1,007,747.00 | 31,999,593.91 |
| II.Accumulateddepreciation | |||||
| 1.Openingbalance | 6,833,349.00 | 214,267.32 | 336,584.52 | 321,052.32 | 7,705,253.16 |
| 2.Increasedamountoftheperiod | 10,234,967.40 | 71,422.44 | 263,712.39 | 107,017.44 | 10,677,119.67 |
| （1）Withdrawal | 10,234,967.40 | 71,422.44 | 263,712.39 | 107,017.44 | 10,677,119.67 |
| 3.Decreasedamountoftheperiod | 600,296.91 | 600,296.91 | |||
| （1）Disposition | 218,606.46 | 218,606.46 | |||
| （3）Otherout | 381,690.45 | 381,690.45 | |||
| 4.Closingbalance | 17,068,316.40 | 285,689.76 | 428,069.76 | 17,782,075.92 | |
| III.Impairmentprovision | |||||
| 1.Openingbalance | |||||
| 2.Increasedamountoftheperiod | |||||
| （1）Withdrawal | |||||
| 3.Decreasedamountoftheperiod | |||||
| （1）Disposal | |||||
| 4.Closingbalance |
| IV.Bookvalue | |||||
| 1.Closingbookvalue | 13,566,418.32 | 71,422.43 | 579,677.24 | 14,217,517.99 | |
| 2.Openingbookvalue | 23,801,385.72 | 142,844.87 | 336,584.54 | 686,694.68 | 24,967,509.81 |
（2）Impairmenttestoftheuserightassets
□Applicable?Notapplicable
13.Intangibleassets
(1)Listofintangibleassets
InRMB
| Item | Landuseright | Software | TheTurnpikefranchise | Total |
| I.Originalprice | ||||
| 1.Openingbalance | 2,701,738.76 | 27,465,438.28 | 318,348,741.86 | 348,515,918.90 |
| 2.Increasedamountoftheperiod | 1,425,889.00 | 1,425,889.00 | ||
| (1)Purchase | 578,683.00 | 578,683.00 | ||
| (2)InternalDevelopment | ||||
| (3)IncreasedofEnterpriseCombination | ||||
| （4）Other | 847,206.00 | 847,206.00 | ||
| 3.Decreasedamountoftheperiod | 7,362,377.62 | 7,362,377.62 | ||
| （1）Disposal | 7,362,377.62 | 7,362,377.62 | ||
| 4.Closingbalance | 2,701,738.76 | 21,528,949.66 | 318,348,741.86 | 342,579,430.28 |
| II.Accumulatedamortization | ||||
| 1.Openingbalance | 2,381,954.98 | 22,431,882.87 | 102,373,328.05 | 127,187,165.90 |
| 2.Increasedamountoftheperiod | 15,411.24 | 2,068,504.96 | 22,976,572.61 | 25,060,488.81 |
| (1)Withdrawal | 15,411.24 | 2,068,504.96 | 22,976,572.61 | 25,060,488.81 |
| 3.Decreasedamountoftheperiod | 7,362,377.62 | 7,362,377.62 | ||
| （1）Disposal | 7,362,377.62 | 7,362,377.62 | ||
| 4.Closingbalance | 2,397,366.22 | 17,138,010.21 | 125,349,900.66 | 144,885,277.09 |
| III.Impairmentprovision | ||||
| 1.Openingbalance | ||||
| 2.Increasedamountoftheperiod | ||||
| (1)Withdrawal | ||||
| 3.Decreasedamountoftheperiod |
| （1）Disposal | ||||
| 4.Closingbalance | ||||
| IV.Bookvalue | ||||
| 1.Closingbookvalue | 304,372.54 | 4,390,939.45 | 192,998,841.20 | 197,694,153.19 |
| 2.Openingbookvalue | 319,783.78 | 5,033,555.41 | 215,975,413.81 | 221,328,753.00 |
Attheendofthisperiod,thereisnointangibleassetsformedthroughthecompany'sinternalresearchandAttheendofthisperiod,theintangibleassetsformedthroughthecompany'sinternalresearchanddevelopmentaccountedfor0.00%ofthebalanceofintangibleassets
（2）Dataresourcesrecognizedasintangibleassets
□Applicable?Notapplicable
(3)DetailsofLanduserightfailedtoaccomplishcertificationofproperty
InRMB
| Item | Bookvalue | Reasonfornotobtainingthetitlecertificate |
| GongheTownLand | 304,372.54 | Reasonsleftoverfromhistory |
（4）ImpairmenttestofIntangibleassets
□Applicable?Notapplicable
14.Deferredincometaxassets/deferredincometaxliabilities
(1)Deferredincometaxassetshadnotbeenoff-set
InRMB
| Item | Balanceinyear-end | BalanceYear-beginning | ||
| Deductibletemporarydifference | Deferredincometaxassets | Deductibletemporarydifference | Deferredincometaxassets | |
| Assetsimpairmentprovisions | 13,332,410.12 | 3,333,102.53 | 13,332,410.12 | 3,333,102.53 |
| Creditimpairmentprovision | 3,421,164.00 | 855,291.00 | 3,599,497.33 | 899,874.33 |
| Assetappraisal,appreciation,depreciationandamortization | 98,987,720.57 | 24,746,930.14 | 106,786,384.50 | 26,696,596.13 |
| Deferredincome | 914,020.10 | 228,504.89 | 10,976,324.09 | 2,744,080.99 |
| Leaseliabilities | 13,482,202.36 | 3,370,550.57 | 23,963,150.05 | 5,990,787.46 |
| Advancelease | 579,677.24 | 144,919.31 | 686,694.68 | 171,673.67 |
| Total | 130,717,194.39 | 32,679,298.44 | 159,344,460.77 | 39,836,115.11 |
(2)Deferredincometaxliabilitieshadnotbeenoff-set
InRMB
| Item | Balanceinyear-end | BalanceYear-beginning | ||
| Deductibletemporarydifference | Deferredincometaxliabilities | Deductibletemporarydifference | Deferredincometaxliabilities | |
| Changesinthefairvalueofotherequityinstruments | 453,044,707.32 | 113,261,176.83 | 218,487,709.10 | 54,621,927.27 |
| Deductibletemporarydifferencesintheformationofassetimpairment | 771,743,732.23 | 192,935,933.05 | 843,459,192.41 | 210,864,798.09 |
| Differenceofamortizationmethodoffranchiseoftollroad | 14,267,696.94 | 3,566,924.23 | 11,266,760.17 | 2,816,690.05 |
| Changesinthefairvalueoftradingfinancialassets | 15,494,177.20 | 3,873,544.30 | 12,856,768.00 | 3,214,192.00 |
| Taxaccountingdifferenceofuserightasset | 14,217,517.98 | 3,554,379.50 | 24,967,509.81 | 6,241,877.43 |
| Taxaccountingdifferencesofprojectsunderconstruction | 50,341,919.28 | 12,585,479.82 | 26,766,856.80 | 6,691,714.20 |
| DepreciationforFixedassets | 4,213,173.33 | 1,053,293.33 | ||
| Total | 1,323,322,924.28 | 330,830,731.06 | 1,137,804,796.29 | 284,451,199.04 |
(3)Deferredincometaxassetsorliabilitieslistedbynetamountafteroff-setNone
(4)Detailsofincometaxassetsnotrecognized
InRMB
| Item | Balanceinyear-end | Balanceinyear-begin |
| Deductibletemporarydifference | 349,962,142.53 | 228,127,620.02 |
| Total | 349,962,142.53 | 228,127,620.02 |
(5)Deductiblelossesoftheun-recognizeddeferredincometaxassetwillexpireinthefollowingyearsNone
15.Othernon-currentassets
InRMB
| Item | Balanceinyear-end | BalanceYear-beginning | ||||
| Bookbalance | Provisionfordevaluation | Bookvalue | Bookbalance | Provisionfordevaluation | Bookvalue | |
| Prepaidengineeringfees | 652,374,568.29 | 652,374,568.29 | 337,943,920.69 | 337,943,920.69 | ||
| PrepaidtargetpaymentforpaddyfiledofGuanghuiExpresswayReconstructionandextensionproject | 183,725,550.00 | 183,725,550.00 | ||||
| Prepaidbusinesstax | 1,311,921.48 | 1,311,921.48 | 1,714,291.80 | 1,714,291.80 | ||
| PrepaidEquipmentPayment | 491,998.00 | 491,998.00 | ||||
| Total | 837,904,037.77 | 837,904,037.77 | 339,658,212.49 | 339,658,212.49 | ||
16.Assetswithrestrictedrightofownership
InRMB
| Item | Balanceinyear-end | Balanceinyear-begin | ||||||
| Bookbalance | Bookvalue | Restrictio | Restriction | Book | Bookvalue | Restriction | Restriction | |
| ntype | information | balance | type | information | ||||
| Monetaryfund | 1,221,200.00 | 1,221,200.00 | Specialfunds | Specialfundsforlandreclamation | 1,221,200.00 | 1,221,200.00 | Specialfunds | Specialfundsforlandreclamation |
| Total | 1,221,200.00 | 1,221,200.00 | 1,221,200.00 | 1,221,200.00 |
17.Short-termBorrowing
（1）Short-termBorrowing
InRMB
| Item | Balanceinyear-end | BalanceYear-beginning |
| CreditBorrowing | 110,000,000.00 | |
| Interestpayablenotdue | 85,708.33 | |
| Total | 110,085,708.33 |
（2）Overdueshort-termborrowings
None
18.Accountpayable
（1）Listofaccountpayable
InRMB
| Item | Balanceinyear-end | BalanceYear-beginning |
| Within1year（Including1year） | 126,545,685.15 | 114,450,217.03 |
| 1-2years（including2years） | 5,678,510.59 | 36,069,234.79 |
| 2-3years（including3years） | 33,415,222.43 | 7,388,237.28 |
| Over3years | 60,465,063.88 | 56,542,901.70 |
| Total | 226,104,482.05 | 214,450,590.80 |
（2）Significantpayableagingmorethan1year
InRMB
| Item | Balanceinyear-end | Reason |
| FoshanNaturalResourcesBureau. | 30,507,598.21 | Unsettled |
| HeshanNaturalResourcesBureau | 9,186,893.60 | Unsettled |
| Total | 38,697,851.81 |
19.Otheraccountspayable
InRMB
| Item | Balanceinyear-end | BalanceYear-beginning |
| Dividendpayable | 32,714,825.12 | 27,809,510.32 |
| Otheraccountpayable | 239,403,211.80 | 122,484,006.11 |
| Total | 272,118,036.92 | 150,293,516.43 |
（1）Interestpayable
None
（2）Dividendspayable
InRMB
| Item | Balanceinyear-end | BalanceYear-beginning |
| Commonstockdividends | 32,714,825.12 | 27,809,510.32 |
| Total | 32,714,825.12 | 27,809,510.32 |
Otherexplanations,includingsignificantdividendspayablethathavenotbeenpaidformorethan1year,itshalldisclosethereasonsfornon-payment:
Includingsignificantunpaiddividendspayableoveroneyear,theunpaidreasonshallbedisclosed:
Finaldividendpayable29,100,751.91yuanformoreayearinunpaiddividendstoshareholdersovertheyearwasmainlyduetonon-paymentofshareholderdividendsdidnotprovideinformationoninterest-bearingbank,didnotsharereformofshareholderstoreceivedividendsorprovideapplicationtotoreceivedividendsthebankinformationisincorrect,resultinginfailuretopayadividendorrefund.
（3）Otheraccountspayable
(1)Otheraccountspayablelistedbynatureoftheaccount
InRMB
| Item | Year-endbalance | Year-Beginningbalance |
| Provisionalreceiptspayable | 110,062,692.40 | |
| Estimatedprojectcost | 30,011,025.21 | 30,309,146.51 |
| Deposit,warrantyandsecuritydeposit | 78,610,611.67 | 61,910,555.42 |
| Other | 20,718,882.52 | 30,264,304.18 |
| Total | 239,403,211.80 | 122,484,006.11 |
(2)Othersignificantaccountspayablewithagingoveroneyear
InRMB
| Item | Closingbalance | Unpaid/un-carryoverreason |
| PolyChangdaHighwayEngineeringCo.,Ltd. | 19,266,493.18 | Thesettlementconditionsarenotmet |
| YayaotoXiebianextension | 12,416,663.00 | Thesettlementconditionsarenotmet |
| Total | 31,683,156.18 |
20.Prepaymentreceived
(1)ListofPrepaymentreceived
InRMB
| Item | Balanceinyear-end | BalanceYear-beginning |
| Within1year（Including1year） | 250,984.74 | 1,564,332.74 |
| 1-2years（Including2years） | 331,925.18 | |
| 2-3years（Including3years） | 750,973.00 | |
| Total | 250,984.74 | 2,647,230.92 |
（2）Significantpayableagingmorethan1year
None
21.PayableEmployeewage
（1）PayableEmployeewage
InRMB
| Item | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance |
| I.Short-termcompensation | 20,622,986.18 | 461,409,069.68 | 459,619,738.63 | 22,412,317.23 |
| II.Post-employmentbenefits-definedcontributionplans | 74,581,910.24 | 74,581,910.24 | ||
| III.Dismissalbenefits | 100,000.00 | 100,000.00 | ||
| Total | 20,622,986.18 | 536,090,979.92 | 534,301,648.87 | 22,412,317.23 |
（2）Short-termRemuneration
InRMB
| Item | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance |
| 1.Wages,bonuses,allowancesandsubsidies | 465,063.49 | 348,974,762.91 | 348,974,762.91 | 465,063.49 |
| 2.Employeewelfare | 32,032,846.13 | 31,680,007.46 | 352,838.67 | |
| 3.Socialinsurancepremiums | 26,896,065.83 | 26,896,065.83 | ||
| Including：Medicalinsurance | 16,887,260.36 | 16,887,260.36 | ||
| Workinjuryinsurance | 2,594,955.72 | 2,594,955.72 | ||
| Other | 7,413,849.75 | 7,413,849.75 | ||
| 4.Publicreservesforhousing | 40,383,918.00 | 40,383,918.00 | ||
| 5.Unionfundsandstaffeducationfee | 17,837,887.34 | 11,466,338.95 | 10,029,846.57 | 19,274,379.72 |
| 8.Other | 2,320,035.35 | 1,655,137.86 | 1,655,137.86 | 2,320,035.35 |
| Total | 20,622,986.18 | 461,409,069.68 | 459,619,738.63 | 22,412,317.23 |
（3）Definedcontributionplanslisted
InRMB
| Item | BalanceYear-beginning | Increaseinthisperiod | Payableinthisperiod | Balanceinyear-end |
| 1.Basicold-ageinsurancepremiums | 44,359,310.39 | 44,359,310.39 | ||
| 2.Unemploymentinsurance | 2,444,429.87 | 2,444,429.87 | ||
| 3.Enterpriseannuitypayment | 27,778,169.98 | 27,778,169.98 | ||
| Total | 74,581,910.24 | 74,581,910.24 |
22.TaxPayable
InRMB
| Item | Balanceinyear-end | BalanceYear-beginning |
| VAT | 11,949,894.06 | 13,544,679.07 |
| EnterpriseIncometax | 115,297,349.98 | 136,932,738.04 |
| IndividualIncometax | 3,105,569.26 | 2,928,147.86 |
| CityConstructiontax | 746,433.27 | 863,204.59 |
| Educationsubjoin | 360,283.46 | 417,048.11 |
| LocalityEducationsubjoin | 221,651.77 | 259,424.11 |
| Propertytax | 14,964.15 | 14,778.41 |
| Stamptax | 52,114.41 | 163,570.46 |
| Total | 131,748,260.36 | 155,123,590.65 |
23.Non-currentliabilitiesduewithin1year
InRMB
| Item | Balanceyear-end | Year-beginningbalance |
| Long-termloansduewithin1year | 238,719,839.52 | 151,828,779.87 |
| PayableBondsduewithin1year | 767,774,662.42 | 720,607,149.69 |
| Long-termpayableduewithin1year | 495,283.01 | |
| Leaseliabilitiesduewithin1year | 10,752,013.25 | 10,480,947.08 |
| Total | 1,017,246,515.19 | 883,412,159.65 |
24.Othercurrentliabilities
InRMB
| Item | Balanceyear-end | Year-beginningbalance |
| Taxtoberewritten | 73,697.84 | 368,676.26 |
| Total | 73,697.84 | 368,676.26 |
25.Long-termloan
(1)Categoryoflong-termloan
InRMB
| Item | Balanceyear-end | Year-beginningbalance |
| Creditloan | 6,961,526,050.00 | 6,090,651,225.00 |
| Interestpayablewhennotdue | 5,458,539.52 | 5,893,604.87 |
| Less:Long-termloansduewithinoneyear | -238,719,839.52 | -151,828,779.87 |
| Total | 6,728,264,750.00 | 5,944,716,050.00 |
Otherexplanations,includinginterestraterange:onDecember31,2024,theannualinterestraterangeofcreditloanswas2.20%-2.80%.
