GuangdongProvincialExpresswayDevelopmentCo.,Ltd.
2025AnnualReport
March2026
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,theCompanywoulddistributecashdividendtoalltheshareholdersattherateofCNY6.04forevery10shares(withtaxinclusive),0bonusshares（includingtax）andnoreservewouldbeconvertedintosharecapital.
TableofContents
I.ImportantNotice,TableofcontentsandDefinitionsII.CompanyProfile&FinancialHighlights.III.ManagementDiscussion&AnalysisIV.CorporateGovernanceandEnvironmentalSocialV.ImportantEventsVI.ChangesinsharesandinformationaboutShareholdersVII.CorporateBondVIII.FinancialReport
Documentsavailableforinspection
1.Accountingstatementscarriedwithpersonalsignaturesandsealsoflegalrepresentative,GeneralManager,ChiefFinancialofficer（Chiefaccountant）,thepersoninchargeoftheaccountingdepartment(thepersoninchargeoftheaccounting)FinancialPrincipal.
2.OriginalofAuditors’ReportcarriedwiththesealofCertifiedPublicAccountantsaswellaspersonalsignaturesofcertifiedPublicaccountants.
3.ThetextsofalltheCompany'sdocumentspubliclydisclosedonthenewspapersandperiodicalsdesignatedbyChinaSecuritiesRegulatoryCommissioninthereportperiod.
Definition
| Termstobedefined | Refersto | Definition |
| Reportingperiod,Thisyear | Refersto | January1,2025toDecember31,2025 |
| Reportingdate | Refersto | Theannualreportofthecompanywasapprovedbytheboardofdirectorson2025,thatisMarch13,2026 |
| YOY | Refersto | Comparedwith2024 |
| TheCompany,ThisCompany,GuangdongExpressway | Refersto | GuangdongProvincialExpresswayDevelopmentCo.,Ltd. |
| GuangfoCompany | Refersto | GuangdongGuangfoExpresswayCo.,Ltd. |
| GuanghuiCompany | Refersto | GuangdongGuanghuiExpresswayCo.,Ltd. |
| GuangzhuEastCompany | Refersto | JiangzhuExpresswayGuangzhuSectionCo.,Ltd. |
| YuegaoCapital | Refersto | YuegaoCapitalInvestment(Guangzhou)Co.,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,TianheDistrict,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 | GuangdongZhongzhixinGertifiedPublicAccountantsLLP |
| Officeaddress： | （Self-definedUnit01-04and06）Room1001,No.11ZhujiangEastRoad,TianheDistrict,GuangzhouCity |
| NamesoftheCertifiedPublicAccountantsasthesignatories | NieTieliang,DengJilong |
ThesponsorperformingpersistentsupervisiondutiesengagedbytheCompanyinthereportingperiod.
□Applicable√NotapplicableTheFinancialadvisorperformingpersistentsupervisiondutiesengagedbytheCompanyinthereportingperiod
□Applicable√Notapplicable
6.AccountingDataandFinancialIndicatorsWhetherithasretroactiveadjustmentorre-statementonpreviousaccountingdata
□Yes√No
| 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 |
Thelowerofthecompany’snetprofitbeforeandafterthedeductionofnon-recurringgainsandlossesinthelastthreefiscalyearsisnegative,andtheauditor'sreportofthepreviousyearshowsthattheCompany’sgoingconcernabilityisuncertain.
□Yes√NoThelowerofthenetprofitbeforeandafterthedeductionofthenon-recurringgainsandlossesisnegative.
□Yes√No
7.Thedifferencesbetweendomesticandinternationalaccountingstandards
1.Differencesinnetprofitsandnetassetsinthefinancialreportdisclosedundertheinternationalaccountingstandardsandthatdisclosedunderthedomesticaccountingstandards
□Applicable□√NotapplicableTherewasnodifferenceinnetprofitsandnetassetsinthefinancialreportdisclosedundertheinternationalaccountingstandardsandthatdisclosedunderthedomesticaccountingstandardsduringthereportperiod.
2.Differencesinnetprofitsandnetassetsinthefinancialreportdisclosedundertheoverseasaccountingstandardsandthatdisclosedunderthedomesticaccountingstandards
□Applicable√NotapplicableTherewasnodifferenceinnetprofitsandnetassetsinthefinancialreportdisclosedundertheoverseasaccountingstandardsandthatdisclosedunderthedomesticaccountingstandardsduringthereportperiod.
8.MainFinancialIndexbyQuarters
InRMB
| 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
9.Itemsandamountofnon-currentgainsandlosses
√Applicable□Notapplicable
InRMB
| Item | Amount(2025) | Amount(2024） | Amount(2023) | Notes |
| Non-currentassetdisposalgain/loss(includingthewrite-offpartforwhichassetsimpairmentprovisionismade) | 23,759,341.63 | 6,080,729.08 | 12,740,003.03 | |
| Governmentsubsidiesrecognizedincurrentgainandloss(excludingthosecloselyrelatedtotheCompany’sbusinessandgrantedunderthestate’spolicies) | 1,012,600.35 | 11,296,964.50 | 10,685,002.61 | |
| Gainandlossfromchangeofthefairvaluearisingfromtransactionalmonetaryassets,transactionalfinancialliabilitiesasheldaswellastheinvestmentincomearisingfromdisposalofthetransactionalmonetaryassets,transactionalfinancialliabilitiesandfinancialassetsavailableforsaleexcludingtheeffectivehedgingtransactioninconnectionwiththeCompany’snormalbusiness | 8,725,590.15 | 2,637,409.20 | 2,456,768.00 | |
| Capitaloccupationchargesonnon-financialenterprisesthatarerecordedintocurrentgainsandlosses | 742,880.50 | 1,284,835.59 | ||
| Netamountofnon-operatingincomeandexpenseexcepttheaforesaiditems | -910,572.44 | -1,689,556.16 | -4,515,527.98 | |
| Othernon-recurringGains/lossitems | 1,010,945.97 | 235,202.32 | 921,152.92 | |
| Theimpairmentprovisionfortheadvanceexpensesthathaveoccurredbutneedtobedefinedfromthesourceoffunds | 342,942,142.53 | -121,834,522.51 | -123,358,138.31 | ThemaintenanceandmanagementexpensesadvancedbyGuangfoCompanyhavebeenconfirmedtobereimbursedbytheProvincialLoanRepaymentCenter,andtheaccruedimpairmentprovisionshavebeenreversedaccordingly. |
| Less:Influencedamountofincometax | 8,633,279.22 | 9,343,308.39 | 988,084.33 | |
| Influencedamountofminorshareholders’equity(aftertax) | 90,315,723.75 | -28,875,751.28 | -30,770,056.69 | |
| Total | 278,333,925.72 | -82,456,495.09 | -71,288,767.37 | -- |
Detailsofotherprofitandlossitemsthatmeetthenon-recurringprofitandlossdefinition
□Applicable√NotapplicableTherearenoothergains/lossesitemsthatmeetthedefinitionofnon-recurringgains/lossesintheCompany.Explaintheitemsdefinedasrecurringprofit(gain)/lossaccordingtothelistsofextraordinaryprofit(gain)/lossinQ&AAnnouncementNo.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic---ExtraordinaryProfit/loss
□Applicable√NotapplicableTherearenoitemsdefinedasrecurringprofit(gain)/lossaccordingtothelistsofextraordinaryprofit(gain)/lossinQ&AAnnouncementNo.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic---ExtraordinaryProfit/loss.
III.ManagementDiscussion&AnalysisI.IndustryinformationoftheCompanyduringthereportingperiodTheCompanyismainlyengagedintollingandmaintenanceofGuangfoExpressway,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.II.MainBusinesstheCompanyisEngagedinDuringtheReportPeriod
TheCompany'sprincipalbusinessencompassestheinvestment,construction,tollcollection,andmaintenancemanagementofexpressways,gradehighways,andbridges,operatingwithinthehighwaymanagementandmaintenanceindustry.
Highways,particularlyexpressways,areacorecomponentofthemoderninfrastructuresystemandserveasacriticalpillarforeconomicandsocialdevelopment.Theyholdsignificantstrategicimportanceforsafeguardingnationalsecurity,smoothingthedomesticeconomiccycle,promotingthedualdomesticandinternationalcirculations,expandingdomesticdemand,andfosteringhigh-qualitydevelopment.
Withthesubstantialcompletionofthe"tenverticalandtenhorizontal"comprehensivetransportationcorridorsandthecontinuousadvancementofthe"71118"nationalexpresswaynetworkplan,China'sexpresswaynetworkisconsistentlyexpanding,andtheindustrymaintainsstablegrowth.AccordingtotheMinistryofTransport's2024StatisticalBulletinontheDevelopmentoftheTransportationIndustry,bytheendof2024,thetotallengthofexpresswaysinChinareached190,700kilometers,withanincreaseof7,000kilometerscomparedtotheendofthepreviousyear;Thetotallengthofnationalhighwaysreached5,490,400kilometers,withtheproportionofClassIVandabovehighwaysincreasingto97.3%.
Currently,China'seconomicdevelopmenthasenteredanewnormal,withsustainednationaleconomicgrowthandthedeepeningimplementationofnationalstrategiessuchastheGuangdong-HongKong-MacaoGreaterBayAreadevelopment.Consequently,thedemandforcomprehensiveexpresswaysupportservicesinsocietyisexpectedtoincreasesteadily.Inthefuture,asthecompletionrateofthemainframeworkforthenationalcomprehensivethree-dimensionaltransportationnetwork,comprisingthe"6axes,7corridors,and8channels"exceeds90%,China'sexpresswayindustrystillpossessessignificantroomfordevelopment.
Asacrucialinfrastructureindustryfornationaleconomicdevelopment,transportationdemandonexpresswaysispredominantlyrigiddemand,makingitrelativelyresilienttofluctuationsinthemacroeconomyandresultinginaweakindustrycyclicality.Giventhatexpresswayenterprisesprimarilygeneratecashincome,theircashflowisabundant,effectivelyensuringtheoperationalandfinancialrobustnessoftheindustry.Duringperiodsofeconomicprosperity,increasedtrafficvolumecandriveindustrygrowth;Duringeconomicadjustments,theindustry,leveragingitscharacteristicofrigiddemand,caneffectivelywithstandmarketshocksarisingfrommacroeconomicchanges.III.AnalysisOncoreCompetitiveness
(I)RegionalEconomicAdvantages:LeveragingtheGuangdong-HongKong-MacaoGreaterBayAreatofullyenjoydevelopmentdividendsTheCompany'scoretollroadsaresituatedintheGuangdong-HongKong-MacaoGreaterBayArea,oneofthemosteconomicallydynamicregionsinChina.Asthenation'sleadingeconomicprovince,GuangdongProvinceachievedaGrossDomesticProductofRMB14.16trillionin2024,rankingfirstinChinafor36consecutiveyearsandaccountingfor10.5%ofthenationalGDPtotal.Theregionpossessesrobustforeigntradestrength,withtotalannualimportsandexportsexceedingRMB9trillionforthefirsttime,rankingfirstnationallyfor39consecutiveyears.Thisrepresentsayear-on-yeargrowthof9.8%,contributingnearly40%tothenationalforeigntradegrowth.Theindustrialstructureiscontinuouslyoptimized.Theaddedvalueoftheadvancedmanufacturingandhigh-techmanufacturingsectorsgrewby8.2%and9.1%respectively,accountingfor55.3%and34.7%ofthetotalvalueaddedbyindustriesabovethedesignatedsize.Theaddedvalueofstrategicemergingindustriesincreasedto28.5%ofGDP.Thethrivingregionaleconomyprovidesasoliddemandfoundationforthegrowthoftrafficvolumeonexpressways.(II)StrategicLocationNetwork:CorechannelassetsoccupyingkeynodesofroadnetworkTheexpresswaysinvestedinandheldbytheCompanyareallkeycomponentsofthemainframeworkofbothnationalandprovincialroadnetworks,formingastrategicassetlayoutcoveringthecoreareaofthePearlRiverDelta:
| TollRoadName | ShareholdingStatus | StrategicPositioning | RoadNetworkFunction |
| Foshan–KaipingExpressway | Wholly-owned | "FiveVerticalandSevenHorizontal"NationalTrunkHighways,"71118"NationalExpresswayNetwork | StrategicwestwardchannelfromtheGuangdong-HongKong-MacaoGreaterBayArearadiatingintothegreaterSouthwestregion |
| Beijing-ZhuhaiExpressway(Guangzhou-ZhuhaiSection) | Controlled | MainFrameworkofGuangdongProvince's"TwelveVertical,EightHorizontal,TwoRings,SixteenRadial"network | MajorexpresswayarteryconnectingtheeastandwestbanksofthePearlRiverDelta |
| Guangzhou-HuizhouExpressway | Controlled | MainFrameworkofGuangdongProvince's"TwelveVertical,EightHorizontal,TwoRings,SixteenRadial"network | ImportantseawardchannelconnectingGuangzhoueastwardtotheEasternGuangdongregion |
| Investedexpressways | Invested | MainFrameworkoftheGuangdongProvincialExpresswayNetworkPlan | Keynodesforinterconnectionwithintheprovince'scoreeconomicregions |
(III)RigidDemandCharacteristics:Strongcashgenerationcapability,prominentcounter-cyclicalattributes
Transportationdemandonexpresswaysispredominantlyforessentialtravel,makingitrelativelylesssusceptibletomacroeconomicfluctuations.TheCompany'stollroadassetsaresituatedinacoreeconomicregionwithaGDPexceedingRMB14trillion,wherepassengerandfreighttransportdemandisbothrobustandstable.Thetollroadbusinessmodelismature,ensuringtimelyandamplecashrecoveryandastablefinancialstructure.ThisendowstheCompanywithstrongriskresistanceandsustainableoperationalcapacity.
(IV)SustainedMomentumforDevelopment:Regionalstrategicdepth,vastgrowthpotential
Withtheacceleratedformationofthemainskeletonofthenationalcomprehensivethree-dimensionaltransportationnetworkcomprisingthe"6axes,7corridors,8channels,"thedeepeningintegrationoftheGuangdong-HongKong-MacaoGreaterBayArea,andtheimplementationofGuangdongProvince's"OneCore,OneBelt,OneZone"regionaldevelopmentstrategy,theeconomicagglomerationeffectandtransportationdemandintheregionswheretheCompany'scoretollroadsarelocatedwillcontinuetostrengthen.Thiswillprovidelong-termimpetusforfuturetrafficvolumegrowthandtollrevenueenhancement.IV.MainbusinessanalysisⅠ.General
(1)Theoverallsituation
In2025,theCompany,closelyadheringtothestrategyofbuildingChina'sstrengthintransportation,willfocusonthemainthemesofsuccessfullyconcludingthe"14thFive-YearPlan"andstrategicallyplanningforthe"15thFive-YearPlan".Itwillanchoritselftoitsprincipalresponsibilitiesandcorebusiness,solidifythefoundationoftransportationinfrastructure,andachievesignificantresultsinmultipleareas,includingacceleratingexpresswayreconstructionandexpansionprojects,andenhancingthequalityandefficiencyofserviceareas.
1)Aimatsteadydevelopmentofitsmainbusinessandsteadilypromotethereconstructionandexpansionofmultipleparticipatingandcontrollingprojects.Duringthereportingperiod,theHuizhou-YantianExpresswayreconstructionandexpansionprojectwascompletedandopenedtotraffic;ThereconstructionandexpansionprojectsoftheGuangzhou-HuizhouExpressway,Beijing-ZhuhaiExpressway(Guangzhou-ZhuhaiSection),andYuezhaoExpresswaywereimplementedinanorderlymanner.
2)Promotethequalityimprovementandupgradingofexpresswayserviceareas.Duringthereportingperiod,theZhishanServiceArea(NorthZone)commencedoperationsandwasselectedforthe"2025NationalTypicalInnovativeCasesofTransportationandEnergyIntegrationDevelopment".Completedthemicro-renovationprojectofYayaoServiceArea,achievingtangibleresultsinthe"BaiqianwanProject"and"GreenandBeautifulGuangdong"initiatives.
3)Comprehensivelyenhancetheleveloftollroadpassageservicecapabilities.TheCompanysupervisedtheroadsectioncompanytoguaranteesmoothandsafeservicesduringmajorholidays,strengthenandincreasepatrolinspectionsbyroadadministration,deepenthelinkageandcooperationmechanismbyroadpoliceandemergencyjointservices,ensureexcessrejectionatentrancesandaccurateissuanceofETCattollstations,strengthensafetysupervisionofroadoccupationconstruction,andensureroadsafetyandunimpededaccess.
4)Strengthenedthereserveofhigh-qualitycorebusinessprojects,conductingon-siteinvestigationsandduediligenceonmultipleexpresswayprojects;advancedin-depthresearchandpreliminaryworkforkeyprojects,completedinvestmentapprovalfor3strategicemergingindustryprojects,layingasolidfoundationforsubsequentinvestmentimplementation.
(2)Participateintheholdingoftheexpresswaysituation
| Volumeofvehicletrafficin2025（Tenthousandsvehicles） | Increase/Decrease(%) | Tollincomein2025（Tenthousands） | Increase/Decrease(% | |
| GuangfoExpressway | 10,374.41 | 4.54% | - | - |
| Volumeofvehicletrafficin2025（Tenthousandsvehicles） | Increase/Decrease(%) | Tollincomein2025（Tenthousands） | Increase/Decrease(% | |
| 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-yearincreaseintrafficvolumeandtollrevenue,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.
2.Revenueandcost
(1)ComponentofBusinessIncome
InRMB
| 2025 | 2024 | Increase/decrease | |||
| Amount | Proportion | Amount | Proportion | ||
| Totaloperatingrevenue | 4,469,738,160.51 | 100% | 4,569,903,078.72 | 100% | -2.19% |
| Industry | |||||
| Highwaytransportations | 4,382,615,622.73 | 98.05% | 4,499,825,267.43 | 98.47% | -2.60% |
| Other | 87,122,537.78 | 1.95% | 70,077,811.29 | 1.53% | 24.32% |
| Product | |||||
| Highwaytransportations | 4,382,615,622.73 | 98.05% | 4,499,825,267.43 | 98.47% | -2.60% |
| Other | 87,122,537.78 | 1.95% | 70,077,811.29 | 1.53% | 24.32% |
| Area | |||||
| GuangfoExpressway | 0.00 | 0.00% | -4,985.14 | 0.00% | -100.00% |
| FokaiExpressway | 1,423,776,151.84 | 31.85% | 1,495,267,944.19 | 32.72% | -4.78% |
| JingzhuExpresswayGuangzhuSection | 955,537,535.87 | 21.38% | 1,079,757,126.95 | 23.63% | -11.50% |
| GuanghuiExpressway | 2,003,301,935.02 | 44.82% | 1,924,805,181.43 | 42.12% | 4.08% |
| Other | 87,122,537.78 | 1.95% | 70,077,811.29 | 1.53% | 24.32% |
| Sub-salesmodel | |||||
| Highwaytransportations | 4,382,615,622.73 | 98.05% | 4,499,825,267.43 | 98.47% | -2.60% |
| Other | 87,122,537.78 | 1.95% | 70,077,811.29 | 1.53% | 24.32% |
(2)SituationofIndustry,ProductandDistrictOccupyingtheCompany’sBusinessIncomeandOperatingProfitwithProfitover10%
√Applicable□Notapplicable
InRMB
| Turnover | Operationcost | Grossprofitrate(%) | Increase/decreaseofrevenueinthesameperiodofthepreviousyear(%) | Increase/decreaseofbusinesscostoverthesameperiodofpreviousyear(%) | Increase/decreaseofgrossprofitrateoverthesameperiodofthepreviousyear(%) | |
| Industry | ||||||
| Highwaytransportations | 4,382,615,622.73 | 1,550,797,515.98 | 64.61% | -2.60% | -2.95% | 0.19% |
| Product | ||||||
| Highwaytransportations | 4,382,615,622.73 | 1,550,797,515.98 | 64.61% | -2.60% | -2.95% | 0.19% |
| Area | ||||||
| FokaiExpressway | 1,423,776,151.84 | 591,557,687.21 | 58.45% | -4.78% | 7.20% | -7.37% |
| JingzhuExpresswayGuangzhuSection | 955,537,535.87 | 331,437,571.68 | 65.31% | -11.50% | -8.48% | -1.72% |
| GuanghuiExpressway | 2,003,301,935.02 | 630,891,787.95 | 68.51% | 4.08% | -7.78% | 6.28% |
| Sub-salesmodel | ||||||
| Highwaytransportations | 4,382,615,622.73 | 1,550,797,515.98 | 64.61% | -2.60% | -2.95% | 0.19% |
Undercircumstancesofadjustmentinreportingperiodforstatisticscopeofmainbusinessdata,adjustedmainbusinessbasedonlatestonyear’sscopeofperiod-end.
□Applicable√Notapplicable
(3)WhethertheCompany’sPhysicalSalesIncomeExceededServiceIncome
□Yes√No
(4)DegreeofPerformanceoftheSignificantSalesContractSigneduptothisReportPeriod
□Applicable√Notapplicable
(5)ComponentofbusinesscostIndustrycategory
InRMB
| Industrycategory | Item | 2025 | 2024 | Increase/Decrease(%) | ||
| Amount | Proportionintheoperatingcosts(%) | Amount | Proportionintheoperatingcosts(%) | |||
| Highwaytransportations | DepreciationandAmortized | 1,006,654,332.36 | 63.47% | 1,050,490,831.47 | 64.40% | -4.17% |
| Highwaytransportations | Outofpocketexpenses | 544,143,183.62 | 34.31% | 547,507,414.33 | 33.57% | -0.61% |
| Other | Other | 35,347,834.01 | 2.23% | 33,076,019.31 | 2.03% | 6.87% |
(6)WhetherChangesOccurredinConsolidationScopeintheReportPeriod
□Yes?No
(7)RelevantSituationofSignificantChangesorAdjustmentoftheBusiness,ProductorServiceintheCompany’sReportPeriod
□Applicable√Notapplicable
(8)SituationofMainCustomersandMainSupplier
□Applicable√Notapplicable
3.Expenses
InRMB
| 2025 | 2024 | Increase/Decrease(%) | Notes | |
| Administrativeexpenses | 200,164,930.86 | 203,389,242.59 | -1.59% | |
| Financialexpenses | 72,222,083.76 | 126,040,674.05 | -42.70% | Interestexpensesdecreasedduetolowerloaninterestratesandtherepaymentofmedium-termnotes. |
| R&Dexpenses | 6,071,273.33 | 5,083,785.20 | 19.42% |
4.ResearchandDevelopment
√Applicable□Notapplicable
| NameofmainR&Dproject | Projectpurpose | Projectprogress | Goaltobeachieved | ExpectedimpactonthefuturedevelopmentoftheCompany |
| Post-evaluationofBridgeReinforcement | AccordingtotheNoticeonIssuingtheDevelopmentOutlineandWorkBreakdownSheetforMaintenanceManagementofGuangdongProvincialTransportationGroup's"14thFiveYearPlan"Expressway,throughon-siteinspectionandresearch,itestablishesatechnicalandeconomicanalysismodelforbridgemaintenanceengineeringtodeeplyanalyzetheprincipleofpostevaluationmethodsandbuildatechnicalsystemforpost-evaluationofbridgemaintenanceengineeringeffects;anddevelopstheevaluationguidelinesfortechnicalmeasuressuchasmaintenance,treatment,reinforcement,andreconstructionofexpresswaybridgesinGuangdongProvince. | Ithasbeenclosed | ResearchReportonPost-evaluationTechnologyforReinforcementEffectofBoxGirderBridgesonIn-serviceFoshan–KaipingExpressway | Enhancebridgemanagementandmaintenancelevel |
| ResearchonTrafficSafetyImprovementStrategiesforExpresswaySectionswithHighTrafficVolumeandAccidents | Thereare16small-radiusbendsalongtheentireFoshan–KaipingExpressway,mainlyinthesouthernsection,wherevehiclesarepronetotrafficaccidentsduetohighspeed,strongcentrifugalforce,andclosevisualdistance,especiallyinrainydays,whichcancauseskiddingandlossofcontrol.InordertopreventandresolveroadtrafficrisksandimprovethedrivingsafetylevelonFoshan–KaipingExpressway,acomprehensiveevaluationofthesafetytechnologyofFoshan–KaipingExpresswayisproposed,combinedwithtypicaltrafficaccidentsforcomprehensiveanalysis,andacomprehensiveimprovementplanforroadtrafficsafetyisproposed. | Ithasbeenclosed | ResearchReportonCountermeasuresforImprovingTrafficSafetyinAccident-ProneSectionsofHigh-Traffic-VolumeExpressways(Foshan–KaipingExpressway) | Enhanceroadsafetylevel |
| ResearchonKeyTechnologiesforDigitalApplicationofExistingExpresswaysBasedon | Throughtheresearchofsuchtopic,itformstheevaluationcriteriaandrecommendeddeploymentprinciplesforperceptionindicatorsofholographicperceptionanddigitalfront-end | Itisinthemid-term | ResearchReportonKeyTechnologiesforDigitizingExistingExpresswaysBasedonHigh-PrecisionDigitalBaseMaps(Foshan–KaipingExpressway) | Enhancedigitalandintelligentmanagementandmaintenancelevel |
| NameofmainR&Dproject | Projectpurpose | Projectprogress | Goaltobeachieved | ExpectedimpactonthefuturedevelopmentoftheCompany |
| HighPrecisionDigitalBaseMaps | perceptiondevicesforexpressways,andinadditionitcanformakeytechnicalsystemsuitablefortheoperationandsafetyguaranteeoftheFoshan–KaipingExpresswaythroughthetechnicalresearchontheintegrationofdigitaldataofmainlinetrafficflowandhigh-precisiondigitalbasemaps,soastoguidetheconstructionandmanagementofexpressways,andprovidereferenceforsimilarexpresswayconstructionnationwide. | |||
| ResearchonKeyTechnologiesforSafetyEvaluationofHighwayTransportationofLargeItems | Theincreasinglyfrequenttransportationoflargeitemsonhighwaysposesnewrequirementsfortheload-bearingcapacityofhighways,especiallybridges,andalsochallengesontheevaluationofbridgecapacityunderoverweightloads.Toensurethesafetransportationofoverweightandoversizeditemsthroughbridges,itisnecessarytoevaluatethebearingcapacityofthebridgeinarelativelyshortperiodoftime,inordertodeterminewhetheritcanpassandwhethertemporaryreinforcementorotherreinforcementmeasuresneedtobetaken.Thesafetyevaluationofbridgeswillbecomeakeylinkinthetransportationoflargeitemsonhighways,anditsspeedandsafetyarecrucial. | Itisinthemid-term | TechnicalGuidelinesforHighwayPassageSafetyforLargeItemTransportation | Enhanceroadsafetylevel |
| DevelopmentoftheTransportationStandardizationGuidingTechnicalDocument"DesignGuidelinesforDrainageofWideExpresswayPavements" | AccordingtotherequirementsoftheGuangdongProvincialDepartmentofTransportation'sNoticeonAnnouncingthe2024RevisionandDevelopmentProjectsforGuangdongProvincialTransportationStandardizationGuidingTechnicalDocuments(YJKZi[2024]No.275),fullyutilizetheachievementsofthe"ResearchonKeyTechnologiesforExpresswayDrainageDesign"projecttoextractandsummarizetechnologiesrelatedtodrainagedesignforwideexpresswaypavements,andformaguidingdocumentthatcanbepromotedandusedwithin | Ithasbeenopened | TransportationStandardizationGuidingTechnicalDocument"DesignGuidelinesforDrainageofWideExpresswayPavements" | Formindustryguidingdocuments,enhanceroadoperationalsafety |
| NameofmainR&Dproject | Projectpurpose | Projectprogress | Goaltobeachieved | ExpectedimpactonthefuturedevelopmentoftheCompany |
| theprovince. | ||||
| ResearchonLong-TermPerformanceEvaluationandMaintenanceStrategiesforPrecastSegmentalErectedPrestressedConcreteContinuousBoxGirderBridges | Durabilityissueswithprecastsegmentalassembledbridgeshavelongexisted.InternaldefectsinthemainbridgejointsofJiujiangBridge,insufficientgroutingininternaltendonducts,andsteeltendoncorrosionallposeserioussafetyhazards.Toensurethatthesafetyanddurabilityofthelong-spanerectedstructureoftheJiujiangBridgemainbridge,whichhasbeeninserviceformanyyears,meetexpectedstandards.Throughresearchoninternaldamagedetectiontechnology,structuralperformanceevaluationmethods,andmaintenancestrategiesforlong-spanassembledprestressedconcretecontinuousbeambridges,trulyunderstandthein-servicetechnicalcondition,bearingcapacity,anddurabilityoftheprestressederectedbridgesuperstructure,therebypromptlyidentifyingpotentialbridgehazardsandproposingappropriaterepairandreinforcementmeasuresforsubsequentmaintenance,ensuringthesafeoperationandnormalservicelifeofthebridge. | Ithasbeenopened | ReportonLong-TermPerformanceEvaluationandMaintenanceStrategiesforPrecastSegmentalErectedPrestressedConcreteContinuousBoxGirderBridges | Enhancebridgemanagementandmaintenancelevel |
| ResearchonKeyTechnologiesforDesignofExistingPavementReconstructionandExpansion | Focusonsolvingthemainissuesintherenovationandutilizationofoldpavementandwideningdesignforthisproject | Closurestage | Improvethelife-cycleeconomicrationalityofnewandoldpavements,andensurebalanceddurabilitybetweennewandoldpavements | Helpsolvekeytechnicaldifficultiesinpavementdesignduringexpresswayexpansion,andenhanceengineeringdesignandconstructionquality |
| ResearchonKeyTechnologiesforDesignofExistingBridgesandTunnelsReconstructionandExpansion | Focusonsolvingthedesignchallengesduringthereconstructionandexpansionofexistingbridgesandtunnelsforthisproject | Closurestage | Enhancethesafetyanddurabilityofbridgeandtunnelstructures |
Helpsolvedesignchallengesinthereconstructionandexpansionofexistingexpresswaybridgesandtunnels,andimprovestructuralsafety,durability,andeconomy
| ResearchonConstructionTechnologyforNewMicro-PilesinCuttingSlopesofGuangzhou-HuizhouExpressway | Thisprojectreliesonthefirstapplicationofmicro-pilesinslopereinforcementengineeringonGuangzhou-HuizhouExpressway.Combinedwiththeemergencytreatmentprojectfortheright-sidecuttingslopeatJinlongInterchangeBK0+000~BK0+295onS21Guangzhou-HuizhouExpressway,researchontheconstructiontechnologyfornewmicro-pilesin | Closurestage | Summarizetheapplicableconditions,keydesignparameters,andconstructiontechnologyfornewmicro-piles(compositestructureofsectionsteelmicro-pile+prestressedanchorcablecappingbeam). | Theresearchoutcomesofthisprojectaresignificantlyinnovativeandhavebeendirectlyappliedtoexpresswayslopemaintenanceandreinforcementwork,achievingnotablesocialandeconomicbenefits |
| NameofmainR&Dproject | Projectpurpose | Projectprogress | Goaltobeachieved | ExpectedimpactonthefuturedevelopmentoftheCompany |
| cuttingslopeswillbeconducted,summarizingdesign,construction,andqualitycontrolexperiencetoprovideareferenceforsimilarprojects. | ||||
| ResearchonSplicingTechnologyofBridgeIrregularStructuresunderComplexConstructionConditionsBasedonFactoryProduction | Basedonthestressperformancerequirementsoftheconcretebridgesplicedwidthwithmediumandsmallspans,byexploringtheoverallandlocalmechanicalpropertiesofsplicedbridges,itsystematicallyproposesthetheoreticalmechanismofdifferenttypesofstructuralsplicingformediumandsmallspans,whichsignificantlyimprovesthetheoreticallevelofsplicingforbridgeswithdifferentstructuresinexpresswayreconstructionandexpansion. | Ithaspassedthemid-termreview | Throughresearchonwideningdifferentbridgestructures,itcanimprovetheconstructionefficiencyforwideningmediumandsmall-spanbridges,directlyreducingconstructiondurationinputbyover15%. | TheimplementationofthisprojectholdssignificantguidingimportanceforthisprojectandsubsequentreconstructionandexpansionprojectsintheGreaterBayArea. |
| ResearchonSoilSqueezingEffectandSettlementControlofDeepSoftFoundationinEmbankmentofReconstructionandExpansionProject | Thedesign,construction,evaluationofpipepilesoilsqueezingeffectofsqueezedbranchpiles,andintelligentconstructionofcementmixingpilesinthestudyofsoftfoundationtreatmentforexpansionandreconstructionintheprovincearemajorissuesthaturgentlyneedtobestudiedandsolved. | Ithasalreadypassedtheproposalreview | Theimplementationofthisprojectwillformabatchofdesignmethodsandtechnicalsystemswithindependentintellectualpropertyrights,providingtechnicalsupportforexpresswayreconstructionandexpansionprojectsonthicksoftsoilfoundations,significantlyenhancingtheconstructionqualityofsuchprojectsinChina'ssoftsoilregions. | Withincreasingtrafficvolume,roadswithintheGreaterBayAreajurisdiction,representedbytheGuangzhou-AomenExpresswayNansha-ZhuhaiSection(referredtoasGuangzhou-ZhuhaiEastLine),arealllocatedinsoftsoildevelopmentareas.Someembankmentsectionsarestillundergoingcontinuoussettlement,imposinghighrequirementsforembankmentsoftsoiltreatmentinexpansionprojects.Theimplementationofthisprojectcanimprovesoftsoiltreatmentlevelsandreducelater-stagemaintenancecosts. |
| ResearchontheDesignandMaintenanceTechnologyofWideRoadsurfaceDrainageSystemforExpressways | Atpresent,asthereisnoclearsystemforthedrainageofultra-wideroadsurfaceathomeandabroad,itisveryimportanttoimprovethecomprehensivedrainagecapacityofultra-wideroadsurfacebyimprovingandoptimizingthedesign,constructionandmaintenanceprotocolofroadsurfacedrainagesystemandevaluatingtheefficiencyofdrainagesystem,whichwillbecomethenewnormalinexpresswayconstructioninChina. | Ithaspassedthemid-termreview | Theimplementationofthisprojectwillformabatchofdesignmethodsandtechnicalsystemswithindependentintellectualpropertyrights,providingtechnicalsupportforreconstructionandexpansionprojectsofwideexpresswaypavementdrainagesystems,significantlyenhancingtheconstructionqualityofsuchprojectsinChina. | Addressingissuessuchasmanpowerconsumptionanddelayedproblemdetectioninthesupervisionandmaintenanceofexpresswaydrainagefacilities,deploydevicessuchaswaterfilmmonitoringequipment,pipelinerobots,andpavementsurfaceinspectionrobotstocollectkeydatafortrainingandimprovingdrainagesystemevaluationmodels,integratetheseintoacloud-technology-baseddrainagesystemsupervisionandmaintenancesystemtoachievedigital,visual,andstandardizedmanagementofdrainagefacilityblockages,damage,andrunoffpollution,andconduct |
| NameofmainR&Dproject | Projectpurpose | Projectprogress | Goaltobeachieved | ExpectedimpactonthefuturedevelopmentoftheCompany |
| demonstrationapplicationsofadvancedinformation-basedcloudplatformsondesignatedroadsections. | ||||
| ResearchonComprehensiveMeasuresforCollisionPreventionofExistingBridgesunderComplexNavigationConditionsinReconstructionandExpansionProjects | Basedontheactualdemandofcollisionpreventionofexistingbridgepiersinreconstructionandexpansionprojects,throughsystematicresearchonthestructuralcharacteristicsofthebridgeitselfandthechannelenvironment,itstudiesthemeasuresthatcanbetakenfortheexistingbridgestomeetthecurrentbridgespecifications,makeupfortheshortcomingsofexistingresearch,andsignificantlyimprovethecollisionpreventionperformanceofexpresswayreconstructionandexpansionintobridges,whichisofgreatsignificanceforensuringthesafetyandpracticalityofbridgesandpromotingtheirapplicationinconstructionprojects. | Ithasalreadypassedtheproposalreview | Developkeytechnologiesforresearchonmeetingnewspecificationsforshipcollisionpreventionbasedonexistingbridges,reducingshipcollisionriskbyover15%;developshipcollisionpreventionsolutionssuitableforexistingbridges,reducingmaintenancecostsbyover20%. | Guangzhou-AomenExpresswaycrossesmultipleClassInavigablewaterways.Theimplementationofthisprojectcaneffectivelyreduceshipcollisionriskandenhanceprojectsafety. |
| ResearchonRapidQualityInspectionMethodforSqueezedBranchandPlatePilesBasedonStressWaveTheory | Addressingindustrypainpointssuchashighcost,longcycletime,anddifficultyinconductinggeneralsurveysforthequalityinspectionofsqueezedbranchandplatepilesinhighwayengineeringduetotheuniquecharacteristicsofthebranch/platestructure,thisprojectreliesonstresswavetheorytoresearchanddevelopadaptedrapidinspectiontechnologyandequipmentforbranch/plateintegrityandsinglepilebearingcapacity.Itaimstoestablishastandardizedinspectionmethodsystem,provideefficientandlow-costsolutionsforengineeringqualitycontrol,promotethestandardizedapplicationofthisoriginaltechnology,andfillthegapsinexistinginspectionmethods. | Contractsigned | Developonesetofrapidinspectionequipmentforsqueezedbranchandplatepilesintegratingamedium-strainexcitationsystem,improvedacousticwavedetectionequipment,andrapidloadtestexcitationdevices.Thiscanachievecostsavingsofover70%perpileforbranch/plateintegritytestingandover90%perpileforsinglepilebearingcapacitytesting,withinspectionefficiencyimprovedbyover60%comparedtotraditionalmethods,significantlyreducinginspectioncostsandenhancingengineeringqualitycontrolefficiency. | TheresearchoutcomesofthisprojectwillhelptheCompanymastercoretechnologyforrapidinspectionofsqueezedbranchandplatepiles,formindependentintellectualpropertyrights,consolidateitsleadingtechnicalpositionandindustrydiscoursepowerinthefieldofhighwayengineeringpilefoundationinspection. |
| ResearchonKeyTechnologyforToughnessEvaluationofBondedSteelPlateComponentsonExistingConcreteBridges | Addressingindustrypainpointssuchaslowprecisionoftraditionalinspectionmethods,pooradaptabilityofbondperformanceevaluation,andlackofquantitativemeansforassessingreinforcementeffectandresidualmechanicalpropertiesofbondedsteelplatecomponentsonexistingconcretebridges,thisprojectreliesontypicalbridgesintheGuangzhou-AomenExpresswayandGuangzhou-ShenzhenExpresswayreconstructionandexpansion | Contractsigned | Thisprojectplanstodevelopaninfrared-ultrasoniccombinedinterfacebondqualitydetectionmethodandaconstrainedcompensationbondstrengthinversionmethod.Establishaninterfacebonddegradationpredictionmodelconsideringmulti-factorcouplingandacalculationmethodforthereinforcementeffectdegradationcoefficient.Formanevaluationsystemforresidualbendingandshear | Providepreciseinspectionandevaluationsolutionsforthecompany'scontractedreconstructionandexpansionprojectsandbridgemaintenanceprojects,avoidingexcessiveorinsufficientmaintenance,reducingprojectlife-cyclemaintenancecosts,strengtheningthe"technology-driven,quality-guaranteed"brandimage,andassistingtheCompany'scontinuousexpansioninthetransportation |
| NameofmainR&Dproject | Projectpurpose | Projectprogress | Goaltobeachieved | ExpectedimpactonthefuturedevelopmentoftheCompany |
| projects.Itaimstodevelophigh-precisiondetectiontechnologyforthe"steelplate-adhesive-concrete"interface,abondperformancedegradationassessmentmethodundermulti-factorcoupling,andastructuraltoughnessquantitativeevaluationsystem.Thiswillsolveproblemssuchastherelianceonexperienceintraditionalinspectionsandsignificantdeviationsinevaluationresults,providingscientificandtechnologicalsupportforthesafetycontrolandmaintenancedecision-makingofexistingsteel-platereinforcedbridges,andfillingthegapinsystematicdetectionandevaluationmethodsinthisfield. | performanceofbondedsteelplatecomponentsonexistingconcretebridges,achievinginterfacedefectidentificationaccuracy≤0.5mm,bondstrengthdetectionerror≤10%,andperformancepredictiondeviation≤15%,withinspectionefficiencyimprovedbyover50%comparedtotraditionalmethods. | infrastructuremaintenancemarket. | ||
| ResearchandApplicationofSafetySupervisionSystemBasedonDigitalWorkZones | Itproposesaresearchprotocolbasedoncloudcomputing,InternetofThings,millimeterwaveradarandothertechnologiestobuildasafetysupervisionsystemindigitalworkzoneforthetraditionalmodeofsafetysupervisiononconstructionsitesoccupyingexpressway,inordertoimprovethesafetyprotectionandsupervisionlevelofon-siteroadconstruction. | Keytechnicalandeconomicindicatorshavebeenachieved.Ithasbeencompletedandaccepted. | 1.Onesetofdigitalworkzonesafetysupervisionsystem.2.Threesoftwarecopyrightsrelatedtothedigitalworkzonesafetysupervisionsystem | Developintelligentactivesafetyprotectiontechnologyforconstructionareasbasedonmulti-sensorfusion,transformingpassivedefenseintoactivedefense,advancingthesafetythreshold,significantlyenhancingtheintrinsicsafetylevelofconstructionareas,effectivelyprotectingthesafetyofpersonnelandproperty;significantlyimprovingmanagementtransparency,collaborationefficiency,andsupervisioneffectiveness,achievingtraceableprocesses,supervisionwithoutblindspots,andclosed-looprectification. |
Company'sresearchanddevelopmentpersonnelsituation
| 2025 | 2024 | Increase/decrease | |
| NumberofResearchandDevelopmentpersons(persons) | 104 | 81 | 28.40% |
| ProportionofResearchandDevelopmentpersons | 3.47% | 2.71% | 0.76% |
| AcademicstructureofR&Dpersonnel | |||
| Bachelor | 81 | 67 | 20.90% |
| Master | 18 | 9 | 100.00% |
| AgecompositionofR&Dpersonnel | |||
| Undertheageof30 | 12 | 12 | 0.00% |
| 30-40yearsold | 39 | 30 | 30.00% |
| Over40yearsold | 53 | 39 | 35.90% |
TheCompany'sR&Dinvestmentsituation
| 2025 | 2024 | Increase/decrease | |
| AmountofResearchandDevelopmentInvestment(RMB) | 16,293,149.98 | 7,492,700.07 | 117.45% |
| ProportionofResearchandDevelopmentInvestmentofOperationRevenue | 0.36% | 0.16% | 0.20% |
| AmountofResearchandDevelopmentInvestmentCapitalization(RMB) | 10,221,876.65 | 2,408,914.87 | 324.34% |
| ProportionofCapitalizationResearchandDevelopmentInvestmentofResearchandDevelopmentInvestment | 62.74% | 32.15% | 30.59% |
ReasonsandinfluenceofsignificantchangesinR&DpersonnelcompositionoftheCompany
?Applicable□NotapplicableTheReasonoftheProminentChangeinTotalAmountofResearchandDevelopmentInputOccupyingtheBusinessIncomeYearonYear
□Applicable√NotapplicableReasonsforthedrasticchangeofcapitalizationrateofR&Dinvestmentanditsrationalityexplanation
□Applicable√Notapplicable
5.CashFlow
InRMB
| Item | 2025 | 2024 | Increase/Decrease(%) |
| Subtotalofcashinflowreceivedfromoperationactivities | 5,674,337,858.54 | 5,072,283,780.29 | 11.87% |
| Subtotalofcashoutflowreceivedfromoperationactivities | 2,114,843,463.26 | 1,815,920,186.38 | 16.46% |
| Netcashflowarisingfromoperatingactivities | 3,559,494,395.28 | 3,256,363,593.91 | 9.31% |
| Subtotalofcashinflowreceivedfrominvestingactivities | 299,681,990.64 | 204,637,881.38 | 46.45% |
| Subtotalofcashoutflowforinvestmentactivities | 2,885,946,619.66 | 2,241,932,456.33 | 28.73% |
| Netcashflowarisingfrominvestmentactivities | -2,586,264,629.02 | -2,037,294,574.95 | 26.95% |
| Subtotalcashinflowreceivedfromfinancingactivities | 5,943,025,000.00 | 1,583,547,970.12 | 275.30% |
| Subtotalcashoutflowforfinancingactivities | 4,684,241,738.57 | 3,240,033,342.17 | 44.57% |
| Netcashflowarisingfromfinancingactivities | 1,258,783,261.43 | -1,656,485,372.05 | -175.99% |
| Netincreaseincashandcashequivalents | 2,232,421,871.88 | -442,004,349.42 | -605.07% |
Notestotheyear-on-yearchangeoftherelevantdata?Applicable□Notapplicable
(1)Netcashinflowfrominvestingactivitiesincreasedby46.45%year-on-year,mainlydueto:YuegaoCapitalreceivingincreasedyear-on-yearequitytransferproceeds;andGuangzhuEastCompanyreceivingcompensationforthedisposaloflanduserightsduringthereportingperiod.
