StockAbbreviation:GuangdongExpresswayA,BStockCode:000429,200429AnnouncementNo.:2026-002
GuangdongProvincialExpresswayDevelopmentCo.,Ltd.
2025AnnualReportAbstract
I.ImportantNoticeThisannualreportsummaryisextractedfromthefullannualreport.TofullyunderstandtheCompany'soperatingresults,financialposition,andfuturedevelopmentplans,investorsshouldcarefullyreadthefullannualreportatthemediaoutletsdesignatedbytheChinaSecuritiesRegulatoryCommission(CSRC).AllthedirectorsattendedtheboardmeetingforreviewingtheAnnualReport.Nonstandardauditopinion
□Applicable√NotapplicableTheboardexamedcommonsharesprofitdistributionplanandcapitalizingofcommonreservesplanforthePeriod.
√Applicable□NotapplicableWhetherthecapitalreservetosharecapital
□Applicable√NotapplicableTheprofitdistributionproposalreviewedandapprovedbytheboardingmeetingwassummarizedasfollows:2,090,806,126forthebase,theCompanywoulddistributecashdividendtoalltheshareholdersattherateofCNY6.04forevery10shares(withtaxinclusive),0bonusshares（includingtax）andnoreservewouldbeconvertedintosharecapital.ProfitdistributionplanforpreferredsharesadoptedbytheBoardofDirectorsinthereportingperiod
□Applicable√NotapplicableII..BasicInformationoftheCompany
1.CompanyProfile
Stockabbreviation:
| Stockabbreviation: | GuangdongExpresswayA,B | Stockcode： | 000429、200429 | |
| Stockexchangeforlisting | ShenzhenStockExchange | |||
| Contactpersonandcontactmanner | Boardsecretary | SecuritiesaffairsRepresentative | ||
| Name | YangHanming | LiangJirong | ||
| Contactaddress | 46/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TiheDisrtict,Guangzhou | 45/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TiheDisrtict,Guangzhou | ||
| Tel | 020-29004619 | 020-29004523 | ||
| Fax | 020-38787002 | 020-38787002 | ||
| Hmy69@126.com | 139221590@qq.com | |||
2.MainBusinesstheCompanyisEngagedinDuringtheReportPeriodTheCompanyismainlyengagedintollingandmaintenanceofGuangfoExpressway,FokaiExpressway,JingzhuExpresswayGuangzhuSectionandGuanghuiExpresswayinvestmentintechnologicalindustriesandprovisionofrelevantconsultationwhileinvestinginShenzhenHuiyanExpresswayCo.,Ltd.,
GuangdongJiangzhongExpresswayCo.,Ltd.,ZhaoqingYuezhaoExpresswayCo.,Ltd.,GanzhouKangdaExpressway,GanzhouGankangExpresswayCo.,Ltd.,GuangdongYuepuTechnologyPettyLoanCo.,Ltd.,GuangleExpresswayCo.,Ltd.,GuoyuanSecuritiesCo.,Ltd.,GarageelectricpileHolding(Shenzhen)Co.,Ltd.andSPICYuetongQiyuanChipPowerTechnologyCo.,Ltd..Asoftheendofthereportingperiod,thecompany’sshare-controlledexpresswayis306.78km,andtheshare-participationexpresswayis295.88km.Participateintheholdingoftheexpresswaysituation
Volumeofvehicletrafficin2025（Tenthousandsvehicles）
| Volumeofvehicletrafficin2025（Tenthousandsvehicles） | Increase/Decrease(%) | Tollincomein2025（Tenthousands） | Increase/Decrease(% | |
| GuangfoExpressway | 10,374.41 | 4.54% | - | - |
| FokaiExpressway | 8,816.05 | -2.24% | 142,377.62 | -4.78% |
| JingzhuExpresswayGuangzhuEastSection | 7,380.06 | -5.25% | 95,553.75 | -11.50% |
| GuanghuiExpressway | 8,941.49 | 3.11% | 200,330.19 | 4.08% |
| HuiyanExpressway | 5,739.66 | 24.81% | 24,895.27 | 22.02% |
| GuangzhaoExpressway | 3,885.44 | -7.61% | 47,550.80 | -11.34% |
| JiangzhongExpressway | 6,334.92 | 6.09% | 43,085.65 | 23.16% |
| KangdaExpressway | 142.94 | -6.92% | 29,664.07 | -2.85% |
| GankangExpressway | 319.56 | -23.93% | 19,473.98 | -8.45% |
| GuangleExpressway | 3,853.68 | -1.50% | 252,890.12 | -12.51% |
Note.AccordingtotheinformalletterNo.24-[2022]YueTransportationOperation-"NoticeoftheDepartmentofTransportationofGuangdongProvinceonIssuesConcerningtheExpirationofTollCollectionofGuangfoExpressway"issuedbyGuangdongProvincialDepartmentofTransportation,GuangfoExpresswayshallstoptollcollectionfrom0:00onMarch3,2022.