26.Bondpayable
（1）Bondpayable
InRMB
| Item | Balanceyear-end | Year-beginningbalance |
| Medium-termnote | 749,897,950.11 | 1,429,328,483.63 |
| Interestpayablewhennotdue | 17,876,712.31 | 40,680,000.01 |
| Less:Long-termloansduewithinoneyear | -767,774,662.42 | -720,607,149.69 |
| Total | 749,401,333.95 |
（2）Changesofbondspayable(Notincludingtheotherfinancialinstrumentofpreferredstockandperpetualcapitalsecuritiesthatclassifyasfinancialliability
InRMB
| Nameofthebond | Bookvalue | Interestrate | Issuedate | Period | Issueamount | Openingbalance | Thecurrentissue | Withdrawinterestatpar | Overflowdiscountamount | Payincurrentperiod | Closingbalance | Whetherdefault |
| 19GuangdongExpresswayMTN001 | 680,000,000.00 | 4.00% | 2019.2.27 | 2019.3.1-2024.3.1 | 680,000,000.00 | 702,730,437.38 | 4,396,712.30 | -72,850.32 | 707,200,000.00 | No | ||
| 20GuangdongExpresswayMTN001 | 750,000,000.00 | 3.00% | 2020.3.13 | 2020.3.17-2025.3.17 | 750,000,000.00 | 767,278,046.26 | 22,500,000.02 | -496,616.16 | 22,500,000.00 | 767,774,662.42 | No | |
| Less:Bondspayableandduewithin1year | -720,607,149.69 | -767,774,662.42 | ||||||||||
| Total | —— | 749,401,333.95 | 26,896,712.30 | -569,466.48 | 729,700,000.00 | —— | ||||||
(3)NotetoconditionsandtimeofsharetransferofconvertiblebondsNone
27.Leaseliabilities
InRMB
| Item | Balanceyear-end | Year-beginningbalance |
| Long-termleaseliabilities | 13,819,230.25 | 24,964,446.02 |
| Less：Financingcostsarenotrecognized | -337,027.89 | -1,001,295.97 |
| Less:Long-termloansduewithinoneyear | -10,752,013.25 | -10,480,947.08 |
| Total | 2,730,189.11 | 13,482,202.97 |
28.Long-termpayable
InRMB
| Item | Balanceyear-end | Year-beginningbalance |
| Long-termpayable | 2,022,210.11 | 2,022,210.11 |
| Total | 2,022,210.11 | 2,022,210.11 |
(1)Long-termpayablelistedbynatureoftheaccount
InRMB
| Item | Balanceyear-end | Year-beginningbalance |
| Non-operatingassetpayable | 2,022,210.11 | 2,022,210.11 |
| Mediumtermbillunderwritingfee | 495,283.01 | |
| Less:Long-termloansduewithinoneyear | -495,283.01 | |
| Total | 2,022,210.11 | 2,022,210.11 |
29.Deferredincome
InRMB
| Item | Openingbalance | Increase | Decrease | Closingbalance | Cause |
| Governmentsubsidy | 395,976,324.09 | 100,000,000.00 | 10,062,303.99 | 485,914,020.10 | |
| Leaseincome | 33,103,584.45 | 803,911.43 | 7,849,608.64 | 26,057,887.24 | |
| Total | 429,079,908.54 | 100,803,911.43 | 17,911,912.63 | 511,971,907.34 | -- |
30.Stockcapital
InRMB
| BalanceYear-beginning | Changed（+，-） | Balanceinyear-end | |||||
| Issuanceofnewshare | Bonusshares | Capitalizationofpublicreserve | Other | Subtotal | |||
| Totalofcapitalshares | 2,090,806,126.00 | 2,090,806,126.00 | |||||
31.Capitalreserves
InRMB
| Item | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance |
| Sharepremium | 548,804,033.11 | 548,804,033.11 | ||
| (1)Capitalinvestedbyinvestors | 2,508,408,342.99 | 2,508,408,342.99 | ||
| (2)theimpactofabusinesscombinationunderthecommoncontrol | -1,959,604,309.88 | -1,959,604,309.88 | ||
| Othercapitalreserves | 234,321,460.59 | 4,371.34 | 468,646.48 | 233,857,185.45 |
| (1)Changesinotherequityoftheinvestedundertheequitymethodaccounting（Note） | -3,134,180.11 | 4,371.34 | 468,646.48 | -3,598,455.25 |
| （2）Other | 237,455,640.70 | 237,455,640.70 | ||
| Total | 783,125,493.70 | 4,371.34 | 468,646.48 | 782,661,218.56 |
-Thesituationofchangeinthecurrentcapitalreserveisasfollows:
Note1.HunanLianzhiTechnologyCo.,Ltd,anassociateofYuegaoCapital(Holdings)GuangzhouCo.,Ltd-asubsidiarytotheCompany,repurchasedtheequityofothershareholders,resultinginachangeinthelong-termequityinvestmentofthesubsidiaryaccountedforbytheequitymethod,withadecreaseinthecapitalreserveof
287,400.02yuan.
Note2.HunanLianzhiTechnologyCo.,Ltd.,anassociateofYuegaoCapital(Holdings)GuangzhouCo.,Ltd.-asubsidiaryoftheCompany,changeditscapitalreserveforthecurrentperiod,andtheCompanyadjustedthebookvalueofitslong-termequityinvestmentaccordingtoitsshareholdingratio,resultinginadecreaseincapitalreserveofRMB13,111.96.Note3：CapitalreservedecreasedbyRMB168,134.50yuan,becausethesubsidiaryYuegaoCapitalHoldings(Guangzhou)Co.,Ltd.disposedofalltheequityofitsjointventureHunanLianzhiTechnologyCo.,Ltd.;Note4.Note3.ThecapitalreserveofYuetongQiyuanCorePowerTechnologyCo.,Ltd.,anassociateofthesubsidiaryYuegaoCapital(Holdings)GuangzhouCo.,Ltd.-asubsidiaryoftheCompany,waschangedduringtheperiod,andtheCompanyadjustedthebookvalueofthelong-termequityinvestmentaccordingtotheproportionofitsshareholding,resultinginanincreaseincapitalreserveofRMB4,371.34.
32.Othercomprehensiveincome
InRMB
| Item | Year-beginningbalance | Amountofcurrentperiod | Year-endbalance | |||||
| Amountincurredbeforeincometax | Less：Amounttransferredintoprofitandlossinthecurrentperiodthatrecogniedintoothercomprehensiveincomeinpriorperiod | Less：Priorperiodincludedinothercompositeincometransfertoretainedincomeinthecurrentperiod | Less：Incometaxexpenses | After-taxattributetotheparentcompany | After-taxattributetominorityshareholder | |||
| 1.Othercomprehensiveincomewillbereclassifiedintoincomeorlossinthefuture | 163,865,781.83 | 241,150,509.83 | 58,639,249.56 | 182,511,260.27 | 346,377,042.10 | |||
| Othercomprehensiveincomethatcannotbeconvertedtoprofitandlossundertheequitymethod | 6,593,511.61 | 6,593,511.61 | 6,593,511.61 | |||||
| Changesinfairvalueofinvestmentsinotherequityinstruments | 163,865,781.83 | 234,556,998.22 | 58,639,249.56 | 175,917,748.66 | 339,783,530.49 | |||
| 2.Othercomprehensiveincomereclassifiabletoprofitorlossinsubsequentperiods | -297,380.50 | 20,070,209.48 | 20,070,209.48 | 19,772,828.98 | ||||
| Including：Shareofothercomprehensiveincomeoftheinvesteethatcannotbetransferredtoprofitorlossaccountedforusingtheequitymethod | -297,380.50 | 20,070,209.48 | 20,070,209.48 | 19,772,828.98 | ||||
| Totalofothercomprehensiveincome | 163,568,401.33 | 261,220,719.31 | 58,639,249.56 | 202,581,469.75 | 366,149,871.08 | |||
33.Surplusreserve
InRMB
| Item | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance |
| Statutorysurplusreserve | 1,520,627,456.34 | 163,460,199.30 | 1,684,087,655.64 | |
| Total | 1,520,627,456.34 | 163,460,199.30 | 1,684,087,655.64 |
34.Retainedprofits
InRMB
| Item | Amountofthisperiod | Amountoflastperiod |
| Beforeadjustments:Retainedprofitsinlastperiodend | 5,289,404,378.52 | 4,698,029,354.09 |
| Adjustthetotalundistributedprofitsatthebeginningoftheperiod | 5,289,404,378.52 | 4,698,029,354.09 |
| Add：Netprofitbelongingtotheowneroftheparentcompany | 1,562,122,219.95 | 1,633,811,033.68 |
| Less:Statutorysurplusreserve | 163,460,199.30 | 147,570,987.32 |
| Commonstockdividendpayable | 1,143,670,950.92 | 894,865,021.93 |
| Retainedprofitattheendofthisterm | 5,544,395,448.25 | 5,289,404,378.52 |
Asregardsthedetailsofadjustedthebeginningundistributedprofits
(1)AstheretroactiveadjustmentonEnterpriseAccountingStandardsanditsrelatednewregulations,theaffectedbeginningundistributedprofitsareRMB0.00.
(2)Asthechangeoftheaccountingpolicy,theaffectedbeginningundistributedprofitsareRMB0.00.
(3)Asthecorrectionofsignificantaccountingerror,theaffectedbeginningundistributedprofitsareRMB0.00.
(4)Asthechangeofconsolidationscopecausedbythesamecontrol,theaffectedbeginningundistributedprofitsareRMB0.00.
(5)OtheradjustmentofthetotalaffectedbeginningundistributedprofitsareRMB0.00.