(2)Netcashinflowfromfinancingactivitiesincreasedby275.30%year-on-year,mainlydueto:increasedloansfortheCompany'sreconstructionandexpansionprojects,andincreasedcapitalcontributionsfromminorityshareholdersyear-on-year.
(3)Netcashoutflowfromfinancingactivitiesincreasedby44.57%year-on-year,mainlydueto:increasedcashpaymentsfordebtrepayment,dividenddistribution,andinterestpaymentsbytheCompany.ReasonsofmajordifferencebetweenthecashflowofoperationactivityinreportperiodandnetprofitoftheCompany
□Applicable√NotapplicableV.AnalysisofNon-coreBusiness
√Applicable□Notapplicable
InRMB
| Amount | Proportionintotalprofit | Explanationofcause | Sustainable(yesorno) | |
| InvestmentIncome | 240,056,122.11 | 7.58% | Operatingaccumulationofshareholdingcompanies | Yes |
| Lossonfairvaluechanges | 8,725,590.15 | 0.28% | Changesinfairvalueofequityinvestmentsmeasuredatfairvalue,whichareincludedincurrentprofitsandlosses. | No |
| Impairmentofasset | 0.00% | |||
| Non-operatingincome | 7,894,777.53 | 0.25% | Mainlyinsuranceclaimsandroadpropertyclaims | No |
| Non-operatingexpenses | 8,988,454.20 | 0.28% | Mainlyroadpropertyrepairexpenditure | No |
| Creditimpairmentlosses | 309,703,904.28 | 9.79% | MainlytoaccruethecreditlossofGuangzhou-FoshanExpresswaycustodyexpensesreceivablefromDepartmentofTransportofGuangdongProvince | No |
VI.ConditionofAssetandLiabilities
1.ConditionofAssetCausingSignificantChange
InRMB
| Endof2025 | Endof2024 | Proportionincrease/decrease | Notestothesignificantchange | |||
| Amount | Proportioninthetotalassets(%) | Amount | Proportioninthetotalassets(%) | |||
| Monetaryfund | 6,545,379,942.11 | 24.43% | 4,289,826,663.22 | 19.12% | 5.31% | |
| Accountsreceivable | 96,702,638.20 | 0.36% | 82,361,054.69 | 0.37% | -0.01% | |
| Investmentrealestate | 2,004,792.98 | 0.01% | 2,225,911.46 | 0.01% | 0.00% | |
| Long-termequityinvestment | 4,362,638,936.45 | 16.28% | 3,332,350,008.84 | 14.85% | 1.43% | |
| Fixedassets | 8,268,301,855.93 | 30.86% | 8,872,808,692.97 | 39.54% | -8.68% | |
| Constructioninprocess | 4,760,350,219.82 | 17.77% | 2,665,392,094.81 | 11.88% | 5.89% | |
| Endof2025 | Endof2024 | Proportionincrease/decrease | Notestothesignificantchange | |||
| Amount | Proportioninthetotalassets(%) | Amount | Proportioninthetotalassets(%) | |||
| Userightassets | 3,850,889.14 | 0.01% | 14,217,517.99 | 0.06% | -0.05% | |
| Shore-termloans | 259,163,958.03 | 0.97% | 0.97% | |||
| Long-termborrowing | 10,036,331,513.04 | 37.46% | 6,728,264,750.00 | 29.98% | 7.48% | |
| Leaseliabilities | 2,730,189.11 | 0.01% | -0.01% | |||
Overseasassetsaccountforarelativelyhighproportion.
□Applicable√Notapplicable
2.AssetandLiabilitiesMeasuredbyFairValue
√Applicable□Notapplicable
InRMB
| Item | Openingamount | Gain/Lossonfairvaluechangeinthereportingperiod | Cumulativefairvaluechangerecordedintoequity | Impairmentprovisionsinthereportingperiod | Purchasedamountinthereportingperiod | Soldamountinthereportingperiod | Otherchanges | Closingamount |
| Financialassets | ||||||||
| 4.Otherequityinstrumentinvestment | 1,768,953,885.85 | 323,092,389.85 | -798,738,620.32 | 890,653,266.65 | ||||
| 5.Othernon-currentfinancialassets | 186,494,177.20 | 8,725,590.15 | 195,219,767.35 | |||||
| Subtotaloffinancialassets | 1,955,448,063.05 | 8,725,590.15 | 323,092,389.85 | -798,738,620.32 | 1,085,873,034.00 | |||
| Totaloftheabove | 1,955,448,063.05 | 8,725,590.15 | 323,092,389.85 | -798,738,620.32 | 1,085,873,034.00 | |||
| Financialliabilities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
OtherchangeNoneDidanysignificantchangeoccurtotheattributeoftheCompany’smainassetmeasurementduringthereportingperiod?
□Yes√No
3.AssetsrightrestrictiontillendofreportingperiodThebalanceofrestrictedbankdepositsattheendoftheperiodwasRMB198,100.00,whichwasthelandreclamationfunddepositedintothefundcustodyaccountforthereconstructionandexpansionprojectofSanbaotoShuikousectionofFokaiExpressway.VII.Investmentsituation
1.General
√Applicable□Notapplicable
| CurrentInvestmentAmount(Yuan) | Sameperiodoflastyear(Yuan) | Changerate |
| 2,554,248,022.87 | 1,568,931,452.34 | 62.80% |
2.ConditionofAcquiringSignificantShareRightInvestmentduringtheReportPeriod?Applicable□Notapplicable
InRMB
| NameoftheCompanyInvested | MainBusiness | InvestmentWay | InvestmentAmount | ShareProportion% | CapitalSource | Partner | InvestmentHorizon | ProductType | ProgressuptoBalanceSheetDate | AnticipatedIncome | GainorLessortheCurrentInvestment | WhethertoInvolveinLawsuit | DateofDisclosure | DisclosureIndex |
| ZhaoqingYuezhaoHighwayCo.,Ltd. | Expressway | Increasecapital | 179,150,000.00 | 25.00% | Selffunds | GuangdongRoad&BridgeConstructionDevelopmentCo.,Ltd.,ZhaoqingHighwayDevelopmentCo.,Ltd.,XunhaoInternationalCo.,Ltd. | Onthebasisofthetermofoperationapprovedbythegovernment | Limitedcompany | Completed | No | October21,2023 | Resolutionsofthe13th(Provisional)MeetingoftheTenthBoardofDirectors | ||
| GuangdongJiangzhongExpresswayCo.,Ltd. | Expressway | Increasecapital | 21,150,000.00 | 15.00% | Selffunds | Selffunds | Xinyue(Guangzhou)InvestmentCo.,Ltd.,GuangdongHighwayConstructionCo.,Ltd. | Onthebasisofthetermofoperationapprovedbythegovernment | Limitedcompany | Completed | No | July31,2021 | Resolutionsofthe20th(Provisional)MeetingoftheNinthBoardofDirectors | |
| GarageelectricpileHolding | NewEnergy | Increasecapital | 2,088,000.00 | 17.40% | Selffunds | HainanAlphaFishTechnologyCo., | Long-term | Limitedcompany | Completed | No | September27,2023 | Resolutionsofthe12th(Provisional)Meetingof |
| (Shenzhen)Co.,Ltd | Ltd.,ZhuhaiSpeedEnterpriseManagementPartnership(limitedpartnership) | theTenthBoardofDirectors | ||||||||||||
| Total | -- | -- | 202,388,000.00 | -- | -- | -- | -- | -- | -- | 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 | 1,765,875,007.24 | 4,682,038,978.06 | SelfandLoan | N/A | October22,2022 | AnnouncementofResolutionoftheSecond(Provisional)MeetingtheTenthBoardofDirectors；AnnouncementofExternalInvestment | |||
| theexpansionandrenovationoftheGuanghuiExpresswayfromLuogangtoLingkengsection | Self-built | Yes | Expressway | 585,985,015.63 | 585,985,015.63 | SelfandLoan | N/A | March4,2025 | AnnouncementofResolutionofthe27thMeetingtheTenthBoardofDirectors | |||
| Total | -- | -- | -- | 2,351,860,022.87 | 5,268,023,993.69 | -- | -- | 0.00 | 0.00 | -- | -- | -- |
4.InvestmentofFinancialAsset
（1）Securitiesinvestment
√Applicable□Notapplicable
InRMB
| Securitycategory | Securitycode | StockAbbreviation: | Initialinvestmentcost | Modeofaccountingmeasurement | Bookvaluebalanceatthebeginningofthereportingperiod | Changesinfairvalueofthethisperiod | Cumulativefairvaluechangesinequity | Purchaseamountinthethisperiod | Saleamountinthethisperiod | Gain/lossofthereportingperiod | Bookvaluebalanceattheendofthereportingperiod | Accountingitems | Sourcesoffunds |
| Domesticandforeignstocks | 601818 | EverbrightBank | 517,560,876.80 | FVM | 910,436,633.28 | 303,478,877.76 | 44,463,184.42 | 821,039,754.56 | Otherequityinstrumentinvestment | Self | |||
| Total | 517,560,876.80 | -- | 910,436,633.28 | 303,478,877.76 | 0.00 | 0.00 | 44,463,184.42 | 821,039,754.56 | -- | -- | |||
| DisclosureDateofAnnouncementonSecuritiesInvestmentApprovedbytheBoardofDirectors | July22,2009 | ||||||||||||
| DisclosureDateofAnnouncementonSecuritiesInvestmentApprovedbytheShareholdersMeeting(Ifany) | August7,2009 | ||||||||||||
2）InvestmentinDerivatives
□Applicable√NotapplicableTheCompanyhadnoinvestmentinderivativesinthereportingperiod.
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 | RMB4.221billion | 7,581,657,868.46 | 3,095,675,198.87 | 1,007,866,801.68 | 611,490,441.64 | 456,141,355.95 |
| GuangdongGuanghuiExpresswayCo.,Ltd. | Sharingcompany | InvestmentinandconstructionofGuanghuiExpresswayCo.,Ltd.andsupportingfacilities,thetollcollectionandmaintenancemanagementofGuanghuiExpressway,TheGuanghuiExpressway'ssupportinggasstation,salvation,vehiclemaintenance,vehicletransport,catering,warehousinginvestmentanddevelopment | RMB2.351678billion | 5,367,609,110.62 | 4,825,991,706.29 | 2,022,964,170.11 | 1,355,882,672.59 | 1,010,375,410.79 |
Subsidiariesobtainedordisposedinthereportingperiod
□Applicable√Notapplicable
X.Structuredsubjectsituationcontrolledbythecompany
□Applicable√NotapplicableXI.ProspectforfuturedevelopmentoftheCompanyTheyear2026marksthebeginningofthe"15thFive-YearPlan"period.TheCompanywillfocusoncoredirectionssuchasenhancingthequalityofitsprincipalbusiness,expandingintonewareas,deepeningreforms,andpreventingandcontrollingrisks.ItstrivestoachieveoperatingincomeofRMB4.513billionin2026,withoperatingcostscontrolledwithinRMB1.719billion.(I)AdvancingMajorProjectConstructionAcceleratetheconstructionofthemainworkoftheGuangzhou-HuizhouExpresswayReconstructionandExpansionProjectwithinthenationalnetworktoensuretheannualinvestmenttargetismet.PromotetheconstructionofkeyprocessesfortheGuangzhou-ZhuhaiEastandGuangzhou-ZhaoqingExpresswayReconstructionandExpansionProjectstoensureprogressmilestonesareachieved.ImplementtheexpansionandintelligentupgradeofDayanshanTollStation,andcompletethemainstructureandcommissioningofsupportingequipment.(II)LeveragingtheYuegaoCapitalPlatformFullycapitalizeontheadvantagesofYuegaoCapitalasamarket-orientedinvestmentplatform,focusingonsmarttransportationandemergingindustriestoidentifyinvestmentopportunities,advancetheimplementationofhigh-qualityprojects,andcultivatenewprofitgrowthdrivers.Strengthenpost-investmentmanagementandresourcesynergytosupporttheCompany'sexpansionintoemergingsectors.
(III)UpgradingMaintenanceManagementScientificallyformulateannualmaintenanceplans,implementa"maintenance-on-demand"model,andcarryoutspecialprojectsforpavementremediation,bridgeandculvertrepairandreinforcement,andrefinementoftrafficsafetyfacilities.Regularlyconductgeologicalhazardinspections,focusoncompletingtheshipcollisionpreventionremediationforJiujiangBridgeandBeijiangBridge,andstrengthentheoperationandmaintenanceofreal-timemonitoringsystemsforbridgesandslopes.Consolidatetheachievementsofthe"GreenandBeautifulGuangdong"initiative,establishalong-termmechanismforthemaintenanceofgreeneryalongtheroute,andenhancethegreeningqualityofkeyareassuchastheYayaoServiceArea.
(IV)OptimizingServiceAreaFunctions.CompletetheconstructionandcommissioningoftheZhishanServiceArea(SouthZone)ontheFoshan–KaipingExpressway,simultaneouslyintegratingitwiththenewenergysmartmanagementsystem.Deepenthedevelopmentofthe"Water-SavingServiceStation"atYayaoServiceAreaontheFoshan–KaipingExpresswayandtheintegrationof"transportation,agriculture,culture,tourism,andcommerce",introducinglocalspecialtyexhibitionandsalesformats.AdvancethepreliminaryworkforthedensificationofLongjiangServiceAreaontheFoshan–KaipingExpressway,completelandsiteselectionandredlinedelineation,andinitiateschemedesign.(V)StrengtheningRoadNetworkOperationalEfficiencyDeepenthejointdutyandcollaborativemechanisminvolvingmultiplestakeholdersalongtheroute("OneRoad,MultipleParties"),andrefineholidaytrafficassuranceplansforcongestion-pronesections.Optimizerouteguidanceand"trafficinduction"strategies,collaboratingwithnavigationplatformsandlogisticsenterprisestoenhancetrafficflowattraction.PromotetheAIintelligentauditingsystem,rigorouslycombattollevasion,andimprovetheefficiencyoftollrecovery.
Advancetheconstructionofsmarttollstations,expandthecoverageofunattendedtollstationmodels,andaddnewpilotsitesforintelligentupgrades.Standardizetheprocessforpreventingoverloadedvehiclesat
expresswayentrancesandconductspecialrectificationinitiativesinconjunctionwithlocalauthorities.StrengthenthepreciseissuanceofETCtoincreasecoveragerateandeaseofuse.
XII.Structuredsubjectsituationcontrolledbythecompany
□Applicable√Notapplicable
| Receptiontime | Placeofreception | Wayofreception | Typesofvisitors | Visitorsreceived | Maincontentsdiscussedandinformationprovided | Basicindex |
| March4,2025 | / | ByPhone | Organization | LiYuanzhefromFuguoFund:ZhangZeyue;HuaxiaFunds;BaiYiqingfromTianhongFund;ChenZiyuanfromSouthernFundManagementCo.,Ltd.;MaDuichaofromTaikangFund;LiWanfromPengyangFunds;HuangYarufromNBFunds;ZengJingkefromBoshiFund;JerryPengfromMorganStanleyInvestmentManagement;QinJinfengfromShanghaiPanjingInvestmentManagementCenter（LP）;YaoTieruifromPinganFund;WangChunhuanfromCMS:MuTaofromShenzhenZhongtianFortun;WeiWeifromShanghaiYiheyuanAssetsManagement;GuDaohefromZhongtianFortune;WuGuanghuafromShenzhenSihaiYuantongInvestment;ZhangBichefromHongyunPrivateFundManagement;JiaoMingyuanfromShanghaiLitanInvestmentManagemen;SongChunshengfromBeijingAntuInvestmentManagement;WeiXinfromBeijingXiangguoAssetManagement;ZhouYifufromChinaInternationalfinance;ZhouChengjuanfromChinaDevelopmentBankSecurities;HuangXiangqianfromShenzhenShangchengAssetsManagement;WeiQiangfromShanghaiQingdingAssetsManagement;ZhangZhibinfromPrudenceInvestmentManagement;LuoGuiwenfromNanjingRuilanPrivateFund;CaoZhipingfromYuefoPrivatefund;LiaoKemingfrom | TheCompany'soperatingperformancein2024,theprogressofreconstructionandexpansionprojectsforitsmajorinvestedandcontrolledroadsections,andyear-on-yearchangesinkeyfinancialdata,etc. | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo..,Ltd."disclosedbytheinteractiveplatform（2025001） |
| Receptiontime | Placeofreception | Wayofreception | Typesofvisitors | Visitorsreceived | Maincontentsdiscussedandinformationprovided | Basicindex |
| FIDELITYAmara;IGWTInvestment;YanHuichenfromHongshanCapitalInestment;LvZhenghefromQingdaoZhonghangSaiweiInvestment;YangChenfromChinaPostLifeinsurance;ZhangKaiyuanfromOrientalSecuritiesCo.,Ltd.;TangZhichaofromTongtaiFund;CaoGuojunfromShanghaiTianniInvestment;GuBaochengfromShanghaiDushiInvestment;ZhangYufengfromCOFCOFuturesCo.,Ltd.;LiaoAnzhongShanghaiQingshangJiawanAssetManagement;ZhaoZifengfromShanghaiTulingAssetManagement;ZhangChunlongfromHannanJunyangPrivatefund;LuYongguangfromShanghaiFengcangInvestmentManagement;SongKaiwenfromCITICSecuritiesCo.,Ltd.;TuJunhuifromSanmuInvestment;WenShuhanfromGoldmanSachsAsiaWenZhenyufromWesternLeadbankFMC;LiQianfromHangzhouChangmouInvestmetnManagement;LiFengfromPinganSecurities;TianChaopingfromXunyuanAssetsManagement;ZhuTianjiaofromShanghaiMengyangInvestemtnManagement;TianHuanfromGreatwallWealthAssetManagement;GuSonghuafromDongwuSecurities;WeiWeifromPacificassetsManagement;ZhouZhengxingfromQiantiInvestment. | ||||||
| March4,2025 | / | ByPhone | Organization | LiXiayingfromHuataiSecurities;XieLeifromJPMorganAssetManagement(AsiaPacific)LimitedVivianTao;PinpointAsset | TheCompany'soperatingperformancein2024,theprogressofreconstructionandexpansionprojectsforits | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo..,Ltd."disclosedbytheinteractiveplatform |
| Receptiontime | Placeofreception | Wayofreception | Typesofvisitors | Visitorsreceived | Maincontentsdiscussedandinformationprovided | Basicindex |
| ManagementLimited;NiTaofromPinpointAssetManagementLimited;HuangJianbinfromBoshiFunds;WuYananfromHuaanFund;LiuYangfromPacificassetsManagement;XuChongchengfromZhongOuAssetManagement;ZhengBohongfromShanghaiQinchengPrivatefund;LiuLuShanghaiQinchengPrivatefund;WeiZefromShanghaiQinchenPrivatefund;WeiWeifromPacificassetsManagement;ChenXiaoxiaofromPacificassetsManagement;YangCanfromBankofChinaInvestmentManagement;ChenJiaminGuotouSecurities;LiWeifromGuolianSecurities;LiYanguangfromHuataiSecurities;YuanDuowufromJiutaiFund;MaYifromZheshangSecurities;ChenShanshanfromZheshangSecurties;WuBiaofromPICC. | majorinvestedandcontrolledroadsections,andyear-on-yearchangesinkeyfinancialdata,etc. | （2025002） | ||||
| March4,2025 | / | ByPhone | Organization | LiNingfromTianfengSecurities;MaXuzhenfromShanghaiLongquanInvestmentManagement;ZhangTingtingfromHanheCapital;XiaoJunfromGuotaiJunanAssetManagement;ZieZelinfromBoshiFund;YanFengfromBOSCAsset;WuBinfromSunshineAssetManagement;XiaoXufengfromChangjiangSecurities;MaoZhiweiShanghaiHuakunJianheFund;HeFangyuanfromWuxiHuiliInvestmentManagement;XieWeifromChinaFund;DingXuesongfromTianhongfund;MaYifromTongtaiFund;WuKewenfromShanghaiJingxiInvestmentManagement;LiQifromXingzhengFund;WuYananfromHuaanFund;SunYongfromDIBAssetManagement. | TheCompany'soperatingperformancein2024,theprogressofreconstructionandexpansionprojectsforitsmajorinvestedandcontrolledroadsections,andyear-on-yearchangesinkeyfinancialdata,etc. | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo..,Ltd."disclosedbytheinteractiveplatform（2025003） |
| Receptiontime | Placeofreception | Wayofreception | Typesofvisitors | Visitorsreceived | Maincontentsdiscussedandinformationprovided | Basicindex |
| March5,2025 | / | ByPhone | Organization | E-fund:ShengMingyang,TangBolun | TheCompany'soperatingperformancein2024,theprogressofreconstructionandexpansionprojectsforitsmajorinvestedandcontrolledroadsections,andyear-on-yearchangesinkeyfinancialdata,etc. | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo..,Ltd."disclosedbytheinteractiveplatform（2025004） |
| March7,2025 | / | ByPhone | Organization | XiongGongtaofromICBCUBSAssetManagementCo.,Ltd.,LinXiayingfromHuataiSecurities | TheCompany'soperatingperformancein2024,theprogressofreconstructionandexpansionprojectsforitsmajorinvestedandcontrolledroadsections,andyear-on-yearchangesinkeyfinancialdata,etc. | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo..,Ltd."disclosedbytheinteractiveplatform（2025005） |
| March10,2025 | MeetingRoomoftheCompany | Fieldresearch | Organization | GongChengfromChinaLifeAssetManagementCo.,Ltd.: | TheCompany'soperatingperformancein2024,theprogressofreconstructionandexpansionprojectsforitsmajorinvestedandcontrolledroadsections,andyear-on-yearchangesinkeyfinancialdata,etc. | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo..,Ltd."disclosedbytheinteractiveplatform（2025006） |
| March12,2025 | / | ByPhone | Organization | MaoLiweifromGuotaiFund,LiNingfromTianfengSecrurities | TheCompany'soperatingperformancein2024,theprogressofreconstructionandexpansionprojectsforitsmajorinvestedandcontrolledroadsections,andyear-on-yearchangesinkeyfinancialdata,etc. | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo..,Ltd."disclosedbytheinteractiveplatform（2025007） |
| March13,2025 | MeetingRoomoftheCompany | Fieldresearch | Organization | LiZhepeifromChinaLifePensionCo.,Ltd,QinMenggefromXindaSecurities | TheCompany'soperatingperformancein2024,theprogressofreconstructionandexpansionprojectsforitsmajorinvestedandcontrolled | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo..,Ltd."disclosedbytheinteractiveplatform（2025008） |
| Receptiontime | Placeofreception | Wayofreception | Typesofvisitors | Visitorsreceived | Maincontentsdiscussedandinformationprovided | Basicindex |
| roadsections,andyear-on-yearchangesinkeyfinancialdata,etc. | ||||||
| April14,2025 | MeetingRoomoftheCompany | Fieldresearch | Organization | YouDaozhufromHuaxiSecurities | TheCompany'soperatingperformance,theprogressofreconstructionandexpansionprojectsforitsmajorinvestedandcontrolledroadsections,andyear-on-yearchangesinkeyfinancialdata,etc. | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo..,Ltd."disclosedbytheinteractiveplatform（2025009） |
| May6,2025 | / | ByPhone | Organization | ShaoMeilingfromZhongtaiSecurities;ZhangKaiyuanfromOrientalSecuritiesCo.,Ltd.;LiYunfengfromShanghaiJiuxiangAssetManagement;ZhangQiaoshifromMingheInvestment;GuoRunchenfromHuanengGuichengCridit;SunMiaomiaofromGuangdongWeichengInvestment;YanFengfromBOSCAsset;HuangXiangqianfromShenzhenShangchengAssetManagement;CaiTangdongfromShengangSecurities;GuDaohefromZhongtianFortune;CaoGuojunfromShanghaiTianniInvestment;ZhangYaofromGuosenSecurities;LuoCaiyifromZhuhaiDeruoPrivateFundManagementCo.,Ltd. | TheCompany'soperatingperformanceintheQ1of2025,theprogressofreconstructionandexpansionprojectsforitsmajorinvestedandcontrolledroadsections,andyear-on-yearchangesinkeyfinancialdata,etc. | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo..,Ltd."disclosedbytheinteractiveplatform（2025010） |
| May6,2025 | MeetingRoomoftheCompany | Fieldresearch | Organization | TangBolunfromE-Fund: | TheCompany'soperatingperformanceintheQ1of2025,theprogressofreconstructionandexpansionprojectsforitsmajorinvestedandcontrolledroadsections,andyear-on-yearchangesinkeyfinancialdata,etc. | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo..,Ltd."disclosedbytheinteractiveplatform（2025010） |
| May9,2025 | MeetingRoomofthe | Fieldresearch | Organization | WuYanfeng,SunXiaodifromHSBCQianhaiSecurities | TheCompany'soperatingperformanceintheQ1of2025,theprogressof | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo.., |
| Receptiontime | Placeofreception | Wayofreception | Typesofvisitors | Visitorsreceived | Maincontentsdiscussedandinformationprovided | Basicindex |
| Company | reconstructionandexpansionprojectsforitsmajorinvestedandcontrolledroadsections,andyear-on-yearchangesinkeyfinancialdata,etc. | Ltd."disclosedbytheinteractiveplatform（2025011） | ||||
| May16,2025 | / | ByPhone | Organization | Investor | TheCompany'soperatingperformance,theprogressofreconstructionandexpansionprojectsforitsmajorinvestedandcontrolledroadsections,andyear-on-yearchangesinkeyfinancialdata,etc. | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo..,Ltd."disclosedbytheinteractiveplatform（2025012） |
| May21,2025 | MeetingRoomoftheCompany | Fieldresearch | Organization | ZhangYinhanfromChangjiangSecuraities;QinMianfromChanaMerchantsSecurities;MaTangyinfromAXA-SPDBInvestmentManagersCo.,Ltd.;LiuZechenfromYimiFund;WangJiahaofromCapitalGroup;PanJunfromGuangdongCheeseFund;LinYumingfromTianhouPrivatefund;ZhangFengfromNingboJiafuXingyuanPrivatefund | TheCompany'soperatingperformanceintheQ1of2025,theprogressofreconstructionandexpansionprojectsforitsmajorinvestedandcontrolledroadsections,andyear-on-yearchangesinkeyfinancialdata,etc. | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo..,Ltd."disclosedbytheinteractiveplatform（2025013） |
| May26,2025 | MeetingRoomoftheCompany | Fieldresearch | Organization |
LiNingfromTianfengSecurities;HuXiaonanZhengshangSecurities;HuangShuangfromZhonghuiLife;GaoJingfromZhonghuiLife;WangSiyuefromQianhaiKaiyuanFund
| TheCompany'soperatingperformance,theprogressofreconstructionandexpansionprojectsforitsmajorinvestedandcontrolledroadsections,andyear-on-yearchangesinkeyfinancialdata,etc. | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo..,Ltd."disclosedbytheinteractiveplatform（2025014） | |||||
| July1,2025 | MeetingRoomoftheCompany | Fieldresearch | Organization | LinMujinfromCITICSecurities;LiYongfromRunhuiInvestmentManagement;JingShenfromHongliFund;ZhangHuayanfromGuoshengGroup;ZhangBofromFangzhengHeshengInvestment | TheCompany'soperatingperformance,theprogressofreconstructionandexpansionprojectsforitsmajorinvestedandcontrolledroadsections,andyear-on-yearchangesinkeyfinancialdata,etc. | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo..,Ltd."disclosedbytheinteractiveplatform（2025015） |
| Receptiontime | Placeofreception | Wayofreception | Typesofvisitors | Visitorsreceived | Maincontentsdiscussedandinformationprovided | Basicindex |
| July16,2025 | / | ByPhone | Organization | ZhengShuming,HuoZejiafromGuojinSecurities;ChenMuhanfromBoshiFund;YangChenfromCCBCapitalManagement;LiuRanfromFangzhengself;ZhuXiaomingfromGuolianFund;YaoQinglanfromYechunSelf;YouHuazhengfromPinganSecurities;XiaoXinyifromGreatwallsecurities | TheCompany'soperatingperformance,theprogressofreconstructionandexpansionprojectsforitsmajorinvestedandcontrolledroadsections,andyear-on-yearchangesinkeyfinancialdata,etc. | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo..,Ltd."disclosedbytheinteractiveplatform（2025016） |
| August28,2025 | / | ByPhone | Organization | GuanPanlongfromJiashiFund;WangYuefromHuabaoFund;HuangShuwenfromCITICSelf;ChenMuhanfromBoshiFund;HuangBaoMinshengFund;ZhuXiaomingfromGuolianFund;ZhangJunfromYuanxinInvestment;JiaSiyuanfromRunhuiInvestment;YuHaishenfromHuaxiaJiuying;WangKaisifromCiticAssetmanagement;ZhengZongjiefromUnifiedinvestmenttrust;XieYuyangfromRenqiaoAsset;MaXuzhenfromShenghaiLongquanInvestment;LiYu,BinYuanfromKoreaInvestmenttrust;LuoKaifromInvestment;QianZhiyingfromHangzhouBank;DuQinglifromGuotaiHaitong;ShiYazhoufromGuohaiSecurities;LuoYuejiangGuoshengSecurities;QinMenggefromXindaSecurities;LinXiyingfromHuataiSecurities;ShaoMeilingfromZhongtaiSecurites;LiuRuocongfromChinaMerchantsSecurities;SunXiaodifromHSBCQianhaiSecurities;YueXinChenYifanfromGuotaiHaitong;HuShimin,ZhangQinghuaandLinMujinfromCITICSecurities | TheCompany'soperatingperformanceinthefirsthalfof2025,theprogressofreconstructionandexpansionprojectsforitsmajorinvestedandcontrolledroadsections,andyear-on-yearchangesinkeyfinancialdata,etc. | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo..,Ltd."disclosedbytheinteractiveplatform（2025017） |
| September8,2025 | MeetingRoomofthe | Fieldresearch | Organization | GuojingfromChangjiangPension;QinMenggefromXindaSecuritie | TheCompany'soperatingperformanceinthefirsthalfof2025,theprogressof | Fordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongProvincialExpresswayDevelopmentCo.., |
| Receptiontime | Placeofreception | Wayofreception | Typesofvisitors | Visitorsreceived | Maincontentsdiscussedandinformationprovided | Basicindex |
| Company | reconstructionandexpansionprojectsforitsmajorinvestedandcontrolledroadsections,andyear-on-yearchangesinkeyfinancialdata,etc. | Ltd."disclosedbytheinteractiveplatform（2025018 |
XIII.ImplementationofMarketValueManagementSystemandValuationEnhancementPlanWhethertheCompanyhasestablishedamarketvaluemanagementsystem.