1)Foshan–KaipingExpressway:Experiencedayear-on-yeardecreaseintrafficvolumeandtollrevenue,impactedbythetrafficdiversioneffectontrafficflowsbetweeneasternandwesternGuangdongfollowingtheopeningoftheShenzhen–ZhongshanLinkandZhongshan–KaipingExpressway,aswellasthefullclosureofthemainlinefromSicunInterchangetoLianhuashanInterchangeontheShenzhen–CenxiExpressway(JiangmenSection)forconstruction,andconstructionworksontheFenjiangBridge;
2)Beijing-ZhuhaiExpressway(Guangzhou-ZhuhaiSection):Experiencedayear-on-yeardecreaseintrafficvolumeandtollrevenue,impactedbytrafficdiversionfollowingtheopeningoftheShenzhen–ZhongshanLinkandNansha–ZhongshanExpressway,aswellasfactorssuchasreconstructionandexpansionworks;
3)Huizhou-YantianExpressway:Experiencedayear-on-yearincreaseintrafficvolumeandtoll
revenue,asthereconstructionandexpansionprojectwascompletedandopenedtotraffic;
5)Jiangmen-ZhongshanExpressway:Experiencedayear-on-yearincreaseintrafficvolumeandtollrevenue,asthereconstructionandexpansionprojectwascompletedandopenedtotraffic,andanewtollratehasbeenimplementedsinceJune13,2025;
6)Nankang–DayuExpressway:Experiencedayear-on-yeardecreaseintrafficvolumeandtollrevenue,impactedbychangesintheroadnetwork,suchasthecompletionofparallelnationalhighwaysinthesurroundingarea;
7)Ganzhou-KangduExpressway:Experiencedayear-on-yeardecreaseintrafficvolumeandtollrevenue,impactedbychangesintheroadnetwork,includingtheearlycompletionoftheDaqing–GuangzhouExpressway(JikangSection)reconstructionandexpansion,theopeningoftheGannanAvenueExpressway,andtheopeningoftheLongchuan-XunwuExpressway;
8)Guangzhou-LechangExpressway:Experiencedayear-on-yeardecreaseintrafficvolumeandtollrevenue,impactedbythefullclosureofthesouthbounddirectionoftheLeiyang–YizhangExpresswayforconstruction.