35.Operationincomeandoperationcost
InRMB
| Item | Amountofthisperiod | Amountoflastperiod | ||
| Income | Cost | Income | Cost | |
| Mainoperation | 4,499,825,267.43 | 1,597,998,245.80 | 4,810,921,181.65 | 1,707,788,447.62 |
| Otheroperation | 70,077,811.29 | 33,076,019.31 | 68,145,766.54 | 33,029,810.55 |
| Total | 4,569,903,078.72 | 1,631,074,265.11 | 4,879,066,948.19 | 1,740,818,258.17 |
Whichthenetprofitbeforeandafterdeductingnon-recurringgainsandlossesislowerorwhetheritisnegative
□Yes?NoBreakdowninformationofoperatingincomeandoperatingcost:
InRMB
| Contractclassification | Amountofthisperiod | Amountoflastperiod | ||
| Income | Cost | Income | Cost | |
| Business | ||||
| Contractclassification | Amountofthisperiod | Amountoflastperiod | ||
| Income | Cost | Income | Cost | |
| Including： | ||||
| Tollincome | 4,499,825,267.43 | 1,597,998,245.80 | 4,810,921,181.65 | 1,707,788,447.62 |
| Serviceandother | 41,638,860.55 | 28,243,600.33 | 35,835,539.37 | 29,101,132.89 |
| Leaseincome | 28,438,950.74 | 4,832,418.98 | 32,310,227.17 | 3,928,677.66 |
| Area | ||||
| Including： | ||||
| Guangdong | 4,569,903,078.72 | 1,631,074,265.11 | 4,879,066,948.19 | 1,740,818,258.17 |
| Total | 4,569,903,078.72 | 1,631,074,265.11 | 4,879,066,948.19 | 1,740,818,258.17 |
36.Businesstaxandsubjoin
InRMB
| Item | Amountofthisperiod | Amountoflastperiod |
| Urbanconstructiontax | 8,667,915.53 | 9,225,865.33 |
| Educationsurcharge | 4,165,305.23 | 4,442,563.50 |
| Propertytax | 3,850,171.38 | 2,721,041.99 |
| Landusetax | 3,069,272.41 | 2,944,638.40 |
| Vehicleusetax | 74,895.16 | 75,872.65 |
| Stamptax | 229,744.59 | 292,097.60 |
| Businesstax | 370,495.32 | 370,495.32 |
| LocalityEducationsurcharge | 2,770,493.09 | 2,955,331.98 |
| Total | 23,198,292.71 | 23,027,906.77 |
37.Administrativeexpenses
InRMB
| Ites | Amountofcurrentperiod | Amountofpreviousperiod |
| Wage | 149,686,581.85 | 131,055,433.95 |
| Depreciationoffixedassets | 9,228,538.74 | 9,647,982.73 |
| Intangibleassetsamortization | 1,269,077.32 | 1,590,376.26 |
| Lowconsumablesamortization | 694,842.82 | 1,078,568.34 |
| RentalfeeandManagementfee | 13,343,318.54 | 13,337,176.42 |
| Officeexpenses | 7,395,865.42 | 8,062,827.48 |
| Travelexpenses | 761,021.72 | 839,933.40 |
| Consultationexpenses | 812,692.46 | 839,977.37 |
| Thefeeforhiringagency | 4,115,335.79 | 3,781,983.80 |
| Listingfee | 660,598.20 | 703,481.20 |
| Informationcostandmaintenancefee | 4,140,056.87 | 3,549,110.16 |
| Other | 11,281,312.86 | 14,974,687.90 |
| Total | 203,389,242.59 | 189,461,539.01 |
38.R&Dexpenses
InRMB
| Item | Amountofthisperiod | Amountoflastperiod |
| Wage | 1,718,236.48 | |
| Entrusteddevelopmentfee | 3,365,548.72 | 3,245,205.00 |
Total
| Total | 5,083,785.20 | 3,245,205.00 |
39.Financialexpenses
InRMB
| Item | Amountofthisperiod | Amountoflastperiod |
| Interestexpenses | 176,538,813.65 | 214,338,558.69 |
| Interestincome | -56,039,879.15 | -94,065,812.39 |
| ExchangeIncomeandloss（Gain-） | 4,544,807.46 | 716,683.26 |
| Bankcommissioncharge | 996,932.09 | 785,352.19 |
| Total | 126,040,674.05 | 121,774,781.75 |
40.Othergains
InRMB
| Item | Amountofthisperiod | Amountoflastperiod |
| GovernmentSubsidy-CanceltheSpecialSubsidyforProvincialTollStationProjectofExpressway | 10,046,949.15 | 10,046,949.21 |
| GovernmentSubsidy-Charginginfrastructureincentivefunds | 15,354.84 | 12,553.40 |
| GovernmentSubsidy-Vehiclepurchasetaxrevenuesubsidiesforlocalfunds | 600,000.00 | |
| Governmentsubsidy-Stablejobsubsidies | 531,511.22 | 25,500.00 |
| Governmentsubsidy-Maternityallowance | 703,149.29 | 660,829.32 |
| Withholdingandremittingenterpriseprepaidincometaxfees | 166,639.84 | 168,720.03 |
| VATadditionaldeduction | 1,844.66 | 23,955.84 |
| Veterans'VATreductionandexemption | 66,717.82 | 67,647.73 |
| Total | 11,532,166.82 | 11,606,155.53 |
41.Changesinthefairvalueoftheearning
InRMB
| Item | Amountofthisperiod | Amountoflastperiod |
| Othernon-currentfinancialassets | 2,637,409.20 | 2,456,768.00 |
| Total | 2,637,409.20 | 2,456,768.00 |
42.Investmentincome
InRMB
| Item | Amountofthisperiod | Amountoflastperiod |
| Long-termequityinvestmentincomebyequitymethod | 192,051,727.06 | 215,712,728.62 |
| Dispositionoftheinvestmentincomegeneratedbythelong-termequityinvestment | 6,777,025.39 | 24,875,986.37 |
| Dividendsearnedduringtheholdingperiodoninvestmentsinotherequityinstrument | 102,323,410.08 | 71,249,739.36 |
| Investmentincomeofothernon-currentfinancialassetsduringtheholdingperiod | 409,788.62 | 601,253.78 |
| Other | 1,284,835.59 | -80,000.00 |
| Total | 302,846,786.74 | 312,359,708.13 |
43.Creditimpairmentlosses
InRMB
| Item | Amountofthisperiod | Amountoflastperiod |
| Impairmentlossesonaccountreceivable | 178,333.33 | 192,083.34 |
| Impairmentlossesonotherreceivable | -121,834,522.51 | -123,358,138.31 |
| Total | -121,656,189.18 | -123,166,054.97 |
44.Assetimpairmentloss
InRMB
| Item | Amountofthisperiod | Amountoflastperiod |
| Lossonimpairmentoffixedassets | -10,443,015.96 | |
| Total | -10,443,015.96 |
45.Assetsdisposalincome
InRMB
| Item | Amountofthisperiod | Amountoflastperiod |
| Non-currentassetsdisposalgains | -721,318.52 | |
| Including：IncomefromdisposalofFixedassets | -723,124.34 | |
| Disposalgainsorlossesoftheleasedassets | 1,805.82 | |
| Total | -721,318.52 |
46.Non-Operationincome
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod | Theamountofnon-operatinggains&losses |
| Non-currentassetsaredamagedandscrappedforprofit | 56,349.73 | 2,230.09 | 56,349.73 |
| Insuranceclaimincome | 2,474,658.93 | 1,571,199.75 | 2,474,658.93 |
| Roadpropertyclaimincome | 2,877,260.24 | 2,473,459.99 | 2,877,260.24 |
| Relocationcompensationincome | 118,500.00 | 22,000.00 | 118,500.00 |
Other
| Other | 1,097,901.92 | 676,740.36 | 1,097,901.92 |
| Total | 6,624,670.82 | 4,745,630.19 | 6,624,670.82 |
47.Non-Operationexpense
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod | Theamountofnon-operatinggains&losses |
| Non-currentassetsaredamagedandscrappedforprofit | 31,327.52 | 12,138,213.43 | 31,327.52 |
| Including：Fixedassets | 31,327.52 | 12,138,213.43 | 31,327.52 |
| Roadrehabilitationexpenditure | 7,669,259.00 | 8,652,598.72 | 7,669,259.00 |
| Fine | 2,248.20 | 575.45 | 2,248.20 |
| Other | 586,370.05 | 605,753.91 | 586,370.05 |
| Total | 8,289,204.77 | 21,397,141.51 | 8,289,204.77 |
48.Incometaxexpense
(1)Listsofincometaxexpense
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod |
| Currentincometaxexpense | 676,281,258.99 | 643,000,314.19 |
| Deferredincometaxexpense | -5,102,900.87 | 71,560,856.65 |
| Total | 671,178,358.12 | 714,561,170.84 |
(2)Adjustmentprocessofaccountingprofitandincometaxexpense
InRMB
| Item | Amountofcurrentperiod |
| Total | 2,774,091,140.17 |
| Currentincometaxexpenseaccountedbytaxandrelevantregulations | 693,522,785.04 |
| Influenceofincometaxbeforeadjustment | -173,240.92 |
| Influenceofnontaxableincome | -71,302,546.84 |
| Impactofnon-deductiblecosts,expensesandlosses | 24,840,892.89 |
| Thecurrentperioddoesnotaffectthedeferredtaxassetsrecognizeddeductibletemporarydifferencesordeductibleloss | 24,290,467.95 |
| Incometaxexpense | 671,178,358.12 |
49.ItemsofCashflowstatement
（1）CashrelatedtooperatingactivitiesOthercashreceivedfrombusinessoperation
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod |
| Interestincome | 44,591,923.66 | 82,916,438.52 |
| Unitcurrentaccount | 182,243,574.88 | 94,834,141.80 |
| Specialgovernmentsubsidies | 100,000,000.00 | 385,000,000.00 |
| Total | 326,835,498.54 | 562,750,580.32 |
Othercashpaidrelatedtooperatingactivities
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod |
| Managementexpense | 32,363,363.13 | 34,024,091.22 |
| Unitcurrentaccount | 69,951,433.32 | 63,945,236.37 |
| Total | 102,314,796.45 | 97,969,327.59 |
（2）CashrelatedtoInvestmentactivitiesCashreceivablerelatedtootherInvestmentactivities
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod |
| Interestonoccupationoffund | 1,366,702.42 | |
| Receiptofreturnedbidbond | 3,892,567.08 | |
| Total | 5,259,269.50 |
Importantcashreceivedinrelationtotheinvestmentactivities
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod |
| Dispositionofcashreceivedbyassociated | 39,614,562.90 | 80,429,567.10 |
| Cashreceivedfromdividendsanddividendsofotherequityinvestments | 81,116,037.32 | 71,850,993.14 |
| Cashreceivedfromdividendsofassociated | 76,768,033.74 | 68,717,811.14 |
| Total | 197,498,633.96 | 220,998,371.38 |
CashPayablerelatedtootherInvestmentactivities
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod |
| Equitytransactionservicefee | 169,611.10 | 182,544.13 |
| ReturnBiddeposit | 3,499,900.00 | |
| Total | 3,669,511.10 | 182,544.13 |
CashPayablerelatedtootherInvestmentactivities
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod |
| Cashpaidforotherequityinvestments | 56,080,000.00 | |
| Cashpaidforbyinvestinginassociates | 201,662,000.00 | 110,250,000.00 |
| CashpaidforthereconstructionandexpansionoftheNansha-ZhuhaisectionoftheGuangzhou-MacaoExpressway | 1,514,598,632.64 | 1,373,291,244.83 |
| Total | 1,716,260,632.64 | 1,539,621,244.83 |
（3）CashrelatedtoFinancingactivities
Othercashreceivedinrelationtofinancingactivities
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod |
| Performancecommitmentcompensation | 40,092,886.12 | |
| Total | 40,092,886.12 |
CashpaidrelatedtootherFinancingactivities
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod |
| Issuancefeeofmedium-termnotes | 537,769.75 | 1,001,869.75 |
| Cashpaidfortheleaseliabilities | 11,600,234.86 | 13,092,412.09 |
| Total | 12,138,004.61 | 14,094,281.84 |
Changesinvariousliabilitiesarisingfromfinancingactivities?Applicable□Notapplicable
InRMB
| Item | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance | ||
| Cashchanges | Non-cashchanges | Cashchanges | Non-cashchanges | |||
| Otherpayable-Dividendpayable | 27,809,510.32 | 1,711,737,004.13 | 1,706,808,191.94 | 23,497.39 | 32,714,825.12 | |
| Otherpayable-FractionalDividend | 1,291,256.87 | 1,291,256.87 | ||||
| Short-loans | 110,085,708.33 | 180,000,000.00 | 5,316,145.83 | 295,401,854.16 | ||
| Long-termloans（Includingpartduewithinoneyear） | 6,096,544,829.87 | 1,170,955,084.00 | 195,469,968.01 | 495,985,292.36 | 6,966,984,589.52 | |
| Bondpayable（Includingpartduewithinoneyear） | 1,470,008,483.64 | 27,466,178.78 | 729,700,000.00 | 767,774,662.42 | ||
| Long-termpayable（Includingpartduewithinoneyear） | 2,517,493.12 | 29,716.99 | 525,000.00 | 2,022,210.11 | ||
| Leaseliabilities（Includingpartduewithinoneyear） | 23,963,150.05 | 664,268.08 | 11,069,615.77 | 75,600.00 | 13,482,202.36 | |
| Total | 7,732,220,432.20 | 1,350,955,084.00 | 1,940,683,281.82 | 3,239,489,954.23 | 1,390,354.26 | 7,782,978,489.53 |
50.SupplementInformationforcashflowstatement
（1）SupplementInformationforcashflowstatement
InRMB
| SupplementInformation | Amountofcurrentperiod | Amountofpreviousperiod |
| I.Adjustingnetprofittocashflowfromoperatingactivities | ||
| Netprofit | 2,102,912,782.05 | 2,262,340,136.06 |
| Add：Impairmentlossprovisionofassets | 10,443,015.96 | |
| Creditlosspreparation | 121,656,189.18 | 123,166,054.97 |
| Depreciationoffixedassets,oilandgasassetsandconsumablebiologicalassets | 1,036,083,773.12 | 1,121,749,435.32 |
| DepreciationofUserightassets | 10,677,119.67 | 10,417,949.40 |
| Amortizationofintangibleassets | 24,957,444.17 | 26,628,234.56 |
| AmortizationofLong-termdeferredexpenses | 350,625.00 | 350,625.00 |
| Lossondisposaloffixedassets,intangibleassetsandotherlong-termdeferredassets | 721,318.52 |
| Fixedassetsscraploss | -25,022.21 | 12,135,983.34 |
| Lossonfairvaluechanges | -2,637,409.20 | -2,456,768.00 |
| Financialcost | 181,083,621.11 | 215,055,241.95 |
| Lossoninvestment | -302,846,786.74 | -312,359,708.13 |
| Decreaseofdeferredincometaxassets | 7,156,816.67 | 89,208,863.35 |
| Increasedofdeferredincometaxliabilities | -12,259,717.54 | -17,648,006.70 |
| Decreaseofinventories | ||
| Deceaseofoperatingreceivables | -80,518,246.74 | -161,409,427.85 |
| IncreasedofoperatingPayable | 74,285,172.90 | 452,543,414.34 |
| Other | 94,765,913.95 | 1,620,519.90 |
| Netcashflowsarisingfromoperatingactivities | 3,256,363,593.91 | 3,831,785,563.47 |
| II.Significantinvestmentandfinancingactivitiesthatwithoutcashflows: | ||
| Conversionofdebtintocapital | ||
| Convertiblecorporatebondsmaturingwithinoneyear | ||
| Financingoffixedassetsleased | ||
| 3.Movementofcashandcashequivalents： | ||
| Endingbalanceofcash | 4,259,653,084.58 | 4,701,657,434.00 |
| Less:Beginningbalanceofcashequivalents | 4,701,657,434.00 | 4,284,688,231.33 |
| Add：Endbalanceofcashequivalents | ||
| Less:Beginningbalanceofcashequivalents | ||
| Netincreaseofcashandcashequivalent | -442,004,349.42 | 416,969,202.67 |
（2）Compositionofcashandcashequivalents
InRMB
| Item | Balanceinyear-end | Balanceinyear-Beginning |
| Cash | 4,259,653,084.58 | 4,701,657,434.00 |
| Ofwhich:Cashinstock | 10,267.08 | 35,130.15 |
| Banksavingscouldbeusedatanytime | 4,259,125,745.36 | 4,701,108,299.37 |
| Othermonetarycapitalcouldbeusedatanytime | 517,072.14 | 514,004.48 |