□Yes?NoWhethertheCompanyhasdisclosedthevaluationenhancementplan.
□Yes?NoXIV.Theimplementationoftheactionplanof"Doubleimprovementofqualityandreturn".WhethertheCompanyhasdisclosedtheactionplanof"Doubleimprovementofqualityandreturn".?Yes□No
(I)CoreMeasuresoftheActionPlanInordertorespondtoandpracticetheguidingideologyof"activatingthecapitalmarketandboostinginvestors'confidence"putforwardattheMeetingofthePoliticalBureauoftheCPCCentralCommitteeand"vigorouslyimprovingthequalityandinvestmentvalueoflistedcompanies,takingmorepowerfulandeffectivemeasurestostabilizethemarketandconfidence"putforwardattheexecutivemeetingoftheStateCouncil,safeguardtheinterestsofallshareholdersandpromotethelong-termhealthyandsustainabledevelopmentoftheCompany,GuangdongProvincialExpresswayDevelopmentCo.,Ltd.(hereinafterreferredtoas"theCompany")hasformulatedtheactionplanof"doubleimprovementofbothqualityandreturns".Themeasuresareasfollows:
（1）Adheretohigh-qualitydevelopment,focusonconnotativegrowth,andoptimizeresourceallocation.
（2）Effectivelyreturntoshareholdersandsharethefruitsofdevelopment.
（3）Deepenmarketcommunicationandstrengtheninvestorrelationmanagement.(II)ImplementationProgress
1.FocusingonthePrincipalBusinessandSolidifyingtheDevelopmentFoundationTheCompanyissteadilyadvancingthereconstructionandexpansionprojectsofitscoretollroadassetsandcontinuouslyoptimizingtheroadnetworklayout:
(1)ReconstructionandexpansionprojectsincludingtheBeijing-ZhuhaiExpressway(Guangzhou-ZhuhaiSection),Guangzhou-HuizhouExpressway,Guangzhou-ZhaoqingExpressway,Huizhou-YantianExpressway,andJiangmen-ZhongshanExpresswayarebeingimplementedasplanned,furtherbroadeningandoptimizingtheregionaltransportationnetworkandlayingasolidfoundationfortheCompany'ssustainabledevelopment
(2)Leveragingthequalityimprovementandupgradeofserviceareasastheimplementationvehicleforthe"Hundreds,Thousands,TensofThousandsProjects",theCompanyisconcurrentlydeepeningthe"GreenandBeautifulGuangdong"initiative.TheYayaoServiceAreaontheFoshan–KaipingExpressway,throughitsintelligentwater-savingsystemandwasratedasthebestinGuangdongProvinceinthenationalcharacteristicserviceareaevaluation.
2.SustainingCashDividends,andSharingDevelopmentAchievements
TheCompanyadherestoastabledividendpolicy,effectivelyenhancinginvestors'senseofgain.Inthe2025profitdistributionproposal,the**cashdividendratiomaintains70%ofthenetprofitattributabletoownersoftheparentcompany,upholdingahighdividendlevelandconsistentlyrewardingshareholdertrust.
3.StrengtheningInvestorRelations,EnhancingCommunicationQualityandEfficiency
TheCompanyhasestablishedamulti-faceted"online+offline"communicationmechanism,maintaininghigh-frequencyinteractionswithinvestorsthroughdiversifiedchannelssuchasshareholders'meetings,performancebriefings,roadshows,institutionalresearch,andtheShenzhenStockExchange'splatform
(https://irm.cninfo.com.cn/).SincetheimplementationoftheActionPlan,theCompanyhasorganized18institutionalinvestorresearchandexchangeactivities,effectivelyenhancingmarketrecognitionandvaluediscovery.
IV.CorporateGovernanceandEnvironmentalSocial
I.GeneralsituationInstrictaccordancewiththerequirementsoflaws,regulations,andnormativedocumentssuchastheCompanyLaw,theSecuritiesLaw,theCodeofCorporateGovernanceforListedCompanies,andtheStockListingRules,theCompanycontinuouslyimprovesitscorporategovernancestructure,refinesitsinternalcontrolsystem,andconsistentlyenhancesitslevelofstandardizedoperation.TheCompanyhasestablishedamoderncorporategovernancemechanismcenteredaroundtheArticlesofAssociation,featuringclearlydefinedrightsandresponsibilities,coordinatedoperation,andeffectivechecksandbalancesamongtheShareholders'Meeting,theBoardofDirectors,thespecializedcommitteesoftheBoard,andmanagement.
TheCompanyhasformulatedandcontinuouslyimprovesitsgovernancesystems,including:BasicGovernanceSystems:ArticlesofAssociation,RulesofProcedureforShareholders'Meetings,RulesofProcedurefortheBoardofDirectors;SpecializedCommitteeSystems:RulesofProcedureforeachspecialcommittee,suchastheAuditCommitteeandtheRemunerationandAppraisalCommitteeoftheBoard;OperationalManagementSystems:WorkingRulesfortheGeneralManager,StrategicManagementSystem,FinancialManagementSystem,InvestmentManagementSystem;ComplianceManagementSystems:
InformationDisclosureManagementSystem,RelatedPartyTransactionManagementSystem,RaisedFundsManagementSystem,ComplianceRiskManagementSystem.TheaforementionedsystemscoverallkeyaspectsoftheCompany'soperationandmanagement,arewell-implemented,andprovideasolidinstitutionalguaranteefortheCompany'sstandardizedoperation.
Duringthereportingperiod,theShareholders'MeetingsoftheCompanywereconvenedandheldstrictlyinaccordancewiththerelevantprovisionsoftheCompanyLaw,theArticlesofAssociation,andtheRulesofProcedureforShareholders'Meetings.Theprocedureswerelawfulandcompliant,andtheresolutionswerelegalandeffective,effectivelyfulfillingthefunctionalroleoftheCompany'shighestauthorityandsafeguardingthelegitimaterightsandinterestsofallshareholders,particularlyminorityshareholders.TheBoardofDirectorsisaccountabletotheShareholders'Meetingandassumestheultimatedecision-makingresponsibilityfortheCompany'soperationsandmanagement.Duringthereportingperiod,theBoardofDirectorsstrictlyconvenedmeetingsinaccordancewithlegalprocedures,diligentlyandresponsiblyexerciseditspowers,madescientificdecisionsonmajorcompanymatters,effectivelyimplementedtheresolutionsoftheShareholders'Meeting,andensuredtheachievementoftheCompany'sstrategicgoalsanditssustainedandhealthydevelopment.TheAuditCommitteeoftheBoardmaintainedclosecommunicationandcollaborationwiththeBoard,management,andexternalauditors.ItcontinuouslymonitoredmatterssuchastheCompany'sfinancialreports,internalcontrols,auditwork,andrelatedpartytransactions,effectivelyfulfillingitssupervisorydutiesandprofessionaladvisoryobligations,providingsignificantsupportfortheBoard'sscientificdecision-making.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.,SPICYuetongQiyuanChipPowerTechnologyCo.,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√Notapplicable
IV.InformationaboutDirectorsandSeniorExecutives
1.Basicsituation
| Name | Sex | Age | Positions | Officestatus | Startingdateoftenure | Expirydateoftenure | Sharesheldattheyear-begin(share) | Thenumberofsharesheldinthecurrentperiod(shares) | Numberofsharesreducedinthecurrentperiod(shares) | Otherchanges(shares) | Numberofsharesheldattheendoftheperiod(shares) | Reasonsforincreaseordecreaseofshares |
| MiaoDeshan | Male | 54 | SecretaryofthePartyCommitteeBoardChairman | Inoffice | August19,2022 | |||||||
| ChengRui | Male | 51 | DeputySecretaryofthePartyCommitteeDirector | Inoffice | September20,2022 | |||||||
| LuMing | Male | 47 | Chiefaccountant | Inoffice | December25,2020 | |||||||
| Director, | Inoffice | February4,2021 | ||||||||||
| ZuoJiang | Female | 53 | DeputyGeneralManager | Inoffice | October19,2015 | |||||||
| Director | Inoffice | December23,2021 | ||||||||||
| ZengZhijun | Male | 55 | Director | Inoffice | December4,2017 | |||||||
| YaoXuechang | Male | 54 | Director | Inoffice | September20,2022 | |||||||
| WuGuijun | Male | 47 | Director | Inoffice | May20,2024 | |||||||
| YouDewei | Male | 57 | Independentdirector | Inoffice | September20,2022 | |||||||
| YuMingyuan | Male | 63 | Independentdirector | Inoffice | September20,2022 | |||||||
| ZhangRenshou | Male | 60 | Independentdirector | Inoffice | December5,2023 | |||||||
| LiuHeng | Male | 42 | Independentdirector | Inoffice | December5,2023 | |||||||
| LuZhenbo | Male | 50 | Independentdirector | Inoffice | June6,2025 | |||||||
| LuoBaoguo | Male | 52 | DeputyGeneralManager | Inoffice | December25,2020 | |||||||
| ZhuQijun | Male | 43 | DeputyGeneralManager | Inoffice | April27,2023 | |||||||
| YangHanming | Male | 56 | SecretarytotheBoard | Inoffice | August28,2017 | |||||||
| ZhouYisan | Male | 45 | legalcounsel | Inoffice | September20,2022 |
| WuHao | Female | 53 | Director | Dimission | November2,2020 | November28,2025 | ||||||
| ZengXiaoqing | Female | 56 | Independentdirector | Dimission | May20,2019 | June6,2025 | ||||||
| Total | -- | -- | -- | -- | -- | -- | 0 | 0 | 0 | 0 | 0 | -- |
Duringthereportingperiod,whetherthereisdismissalofdirectorsandsupervisorsanddecruitmentofseniormanagers?Yes□No
1.Ms.ZengXiaoqing,havingservedasanindependentdirectoroftheCompanyforsixyears,ceasedtoholdthepositionofindependentdirectoroftheCompanyinaccordancewiththerelevantregulationsoftheChinaSecuritiesRegulatoryCommission.
2.Ms.WuHaoresignedfromherpositionasadirectoronNovember28,2025,duetoworkreasons.Ms.WuHaoholdsnopositionintheCompanyafterherresignation.Changesofdirectors,supervisorsandseniorexecutives
√Applicable□Notapplicable
| Name | Positions | Types | Date | Reason |
| ZengXiaoqing | Independentdirector | Dimission | June6,2025 | Personalreasons |
| WuHao | Director | Dimission | November28,2025 | Personalreasons |
2.PostsholdingProfessionalbackgrounds,majorworkexperienceandcurrentdutiesintheCompanyoftheincumbentdirectors,supervisorsandseniormanagement:
Mr.MiaoDeshan，HeservedasChairman,withbachelordegree.BachelorofEngineeringdegree,seniorengineer.FromJune2011toJuly2022,heservedsuccessivelyasDeputyGeneralManager,ChiefEngineer,DeputySecretaryofthePartyCommittee,DirectorandGeneralManagerofGuangdongCommunicationsIndustrialInvestmentCo.,Ltd.hasbeentheChairmanoftheCompanysinceAugust19,2022.HeisalsotheDirectorofSPICYuetongQiyuanxinPowerTechnologyCo.,Ltd.,theCompany'sshareholdingcompany,andtheLegalRepresentativeandExecutiveDirectorofYuegaoCapitalHoldings(Guangzhou)Co.,Ltd.
Mr.ChengRui,DirectoroftheCompany,holdsamaster'sdegreeinbusinessadministration,aneconomist,withtheCorporateLegalAdviserandLawyerqualification.FromAugust2017toMay2022,heservedasDeputyGeneralManagerofGuangdongExpresswayDevelopmentCo.,Ltd.,duringwhich,fromMay2019toAugust2021,hewasappointedastheFirstSecretaryofthePartyOrganizationinShanhuVillage,JinheTown,JiexiCounty,JieyangCity.SinceMay2022tillnow,hehasservedastheDirectorofLegalAffairsDepartmentofGuangdongCommunicationsGroupCo.,Ltd.HehasbeenthedirectoroftheCompanysinceSeptember20,2022.HehasbeentheVicepresidentofBolyChangdaEngineeringCo.,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,Senior
Economist,QualifiedasLegalAdviseroftheEnterprise,SecretaryoftheBoardofDirectors.HehasbeenworkingintheCompanysince1994.HehasbeentheMinisterofSecuritiesAffairsoftheCompanysince1999.HehasbeentheSecretaryoftheBoardofDirectorsandDirectorofSecuritiesAffairsDepartmentsinceMarch2006.FromOctober2015toJuly2016,hewastheDeputyGeneralManagerandSecretaryoftheBoardofDirectorsAndMinisterofSecuritiesAffairs.SinceOctober2015,hehasbeentheDeputyGeneralManageroftheCompany,andholdaconcurrentpostofDirectorofGuangdongYuekeScienceandTechnologyMicrofinanceCo.,Ltd.,directorofGuoyuanSecuritiesCo.,Ltd.andGeneralManager,PartybranchsecretaryofYuegaoCapitallnvestment(Guangzhou)Co.,Ltd.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.,thefinancialsupervisoroftheprojectmanagementdepartmentofSheExpresswayNo.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.
Mr.YouDewei,theindependentdirectoroftheCompanywithamaster'sdegreeinlaw,servedastheSeniorPartnerandLawyerofGuangdongZonghengTianzhengLawFirmfromJune1997toJanuary2019,andastheSupervisor,SeniorPartnerandLawyerofGuangdongETRLawFirmsinceJanuary2019.Meanwhile,heisalsoapart-timeExternalDirectorofthesupervisionenterpriseofGuangdongState-ownedAssetsSupervisionandAdministrationCommission,part-timeExternalDirectorofGuangdongPortandShippingGroup,IndependentDirectorofGuangzhouAcademyofBuildingResearchCo.,Ltd.,IndependentDirectorofGuangshengNonferrousMetalsCo.,Ltd.,andoneofthefirstbatchof35mediatorsintheMediationCenterofGuangdongLawyersAssociation,DeputyDirectorofthe11thState-ownedAssetsLawCommitteeof
GuangdongLawyersAssociation,DeputyDirectorofthe12thComplianceandRiskControlLawCommitteeofGuangdongLawyersAssociation,ExecutiveDirectorofChinaHealthLawSociety,ExecutiveDirectorofGuangdongHealthLawSociety,DirectorofGuangdongLawSociety'sCorporateComplianceResearchSociety,DirectorofGuangdongLawSociety'sMedicineandFoodLawResearchSociety,DeputyDirectorofGuangzhouLawyersAssociation'sMedicineandHealthBusinessLegalCommittee,anArbitratorofShenzhenCourtofInternationalArbitration,ArbitratorofQingyuanArbitrationCommittee,MemberofGuangdongProvince'sEighthFive-YearPlanLawPopularizationLecturerGroup,andMemberofGuangzhouMunicipalBureauofJustice's"WarmEnterpriseAction"100-expertLawyerLegalServiceGroup.HehasbeenanindependentdirectoroftheCompanysinceSeptember20,2022.
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,StateTaxationAdministration;ConsultingExpertinMajorAdministrativeDecisionsofShaoguanMunicipalPeople'sGovernment;SeniorFinancialExpertandIndustrialDevelopmentConsultingExpertofDepartmentofFinance,DepartmentofScienceandTechnology,andDepartmentofIndustryandInformationTechnologyofGuangdongProvince.
Academicinstitutionexperts:Memberofthe8thCommitteeoftheGuangdongSocialSciencesAssociation;PresidentofGuangdongSouthChinaEconomicDevelopmentResearchAssociation;External
MemberofGuangdongProvincialBureauofStatistics;SocialSupervisorofGuangdongProvincialFoodandDrugSafetySupervisionCommission;MemberoftheAcademicCommitteeofGuangdongLocalPublicFinanceResearchCenter;MemberoftheAcademicCommitteeofGuangdongCoastalEconomicBeltDevelopmentResearchCenter.
Mr.LiuHeng,Ph.D.,doctoralsupervisor,projectexpertoftheNationalFoundationandProvincialDepartmentofScienceandTechnology,isstrategicconsultantofmanyenterprises,etc.FromJune2015toJune2023,heservedasanassociateprofessoratSunYat-senUniversity,andsinceJune2023,hehasbeenaprofessoratSunYat-senUniversity.SinceAugust2022,hehasservedasanindependentdirectorofGuangdongZhaoqingXinghuBiotechnologyCo.,Ltd.HehasbeenanindependentdirectoroftheCompanysinceDecember5,2023.Mr.LuZhenbo,IndependentDirectoroftheCompany,Male,Ph.D.SinceMarch2003,hehasbeenservingasanAssociateProfessorandDoctoralSupervisorattheIntelligentTransportationSystemResearchCenter,SchoolofTransportation,SoutheastUniversity,andalsoservesasthePartyBranchSecretary.Hisresearchdirectionsincludesmartexpressways,trafficsafety,trafficcontrol,andgreenandlow-carbontransportation.HeservesasanEcologicalCityPlanningandConsultingExpertfortheMinistryofHousingandUrban-RuralDevelopment,anInformationEngineeringConsultingExpertforJiangsuProvince,anevaluationexpertforsmartexpresswaysandbridgesfortheJiangsuProvincialDepartmentofTransportation,andaTransportConsultantfortheWorldBank.Hehaspublishedoverthirtyhigh-levelpapers,includinginSCI-indexedjournals,andhasledmorethantenprojectsfundedbytheNationalScienceFoundationandatprovincial/ministeriallevels.HehasbeenawardedtheFirstPrizeofNaturalScienceProgressbytheMinistryofEducation,theFirstPrizeofScientificandTechnologicalProgressbytheChinaIntelligentTransportationSystemsAssociation,andtheSecondPrizeofScientificandTechnologicalProgressbyJiangsuProvince.HehasservedasanIndependentDirectoroftheCompanysinceJune6,2025.
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.andthedeputy
generalmanagerofGuangdongLitongPropertyDevelopmentCo.,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.andvicechairmanofJingzhuExpresswayGuangzhuSectionCo.,Ltd.Thesituationwherethemajorshareholderandtheactualcontrollerconcurrentlyholdthepositionsofthechairmanandthegeneralmanagerofthelistedcompany
□Applicable√NotapplicableOfficetakinginshareholdercompanies
√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,DeputyChiefEconomist,DirectorofLegalAffairsDepartment | September1,2020 | Yes | ||
| Notestopost-holdinginshareholder’sunit | N/A | |||||
Officestakeninotherorganizations
√Applicable□Notapplicable
| Nameofthepersonsinoffice | Nameofotherorganizations | Titlesengagedintheotherorganizations | Startingdateofofficeterm | Expirydateofofficeterm | Doeshe/shereceiveremunerationorallowancefromotherorganization |
| YouDewei | YouDewei | GuangdongETRLawFirm | Lawyer | Yes | |
| GuangdongETRLawFirm | Seniorpartner | March1,2019 | June1,2023 | Yes | |
| GuangdongETRLawFirm | ChiefSupervisor | June1,2022 | June`1.2023 | Yes | |
| GuangdongProvinceSASACsupervisesenterprises | Externaldirector | July1,2019 | Yes | ||
| GuangdongHongdaHoldingGroupCo.,Ltd.(ShenzhenStockExchange) | Independentdirector | December1,2025 | Yes | ||
| GuangdongProvincialAcademyofBuildingResearchGroupCo.,Ltd. | Independentdirector | August1,2022 | Yes | ||
| RisingNonferrousMetalsShareCo.,ltd. | Independentdirector | August1,2022 | January1,2025 | Yes | |
| ChinaSouthernAirlinesGeneralAviationCo.,Ltd | Independentdirector | December1,2022 | Yes | ||
| ZhuhaiRuralCommercialBankCo.,Ltd | Executivesupervisor | June1,2023 | October1,2025 | Yes | |
| TheCounciloftheHealthLawResearchAssociationoftheGuangdongProvincialLawSociety | Vicechairman | May1,2023 | No | ||
| GuangdongEnterpriseFederation,GuangdongEntrepreneursAssociation | Vicechairman | March1,2023 | March1,2024 | No | |
| GuangdongEnterpriseFederation,GuangdongEntrepreneursAssociation | Doctoralsupervisor | March1,2024 | |||
| The11thState-ownedAssetsLawProfessionalCommitteeofGuangdongLawyersAssociation | Vicedirector | March1,2017 | March1,2021 | No | |
| The12thComplianceRiskControlLegalProfessionalCommitteeofGuangdongLawyersAssociation | Vicedirector | April1,2022 | No | ||
| ChinaHealthLawSociety | Executivedirector | June1,2019 | No | ||
| GuangdongProvincialLawSocietyofMedicineandFoodLawResearchAssociation | Director | December1,2020 | No | ||
| PharmaceuticalandHealthBusinessLegalProfessionalCommitteeofGuangzhouLawAssociation | Vicedirector | September1,2020 | September1,2024 | No | |
| GuangzhouArbitrationCommission | Arbitrator | November1,2024 | Yes | ||
| ShenzhenCourtofInternationalArbitration | Arbitrator | March1,2019 | February1,2022 | Yes | |
| QingyuanArbitrationCommission | Arbitrator | February1,2016 | Yes | ||
| GuangzhouMunicipalBureauofJustice"warmenterpriseaction"100expertslawyerslegalservice | Member | September1,2016 | No | ||
| YuMingyuan | ResearchInstituteofHighwayMinistryofTransport | Second-levelresearcher | October1,2022 | Yes |
| ChinaHighwaySocietyInvestmentBranch | Executivedirector | July1,2022 | No | |||
| JiangsuNinghuExpresswayCo.,Ltd. | Independentdirector | June1,2024 | Yes | |||
| HubeiChutianSmartCommunicationCo.,Ltd. | Independentdirector | December1,2022 | Yes | |||
| ZhangRenshou | AccountingDepartment,SchoolofManagement,GuangzhouUniversity | Professor | February1,2004 | Yes | ||
| Counsellors'OfficeofGuangdongProvincialPeople'sGovernment | Specialresearcher | July1,2024 | No | |||
| GuangdongSouthChinaEconomicDevelopmentResearchAssociation | President | October1,2022 | No | |||
| FoshanElectricalandLightingCo.,Ltd. | Independentdirector | October1,2021 | Yes | |||
| BeijingScienkongTechnologyCo.,ltd. | Independentdirector | October1,2024 | Yes | |||
| JRCB（UnlistedCompany） | Independentdirector | December1,2018 | Yes | |||
| LiuHeng | SchoolofManagement,SunYat-senUniversity | Professor | July1,2011 | Yes | ||
| GuangdongZhaoqingXinghuBiotechnologyCo.,Ltd | Independentdirector | August1,2022 | Yes | |||
| TianyuDigitalTechnologyGroupCo.,Ltd. | Independentdirector | October1,2025 | Yes | |||
| LuZhenbo | NanjingRuiqiIntelligentTransportationIndustryResearchInstituteCo.,Ltd. | Shareholder | January1,2019 | |||
| JiangsuZhitongTransportationTechnologyCo.,Ltd. | Shareholder | January1,2012 | No | |||
| Descriptionofemploymentinotherunits | N/A | |||||
Punishmentstothecurrentandleavingboarddirectors,supervisorsandseniormanagersduringthereportperiodbysecuritiesregulatorsintherecentthreeyears
□Applicable√Notapplicable
3.Remunerationtodirectors,supervisorsandseniorexecutivesDecision-makingprocedures,basisfordeterminationandactualpaymentoftheremunerationtodirectors,supervisorsandseniorexecutives
（1）Directorremuneration
TheremunerationofmembersoftheTenthboardofdirectorsandsupervisorycommitteewasexaminedanddeterminedatthesecondprovisionalshareholders’generalmeetingin2022.
1.Non-independentdirectorsarenotentitledtodirectors'remuneration.
2.Independentdirectorsareentitledtodirectors'remuneration，DirectorswhohavenotheldotherpositionsintheCompanyandthecontrollingshareholderoftheCompanyanditsrelatedpartiesareremuneratedbythedirectorsoftheCompany,andthestandardisRMB8,000(taxincluded)perpersonpermonth.Inaddition,theexpensesincurredbytheindependentdirectorsattheboardofdirectorsandtheshareholders'generalmeetingandtheexpensesincurredinexercisingtheirfunctionsandpowersinaccordancewiththearticlesofassociationmaybereimbursedinthecompany.
（
）RemunerationofSeniorManagers
TheremunerationdistributionplanforseniormanagersisformulatedinaccordancewiththeCompany'sMeasuresfortheManagementofRemunerationofManagerialMembers(Trial),MeasuresforRemunerationManagement(Trial),andMeasuresfortheManagementofIncrementalIncentiveRemunerationDistribution(Trial),andhasbeenapprovedbytheCompany'sPartyCommittee,GeneralManager'sOfficeMeeting,andBoardofDirectors.
Remunerationtodirectors,supervisorsandseniorexecutivesinthereportingperiod
InRMB10,000
| Name | Sex | Age | Positions | Officestatus | TotalremunerationreceivedfromtheCompany | Whethertogetpaidinthecompanyrelatedparty |
| MiaoDeshan | Male | 54 | SecretaryofthePartyCommitteeBoardChairman | InOffice | 80.89 | No |
| ChengRui | Male | 51 | DirectorDeputySecretaryofthePartyCommittee | InOffice | Yes | |
| LuMing | Male | 47 | Director,ChiefAccountant | InOffice | 70.23 | No |
| ZuoJiang | Female | 53 | Director,DeputyGeneralManager | InOffice | 68.08 | No |
| ZengZhijun | Male | 55 | Director | InOffice | 0 | Yes |
| YaoYuechang | Male | 54 | Director | InOffice | 0 | Yes |
| WuGuijun | Male | 47 | Director | InOffice | 0 | Yes |
| YouDewei | Male | 57 | Independentdirector | InOffice | 9.6 | No |
| YuMingyuan | Male | 63 | Independentdirector | InOffice | 9.6 | No |
| ZhangRenshou | Male | 60 | Independentdirector | InOffice | 9.6 | No |
| LiuHeng | Male | 42 | Independentdirector | InOffice | 9.6 | No |
| LuZhenbo | Male | 50 | Independentdirector | InOffice | 5.6 | No |
| LuoBaoguo | Male | 52 | DeputyGeneralManager | InOffice | 70.27 | No |
| ZhuQijun | Male | 43 | DeputyGeneralManager | InOffice | 67.05 | No |
| YangHanming | Male | 56 | SecretarytotheBoard | InOffice | 60.94 | No |
| ZhouYisan | Male | 45 | Chieflegaladviser | InOffice | 61.36 | No |
| WuHao | Female | 53 | Director | Dimission | 0 | Yes |
| ZengXiaoqing | Female | 56 | Independentdirector | Dimission | 4 | No |
| Total | -- | -- | -- | -- | 526.82 | -- |
AssessmentBasisforRemunerationActuallyReceivedbyAllDirectorsandSeniorManagersattheEndoftheReportingPeriod
| AssessmentBasisforRemunerationActuallyReceivedbyAllDirectorsandSeniorManagersattheEndoftheReportingPeriod | TheassessmentbasiscomprisestheCompany'sManagementSystemforTerm-basedandContractualManagementofManagerialMembers,PerformanceAppraisalSystemforAllEmployees,andMeasuresfortheManagementofIncrementalIncentiveRemunerationDistribution(Trial). |
| AssessmentCompletionStatusforRemunerationActuallyReceivedbyAllDirectorsandSeniorManagersattheEndoftheReportingPeriod | TheassessmentworkhasbeencompletedinaccordancewiththeCompany'sManagementSystemforTerm-basedandContractualManagementofManagerialMembers,PerformanceAppraisalSystemforAllEmployees,andMeasuresfortheManagementofIncrementalIncentiveRemunerationDistribution(Trial). |
| DeferredPaymentArrangementsforRemunerationActuallyReceivedbyAllDirectorsandSeniorManagersattheEndoftheReportingPeriod | Thedeferredpaymentstatusforremunerationreceivedbyseniormanagersattheendofthereportingperiodisasfollows:The2023annualincrementalincentivebonusispayableovertwoyears,with70%paidin2024and30%paidin2025. |
| ClawbackandWithholdingSituationsforRemunerationActuallyReceivedbyAllDirectorsandSeniorManagementattheEndoftheReportingPeriod | Nosuchsituationexistedattheendofthereportingperiod. |
Other
□Applicable?NotapplicableV.Performanceofdirectors'dutiesduringthereportingperiod
1.Informationoftheboardmeetingsduringthereportingperiod
| Nameofdirector | Numberofboardmeetingsattendedduringthereportingperiod | Numberofboardmeetingsattendedinperson | Numberofboardmeetingsattendedbymeansofcommunication | Numberofboardmeetingsattendedbyproxy | Numberofboardmeetingsabsentfrom | Whethertoattendtheboardmeetinginpersontwiceinarow | Generalmeetingsofshareholdersattended |
| MiaoDeshan | 9 | 4 | 5 | 0 | 0 | No | 3 |
| LuMing | 9 | 4 | 5 | 0 | 0 | No | 3 |
| ZuoJiang | 9 | 4 | 5 | 0 | 0 | No | 3 |
| ChengRui | 9 | 3 | 6 | 0 | 0 | No | 3 |
| ZengZhijun | 9 | 4 | 5 | 0 | 0 | No | 3 |
| WuGuijun | 9 | 4 | 5 | 0 | 0 | No | 3 |
| YaoXuechang | 9 | 2 | 7 | 0 | 0 | No | 3 |
| YouDewei | 9 | 3 | 6 | 0 | 0 | No | 3 |
| YuMingyuan | 9 | 2 | 7 | 0 | 0 | No | 3 |
| ZhangRenshou | 9 | 2 | 7 | 0 | 0 | No | 3 |
| LiuHeng | 9 | 2 | 7 | 0 | 0 | No | 3 |
| LuZhenbo | 5 | 0 | 5 | 0 | 0 | No | 2 |
| WuHao | 8 | 1 | 7 | 0 | 0 | No | 3 |
| ZengXiaoqing | 4 | 0 | 4 | 0 | 0 | No | 1 |
ExplanationoffailuretoattendtheboardmeetinginpersontwiceinarowNone
2.Directors'objectionstorelatedmattersoftheCompanyWhetherthedirectorraisesanyobjectiontotherelevantmattersoftheCompany
□Yes√NoDuringthereportingperiod,thedirectorsdidnotraiseanyobjectiontotherelevantmattersoftheCompany.
3.Otherdescriptionsofdirectors'performanceofdutiesWhetherthedirectors'suggestionsontheCompanyhavebeenadopted
√Yes□NoThedirector'sstatementonwhethertherelevantsuggestionsoftheCompanyhavebeenadoptedornot
Duringthereportingperiod,allthedirectorsoftheCompanydiligentlyperformedthedutiesentrustedbythegeneralmeetingofshareholders,carefullyevaluatedandconsideredtheCompany'soperationmanagement,investment,corporategovernanceandothermatters,activelyproposed,scientificallydiscussedandcollectivelymadedecisionsintheboardmeeting,andputforwardmultiplesuggestionsthatmeettheCompany'sdevelopmentneedsatthepresentstage,whichwereadoptedbytheCompanyintheformofresolutionsoftheBoardofDirectors.