3.SummaryofAccountingdataandFinancialindex
1)SummaryofAccountingdataandFinancialindexinthelast3yearsWhetherithasretroactiveadjustmentorre-statementonpreviousaccountingdata
□Yes√No
InRMB
2025
| 2025 | 2024 | Changedoverlastyear（％） | 2023 | |
| Operatingincome（Yuan） | 4,469,738,160.51 | 4,569,903,078.72 | -2.19% | 4,879,066,948.19 |
| Netprofitattributabletotheshareholdersofthelistedcompany（Yuan） | 1,801,337,614.93 | 1,562,122,219.95 | 15.31% | 1,633,811,033.68 |
| Netprofitafterdeductingofnon-recurringgain/lossattributabletotheshareholdersoflistedcompany（Yuan） | 1,523,003,689.21 | 1,644,578,715.04 | -7.39% | 1,705,099,801.05 |
| Cashflowgeneratedbybusinessoperation,net（Yuan） | 3,559,494,395.28 | 3,256,363,593.91 | 9.31% | 3,831,785,563.47 |
| Basicearningpershare(Yuan/Share) | 0.86 | 0.75 | 14.67% | 0.78 |
| Dilutedgainspershare(Yuan/Share) | 0.86 | 0.75 | 14.67% | 0.78 |
| WeightedaverageROE(%) | 16.83% | 15.52% | 1.31% | 17.30% |
| Endof2025 | Endof2024 | Changedoverlastyear（％） | Endof2023 | |
| Grossassets（Yuan） | 26,790,914,410.82 | 22,441,664,114.93 | 19.38% | 21,368,963,167.41 |
| Netassetsattributabletoshareholdersofthelistedcompany（Yuan） | 11,116,100,975.79 | 10,468,100,319.53 | 6.19% | 9,847,531,855.89 |
2)MainFinancialIndexbyQuarters
InRMB
Firstquarter
| Firstquarter | Secondquarter | Thirdquarter | Fourthquarter | |
| Operatingrevenue | 1,049,919,860.48 | 1,068,042,912.77 | 1,244,545,969.16 | 1,107,229,418.10 |
| Netprofitattributabletotheshareholdersofthelistedcompany | 657,482,517.83 | 399,670,336.31 | 488,018,815.20 | 256,165,945.59 |
| Netprofitafterdeductingofnon-recurringgain/lossattributabletotheshareholdersoflistedcompany | 399,682,317.42 | 399,377,067.21 | 487,093,457.19 | 236,850,847.39 |
| NetCashflowgeneratedbybusinessoperation | 1,404,783,085.32 | 492,883,697.23 | 1,147,044,563.19 | 514,783,049.54 |
Whethersignificantvariancesexistbetweentheabovefinancialindexortheindexwithitssumandthefinancialindexofthequarterlyreportaswellassemi-annualreportindexdisclosedbytheCompany.
□Yes√No
4.Shareholdersandactualcontroller
1)Numberofcommonshareholdersandpreferredshareholderswithvotingrightsrestoredandshareholdingoftop10shareholders
Totalnumberofcommonshareholdersattheendofthereportingperiod
| Totalnumberofcommonshareholdersattheendofthereportingperiod | 57,026 | Totalshareholdersattheendofthemonthfromthedateofdisclosingtheannualreport | 54,926 | 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 | 410,105,738 | 103,379,742 | Notapplicable | 0 | |||||||
| GuangdongHighwayConstructionCo.,Ltd, | State-ownedlegalperson | 22.30% | 466,325,020 | 466,325,020 | Notapplicable | 0 | ||||||||
| ShandongTonghuiCapitalInvestmentyGroupCo.,Ltd. | State-ownedlegalperson | 9.68% | 202,429,927 | 202,429,927 | 202,429,927 | Notapplicable | 0 | |||||||
| GuangdongProvincialFreewayCo.,Ltd. | State-ownedlegalperson | 2.53% | 52,937,491 | 19,582,228 | 33,355,263 | Notapplicable | 0 | |||||||
| ChinaPacificLifeInsuranceCo.,Ltd.-ChinaPacificLifeEquityDividendProduct(LifeProprietaryTrading)EntrustedInvestment(ChangjiangPension) | Other | 1.81% | 37,812,274 | 37,812,274 | Notapplicable | 0 | ||||||||
ChinaConstructionBank－Huatai-PineBridgeCSIDividendLowVolatilityExchange-TradedOpen-EndIndexSecuritiesInvestmentFund
| ChinaConstructionBank－Huatai-PineBridgeCSIDividendLowVolatilityExchange-TradedOpen-EndIndexSecuritiesInvestmentFund | Other | 1.75% | 36,631,729 | 36,631,729 | 0 | 36,631,729 | Notapplicable | 0 |