| Balanceofcashandcashequivalentsattheperiodend | 4,259,653,084.58 | 4,701,657,434.00 |
（3）Monetaryfundsthatarenotcashandcashequivalents
InRMB
| Item | Currentamount | Previousamount | Reasonsotherthancashandcashequivalents |
| Landreclamationfunds | 1,221,200.00 | 1,221,200.00 | Landreclamationfundsinfundcustodyaccount |
| Unexpiredaccruedinterest | 28,952,378.64 | 15,753,098.20 | Notactuallyreceived |
| Total | 30,173,578.64 | 16,974,298.20 |
51.Lease
(1)TheCompanyaslessee?Applicable□NotapplicableVariableleasepaymentsnotincludedinthemeasurementofleaseliabilities
□Applicable?NotapplicableShort-termleaseorleasecostoflow-valueassetswithsimplifiedtreatment
□Applicable?Notapplicable
InRMB
| Item | Currentamount |
| Interestexpenseofleaseliabilities | 663,346.05 |
| Variableleasepaymentsnotincludedinthemeasurementofleaseliabilities | |
| Short-termleaseorleasecostoflow-valueassetswithsimplifiedtreatment | 1,144,692.90 |
| Incomefromsublettingright-to-useassets | |
| Totalcashoutflowrelatedtoleasing | 12,941,624.86 |
(2)TheCompanyaslessorOperatingleaseaslessor?Applicable□Notapplicable
InRMB
| Item | Leaseincome | Inwhich:incomerelatedtovariableleasepaymentnotincludedinleasereceipts |
| Operatingleaseincome | 28,438,950.74 | |
| Total | 28,438,950.74 |
Financialleaseaslessor
□Applicable?NotapplicableUndiscountedleasereceiptsforeachofthenextfiveyears
□Applicable?NotapplicableAdjustmentbetweenundiscountedleasereceiptsandnetleaseinvestments
（3）Recognizetheprofitsandlossesoffinancialleasesalesasamanufacturerordistributor
□Applicable?NotapplicableVIII.Equityinotherentities
1.Equityinsubsidiary
(1)Thestructureoftheenterprisegroup
InRMB
| NameofSubsidiary | Registeredcapital | MainPlacesofOperation | RegistrationPlace | NatureofBusiness | ShareholdingRatio(%) | ObtainingMethod | |
| direct | indirect | ||||||
| GuangfoExpresswayCo.,Ltd. | 200,000,000.00 | Guangzhou | Guangzhou | ExpresswayManagement | 75.00% | Underthesamecontrol | |
| businesscombination | |||||||
| GuanghuiExpresswayCo.,Ltd. | 2,351,678,000.00 | Guangzhou | Guangzhou | ExpresswayManagement | 51.00% | Underthesamecontrolbusinesscombination | |
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 2,855,700,000.00 | Zhongshan | Guangzhou | ExpresswayManagement | 75.00% | Underthesamecontrolbusinesscombination | |
| YuegaoCapitalInvestment(Guangzhou)Co.,Ltd. | 375,500,000.00 | Guangzhou | Guangzhou | Investmentmanagement | 100.00% | Establishment |
Notes:holdingproportioninsubsidiarydifferentfromvotingproportion:NoneBasisofholdinghalforlessvotingrightsbutstillbeencontrolledinvesteeandholdingmorethanhalfofthevotingrightsnotbeencontrolledinvestee:NoneSignificantstructureentitiesandcontrollingbasisinthescopeofcombination:NoneBasisofdeterminewhethertheCompanyistheagentortheprincipal:None
(2)ImportantNon-wholly-ownedSubsidiary
InRMB
| ShareholdingRatioofMinorityShareholders(%) | ProfitorLossOwnedbytheMinorityShareholdersintheCurrentPeriod | DividendsDistributedtotheMinorityShareholdersintheCurrentPeriod | EquityBalanceoftheMinorityShareholdersintheEndofthePeriod | EquityBalanceoftheMinorityShareholdersintheEndofthePeriod |
| GuangdongGuanghuiExpresswayCo.,Ltd. | 49.00% | 443,905,338.02 | 437,663,907.05 | 2,062,432,322.82 |
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 25.00% | 126,570,369.19 | 129,110,889.29 | 660,703,829.92 |
HoldingproportionofminorityshareholderinsubsidiarydifferentfromvotingproportionNone
(3)Themainfinancialinformationofsignificantnotwhollyownedsubsidiary
InRMB
| Name | Year-endbalance | Year-beginningbalance | ||||||||||
| Currentassets | Non-currentassets | Totalassets | CurrentLiabilities | Non-currentliabilities | Totalliabilities | Currentassets | Non-currentassets | Totalassets | CurrentLiabilities | Non-currentliabilities | Totalliabilities | |
| GuangdongGuanghuiExpresswayCo.,Ltd. | 2,202,032,502.09 | 2,311,186,053.66 | 4,513,218,555.75 | 200,417,595.58 | 103,755,403.39 | 304,172,998.97 | 2,039,529,187.55 | 2,500,576,138.59 | 4,540,105,326.14 | 211,040,982.63 | 132,756,400.96 | 343,797,383.59 |
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 421,031,319.91 | 5,056,842,394.60 | 5,477,873,714.51 | 674,646,315.03 | 2,160,412,079.79 | 2,835,058,394.82 | 388,634,507.85 | 3,710,550,073.86 | 4,099,184,581.71 | 1,229,752,786.81 | 986,454,394.82 | 2,216,207,181.63 |
InRMB
| Name | Amountofcurrentperiod | Amountofpreviousperiod | ||||||
| Businessincome | Netprofit | TotalComprehensiveincome | Cashflowsfromoperatingactivities | Businessincome | Netprofit | TotalComprehensiveincome | Cashflowsfromoperatingactivities | |
| GuangdongGuanghuiExpresswayCo.,Ltd. | 1,939,250,120.24 | 905,929,261.28 | 905,929,261.28 | 1,325,346,450.31 | 2,151,996,795.83 | 1,077,811,437.35 | 1,077,811,437.35 | 1,574,951,846.34 |
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 1,122,523,853.96 | 506,281,476.77 | 506,281,476.77 | 924,689,753.54 | 1,191,507,531.28 | 521,658,129.01 | 521,658,129.01 | 1,127,045,720.91 |
(4)SignificantrestrictionsofusingenterprisegroupassetsandpayoffenterprisegroupdebtNone
(5)ProvidefinancialsupportorothersupportforstructureentitiesincorporateintothescopeofconsolidatedfinancialstatementsNone
2.ThetransactionoftheCompanywithitsowner’sequitysharechangedbutstillcontrollingthesubsidiary
(1)SignificantjointventurearrangementorassociatedenterpriseNone
（2）Affectofthetransactionontheminorityequityandowner'sequityattributabletotheparentcompanyNone
3.Equityinjointventurearrangementorassociatedenterprise
(1)Significantjointventurearrangementorassociatedenterprise
| Name | Mainoperatingplace | Registrationplace | Businessnature | Proportion | Accountingtreatmentoftheinvestmentofjointventureorassociatedenterprise | |
| Directly | Indirectly | |||||
| ZhaoqingYuezhaoHighwayCo.,Ltd. | Zhaoqing,Guangdong | Zhaoqing,Guangdong | ExpresswayManagement | 25.00% | Equitymethod | |
| ShenzhenHuiyanExpresswayCo.,Ltd. | Shenzhen | Shenzhen | ExpresswayManagement | 33.33% | Equitymethod | |
| GuangdongJiangzhongExpresswayCo.,Ltd. | Zhongshan, | Zhongshan, | ExpresswayManagement | 15.00% | Equitymethod | |
| GanzhoukangdaExpresswayCo.,Ltd. | Gangzhou | Ganzhou | ExpresswayManagement | 30.00% | Equitymethod | |
| GanzhouGankangExpresswayCo.,Ltd. | Gangzhou | Ganzhou | ExpresswayManagement | 30.00% | Equitymethod | |
| GuangdongYuepuSmallRefinancingCo.,Ltd(Note) | Guangzhou | Guangzhou | Handallkindsofsmallloans | 15.48% | Equitymethod | |
| GuangyuanSecuritiesCo.,Ltd. | Hefei | Hefei | Securitybusiness | 2.37% | Equitymethod | |
| GuangdongYuetongQiyuanChipPowerTechnologyCo.,Ltd | Guangzhou | Guangzhou | NewEnergyservice | 6.67% | Equitymethod | |
| GarageelectricpileHolding(Shenzhen)Co.,Ltd | Shenzhen | Shenzhen | NewEnergyservice | 17.40% | Equitymethod | |
Notetoholdingproportionofjointventureorassociatedenterprisedifferentfromvotingproportion:
NoneBasisofholdinglessthan20%ofthevotingrightsbuthasasignificantimpactorholding20%ormorevotingrightsbutdoesnothaveasignificantimpact:
GuangdongJiangzhongExpresswayCo.,Ltd.,GuangyuanSecuritiesCo.,Ltd.，YuepuSmallRefinancingCo.,
Ltd.GarageelectricpileHolding(Shenzhen)Co.,Ltd.andGuangdongYuetongQiyuanChipPowerTechnologyCo.,Ltd..holds20%ofthevotingrights,buthasthepowertoparticipateinmakingdecisionsontheirfinancialandoperatingdecisions,andthereforedeemedtobeabletoexertsignificantinfluenceovertheinvestee.
(2)MainfinancialinformationofsignificantjointventureNone
(3)Mainfinancialinformationofsignificantassociatedenterprise
InRMB
| Year-endbalance/Amountofcurrentperiod | Year-beginningbalance/Amountofpreviousperiod | |
| GuoyuanSecuritiesCo.,Ltd. | GuoyuanSecuritiesCo.,Ltd. | |
| Currentassets | ||
| Non-currentassets | ||
| Totalassets | 172,526,443,220.18 | 133,200,177,000.85 |
| Currentliabilities | ||
| Non-currentLiabilities | ||
| Totalliabilities |
MinorityShareholders’Equity
| MinorityShareholders’Equity | ||
| Shareholders’equityattributabletoshareholdersoftheparent | 37,081,084,070.93 | 34,578,952,207.02 |
| Proratashareofthenetassetscalculated | 879,340,429.05 | 820,004,900.93 |
| Adjustmentitems | ||
| --Goodwill | 207,095,632.54 | 207,095,632.54 |
| --Internaltransactionsdidnotachieveprofits | ||
| --Other | ||
| Thebookvalueofequityinvestmentsinjointventures | 1,086,436,061.59 | 1,027,100,533.47 |
| Fairvalueofequityinvestmentofassociatedenterpriseswithopenquotation | 865,114,385.52 | 706,786,035.06 |
| Buinsessincme | 7,838,551,047.28 | 6,375,088,522.72 |
| Netprofit | 2,285,774,152.02 | 1,868,664,593.05 |
| Netprofitfromterminatedoperations | ||
| Othercomprehensiveincome | 1,124,398,377.85 | 426,564,437.75 |
| Totalcomprehensiveincome | 3,410,172,529.87 | 2,295,229,030.80 |
Dividendsreceivedfromassociatesduringtheyear
| Dividendsreceivedfromassociatesduringtheyear | 21,731,342.22 | 15,522,387.30 |
(4)Summaryfinancialinformationofinsignificantjointventureorassociatedenterprise
InRMB
| Year-endbalance/Amountofcurrent | Year-beginningbalance/Amountof |
| period | previousperiod | |
| Jointventure： | ||
| Totalamountoftheproratacalculationofthefollowingitems | ||
| Associatedenterprise： | ||
| Totalbookvalueoftheinvestment | 2,245,913,947.25 | 2,068,477,754.53 |
| Totalamountoftheproratacalculationofthefollowing--Netprofitms | ||
| --Netprofit | 137,648,577.81 | 171,074,736.63 |
| --Totalcomprehensiveincome | 137,648,577.81 | 171,074,736.63 |
(5)NotetothesignificantrestrictionsoftheabilityofjointventureorassociatedenterprisetransferfundstotheCompanyNone
(6)TheexcesslossofjointventureorassociatedenterpriseNone
(7)TheunrecognizedcommitmentrelatedtojointventureinvestmentNone
(8)ContingentliabilitiesrelatedtojointventureorassociatedenterpriseinvestmentNone
4.SignificantcommonoperationNone
5.EquityofstructureentitynotincludinginthescopeofconsolidatedfinancialstatementsNone
6.OthernoteNoneIX.Governmentsubsidies
1.Attheendofthereportingperiod,governmentsubsidiesrecognizedaccordingtotheamountreceivable
□Applicable?NotapplicableReasonsfornotreceivingtheestimatedamountofgovernmentsubsidiesattheexpectedtime
□Applicable?Notapplicable
2.Liabilitiesinvolvinggovernmentsubsidies?Applicable□Notapplicable
InRMB
| Accountingsubject | Beginningbalance | Newsubsidyamountinthe | Amountincludedin | Amounttransferredto | Otherchanges | Closingbalance | Relatedtoassets/incom |
| currentperiod | non-operatingincomeinthecurrentperiod | otherincomeinthecurrentperiod | inthecurrentperiod | e | |||
| Deferredincome | 395,976,324.09 | 100,000,000.00 | 10,062,303.99 | 485,914,020.10 | Asset-related | ||
| Total | 395,976,324.09 | 100,000,000.00 | 10,062,303.99 | 485,914,020.10 |
3.Governmentsubsidiesincludedincurrentprofitsandlosses
?Applicable□Notapplicable
InRMB
| Accountingsubject | Amountincurredinthecurrentperiod | Amountincurredinthepreviousperiod |
| Otherincome | 11,296,964.50 | 11,345,831.93 |
| Total | 11,296,964.50 | 11,345,831.93 |
X.RisksRelatedtoFinancialInstruments
1.RisksRelatedtoFinancialInstrumentsThecompanyhasthemainfinancialinstruments,suchasbankdeposits,receivablesandpayables,investments,loansandsoon.PleaserefertotherelevantdisclosureinNotesforthedetails.Therisksassociatedwiththesefinancialinstrumentsmainlyincludecreditrisk,marketriskandliquidityrisk.Thecompany’smanagementshallmanageandmonitortheserisksandensureaboveriskstobecontrolledwithincertainscope.Thetargetsandpoliciesofriskmanagement
Thetargetofriskmanagementistoobtaintheproperbalancebetweentheriskandbenefit,toreducethenegativeimpactthatiscausedbytheriskoftheCompanytothelowestlevel,andtomaximizethebenefitsofshareholdersandotherequityinvestors.Basedonthetargetsofriskmanagement,thebasicstrategyoftheCompany’sriskmanagementistoidentifyandanalyzetheriskswhicharefacedbytheCompany,establishsuitablerisktolerancebaselineandproceedtheriskmanagement,andsuperviseavarietyofriskstimelyandreliably,andcontroltheriskswithinalimitedrange.
1.Marketrisk
（1）Foreignexchangerisk
Foreignexchangeriskreferstotheriskoflossduetoexchangeratefluctuationsgenerally.OurforeignexchangeriskismainlyrelatedtoHongKongDollar.BesidesannualdistributionofB-shareshareholderdividends,othermajorbusinessactivitiesofourCompanyaresettledinRMB.Duringthereportingperiod,duetotheshortcreditperiodoftheCompany'sincomeandexpenditurerelatedtoforeigncurrency,itwasnotaffectedbyforeignexchangerisk.
（2）Interestraterisk-Riskofcashflowchanges
TheCompany'sriskofcashflowchangesinfinancialinstrumentscausedbyinterestratechangesismainlyrelatedtofloatingratebankborrowings.TheCompany'spolicyistomaintainthefloatinginterestrateoftheseborrowings,andatthesametimetoreasonablyreducetheriskofinterestratefluctuationbyshorteningthetermofasingleloanandspecificallyagreeingonprepaymentterms.
（3）Otherpricerisk
TheinvestmentsheldbytheCompanyareclassifiedasfinancialassetsmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincomeandaremeasuredatfairvalueonthebalancesheetdate.
Therefore,theCompanybearstheriskofchangesinthesecuritiesmarket.
2.CreditriskAsofDecember31,2024,thelargestcreditriskexposurethatmaycausefinanciallossesoftheCompanymainlycomesfromthelossoffinancialassetsoftheCompanycausedbythefailureoftheotherpartytoperformitsobligations.