VI.SituationofspecialcommitteesundertheBoardofDirectorsduringthereportingperiod
| Committeename | Memberinformation | Numberofmeetingsconvened | Conveningdate | Meetingcontent | Putforwardimportantopinionsandsuggestions | Otherinformationofdutyperformance | Detailsofobjections(ifany) |
| AuditCommittee | Chairmanofthecommittee:ZhangRenshou,Member:YouDewei,LiuHeng | 9 | January9,2025 | Listenedtotheaccountants'reportontheauditplanforGuangdongExpressway's2024financialreports,includingtheauditscope,auditpersonnel,auditworkschedule,changesinaccountingpolicies,accountingestimates,keyauditmatters,andsignificantpriorperiodmatters. | Conductedconsultationandcommunicationregardingthedetailsoftheauditplan,andproposedsuggestionsformodification,aswellasrequirementsforrigorousandtimelycompletionoftheaudit. | ||
| February20,2025 | 1.ListenedtotheaccountantsresponsiblefortheannualauditreportontheauditstatusofGuangdongExpressway's2024financialreports,includingkeyfinancialstatementdata,financialratios,keyauditmatters,andresponses;2.Reviewedandapprovedthe2024InternalControlEvaluationReportofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.;3.ReviewedandapprovedtheProposalonthe<2024InternalAuditWorkReport>and<2025InternalAuditWorkPlan>;4.Reviewedandapprovedthe2025InternalControlEvaluationWorkPlanofGuangdongProvincialExpresswayDevelopmentCo.,Ltd. | 1.Reviewedthedraftofthe2024annualauditreport,raisedinquiriesconcerningfocusareassuchasaccountsreceivableandR&Dexpenses;2.Reviewedandapprovedthe2024InternalControlEvaluationReportofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.,andagreedtosubmitittotheBoardofDirectorsfordeliberation;3.ReviewedandapprovedtheProposalonthe<2024InternalAuditWorkReport>and<2025InternalAuditWorkPlan>,andagreedtosubmitittotheBoardofDirectorsfordeliberation;4.Reviewedandapprovedthe2025InternalControlEvaluationWorkPlanofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.,andagreedtosubmitittotheBoardofDirectorsfordeliberation. | |||||
| February24,2025 | 1.ListenedtothefinancialinformationintheCompany's2024AnnualReportandthe2024AnnualAuditReport,reviewedandapprovedtheCompany's2024AnnualReportand2024AnnualAuditReport;2.ReviewedandapprovedtheReportontheEvaluationoftheAccountingFirm's2024Performanceand | 1.Reviewedandapprovedthe2024AnnualReportandthe2024AnnualAuditReport,andagreedtosubmitthemtotheBoardofDirectorsfordeliberation.2.ReviewedandapprovedtheReportontheEvaluationoftheAccountingFirm's2024PerformanceandtheFulfillmentofSupervisionDuties,andagreedtosubmitit |
| Committeename | Memberinformation | Numberofmeetingsconvened | Conveningdate | Meetingcontent | Putforwardimportantopinionsandsuggestions | Otherinformationofdutyperformance | Detailsofobjections(ifany) |
| theFulfillmentofSupervisionDuties. | totheBoardofDirectorsfordeliberation. | ||||||
| April14,2025 | ListenedtotheProposalonthe<TenderDocumentfortheSelectionofthe2025AnnualAuditInstitution>,coveringaspectssuchastheselectionbackground,servicecontent,servicetermandfees,selectionmethod,aswellastheselectionproceduresandcontentofthetenderdocument. | Agreedtoinitiatetherelevantworkforselectingtheannualauditinstitution,andreviewedandapprovedtheTenderDocumentfortheSelectionofthe2025AnnualAuditInstitutionforGuangdongProvincialExpresswayDevelopmentCo.,Ltd. | |||||
| April27,2025 | 1.ReviewedandapprovedtheProposalonAccountingEstimateChanges;2.Reviewedandapprovedthe2025Q1FinancialReportandthe2025Q1ReportofGuangdongProvincialExpresswayDevelopmentCo.,Ltd. | 1.FurtherinquiredabouttheimpactofthisaccountingestimatechangeontheCompany'soperatingresults;changesindepreciationlives.Upondeliberation,agreedtotheProposalonAccountingEstimateChanges,consideringthatthischangecomplieswiththeAccountingStandardsforBusinessEnterprisesNo.28-AccountingPolicies,ChangesinAccountingEstimatesandCorrectionsofAccountingErrorspromulgatedbytheMinistryofFinanceandtherelevantprovisionsoftheShenzhenStockExchange.Thereisnosituationofmanipulatingfinancialindicatorssuchasprofitsorowners'equitybyutilizingchangesinaccountingpoliciesandaccountingestimates.AgreedtosubmittheProposalonAccountingEstimateChangestotheBoardofDirectorsfordeliberation.2.FurtherinquiredaboutthereasonsforthechangeintheCompany'soperatingincomeforQ1of2025;andsuggestedtheCompanydeployAIlocallytoanalyzetheCompany'sfinancialstatus.Upondeliberation,agreedtotheCompany's2025Q1FinancialReportand2025Q1Report, |
| Committeename | Memberinformation | Numberofmeetingsconvened | Conveningdate | Meetingcontent | Putforwardimportantopinionsandsuggestions | Otherinformationofdutyperformance | Detailsofobjections(ifany) |
| andagreedtosubmitthe2025Q1ReporttotheBoardofDirectorsfordeliberation. | |||||||
| May19,2025 | 1.ListenedtotheCompany's2025AuditInstitutionSelectionBidEvaluationReport,coveringthebidevaluationstatusforthe2025auditinstitutionselection,thetenderingandbidopeningprocess,thereviewstatus,andthebidevaluationresults;ReviewedandapprovedtheProposalonEngagingtheAuditInstitutionforthe2025FinancialReports;2.ReviewedandapprovedtheProposalonEngagingtheAuditInstitutionforthe2025InternalControlAudit. | Upondeliberation,theCompany'schangeofaccountingfirmthistimecomplieswiththeprovisionsoftheMeasuresfortheAdministrationofSelectionofAccountingFirmsbyState-ownedEnterprisesandListedCompanies(CK[2023]No.4)issuedbytheMinistryofFinance,theState-ownedAssetsSupervisionandAdministrationCommissionoftheStateCouncil,andtheChinaSecuritiesRegulatoryCommission.GuangdongZhongzhixinCertifiedPublicAccountantsFirm(SpecialGeneralPartnership)possessestherelevantqualificationsforconductingauditbusinessforlistedcompanies,adherestotheprofessionalstandardsofindependence,objectivity,andintegrity,hastheexperienceandcapabilitytoprovideauditservicesforlistedcompanies,canmeettheCompany'sneedsforthe2025financialreportandinternalcontrolaudits,andcanindependentlyaudittheCompany'sfinancialstatus.ItagreedtoengageGuangdongZhongzhixinCertifiedPublicAccountantsFirm(SpecialGeneralPartnership)astheCompany'sfinancialreportauditinstitutionandinternalcontrolauditinstitutionfor2025,andagreedtosubmittheabovetwoproposalstotheBoardofDirectorsandtheGeneralMeetingofShareholdersfordeliberation. | |||||
| August21,2025 | ReviewedandapprovedtheCompany's2025Semi-AnnualFinancialReport,the2025Semi-AnnualReport,andits | Furtherinquiredaboutthereasonsforthedecreaseinoperatingincome,theissueofR&Dexpensesuperdeduction,andtherisk |
| Committeename | Memberinformation | Numberofmeetingsconvened | Conveningdate | Meetingcontent | Putforwardimportantopinionsandsuggestions | Otherinformationofdutyperformance | Detailsofobjections(ifany) |
| summary. | controlofaccountsreceivableinthe2025Semi-AnnualFinancialReport.Upondeliberation,agreedtotheCompany's2025Semi-AnnualFinancialReport,the2025Semi-AnnualReport,anditssummary,andagreedtosubmitthemtotheBoardofDirectorsfordeliberation. | ||||||
| October21,2025 | ReviewedandapprovedtheCompany's2025Q3FinancialReportandthe2025Q3Report. | Furtherinquiriedregardingthe2025ThirdQuarterReport:reasonsforthedecreaseinoperatingincomeandcountermeasures;reasonsfortheincreaseintotalassets;reasonsfortheincreaseincashreceivedfromotheroperatingactivitiesandsuggestionsforfullutilizationtoincreasereturns;suggestionsthattheyear-on-yearincrease/decreasedescriptionsinkeyaccountingdataandfinancialindicatorsshouldbeclearer;inquiredabouttheimpactofchangesinthesharepriceofChinaEverbrightBankontheCompany'soperatingresults.Upondeliberation,agreedtotheCompany's2025Q3Report,andagreedtosubmitittotheBoardofDirectorsfordeliberation. | |||||
| December26,2025 | ReviewedandapprovedtheProposalontheFive-YearPlanforInternalAuditWorkofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.(2026-2030). | AgreedtotheCompany'sFive-YearPlanforInternalAuditWorkofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.(2026-2030),andagreedtosubmitittotheBoardofDirectorsfordeliberation. | |||||
| RemunerationandAssessmentCommittee | ChairmanoftheCommittee：YouDewei,Member:LiuHeng. | 4 | February24,2025 | ReviewedandapprovedtheProposalonthe2024RemunerationDistributionResultsfortheCompany'sLeadershipTeam. | AgreedtotheproposalandagreedtosubmitittotheCompany'sBoardofDirectorsfordeliberation. | ||
| April27,2025 | ReviewedandapprovedtheProposalonthe2025OperationalManagementTargetResponsibilityLetterforMembersofthe | AgreedtotheproposalandagreedtosubmitittotheCompany'sBoardofDirectorsfordeliberation. |
| Committeename | Memberinformation | Numberofmeetingsconvened | Conveningdate | Meetingcontent | Putforwardimportantopinionsandsuggestions | Otherinformationofdutyperformance | Detailsofobjections(ifany) |
| Company'sManagement. | |||||||
| August21,2025 | ReviewedandapprovedtheProposalonRevisingthe<DetailedRulesfortheImplementationofTerm-basedandContractualManagementAssessmentforMembersoftheManagementofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.(Trial)>,theProposalonthe2024Term-basedandContractualManagementAssessmentResultsforMembersoftheCompany'sManagement,andtheProposalonDisbursingOutstandingAwardsforthe2024Term-basedandContractualManagementAssessmentforMembersoftheCompany'sManagement. | AgreedtotheproposalandagreedtosubmitittotheCompany'sBoardofDirectorsfordeliberation. | |||||
| December25,2025 | ReviewedandapprovedtheProposalontheAssessmentResultsforthePreviousTerm(January1,2021–September20,2022)ofLeadershipTeamMembersNotIncludedinTerm-basedandContractualManagementandtheProposalonDeliberatingthe2025TotalPayrollBudgetAllocationPlanofGuangdongExpressway. | AgreedtotheproposalandagreedtosubmitittotheCompany'sBoardofDirectorsfordeliberation. | |||||
| StrategyCommittee | ChairmanoftheCommittee：MiaoDeshan,Member:YuMingyuan,LiuHeng,ZengXiaoqing | 1 | February24,2025 | ReviewedtheCompany's2024DevelopmentStrategyandPlanImplementationStatusand2025WorkPlan. | AgreedtotheCompany's2024DevelopmentStrategyandPlanImplementationStatusand2025WorkPlan.TheproposalobjectivelyreflectstherelevantcircumstancesoftheimplementationoftheCompany'sdevelopmentplanin2024. | ||
| RiskManagementCommittee | ChairmanoftheCommittee：ZhangRenshou,Member:MiaoDeshan,You | 1 | December25,2025 | ReviewedtheProposalonthe2025RiskAssessmentResultsandtheProposalon<2025ComprehensiveRiskManagementandInternalControlWorkSummaryand | Uponreview,itwasconsideredthat:1.TheassessmentresultsobjectivelyreflecttheCompany'scurrentriskstatus;2.The2025ComprehensiveRiskManagementand |
| Committeename | Memberinformation | Numberofmeetingsconvened | Conveningdate | Meetingcontent | Putforwardimportantopinionsandsuggestions | Otherinformationofdutyperformance | Detailsofobjections(ifany) |
| Dewei | 2026WorkPlanofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.>. | InternalControlWorkSummaryand2026WorkPlanofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.objectivelyreflectsthestatusoftheCompany'sriskcontrolmanagementworkin2025. | |||||
| ComplianceCommittee | ChairmanoftheCommittee：YouDewei,Member:YuMingyuan,WuHao. | 2 | April27,2025 | Reviewedtheundertakingofspecialcontractcompliancematterswithintheframeworkofcompliancestandardization. | Uponreview,agreedtoundertakespecialcontractcompliancematterswithintheframeworkofcompliancestandardization. | ||
| August21,2025 | ReviewedtheComplianceManagementSystemInternalAuditPlanofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.andtheManagementReviewPlanforComplianceManagementSystemofGuangdongProvincialExpresswayDevelopmentCo.,Ltd. | Uponreview,agreedtotheInternalAuditPlanandtheManagementReviewPlan. |
VII.TheworkingstatusoftheAuditCommitteeTheAuditCommitteefindsoutwhetherthecompanyhasrisksduringthemonitoringactivitiesduringthereportingperiod
□Yes√NoTheAuditCommitteehasnoobjectiontothesupervisionmattersduringthereportingperiod.VIII.Particularsaboutemployees.
1.Numberofstaff,professionalstructureandeducationalbackground
| Numberofin-servicestaffoftheparentcompany(person) | 109 |
| Numberofin-servicestaffofthemainsubsidiaries(person) | 2,920 |
| Thetotalnumberofthein-servicestaff(person) | 3,029 |
| Thetotalnumberofstaffreceivingremunerationinthecurrentperiod(person) | 3,015 |
| Retiredstaffwithchargespaidbytheparentcompanyandmainsubsidiaries(person) | 230 |
| Professional | |
| Category | Numberofpersons（person） |
| Operatingpersonnel | 2,420 |
| Salepersonnel | 0 |
| TechnologyPersonnel | 429 |
| Financialpersonnel | 72 |
| Managementpersonnel | 108 |
Total
| Total | 3,029 |
| Education | |
| Category | Numberofpersons（person） |
| Holdersofmaster’sdegreeorabove | 81 |
| Graduatesofregularuniversity | 812 |
| Graduatesofjuniorcolleges | 1,619 |
| Other | 517 |
| Total | 3,029 |
2.Remunerationpolicies
GuangdongExpresswayadherestotheprincipleofefficiency-orientation,efficiencyandfairness,andcombinationofincentivesandconstraints,withpositiveincentivesandfocusonlongterm.Accordingtonationallaws,regulationsandpolicies,itestablishesanannualsalarysystemfortheassessmentofenterpriseleadersandaperformance-basedsalarysystemformanagementpersonnel,andadoptsatotalsalarybudgettobeincludedincomprehensivebudgetmanagement.Accordingtotheinterrelatedperformancecontributionsoflabor,managementandskills,employeesalariesarecloselylinkedwithpersonalperformanceandenterprisebenefits.
TheCompanyprovidesvariousbenefitsthatcomplywithlawsandregulations.Employeesareentitledtovariousbenefitssuchassocialinsurance,enterpriseannuity,supplementarymedicalcare,andtradeunionmutualaidinsurance,toensurethatemployeessharethefruitsofdevelopmentandstimulatetheirworkenthusiasm.
3.Trainingplan
Eachbusinessdepartmentorganizesemployeestoparticipateinthebusinessposttrainingorganizedbythecompetentdepartmentofindustryandsocialprofessionaltraininginstitutionsaccordingtotheemployeejob
characteristics,employeejobperformanceandindustrydevelopmenttrendofthedepartment.Inordertohelpenterprisesdevelopwithhighqualityandefficientlycompletethetaskofstate-ownedenterprisereform,itisplannedtocarryoutspecialtrainingonstate-ownedenterprisereform;inordertoimproveemployees'workingsatisfaction,itisplannedtocarryoutspecialtrainingonemployees'mentalhealthandphysicalhealthcare.Carryoutcontinuingeducationandtrainingforprofessionalandtechnicalpersonnel.Carryoutvarioustrainingactivitiessuchasspecialeducationandincorruptioneducationincooperationwiththepartyandthemasses,supervisionandexamination,etc.
4.Outsourcingsituation
□Applicable√NoApplicableIX.SpecificationofprofitdistributionandcapitalizingofcommonreservesFormulation,implementationoradjustmentoftheprofitdistributionpolicy,especiallythecashdividendpolicyduringthereportingperiod
√Applicable□Notapplicable
OnMarch16,2024,theCompanydisclosedtheShareholderReturnPlanfortheNextThreeYears(2024-2026),whichstipulatesthat,absentanymajorinvestmentplansorsignificantcashexpenditureevents,theCompanyshalldistributedividendsincasheachyear,andthecashdividendsdistributedforthe2024-2026periodshallsatisfytheconditionthat"theprofitdistributedincasheachyearshallnotbelessthanseventypercentofthenetprofitattributabletotheownersoftheparentcompanyasreportedintheconsolidatedstatementsforthatyear".
Duringthereportingperiod,theCompanyimplementedthe2024profitdistributionplan,allocatingRMB1,093,491,603.90asdividendsforthe2024distribution,representing70.00%ofthe2024consolidatednetprofitattributabletoownersoftheparentcompany,whichamountedtoRMB1,562,122,219.95.
| SpecialExplanationofCashDividendPolicy | |
| WhetheritcomplieswiththeprovisionsoftheCompany'sArticlesofAssociationortherequirementsofshareholders'meetingresolutions: | Yes |
| Whetherthedividendstandardsandratiosareclearandexplicit: | Yes |
| Whethertherelevantdecision-makingproceduresandmechanismsarecomplete: | Yes |
| Whethertheindependentdirectorsfulfilledtheirdutiesandplayedtheirdueroles: | Yes |
| IftheCompanydidnotdistributecashdividends,thespecificreasonsshouldbedisclosed,aswellasthemeasurestobetakennexttoenhanceinvestorreturns: | TheCompanydistributedcashdividends. |
| Whetherminorityshareholdershaveadequateopportunitiestoexpresstheiropinionsanddemands,andwhethertheirlegitimaterightsandinterestsarefullyprotected: | Yes |
| Ifthecashdividendpolicyisadjustedorchanged,whethertheconditionsandproceduresarecompliantandtransparent: | TheCompany'scashdividendpolicyhasnotbeenadjustedorchanged. |
Duringthereportingperiod,theCompanymadeaprofitandtheprofitavailabletoshareholdersoftheparentcompanywaspositive,butnocashdividenddistributionplanwasputforward.
□Applicable√NotapplicableProfitdistributionandcapitalizationofcapitalreserveduringthereportingperiod
√Applicable□Notapplicable
| Bonussharesforeverytenshares(Shares) | 0 |
| Cashdividendforeverytenshares(Yuan)(Tax-included) | 6.04 |
| Atotalnumberofsharesasthedistributionbasis(shares) | 2,090,806,126 |
| Cashdividendamount(yuan,includingtax | 1,262,846,900.10 |
| Othermeans(suchasrepurchaseofshares)cashdividendamount(yuan) | 0.00 |
| Totalcashdividend(yuan,includingtax) | 1,262,846,900.10 |
| Distributableprofit(yuan) | 6,299,201,032.26 |
| Theproportionofthetotalcashdividend(includingothermeans)inthetotalprofitdistribution | 100% |
| Proportionofcashdividendinthedistributableprofit | |
| TheCompanyisinafastgrowthstage,thereforthecashdividendwillreach80%oftheprofitdistributionatleast.Cashdividenddistributionpolicy. | |
| DetailsofprofitdistributionorreservecapitalizationPreplan | |
| 1.Limitedto10%oftheregisteredcapitaloftheParentcompany,thenetprofitofthecompany,i.e.181,357,579.04yuan,istobeallocatedforstatutorycommonreservefund；2.Theprofitfor2025istobedistributedasfollows:1,262,846,900.10yuan.istobeallocatedasthefundfordividenddistributionfor2025.withthetotalsharesattheendof2025,i.e.,2,090,806,126shares,asthebase,cashdividendof6.04yuan(includingtax)istobedistributedforevery10shares.Theremainingundistributedprofitsaretobecarriedforwardtothenextyear.TheforeignexchangetranslationofthecashdividendsforshareholdersholdingBshareandoverseascorporateshareswillbedeterminedaccordingtoHKD:RMBbank’sMiddleratequotedbyPeople’sBankofChinaonthefirstworkingdayafter2025annualshareholders’generalmeetingmakesresolutionondividenddistribution. | |
X.ImplementationSituationofStockIncentivePlanoftheCompany,EmployeeStockOwnershipPlanorOtherEmployeeIncentiveMeasures
□Applicable√NotapplicableNoneXI.Constructionandimplementationofinternalcontrolsystemduringthereportingperiod
1.ConstructionandimplementationofinternalcontrolTheCompanyhasestablishedasoundcorporategovernancestructure,withclearresponsibilitiesofgeneralmeetingofshareholders,BoardofDirectors,BoardofSupervisorsandmanagement,establishedcorporategovernancerulescenteredbytheArticlesofAssociation,rulesofprocedureofgeneralmeetingofshareholders,BoardofSupervisors,BoardofDirectorsandspecializedcommitteesthereunder,standardizedoperationofgeneralmeetingofshareholders,BoardofDirectorsandBoardofSupervisors,heldandconvenedrelevantmeetingsinaccordancewiththeprovisionsoftheCompanyLawandtheArticlesofAssociation,andreachedlegalandvalidresolutions.ThegeneralmeetingofshareholdersisthehighestauthorityoftheCompany;theBoardofSupervisorsisresponsibleforthegeneralmeetingofshareholders,andthesupervisionofdirectorsandmanagementtoperformtheirdutiesaccordingtolawissoundandeffective.TheBoardofDirectorsshallberesponsibletothegeneralmeetingofshareholdersandexercisethebusinessdecision-makingpoweraccordingtolaw.ItisprovidedwithanAuditCommittee,theindependentdirectorsmeetthequorum,andthedecision-makingproceduresandmanagementrulesofprocedureoftheBoardofDirectorsarescientificandtransparent;themanagementisefficientandrigorousinimplementingtheresolutionsoftheBoardofDirectors.
TheCompanyhassetup11functionaldepartments,includingInvestmentDevelopmentDepartment,HumanResourcesDepartment,FinancialManagementDepartment,InfrastructureManagementDepartment,OperationandManagementDepartment,DisciplineInspectionandAuditDepartment,SecuritiesAffairsDepartment,ComprehensiveAffairsDepartment,LegalAffairsDepartmentandParty,DepartmentofWorkSafetySupervisionandAdministrationandMassWorkDepartment.Thedistributionofpowersandresponsibilitiesandbusinessprocessesofallfunctionaldepartmentsareclearandreasonable,formingaworkingmechanismofdutyperformance,responsibilityshouldering,mutualrestrictionandcoordination.TheCompanyhasestablishedaperfectcontrolsystemforparent-subsidiarycompanies,andformedasoundinternalcontrolsystemforeach
subsidiarycompany.Meanwhile,theCompanyhasestablishedandimprovedrulesandregulationsrelatedtoriskassessment,fraudriskcontrol,informationandcommunication,andmaintainedeffectiveinternalcontrol.TheCompanyhassetupanAuditCommitteeundertheBoardofDirectorstosupervisetheeffectiveimplementationoftheCompany'sinternalcontrolandself-evaluationofinternalcontrol.TheCompanyhassetuptheDisciplineInspectionandAuditDepartment,whichisresponsibleforsupervisingtheestablishmentandoperationoftheCompany'sinternalcontrolsystem,evaluatingtheCompany'sriskcontrolandevaluatingtheeffectivenessoftheCompany'sinternalcontrol.Ithasdefinedthestandardsofinternalcontroldefectidentification,rectificationproceduresandinternalcontrolself-evaluationprocedures,andformedaneffectiveinternalcontrolsupervisionsystem.
2.Detailsofmajorinternalcontroldefectsfoundduringthereportingperiod
□Yes√NoXII.ManagementandcontroloftheCompany'ssubsidiariesduringthereportingperiodThereareabnormalcircumstancesinthemanagementandcontrolofthesubsidiaries.
□Yes?NoXIII.Internalcontrolself-evaluationreportorinternalcontrolauditreport
1.Self-evaluationreportoninternalcontrol
| Disclosuredateofappraisalreportoninternalcontrol | March14,2026 | |
| 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)Thematerial | Thequalitativecriteriafortheevaluationofinternalcontroldeficienciesinnon-financialreportsconfirmedbytheCompanyisasfollows:Materialdeficiencies:seriousviolationsandbeingsentencedtoheavyfinesorneedtakingcriminalresponsibility;utterlydisregardtherulesoflaw,illegalbehaviorsintheoperationandmanagementareparticularlysevereandthecircumstanceisverybad,whichleadstothesuspensionorcessationtothecompany'sdailyoperationandmanagementactivities,andleadstotheauditreportwithadisclaimerofopinionoranegativeopinionissuedbytheCPA;thenegativenewsspreadalloverthecountry,whichcausedseveredamagetothecompany’sreputation;resultedindeceaseofanumberofworkersor |
| deficienciesfoundandreportedtothemanagementbutarenotcorrectedwithinareasonabletime;(6)Thereisanadministrativepunishmentfromthesecuritiesregulatoryinstitutionduetoaccountingerrors.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. | citizens,orresultedindamagesthatareunabletorecovertoworkersorcitizens;reachedthecircumstance(gradeII)ofmajorenvironmentalevent.Significantdeficiencies:illegalandbeingpunished;disregardtherequirementsofthecompany’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;significantdeficiencies:0.5%ofthetotalamountoftheowner’sequityorRMB100million≤potentialmisstatement＜1%ofthetotalamountoftheowner’sequityorRMB200million;generaldeficiencies:potentialmisstatement＜0.5%ofthetotalamountoftheowner’sequityorRMB100millionStandardsofQuantization | ThequalitativecriteriafortheevaluationofinternalcontroldeficienciesinfinancialreportsconfirmedbytheCompanyisasfollows:Materialdeficiencies:potentialmisstatement≧1%ofthetotalamountoftheowner’sequityorRMB200million;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,GuangdongExpresswayhasmaintainedeffectivefinancialreportinternalcontrolinallmaterialaspectsaccordingtothebasicstandardsforEnterpriseinternalcontrolandrelevantregulationsendedDecember31,2025. | |
| Disclosureofinternalauditreport | Disclosure |
| Disclosuredateofauditreportofinternalcontrol | March14,2026 |
| Disclosureindexofauditreportofinternalcontrol(full-text) | Unqualifiedauditopinion |
| Internalauditreport’sopinion | No |
| Non-financialreportinghasmaterialdeficiencies | No |
HastheCPAsissuedaqualifiedauditor’sreportofinternalcontrol.
□Yes√NoDoestheinternalcontrolauditreportissuedbytheCPAsagreewiththeself-assessmentreportoftheBoardofDirectors
√Yes□NoWhetheranunqualifiedauditopiniononinternalcontrolwasissuedduringthereportingperiodorthepreviousyear
□Yes√NoXIV.Rectificationofself-examinationproblemsinspecialgovernanceactionsoflistedcompaniesNone.XV.EnvironmentalinformationdisclosureWhetherthelistedcompaniesandtheirmainsubsidiariesareincludedinthelistofenterprisesthatdiscloseenvironmentalinformationaccordingtolaw
□Yes?NoXVI.Socialresponsibility
FordetailsofCSRwork,pleaserefertothe"2024Environmental,SustainableDevelopmentReportofGuangdongProvincialExpresswayDevelopmentCo.,Ltd"disclosedonCninfoInformationNetwork(www.cninfo.com.cn)onMarch14,2026XVII.ConsolidateandexpandtheachievementsofpovertyalleviationandruralrevitalizationNone
V.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,misleadingstatementsormajoromissions.3.TheCompanyguaranteesthatitwillprovidetimelyinformationaboutthistransactioninaccordancewithrelevantlawsandregulations,relevantregulationsofChinaSecuritiesRegulatoryCommissionandShenzhenStockExchange,ensuretheauthenticity,accuracyandcompletenessofsuchinformation,andguaranteethattherearenofalserecords, | November25,2020 | Permanentlyeffective | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| misleadingstatementsormajoromissions.4.TheCompanyshallbearindividualandjointlegalresponsibilitiesfortheauthenticity,accuracyandcompletenessoftheinformationprovidedordisclosedforthisexchange.Incaseofanylosscausedtoinvestorsduetoviolationoftheabovecommitments,theCompanywillbearcorrespondingliabilityforcompensationaccordingtolaw. | ||||||
| Alldirectors,supervisorsandseniormanagementpersonnelofGuangdongExpressway | Commitmentonauthenticity,accuracyandcompletenessoftheinformationprovided | 1.Theexplanations,commitmentandinformationprovidedbythePromiseeforthistransactionareauthentic,accurateandcomplete,andtherearenofalserecords,misleadingstatementsormajoromissions.2.TheinformationprovidedbythePromiseetotheintermediariesthatprovideprofessionalservicessuchasauditing,evaluation,legalandfinancialconsultingforthistransactionisauthentic,accurateandcompleteoriginalwritteninformationorduplicateinformation,andtheduplicateorphotocopyoftheinformationisconsistentwithitsoriginalinformationororiginalcopy;Thesignaturesandsealsofalldocumentsareauthentic,andthelegalproceduresrequiredforsigningandsealinghavebeenfulfilledandlegalauthorizationhasbeenobtained;Therearenofalserecords,misleadingstatementsormajoromissions.3.ThePromiseeguaranteesthatitwillprovidetimelyinformationaboutthistransactioninaccordancewithrelevantlawsandregulations,relevantregulationsofChinaSecuritiesRegulatoryCommissionandShenzhenStockExchange,ensuretheauthenticity,accuracyandcompletenessofsuchinformation,andguaranteethattherearenofalserecords,misleadingstatementsormajoromissions.4.Ifthistransactionissuspectedoffalserecords,misleadingstatementsormajoromissionsintheinformationprovidedordisclosed,andisputon | November25,2020 | Permanentlyeffective | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| fileforinvestigationbyjudicialorgansorbyChinaSecuritiesRegulatoryCommission,thetransferofitsshareswithinterestsinthelistedcompanywillbesuspendeduntiltheinvestigationconclusionofthecaseisobtained.5.ThePromiseeshallbearindividualandjointlegalresponsibilitiesfortheauthenticity,accuracyandcompletenessoftheinformationprovidedordisclosedforthisexchange.Incaseofanylosscausedtoinvestorsduetoviolationoftheabovecommitments,thePromiseewillbearcorrespondingliabilityforcompensationaccordingtolaw. | ||||||
| Alldirectors,supervisorsandseniormanagementpersonnelofGuangdongExpressway | Commitmentonfillingmeasurestodiluteimmediatereward | 1.Ipromisenottotransferbenefitstootherunitsorindividualswithoutcompensationorunderunfairconditions,nortodamagetheinterestsoftheCompanybyothermeans.2.Ipromisetorestrainmyjobconsumptionbehavior.3.IpromisenottousetheassetsoftheCompanytoengageinanyinvestmentandconsumptionactivitiesunrelatedtomyduties.4.IpromisethatthesalarysystemformulatedbytheBoardofDirectorsortheRemunerationCommitteeofGuangdongExpresswaywillbelinkedwiththeimplementationoftherewardfillingmeasuresofGuangdongExpressway.5.IfGuangdongExpresswayplanstoimplementequityincentive,IpromisethattheexerciseconditionsofequityincentiveofGuangdongExpresswaytobeannouncedwillbelinkedwiththeimplementationoftherewardfillingmeasures.6.IncaseofanylosscausedtoGuangdongExpresswayoritsshareholdersduetoviolationoftheabovecommitmentsorrefusaltoperformtheabovecommitments,Iwillbearcorrespondingcompensationresponsibilitiesaccordingtolaw. | November25,2020 | Permanentlyeffective | Normalperformance | |
| GuangdongProvincialFreewayCo.,Ltd. | Commitmentonavoidinghorizontal | 1.TheCompanyanditsholdingsubsidiarieswillnotusethecontrollingshareholder'sholdingrelationshipwithGuangdong | June26,2015 | ThisletterofcommitmentisvalidfromthedateofsigningtothedatewhentheProvincialExpresswayisnolonger | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| competition | ExpresswaytoconductbusinessactivitiesthatharmthelegitimaterightsandinterestsofGuangdongExpressway,itsminorityshareholdersanditsholdingsubsidiaries.2.TheCompanyanditsholdingsubsidiarieswillnotusetheinformationobtainedfromGuangdongExpresswayanditsholdingsubsidiariestoengageinthemainbusinesscompetingwithGuangdongExpresswayoritsholdingsubsidiaries,andwillnotengageinanyactsoractivitiesthatdamageormaydamagethelegitimaterightsandinterestsofGuangdongExpressway,itsminorityshareholdersanditsholdingsubsidiaries.3.IftheCompanyanditsholdingsubsidiariestransferanytollroads,bridges,tunnelsandrelatedancillaryfacilitiesorrightsinvestedormanagedbytheCompanytoacompanyotherthanGuangdongCommunicationsGroupCo.,Ltd.andthecompanydirectlyorindirectlycontrolledbyit,GuangdongExpresswaywillbeentitledtothepreemptiverightunderthesameconditions,unlessthetransfereeisexplicitlydesignatedbytherelevantgovernmentauthoritiesunderthepremisepermittedbyrelevantlawsandregulations.4.Inthefuture,iftheCompanyanditsholdingsubsidiariesinvestintheconstructionofexpresswaysparalleltoorinthesamedirectionwithin20kmfromeachsideoftheexpresswaycontrolledbyGuangdongExpressway,GuangdongExpresswaywillenjoythepriorityofinvestmentoverGuangdongCommunicationsGroupCo.,Ltd.anditsdirectlyorindirectlycontrolledcompaniesexceptGuangdongExpresswayanditsholdingsubsidiaries,exceptfortheprojectswhoseinvestmententitiesareclearlydesignatedbytherelevantgovernmentauthoritiesunderthepremisepermittedbyrelevantlawsandregulations. | controlledbythecontrollingshareholderofGuangdongExpressway |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| GuangdongProvincialFreewayCo.,Ltd. | Commitmentonmaintainingtheindependenceoflistedcompanies | TheCompanywillnotdamagetheindependenceofGuangdongExpresswayduetotheincreaseofsharesheldbytheCompanyafterthecompletionofthismajorassetrestructuring,andwillcontinuetomaintaintheprincipleofseparationfromGuangdongExpresswayintermsofassets,personnel,finance,organizationandbusiness,andstrictlyabidebytherelevantregulationsofChinaSecuritiesRegulatoryCommissionontheindependenceoflistedcompanies,andwillnotuseGuangdongExpresswaytoprovideguarantees,noroccupyGuangdongExpresswayfundsillegally,soastomaintainandprotecttheindependenceofGuangdongExpresswayandprotectthelegitimaterightsandinterestsofothershareholdersofGuangdongExpressway. | June26,2015 | ThisletterofcommitmentisvalidfromthedateofsigningtothedatewhentheProvincialExpresswayisnolongercontrolledbythecontrollingshareholderofGuangdongExpressway | Normalperformance | |
| GuangdongProvincialFreewayCo.,Ltd. | Commitmentonreducingandstandardizingrelatedtransactions | 1.Afterthecompletionofthismajorassetrestructuring,theCompanyandthecompaniesdirectlyorindirectlycontrolledbytheCompanyandotherrelatedpartieswilltrytoavoidrelatedtransactionswithGuangdongExpresswayanditsholdingsubsidiaries;Relatedtransactionsthatarereallynecessaryandunavoidablearecarriedoutinaccordancewiththeprinciplesoffairness,equityandcompensationofequalvalue.Thetransactionpriceisdeterminedatareasonablepricerecognizedbythemarket.Thetransactionapprovalproceduresandinformationdisclosureobligationsareperformedinaccordancewithrelevantlaws,regulationsandnormativedocuments,andtheinterestsofGuangdongExpresswayanditsminorityshareholdersareeffectivelyprotected.2.TheCompanyguaranteestoexerciseshareholders'rightsandfulfillshareholders'obligationsinstrictaccordancewithrelevantlawsandregulations,rulesandnormativedocumentspromulgatedbyChinaSecuritiesRegulatoryCommission,businessrulespromulgatedby | June26,2015 | ThisletterofcommitmentisvalidfromthedateofsigningtothedatewhentheProvincialExpresswayisnolongercontrolledbythecontrollingshareholderofGuangdongExpressway | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| ShenzhenStockExchangeandArticlesofAssociationofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.,anditwillnotusethecontrollingpositionofGuangdongExpressway'scontrollingshareholderstoseekimproperbenefitsordamagethelegitimaterightsandinterestsofGuangdongExpresswayanditsminorityshareholders. | ||||||
| GuangdongProvincialFreewayCo.,Ltd. | Commitmentonauthenticity,accuracyandcompletenessoftheinformationprovided | 1.TheinformationinvolvedintheexplanationsandcommitmentprovidedbytheCompanyforthistransactionareauthentic,accurateandcomplete,andtherearenofalserecords,misleadingstatementsormajoromissions.2.TheinformationprovidedbytheCompanytotheintermediariesthatprovideprofessionalservicessuchasauditing,evaluation,legalandfinancialconsultingforthistransactionisauthentic,accurateandcompleteoriginalwritteninformationorduplicateinformation,andtheduplicateorphotocopyoftheinformationisconsistentwithitsoriginalinformationororiginalcopy;Thesignaturesandsealsofalldocumentsareauthentic,andthelegalproceduresrequiredforsigningandsealinghavebeenfulfilledandlegalauthorizationhasbeenobtained;Therearenofalserecords,misleadingstatementsormajoromissions.3.TheCompanyguaranteesthatitwillprovidetimelyinformationaboutthistransactioninaccordancewithrelevantlawsandregulations,relevantregulationsofChinaSecuritiesRegulatoryCommissionandShenzhenStockExchange,ensuretheauthenticity,accuracyandcompletenessofsuchinformation,andguaranteethattherearenofalserecords,misleadingstatementsormajoromissions. | November25,2020 | Permanentlyeffective | Normalperformance | |
| GuangdongCommunicationsGroup | Commitmentonmaintainingtheindependenceof | TheCompanyandthecompaniesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholding | June18,2015 | Thisletterofcommitmentisvalidfromthedateofsigningtothedatewhenthe | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| listedcompanies | subsidiarieswillnotdamagetheindependenceofGuangdongExpresswayduetotheincreaseinthesharesofGuangdongExpresswayheldbytheCompanyandthecompaniesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiariesafterthecompletionofthismajorassetrestructuring,andwillcontinuetomaintaintheprincipleofseparationfromGuangdongExpresswayintermsofassets,personnel,finance,organizationandbusiness,andstrictlyabidebytherelevantregulationsofChinaSecuritiesRegulatoryCommissionontheindependenceoflistedcompanies,andwillnotuseGuangdongExpresswaytoprovideguarantees,noroccupyGuangdongExpresswayfundsillegally,soastomaintainandprotecttheindependenceofGuangdongExpresswayandprotectthelegitimaterightsandinterestsofothershareholdersofGuangdongExpressway. | ProvincialExpresswayisnolongercontrolledbythecontrollingshareholderofGuangdongExpressway | ||||