| OrientSecurities | State-ownedlegalperson | 0.78% | 16,353,348 | 3,657,235 | 0 | 16,353,348 | Notapplicable | 0 |
| XinyueCo.,Ltd. | Overseaslegalperson | 0.63% | 13,201,086 | 0 | 0 | 13,201,086 | Notapplicable | 0 |
| ChinaMerchantsSecuritiesCo.,Ltd. | State-ownedlegalperson | 0.61% | 12,759,087 | 8,883,287 | 0 | 12,759,087 | Notapplicable | 0 |
| ChinaLifeInsuranceCo.,Ltd－Dividends-Individualdividends-005L－FH002Shanghai | Other | 0.55% | 11,594,185 | 10,511,685 | 0 | 11,594,185 | Notapplicable | 0 |
| Strategicinvestororgenerallegalpersonbecomingtop-10ordinaryshareholderduetorightsissue(ifany)(seenote3) | GuangdongCommunicationGroupCo.,Ltd.istheparentcompanyofGuangdongHighwayConstructionCo.,Ltd.，GuangdongProvincialFreewayCo.,Ltd.andXinyueCo.,Ltd.,ItisunknownwhetherthereisrelationshipbetweenothershareholdersandwhethertheyarepersonstakingconcertedactionspecifiedintheRegulationsonDisclosureofInformationaboutChangeinShareholdingofShareholdersofListedCompanies. | |||||||
| Top10shareholdersincludingthespecialaccountforrepurchase(ifany)(seenote10) | None | |||||||
Informationofshareholdersholdingmorethan5%oftheshares,thetop10shareholdersandthetop10shareholdersofunrestrictedtradablesharesparticipatinginthelendingofsharesinsecuritieslendingandborrowingbusiness
□Applicable√NotapplicableThetop10shareholdersandthetop10shareholdersofunrestrictedtradableshareshavechangedcomparedwiththepreviousperiodduetothesecuritieslending/returning,
□Applicable√Notapplicable
2)OverallPreferenceSharesholdersandHeldbytheToptenPreferenceShareholders
□Applicable√NotapplicableN/A
3)BlockDiagramoftheownershipandcontrolrelationsbetweenthecompanyandtheactualcontroller
5.Statusofbondsremainingontheapprovaldateoftheannualreportt
□Applicable√Notapplicable
III.ImportantmattersDuringthereportingperiod,theCompanyreceivedrelevantgovernmentdocuments,clarifyingthattheGuangzhou-FoshanExpresswaywouldbetakenbackformanagementbythegovernment.Theoperational,management,andmaintenanceexpensesadvancedbyGuangfoCompanywouldbepaidtoGuangfoCompanybytherelevantentitiesafterauditandsettlementwerecarriedoutinaccordancewithprocedures.TheCompanyholds75%equityinGuangfoCompany.GuangfoCompanyreversedthepreviouslyaccruedbaddebtprovisionfortheadvancedGuangzhou-FoshanExpresswaymanagementandmaintenanceexpenses.TheCompanywillcarryoutthehandoverproceduresfortheGuangzhou-FoshanExpresswayinaccordancewithrelevantregulationsandprocesses.TheCompanywillmakeseparateannouncementsregardingtheprogressoftherelatedmatters.
24.56%
| 24.56% | 2.53% |
GuangdongProvincialExpresswayDevelopmentCo.,Ltd
GuangdongProvincialExpresswayDevelopmentCo.,LtdGuangdong
HighwayConstructionCo.,
Guangdong
HighwayConstructionCo.,Guangdong
ProvinceTransportationDevelopment
Guangdong
ProvinceTransportationDevelopment
22.30%
| 0.10% | 22.30% |
Guangdong
Province
| GuangdongProvince | GuangdongXinyueCo.,Ltd. |
State-ownedAssetsSupervisionandAdministrationCommissionthepeople’sGovernment
State-ownedAssetsSupervisionandAdministrationCommissionthepeople’sGovernment
GuangdongCommunicationGroup
GuangdongCommunicationGroup
0.63%
Descriptionofprovisionalannouncement
| Descriptionofprovisionalannouncement | Dateofdisclosingprovisionalannouncement | Descriptionofthewebsitefordisclosingprovisionalannouncements |
| Announcementofimportantmatters | March15,2025 | http://www.cninfo.com.cn |