Inordertoreducecreditrisk,theCompanyonlydealswithrecognizedandreputablecustomers.Inaddition,theCompanyreviewstherecoveryofeachsinglereceivablesoneachbalancesheetdatetoensurethatadequatebaddebtprovisionsaremadeforunrecoverableamounts.Consequently,theCompany'smanagementbelievesthattheCompany'screditriskhasbeengreatlyreduced.TheGroup'sworkingcapitalisdepositedinbankswithhighercreditrating,sothecreditriskofworkingcapitalisrelativelylow.Financialassetsoverdueorimpaired;
(1)Aginganalysisoffinancialassetswithoverdueimpairment:Notexisted
(2)Analysisoffinancialassetsthathavesufferedsingleimpairment:Referto"4,OtherReceivables"inV,InvestmentinOtherEquityInstruments"inV(7)ofthissectionfordetails.
3.LiquidityriskWhenmanagingliquidityrisks,theCompanymaintainssufficientcashandcashequivalentsasdeemedbythemanagementandmonitorthemtomeettheCompany'soperationalneedsandreducetheimpactofcashflowfluctuations.ThemanagementoftheCompanymonitorstheuseofbankloansandensurescompliancewiththeloanagreement.XI.Thedisclosureofthefairvalue
1.Closingfairvalueofassetsandliabilitiescalculatedbyfairvalue
InRMB
| Item | Closingfairvalue | |||
| Firvaluemeasurementitemsatlevel1 | Firvaluemeasurementitemsatlevel2 | Firvaluemeasurementitemsatlevel3 | Total | |
| I.Consistentfairvaluemeasurement | -- | -- | -- | -- |
| （2）Equityinstrumentinvestment | 186,494,177.20 | 186,494,177.20 | ||
| （III）Otherequityinstrumentinvestment | 910,436,633.28 | 858,517,252.57 | 1,768,953,885.85 | |
| Totalassetscontinuouslymeasuredatfairvalue | 910,436,633.28 | 186,494,177.20 | 858,517,252.57 | 1,955,448,063.05 |
| II.Non–persistentmeasure | -- | -- | -- | -- |
2.Marketpricerecognitionbasisforconsistentandinconsistentfairvaluemeasurementitemsatlevel1.Asattheendoftheperiod,thecompanyholdsshares235,254,944sharesofChinaEverbrightBankAccordingtotheclosingpriceofDecember31,2024of3.87yuan,thefinalcalculationoffairvaluewas910,436,633.28yuan.
3.ForLevel2itemsmeasuredatfairvaluecontinuouslyandnon-continuously,thevaluationtechniquesandqualitativeandquantitativeinformationofsignificantparametersareadopted
ThefairvalueoftheassetsheldbytheCompanyandmeasuredbyLevel2fairvalueisdeterminedbythemarketmethod;OthernoncurrentfinancialassetsheldbytheCompanyandmeasuredatLevel2fairvaluearenontransactionalequityinstrumentinvestments,andtheirfairvalueisdeterminedbasedonthepricesofsimilarassetsinactiveornon-activemarkets.
4.ForLevel3itemsmeasuredatfairvaluecontinuouslyandnon-continuously,thevaluationtechniquesandqualitativeandquantitativeinformationofsignificantparametersareadopted
TheLevel3fairvaluemeasurementheldbytheCompanyisdesignatedfornontransactionalequityinstrumentinvestmentsmeasuredatfairvaluewithchangesrecognizedinothercomprehensiveincome,mainlyforequityinvestmentprojectswithnoobservableactivemarketdataverificationandwithfinancialforecastsmadebyusingtheirowndata.
5.Valuationtechnologychangesthatoccurredduringthisperiodandreasonsforchanges
ThenontransactionalequityinstrumentinvestmentsheldbytheCompany,whicharemeasuredatfairvaluewithchangesrecognizedincurrentprofitsandlosses,wereevaluatedatfairvaluebyusingtheincomemethodinthesameperiodlastyear.However,inthisperiod,duetotheinabilitytoobtainpreviouslyusedinformationforfinancialforecastingandthefactthattheCompanycanobtainsimilarassetquotesinthemarket,wehavechangedtoevaluatethefairvaluebyusingthemarketmethod.XII.Relatedpartiesandrelated-partytransactions
1.Parentcompanyinformationoftheenterprise
| Name | Registeredaddress | Nature | Redistrictedcapital | TheparentcompanyoftheCompany'sshareholdingratio | TheparentcompanyoftheCompany’svoteratio |
| GuangdongcommunicationGroupCo.,Ltd | Guangzhou | Equitymanagement,trafficinfrastructureconstructionandrailwayprojectoperation | 26.8billionyuan | 24.56% | 50.12% |
Note：
GuangdongCommunicationGroupCo.,Ltd.isthelargestshareholderoftheCompany.legalrepresentative:
DengXiaohua.Dateofestablishment:June23,2000.AsofDecember31,2024,Registeredcapital:26.8billionyuan.Itisasolelystate-ownedlimitedcompany.Businessscope：equitymanagement,organizationofasset
reorganizationandoptimizedallocation,raisingfundsbymeansincludingmortgage,transferofpropertyrightsandjointstocksystemtransformation,projectinvestment,operationandmanagement,trafficinfrastructureconstruction,highwayandrailwayprojectoperationandrelevantindustries,technologicaldevelopment,application,consultationandservices,highwayandrailwaypassengerandcargotransport,shipindustry,relevantoverseasbusinesses;Thevalue-addedcommunicationbusiness.ThefinialcontroloftheCompanywasStateownedassetssupervisionandAdministrationCommissionofGuangdongProvincialPeople'sGovernment.
2.SubsidiariesoftheCompanySubsidiariesofthisenterprise,seeVIII(1)therightsofotherentity
3.InformationonthejointventuresandassociatedenterprisesoftheCompanyDetailsrefertotheVIII-3,InterestsinjointventuresorassociatesInformationonotherjointventureandassociatedenterpriseofoccurringrelatedpartytransactionswiththeCompanyinreportingperiod,orformbalanceduetorelatedpartytransactionsinpreviousperiod:
| Name | RelationwiththeCompany |
| ShenzhenHuiyanExpresswayCo.,Ltd. | AssociatedenterprisesoftheCompany |
| ZhaoqingYuezhaoHighwayCo.,Ltd. | AssociatedenterprisesoftheCompany |
| GanzhouKangdaExpresswayCo.,Ltd. | AssociatedenterprisesoftheCompany |
| GanzhouGankangExpresswayCo.,Ltd. | AssociatedenterprisesoftheCompany |
| GuangdongJiangzhongExpresswayCo.,Ltd. | AssociatedenterprisesoftheCompany |
| GuangdongYuetongQiyuanChipPowerTechnologyCo.,Ltd | AssociatedenterprisesoftheCompany |
4.OtherRelatedparties
| Name | RelationwiththeCompany |
| GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongExpresswayMediaCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongHumenBridgeCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongHualuTrafficTechnologyCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongCommunicationsTestingCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongLitongDevelopmentInvestmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongLitongTechnologyInvestmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongLitongPropertyInvestmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongUnionElectronServiceInformationtechnologyCo.,ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongLulutongCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongProvincialFreewayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongHighwayConstructionCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongCommunicationGroupFinanceCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongTongyiExpresswayServiceAreaCo.,Ltd | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongXinyueTrafficInvestmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongYueyunTrafficRescueCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangzhouXinyueTrafficTechnologyCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangzhouXinyueAsphaltCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongTrafficDevelopmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongYueyunTrafficCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongGuangleExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongCommunicationGroupFinancialSharedServiceCenterCo.,Ltd | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongMotorTransportationGroupCo.,Ltd | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongHighwayScienceandEducationCenterCo.,Ltd | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongCommunicationsTechnologyResearchandDevelopmentCo.,Ltd | Fullyownedsubsidiaryoftheparentcompany |
| PolyChangdaEngineeringCo.,Ltd. | Sharesofparentcompany |
| GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd. | Sharesofparentcompany |
| GuangdongChangdaRoadConservationCo.,Ltd. | Sharesofparentcompany |
| GuangdongJingzhuExpresswayGuangzhuNorthSectionCo.,Ltd. | Associatedenterprisescontrolledbythesameparentcompany |
| GuangdongFeidaTrafficEngineeringCo.,Ltd. | Associatedenterprisescontrolledbythesameparentcompany |
| HunanLianzhiTechnologyCo.,Ltd. | AwhollyownedsubsidiaryoftheCompany |
| GuangzhongjiangExpresswayProjectManagementDept | Managedbytheparentcompany |
5.Listofrelated-partytransactions
(1)InformationonacquisitionofgoodsandreceptionoflaborserviceAcquisitionofgoodsandreceptionoflaborservice
InRMB
| Relatedparties | Contentofrelatedtransaction | Amountofcurrentperiod | Amountofpreviousperiod | Overthetradinglimitornot? | Amountoflastperiod |
| 1.Businesscost | |||||
| GuangdongUnionelectronicservicesco.,Ltd. | Service | 24,393,142.01 | 16,890,482.70 | ||
| PolyChangdaEngineeringCo.,Ltd. | Projectfund,service | 24,184,238.00 | 25,010,914.00 | ||
| GuangdongCommunicationsTestingCo.,Ltd. | Projectfund,service | 10,352,698.00 | 8,502,733.00 | ||
| GuangdongXinyueTrafficInvestmentCo.,Ltd. | Projectfund,service | 8,999,520.04 | 9,330,032.04 | ||
| GuangzhouXinyueAsphaltCo.,Ltd. | Purchase | 8,656,240.65 | 3,265,078.03 | ||
| GuangdongFeidaTrafficEngineeringCo.,Ltd. | Maintenance | 6,602,624.00 | 6,368,019.00 | ||
| GuangdongYueyunTrafficRescueCo., | Rescueservicefee | 4,967,400.00 | 3,607,400.00 |
| Relatedparties | Contentofrelatedtransaction | Amountofcurrentperiod | Amountofpreviousperiod | Overthetradinglimitornot? | Amountoflastperiod |
| Ltd. | |||||
| GuangdongHualuTrafficTechnologyCo.,Ltd. | Project | 4,249,608.18 | 5,126,252.67 | ||
| GuangdongLulutongCo.,Ltd. | Projectfund,service | 1,822,181.00 | 2,286,315.00 | ||
| GuangdongLitongTechnologyInvestmentCo.,Ltd. | Maintenance | 1,728,839.48 | 1,331,428.00 | ||
| GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | Maintenance，Service | 1,406,378.17 | 1,437,278.17 | ||
| GuangdongHumenBridgeCo.,Ltd. | Service | 1,150,688.38 | 1,141,771.80 | ||
| GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd. | Projectlabourservice | 1,002,277.44 | 1,860,809.74 | ||
| GuangdongHighwayScienceandEducationCenterCo.,Ltd | Trainingexpense | 662,840.00 | |||
| GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | Maintenance,Test | 598,500.00 | 1,110,878.00 | ||
| GuangdongCommunicationsTechnologyResearchandDevelopmentCo.,Ltd | Service | 192,096.00 | 64,032.00 | ||
| GuangdongTongyiExpresswayServiceAreaCo.,Ltd | Service | 154,584.00 | 131,379.00 | ||
| HunanLianzhiMonitoringTechnologyCo.,Ltd. | Maintenance | 147,282.00 | |||
| HunanLianzhiMonitoringTechnologyCo.,Ltd. | Project | 296,763.00 | |||
| GuangdongExpresswayMediaCo.,Ltd. | Project | 136,000.00 | |||
| Subtotal | 101,271,137.35 | 87,897,566.15 | |||
| 2.Financialcost | |||||
| GuangdongCommunicationGroupFinanceCo.,Ltd. | BorrowingInterestexpresses | 11,415,261.10 | 10,157,805.55 | ||
| GuangdongCommunicationGroupFinanceCo.,Ltd. | Depositinterestincome | -28,914,447.25 | -73,213,480.41 | ||
| GuangdongCommunicationGroupFinanceCo.,Ltd. | Commissioncharge | 4,612.02 | |||
| GuangdongCommunicationGroup | BorrowingInterestexpresses | 14,123,611.10 | |||
| Subtotal | -17,499,186.15 | -48,927,451.74 | |||
| 3.Administrativeexpenses | |||||
| GuangdongHighwayScienceandEducationCenterCo.,Ltd | Trainingexpense | 1,202,402.19 | |||
| GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | Maintenance，Service | 968,211.32 | 510,000.00 | ||
| GuangdongUnionelectronicservicesco.,Ltd. | maintenancefee | 879,986.00 | 798,700.00 | ||
| GuangdongHighwayConstructionCo.,Ltd. | Trairingexpense | 530,110.72 |
| Relatedparties | Contentofrelatedtransaction | Amountofcurrentperiod | Amountofpreviousperiod | Overthetradinglimitornot? | Amountoflastperiod |
| GuangdongCommunicationGroupFinancialSharedServiceCenterCo.,Ltd | Service | 351,582.90 | |||
| GuangdongTongyiExpresswayServiceAreaCo.,Ltd | Service | 129,318.80 | 16,000.00 | ||
| GuangdongLitongPropertyDevelopmentCo.,Ltd. | ManagementFee,waterandelectricity | 101,893.11 | 29,004.77 | ||