| GuangdongCommunicationsGroup | Commitmentonavoidinghorizontalcompetition | 1.TheCompanyandthecompaniesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiarieswillnotusethecontrollingshareholder'sholdingrelationshipwithGuangdongExpresswaytoconductbusinessactivitiesthatharmthelegitimaterightsandinterestsofGuangdongExpressway,itsminorityshareholdersanditsholdingsubsidiaries.2.TheCompanyandthecompaniesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiarieswillnotusetheinformationobtainedfromGuangdongExpresswayanditsholdingsubsidiariestoengageinthemainbusinesscompetingwithGuangdongExpresswayoritsholdingsubsidiaries,andwillnotengageinanyactsoractivitiesthatdamageormaydamagethelegitimaterightsandinterestsofGuangdong | June26,2015 | ThisletterofcommitmentisvalidfromthedateofsigningtothedatewhentheProvincialExpresswayisnolongercontrolledbythecontrollingshareholderofGuangdongExpressway | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| Expressway,itsminorityshareholdersanditsholdingsubsidiaries.3.IftheCompanyandothercompaniesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiariestransferanytollroads,bridges,tunnelsandrelatedancillaryfacilitiesorinterestsinvestedormanagedbytheCompanytocompaniesotherthantheCompanydirectlyorindirectlycontrolledbytheCompany,GuangdongExpresswayshallbeentitledtothepreemptiverightunderthesameconditions,unlessthetransfereeisexplicitlydesignatedbytherelevantgovernmentauthoritiesunderthepremisepermittedbyrelevantlawsandregulations.4.Inthefuture,iftheCompanyandthecompaniesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiariesinvestintheconstructionofexpresswaysparalleltoorinthesamedirectionwithin20kmfromeachsideoftheexpresswaycontrolledbyGuangdongExpressway,GuangdongExpresswaywillbeentitledtothepriorityinvestmentrightcomparedwiththeCompanyandthecompaniesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiaries,exceptfortheprojectswhoseinvestmententitiesareclearlydesignatedbytherelevantgovernmentauthoritiesunderthepremisepermittedbyrelevantlawsandregulations. | ||||||
| GuangdongCommunicationsGroup | Commitmentonreducingandstandardizingrelatedtransactions | 1.Afterthecompletionofthismajorassetrestructuring,theCompanyandothercompaniesandotherrelatedpartiesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiarieswilltrytoavoidrelatedtransactionswithGuangdongExpresswayanditsholdingsubsidiaries;Relatedtransactionsthatarereallynecessary | June18,2015 | ThisletterofcommitmentisvalidfromthedateofsigningtothedatewhentheProvincialExpresswayisnolongercontrolledbythecontrollingshareholderofGuangdongExpressway | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| andunavoidablearecarriedoutinaccordancewiththeprinciplesoffairness,equityandcompensationofequalvalue.Thetransactionpriceisdeterminedatareasonablepricerecognizedbythemarket.Thetransactionapprovalproceduresandinformationdisclosureobligationsareperformedinaccordancewithrelevantlaws,regulationsandnormativedocuments,andtheinterestsofGuangdongExpresswayanditsminorityshareholdersareeffectivelyprotected.2.TheCompanyguaranteestoexerciseshareholders'rightsandfulfillshareholders'obligationsinstrictaccordancewithrelevantlawsandregulations,rulesandnormativedocumentspromulgatedbyChinaSecuritiesRegulatoryCommission,businessrulespromulgatedbyShenzhenStockExchangeandArticlesofAssociationofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.,anditwillnotusethecontrollingpositionofcontrollingshareholderstoseekimproperbenefitsordamagethelegitimaterightsandinterestsofGuangdongExpresswayanditsminorityshareholders. | ||||||
| GuangdongCommunicationsGroup | Commitmentonauthenticity,accuracyandcompletenessoftheinformationprovided | 1.Theexplanations,commitmentandinformationprovidedbytheCompanyforthistransactionareauthentic,accurateandcomplete,andtherearenofalserecords,misleadingstatementsormajoromissions.2.TheinformationprovidedbytheCompanytotheintermediariesthatprovideprofessionalservicessuchasauditing,evaluation,legalandfinancialconsultingforthistransactionisauthentic,accurateandcompleteoriginalwritteninformationorduplicateinformation,andtheduplicateorphotocopyoftheinformationisconsistentwithitsoriginalinformationororiginalcopy;Thesignaturesandsealsofalldocumentsareauthentic,andthelegal | November25,2020 | Permanentlyeffective | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| proceduresrequiredforsigningandsealinghavebeenfulfilledandlegalauthorizationhasbeenobtained;Thevalidityoftheoriginalsofeachdocumenthasnotbeenrevokedwithinitsvalidityperiod,andsuchoriginalsareheldbytheirrespectivelegalholdersuptonow;Therearenofalserecords,misleadingstatementsormajoromissions.3.TheCompanyguaranteesthatiftherearefalserecords,misleadingstatementsormajoromissionsintheinformationprovidedordisclosedforthistransaction,whicharefiledforinvestigationbyjudicialorgansorfiledforinvestigationbyChinaSecuritiesRegulatoryCommission,beforetheinvestigationconclusionisrevealed,theCompanypromisestosuspendthetransferofshareswithinterestsinGuangdongExpressway,andsubmitthewrittenapplicationforsuspensionoftransferandthestockaccounttotheBoardofDirectorsofGuangdongExpresswaywithintwotradingdaysafterreceivingthenoticeoffilinginspection,andtheBoardofDirectorsofGuangdongExpresswaywillapplyforlockingonbehalfoftheCompanytothestockexchangeandtheregistrationandclearingcompany;Iftheapplicationforlockingisnotsubmittedwithintwotradingdays,theBoardofDirectorsofGuangdongExpresswayisauthorizedtodirectlysubmittheidentityinformationandaccountinformationoftheCompanytothestockexchangeandtheregistrationandclearingcompanyafterverificationandapplyforlocking;IftheBoardofDirectorsofGuangdongExpresswayfailstosubmittheCompany'sidentityinformationandaccountinformationtothestockexchangeandtheregistrationandclearingcompany,thestockexchangeandtheregistrationandclearingcompanyareauthorizedtodirectlylocktherelevantshares.Iftheinvestigationresultsshow |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| thatthereareviolationsoflawsandregulations,theCompanypromisestolockinsharesandusethemvoluntarilyforcompensationarrangementsofrelevantinvestors.4.TheCompanyshallbearindividualandjointlegalresponsibilitiesfortheauthenticity,accuracyandcompletenessoftheinformationprovidedordisclosedforthisexchange.IncaseofanylosscausedtoGuangdongExpresswayorinvestorsduetoviolationoftheabovecommitments,theCompanywillbearcorrespondingliabilityforcompensationaccordingtolaw. | ||||||
| GuangdongCommunicationsGroup | Commitmentonfulfillingfillingmeasurestodiluteimmediatereward | 1.ItwillnotinterferewiththebusinessactivitiesofGuangdongExpresswaybeyondauthority,andwillnotencroachontheinterestsofGuangdongExpressway.2.IncaseofanylosscausedtoGuangdongExpresswayorinvestorsduetoviolationoftheabovecommitments,theCompanywillbearcorrespondingliabilityforcompensationaccordingtolaw. | November25,2020 | Permanentlyeffective | Normalperformance | |
| 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,or | November25,2020 | Permanentlyeffective | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| engagesinengineeringconstructiononsuchland,theCompanywillbeartheactuallossessufferedbyGuangdongExpressway.2.ThelandoccupiedandusedbyGuangzhou-HuizhouExpresswaywithatotalareaof12,324,867.92squaremetersiscurrentlyregisteredunderthenameofGuangdongChangdaHighwayEngineeringCo.,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-HuizhouExpresswaywillcontinuetoeffectivelyoccupyandusetheabove-mentionedpropertybeforethepropertyownershipcertificateisobtained,andwillnotbemateriallyadverselyaffected;(3)Afterthecompletionofthistransaction,ifGuangdongExpresswaysufferslossesasashareholderofGuangzhou-HuizhouExpresswayandbecause |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| Guangzhou-HuizhouExpresswayoccupiesandusestheabove-mentionedpropertywithoutrelevantpropertyownershipcertificate,theCompanywillbeartheactuallossessufferedbyGuangdongExpressway. | ||||||
| GuangdongGuanghuiExpresswayCo.,Ltd. | Commitmentonauthenticity,accuracyandcompletenessoftheinformationprovided | 1.Theexplanations,commitmentandinformationprovidedbytheCompanyforthistransactionareauthentic,accurateandcomplete,andtherearenofalserecords,misleadingstatementsormajoromissions.2.TheinformationprovidedbytheCompanytotheintermediariesthatprovideprofessionalservicessuchasauditing,evaluation,legalandfinancialconsultingforthistransactionisauthentic,accurateandcompleteoriginalwritteninformationorduplicateinformation,andtheduplicateorphotocopyoftheinformationisconsistentwithitsoriginalinformationororiginalcopy;Thesignaturesandsealsofalldocumentsareauthentic,andthelegalproceduresrequiredforsigningandsealinghavebeenfulfilledandlegalauthorizationhasbeenobtained;Therearenofalserecords,misleadingstatementsormajoromissions.3.TheCompanyguaranteesthatitwillprovidetimelyinformationaboutthistransactioninaccordancewithrelevantlawsandregulations,relevantregulationsofChinaSecuritiesRegulatoryCommissionandShenzhenStockExchange,ensuretheauthenticity,accuracyandcompletenessofsuchinformation,andguaranteethattherearenofalserecords,misleadingstatementsormajoromissions.4.TheCompanyshallbearindividualandjointlegalresponsibilitiesfortheauthenticity,accuracyandcompletenessoftheinformationprovidedordisclosedforthisexchange.Incaseofanylosscausedtoinvestorsduetoviolationoftheabovecommitments,theCompanywillbearcorrespondingliabilityforcompensation | November25,2020 | Permanentlyeffective | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| accordingtolaw. | ||||||
| GuangdongCommunicationGroupCo.,Ltd | Othercommitment | Inordertopromotethesmoothprogressoftheissueofshares,thecashpurchaseofassetsandtheraisingofmatchingfunds(hereinafterreferredtoas"themajorassetrestructuring")approvedbyGuangdongExpresswayDevelopmentCo.,Ltd.atitssecondextraordinaryshareholders'meetingin2015,withregardtoallthelandandrealestate(hereinafterreferredtoas"relevantlandandrealestate")ownedbyGuangdongFokaiExpresswayCo.,Ltd.(hereinafterreferredtoas"FokaiCompany")andJingzhuExpresswayGuangzhuSectionCo.,Ltd.(hereinafterreferredtoas"GuangzhuEastCompany")withoutownershipcertificates(hereinafterreferredtoas"relevantlandandrealestate")disclosedinthereportofGuangdongExpresswayDevelopmentCo.,Ltd.onissuingsharesandpayingcashtopurchaseassetsandraisingmatchingfundsandrelatedtransactions,thecompanyundertooktourgeFokaiCompanyandGuangzhuEastCompanytogothroughtheownershipregistrationformalitiesaccordingtothefollowingplanundertheconditionthatitisconducivetosafeguardingtherightsandinterestsoflistedcompanies;Continuedtopushforwardtheprogressofaccreditation,andcompletedtheregistrationproceduresofrelevantlandandrealestateownershipwithinthreeyearsaftertherelevantpolicieswereclearandtherelevantlandandrealestatemettheconditionsforhandlingtheregistrationproceduresofownership,inaccordancewiththerelevantlawsandregulationsandtherequirementsofthecompetentgovernmentdepartments. | April27,2019 | Itcontinuedtopushforwardtheprogressofaccreditation,andcompletedtheregistrationproceduresofrelevantlandandrealestateownershipwithinthreeyearsaftertherelevantpolicieswereclearandtherelevantlandandrealestatemettheconditionsforhandlingtheregistrationproceduresofownership,inaccordancewiththerelevantlawsandregulationsandtherequirementsofthecompetentgovernmentdepartments | Normalperformance | |
| Completedontime(Y/N) | Yes | |||||
2.Theexistenceofthecompany'sassetsorprojectsearningsforecastsandearningsreportingperiodisstillintheforecastperiod,thecompanyhasassetsorprojectsmeettheoriginalprofitforecastmadeandthereasonsexplained
□Applicable?Notapplicable
3.Performancecommitment
□Applicable?NotapplicableII.Particularsaboutthenon-operatingoccupationoffundsbythecontrollingshareholder
□Applicable√NotapplicableNoneIII.Illegalprovisionofguaranteesforexternalparties
□Applicable√Notapplicable
NoneIV.ExplanationoftheBoardofDirectorsonthelatest"Non-standardAuditReport"
□Applicable√NotapplicableV.Notesfor“non-standardauditreport”ofCPAsfirmduringtheReportingPeriodbyboardofdirectorsandsupervisoryboard
□Applicable√NotapplicableVI.Explainchangeoftheaccountingpolicy,accountingestimateandmeasurementmethodsascomparedwiththefinancialreportingoflastyear.?Applicable□Applicable
The28th(Interim)Meetingofthe10thBoardofDirectorsreviewedandapprovedtheProposalonAccountingEstimateChanges,agreeingtochangethedepreciationlivesanddepreciabletrafficvolumesfortheinterchangesontheJinan-GuangzhouExpressway(HuizhouXiaojinkou-GuangzhouLuogangSection)andGuangzhou-HuizhouExpressway(HuizhouXiaojinkou-LingkengSection)(hereinafterreferredtoas"Guangzhou-HuizhouExpressway")–NanxiangMountain,LiLake(GualvLake),andJinlong(HuizhouNorth)–effectiveFebruary1,2025.InJanuary2025,theGuangzhou-HuizhouExpresswayReconstructionandExpansionProjectwasapproved,resultinginanexpectedextensionoftheoperatingperiodforGuangHuiExpresswayCo.,Ltd.(acontrolledsubsidiaryoftheCompany).Consequently,thedepreciationperiodsandtraffic-baseddepreciationratesfortheNanxiangMountain,LiLake(GualvLake),andJinlong(HuizhouNorth)interchangeswereadjusted,withthedepreciationperiodextendedtoAugust2054.
Inresponsetotheaccountingestimatechanges,theCompanyadoptsthefutureapplicationmethod,anditsimpactontheaccountingstatementitemsforthisyearisasfollows:
| Affectedreportitemnameandaffectedamount | |
| Fixedasset | IncreasebyRMB57,204,626.27 |
| Payabletaxesandfees | IncreasebyRMB14,301,156.57 |
| Affectedreportitemnameandaffectedamount | |
| Deferredincometaxliability | IncreasebyRMB2,934.50 |
| Operatingcost | DecreasebyRMB57,204,626.27 |
| Incometaxexpenses | IncreasebyRMB14,304,091.07 |
| Minorityshareholders'equity | IncreasebyRMB21,021,262.25 |
| Minorityshareholders'profitsandlosses | IncreasebyRMB21,021,262.25 |
| Netassetsattributabletotheparentcompany | IncreasebyRMB21,879,272.95 |
| Netprofitattributabletotheparentcompany | IncreasebyRMB21,879,272.95 |
VII.Explainchangeoftheconsolidationscopeascomparedwiththefinancialreportingoflastyear.
□Applicable√NotapplicableNoneVIII.Engagement/DisengagementofCPAsCPAscurrentlyengaged
| NameofthedomesticCPAs | GuangdongZhongzhixinCertifiedPublicAccountantsLLP |
| Remunerationfordomesticaccountingfirm(Tenthousandsyuan) | 97 |
| SuccessiveyearsofthedomesticCPAsofferingauditingservices | 1 |
| NameofCPA | NieTieliang,DengJilong |
| Continuousyearsofauditservicesofcertifiedpublicaccountantsofdomesticpublicaccountingfirms | 1 |
| NameoftheOverseasCPAs（Ifany | N/A |
| Remunerationforoverseasaccountingfirm(Tenthousandsyuan)（Ifany） | 0 |
| SuccessiveyearsoftheoverseasCPAsofferingauditingservices（Ifany） | N/A |
| NameofCPA（Ifany） | N/A |
| Continuousyearsofauditservicesofcertifiedpublicaccountantsofoverseaspublicaccountingfirms（ifany） | N/A |
HastheCPAsbeenchangedinthecurrentperiod
√Yes□NoWhethertohireanaccountingfirmduringtheaudit
□Yes?No
Whetherthechangeofaccountingfirmhasimplementedtheexaminationandapprovalprocedures
√Yes□NoDetailedexplanationofthechangeofemploymentandchangeoftheaccountingfirmThepreviousaccountingfirm,YongtuoCertifiedPublicAccountantsLLP,hadprovidedauditservicestotheCompanyforfiveconsecutiveyears,reachingthemaximumnumberofconsecutiveengagementsspecifiedintheoriginaltenderdocument.Tobetterensuretheindependenceandobjectivityoftheauditwork,andaftercomprehensiveconsiderationoftheCompany'sneedsforbusinessdevelopmentandoverallauditservice,theCompany,inaccordancewiththeMeasuresfortheAdministrationofSelectionofAccountingFirmsbyState-ownedEnterprisesandListedCompaniesandotherrelevantregulations,andupondeliberationandapprovalbythe17thMeetingoftheAuditCommitteeofthe10thBoardofDirectors,the29th(Interim)Meetingofthe10thBoardofDirectors,andthe1stInterimShareholders'Meetingin2025,agreedtoengageGuangdongZhongzhixinCertifiedPublicAccountantsLLPastheCompany'sfinancialreportauditinstitutionandinternalcontrolauditinstitutionfor2025.
Adetailedexplanationofthechangeofemploymentandaccountingfirm
√Applicable□NotapplicableOnMay21,2025,the29th(Interim)Meetingofthe10thBoardofDirectorsreviewedandapprovedtheProposalonEngagingtheAuditInstitutionforthe2025InternalControlAudit,agreeingtoengageGuangdongZhongzhixinCertifiedPublicAccountantsLLPastheinternalcontrolauditinstitutionfor2025,withauditfeesnotexceedingRMB225,000(inclusive).OnJune6,2025,theCompany's1stInterimShareholders'Meetingin2025reviewedandapprovedtheProposalonEngagingtheAuditInstitutionforthe2025InternalControlAudit.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 | 0.70%-2.40% | 279,078.10 | 1,220,894.75 | 1,195,610.90 | 304,361.95 |
Loanbusiness
| Relatedparty | Relationship | Loanlimit(RMB'00000） | Loantinterestraterange | Beginningbalance(RMB'00000） | Theamountofthisperiod | Endingbalance(RMB'00000） | |
| Totalloanamountofthecurrentperiod(RMB'00000） | Totalrepaymentamountofthecurrentperiod(RMB'00000） | ||||||
| GuangdongCommunicationsGroupFinanceCo.,Ltd | Controlledbythesameparentcompany | 600,000 | 2.01%-2.70% | 85,260.84 | 51,162.69 | 47,060.89 | 89,362.64 |
Creditextensionorotherfinancialservices
| Relatedparty | Relationship | Businesstype | Totalamount(RMB'00000） | Actualamountincurred(RMB'00000） |
| GuangdongCommunicationsGroupFinanceCo.,Ltd | Controlledbythesameparentcompany | Creditextension | 600,000 | 49,500 |
6.TransactionsbetweenthefinancialcompanycontrolledbytheCompanyandrelatedparties
□Applicable√NotapplicableThereisnodeposit,loan,creditorotherfinancialbusinessbetweenthefinancialcompanycontrolledbytheCompanyandrelatedparties.
7.Othersignificantrelated-partytransactions
√Applicable□Notapplicable
(1)The27thMeetingofthe10thBoardofDirectorsreviewedandapprovedtheProposalonEstimatedDailyRelatedPartyTransactionsfor2025,agreeingtotheestimateddailyrelatedpartytransactionsfortheCompany'sheadquarters,branches,andwholly-ownedandcontrolledsubsidiariesfor2025,withtotaltransactionamountsnotexceedingRMB78.232million.
(2)The27thMeetingofthe10thBoardofDirectorsreviewedandapprovedtheProposalonCapitalIncreasetoGuangdongGuanghuiExpresswayCo.,Ltd.forInvestmentintheReconstructionandExpansionProjectoftheJinan-GuangzhouExpressway(HuizhouXiaojinkou-GuangzhouLuogangSection)andGuangzhou-HuizhouExpressway(HuizhouXiaojinkou-LingkengSection):1)AgreedtotheCompany'scapitalincreasetoGuangdongGuanghuiExpresswayCo.,Ltd.forinvestmentintheconstructionoftheaforementionedreconstructionandexpansionproject;2)Agreedthat,basedontheproject'stotalestimatedinvestmentamountofRMB30.52billionapprovedbytheGuangdongProvincialDevelopmentandReformCommission,withaprojectcapitalratioof35%oftotalinvestment,theCompanywouldundertakethecapitalcontributionaccordingtoits51%shareholdinginGuanghuiCompany,withthefinalamountsubjecttotheproject'sfinalcompletionsettlementvalue.
(3)The30th(Interim)Meetingofthe10thBoardofDirectorsreviewedandapprovedtheProposalonBorrowingfromGanzhouGankangExpresswayCo.,Ltd.:AgreedthattheCompanywouldborrowanunsecuredloanfromGanzhouGankangExpresswayCo.,Ltd.,withaloanamountnotexceedingRMB45million,tobedrawndownaccordingtotheCompany'sactualneeds,andtheborrowedfundstobeusedforreplenishingworkingcapital.TheloantermisoneyearfromthedatetheCompanyactuallyreceivestheloan,withanannualloaninterestrateof2.6%,andtheprincipalandinterestshallberepaidinalumpsumuponmaturity.TheCompanyhastherighttorepayallorpartoftheloanprincipalandinterestunconditionallyinadvance.Thewebsitetodisclosetheinterimannouncementsonsignificantrelated-partytransactions
| Descriptionofprovisionalannouncement | Dateofdisclosingprovisionalannouncement | Descriptionofthewebsitefordisclosingprovisionalannouncements |
| EstimatesannouncementoftheDailyRelatedPartyTransactionof2025 | March4,2025 | www.cninfo.com.cn |
| Announcementofrelatedpartytransaction | March4,2025 | www.cninfo.com.cn |
| Announcementofrelatedpartytransaction | July25,2025 | www.cninfo.com.cn |
XV.Significantcontractsandexecution
1.Entrustments,contractingandleasing
（1）Entrustment
□Applicable√NotapplicableNosuchcasesinthereportingperiod.
（2）Contracting
□Applicable√NotapplicableNosuchcasesinthereportingperiod.
（3）Leasing?Applicable□√NotapplicableNoteDuringthereportingperiod,theCompanygeneratedarentalincomeofRMB41,090,923.23,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√NotapplicableNoneXVI.Utilizationofraisedfunds
□Applicable√NotapplicableNosuchcasesinthereportingperiod.XVII.Explanationofotherimportantevents
□Applicable√NotapplicableNosuchcasesinthereportingperiod.XVIII.SignificanteventofsubsidiaryoftheCompany
√Applicable□Notapplicable
Duringthereportingperiod,theCompanyreceivedrelevantgovernmentdocuments,clarifyingthattheGuangzhou-FoshanExpresswaywouldbetakenbackformanagementbythegovernment.Theoperational,management,andmaintenanceexpensesadvancedbyGuangfoCompanywouldbepaidtoGuangfoCompanybytherelevantentitiesafterauditandsettlementwerecarriedoutinaccordancewithprocedures.TheCompanyholds75%equityinGuangfoCompany.GuangfoCompanyreversedthepreviouslyaccruedbaddebtprovisionfortheadvancedGuangzhou-FoshanExpresswaymanagementandmaintenanceexpenses.TheCompanywillcarryoutthehandoverproceduresfortheGuangzhou-FoshanExpresswayinaccordancewithrelevantregulationsandprocesses.TheCompanywillmakeseparateannouncementsregardingtheprogressoftherelatedmatters.
| Descriptionofprovisionalannouncement | Dateofdisclosingprovisionalannouncement | Descriptionofthewebsitefordisclosingprovisionalannouncements |
| Announcementofimportantmatters | March15,2025 | http://www.cninfo.com.cn |
VI.ChangesinsharesandinformationaboutShareholdersI.Changesinsharecapital
1.Changesinsharecapital
Inshares
| Beforethechange | Increase/decrease（+，-） | AftertheChange | |||||||
| Amount | Proportion | Shareallotment | Bonusshares | Capitalizationofcommonreservefund | Other | Subtotal | Quantity | Proportion | |
| 1.Shareswithconditionalsubscription | 438,727,120 | 20.98% | -900 | -900 | 438,726,220 | 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 | 6,908,644 | 0.33% | -900 | -900 | 6,907,744 | 0.33% | |||
| Including：DomesticLegalpersonshares | 6,402,633 | 0.31% | -40,781 | -40,781 | 6,361,852 | 0.30% | |||
| Domesticnaturalpersonshares | 506,011 | 0.02% | 39,881 | 39,881 | 545,892 | 0.03% | |||
| 4.Foreignshares | |||||||||
| Including：Foreignlegalpersonshares | |||||||||
| Foreignnaturalpersonshares | |||||||||
| II.Shareswithunconditionalsubscription | 1,652,079,006 | 79.02% | 900 | 900 | 1,652,079,906 | 79.02% | |||
| 1.CommonsharesinRMB | 1,303,329,006 | 62.34% | 900 | 900 | 1,303,329,906 | 62.34% | |||
| 2.Foreignsharesindomesticmarket | 348,750,000 | 16.68% | 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,39,881sharesheldby"domesticlegalpersons"wereconvertedintosharesheldby"domesticnaturalpersons".
2.Duringthereportingperiod,the900sharesof"shareswithnorestrictedsalecondition"heldbyMsKeLin,theresignedsupervisor,wereconvertedinto"shareswithrestrictedsaleconditionheldbydomesticnaturalpersons".ApprovalofChangeofShares
□Applicable√Notapplicable
Ownershiptransferofsharechanges
□Applicable√NotapplicableInfluenceonthebasicEPSanddilutedEPSaswellasotherfinancialindexesofnetassetspershareattributabletocommonshareholdersofCompanyinlatestyearandperiod
□Applicable√NotapplicableOtherinformationnecessarytodiscloseforthecompanyorneedtodisclosedunderrequirementfromsecurityregulators
□Applicable√Notapplicable
2.Changeofshareswithlimitedsalescondition
√Applicable□Notapplicable
Inshares
| ShareholderName | InitialRestrictedShares | NumberofUnrestrictedSharesThisTerm | NumberofIncreasedRestrictedSharesThisTerm | RestrictedSharesintheEndoftheTerm | ReasonforRestrictedShares | DateofRestrictionRemoval |
| KeLin | 900 | 0 | 900 | 0 | Outgoingexecutiveslockedupshares | January2025 |
| Total | 900 | 0 | 900 | 0 | -- | -- |
II.Securitiesissueandlisting
1.ExplanationoftheSituationoftheSecurityIssue(NoPreferredShares)intheReportPeriod
□Applicable√Notapplicable
2.Changeofassetandliabilitystructurecausedbychangeoftotalcapitalsharesandstructure
□Applicable√Notapplicable
3.Abouttheexistingemployees’shares
□Applicable√NotapplicableIII.Shareholdersandactualcontrollingshareholder
1.Numberofshareholdersandshareholding
InShares
| 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 | 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. | ||||||||
| Relatedoracting-in-concertpartiesamongshareholdersabove | None | ||||||||
| Aboveshareholdersentrustingorentrustedwithvotingrights,orwaivingvotingrights | None | ||||||||
| Top10shareholdersincludingthespecialaccountforrepurchase(ifany)(seenote10) | None | ||||||||
| Shareholdingoftop10shareholdersofunrestrictedshares(ExcludingshareslentthroughrefinancingandTopmanagementlock-in | |||||||||
| stock) | ||||
| Nameoftheshareholder | Quantityofunrestrictedsharesheldattheendofthereportingperiod | Sharetype | ||
| Sharetype | Quantity | |||
| GuangdongHighwayConstructionCo.,Ltd, | 466,325,020 | RMBCommonshares | 466,325,020 | |
| ShandongTonghuiCapitalInvestmentGroupCo.,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 | |
| ChinaConstructionBank－Huatai-PineBridgeCSIDividendLowVolatilityExchange-TradedOpen-EndIndexSecuritiesInvestmentFund | 36,631,729 | RMBCommonshares | 36,631,729 | |
| GuangdongProvincialFreewayCo.,Ltd. | 33,355,263 | RMBCommonshares | 33,355,263 | |
| OrientSecurities | 16,353,348 | RMBCommonshares | 16,353,348 | |
| XinyueCo.,Ltd. | 13,201,086 | Foreignsharesplacedindomestic | 13,201,086 | |
| ChinaMerchantsSecuritiesCo.,Ltd. | 12,759,087 | RMBCommonshares | 12,759,087 | |
| ChinaLifeInsuranceCo.,Ltd－Dividends-Individualdividends-005L－FH002Shanghai | 11,594,185 | RMBCommonshares | 11,594,185 | |
| Explanationonassociatedrelationshiporconsistentactionamongthetop10shareholdersofnon-restrictednegotiablesharesandthatbetweenthetop10shareholdersofnon-restrictednegotiablesharesandtop10shareholders | GuangdongCommunicationGroupCo.,Ltd.istheparentcompanyofGuangdongHighwayConstructionCo.,Ltd.，GuangdongProvincialFreewayCo.,Ltd.andXinyueCo.,Ltd.,ItisunknownwhetherthereisrelationshipbetweenothershareholdersandwhethertheyarepersonstakingconcertedactionspecifiedintheRegulationsonDisclosureofInformationaboutChangeinShareholdingofShareholdersofListedCompanies. | |||
| Top10ordinaryshareholdersconductingsecuritiesmargintrading(ifany)(seenote4) | N/A | |||
Informationofshareholdersholdingmorethan5%oftheshares,thetop10shareholdersandthetop10shareholdersofunrestrictedtradablesharesparticipatinginthelendingofsharesinsecuritieslendingandborrowingbusiness
□Applicable√Notapplicable
Thetop10shareholdersandthetop10shareholdersofunrestrictedtradableshareshavechangedcomparedwiththepreviousperiodduetothesecuritieslending/returning,
□Applicable√Notapplicable
Whethertoptencommonshareholdersortoptencommonshareholderswithun-restrictsharesheldhaveabuy-backagreementdealinginreportingperiod.
□Yes√No
Thetoptencommonshareholdersortoptencommonshareholderswithun-restrictsharesheldoftheCompanyhavenobuy–backagreementdealinginreportingperiod.
2.ControllingshareholderNatureofControllingShareholders:LocalstateholdingType:Legalperson
| Nameofthe | Legal | Dateof | Organizationcode | Principalbusinessactivities |
| Controllingshareholder | representative/Leader | incorporation | ||
| GuangdongCommunicationGroupCo.,Ltd. | LiuXiaohua | 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 | June26,2024 | 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,RestructuringPartyandOtherCommitmentSubjects
□Applicable√NotapplicableIV.Specificimplementationofsharerepurchaseduringthereportingperiod
Progressinimplementationofsharerepurchase
□Applicable√NotapplicableImplementationprogressofreducingrepurchasedsharesbycentralizedbidding
□Applicable√NotapplicableV.Preferredstock
□Applicable?NotapplicableTheCompanyhadnopreferredstockinthePeriod.
VII.CorporateBond
√Applicable□NotapplicableI.Enterprisebond
□Applicable√Notapplicable
Nosuchcasesinthereportingperiod.II.Corporatebond
√Applicable□Notapplicable
Nosuchcasesinthereportingperiod.III.Debtfinancinginstrumentsofnon-financialenterprises
√Applicable□Notapplicable
1.BasicInformationofDebtFinancingInstrumentsofNon-financialEnterprises
InRMB10,000
| Bondname | Bondshortname | Bondcode | Issueday | Valuedate | Dueday | Bondbalance | Interestrate | Servicingway | Trading |
| GuangdongProvincialExpresswayDevelopmentCo.,Ltd.2020firstphasemedium-termnotes | 20GuangdongExpresswayMTN001 | 102000367 | March13,2020 | March17,2020 | March17,2025 | 0 | 3% | Duepaymentsonceayear,Theprincipalandthelastinstalmentinterestarepaidinonelumpsumontheredemptiondate. | Interbankmarket |
| Duringthereportingperiod,interestpaymentsituationofthecompanybonds（Ifany） | N/A | ||||||||
| Applicabletradingmechanism | Circulationandtransferinthenationalinter-bankbondmarket,itslistingandcirculationwillbecarriedoutinaccordancewiththerelevantregulationspromulgatedbytheNationalInterbankFundingCenter | ||||||||
| Whethertherearerisksandcountermeasuresforterminatinglistingtransactions（Ifany) | N/A | ||||||||
Overdueandunpaidbonds
□Applicable√Notapplicable
2.Triggerandimplementationofoptionclausesandinvestorprotectionclausesoftheissuerorinvestor
□Applicable√Notapplicable
3.Informationofintermediaryagency
| Nameofbondproject | Nameofintermediaryagency | OfficeAddress | Nameofsigningaccountant | Contactpersonofintermediaryagency | Tel |
| 20GuangdongExpresswayMTN001 | ChinaLianheCreditRatingCo.,Ltd. | No.2JianguomenwaiStreet,ChaoyangDistrict,Beijing | N/A | YangTing | 010-85679696 |
Whethertheaboveagencychangesduringthereportingperiod
□Yes√No
4.Useofraisedfunds
InRMB10,000
| Nameofbondproject | Totalamountofraisedfunds | Agreeduseofraisedfunds | Usedamount | Unusedamount | Operationofspecialaccountforraisedfunds(ifany) | Rectificationofillegaluseofraisedfunds(ifany) | Whetheritisconsistentwiththepurpose,useplanandotheragreementsstipulatedintheprospectus |
| 20GuangdongExpresswayMTN001 | 75,000 | Usedtorepaytheissuer'sexistingdebtandsupplementworkingcapital | 75,000 | 0 | N/A | N/A | 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√No
VIII.MainaccountingdataandfinancialindicatorsoftheCompanyinrecenttwoyearsbytheendofthereportingperiod
InRMB10,000
| Item | Attheendofthereportingperiod | Attheendoflastyear | Atthesametimerateofchange |
| Currentratio | 5.76 | 2.71 | 112.55% |
| Debtratio | 46.98% | 41.20% | 5.78% |
| Quickratio | 5.76 | 2.71 | 112.55% |
| Amountofthisperiod | Amountoflastperiod | Atthesametimerateofchange | |
| Netprofitafterdeductingnon-recurringprofitandloss | 152,300.37 | 164,457.87 | -7.39% |
| EBITDAtotaldebtratio | 40.64% | 52.07% | -11.43% |
| Timeinterestearnedratio | 15.90 | 12.19 | 30.43% |
| Cashinterestguaranteetimes | 20.29 | 16.75 | 21.13% |
| EBITDATimeinterestearnedratio | 20.88 | 16.62 | 25.63% |
| Repaymentofdebt(%) | 100.00% | 100.00% | 0.00% |
| Paymentofinterest(%) | 100.00% | 100.00% | 0.00% |
VIII.FinancialReportI.Auditreport
| Typeofauditopinion | StandardUnqualifiedauditopinion |
| Dateofsignatureofauditreport | March13,2026 |
| Nameofauditfirm | GuangdongZhongzhixinCertifiedPublicAccountantsLLP |
| AuditreportNumber | ZZX001BZ[2026]No.0126 |
| NamesoftheCertifiedPublicAccountants | NieTieliang,DengJilong |
AuditreportI.OpinionWehaveauditedthefinancialstatementsofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.(hereinafterreferredtoas"theCompany"),whichcomprisethebalancesheetasatDecember31,2025,andtheincomestatement,thestatementofcashflowsandthestatementofchangesinowners'equityfortheyearthenendedandnotestothefinancialstatements.Inouropinion,theattachedfinancialstatementsareprepared,inallmaterialrespects,inaccordancewithAccountingStandardsforBusinessEnterprisesandpresentfairlythefinancialpositionoftheCompanyasatDecember31,2025anditsoperatingresultsandcashflowsfortheyearthenended.
?II.BasisforOurOpinion?WeconductedourauditinaccordancewiththeAuditingStandardsforCertifiedPublicAccountantsinChina.Our
responsibilitiesunderthosestandardsarefurtherdescribedintheAuditor'sResponsibilitiesfortheAuditoftheFinancialStatementssectionofourreport.AccordingtotheCodeofEthicsforChineseCPA,weareindependentoftheCompanyinaccordancewiththeCodeofEthicsforChineseCPAandwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirements.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinion.
?III.KeyAuditMatters
Keyauditmattersarethosemattersthat,inourprofessionaljudgment,wereofmostsignificanceinourauditofthefinancialstatementsofthecurrentperiod.Thesematterswereaddressedinthecontextofourauditofthefinancialstatementsasawhole,andinformingouropinionthereon,andwedonotprovideaseparateopiniononthesematters.?1.Itemdescription?Asdescribedin"Note3.15FixedAssets"and"Note5.(X)FixedAssetstotheFinancialStatements":ThecarryingamountofGuangdongExpressway'stollroadsasattheendof2025wasRMB7,655,484,167.85,accountingfor28.57%oftotalconsolidatedassets;thedepreciationexpensechargedfortollroadsin2025wasRMB877,678,761.20,accountingfor55.33%ofconsolidatedoperatingcosts.GuangdongExpressway'stollroadsaredepreciatedusingthetrafficvolumemethod,wherebythecurrentperiod'sdepreciationexpenseiscalculatedbasedontheratiooftheactualcurrentperiodtrafficvolumetotheestimatedremainingtotaltrafficvolumeovertheoperatingperiod.ThetotaltrafficvolumeovertheoperatingperiodreferstotheforecastofthetotaltrafficvolumeforGuangdongExpressway'stollroadswithintheiroperatingperiods,whichconstitutesasignificantaccountingestimate.Therefore,wedeterminedthatthevaluationanddepreciationofGuangdongExpressway'stollroadsarekeyauditmatters.
2.Auditresponse
(1)Testedandevaluatedtheoperatingeffectivenessofkeyinternalcontrolsrelatedtofixedassetdepreciation;
(2)Selectedcomparablelistedexpresswaycompaniesforcomparativeanalysisoftheirroadassetdepreciationaccountingpolicies,consideredGuangdongExpressway'spastexperience,recentdevelopments,andfutureoperationalplans,andassessedthereasonablenessofmanagement'sapplicationofthisaccountingestimate;
(3)CheckedwhethertheactualtrafficvolumedataappliedbyGuangdongExpresswayinthetollroaddepreciationcalculationprocesswasconsistentwiththeactualtrafficvolumedataobtainedbyGuangdongExpresswayfromexternalserviceproviders;
(4)Evaluatedtheindependenceandprofessionalcompetenceofthethird-partyinstitutionengagedbyGuangdongExpresswayfortrafficvolumeforecasting;
(5)Understoodthemethodologyusedinthetrafficvolumeforecastreportissuedbythethird-partyinstitutionforpredictingfuturetrafficvolumes,andevaluatedthereliabilityofthetrafficvolumeforecastreportbycomparingforecastedtrafficvolumesfrompreviousyearswithactualtrafficvolumesforthoseperiods;
(6)Performedrecalculationsofroadandbridgedepreciationtoverifytheaccuracyoftheroadandbridgedepreciationamountspresentedinthefinancialstatements.?IV.Otherinformation?ThemanagementofGuangdongExpresswayCompanyisresponsibleforotherinformation.Otherinformation
includestheinformationcoveredinthe2023annualreportofGuangdongExpresswayCompany,butdoesnotincludethefinancialstatementandourauditreport.
?Ourauditopiniononthefinancialstatementsdoesnotcoverotherinformation,andwedonotissueanyformof
verificationconclusiononotherinformation.
?Incombinationwithourauditofthefinancialstatements,ourresponsibilityistoreadotherinformation,and
considerinsuchprocesswhetherotherinformationismateriallyinconsistentwiththefinancialstatementsortheinformationwelearnedduringtheaudit,orwhetherthereappearstobeamaterialmisstatement.
?Basedontheworkthatwehavealreadyperformed,ifwedeterminethatotherinformationcontainsmaterial
misstatements,weshouldreportsuchfact.Inthisregard,wehavenothingtoreport.
?V.ResponsibilitiesofManagementandThoseChargedwithGovernancefortheFinancialStatements?TheCompany'smanagementisresponsibleforpreparingthefinancialstatementsinaccordancewiththerequirementsofAccountingStandardsforBusinessEnterprisestoachieveafairpresentation,andfordesigning,implementingandmaintaininginternalcontrolthatisnecessarytoensurethatthefinancialstatementsarefreefrommaterialmisstatements,whetherduetofraudsorerrors.
?Inpreparingthefinancialstatements,managementoftheCompanyisresponsibleforassessingtheCompany's
abilitytocontinueasagoingconcern,disclosingmattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlessmanagementeitherintendstoliquidatetheCompanyortoceaseoperations,orhasnorealisticalternativebuttodoso.
?ThosechargedwithgovernanceareresponsibleforoverseeingtheCompany'sfinancialreportingprocess.?VI.Auditor'sResponsibilitiesfortheAuditoftheFinancialStatements?Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrom
materialmisstatement,whetherduetofraudorerror,andtoissueanauditor'sreportthatincludesouropinion.
Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewiththeauditstandardswillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.?AspartofanauditinaccordancewithISAs,weexerciseprofessionaljudgmentandmaintainprofessionalskepticismthroughouttheaudit.Wealso:
?(1)Identifyandassesstherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror,designandperformauditproceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,omissions,misrepresentations,ortheoverrideofinternalcontrol.?(2)Obtainanunderstandingofinternalcontrolrelevanttotheauditinordertodesignauditproceduresthatare
appropriateinthecircumstances.
?(3)EvaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesandrelateddisclosuresmadebymanagementoftheCompany.
?(4)ConcludeontheappropriatenessofusingthegoingconcernassumptionbythemanagementoftheCompany,
andconclude,basedontheauditevidenceobtained,whetheramaterialuncertaintyexistsrelatedtoeventsorconditionsthatmaycastsignificantdoubtontheCompany'sabilitytocontinueasagoingconcern.Ifweconcludethatamaterialuncertaintyexists,wearerequiredtodrawattentioninourauditor'sreporttotherelateddisclosuresinthefinancialstatementsor,ifsuchdisclosuresareinadequate,tomodifyouropinion.Ourconclusionsarebasedontheauditevidenceobtaineduptothedateofourauditor'sreport.However,futureeventsorconditionsmaycausetheCompanytoceasetocontinueasagoingconcern.
?(5)Evaluatetheoverallpresentation,structureandcontentofthefinancialstatements,includingthedisclosures,
andwhetherthefinancialstatementsrepresenttheunderlyingtransactionsandeventsinamannerthatachievesfairpresentation.?(6)ObtainsufficientappropriateauditevidenceregardingthefinancialinformationoftheentitiesorbusinessactivitieswithintheCompanytoexpressanopiniononthefinancialstatementsandbearallliabilityfortheopinion.
?Wecommunicatewiththosechargedwithgovernanceregarding,amongothermatters,theplannedscopeand
timingoftheauditandsignificantauditmatters,includinganysignificantdeficienciesininternalcontrolthatweidentifyduringouraudit.
?Wealsoprovidethosechargedwithgovernancewithastatementthatwehavecompliedwithrelevantethical
requirementsregardingindependence,andtocommunicatewiththemallrelationshipsandothermattersthatmayreasonablybethoughttobearonourindependence,andwhereapplicable,relatedsafeguards.?Fromthematterscommunicatedwiththosechargedwithgovernance,wedeterminethosemattersthatwereofmostsignificanceintheauditofthefinancialstatementsofthecurrentperiodandarethereforethekeyauditmatters.Wedescribethesemattersinourauditor'sreportunlesslaworregulationprecludespublicdisclosureaboutthematterorwhen,inextremelyrarecircumstances,wedeterminethatamattershouldnotbecommunicatedinourreportbecausetheadverseconsequencesofdoingsowouldreasonablybeexpectedtooutweighthepublicinterestbenefitsofsuchcommunication.
II.FinancialstatementsCurrencyunitforthestatementsinthenotestothesefinancialstatements:RMB
1.ConsolidatedbalancesheetPreparedby:GuangdongProvincialExpresswayDevelopmentCo.,Ltd.
December31,2025
InRMB
| Item | December31,2025 | January1,2025 |
| Currentasset： | ||
| Monetaryfund | 6,545,379,942.11 | 4,289,826,663.22 |
| Settlementprovision | ||
| Outgoingcallloan | ||
| Transactionalfinancialassets | ||
| Derivativefinancialassets | ||
| Notesreceivable | ||
| Accountreceivable | 96,702,638.20 | 82,361,054.69 |
| Financingofreceivables | ||
| Prepayments | 9,701,427.59 | 3,732,159.00 |
| Insurancereceivable | ||
| Reinsurancereceivable | ||
| ProvisionsofReinsurancecontractsreceivable | ||
| Otheraccountreceivable | 607,031,326.53 | 148,857,119.34 |
| Including：Interestreceivable | ||
| Dividendreceivable | 28,621,800.58 | |
| Repurchasingoffinancialassets | ||
| Inventories | ||
| Including：Dataresources | ||
| Contractassets | ||
| Assetsheldforsales | ||
| Non-currentassetduewithin1year | ||
| Othercurrentasset | 7,909,725.13 | 6,167,340.16 |
| Totalofcurrentassets | 7,266,725,059.56 | 4,530,944,336.41 |
| Non-currentassets： | ||
| Loansandpaymentonother’sbehalfdisbursed | ||
| Creditor'srightinvestment | ||
| Othercreditor'srightinvestment | ||
| Long-termreceivable | ||
| Longtermshareequityinvestment | 4,362,638,936.45 | 3,332,350,008.84 |
| Otherequityinstrumentsinvestment | 890,653,266.65 | 1,768,953,885.85 |
| Othernon-currentfinancialassets | 195,219,767.35 | 186,494,177.20 |
| Propertyinvestment | 2,004,792.98 | 2,225,911.46 |
| Fixedassets | 8,268,301,855.93 | 8,872,808,692.97 |
| Constructioninprogress | 4,760,350,219.82 | 2,665,392,094.81 |
| Productionphysicalassets | ||
| Oil&gasassets | ||
| Userightassets | 3,850,889.14 | 14,217,517.99 |
| Intangibleassets | 178,707,658.07 | 197,694,153.19 |
| Including：Dataresources | 2,507,500.00 | |
| Developmentexpenses | ||
| Including：Dataresources |
| Item | December31,2025 | January1,2025 |
| Goodwill | ||
| Long-germexpensestobeamortized | ||
| Deferredincometaxasset | 31,138,740.44 | 32,679,298.44 |
| Othernon-currentasset | 831,323,224.43 | 837,904,037.77 |
| Totalofnon-currentassets | 19,524,189,351.26 | 17,910,719,778.52 |
| Totalofassets | 26,790,914,410.82 | 22,441,664,114.93 |
| Currentliabilities | ||
| Short-termloans | 259,163,958.03 | |
| LoanfromCentralBank | ||
| Borrowingfunds | ||
| Transactionalfinancialliabilities | ||
| Derivativefinancialliabilities | ||
| Notespayable | ||
| Accountpayable | 219,716,016.18 | 226,104,482.05 |
| Advancereceipts | 276,083.20 | 250,984.74 |
| Contractliabilities | ||
| Sellingofrepurchasedfinancialassets | ||
| Deposittakingandinterbankdeposit | ||
| Entrustedtradingofsecurities | ||
| Entrustedsellingofsecurities | ||
| Employees’wagepayable | 22,045,085.09 | 22,412,317.23 |
| Taxpayable | 174,658,322.38 | 131,748,260.36 |
| Otheraccountpayable | 292,377,860.50 | 272,118,036.92 |
| Including：Interestpayable | ||
| Dividendpayable | 36,900,482.45 | 32,714,825.12 |
| Feesandcommissionspayable | ||
| Reinsurancefeepayable | ||
| Liabilitiesheldforsales | ||
| Non-currentliabilityduewithin1year | 293,845,219.93 | 1,017,246,515.19 |
| Othercurrentliability | 123,420.61 | 73,697.84 |
| Totalofcurrentliability | 1,262,205,965.92 | 1,669,954,294.33 |
| Non-currentliabilities： | ||
| Reservefundforinsurancecontracts | ||
| Long-termloan | 10,036,331,513.04 | 6,728,264,750.00 |
| Bondpayable | ||
| Including：preferredstock | ||
| Sustainabledebt | ||
| Leaseliability | 2,730,189.11 | |
| Long-termpayable | 2,022,210.11 | 2,022,210.11 |
| Long-termremunerationpayabletostaff | ||
| Expectedliabilities | ||
| Deferredincome | 994,833,116.03 | 511,971,907.34 |
| Deferredincometaxliability | 291,774,306.12 | 330,830,731.06 |
| Othernon-currentliabilities | ||
| Totalnon-currentliabilities | 11,324,961,145.30 | 7,575,819,787.62 |
| Totalofliability | 12,587,167,111.22 | 9,245,774,081.95 |
| Owners’equity | ||
| Sharecapital | 2,090,806,126.00 | 2,090,806,126.00 |
| Otherequityinstruments | ||
| Including：preferredstock | ||
| Sustainabledebt | ||
| Capitalreserves | 782,912,515.57 | 782,661,218.56 |
| Less：Sharesinstock | ||
| Othercomprehensiveincome | 253,875,915.99 | 366,149,871.08 |
| Specialreserve |
| Item | December31,2025 | January1,2025 |
| Surplusreserves | 1,870,662,965.01 | 1,684,087,655.64 |
| Commonriskprovision | ||
| Retainedprofit | 6,117,843,453.22 | 5,544,395,448.25 |
| Totalofowner’sequitybelongtotheparentcompany | 11,116,100,975.79 | 10,468,100,319.53 |
| Minorityshareholders’equity | 3,087,646,323.81 | 2,727,789,713.45 |
| Totalofowners’equity | 14,203,747,299.60 | 13,195,890,032.98 |
| Totalofliabilitiesandowners’equity | 26,790,914,410.82 | 22,441,664,114.93 |
LegalRepresentative:MiaoDeshanPersoninchargeofaccounting：LuMingAccountingDeptLeader:YanXiaohong
2.ParentCompanyBalanceSheet
InRMB
| Item | December31,2025 | January1,2025 |
| Currentasset： | ||
| Monetaryfund | 2,848,640,571.65 | 1,827,026,427.48 |
| Transactionalfinancialassets | ||
| Derivativefinancialassets | ||
| Notesreceivable | ||
| Accountreceivable | 23,975,736.36 | 19,832,233.51 |
| Financingofreceivables | ||
| Prepayments | 3,735,965.82 | 2,429,028.94 |
| Otheraccountreceivable | 310,284,317.51 | 436,815,407.73 |
| Including：Interestreceivable | ||
| Dividendreceivable | 28,621,800.58 | |
| Inventories | ||
| Including：Dataresources | ||
| Contractassets | ||
| Assetsheldforsales | ||
| Non-currentassetduewithin1year | ||
| Othercurrentasset | 7,870,507.62 | 6,128,385.43 |
| Totalofcurrentassets | 3,194,507,098.96 | 2,292,231,483.09 |
| Non-currentassets： | ||
| Creditor'srightinvestment | ||
| Othercreditor'srightinvestment | ||
| Long-termreceivable | ||
| Longtermshareequityinvestment | 9,940,390,993.60 | 7,846,717,402.01 |
| Otherequityinstrumentsinvestment | 890,653,266.65 | 1,768,953,885.85 |
| Othernon-currentfinancialassets | ||
| Propertyinvestment | 1,752,651.24 | 1,973,769.72 |
| Fixedassets | 4,682,773,950.78 | 4,722,709,889.80 |
| Constructioninprogress | 46,854,638.67 | 308,615,083.86 |
| Productionphysicalassets |
| Item | December31,2025 | January1,2025 |
| Oil&gasassets | ||
| Userightassets | 3,378,229.34 | 13,566,418.32 |
| Intangibleassets | 112,886,664.30 | 116,330,587.32 |
| Including：Dataresources | 2,507,500.00 | 0.00 |
| Developmentexpenses | ||
| Including：Dataresources | ||
| Goodwill | ||
| Long-germexpensestobeamortized | ||
| Deferredincometaxasset | 23,673,400.38 | 28,274,192.91 |
| Othernon-currentasset | 14,968,251.05 | 2,060,000.00 |
| Totalofnon-currentassets | 15,717,332,046.01 | 14,809,201,229.79 |
| Totalofassets | 18,911,839,144.97 | 17,101,432,712.88 |
| Currentliabilities | ||
| Short-termloans | 259,163,958.03 | 0.00 |
| Transactionalfinancialliabilities | ||
| Derivativefinancialliabilities | ||
| Notespayable | ||
| Accountpayable | 122,198,679.90 | 116,590,086.29 |
| Advancereceipts | 276,083.20 | 250,984.74 |
| ContractLiabilities | ||
| Employees’wagepayable | 8,497,819.56 | 7,715,710.30 |
| Taxpayable | 35,251,212.56 | 23,752,944.73 |
| Otheraccountpayable | 434,875,382.64 | 306,323,712.32 |
| Including：Interestpayable | ||
| Dividendpayable | 36,080,113.26 | 32,714,825.12 |
| Liabilitiesheldforsales | ||
| Non-currentliabilityduewithin1year | 163,323,684.94 | 931,134,209.98 |
| Othercurrentliability | 68,629.01 | 18,906.24 |
| Totalofcurrentliability | 1,023,655,449.84 | 1,385,786,554.60 |
| Non-currentliabilities： | ||
| Long-termloan | 6,722,974,013.04 | 5,172,549,750.00 |
| Bondpayable | ||
| Including：preferredstock | ||
| Sustainabledebt | ||
| Leaseliability | 0.00 | 2,730,189.11 |
| Long-termpayable | 2,022,210.11 | 2,022,210.11 |
| Long-termremunerationpayabletostaff | ||
| Expectedliabilities | ||
| Deferredincome | 0.00 | 273,537.20 |
| Deferredincometaxliability | 82,747,059.27 | 117,617,593.90 |
| Othernon-currentliabilities | ||
| Totalnon-currentliabilities | 6,807,743,282.42 | 5,295,193,280.32 |
| Totalofliability | 7,831,398,732.26 | 6,680,979,834.92 |
| Item | December31,2025 | January1,2025 |
| 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 | 253,875,915.99 | 366,149,871.08 |
| Specialreserve | ||
| Surplusreserves | 1,690,690,697.45 | 1,504,115,388.08 |
| Retainedprofit | 6,070,064,069.27 | 5,484,377,888.80 |
| Totalofowners’equity | 11,080,440,412.71 | 10,420,452,877.96 |
| Totalofliabilitiesandowners’equity | 18,911,839,144.97 | 17,101,432,712.88 |
3.ConsolidatedIncomestatement
InRMB
| Item | 2025 | 2024 |
| I.Incomefromthekeybusiness | 4,469,738,160.51 | 4,569,903,078.72 |
| Incl：Businessincome | 4,469,738,160.51 | 4,569,903,078.72 |
| Interestincome | ||
| Insurancefeeearned | ||
| Feeandcommissionreceived | ||
| II.Totalbusinesscost | 1,888,195,843.88 | 1,988,786,259.66 |
| Incl：Businesscost | 1,586,145,349.99 | 1,631,074,265.11 |
| Interestexpense | ||
| Feeandcommissionpaid | ||
| Insurancedischargepayment | ||
| Netclaimamountpaid | ||
| Netamountofwithdrawalofinsurancecontractreserve | ||
| Insurancepolicydividendpaid | ||
| Reinsuranceexpenses | ||
| Businesstaxandsurcharge | 23,592,205.94 | 23,198,292.71 |
| Salesexpense | ||
| Administrativeexpense | 200,164,930.86 | 203,389,242.59 |
| R&Dcosts | 6,071,273.33 | 5,083,785.20 |
| Financialexpenses | 72,222,083.76 | 126,040,674.05 |
| Including：Interestexpense | 126,160,548.68 | 176,538,813.65 |
| Interestincome | 54,143,805.09 | 56,039,879.15 |
| Add:Otherincome | 2,023,546.32 | 11,532,166.82 |
| Investmentgain（“-”forloss） | 240,056,122.11 | 302,846,786.74 |
| Incl:investmentgainsfromaffiliates | 193,228,568.80 | 192,051,727.06 |
| Financialassetsmeasuredatamortizedcostceasetoberecognizedasincome | ||
| Gainsfromcurrencyexchange |
| Item | 2025 | 2024 |
| Netexposurehedgingincome | ||
| Changingincomeoffairvalue | 8,725,590.15 | 2,637,409.20 |
| Creditimpairmentloss | 309,703,904.28 | -121,656,189.18 |
| Impairmentlossofassets | ||
| Assetsdisposalincome | 23,942,445.86 | -721,318.52 |
| III.Operationalprofit（“-”forloss） | 3,165,993,925.35 | 2,775,755,674.12 |
| Add：Non-operationalincome | 7,894,777.53 | 6,624,670.82 |
| Less:Non-operatingexpense | 8,988,454.20 | 8,289,204.77 |
| IV.Totalprofit(“-”forloss) | 3,164,900,248.68 | 2,774,091,140.17 |
| Less：Incometaxexpenses | 676,230,316.18 | 671,178,358.12 |
| V.Netprofit | 2,488,669,932.50 | 2,102,912,782.05 |
| (I)Classificationbybusinesscontinuity | ||
| 1.Netcontinuingoperatingprofit | 2,488,669,932.50 | 2,102,912,782.05 |
| 2.Terminationofoperatingnetprofit | ||
| (II)Classificationbyownership | ||
| 1.Netprofitattributabletotheownersofparentcompany | 1,801,337,614.93 | 1,562,122,219.95 |
| 2.Minorityshareholders’equity | 687,332,317.57 | 540,790,562.10 |
| VI.Netafter-taxofothercomprehensiveincome | -72,694,231.43 | 202,581,469.75 |
| Netofprofitofothercomprehensiveincomeattributabletoownersoftheparentcompany. | -72,694,231.43 | 202,581,469.75 |
| （I）Othercomprehensiveincomeitemsthatwillnotbereclassifiedintogains/lossesinthesubsequentaccountingperiod | -45,306,172.66 | 182,511,260.27 |
| 1.Re-measurementofdefinedbenefitplansofchangesinnetdebtornetassets | ||
| 2.Othercomprehensiveincomeundertheequitymethodinvesteecannotbereclassifiedintoprofitorloss. | 14,365,326.50 | 6,593,511.61 |
| 3.Changesinthefairvalueofinvestmentsinotherequityinstruments | -59,671,499.16 | 175,917,748.66 |
| 4.Changesinthefairvalueofthecompany’screditrisks | ||
| 5.Other | ||
| （II）Othercomprehensiveincomethatwillbereclassifiedintoprofitorloss. | -27,388,058.77 | 20,070,209.48 |
| 1.Othercomprehensiveincomeundertheequitymethodinvesteecanbereclassifiedintoprofitorloss. | -27,388,058.77 | 20,070,209.48 |
| 2.Changesinthefairvalueofinvestmentsinotherdebtobligations | ||
| 3.Othercomprehensiveincomearisingfromthereclassificationoffinancialassets | ||
| 4.Allowanceforcreditimpairmentsininvestmentsinotherdebtobligations | ||
| 5.Reserveforcashflowhedges | ||
| 6.Translationdifferencesincurrencyfinancialstatements | ||
| 7.Other | ||
| NetofprofitofothercomprehensiveincomeattributabletoMinorityshareholders’equity | ||
| VII.Totalcomprehensiveincome | 2,415,975,701.07 | 2,305,494,251.80 |
| Totalcomprehensiveincomeattributabletotheowneroftheparentcompany | 1,728,643,383.50 | 1,764,703,689.70 |
| Totalcomprehensiveincomeattributableminorityshareholders | 687,332,317.57 | 540,790,562.10 |
| VIII.Earningspershare | ||
| （I）Basicearningspershare | 0.86 | 0.75 |
| (II)Dilutedearningspershare | 0.86 | 0.75 |
Thecurrentbusinesscombinationundercommoncontrol,thenetprofitsofthecombinedpartybeforeachievednetprofitofRMB0.00,lastperiodthecombinedpartyrealizedRMB0.00.LegalRepresentative:MiaoDeshan
Personinchargeofaccounting：LuMingAccountingDeptLeader:ZhouFang
4.IncomestatementoftheParentCompany
InRMB
| Item | 2025 | 2024 |
| I.Incomefromthekeybusiness | 1,439,741,378.12 | 1,508,500,575.92 |
| Incl：Businesscost | 591,828,260.57 | 554,664,684.30 |
| Businesstaxandsurcharge | 8,532,946.70 | 8,089,920.77 |
| Salesexpense | ||
| Administrativeexpense | 121,188,756.37 | 128,949,733.56 |
| R&Dexpense | 4,486,885.28 | 3,195,423.45 |
| Financialexpenses | 114,277,558.62 | 177,510,575.54 |
| Including：Interestexpenses | 148,398,284.80 | 205,562,083.83 |
| Interestincome | 34,231,792.20 | 33,491,134.51 |
| Add：Otherincome | 835,844.04 | 3,570,579.12 |
| Investmentgain（“-”forloss） | 1,378,447,834.45 | 1,159,856,692.42 |
| Including:investmentgainsfromaffiliates | 195,827,529.79 | 196,194,159.84 |
| Financialassetsmeasuredatamortizedcostceasetoberecognizedasincome | ||
| Netexposurehedgingincome | ||
| Changingincomeoffairvalue | ||
| Creditimpairmentloss | ||
| Impairmentlossofassets | ||
| Assetsdisposalincome | -20,059.28 | -721,318.52 |
| II.Operationalprofit（“-”forloss） | 1,978,690,589.79 | 1,798,796,191.32 |
| Add：Non-operationalincome | 996,137.83 | 1,334,982.13 |
| Less：Non-operationalexpenses | 1,760,365.43 | 1,199,248.86 |
| III.Totalprofit(“-”forloss) | 1,977,926,362.19 | 1,798,931,924.59 |
| Less：Incometaxexpenses | 164,350,571.76 | 164,329,931.57 |
| IV.Netprofit | 1,813,575,790.43 | 1,634,601,993.02 |
| 1.Netcontinuingoperatingprofit | 1,813,575,790.43 | 1,634,601,993.02 |
| 2.Terminationofoperatingnetprofit | ||
| V.Netafter-taxofothercomprehensiveincome | -72,694,231.43 | 202,581,469.75 |
| （I）Othercomprehensiveincomeitemsthatwillnotbereclassifiedintogains/lossesinthesubsequentaccountingperiod | -45,306,172.66 | 182,511,260.27 |
| 1.Re-measurementofdefinedbenefitplansofchangesinnetdebtornetassets | ||
| 2.Othercomprehensiveincomeundertheequitymethodinvesteecannotbereclassifiedintoprofitorloss. | 14,365,326.50 | 6,593,511.61 |
| 3.Changesinthefairvalueofinvestmentsinotherequityinstruments | -59,671,499.16 | 175,917,748.66 |
| 4.Changesinthefairvalueofthecompany’screditrisks | ||
| 5.Other | ||
| (II)Othercomprehensiveincomethatwillbereclassifiedintoprofitorloss | -27,388,058.77 | 20,070,209.48 |
| 1.Othercomprehensiveincomeundertheequitymethodinvesteecanbereclassifiedintoprofitorloss. | -27,388,058.77 | 20,070,209.48 |
| 2.Changesinthefairvalueofinvestmentsinotherdebtobligations | ||
| 3.Othercomprehensiveincomearisingfromthereclassificationoffinancialassets | ||
| 4.Allowanceforcreditimpairmentsininvestmentsinotherdebtobligations |
| Item | 2025 | 2024 |
| 5.Reserveforcashflowhedges | ||
| 6.Translationdifferencesincurrencyfinancialstatements | ||
| 7.Other | ||
| VI.Totalcomprehensiveincome | 1,740,881,559.00 | 1,837,183,462.77 |
| VII.Earningspershare | ||
| （I）Basicearningspershare | ||
| (II)Dilutedearningspershare |
5.ConsolidatedCashflowstatement
InRMB
| Item | 2025 | 2024 |
| I.Cashflowsfromoperatingactivities | ||
| Cashreceivedfromsalesofgoodsorrendingofservices | 4,578,289,732.34 | 4,745,448,281.75 |
| Netincreaseofcustomerdepositsandcapitalkeptforbrothercompany | ||
| Netincreaseofloansfromcentralbank | ||
| Netincreaseofinter-bankloansfromotherfinancialbodies | ||
| Cashreceivedagainstoriginalinsurancecontract | ||
| Netcashreceivedfromreinsurancebusiness | ||
| Netincreaseofclientdepositandinvestment | ||
| Cashreceivedfrominterest,commissionchargeandcommission | ||
| Netincreaseofinter-bankfundreceived | ||
| Netincreaseofrepurchasingbusiness | ||
| Netcashreceivedbyagentinsecuritiestrading | ||
| Taxreturned | ||
| Othercashreceivedfrombusinessoperation | 1,096,048,126.20 | 326,835,498.54 |
| Sub-totalofcashinflow | 5,674,337,858.54 | 5,072,283,780.29 |
| Cashpaidforpurchasingofmerchandiseandservices | 318,183,079.61 | 349,338,366.27 |
| Netincreaseofclienttradeandadvance | ||
| Netincreaseofsavingsincentralbankandbrothercompany | ||
| Cashpaidfororiginalcontractclaim | ||
| Netincreaseinfinancialassetsheldfortradingpurposes | ||
| NetincreaseforOutgoingcallloan | ||
| Cashpaidforinterest,processingfeeandcommission | ||
| Cashpaidtostaffsorpaidforstaffs | 509,245,023.37 | 502,767,262.92 |
| Taxespaid | 799,080,927.74 | 861,499,760.74 |
| Othercashpaidforbusinessactivities | 488,334,432.54 | 102,314,796.45 |
| Sub-totalofcashoutflowfrombusinessactivities | 2,114,843,463.26 | 1,815,920,186.38 |
| Netcashgeneratedfrom/usedinoperatingactivities | 3,559,494,395.28 | 3,256,363,593.91 |
| II.Cashflowgeneratedbyinvesting | ||
| Cashreceivedfrominvestmentretrieving | 107,111,100.00 | 39,614,562.90 |
| Cashreceivedasinvestmentgains | 172,441,889.64 | 158,293,859.68 |
| Netcashretrievedfromdisposaloffixedassets,intangibleassets,andotherlong-termassets | 20,129,001.00 | 1,470,189.30 |
| Netcashreceivedfromdisposalofsubsidiariesorotheroperationalunits | ||
| Otherinvestment-relatedcashreceived | 5,259,269.50 |
| Item | 2025 | 2024 |
| Sub-totalofcashinflowduetoinvestmentactivities | 299,681,990.64 | 204,637,881.38 |
| Cashpaidforconstructionoffixedassets,intangibleassetsandotherlong-termassets | 2,430,180,575.90 | 2,036,600,945.23 |
| Cashpaidasinvestment | 455,038,000.00 | 201,662,000.00 |
| Netincreaseofloanagainstpledge | ||
| Netcashreceivedfromsubsidiariesandotheroperationalunits | ||
| Othercashpaidforinvestmentactivities | 728,043.76 | 3,669,511.10 |
| Sub-totalofcashoutflowduetoinvestmentactivities | 2,885,946,619.66 | 2,241,932,456.33 |
| Netcashflowgeneratedbyinvestment | -2,586,264,629.02 | -2,037,294,574.95 |
| III.Cashflowgeneratedbyfinancing | ||
| Cashreceivedasinvestment | 371,875,000.00 | 192,500,000.00 |
| Including:Cashreceivedasinvestmentfromminorshareholders | 371,875,000.00 | 192,500,000.00 |
| Cashreceivedasloans | 5,570,700,000.00 | 1,350,955,084.00 |
| Otherfinancing–relatedcashreceived | 450,000.00 | 40,092,886.12 |
| Sub-totalofcashinflowfromfinancingactivities | 5,943,025,000.00 | 1,583,547,970.12 |
| Cashtorepaydebts | 2,658,136,668.48 | 1,270,080,259.00 |
| Cashpaidasdividend,profit,orinterests | 2,014,028,498.70 | 1,957,815,078.56 |
| Including:Dividendandprofitpaidbysubsidiariestominorshareholders | 698,530,338.02 | 566,774,796.34 |
| Othercashpaidforfinancingactivities | 12,076,571.39 | 12,138,004.61 |
| Sub-totalofcashoutflowduetofinancingactivities | 4,684,241,738.57 | 3,240,033,342.17 |
| Netcashflowgeneratedbyfinancing | 1,258,783,261.43 | -1,656,485,372.05 |
| IV.Influenceofexchangeratealternationoncashandcashequivalents | 408,844.19 | -4,587,996.33 |
| V.Netincreaseofcashandcashequivalents | 2,232,421,871.88 | -442,004,349.42 |
| Add:balanceofcashandcashequivalentsatthebeginningofterm | 4,259,653,084.58 | 4,701,657,434.00 |
| VI..Balanceofcashandcashequivalentsattheendofterm | 6,492,074,956.46 | 4,259,653,084.58 |
6.CashFlowStatementoftheParentCompany
InRMB
| Item | 2025 | 2024 |
| I.Cashflowsfromoperatingactivities | ||
| Cashreceivedfromsalesofgoodsorrendingofservices | 1,478,431,280.10 | 1,561,429,158.48 |
| Taxreturned | ||
| Othercashreceivedfrombusinessoperation | 165,137,285.73 | 114,438,110.42 |
| Sub-totalofcashinflow | 1,643,568,565.83 | 1,675,867,268.90 |
| Cashpaidforpurchasingofmerchandiseandservices | 101,922,415.00 | 113,313,804.87 |
| Cashpaidtostaffsorpaidforstaffs | 163,424,304.02 | 162,987,657.26 |
| Taxespaid | 202,290,436.83 | 199,803,534.19 |
| Othercashpaidforbusinessactivities | 61,326,725.65 | 166,979,810.96 |
| Sub-totalofcashoutflowfrombusinessactivities | 528,963,881.50 | 643,084,807.28 |
| Netcashgeneratedfrom/usedinoperatingactivities | 1,114,604,684.33 | 1,032,782,461.62 |
| II.Cashflowgeneratedbyinvesting | ||
| Cashreceivedfrominvestmentretrieving | 0.00 | 0.00 |
| Cashreceivedasinvestmentgains | 1,308,853,346.58 | 1,020,921,447.70 |
| Netcashretrievedfromdisposaloffixedassets,intangibleassets,andotherlong-termassets | 34,985.00 | 1,073,952.30 |
| Netcashreceivedfromdisposalofsubsidiariesorother |
| Item | 2025 | 2024 |
| operationalunits | ||
| Otherinvestment-relatedcashreceived | 0.00 | 0.00 |
| Sub-totalofcashinflowduetoinvestmentactivities | 1,308,888,331.58 | 1,021,995,400.00 |
| Cashpaidforconstructionoffixedassets,intangibleassetsandotherlong-termassets | 136,365,868.37 | 260,396,069.30 |
| Cashpaidasinvestment | 1,118,575,000.00 | 186,350,000.00 |
| Netcashreceivedfromsubsidiariesandotheroperationalunits | ||
| Othercashpaidforinvestmentactivities | 726,068.90 | 0.00 |
| Sub-totalofcashoutflowduetoinvestmentactivities | 1,255,666,937.27 | 446,746,069.30 |
| Netcashflowgeneratedbyinvestment | 53,221,394.31 | 575,249,330.70 |
| III.Cashflowgeneratedbyfinancing | ||
| Cashreceivedasinvestment | 0.00 | 0.00 |
| Cashreceivedasloans | 3,235,700,000.00 | 10,955,084.00 |
| Otherfinancing–relatedashreceived | 40,092,886.12 | |
| Sub-totalofcashinflowfromfinancingactivities | 3,235,700,000.00 | 51,047,970.12 |
| Cashtorepaydebts | 2,124,231,668.48 | 922,119,384.00 |
| Cashpaidasdividend,profit,orinterests | 1,253,343,662.71 | 1,357,397,095.53 |
| Othercashpaidforfinancingactivities | 11,547,193.39 | 12,058,626.61 |
| Sub-totalofcashoutflowduetofinancingactivities | 3,389,122,524.58 | 2,291,575,106.14 |
| Netcashflowgeneratedbyfinancing | -153,422,524.58 | -2,240,527,136.02 |
| IV.Influenceofexchangeratealternationoncashandcashequivalents | 408,844.19 | -4,587,996.33 |
| V.Netincreaseofcashandcashequivalents | 1,014,812,398.25 | -637,083,340.03 |
| Add:balanceofcashandcashequivalentsatthebeginningofterm | 1,825,805,227.48 | 2,462,888,567.51 |
| VI..Balanceofcashandcashequivalentsattheendofterm | 2,840,617,625.73 | 1,825,805,227.48 |
7.ConsolidatedStatementonChangeinOwners’EquityAmountinthisperiod
InRMB
| Item | 2025 | ||||||||||||||
| 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 | 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 | |||||||
| Add:Changeofaccountingpolicy | |||||||||||||||
| Correctingofpreviouserrors | |||||||||||||||
| Other | |||||||||||||||
| II.Balanceatthebeginningofcurrentyear | 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 | |||||||
| III.Changedinthecurrentyear | 251,297.01 | -112,273,955.09 | 186,575,309.37 | 573,448,004.97 | 648,000,656.26 | 359,856,610.36 | 1,007,857,266.62 | ||||||||
| （1）Totalcomprehensiveincome | -72,694,231.43 | 1,801,337,614.93 | 1,728,643,383.50 | 687,332,317.57 | 2,415,975,701.07 | ||||||||||
| （II）Investmentordecreasingofcapitalbyowners | 371,875,000.00 | 371,875,000.00 | |||||||||||||
| 1．OrdinarySharesinvested | 371,875,000.00 | 371,875,000.00 | |||||||||||||
| Item | 2025 | ||||||||||||||
| Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
| Preferredstock | Sustainabledebt | Other | |||||||||||||
| byshareholders | |||||||||||||||
| 2．Holdersofotherequityinstrumentsinvestedcapital | |||||||||||||||
| 3．Amountofsharespaidandaccountedasowners’equity | |||||||||||||||
| 4．Other | |||||||||||||||
| （III）Profitallotment | 181,357,579.04 | -1,274,849,182.94 | -1,093,491,603.90 | -699,350,707.21 | -1,792,842,311.11 | ||||||||||
| 1.Providingofsurplusreserves | 181,357,579.04 | -181,357,579.04 | |||||||||||||
| 2.Providingofcommonriskprovisions | |||||||||||||||
| 3．Allotmenttotheowners(orshareholders) | -1,093,491,603.90 | -1,093,491,603.90 | -699,350,707.21 | -1,792,842,311.11 | |||||||||||
| 4．Other | |||||||||||||||
| (IV)Internaltransferringofowners’equity | -39,579,723.66 | 3,957,972.37 | 35,621,751.29 | ||||||||||||
| 1.Capitalizingofcapitalreserves(ortocapitalshares) | |||||||||||||||
| Item | 2025 | ||||||||||||||
| Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
| Preferredstock | Sustainabledebt | Other | |||||||||||||
| 2.Capitalizingofsurplusreserves(ortocapitalshares) | |||||||||||||||
| 3．Makinguplossesbysurplusreserves. | |||||||||||||||
| 4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings | |||||||||||||||
| 5．Othercomprehensiveincomecarry-overretainedearnings | -39,579,723.66 | 3,957,972.37 | 35,621,751.29 | ||||||||||||
| 6．Other | |||||||||||||||
| (V).Specialreserves | |||||||||||||||
| 1.Providedthisyear | |||||||||||||||
| 2．Usedthisterm | |||||||||||||||
| （VI）Other | 251,297.01 | 1,259,757.96 | 11,337,821.69 | 12,848,876.66 | 12,848,876.66 | ||||||||||
| IV.Balanceat | 2,090,806,126.00 | 782,912,515.57 | 0.00 | 253,875,915.99 | 1,870,662,965.01 | 6,117,843,453.22 | 11,116,100,975.79 | 3,087,646,323.81 | 14,203,747,299.60 | ||||||
| Item | 2025 | ||||||||||||||
| Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
| Preferredstock | Sustainabledebt | Other | |||||||||||||
| theendofthisterm | |||||||||||||||
Amountinlastyear
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 | ||||||||||
| （II）Investment | 192,500,000.00 | 192,500,000.00 | |||||||||||||
| Item | 2024 | ||||||||||||||
| Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
| Preferredstock | Sustainabledebt | Other | |||||||||||||
| ordecreasingofcapitalbyowners | |||||||||||||||
| 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.Providing | |||||||||||||||
| Item | 2024 | ||||||||||||||
| Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
| Preferredstock | Sustainabledebt | Other | |||||||||||||
| ofcommonriskprovisions | |||||||||||||||
| 3．Allotmenttotheowners(orshareholders) | -1,143,670,950.92 | -1,143,670,950.92 | -566,774,796.34 | -1,710,445,747.26 | |||||||||||
| 4．Other | |||||||||||||||
| (IV)Internaltransferringofowners’equity | |||||||||||||||
| 1.Capitalizingofcapitalreserves(ortocapitalshares) | |||||||||||||||
| 2.Capitalizingofsurplusreserves(ortocapitalshares) | |||||||||||||||
| 3．Makinguplossesbysurplusreserves. | |||||||||||||||
| Item | 2024 | ||||||||||||||
| Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
| Preferredstock | Sustainabledebt | Other | |||||||||||||
| 4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings | |||||||||||||||
| 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 | 0.00 | 1,684,087,655.64 | 5,544,395,448.25 | 0.00 | 10,468,100,319.53 | 2,727,789,713.45 | 13,195,890,032.98 | |||||
8.Statementofchangeinowner’sEquityoftheParentCompanyAmountinthisperiod
InRMB
| Item | 2025 | |||||||||||
| 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 | 366,149,871.08 | 1,504,115,388.08 | 5,484,377,888.80 | 10,420,452,877.96 | ||||||
| Add:Changeofaccountingpolicy | ||||||||||||
| Correctingofpreviouserrors | ||||||||||||
| Other | ||||||||||||
| II.Balanceatthebeginningofcurrentyear | 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 | ||||||
| III.Changedinthecurrentyear | -112,273,955.09 | 186,575,309.37 | 585,686,180.47 | 659,987,534.75 | ||||||||
| （I）Totalcomprehensiveincome | -72,694,231.43 | 1,813,575,790.43 | 1,740,881,559.00 | |||||||||
| (II)Investmentordecreasingofcapitalbyowners | ||||||||||||
| 1．OrdinarySharesinvestedbyshareholders | ||||||||||||
| 2．Holdersofotherequityinstrumentsinvestedcapital | ||||||||||||
| 3.Amountofsharespaidandaccountedasowners’equity | ||||||||||||
| 4．Other | ||||||||||||
| （III）Profitallotment | 181,357,579.04 | -1,274,849,182.94 | -1,093,491,603.90 | |||||||||
| 1.Providingofsurplusreserves | 181,357,579.04 | -181,357,579.04 | ||||||||||
| 2．Allotmenttotheowners(orshareholders) | -1,093,491,603.90 | -1,093,491,603.90 | ||||||||||
| 3．Other | ||||||||||||
| Item | 2025 | |||||||||||
| Sharecapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
| Preferredstock | Sustainabledebt | Other | ||||||||||
| (IV)Internaltransferringofowners’equity | -39,579,723.66 | 3,957,972.37 | 35,621,751.29 | |||||||||
| 1.Capitalizingofcapitalreserves(ortocapitalshares) | ||||||||||||
| 2.Capitalizingofsurplusreserves(ortocapitalshares) | ||||||||||||
| 3．Makinguplossesbysurplusreserves. | ||||||||||||
| 4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings | ||||||||||||
| 5．Othercomprehensiveincomecarry-overretainedearnings | -39,579,723.66 | 3,957,972.37 | 35,621,751.29 | |||||||||
| 6．Other | ||||||||||||
| (V)Specialreserves | ||||||||||||
| 1.Providedthisyear | ||||||||||||
| 2．Usedthisterm | ||||||||||||
| （VI）Other | 1,259,757.96 | 11,337,821.69 | 12,597,579.65 | |||||||||
| IV.Balanceattheendofthisterm | 2,090,806,126.00 | 975,003,604.00 | 253,875,915.99 | 1,690,690,697.45 | 6,070,064,069.27 | 11,080,440,412.71 | ||||||
Amountinlastyear
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 | 0.00 | |||||||||||
| Correctingofpreviouserrors | 0.00 | |||||||||||
| Other | 0.00 | |||||||||||
| 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 | ||||||||||||
| （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) | ||||||||||||
| Item | 2024 | |||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
| Preferredstock | Sustainabledebt | Other | ||||||||||
| 3．Makinguplossesbysurplusreserves. | ||||||||||||
| 4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings | ||||||||||||
| 5．Othercomprehensiveincomecarry-overretainedearnings | ||||||||||||
| 6．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 | ||||||
III.CompanyProfile
1.BasicinformationoftheIPOandsharecapitalofthecompanyTheCompanywasestablishedinFebruary1993,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.PursuanttotheapprovalofGuangdongEconomicSystemReformCommitteeandGuangdongSecuritiesRegulatoryCommissionwithYTG(1996)No.67document,partoftheshareholdersofnon-state-ownedlegalpersonsharestransferred20millionnon-state-ownedlegalpersonsharestoMalaysiaYibaoEngineeringCo.,Ltd.inJune1996.PursuanttotheapprovalofSecuritiesCommissionundertheStateCouncilwithWF(1996)No.24approvaldocumentandthatofGuangdongEconomicSystemReformCommitteewithYTG(1996)No.68document,theCompanyissued135milliondomesticallylistedforeigninvestmentshares(Bshares)tooverseasinvestorsatthepriceofHKD3.54(equivalenttoRMB3.8)withtheparvalueofeachsharebeingRMB1duringJunetoJuly1996.PursuanttothereplyoftheMinistryofForeignTradeandEconomicCooperationofthePeople’sRepublicofChinawith(1996)WJMZYHZNo.606document,theCompanywasapprovedtobeaforeign-investedjointstockcompanylimited.TheCompanydistributeddividendsandcapitalizedcapitalcommonreservefortheyear1996inthefollowingmanner:TheCompanypaid1.7bonussharesforeach10sharesandcapitalizedcapitalcommonreserveon3.3-for-10basis.PursuanttotheapprovalofChinaSecuritiesRegulatoryCommittee(CSRC)withZJFZ(1997)No.486andNo.487document,theCompanyissued100millionpublicshares(Ashares)atthepriceofRMB5.41intermof“payableinfullonapplication,pro-rateplacingandsubjecttorefund”withtheparvalueofeachsharebeingRMB1inJanuary1998.InaccordancewiththeResolutionsofthe1999Shareholders’GeneralMeetingoftheCompanyandpursuanttotheapprovalofGuangzhouSecuritiesRegulatoryOfficeunderCSRCwithGZZJH(2000)No.99andthatofCSRCwithZJGSZ(2000)No.98,theCompanyoffered3Rightsforevery10sharesof764.256249millionsharesatthepriceofRMB11perRight.73,822,250ordinaryshareswereactuallyplacedtoall.PursuanttothereplyoftheGeneralOfficeofthePeople’sGovernmentofGuangdongProvincewithYBH(2000)No.574document,thestate-ownedsharesweretransferredtoGuangdongCommunicationGroupCo.,
Ltd.(GroupCo.)forholdingandmanagementwithoutcompensation.PursuanttotheapprovalofShenzhenStockExchange,53.0205millionstaffsharesoftheCompany(132,722sharesheldbydirectors,supervisorsandseniorexecutivesaretemporarilyfrozen)werelistedonFebruary5,2001.Inaccordancewiththeresolutionsof2000annualshareholders’generalmeeting,theCompanycapitalizedcapitalcommonreserveinto419,039,249shareson5-for-10basiswiththetotalsharecapitalasoftheendof2000,i.e.,838,078,499sharesasbase.ThedateofstockrightregistrationwasMay21,2001.Theex-rightdatewasMay22,2001.OnMarch8,2004,AsapprovedbyChinaSecuritiesRegulatoryCommissionbydocumentZheng-Jian-Gong-Si-Zi[2003]No.3,the45,000,000non-negotiableforeignshareswereplacedinShenzhenStockOnDecember21,2005,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,TianheDisrtict,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,GarageelectricpileHolding(Shenzhen)Co.,Ltd.,SPICYuetongQiyuanChipPowerTechnologyCo.,Ltd.andGuangdongGuangleExpresswayCo.,Ltd.