| GuangdongExpresswayMediaCo.,Ltd. | Worksafetyfunds | 101,120.00 | |||
| GuangdongProvincialFreewayCo.,Ltd. | Travelexpense | 8,200.00 | |||
| GuangdongXinyueTrafficInvestmentCo.,Ltd. | Monitoringservicefeeandinstallationfee | 214,882.00 | |||
| GuangdongLitongDevelopmentInvestmentCo.,Ltd. | ManagementFee | 259,619.11 | |||
| Subtotal | 4,272,825.04 | 1,828,205.88 | |||
| 4.R&D | |||||
| GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd. | Scientificresearchproject | 1,545,656.31 | 963,646.00 | ||
| GuangdongCommunicationsTestingCo.,Ltd. | Scientificresearchproject | 316,299.00 | 527,165.00 | ||
| GuangdongHualuTrafficTechnologyCo.,Ltd. | Scientificresearchproject | 16,104.90 | 481,823.00 | ||
| Subtotal | 1,878,060.21 | 1,972,634.00 | |||
| 5.Fixedassets | |||||
| GuangdongFeidaTrafficEngineeringCo.,Ltd. | Purchaseassets | 11,081,330.36 | 2,611,574.00 | ||
| GuangdongXinyueTrafficInvestmentCo.,Ltd. | Purchaseassets | 5,049,951.00 | 2,783,766.00 | ||
| GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd. | Purchaseassets | 3,000,244.05 | 2,432,390.24 | ||
| GuangdongHualuTrafficTechnologyCo.,Ltd. | Purchaseassets | 1,905,520.15 | 2,128,295.94 | ||
| GuangdongLulutongCo.,Ltd. | Purchaseassets | 996,550.00 | 1,734,994.86 | ||
| GuangdongCommunicationsTestingCo.,Ltd. | Purchaseassets | 774,006.00 | 1,435,396.00 | ||
| GuangdongLitongTechnologyInvestmentCo.,Ltd. | Purchaseassets | 380,000.00 | 227,490.00 | ||
| GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | Purchaseassets | 88,232.91 | |||
| GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | Purchaseassets | 434,800.00 | |||
| PolyChangdaEngineeringCo.,Ltd. | Purchaseassets | 2,833,368.00 | |||
| Subtotal | 23,275,834.47 | 16,622,075.04 | |||
| 4）Constructioninprocess | |||||
| PolyChangdaEngineeringCo.,Ltd. | Purchaseassets | 493,403,076.00 | 124,024,328.00 | ||
| GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd. | Purchaseassets | 15,223,406.23 | 26,337,631.00 | ||
| GuangdongTrafficDevelopmentCo., | Purchaseassets | 7,200,000.00 |
| Relatedparties | Contentofrelatedtransaction | Amountofcurrentperiod | Amountofpreviousperiod | Overthetradinglimitornot? | Amountoflastperiod |
| Ltd. | |||||
| GuangdongCommunicationGroupFinanceCo.,Ltd. | Purchaseassets | 5,597,723.65 | 45,833.33 | ||
| GuangdongFeidaTrafficEngineeringCo.,Ltd. | Purchaseassets | 4,938,836.00 | 18,510,159.00 | ||
| GuangdongHualuTrafficTechnologyCo.,Ltd. | Purchaseassets | 3,570,763.04 | 1,668,179.00 | ||
| GuangdongXinyueTrafficInvestmentCo.,Ltd. | Purchaseassets | 2,373,193.00 | 29,103.00 | ||
| GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | Purchaseassets | 1,321,170.00 | |||
| GuangdongMotorTransportationGroupCo.,Ltd | Purchaseassets | 173,900.00 | |||
| GuangdongCommunicationsGroupFinancialSharedServiceCenterCo.,Ltd | Purchaseassets | 88,015.98 | |||
| GuangdongHighwayConstructionCo.,Ltd. | Purchaseassets | 29,053.56 | 480,000.00 | ||
| GuangdongHighwayScienceandEducationCenterCo.,Ltd | Purchaseassets | 13,300.00 | |||
| GuangdongCommunicationsTestingCo.,Ltd | Purchaseassets | 2,028,475.00 | |||
| Subtotal | 533,932,437.46 | 173,123,708.33 | |||
| 7.Intangibleassets | |||||
| GuangdongFeidaTrafficEngineeringCo.,Ltd. | Purchaseassets | 245,081.00 | |||
| GuangdongXinyueTrafficInvestmentCo.,Ltd. | Purchaseassets | 60,472.00 | |||
| Subtotal | 305,553.00 | ||||
| 8.Non-operatingexpenses | |||||
| GuangdongFeidaTrafficEngineeringCo.,Ltd. | Expenditureonelectromechanicalsystemrepair | 1,005,769.00 | 487,087.00 | ||
| GuangdongXinyueTrafficInvestmentCo.,Ltd. | Sporadicrepairfees | 271,138.43 | 83,018.00 | ||
| PolyChangdaEngineeringCo.,Ltd. | Expensesforcivilengineeringrestoration | 1.00 | |||
| Subtotal | 1,276,907.43 | 570,106.00 |
Relatedtransactionsonsalegoodsandreceivingservices
InRMB
| Relatedparty | Content | Amountofcurrentperiod | Amountofpreviousperiod |
| 1.Businessincome | |||
| JingzhuExpresswayGuangzhuNorthsection | Commission | 25,259,811.30 | 24,620,471.71 |
| Co.,Ltd. | managementfee | ||
| GuangdongProvincialGovernmentloanrepaymenthighwayManagementCenter | Commissionmanagementfee | 6,148,490.59 | |
| GuangdongTongyiExpresswayServiceAreaCo.,Ltd | Waterandelectricity | 1,174,889.20 | 1,192,276.53 |
| ZhaoqingYuezhaoHighwayCo.,Ltd. | Salariesofexpatriatestaff | 1,132,902.61 | 888,933.32 |
| GanzhouGankangExpresswayCo.,Ltd. | Salariesofexpatriatestaff | 1,036,052.35 | 938,851.79 |
| ShenzhenHuiyanExpresswayCo.,Ltd. | Salariesofexpatriatestaff | 1,031,504.73 | 880,596.24 |
| GuangdongTrafficDevelopmentCo.,Ltd. | Waterandelectricity | 1,005,319.71 | 1,254,801.91 |
| GanzhouKangdaExpresswayCo.,Ltd. | Salariesofexpatriatestaff | 816,030.16 | 467,198.40 |
| GuangdongJiangzhongExpresswayCo.,Ltd. | Salariesofexpatriatestaff | 518,825.92 | 494,509.32 |
| YuetongQiyuanChipPowerTechnologyCo.,Ltd. | Salariesofexpatriatestaff | 396,039.60 | |
| GuangdongYueyunTrafficRescueCo.,Ltd. | Waterandelectricity | 21,129.68 | 19,879.27 |
| PolyChangdaEngineeringCo.,Ltd. | waterandelectricitybills | 9,087.96 | 60,413.75 |
| GuangdongExpresswayMediaCo.,Ltd. | Waterandelectricity | 2,581.63 | 9,274.73 |
| GuangdongLitongTechnologyInvestmentCo.,Ltd. | Electricity | 1,651.77 | 8,948.76 |
| Subtotal | 38,554,317.21 | 30,836,155.73 | |
| 2）Non-operatingincome | |||
| PolyChangdaEngineeringCo.,Ltd. | Constructionliquidateddamages | 11,000.00 | 1,200.00 |
| GuangdongXinyueTrafficInvestmentCo.,Ltd. | Constructionliquidateddamages | 7,500.00 | 24,462.00 |
| GuangdongFeidaTrafficEngineeringCo.,Ltd | Constructionliquidateddamages | 2,000.00 | |
| Subtotal | 18,500.00 | 27,662.00 |
(2)InformationofrelatedleaseTheCompanywaslessor：
InRMB
| Nameoflessee | Categoryofleaseassets | Theleaseincomeconfirmedinthisyear | Theleaseincomeconfirmedinlastyear |
| GuangdongTongyiExpresswayServiceAreaCo.,Ltd | ServiceAreaLease | 2,512,175.38 | 924,116.72 |
| GuangdongExpresswayTechnologyCo.,Ltd. | Advertisinglease | 2,393,287.84 | 2,750,824.41 |
| GuangdongExpresswayTechnologyCo.,Ltd. | Communicationpipelinelease | 2,352,418.65 | 5,232,174.45 |
| GuangdongExpresswayMediaCo.,Ltd. | Advertisinglease | 2,346,482.15 | 2,430,365.96 |
| PolyChangdaEngineeringCo.,Ltd. | Landlease | 600,002.15 | 555,557.14 |
| PolyChangdaEngineeringCo.,Ltd. | Equipmentlease | 445,910.62 | 445,910.48 |
| GuangdongLitongTechnology | CommunicationPiping | 428,101.21 | 2,095,121.23 |
| InvestmentCo.,Ltd. | |||
| GuangdongTrafficDevelopmentCo.,Ltd. | Equipmentlease | 315,372.65 | |
| GuangdongExpresswayTechnologyCo.,Ltd. | Propertylease | 252,751.02 | 339,864.33 |
| GuangzhouXinyueTrafficTechnologyCo.,Ltd. | Landlease | 34,285.71 | |
| GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | Landlease | 18,285.71 | |
| GuangdongLitongTechnologyInvestmentCo.,Ltd. | Landlease | 31,809.52 | |
| Total | 11,699,073.09 | 14,805,744.24 |
-Thecompanywaslessee：
InRMB
| Lessor | Categoryofleasedassets | Rentalchargesforshort-termandlow-valueassets(ifany) | Variableleasepaymentsnotincludedinleaseliabilitiesmeasurement(ifany) | Rentpaid | Interestexpensesonleaseliabilitiesassumed | Increaseduserightassets | |||||
| Amountofcurrentperiod | Amountofpreviousperiod | Amountofcurrentperiod | Amountofpreviousperiod | Amountofcurrentperiod | Amountofpreviousperiod | Amountofcurrentperiod | Amountofpreviousperiod | Amountofcurrentperiod | Amountofpreviousperiod | ||
| GuangdongLitongDecelopmentInvestmentCo.,Ltd | Officespace | 253,942.90 | 10,612,381.77 | 10,255,100.13 | 647,871.15 | 719,705.56 | 30,634,734.72 | ||||
| GuangdongLitongPropertyDevelopmentCo.,Ltd. | Officespace | 156,000.00 | 24,124.00 | 104,256.00 | 79,712.00 | 4,000.28 | 4,697.99 | 230,671.46 | |||
| GuangdongMotorTransportationGroupCo.,Ltd | Carr | 184,750.00 | 570,000.00 | ||||||||
| JingzhuExpresswayGuangzhuNorthsectionCo.,Ltd. | Officespace | 79,378.00 | 10,701.43 | ||||||||
| Total | 594,692.90 | 594,124.00 | 10,716,637.77 | 10,414,190.13 | 651,871.43 | 735,104.98 | 30,865,406.18 | ||||
(3）Rewardsforthekeymanagementpersonnel
InRMB'00000
| Item | Amountofcurrentperiod | Amountofpreviousperiod |
| Rewardsforthekeymanagementpersonnel | 686.83 | 718.92 |
（4）Transactionswithassociatedfinancialcompanies
（1）Depositbusiness
| Relatedparty | Relationship | Maximumdailydepositlimit(RMB'00000） | Depositinterestraterange | Beginningbalance(RMB'00000） | Theamountofthisperiod | Endingbalance(RMB'00000） | |
| Totalamountforthisperiod(RMB'00000） | Totalamountiswithdrawnforthisperiod(RMB'00000） | ||||||
| GuangdongCommunicationsGroupFinanceCo.,Ltd | Controlledbythesameparentcompany | 350,000.00 | 0.35%-2.85% | 267,814.82 | 1,319,850.72 | 1,308,587.44 | 279,078.10 |
（2）Loanbusiness
| Relatedparty | Relationship | Loanlimit(RMB'00000） | Loantinterestraterange | Beginningbalance(RMB'00000） | Theamountofthisperiod | Endingbalance(RMB'0000 | |
| Totalloanamountofthecurrentperiod(RMB'00000） | Totalrepaymentamountofthecurrentperiod(RMB'00000） | ||||||
| GuangdongCommunicationsGroupFinanceCo.,Ltd | Controlledbythesameparentcompany | 300,000.00 | 2.20%-2.70% | 40,632.92 | 75,701.30 | 31,073.38 | 85,260.84 |
Thebalanceoftheabove-mentionedloantoGuangdongCommunicationsGroupFinanceCo.,Ltd.includesthe"unoverdueinterest"part.
（3）Creditextensionorotherfinancialservices
| Relatedparty | Relationship | Businesstype | Totalamount(RMB'00000） | Actualamountincurred(RMB'00000） |
| GuangdongCommunicationsGroupFinanceCo.,Ltd | Controlledbythesameparentcompany | Creditextension | 300,000.00 | 74,000.00 |
TheCompanyrespectivelysignedthe"CashManagementBusinessCooperationAgreement"withGuangdongCommunicationsGroupFinanceCo.,LtdandtheGuangdongBranchofIndustrialandCommercialBankofChinaonDecember25,2017;andsignedthe"CashManagementBusinessCooperationAgreement"withGuangdongCommunicationsGroupFinanceCo.,LtdandtheGuangdongBranchofIndustrialandCommercialBankofChinaonDecember22,2017respectively,joinedthecashpoolofGuangdongCommunicationsGroupFinanceCo.,Ltd.
GuangdongGuanghuiExpresswayCo.,Ltdrespectivelysignedthe"CashManagementBusinessCooperationAgreement"withGuangdongCommunicationsGroupFinanceCo.,LtdandAgriculturalBankof
ChinaCo.,LtdGuangdongBranchonMay19,2020,joinedthecashpoolofGuangdongCommunicationsGroupFinanceCo.,Ltd.
（5）Assettransferanddebtrestructuringofrelatedparties
None
(6)Otherrelated-partytransactions
1）OnJune15,2016,Thecompany’s29thmeeting(Provisional)oftheseventhboardofdirectorswasconvened.TheProposalonEntrustmentofConstructionManagementoftheRenovationandExpansionProjectofSanbao-to-ShuikouSectionofShengyang-to-HaikouNationalExpresswaywasdeliberatedinthemeeting,agreedthatGuangdongProvincialFokaiExpresswayCo.,LtdentrustsGuangdongProvincialHighwayConstructionCo.,LtdwiththeconstructionmanagementoftherenovationandexpansionprojectofSanbao-to-ShuikouSectionofShengyang-to-HaikouNationalExpressway,andhandlingtherelatedmattersoftheentrustmentoftheconstructionmanagement.TheabovetransactionshavebeenapprovedandimplementedbytheboardofdirectorsofGuangdongFokaiExpresswayCo.,Ltd.
2）OnNovember30,2022,thefifth(interim)meetingofthe10thBoardofDirectorsoftheCompanyreviewedandapprovedtheProposalonEntrustedConstructionManagementoftheReconstructionandExpansionProjectofNansha-ZhuhaiSectionofGuangzhou-MacaoExpressway,andagreedthatthesubsidiaryGuangzhou-ZhuhaiSectionofBeijing-ZhuhaiExpresswayCo.,Ltd.entrustedGuangdongProvincialHighwayConstructionCo.,Ltd.tocarryoutthewhole-processconstructionmanagementofthereconstructionandexpansionprojectofNansha-ZhuhaiSectionofGuangzhou-MacaoExpressway.TheabovetransactionshavebeenapprovedandimplementedbytheBoardofDirectorsofGuangzhuSectionofBeijing-ZhuhaiExpresswayCo.,Ltd,TheabovetransactionshavebeenapprovedandimplementedbytheboardofdirectorsofBeijing-ZhuhaiExpresswayGuangzhou-ZhuhaiSectionCo.,Ltd.