4.Scopeandchangesofconsolidatedfinancialstatementsinthecurrentperiod
(1)ScopeofcurrentconsolidatedfinancialstatementsTheconsolidatedscopeofthecurrentfinancialstatementsinvovlesYuegaoCapitalHolding(Guangzhou)Co.,Ltd.,itsholdingsubsidiariesGuangfoExpresswayCo.,Ltd.,JingzhuExpresswayGuangzhuSectionCo.,Ltd.andGuanghuiExpresswayCo.,Ltd.
(2)Changesinthescopeofconsolidatedfinancialstatementsinthecurrentperiod
None.
5.ApprovalandsubmissiondateoffinancialreportThefinancialstatementshavebeenauthorizedforissuanceoftheBoardofDirectorsoftheCompanyonMarch13,2026.IV.Basisforthepreparationoffinancialstatements
1.PreparationbasisThefinancialstatementsshallbepreparedinaccordancewiththeAccountingStandardsforBusinessEnterprisesandrelevantprovisionspromulgatedbytheMinistryofFinance,aswellastherelevantprovisionsoftheCompilationRulesforInformationDisclosureofCompaniespubliclyIssuingSecuritiesNo.15——FinancialReport(2023Revision)oftheChinaSecuritiesRegulatoryCommission.
2.ContinuationTheCompanyhasevaluatedthegoingconcernabilityfor12monthsfromDecember31,2025,andhasfoundnomattersorcircumstancescausingsignificantdoubtaboutthegoingconcernability.Therefore,thisfinancialstatementispreparedonthebasisofthegoingconcernassumptions.V.SignificantAccountingPoliciesandAccountingEstimatesTipsforspecificaccountingpolicyandestimate:
None
1.StatementofCompliancewiththeAccountingStandardsforBusinessEnterprisesThefinancialstatementsoftheCompanyarerecognizedandmeasuredinaccordancewiththeregulationsintheChineseAccountingStandardsforBusinessEnterprisesandtheygiveatrueandfairviewofthefinancialposition,businessresultandcashflowoftheCompanyonDecember31,2025.
2.AccountingperiodTheaccountingperiodoftheCompanyisthecalendaryearfromJanuary1toDecember31.
3.OperatingcycleThenormaloperatingcyclereferstotheperiodfromthetimewhentheGrouppurchasesassetsforprocessingtothetimewhencashorcashequivalentsarerealized.TheCompanytakes12monthsasabusinesscycleandusesitasacriterionforliquidityclassificationofassetsandliabilities.
4.Standardcurrencyforbookkeeping
RMBisthecurrencyoftheprimaryeconomicenvironmentinwhichtheCompanyanditsdomesticsubsidiariesoperate.Accordingly,theCompanyanditsdomesticsubsidiariesuseRMBastheirfunctionalcurrency.ThesefinancialstatementsarepresentedinRMB.5,Importancecriteriadeterminationmethodandselectionbasis?Applicable?Notapplicable
| Item | MaterialityStandard |
| Materialreceivableswithbaddebtprovisionaccruedindividually | Thosewhosesingleprovisionamountaccountsformorethan5%oftheendingbalanceofvariousreceivables |
| Materialrecoveryorreversalofbaddebtprovisionsforreceivables | Thosewhoseamountofsinglecollectionorreversalaccountsformorethan5%oftheendingbalanceofvariousreceivables |
| Materialwrite-offofreceivables | Thosewhosesinglewriteoffamountaccountsformorethan5%oftheendingbalanceofvariousreceivables |
| Materialprepaymentswithanageofmorethanoneyear | Thosewhoseamountwithasingleaccountageofmorethanoneyearaccountsformorethan10%oftheendingbalanceofprepayments,andanamountofmorethanRMB5million |
| Materialconstructioninprogress | ThosewithasingleprojectinvestmentbudgetofmorethanRMB10million |
| Materialaccountspayableandotherpayableswithanageofoveroneyear | Thosewhoseamountwithasingleageofmorethanoneyearaccountsformorethan5%ofthebalanceofaccountspayableorotherpayables |
| Materialnon-wholly-ownedsubsidiaries | Thesubsidiarieswhoseyear-endnetassets,totalyear-endassets,currentoperatingincome,andtotalcurrentprofitaccountformorethan10%oftheCompany'syear-endnetassets,totalyear-endassets,currentoperatingincome,andtotalcurrentprofit |
| Materialjointventureorassociatedenterprises | Thosewhoseendingcarryingamountofalong-termequityinvestmentinasingleinvesteeaccountsformorethan5%oftheCompany'sendingnetassets,orwhosecurrentinvestmentincome(losscalculatedinabsoluteamount)undertheequitymethodoflong-termequityinvestmentaccountsformorethan5%oftheCompany'sconsolidatedcurrentnetprofits |
| Materialcommitments | ThosewithanamountforasingletypeofmorethanRMB500million |
| Materialcontingencies | ThosewithasingleamountofmorethanRMB10million |
| Materialinvestmentactivities | Thosewhosecashreceivedfromorpaidforasingleinvestmentactivityaccountformorethan5%ofthetotalcashinfloworoutflow |
6.AccountingTreatmentforBusinessCombinationsunderCommonControlandNon-commonControl
Businesscombinationsundercommoncontrol:Theassetsandliabilitiesacquiredbytheacquirerinabusinesscombination(includinggoodwillarisingfromtheultimatecontrollingparty'sacquisitionoftheacquiree)aremeasuredbasedonthecarryingamountsoftheacquiree'sassetsandliabilitiesintheultimatecontrollingparty'sconsolidatedfinancialstatementsasofthemergerdate.Forthedifferencebetweenthecarryingamountsofthenetassetsobtainedinthemergerandthecarryingamountsofthemergerconsiderationpaid(orthetotalfacevalueoftheissuedshares),adjustthesharecapitalpremiuminthecapitalreserve.Ifthesharecapitalpremiuminthecapitalreserveisinsufficienttooffset,adjusttheretainedearnings.Businesscombinationsundernon-commoncontrol:Theconsiderationtransferredinabusinesscombinationismeasuredatthefairvalueoftheassetsgiven,liabilitiesincurredorassumed,andequityinstrumentsissuedbytheacquirerattheacquisitiondateinexchangeforcontroloftheacquiree.Iftheconsiderationtransferredexceedstheacquirer'sinterestinthefairvalueoftheacquiree'sidentifiablenetassets,theexcessisrecognizedasgoodwill;iftheconsiderationtransferredisless,thedifferenceisrecognizedasprofitorlossfortheperiod.Theidentifiableassets,liabilities,andcontingentliabilitiesoftheacquireethatmeettherecognitioncriteriaaremeasuredattheirfairvaluesattheacquisitiondate.Directlyattributablecostsincurredforabusinesscombinationarerecognizedinprofitorlosswhenincurred;transactioncostsrelatedtotheissuanceofequityordebtsecuritiesforthebusinesscombinationareincludedintheinitialmeasurementamountoftherespectiveequityordebtsecurities.
7.CriteriaforControlandPreparationMethodofConsolidatedFinancialStatements
(1)Criteriaforcontrol
ControlmeansthattheCompanyhasthepowerovertheinvestee,enjoysvariablereturnsbyparticipatingintherelatedactivitiesoftheinvestee,andhastheabilitytoinfluencetheamountofreturnsbyusingthepowerovertheinvestee.Oncethechangesinrelevantfactsandcircumstancesleadtochangesintherelevantfactorsinvolvedinthedefinitionofcontrol,theCompanywillre-evaluate.
(2)Methodforpreparingconsolidatedfinancialstatements
Thescopeofconsolidationoftheconsolidatedfinancialstatementsisdeterminedbasedoncontrol.
TheCompanyincludessubsidiariesintheconsolidatedfinancialstatementsfromthedateitobtainscontrolandexcludesthemfromthedatecontrolceases.
Forsubsidiariesdisposedof,theiroperatingresultsandcashflowspriortothedisposaldateareincludedintheconsolidatedincomestatementandconsolidatedcashflowstatement;Theopeningbalancesoftheconsolidatedbalancesheetarenotadjustedforsubsidiariesdisposedofduringtheperiod.
Forsubsidiariesacquiredthroughbusinesscombinationsnotundercommoncontrol,theiroperatingresultsandcashflowshavebeenappropriatelyincludedintheconsolidatedincomestatementandconsolidatedcashflowstatementfromtheacquisitiondateonward.Subsidiariesorbusinessesacquiredduringthereportingperiodthroughbusinesscombinationsnotundercommoncontrolareconsolidatedfromtheacquisitiondatebasedonthefairvaluesofidentifiableassets,liabilities,andcontingentliabilitiesdeterminedatthatdate.
Forsubsidiariesacquiredthroughbusinesscombinationsundercommoncontrol,regardlessofwhenthecombinationoccursduringthereportingperiod,theyaretreatedasiftheyhadbeenpartoftheCompany'sconsolidatedfinancialstatementssincethedatetheycameundertheultimatecontrollingparty'scontrol,andtheiroperatingresultsandcashflowsareincludedintheconsolidatedincomestatementandconsolidatedcashflowstatementfromthebeginningoftheearliestreportingperiodpresented.SubsidiariesadopttheprincipalaccountingpoliciesandreportingperiodsinaccordancewiththeuniformaccountingpoliciesandreportingperiodsprescribedbytheCompany.Allsignificantintercompanybalances,transactions,andunrealizedprofitsareeliminatedinthepreparationoftheconsolidatedfinancialstatements.Theportionofasubsidiary'sequitynotattributabletotheparentcompanyisrecognizedas"non-controllinginterests"withintheequitysectionoftheconsolidatedbalancesheet.Theportionofasubsidiary'snetprofitorlossattributabletonon-controllinginterestsispresentedas"non-controllinginterestsinprofitorloss"undernetprofitintheconsolidatedincomestatement.Iftheshareofasubsidiary'slossesattributabletonon-controllinginterestsexceedstheirinterestinthesubsidiary'sopeningequitybalance,theexcessshallcontinuetobeallocatedagainstnon-controllinginterests.Fortransactionsinvolvingtheacquisitionofnon-controllinginterestsinasubsidiaryorpartialdisposalofequityinvestmentswithoutlossofcontroloverthesubsidiary,suchtransactionsshallbeaccountedforasequitytransactions.Thecarryingamountsofequityattributabletotheparentcompany'sownersandnon-controllinginterestsshallbeadjustedtoreflectchangesintheirrespectiveinterestsinthesubsidiary.Anydifferencebetweentheadjustmenttonon-controllinginterestsandthefairvalueofconsiderationpaid/receivedisadjustedtocapitalreserve.Ifcapitalreserveisinsufficient,retainedearningsareadjusted.
Ifcontroloverasubsidiaryislostduetopartialdisposalofequityinterestsorotherreasons,theremainingequityinterestisremeasuredatfairvalueatthedatecontrolislost.Thedifferencebetween(a)thesumoftheconsiderationreceivedfromthedisposalandthefairvalueofanyremainingequityinterest,and(b)theshareofthenetassetsoftheformersubsidiaryattributabletothepreviousownershippercentage(calculatedonacontinuousbasisfromtheacquisitiondate),shallberecognizedasinvestmentincomeintheperiodinwhichcontrolislost,withacorrespondingreductioningoodwill.Othercomprehensiveincomerelatedtotheformersubsidiaryisreclassifiedtocurrentprofitsorlosseswhencontrolislost.
8.CriteriaforDeterminingCashandCashEquivalents
CashreferstotheCompany'scashonhandanddemanddeposits.Cashequivalentsrefertoshort-term(generallywithamaturityofthreemonthsorlessfromtheacquisitiondate),highlyliquidinvestmentsthatarereadilyconvertibletoknownamountsofcashandwhicharesubjecttoaninsignificantriskofchangesinvalue.
9.ForeignCurrencyTransactionsandForeignCurrencyFinancialStatementTranslation
Foreigncurrencytransactionsareinitiallyrecordedinthefunctionalcurrencyatthespotexchangerateonthetransactiondate.However,forforeignexchangetransactionsortransactionsinvolvingcurrencyexchange,theactualexchangerateappliedisusedfortranslationintothefunctionalcurrency.
Atthebalancesheetdate,foreigncurrencymonetaryitemsaretranslatedusingthespotexchangerateonthatdate.Exchangedifferencesarisingfromthedifferencebetweenthespotexchangerateonthebalancesheetdateandthespotexchangerateattheinitialrecognitiondateorthepreviousbalancesheetdatearerecognizedinprofitorloss,exceptfor:①exchangedifferencesarisingfromspecificborrowingsthatqualifyforcapitalization,whicharecapitalizedaspartofthecostoftherelatedassetduringthecapitalizationperiod;②exchangedifferencesonhedginginstrumentsusedtohedgeforeigncurrencyrisks,whichareaccountedforunderhedgeaccounting;and③exchangedifferencesarisingfromchangesinthecarryingamount(otherthanamortizedcost)ofmonetaryitemsclassifiedasatfairvaluethroughothercomprehensiveincome,whicharerecognizedinothercomprehensiveincome.
Non-monetaryitemsmeasuredathistoricalcostinaforeigncurrencycontinuetobemeasuredatthefunctionalcurrencyamounttranslatedusingthespotexchangerateonthetransactiondate.Non-monetaryitemsmeasuredatfairvalueinaforeigncurrencyaretranslatedusingthespotexchangerateonthedatethefairvalueisdetermined.Thedifferencebetweenthetranslatedfunctionalcurrencyamountandtheoriginalfunctionalcurrencyamountistreatedasafairvaluechange(includingtheeffectofexchangeratechanges)andrecognizedinprofitorlossorothercomprehensiveincome.
10.FinancialInstruments
Afinancialasset,financialliability,orequityinstrumentisrecognizedwhentheCompanybecomesapartytothecontractualprovisionsofthefinancialinstrument.
(1)Classificationoffinancialinstruments
Accordingtothebusinessmodeloffinancialassetsundermanagementandthecontractualcashflowcharacteristicsoffinancialassets,theCompanydividesfinancialassetsintothreecategoriesattheinitialrecognition:financialassetsmeasuredbyamortizedcost,financialassetsmeasuredbyfairvaluewithitschangesincludedinothercomprehensiveincome,andfinancialassetsmeasuredbyfairvaluewithitschangesincludedinprofitorloss.
TheCompanyclassifiesfinancialassetsthatmeetbothofthefollowingcriteriaandarenotdesignatedatfairvaluethroughprofitorlossasfinancialassetsmeasuredatamortizedcost:
-Thebusinessmodel'sobjectiveistoholdtheassetstocollectcontractualcashflows;
-Thecontractualcashflowsrepresentsolelypaymentsofprincipalandinterestontheprincipalamountoutstanding.
TheCompanyclassifiesfinancialassetsthatmeetbothofthefollowingcriteriaandarenotdesignatedatfairvaluethroughprofitorlossasfinancialassetsmeasuredatfairvaluethroughothercomprehensiveincome(debtinstruments):
-Thebusinessmodel'sobjectiveisachievedbothbycollectingcontractualcashflowsandsellingthefinancialassets;
-Thecontractualcashflowsrepresentsolelypaymentsofprincipalandinterestontheprincipalamountoutstanding.
Fortheinvestmentinnon-transactionalequityinstruments,theCompanycanirrevocablydesignateitasafinancialassetmeasuredatfairvaluewithchangesincludedinothercomprehensiveincomeattheinitial
recognition(equityinstrument).Thedesignationismadeonthebasisofasingleinvestment,andtherelevantinvestmentconformstothedefinitionofequityinstrumentfromtheissuer'spointofview.Exceptfortheabovefinancialassetsmeasuredinamortizedcostandthoseatfairvaluewithchangesincludedinothercomprehensiveincome,theCompanyclassifiesallotherfinancialassetsasfinancialassetsmeasuredatfairvaluewithchangesincludedinprofitorloss.
Atinitialrecognition,financialliabilitiesareclassifiedaseither:(i)financialliabilitiesatfairvaluethroughprofitorloss,or(ii)financialliabilitiesmeasuredatamortizedcost.
(2)Recognitioncriteriaandmeasurementmethodsforfinancialinstruments
1)Financialassetsmeasuredinamortizedcost
Financialassetsmeasuredatamortizedcostincludenotesreceivable,accountsreceivable,otherreceivables,long-termreceivables,debtinvestments,etc.Theseassetsareinitiallymeasuredatfairvalue,withrelatedtransactioncostsincludedintheinitialrecognitionamount.However,accountsreceivablewithoutsignificantfinancingcomponentsandthoseforwhichtheCompanyelectsnottoconsiderfinancingcomponentsofoneyearorlessareinitiallymeasuredatthecontractualtransactionprice.
Duringtheholdingperiod,interestcalculatedusingtheeffectiveinterestmethodisrecognizedinprofitorloss.
Uponderecognitionordisposal,thedifferencebetweentheconsiderationreceivedandthecarryingamountofthefinancialassetisrecognizedinprofitorloss.
2)Financialassetsmeasuredatfairvaluewithchangesincludedinothercomprehensiveincome(debtinstruments)
Financialassetsmeasuredatfairvaluethroughothercomprehensiveincome(debtinstruments)includeaccountsreceivablefinancing,otherdebtinvestments,etc.Theseassetsareinitiallymeasuredatfairvalue,withrelatedtransactioncostsincludedintheinitialrecognitionamount.Thesefinancialassetsaresubsequentlymeasuredatfairvalue.Changesinfairvalue,exceptforinterestcalculatedusingtheeffectiveinterestmethod,impairmentgainsorlosses,andexchangedifferences,arerecognizedinothercomprehensiveincome.
Uponderecognition,thecumulativegainsorlossespreviouslyrecognizedinothercomprehensiveincomearereclassifiedfromothercomprehensiveincometoprofitorloss.
3)Financialassetsmeasuredatfairvaluewithchangesincludedinothercomprehensiveincome(equityinstrument)
Financialassetsmeasuredatfairvaluethroughothercomprehensiveincome(equityinstruments)includeinvestmentsinotherequityinstruments,etc.Theseassetsareinitiallymeasuredatfairvalue,withrelatedtransactioncostsincludedintheinitialrecognitionamount.Suchfinancialassetsaresubsequentlymeasuredatfairvalue,withchangesinfairvalueincludedincomprehensiveincome.Dividendsreceivedarerecognizedinprofitorloss.
Uponderecognition,thecumulativegainsorlossespreviouslyrecognizedinothercomprehensiveincomearereclassifiedfromothercomprehensiveincometoretainedearnings.
4)Financialassetsmeasuredatfairvaluewithchangesincludedintheprofitorloss
Financialassetsmeasuredatfairvaluethroughprofitorlossincludetradingfinancialassets,derivativefinancialassets,othernon-currentfinancialassets,etc.Theseassetsareinitiallymeasuredatfairvalue,withrelatedtransactioncostsrecognizedinprofitorloss.Suchfinancialassetsaresubsequentlymeasuredatfairvalue,withchangesinfairvalueincludedinprofitorloss.
5)Financialliabilitiesmeasuredatfairvaluewithchangesincludedintheprofitorloss
Financialliabilitiesmeasuredatfairvaluethroughprofitorlossincludetradingfinancialliabilities,derivativefinancialliabilities,etc.Theseliabilitiesareinitiallymeasuredatfairvalue,withrelatedtransactioncostsrecognizedinprofitorloss.Suchfinancialliabilitiesaresubsequentlymeasuredatfairvalue,withchangesinfairvalueincludedinprofitorloss.
Uponderecognition,thedifferencebetweenthecarryingamountandtheconsiderationpaidisrecognizedinprofitorloss.
6)Financialliabilitiesmeasuredinamortizedcost
Financialliabilitiesmeasuredatamortizedcostincludeshort-termborrowings,notespayable,accountspayable,otherpayables,long-termborrowings,bondspayable,andlong-termpayables.Theseliabilitiesareinitiallymeasuredatfairvalue,withrelatedtransactioncostsincludedintheinitialrecognitionamount.Duringtheholdingperiod,interestcalculatedusingtheeffectiveinterestmethodisrecognizedinprofitorloss.
Uponderecognition,thedifferencebetweentheconsiderationpaidandthecarryingamountofthefinancialliabilityisrecognizedinprofitorloss.
(3)Derecognitioncriteriaandaccountingtreatmentforfinancialassettransfers
TheCompanyderecognizesafinancialassetwheneitherofthefollowingconditionsismet:
-Thecontractualrightstoreceivethecashflowsfromthefinancialassetexpire;
-Thefinancialassethasbeentransferred,andsubstantiallyalltherisksandrewardsofownershipofthefinancialassethavebeentransferredtothetransferee;
-Thefinancialassethasbeentransferred,andalthoughtheCompanyhasneithertransferrednorretainedsubstantiallyalltherisksandrewardsofownershipofthefinancialasset,ithasnotretainedcontroloverthefinancialasset.
WhentheCompanymodifiesorrenegotiatesthetermsofacontractwiththecounterpartyandsuchmodificationconstitutesasubstantialmodification,theoriginalfinancialassetisderecognizedandanewfinancialassetisrecognizedbasedonthemodifiedterms.
Whenafinancialassetistransferred,ifsubstantiallyalltherisksandrewardsofownershipofthefinancialassetareretained,thefinancialassetisnotderecognized.
Inassessingwhetherthetransferofafinancialassetmeetstheabovederecognitioncriteria,theprincipleofsubstanceoverformisapplied.
TheCompanydividesthetransferoffinancialassetsintotheoveralltransferandpartialtransferoffinancialassets.Whenthetransferofafinancialassetinitsentiretymeetsthederecognitioncriteria,thedifferencebetweenthefollowingamountsshallberecognizedinprofitorloss:
1)Thecarryingamountofthetransferredfinancialasset;
2)Thesumoftheconsiderationreceivedfromthetransferandthecumulativeamountoffairvaluechangespreviouslyrecognizeddirectlyinequity(wherethetransferredfinancialassetisadebtinstrumentmeasuredatfairvaluethroughothercomprehensiveincome).Whenapartialtransferofafinancialassetmeetsthederecognitioncriteria,thecarryingamountoftheentirefinancialassetshallbeallocatedbetweenthederecognizedportionandtheretainedportionbasedontheirrelativefairvalues,andthedifferencebetweenthefollowingamountsshallberecognizedinprofitorloss:
1)Thecarryingamountofthederecognizedportion;
2)Thesumoftheconsiderationreceivedforthederecognizedportionplustheproportionateshareofcumulativefairvaluechangespreviouslyrecognizeddirectlyinequity(whereapplicabletodebtinstrumentsmeasuredatfairvaluethroughothercomprehensiveincome).
Ifthetransferoffinancialassetsdoesnotmeettheconditionsforderecognition,suchfinancialassetsshallbecontinuouslyrecognized,andthereceivedconsiderationshallberecognizedasafinancialliability.
(4)Derecognitionoffinancialliabilities
Afinancialliability(orpartthereof)shallbederecognizedwhenthepresentobligationisdischargedinwholeorinpart;IftheCompanyentersintoanagreementwithcreditorstoreplaceanexistingfinancialliabilitywithanewfinancialliability,andthetermsofthenewliabilityaresubstantiallydifferentfromthoseoftheexistingliability,theexistingfinancialliabilityshallbederecognizedandthenewfinancialliabilityshallberecognizedsimultaneously.
Ifthereisasubstantialmodificationtothecontractualtermsofanexistingfinancialliability(inwholeorinpart),theoriginalfinancialliability(orthemodifiedportion)shallbederecognized,andthemodifiedfinancialliabilityshallberecognizedasanewfinancialliability.
Ifallorpartofthefinancialliabilitiesarederecognized,thedifferencebetweenthecarryingamountsofthederecognizedfinancialliabilitiesandtheconsiderationpaid(includingthetransferrednon-cashassetsorthenewfinancialliabilitiesundertaken)willbeincludedintheprofitorloss.
WhentheCompanyrepurchasesaportionofafinancialliability,thecarryingamountoftheentireliabilityshallbeallocatedbetweentheportiontobecontinuedandtheportiontobederecognizedbasedontheirrelativefairvaluesasoftherepurchasedate.Thedifferencebetweentheallocatedcarryingamountofthederecognizedportionandtheconsiderationpaid(includingtransferrednon-cashassetsornewlyassumedfinancialliabilities)shallberecognizedinprofitorloss.
(5)Fairvaluemeasurementmethodsforfinancialassetsandliabilities
Thefairvalueoffinancialinstrumentswithanactivemarketshallbedeterminedbythequotationintheactivemarket.Thefairvalueoffinancialinstrumentswithoutactivemarketshallbedeterminedbyvaluationtechnology.Atthetimeofvaluation,theCompanyadoptsthevaluationtechnologythatisapplicableinthecurrentsituationandsupportedbysufficientavailabledataandotherinformation,selectstheinputvaluesthatareconsistentwiththecharacteristicsofassetsorliabilitiesconsideredbymarketparticipantsinthetransactionofrelevantassetsorliabilities,andgivesprioritytotherelevantobservableinputvalues.Unobservableinputvaluescanonlybeusediftherelevantobservableinputvaluesareunavailableorimpracticable.
(6)ImpairmenttestingandaccountingtreatmentforfinancialinstrumentsTheCompanyappliesimpairmentaccountingbasedonexpectedcreditlossestofinancialassetsmeasuredatamortizedcost,debtinstrumentsmeasuredatfairvaluethroughothercomprehensiveincome,andfinancialguaranteecontracts.TheCompanymeasuresexpectedcreditlossesbyincorporatingreasonableandsupportableinformationaboutpastevents,currentconditions,andforecastsoffutureeconomicconditions,calculatingaprobability-weightedamountofthepresentvalueofthedifferencebetweenthecontractualcashflowsandtheexpectedcashflows,usingtheriskofdefaultastheweightingfactor.
ForreceivablesandcontractassetsarisingfromtransactionsgovernedbyAccountingStandardsforBusinessEnterprisesNo.14-Revenue,theCompanyconsistentlymeasureslossallowancesatanamountequaltolifetimeexpectedcreditlosses,regardlessofwhethertheycontainsignificantfinancingcomponents.
ForleasereceivablesarisingfromtransactionsgovernedbyAccountingStandardsforBusinessEnterprisesNo.21-Leases,theCompanyhaselectedtoconsistentlymeasurelossallowancesatanamountequaltolifetimeexpectedcreditlosses.
Forotherfinancialinstruments,theCompanyassesseschangesincreditrisksinceinitialrecognitionateachbalancesheetdate.
TheCompanyevaluateswhethercreditriskhasincreasedsignificantlysinceinitialrecognitionbycomparingtheriskofdefaultatthebalancesheetdatewiththeriskofdefaultatinitialrecognitiontodeterminetherelativechangeindefaultriskoverthefinancialinstrument'sexpectedmaturityperiod,thusassessingwhetherthecreditriskofthefinancialinstrumenthasincreasedsignificantlysinceinitialrecognition.TheCompanypresumesthatthecreditriskofafinancialinstrumenthasincreasedsignificantlywhenitismorethan30dayspastdue,unlessthereiscompellingevidencedemonstratingthatnosignificantincreaseincreditriskhasoccurredsinceinitialrecognition.
Ifafinancialinstrumenthaslowcreditriskatthebalancesheetdate,theCompanyconsidersthatnosignificantincreaseinitscreditriskhasoccurredsinceinitialrecognition.
Forfinancialinstrumentswhosecreditriskhasincreasedsignificantlysinceinitialrecognition,theCompanymeasureslossallowancesatanamountequaltolifetimeexpectedcreditlosses;forthosewithoutsignificantincreaseincreditrisk,lossallowancesaremeasuredatanamountequalto12-monthexpectedcreditlosses.Theresultingincreasesordecreasesinlossallowancesarerecognizedinprofitorlossasimpairmentlossesorgains.Fordebtinstrumentsmeasuredatfairvaluethroughothercomprehensiveincome,thelossallowanceisrecognizedinothercomprehensiveincomewhileimpairmentlossesorgainsarerecognizedinprofitorloss,withoutreducingthecarryingamountofthefinancialassetpresentedinthebalancesheet.
Whenobjectiveevidenceindicatesthataspecificreceivablehasexperiencedcreditimpairment,theCompanymeasuresitsimpairmentprovisiononanindividualbasis.