6.Receivablesandpayablesofrelatedparties
（1）Receivables
InRMB
| Name | Relatedparty | Amountatyearend | Amountatyearbeginning | ||
| BalanceofBook | BaddebtProvision | BalanceofBook | BaddebtProvision | ||
| Accountreceivable | GuangdongUnionelectronServiceCo.,Ltd. | 56,215,234.69 | 104,739,306.92 | ||
| Accountreceivable | JingzhuExpresswayGuangzhuNorthSectionCo.,Ltd. | 9,311,649.31 | 8,643,475.02 | ||
| Accountreceivable | GuangdongHumenBridgeCo.,Ltd. | 5,720,146.53 | 8,382,454.42 | ||
| Accountreceivable | GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | 6,828,733.67 | 6,548,536.49 | ||
| Accountreceivable | GuangdongExpresswayMediaCo.,Ltd. | 1,219,406.25 | 538,491.00 | ||
| Account | PolyChangdaEngineeringCo.,Ltd. | 503,879.00 | 503,879.00 | ||
| receivable | ||||
| Accountreceivable | GuangdongLitongTechnologyInvestmentCo.,Ltd. | 475,529.20 | ||
| Total | 79,799,049.45 | 129,831,672.05 | ||
| Prepayment | GuangdongCommunicationsTestingCo.,Ltd | 711,457.00 | ||
| Prepayment | GuangdongFeidaTrafficEngineeringCo.,Ltd. | 2,478,186.00 | ||
| Total | 711,457.00 | 2,478,186.00 | ||
| OtherAccountreceivable | GuangdongGuangleExpresswayCo.,Ltd. | 21,615,181.62 | ||
| OtherAccountreceivable | GuangdongHigywayConstructionCo.,Ltd.JiangluoBranch | 6,707,300.48 | ||
| OtherAccountreceivable | GuangdongLitongDevelopmentInvestmentCo.,Ltd. | 1,839,246.94 | 1,846,377.94 | |
| OtherAccountreceivable | GuangdongUnionelectronServiceCo.,Ltd. | 50,000.00 | 136,509.59 | |
| OtherAccountreceivable | GuangdongHumenBridgeCo.,Ltd. | 15,000.00 | 15,000.00 | |
| OtherAccountreceivable | GuangdongLitongPropertyDevelopmentCo.,Ltd. | 19,193.00 | 12,062.00 | |
| OtherAccountreceivable | GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | 7,730.44 | 1,520.08 | |
| OtherAccountreceivable | GuangdongYueyunTrafficRescueCo.,Ltd. | 2,725.82 | ||
| OtherAccountreceivable | GuangdongExpresswayMediaCo.,Ltd. | 656,495.57 | ||
| OtherAccountreceivable | GuangdongProvincialFreewayCo.,Ltd. | 40,092,886.12 | ||
| Total | 30,256,378.30 | 42,760,851.30 | ||
| OtherNon-CurrentAssets | PolyChangdaEngineeringCo.,Ltd. | 130,778,141.60 | 120,487,501.70 | |
| OtherNon-CurrentAssets | GuangdongXinyueTrafficInvestmentCo.,Ltd. | 17,423,070.00 | 834,973.80 | |
| OtherNon-CurrentAssets | GuangdongHualuTrafficTechnologyCo.,Ltd. | 1,715,012.00 | ||
| OtherNon-CurrentAssets | GuangdongTrafficDevelopmentCo.,Ltd. | 333,398.00 | 333,398.00 | |
| OtherNon-CurrentAssets | GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | 251,000.00 | 251,000.00 | |
| Total | 150,500,621.60 | 121,906,873.50 |
（2）Payables
InRMB
| Name | Relatedparty | Amountatyearend | Amountatyearbeginning |
| Short-termloan | GuangdongCommunicationGroupFinanceCo.,ltd. | 110,085,708.33 | |
| Total | 110,085,708.33 | ||
| Accountpayable | PolyChangdaEngineeringCo.,Ltd. | 21,105,254.30 | 17,531,275.30 |
| Accountpayable | GuangdongFeidaTrafficEngineeringCo.,Ltd. | 14,154,370.37 | 21,943,925.23 |
| Name | Relatedparty | Amountatyearend | Amountatyearbeginning |
| Accountpayable | GuangdongXinyueTrafficInvestmentCo.,Ltd. | 7,251,728.23 | 6,044,263.15 |
| Accountpayable | GuangdongHualuTrafficTechnologyCo.,Ltd. | 3,692,531.87 | 3,590,461.17 |
| Accountpayable | GuangzhongjiangExpresswayProjectManagementDept | 2,747,739.00 | 2,747,739.00 |
| Accountpayable | GuangdongLulutongCo.,Ltd. | 2,278,123.00 | 1,682,944.86 |
| Accountpayable | GuangzhouXinyueAsphaltCo.,Ltd. | 2,068,875.00 | 494,704.00 |
| Accountpayable | GuangdongUnionElectronServiceCo.,Ltd. | 1,213,419.78 | 927,837.89 |
| Accountpayable | GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | 1,072,905.56 | 1,588,922.00 |
| Accountpayable | GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd. | 1,019,151.90 | 2,513,096.78 |
| Accountpayable | GuangdongCommunicationTestCo.,Ltd. | 830,124.00 | 157,501.00 |
| Accountpayable | GuangdongLitongTechnologyInvestmentCo.,Ltd. | 713,769.34 | 472,380.00 |
| Accountpayable | GuangdongCommunicationGroupFinancialSharedServiceCenterCo.,Ltd | 282,411.49 | |
| Accountpayable | GuangdongYueyunTrafficRescueCo.,Ltd. | 261,800.00 | 261,800.00 |
| Accountpayable | GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | 48,004.00 | 866,490.00 |
| Accountpayable | GuangdongChangdaRoadMaintenanceCo.Ltd. | 231,869.00 | |
| Accountpayable | HunanLianzhiTechnologyCo.,Ltd. | 217,010.00 | |
| Accountpayable | GuangdongMotorTransportationGroupCo.,Ltd | 184,000.00 | |
| Accountpayable | GuangdongCommunicationsTechnologyResearchandDevelopmentCo.,Ltd. | 32,016.00 | |
| Total | 58,740,207.84 | 61,488,235.38 | |
| Advancereceived | GuangdongUnionElectronServiceCo.,Ltd. | 1,313,348.00 | |
| Total | 1,313,348.00 | ||
| OtherPayableaccount | PolyChangdaEngineeringCo.,Ltd. | 28,546,224.97 | 20,510,879.46 |
| OtherPayableaccount | GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd. | 2,857,255.10 | 462,700.00 |
| OtherPayableaccount | GuangdongHualuTrafficTechnologyCo.,Ltd. | 2,422,446.06 | 2,121,826.06 |
| OtherPayableaccount | GuangdongFeidaTrafficEngineeringCo.,Ltd. | 2,267,431.65 | 1,773,643.35 |
| OtherPayableaccount | GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | 1,480,359.66 | 1,717,958.26 |
| OtherPayableaccount | GuangdongUnionelectronicservicesco.,Ltd. | 1,238,234.09 | 691,060.06 |
| OtherPayableaccount | GuangdongXinyueTrafficInvestmentCo.,Ltd. | 962,439.99 | 900,742.71 |
| OtherPayableaccount | GuangdongLulutongCo.,Ltd. | 739,076.64 | 607,161.54 |
| OtherPayableaccount | GuangzhouXinyueAsphaltCo.,Ltd. | 702,198.00 | |
| OtherPayableaccount | GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | 588,886.62 | 394,220.18 |
| OtherPayableaccount | GuangdongXinyueTrafficTechnologyCo.,Ltd. | 317,085.50 | 1,653,523.70 |
| OtherPayableaccount | GuangzhongjiangExpresswayProjectManagementDept | 200,000.00 | 200,000.00 |
| OtherPayableaccount | GuangdongTongyiExpresswayServiceAreaCo.,Ltd. | 120,000.00 | 120,000.00 |
| OtherPayableaccount | GuangdongCommunicationTestCo.,Ltd. | 96,954.00 | 1,573,310.00 |
| OtherPayableaccount | GuangdongLitongTechnologyInvestmentCo.,Ltd. | 50,836.53 | 85,919.24 |
| Name | Relatedparty | Amountatyearend | Amountatyearbeginning |
| OtherPayableaccount | GuangdongExpresswayMediaCo.,Ltd. | 50,000.00 | 50,000.00 |
| OtherPayableaccount | GuangdongYueyunTrafficRescueCo.Ltd. | 2,000.00 | 2,000.00 |
| OtherPayableaccount | GuangdongRoadConstructionCo.,Ltd. | 2,004,376.13 | |
| OtherPayableaccount | HunanLianzhiTechnologyCo.,Ltd. | 19,797.00 | |
| Total | 42,641,428.81 | 34,889,117.69 | |
| Non-currentliabilitiesdue1year | GuangdongLitongDevelopmentInvestmentCo.,Ltd. | 10,619,693.51 | 9,964,510.62 |
| Non-currentliabilitiesdue1year | GuangdongCommunicationGroupFinanceCo.,ltd. | 4,608,361.15 | 4,243,466.66 |
| Non-currentliabilitiesdue1year | GuangdongLitongPropertyDevelopmentCo.,Ltd. | 55,401.73 | 100,255.11 |
| Total | 15,283,456.39 | 14,308,232.39 | |
| LeaseLiabilities | GuangdongLitongDevelopmentInvestmentCo.,Ltd. | 2,730,189.11 | 13,349,882.62 |
| LeaseLiabilities | GuangdongLitongPropertyDevelopmentCo.,Ltd. | 55,402.33 | |
| Total | 2,730,189.11 | 13,405,284.95 | |
| Long-termloans | GuangdongCommunicationGroupFinanceCo.,ltd. | 848,000,000.00 | 292,000,000.00 |
| Total | 848,000,000.00 | 292,000,000.00 |
XIII.Share-basedpayment
1.Generalshare-basedpayment
□Applicable?Notapplicable
2.Share-basedpaymentsettledbyequity
□Applicable?Notapplicable
3.Share-basedpaymentsettledbycash
□Applicable?Notapplicable
4.Thecurrentshareswillpaythefee
□Applicable?NotapplicableXIV.Commitments
1.SignificantcommitmentsSignificantcommitmentsatbalancesheetdate
(1)Capitalcommitments
InRMB
| Item | December31,2024 | December31,2023 |
| Contractedbutnotrecognizedinthefinancialstatements |
| Buildinglong-termassetcommitments-Expresswayconstruction | 6,254,265,422.40 | 7,020,477,401.30 |
2.Contingency
(1)SignificantcontingencyatbalancesheetdateAsofDecember31,2924,theCompanydidnotneedtodiscloseimportantcommitments.
(2)TheCompanyhavenosignificantcontingencytodisclose,alsoshouldbestated
TheCompanyhasnoimportantcontingencythatneedtodisclosed
XV.Eventsafterbalancesheetdate
1.Profitdistribution
InRMB
| Numberofdividendstobedistributedforevery10shares(RMB) | 5.23 |
| Numberofbonussharestobedistributedforevery10shares(shares) | 0 |
| Numberofconvertedsharestobedistributedforevery10shares(shares) | 0 |
| Numberofdividendsforevery10sharesdeclaredafterdeliberationandapproval(RMB) | |
| Numberofbonussharesforevery10sharesdeclaredafterdeliberationandapproval(shares) | |
| Numberofconvertedsharesforevery10sharesdeclaredafterdeliberationandapproval(shares) | |
| Profitdistributionscheme | 1.Limitedto10%oftheregisteredcapitaloftheParentcompany,thenetprofitofthecompany,i.e.163,460,199.30yuan,istobeallocatedforstatutorycommonreservefund；2.Theprofitfor2024istobedistributedasfollows:1,093,491,603.90yuan.istobeallocatedasthefundfordividenddistributionfor2024.withthetotalsharesattheendof2024,i.e.,2,090,806,126shares,asthebase,cashdividendof5.23yuan(includingtax)istobedistributedforevery10shares.Theremainingundistributedprofitsaretobecarriedforwardtothenextyear.TheforeignexchangetranslationofthecashdividendsforshareholdersholdingBshareandoverseascorporateshareswillbedeterminedaccordingtoHKD:RMBbank’sMiddleratequotedbyPeople’sBankofChinaonthefirstworkingdayafter2024annualshareholders’generalmeetingmakesresolutionondividenddistribution. |
XVI.Otherimportantevents
1.PreviousaccountingerrorscollectionNone
2.Segmentinformation
（1）Ifthecompanyhasnoreportingdivision,orfailstodisclosethetotalassetsandliabilitiesofeachreportingdivision,thereasonsshallbeexplainedThecompany'sbusinessfortheGuangfoExpressway,theFokaiExpressway,GuanghuiExpresswayandJingzhu
ExpresswayGuangzhuSectiontollcollectionandmaintenancework,thetechnologyindustryandprovideinvestmentadvice,noothernatureofthebusiness,noreportablesegment.
3.Otherimportanttransactionsandeventshaveanimpactoninvestorsdecision-making
In2022,theCompanyreceivedtheNoticeofDepartmentofTransportofGuangdongProvinceonRelevantMattersConcerningtheDisposalofGuangzhou-FoshanExpresswayattheExpirationofTollCollection(GJYBH[2022]No.24),andtheGuangzhou-FoshanExpresswayoperatedbyitsholdingsubsidiaryGuangfoExpresswayCo.,Ltd.stoppedchargingfrom0:00onMarch3,2022,retainingtheexistingtollcollectionfacilitiestooperateasusualatzerorate,exemptingallvehiclespassingthroughthissectionfromtolls,andcollectingtollsfromvehiclesinothersectionsonbehalf.Afterthetollisstopped,GuangfoCompanywillcontinuetoberesponsibleforthemanagementandmaintenanceofGuangzhou-FoshanExpressway.
ThesourceoffundsforcustodyexpensespaidbyGuangfoCompanyneedstobefurtherdetermined.AsofDecember31,2024,custodyexpensespaidbyGuangfoCompanywereRMB342,942,142.53.XVII.Notesofmainitemsinfinancialreportsofparentcompany
1.Accountreceivable
（1）Disclosurebyaging
InRMB
| Aging | Balanceinyear-end | BalanceYear-beginning |
| Within1year（Including1year） | 19,832,233.51 | 31,718,251.28 |
| Total | 19,832,233.51 | 31,718,251.28 |
（2）Accordingtothebaddebtprovisionmethodclassificationdisclosure
InRMB
| Category | Amountinyear-end | BalanceYear-beginning | ||||||||
| BookBalance | Baddebtprovision | Bookvalue | BookBalance | Baddebtprovision | Bookvalue | |||||
| Amount | Proportion(%) | Amount | Proportion(%) | Amount | Proportion(%) | Amount | Proportion(%) | |||
| Accrualofbaddebtprovisionbyportfolio | 19,832,233.51 | 100.00% | 19,832,233.51 | 31,718,251.28 | 100.00% | 31,718,251.28 | ||||
| Including： | ||||||||||
| Agingportfolio | 19,832,233.51 | 100.00% | 19,832,233.51 | 31,718,251.28 | 100.00% | 31,718,251.28 | ||||
| Total | 19,832,233.51 | 100.00% | 19,832,233.51 | 31,718,251.28 | 100.00% | 31,718,251.28 | ||||
Accrualofbaddebtprovisionbyportfolio:Theaging
InRMB
| Aging | Balanceinyear-end | ||
| Accountreceivable | Baddebtprovision | Expectedcreditlossrate(% | |
| Within1year | 19,832,233.51 | ||
| Total | 19,832,233.51 | ||
Relevantinformationoftheprovisionforbaddebtswillbedisclosedwithreferencetothedisclosuremethodofotherreceivablesiftheprovisionforbaddebtsofbillsreceivableisaccruedaccordingtothegeneralmodelofexpectedcreditloss:
□Applicable√Notapplicable
（3）Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodNone
（4）Theactualwrite-offaccountsreceivableNone
(5)Top5oftheclosingbalanceoftheaccountsreceivablecollectedaccordingtothearrearsparty
InRMB
| CompanyName | Amountofendingbalance | Closingbalanceofthecontractassets | Accountsreceivableandcontractassetsendingbalance | Proportionoftotalaccountsreceivable% | Amountofendingbalanceforbaddebts |
| GuangdongUnionElectronicServicesCo.,Ltd. | 19,832,233.51 | 19,832,233.51 | 100.00% | ||
| Total | 19,832,233.51 | 19,832,233.51 | 100.00% |
2.Otheraccountsreceivable
InRMB
| Item | Balanceinyear-end | BalanceYear-beginning |
| Dividendreceivable | 28,621,800.58 | 1,205,472.90 |
| Otherreceivable | 408,193,607.15 | 1,020,100,372.97 |
| Total | 436,815,407.73 | 1,021,305,845.87 |
(1)Interestreceivable
None
（2）Dividendreceivable
1)Dividendreceivable
InRMB
| Item | Balanceinyear-end | BalanceYear-beginning |
| GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise | 797,664.04 | 1,205,472.90 |
| GuangdongGuangleExpresswayCo.,Ltd. | 21,615,181.62 | |
| GuoyuanSecuritiesCo.,Ltd. | 6,208,954.92 | |
| Total | 28,621,800.58 | 1,205,472.90 |
2)Significantdividendreceivableagedover1yearNone3）Bad-debtprovision
□Applicable√Notapplicable
（3）Otheraccountsreceivable
1)Otheraccountsreceivableclassified
InRMB
| Item | Balanceinyear-end | BalanceYear-beginning |
| Deposit | 2,277,164.74 | 2,277,164.74 |
| Pettycash | 950,000.00 | 1,232,661.91 |
| Investmentinreconstructionandexpansionandinterest | 397,834,010.41 | 975,923,541.67 |
| Compensationforperformancecommitmentsreceivable | 40,092,886.12 | |
| Provisionalpaymentreceivable | 6,707,300.48 | |
| Other | 425,131.52 | 574,118.53 |
| Total | 408,193,607.15 | 1,020,100,372.97 |
2）Disclosurebyaging
InRMB
| Aging | Balanceinyear-end | BalanceYear-beginning |
| Within1year(Including1year） | 8,003,997.50 | 44,648,632.53 |
| 1-2years | 2,251,101.35 | 975,012,062.00 |
| 2-3years | 397,512,062.00 | 28,611.55 |
| Over3years | 426,446.30 | 411,066.89 |
| 3-4years | 27,180.00 | 7,699.35 |
| 4-5years | 2,095.07 | 23,848.70 |
| Over5years | 397,171.23 | 379,518.84 |
| Total | 408,193,607.15 | 1,020,100,372.97 |
3）Accordingtothebaddebtprovisionmethodclassificationdisclosure
InRMB
| Category | Amountinyear-end | BalanceYear-beginning | ||||||||
| BookBalance | Baddebtprovision | Bookvalue | BookBalance | Baddebtprovision | Bookvalue | |||||
| Amount | Proportion(%) | Amount | Proportion(%) | Amount | Proportion(%) | Amount | Proportion(%) | |||
| Accrualofbaddebtprovisionbysingle | 408,193,607.15 | 100.00% | 408,193,607.15 | 1,020,100,372.97 | 100.00% | 1,020,100,372.97 | ||||
| Including： | ||||||||||
| CSFPortfolio | 3,227,164.74 | 0.79% | 3,227,164.74 | 3,509,826.65 | 0.34% | 3,509,826.65 | ||||
| Verylowcreditriskfinancialassetportfolio | 7,132,432.00 | 1.75% | 7,132,432.00 | 40,667,004.65 | 3.99% | 40,667,004.65 | ||||
| Risk-freecombination | 397,834,010.41 | 97.46% | 397,834,010.41 | 975,923,541.67 | 95.67% | 975,923,541.67 | ||||
| Total | 408,193,607.15 | 100.00% | 408,193,607.15 | 1,020,100,372.97 | 100.00% | 1,020,100,372.97 | ||||
Accrualofbaddebtprovisionbyportfolio:.Other
InRMB
| Name | Balanceinyear-end | ||
| Bookbalance | Baddebtprovision | Withdrawalproportion | |
| Castdepositportfolio | 3,227,164.74 | ||
| Verylowcreditriskfinancialassetportfolio | 7,132,432.00 | ||
| Risk-freecombination | 397,834,010.41 | ||
| Total | 408,193,607.15 | ||
4）Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodNone
5)Theactualwrite-offotheraccountsreceivableintheperiod:
None6）Top5oftheclosingbalanceoftheprepaymentcollectedaccordingtotheprepaymenttarget
InRMB
| Name | RelationswiththeCompany | Amount | Aging | Reasonsfornon-settlement | Proportion% |
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | Reconstructionandexpansionofinvestmentfundsandinterest | 397,500,000.00 | 2-3years | 97.46% | |
| Interest | 334,010.41 | Within1year | |||
| GuangdongHighwayConstructionCo.,Ltd.JiangluoBranch | Currentfund | 6,707,300.48 | Within1year | 1.64% | |
| GuangdongLitongDevelopmentInvestmentCo.,Ltd. | Vehicleparkingdeposit | 1,816,266.94 | 1-2years | 0.45% | |
| Leasedeposit | 22,980.00 | 3-4years | |||
| FirstPacificDavisPropertyConsultant(Guangzhou)Co.,Ltd | Vehicleparkingdeposit | 92,116.80 | 1-2years | 0.10% | |
| Waterandelectricitycostsworkingcapital | 322,408.00 | 1-2years | |||
| Managementfeedeposit | 4,200.00 | 3-4years | |||
| HuangHonggui | Pettycash | 190,000.00 | Within1year | 0.05% | |
| Total | 406,989,282.63 | 99.70% |
3.Long-termequityinvestment
InRMB
| Item | Endofterm | Beginningofterm | ||||
| BookBalance | Impairmentprovision | Bookvalue | BookBalance | Impairmentprovision | Bookvalue | |
| Investmentinsubsidiaries | 4,529,830,463.43 | 4,529,830,463.43 | 3,952,330,463.43 | 3,952,330,463.43 | ||
| Investmentinjointventuresandassociates | 3,316,886,938.58 | 3,316,886,938.58 | 2,990,656,046.31 | 2,990,656,046.31 | ||
| Total | 7,846,717,402.01 | 7,846,717,402.01 | 6,942,986,509.74 | 6,942,986,509.74 | ||
（1）Investmenttothesubsidiary
InRMB
| Name | Openingbalance | Initialbalanceoftheimpairmentprovision | Increase/decreaseinreportingperiod | Closingbalance | Closingbalanceofimpairmentprovision | |||
| Addinvestment | Decreasedinvestment | Withdrawnimpairmentprovision | Other | |||||
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 1,396,171,883.08 | 577,500,000.00 | 1,973,671,883.08 | |||||
| GuangfoExpresswayCo.,ltd. | 154,982,475.25 | 154,982,475.25 | ||||||
| YuegaoCapitalInvestment(Guangzhou)Co.,Ltd. | 375,500,000.00 | 375,500,000.00 | ||||||
| GuanghuiExpresswayCo.,Ltd. | 2,025,676,105.10 | 2,025,676,105.10 | ||||||
| Total | 3,952,330,463.43 | 577,500,000.00 | 4,529,830,463.43 | |||||
（2）Investmenttojointventuresandassociatedenterprises
InRMB
| Name | Openingbalance | Initialbalanceoftheimpairmentprovision | Increase/decreaseinreportingperiod | Closingbalance | Closingbalanceofimpairmentprovision | |||||||
| Increaseininvestment | Decreaseininvestment | Investmentincomeunderequitymethod | Othercomprehensiveincome | Otherchangesinequity | Announcedfordistributingcashdividendorprofit | Provisionforimpairment | Other | |||||
| I.Jointventures | ||||||||||||
| II.Associatedenterprises | ||||||||||||
| ZhaoqingYuezhaoHighwayCo.,Ltd. | 367,104,015.00 | 233,500,000.00 | 53,004,724.37 | 99,500,000.00 | 554,108,739.37 | |||||||
| GuangdongJiangzhongExpresswayCo.,Ltd. | 557,686,679.66 | 52,350,000.00 | -6,793,579.68 | 4,057,227.52 | 599,185,872.46 | |||||||
| GanzhouGankang | 181,054,819.12 | 15,315,233.14 | 17,700,000.00 | 178,670,052.26 | ||||||||
| Name | Openingbalance | Initialbalanceoftheimpairmentprovision | Increase/decreaseinreportingperiod | Closingbalance | Closingbalanceofimpairmentprovision | |||||||
| Increaseininvestment | Decreaseininvestment | Investmentincomeunderequitymethod | Othercomprehensiveincome | Otherchangesinequity | Announcedfordistributingcashdividendorprofit | Provisionforimpairment | Other | |||||
| ExpresswayCo.,Ltd. | ||||||||||||
| GanzhouKangdaExpresswayCo.,Ltd. | 257,929,704.98 | 43,565,066.95 | 30,000,000.00 | 271,494,771.93 | ||||||||
| ShenzhenHuiyanExpresswayCo.,Ltd. | 377,922,183.98 | 23,880,675.18 | 401,802,859.16 | |||||||||
| GuoyuanSecuritiesCo.,Ltd. | 1,027,100,533.47 | 54,403,149.25 | 26,663,721.09 | 21,731,342.22 | 1,086,436,061.59 | |||||||
| GuangdongYuekeScienceandTechnologyMicrofinanceCo.,Ltd. | 221,858,110.10 | 12,818,890.63 | 9,488,418.92 | 225,188,581.81 | ||||||||
| Subtotal | 2,990,656,046.31 | 285,850,000.00 | 196,194,159.84 | 26,663,721.09 | 182,476,988.66 | 3,316,886,938.58 | ||||||
| Total | 2,990,656,046.31 | 285,850,000.00 | 196,194,159.84 | 26,663,721.09 | 182,476,988.66 | 3,316,886,938.58 | ||||||
Therecoverableamountisdeterminedbythenetamountoffairvalueminusdisposalexpenses
□Applicable?NotapplicableTherecoverableamountisdeterminedaccordingtothepresentvalueoftheexpectedfuturecashflow
□Applicable?Notapplicable
4.BusinessincomeandBusinesscost
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod | ||
| Revenue | Cost | Revenue | Cost | |
| Mainbusiness | 1,495,267,944.19 | 553,643,384.05 | 1,521,448,612.59 | 606,338,219.48 |
| Other | 13,232,631.73 | 1,021,300.25 | 14,136,853.64 | 4,642,566.15 |
| Total | 1,508,500,575.92 | 554,664,684.30 | 1,535,585,466.23 | 610,980,785.63 |
5.Investmentincome
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod |
| Long-termequityinvestmentincomeaccountedbycostmethod | 842,860,407.87 | 730,452,121.37 |
| Long-termequityinvestmentincomeaccountedbyequitymethod | 196,194,159.84 | 215,529,559.56 |
| Dividendincomefromotherequityinstrumentinvestmentsduringtheholdingperiod | 102,323,410.08 | 71,249,739.36 |
| Other | 18,478,714.63 | 27,008,665.00 |
| Total | 1,159,856,692.42 | 1,044,240,085.29 |
XVIII.SupplementaryInformation
1.Currentnon-recurringgains/losses
√Applicable□Notapplicable
InRMB
| Item | Amount | Notes |
| Non-currentassetdisposalgain/loss | 6,080,729.08 | |
| Governmentsubsidiesrecognizedincurrentgainandloss(excludingthosecloselyrelatedtotheCompany’sbusinessandgrantedunderthestate’spolicies) | 11,296,964.50 | |
| Gainandlossfromchangeofthefairvaluearisingfromtransactionalmonetaryassets,transactionalfinancialliabilitiesasheldaswellastheinvestmentincomearisingfromdisposalofthetransactionalmonetaryassets,transactionalfinancialliabilitiesandfinancialassetsavailableforsaleexcludingtheeffectivehedgingtransactioninconnectionwiththeCompany’snormalbusiness | 2,637,409.20 | |
| Capitaloccupationchargesonnon-financialenterprisesthatarerecordedintocurrentgainsandlosses | 1,284,835.59 | |
| Netamountofnon-operatingincomeandexpenseexcepttheaforesaiditems | -1,689,556.16 | |
| Othernon-recurringGains/lossitems | 235,202.32 | |
| Theimpairmentprovisionfortheadvanceexpensesthathaveoccurredbutneedtobedefinedfromthesourceoffunds | -121,834,522.51 | |
| Less:Influencedamountofincometax | 9,343,308.39 | |
| Influencedamountofminorshareholders’equity(aftertax) | -28,875,751.28 | |
| Total | -82,456,495.09 | -- |
Detailsofotherprofitandlossitemsthatmeetthenon-recurringprofitandlossdefinition
√Applicable□NotapplicableDuetothespecialnatureoftheimpairmentprovisionformanagementandmaintenanceexpensesadvancedby
theGuangzhou-FoshanExpresswaytobeclarified,itwillaffectthenormaljudgmentoftheCompany'soperatingperformanceandprofitabilitybytheuserofthereport.FortheCompany’snon-recurringgain/lossitemsasdefinedintheExplanatoryAnnouncementNo.1oninformationdisclosureforCompaniesOfferingtheirSecuritiestothePublic-Non-recurringGainsandLossesanditsnon-recurringgain/lossitemsasillustratedintheExplanatoryAnnouncementNo.1oninformationDisclosureforCompaniesofferingtheirsecuritiestothepublic-non-recurringGainsandlosseswhichhavebeendefinedasrecurringgainsandlosses,itisnecessarytoexplainthereason.
□Applicable√Notapplicable
2.Returnonequity(ROE)andearningspershare(EPS)
| Profitasofreportingperiod | WeightedaverageROE(%) | Earningspershare | |
| BasicEPS(RMB/Share) | DilutedEPS(RMB/Share) | ||
| NetprofitsbelongtocommonstockstockholdersoftheCompany | 15.52% | 0.75 | 0.75 |
| NetprofitsbelongtocommonstockstockholdersoftheCompanyafterdeductingnonrecurringgainsandlosses | 16.34% | 0.79 | 0.79 |
3.DifferenceoftheaccountingdataunderaccountingrulesinandoutofChina
(1)Differenceofthenetprofitandnetassetsdisclosedinfinancialreport,underbothIAS(InternationalAccountingStandards)andChineseGAAP(GenerallyAcceptedAccountingPrinciples)
□Applicable?Notapplicable
(2)Differenceofthenetprofitandnetassetsdisclosedinfinancialreport,underbothforeignaccountingrulesandChineseGAAP(GenerallyAcceptedAccountingPrinciples)
□Applicable?Notapplicable
(3)ExplainaccountingdifferenceovertheaccountingrulesinandoutofChina;asforthedifferenceadjustmentfordataauditedbyforeignauditingorgan,notedthenameofsuchforeignorgan