Forreceivablesotherthanthosesubjecttoindividualbaddebtprovisionasmentionedabove,theCompanycategorizestheremainingfinancialinstrumentsintoseveralportfoliosbasedontheircreditriskcharacteristics,anddeterminesexpectedcreditlossesonaportfoliobasis.TheCompany'sportfoliogroupingsanddeterminationbasisformeasuringexpectedcreditlossesonnotesreceivable,accountsreceivable,financingreceivables,otherreceivables,contractassets,andlong-termreceivablesareasfollows:
1)Basisfordeterminingcreditriskcharacteristicportfolios
| Item | Portfoliocategory | Determinationbasis |
| Portfolio1 | Agingportfolio | ForaccountsreceivableandotherreceivablesnotindividuallyassessedforlossallowancesorincludedinPortfolio2,3or4,theCompanydetermineslossallowancesbasedonexpectedcreditlossesofreceivablesportfolioswithsimilarcreditriskcharacteristicsgroupedbyagingbracketsinpriorperiods,incorporatingforward-lookinginformation.Theagingperiodshallbecalculatedfromtheinitialrecognitiondateofreceivables. |
| Portfolio2 | Deposit-typeportfolio | Otherreceivablesincludingvariousdeposits,guarantees,advancepayments,warrantyfunds,employeeadvances,andpettycashreservesarisingfromordinaryoperatingactivities. |
| Portfolio3 | Financialassetportfoliowithverylowcreditrisk | Notesreceivableandotherreceivableswithminimalcreditriskbasedonexpectedcreditlossassessments. |
| Portfolio4 | Risk-freeportfolio | Receivablesfromrelatedpartieswithintheconsolidationscope. |
2)Whenperformingcreditriskassessmentusingtheportfolioapproach,theCompanymeasuresexpectedcreditlossesandrecognizeslossallowancesforfinancialassetsbasedontheportfoliostructureandsimilarcreditriskcharacteristics(debtors'repaymentcapacityundercontractualterms),incorporatinghistoricaldefaultlossexperience,currenteconomicconditions,andforward-lookinginformation,usingtheexpectedmaturityperiodasthemeasurementbasis.
Methodsformeasuringlossallowancesbydifferentportfolios:
| Item | Measurementmethod |
| Portfolio1(agingportfolio) | Expectedmaturityperiod |
| Portfolio2(deposit-typeportfolio) | Expectedmaturityperiod |
| Portfolio3(financialassetportfoliowithverylowcreditrisk) | Expectedmaturityperiod |
| Portfolio4(risk-freeportfolio) | Expectedmaturityperiod |
3)Expectedcreditlossratesbyportfolio:
Portfolio1(agingportfolio):Expectedcreditlossrate
| Aging | Expectedcreditlossrateofaccountsreceivable(%) | Expectedcreditlossrateofotherreceivables(%) |
| Within1year | 0.00 | 0.00 |
| 1-2years（Including2years） | 10.00 | 10.00 |
| 2-3years（including3years） | 30.00 | 30.00 |
| 3-4years（Including4years） | 50.00 | 50.00 |
| 4-5years（Including5years） | 90.00 | 90.00 |
| Over5years | 100.00 | 100.00 |
Portfolio2(deposit-typeportfolio):Basedonhistoricaldefaultlossexperience,currenteconomicconditions,andforward-lookinginformation,theexpectedcreditlossrateis0%;
Portfolio3(financialassetportfoliowithverylowcreditrisk):Basedonhistoricaldefaultlossexperience,currenteconomicconditions,andforward-lookinginformation,theexpectedcreditlossrateis0%;
Portfolio4(risk-freeportfolio):Basedonhistoricaldefaultlossexperience,currenteconomicconditions,andforward-lookinginformation,theexpectedcreditlossrateis0%.
IftheCompanynolongerreasonablyexpectstorecoverallorpartofthecontractualcashflowsofafinancialasset,thecarryingamountofthefinancialassetisdirectlywrittenoff.
11.ContractAssetsandContractLiabilities
TheCompanyrecognizescontractassetsinthebalancesheetforrightstoconsiderationthatareconditionalonfactorsotherthanthepassageoftime(i.e.,notunconditional),wheretheCompanyhasperformeditsobligationsunderthecontractbutthecustomerhasnotyetpaidthecontractualconsideration.Contractassetsandliabilitiesunderthesamecontractarepresentedonanetbasis;thoseunderdifferentcontractsarenotoffset.Themeasurementmethodsandaccountingtreatmentforexpectedcreditlossesoncontractassetsfollow"(6)ImpairmenttestingandaccountingtreatmentforfinancialinstrumentsinSection10".TheCompanypresentseitheracontractassetorliabilityinthebalancesheetbasedontherelationshipbetweenperformanceobligationsandcustomerpayments.ObligationstotransfergoodsorservicestocustomersforwhichtheCompanyhasreceivedorisentitledtoreceiveconsiderationareclassifiedascontractliabilities.Contractassetsandliabilitiesunderthesamecontractarepresentedonanetbasis.
12.Long-termEquityInvestments
(1)Criteriafordeterminingjointcontrolandsignificantinfluence
Jointcontrolisthecontractuallyagreedsharingofcontroloveranarrangement,wheredecisionsaboutrelevantactivitiesofsucharrangementrequireunanimousconsentofallpartiessharingcontrol.InvesteesoverwhichtheCompanyexercisesjointcontrolwithotherpartiesandhasrightstotheirnetassetsareclassifiedasjointventuresoftheCompany.
Significantinfluenceisthepowertoparticipateinfinancialandoperatingpolicydecisionsofaninvesteewithoutcontrolorjointcontroloverthosepolicies.InvesteesoverwhichtheCompanyhassignificantinfluenceareclassifiedasassociatesoftheCompany.
(2)Determinationofinitialinvestmentcost
Forlong-termequityinvestmentsinsubsidiariesacquiredthroughbusinesscombinationsundercommoncontrol,theinitialinvestmentcostismeasuredatthecarryingamountoftheacquiree'sequityinterestsintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyonthemergerdate.Thedifferencebetweentheinitialinvestmentcostofthelong-termequityinvestmentandthecarryingamountofconsiderationpaidshallbeadjustedagainstthesharepremiumwithincapitalreserves.Ifthesharepremiumisinsufficienttoabsorbthedifference,theremainingamountshallbeadjustedagainstretainedearnings.
Forlong-termequityinvestmentsinsubsidiariesacquiredthroughbusinesscombinationsnotundercommoncontrol,theinitialinvestmentcostismeasuredatthefairvalueofconsiderationtransferredontheacquisitiondate.
(2)Long-termequityinvestmentsobtainedotherthanthroughbusinesscombinations
Forinvestmentsacquiredbycashpayment,theinitialinvestmentcostistheactualpurchasepricepaid.Forinvestmentsacquiredbyissuingequityinstruments,theinitialinvestmentcostisthefairvalueoftheequityinstrumentsissued.
(3)Subsequentmeasurementandprofit/lossrecognitionmethods
1)Long-termequityinvestmentsmeasuredatcostTheCompanyappliesthecostmethodforlong-termequityinvestmentsinsubsidiaries,unlesstheinvestmentmeetsthecriteriatobeclassifiedasheldforsale.TheCompanyrecognizescurrent-periodinvestmentincomebasedonitsshareofcashdividendsorprofitsdeclaredbytheinvestee,excludinganydividendsorprofitsdeclaredbutnotyetpaidthatwereincludedintheactualpaymentorconsiderationfortheinvestment.
2)Long-termequityinvestmentsaccountedforundertheequitymethodForlong-termequityinvestmentsinassociatesandjointventures,theCompanyappliestheequitymethod.Wheretheinitialinvestmentcostexceedstheinvestor'sshareofthefairvalueoftheinvestee'sidentifiablenetassetsattheacquisitiondate,theexcessisnotadjustedagainsttheinitialinvestmentcost;Wheretheinitialinvestmentcostislessthansuchshare,thedifferenceisrecognizedinprofitorloss,withacorrespondingadjustmenttothecarryingamountoftheinvestment.
TheCompanyrecognizesitsshareoftheinvestee'snetprofitorlossandothercomprehensiveincomeasinvestmentincomeandothercomprehensiveincomerespectively,withcorrespondingadjustmentstothecarryingamountofthelong-termequityinvestment;reducesthecarryingamountbyitsshareofprofitsorcashdividendsdeclaredbytheinvestee;andforotherchangesintheinvestee'sequityotherthanthoseresultingfromnetprofitorloss,othercomprehensiveincome,orprofitdistributions(hereinafterreferredtoas"otherequitychanges"),adjuststhecarryingamountofthelong-termequityinvestmentandrecognizesthechangesdirectlyinequity.
WhendeterminingtheCompany'sshareoftheinvestee'snetprofitorloss,othercomprehensiveincome,andotherequitychanges,suchshareshallberecognizedbasedonthefairvalueoftheinvestee'sidentifiablenetassetsattheacquisitiondate,afteradjustingtheinvestee'snetprofitandothercomprehensiveincomeinaccordancewiththeCompany'saccountingpoliciesandreportingperiods.
UnrealizedprofitsandlossesarisingfromtransactionsbetweentheCompanyanditsassociatesorjointventuresareeliminatedtotheextentoftheCompany'sownershipinterestwhenrecognizinginvestmentincome,exceptwhenthetransferredassetsconstituteabusiness.Unrealizedlossesarisingfromtransactionswiththeinvesteethatqualifyasassetimpairmentlossesarerecognizedinfull.
TheCompanyrecognizesitsshareofnetlossesofajointventureorassociateuntilthecarryingamountofthelong-termequityinvestmentplusanylong-termintereststhatareessentiallyadvancestotheinvesteearereducedtozero,unlesstheCompanyhasincurredadditionallossobligations.Forsubsequentnetprofitsearnedbythejointventureorassociate,theCompanyresumesrecognitionofitsshareofprofitsonlyaftertheprofitshareoffsetspreviouslyunrecognizedlossshares.
3)Disposaloflong-termequityinvestments
Thedifferencebetweenthecarryingamountofadisposedlong-termequityinvestmentandtheactualproceedsreceivedisrecognizedinprofitorloss.
Forpartialdisposalsofequity-methodinvestmentswheretheremaininginterestcontinuestobeaccountedforundertheequitymethod,theothercomprehensiveincomepreviouslyrecognizedundertheequitymethodisreclassifiedproportionatelyonthesamebasisasiftheinvesteehaddirectlydisposedoftherelatedassetsorliabilities,whileotherequitychangesareproportionatelyreclassifiedtoprofitorloss.
Whenjointcontrolorsignificantinfluenceoveraninvesteeislostduetodisposalofequityinvestments,theothercomprehensiveincomepreviouslyrecognizedundertheequitymethodisaccountedforonthesamebasisasiftheinvesteehaddirectlydisposedoftherelatedassetsorliabilitiesuponcessationofequitymethodaccounting,whileallotherequitychangesarefullyreclassifiedtoprofitorlossatthetimeofdiscontinuation.Whencontroloveraninvesteeislostduetopartialdisposalofequityinvestments,theCompany,inpreparingitsseparatefinancialstatements,iftheremaininginterestretainsjointcontrolorsignificantinfluence,transitionstoequitymethodaccountingwithretrospectiveadjustmentasiftheequitymethodhadalwaysbeenapplied,proportionatelyreclassifyingpre-controlothercomprehensiveincomeonthesamebasisasiftheinvesteehaddirectlydisposedoftherelatedassets/liabilitiesandproportionatelyreclassifyingequity-method-relatedotherequitychangestoprofitorloss;ifnojointcontrolorsignificantinfluenceisretained,reclassifiestheremaininginterestasafinancialassetwiththedifferencebetweenitsfairvalueandcarryingamountatthedateofcontrollossrecognizedinprofitorloss,whilefullyreclassifyingallpre-controlothercomprehensiveincomeandotherequitychanges.Forstep-by-stepdisposalsofequityinvestmentsinsubsidiariesresultinginlossofcontrolthatqualifyasasingleintegratedtransaction,allindividualtransactionsareaccountedforasasingledisposalevent,withthedifferencebetweentheconsiderationreceivedandthecarryingamountofthedisposedequityinterestforeachpre-control-disposaltransactionbeinginitiallyrecognizedinothercomprehensiveincomeintheseparatefinancialstatementsandsubsequentlyreclassifiedinitsentiretytoprofitorlossatthepointwhencontrolisultimatelylost.Fornon-singlearrangements,eachtransactionisaccountedforseparately.
13.InvestmentPropertiesMeasurementmodelofinvestmentpropertyCostmodelDepreciationoramortizationmethod
Investmentpropertiesrefertorealestatepropertiesheldforearningrentalincome,capitalappreciation,orboth,includingleasedlanduserights,landuserightsheldforcapitalappreciationwithintenttotransfer,andleasedbuildings.
Investmentpropertiesareinitiallymeasuredatcost.Subsequentexpendituresrelatedtoinvestmentpropertiesareincludedinthecostofinvestmentrealestateiftheeconomicbenefitsrelatedtotheassetarelikelytoflowinandthecostcanbemeasuredreliably.Othersubsequentexpendituresarerecognizedinprofitorlosswhenincurred.
14.FixedAssets
(1)Recognitioncriteria
Fixedassetsrefertotangibleassetsheldforproducinggoods,providingservices,leasingormanagement,withaservicelifeofmorethanonefiscalyear.FixedassetsarerecognizedonlywhentheeconomicbenefitsrelatedtothemarelikelytoflowintotheCompanyandtheircostscanbemeasuredreliably.Fixedassetsareinitiallymeasuredatcost,takingintoaccounttheimpactofestimateddisposalcosts.Subsequentexpendituresrelatedtofixedassetsarecapitalizedwhenitisprobablethatassociatedeconomicbenefitswillflowtothe
entityandthecostscanbereliablymeasured;Thecarryingamountofanyreplacedpartsisderecognized;Allothersubsequentexpendituresarerecognizedasprofitorlosswhenincurred.
(2)Depreciationmethods
Depreciationiscalculatedfromthemonthfollowingthedatewhentheassetsbecomeavailablefortheirintendeduse,applyingeitherthestraight-linemethodorunits-of-productionmethodovertheirusefullives.Depreciationratesaredeterminedbasedonthecategoryofassets,estimatedusefullives,andestimatedresidualvaluerates.Forfixedassetswithrecognizedimpairmentlosses,depreciationinsubsequentperiodsiscalculatedbasedonthecarryingamountafterdeductingimpairmentprovisionsandtheremainingusefullife.Ifcomponentsofthefixassetshavedifferentusefullivesorprovideeconomicbenefitstotheenterpriseindifferentways,differentdepreciationratesormethodsareappliedseparately.Usefullives,estimatedresidualvaluesandannualdepreciationratesbycategoryoffixedassets:
| Category | Depreciationmethod | Usefullife | Residualrate | Annualdepreciationrate |
| Highways&Bridges | ||||
| Including：GuangfoExpressway | Workingflowbasis | 28 | 0.00 | |
| FokaiExpressway-XiebiantoSanbaoSection | Workingflowbasis | 40 | 0.00 | |
| FokaiExpressway-SanbaotoShuikouSection | Workingflowbasis | 47.5 | 0.00 | |
| JingzhuExpresswayGuangzhuSection | Workingflowbasis | 30 | 0.00 | |
| GuanghuiExpresswayCo.,Ltd. | Workingflowbasis | 23 | 0.00 | |
| HouseBuilding | Thestraight-linemethod | 20-30 | 3.00-5.00 | 3.17-4.85 |
| MachineEquipment | Thestraight-linemethod | 3-10 | 3.00-5.00 | 9.50-32.33 |
| TransportationEquipment | Thestraight-linemethod | 5-8 | 3.00-5.00 | 11.88-19.40 |
| Other | Thestraight-linemethod | 5 | 3.00-5.00 | 19.00-19.40 |
EstimatedresidualvaluerepresentsthenetamountthattheCompanywouldcurrentlyobtainfromtheasset'sdisposal,afterdeductingestimateddisposalcosts,assumingtheassethasreachedtheendofitsexpectedusefullifeandisintheconditionexpectedatthattime.
15.ConstructioninProgress
Thecostofconstructioninprogressisdeterminedbasedonactualprojectexpenditures,includingallconstruction-relatedexpensesincurredduringtheconstructionperiod,borrowingcostscapitalizedbeforetheprojectreachesitsintendedusablecondition,andotherrelevantcosts.Nodepreciationisallowedforconstructioninprogress.
Constructioninprogressiscarriedforwardtofixedassetsafteritreachestheintendedusablestate.Thestandardsandtimingfortransferringvariousconstructioninprogresstofixedassetsareasfollows:
| Category | Standardsfortransferringtofixedassets | Timingfortransferringtofixedassets |
| Expressway | Reachingtheintended | (1)Physicalconstruction,includingtheinstallationofrelatedequipmentand |
| constructionproject | usablecondition | ancillaryfacilities,hasbeenfullycompletedorsubstantiallycompleted;(2)Subsequentconstructionexpendituresareminimaloralmostnon-existent;(3)Relatedequipmenthasbeendebuggedandcanoperatenormallyandstablyforacertainperiod;(4)Theconstructedexpresswayhasmetorsubstantiallymetthedesignorcontractualrequirements;(5)Iftheconstructionprojecthasreachedtheintendedusableconditionbutthefinalaccounthasnotbeensettled,itshallbetransferredtofixedassetsatanestimatedvaluebasedontheactualcostfromthedateitreachestheintendedusablecondition. |
| Buildingsandstructures | Reachingtheintendedusablecondition | (1)Physicalconstruction,includinginstallationwork,hasbeenfullycompletedorsubstantiallycompleted;(2)Subsequentexpendituresonthebuildingsandstructuresareminimaloralmostnon-existent;(3)Theconstructedbuildingsandstructureshavemetorsubstantiallymetthedesignorcontractualrequirements;(4)Iftheconstructionprojecthasreachedtheintendedusableconditionbutthefinalaccounthasnotbeensettled,itshallbetransferredtofixedassetsatanestimatedvaluebasedontheactualcostfromthedateitreachestheintendedusablecondition. |
| Machineryandequipment | Reachingtheintendedusablecondition | (1)Relatedequipmentandothersupportingfacilitieshavebeeninstalled;(2)Afterdebugging,theequipmentcanmaintainnormalandstableoperationforaperiodoftimeandbeacceptedbyrelevantpersonnel. |
16.BorrowingCosts
Borrowingcostscompriseinterestexpensesonborrowings,amortizationofdiscountsorpremiums,ancillarycosts,andforeignexchangedifferencesarisingfromforeigncurrencyborrowings.Borrowingcoststhataredirectlyattributabletotheacquisition,constructionorproductionofaqualifyingassetshallbecapitalizedwhenexpendituresfortheassethavebeenincurred,borrowingcostshavebeenincurred,andactivitiesnecessarytopreparetheassetforitsintendeduseorsalehavebegun,andcapitalizationshallceasewhenthequalifyingassetbeingacquired,constructedorproducedhasreacheditsintendedusableorsalablecondition.Allotherborrowingcostsshallberecognizedasanexpenseintheperiodinwhichtheyareincurred.
Forspecificborrowings,theamountofborrowingcostseligibleforcapitalizationshallbetheactualborrowingcostsincurredduringtheperiodlessanyinvestmentincomefromthetemporaryinvestmentofthoseborrowings.Forgeneralborrowings,theamountofborrowingcostseligibleforcapitalizationshallbedeterminedbyapplyingthecapitalizationratetotheweightedaverageoftheexpendituresonthatassetthatexceedthespecificborrowings.Thecapitalizationrateshallbedeterminedbasedontheweightedaverageinterestrateofthegeneralborrowings.
17.IntangibleAssets
(1)Usefullifeanditsdeterminationbasis,estimation,amortizationmethodorreviewprocedure
Intangibleassetsareinitiallymeasuredatcost,includingpurchaseprice,relatedtaxesandduties,andotherdirectlyattributableexpendituresnecessarytobringtheassettoitsintendeduse.TheCompanyassessestheusefullifeofintangibleassetsuponacquisition.Forintangibleassetswithfiniteusefullives,amortizationisrecognizedovertheirexpectedeconomicbenefitperiods;Intangibleassetsforwhichtheexpectedusefullifecannotbereliablyestimatedareconsideredtohaveindefiniteusefullivesandarenotamortized.
Theamortizationmethods,usefullivesandresidualvaluesofintangibleassetsareasfollows:
| Item | Usefullife | Amortizationmethod |
| Landuseright | Remainingusefullife | Straight-linemethod |
| Software | 3-5years | Straight-linemethod |
| Tollroadconcessionright | Residualconcessionperiod | Workingflowbasis |
Ateachperiod-end,theusefullivesandamortizationmethodsoffinite-livedintangibleassetsarereviewed,withanychangesaccountedforaschangesinaccountingestimates.
18.Long-termPrepaidExpenses
Long-termprepaidexpensesrefertocoststhathavealreadybeenincurredbutshouldbeallocatedoverthecurrentreportingperiodandsubsequentperiodswithanamortizationperiodexceedingoneyear.Suchexpensesareamortizedusingthestraight-linemethodovertheirexpectedbenefitperiods.
19.Long-termAssetImpairment
Forlong-termequityinvestments,investmentpropertiesmeasuredatcost,property,plantandequipment,constructioninprogress,right-of-useassets,andfinite-livedintangibleassets,theCompanyassessesateachbalancesheetdatewhetherthereareanyimpairmentindicators.Ifanyimpairmentindicatorsexist,therecoverableamountshallbeestimatedandimpairmenttestingshallbeperformed.
Iftheimpairmenttestindicatesthattherecoverableamountofanassetislowerthanitscarryingamount,thedifferenceshallberecognizedasanimpairmentprovisionandrecordedasanimpairmentloss.Therecoverableamountshallbethehigherofanasset'sfairvaluelesscostsofdisposalandthepresentvalueoftheestimatedfuturecashflowsexpectedtobederivedfromtheasset.Impairmentprovisionsforassetsshallbecalculatedandrecognizedonanindividualassetbasis,exceptwhenitisimpracticabletoreliablyestimatetherecoverableamountofanindividualasset,inwhichcasetherecoverableamountshallbedeterminedforthecash-generatingunittowhichtheassetbelongs.Assetgroupisthesmallestassetportfoliothatcangeneratecashinflowindependently.
20.ContractLiabilities
Thecompanypresentscontractassetsorcontractliabilitiesinthebalancesheetbasedontherelationshipbetweentheperformanceoftheobligationandthecustomer'spayment.Theobligationstotransfergoodsorprovideservicestothecustomerinexchangefortheconsiderationreceivedorreceivablefromthecustomerarepresentedascontractliabilities.Contractassetsandcontractliabilitiesunderthesamecontractarepresentednet.
21.EmployeeBenefits
(1)Accountingtreatmentforshort-termemployeebenefits
TheCompanyrecognizesactualshort-termemployeebenefitsasliabilitiesduringtheaccountingperiodsinwhichemployeesrenderservices,withcorrespondingchargestoprofitorlossorrelevantassetcosts.
TheCompany'scontributionstosocialinsuranceandhousingprovidentfundsforemployees,aswellaslaborunionfundsandworkereducationfundsaccruedinaccordancewithapplicableregulations,shallbedeterminedbasedontheprescribedcontributionbasesandratesduringtheaccountingperiodsinwhichemployeesrenderservicestotheCompany.Employeewelfareexpensesarerecognizedatactualamountsincurredandchargedtoprofitorlossorrelevantassetcosts,withnon-monetarybenefitsmeasuredatfairvalue.
(2)Accountingtreatmentforpost-employmentbenefits
TheCompanycontributestobasicpensioninsuranceandunemploymentinsuranceforemployeesinaccordancewithlocalgovernmentregulations.Therequiredcontributions,calculatedbasedonlocallyprescribedbasesandratesduringemployeeserviceperiods,arerecognizedasliabilitiesandchargedtoprofitorlossorrelevantassetcosts.
(3)Accountingtreatmentforterminationbenefits
Whenprovidingterminationbenefits,theCompanyrecognizescorrespondingliabilitiesattheearlierof:(a)whentheCompanycannolongerunilaterallywithdrawtheterminationofferundertheredundancyplanorseveranceproposal;or(b)whentheCompanyrecognizesrestructuring-relatedcostsorexpensesinvolvingterminationpayments,withacorrespondingchargetoprofitorloss.
22.Estimatedliabilities
Aprovisionshallberecognizedwhenallofthefollowingconditionsaremetinrelationtoacontingentobligation:(1)theobligationisapresentobligationoftheCompany;(2)itisprobablethatanoutflowofeconomicbenefitswillberequiredtosettletheobligation;and(3)theamountoftheobligationcanbemeasuredreliably.
Atthebalancesheetdate,provisionsshallbemeasuredatthebestestimateoftheexpenditurerequiredtosettlethepresentobligation,takingintoaccountrisksanduncertaintiesassociatedwiththecontingenteventaswellasthetimevalueofmoneywherematerial.Whenthetimevalueofmoneyismaterial,thebestestimateshallbedeterminedbydiscountingtheestimatedfuturecashoutflows.
TheCompanyreviewsthecarryingamountofprovisionsateachbalancesheetdateandadjuststhemtoreflectthecurrentbestestimatewhenthereisobjectiveevidencethatthecarryingamountnolongerrepresentstheappropriatemeasurement.
23.RevenueRevenuerecognitionandmeasurementaccountingpoliciesaredisclosedbybusinesstype.
(1)Accountingpoliciesforrevenuerecognitionandmeasurement
TheCompanyrecognizesrevenuewhenitsatisfiesaperformanceobligationunderthecontractbytransferringcontrolofgoodsorservicestothecustomer.Controlofgoodsorservicesisobtainedwhenthecustomerhastheabilitytodirecttheuseof,andobtainsubstantiallyalltheremainingbenefitsfrom,thosegoodsorservices.
Forcontractscontainingtwoormoreperformanceobligations,theCompanyallocatesthetransactionpricetoeachdistinctperformanceobligationatcontractinceptionbasedontherelativestand-alonesellingpricesofthepromisedgoodsorservices.Revenueismeasuredbasedonthetransactionpriceallocatedtoeachdistinctperformanceobligation.
TransactionpriceistheamountofconsiderationthattheCompanyisexpectedtoreceivefortransferringthegoodstocustomers,excludingthepaymentcollectedonbehalfofthirdpartiesandthepaymentthattheCompanyisexpectedtoreturntocustomers.TheCompanydeterminesthetransactionpricebasedonthecontracttermsanditshistoricalbusinesspractices,whileconsideringtheeffectsofvariableconsideration,significantfinancingcomponentsinthecontract,non-cashconsideration,andconsiderationpayabletocustomers.TheCompanyestimatesthetransactionpriceincludingvariableconsiderationatanamountthatdoesnotexceedthelevelforwhichitishighlyprobablethatthecumulativerecognizedrevenuewillnotbesubjecttosignificantreversalwhentherelateduncertaintyisresolved.Forcontractswithsignificantfinancingcomponents,theCompanydeterminesthetransactionpriceasthecashsellingpriceatthedatecontroltransfers,withanydifferencebetweenthisamountandthecontractconsiderationamortizedusingtheeffectiveinterestmethodoverthecontractperiod.Atcontractinception,theCompanydoesnotconsidertheexistenceofasignificantfinancingcomponentwhentheperiodbetweenthetransferofcontrolofgoodsorservicestothecustomerandthecustomer'spaymentisexpectedtobeoneyearorless.
Aperformanceobligationissatisfiedovertimeifoneormoreofthefollowingcriteriaaremet;otherwise,itissatisfiedatapointintime:
?ThecustomersimultaneouslyreceivesandconsumesthebenefitsprovidedbytheCompany'sperformanceastheCompanyperforms;
?ThecustomercontrolsthegoodsorservicesinprocessastheyareconstructedorprovidedbytheCompany;
ThegoodsorservicescreatedbytheCompany'sperformancehavenoalternativeusetotheCompany,andtheCompanyhasanenforceablerighttopaymentforperformancecompletedtodatethroughoutthecontractperiod.
Fortheperformanceobligationsperformedinacertainperiodoftime,theCompanyshallrecognizetheincomeaccordingtotheperformanceprogressduringthatperiod,exceptthattheperformanceprogresscannotbereasonablydetermined.TheCompanydeterminestheprogressofperformanceusingeitheranoutputmethodorinputmethod,basedonthenatureofthegoodsorservices.Whentheprogresscannotbereasonablymeasured,revenueisrecognizedtotheextentofcostsincurredthatareexpectedtoberecoverable,untilsuchtimeastheprogresscanbereliablydetermined.
Forperformanceobligationssatisfiedatapointintime,theCompanyrecognizesrevenuewhenthecustomerobtainscontroloftherelatedgoodsorservices.Inassessingwhethercontrolofgoodsorserviceshastransferred,theCompanyconsidersthefollowingindicators:
?TheCompanyhasapresentrighttopaymentforthegoodsorservices(i.e.,thecustomerhasapresentobligationtopayforsuchgoodsorservices).
?TheCompanyhastransferredlegaltitleofthegoodstothecustomer(i.e.,thecustomerhaslegalownershipofsuchgoods).
?TheCompanyhasphysicallytransferredthegoodstothecustomer(i.e.,thecustomerhasphysicalpossessionofsuchgoods).?TheCompanyhastransferredtheprincipalrisksandrewardsofownershipofthegoodstothecustomer(i.e.,thecustomerhasobtainedtheprincipalrisksandrewardsofsuchgoodsownership).
?Thecustomerhasacceptedthegoodsorservices,etc.
?Otherindicatorsdemonstratingthatthecustomerhasobtainedthecontrolofgoods.
TheCompanydetermineswhetheritisactingasaprincipaloranagentintransactionsbyassessingwhetheritobtainscontrolofthegoodsorservicesbeforetransferringthemtothecustomer.WhentheCompanyobtainscontrolofgoodsorservicesbeforetransferringthemtothecustomer,itactsasaprincipalandrecognizesrevenueatthegrossamountofconsiderationreceivedorreceivable;otherwise,itactsasanagentandrecognizesrevenueatthenetamountofcommissionorfeetowhichitexpectstobeentitled.
(2)Revenuerecognitionmethodsandmeasurementapproachesbybusinesstype
1)Tollrevenue
Tollrevenuereferstothetollrevenuefromoperatingtollroads,whichisrecognizedaccordingtotheamountcollectedandreceivablewhenvehiclespass.
2)Advertisingandotherrevenue
Advertisingandotherrevenuesarerecognizedasoperatingincomeovertheserviceperiodbasedonelapsedservicetimeandcontractualpricing.
Differentrevenuerecognitionmethodsandmeasurementapproachesapplytosimilarbusinessactivitiesunderdifferentoperatingmodels.
24.ContractCosts
Contractcostscomprisecoststoobtainacontractandcoststofulfillacontract.
Incrementalcostsofobtainingacontract(i.e.,coststhatwouldnothavebeenincurredifthecontracthadnotbeenacquired)thatareexpectedtoberecoveredarerecognizedasanassetandamortizedonthesamebasisastherevenuerecognitionpatternoftherelatedgoodsorservices,withtheamortizationchargedtoprofitorloss.OthercostsincurredbytheCompanytoobtainacontractshallberecognizedasprofitorlosswhenincurred,unlesstheyarespecificallyrecoverablefromthecustomer.
Costsincurredtofulfillacontractthatdonotfallwithinthescopeofotherstandards(suchasinventories,property,plantandequipment,orintangibleassets)arerecognizedasanassetwhenallofthefollowingconditionsaremet:(1)Thecostsrelatedirectlytoaspecificcontract(includingdirectlabor,directmaterials,manufacturingoverheadsorsimilarcosts,explicitlychargeableclientcosts,andothercostsincurredonlyforthatcontract);(2)ThecostsenhancetheCompany'sresourcesthatwillbeusedtosatisfyperformanceobligationsinthefuture;(3)Thecostsareexpectedtoberecovered.Suchassetsareamortizedonthesamebasisastherevenuerecognitionpatternofthegoodsrelatedtosuchassets,withtheamortizationchargedtoprofitorloss.
Whendeterminingimpairmentlossesonassetsrelatedtocontractcosts,theCompanyshallfirstassessandrecognizeimpairmentlossesonothercontract-relatedassetsthatareaccountedforunderapplicableaccountingstandards;subsequently,forassetsarisingfromcontractcosts,whenthecarryingamountexceedsthedifferencebetween:(1)theremainingconsiderationexpectedtobereceivedfortransferringtherelatedgoodsorservices;and(2)theestimatedcostsrequiredtocompletesuchtransfer,theexcessamountshallberecognizedasanimpairmentprovisionandrecordedasanimpairmentloss.Animpairmentprovisionrecognizedforanassetrelatingtocontractcostsshallbereversedifthereasonsfortheimpairmenthaveceasedtoapply,suchthattheabovedifferenceexceedsthecarryingamount.Thereversalshallberecognizedinprofitorloss,providedthattheincreasedcarryingamountdoesnotexceedthecarryingamountthatwouldhavebeendetermined(netofamortizationordepreciation)hadnoimpairmentprovisionbeenrecognized
25.GovernmentGrants
(1)Classification
Governmentgrantsaremonetaryornon-monetaryassetsreceivedbytheCompanyfromgovernmentauthoritieswithoutcompensation,classifiedintogovernmentgrantsrelatedtoassetsandgovernmentgrantsrelatedtoincome.
GovernmentgrantsrelatedtoassetsrefertogovernmentgrantsacquiredbytheCompanyforthepurchase,constructionorotherformsofacquisitionoflong-termassets.Governmentgrantsrelatedtoincomerefertogovernmentgrantsotherthanthoserelatedtoassets.
Governmentdocumentsclearlyspecifythatgovernmentgrantsforpurchase,constructionorotherformsofacquisitionoflong-termassetsarerecognizedasgovernmentgrantsrelatedtoassets.Iftheobjectofgrantsisnotclearlyspecifiedingovernmentdocuments,andlong-termassetscanbeformed,thepartofgovernmentgrantscorrespondingtothevalueofassetsshallberegardedasthegovernmentgrantsrelatedtoassets,andtherestshallberegardedasthegovernmentgrantsrelatedtoincome;Ifitisdifficulttodistinguishthem,thegovernmentgrantsasawholewillberegardedasagovernmentgrantsrelatedtoincome.Governmentgrantsrelatedtoassetsarerecognizedasdeferredincome.Theamountrecognizedasdeferredincomeissystematicallyamortizedtoprofitorlossovertheusefullivesoftherelatedassetsusingarationalandsystematicmethod.
Governmentgrantsotherthanthoserelatedtoassetsarerecognizedasgovernmentgrantsrelatedtoincome.
Governmentgrantsrelatedtoincomethatcompensatetheenterpriseforrelevantexpensesorlossestobeincurredinfutureperiodsarerecognizedasdeferredincomeandsubsequentlyamortizedtoprofitorlosswhentherelatedexpensesarerecognized,whereasgrantscompensatingalreadyincurredexpensesorlossesaredirectlyrecognizedinprofitorloss.
WhentheCompanyreceivessubsidizedpreferentialloaninterestthroughfiscalauthoritiesdisbursingfundstolendingbankswhichthenprovideloansatpreferentialpolicyrates,theloanismeasuredattheactualamountreceivedwithborrowingcostscalculatedbasedontheprincipalamountandpreferentialinterestrate;whenfiscalauthoritiesdirectlydisbursetheinterestsubsidytotheCompany,thecorrespondingsubsidyamountreducestherelatedborrowingcosts.
(2)Recognitiontiming
GovernmentgrantsarerecognizedwhentheCompanycancomplywiththeattachedconditionsandcanreasonablyassuretheirreceipt.
(3)Accountingtreatment
Governmentgrantsrelatedtoassetsarerecognizedasdeferredincomeandsystematicallyamortizedtoprofitorlossovertheusefullivesoftherelatedassetsusingarationalandsystematicmethod.GovernmentgrantsrelatedtotheCompany'sordinaryactivitiesarerecognizedasotherincome,whilethoseunrelatedtoordinaryactivitiesarerecognizedasnon-operatingincome.
26.DeferredTaxAssets/DeferredTaxLiabilities
TheCompanyappliesthebalancesheetliabilitymethodforincometaxaccounting.
Forthedifferencebetweenthecarryingamountsofsomeassetsandliabilitiesandtheirtaxbasis,andthetemporarydifferencebetweenthecarryingamountsofitemsthatarenotrecognizedasassetsandliabilitiesbutcanbedeterminedintaxbasisaccordingtotheprovisionsofthetaxlawandtaxbasis,thebalancesheetliabilitymethodisadoptedtorecognizedeferredtaxassetsanddeferredtaxliabilities.
Deferredtaxassetsarerecognizedfordeductibletemporarydifferencestotheextentthatitisprobablethattaxableprofitwillbeavailableagainstwhichthedeductibletemporarydifferencescanbeutilized.Fordeductiblelossesandtaxdeductionsthatcanbecarriedforwardtofutureyears,thecorrespondingdeferredtaxassetsarerecognizedtotheextentthatitislikelytoobtainfuturetaxableincomefordeductingdeductiblelossesandtaxdeductions.
Deferredtaxliabilitiesarerecognizedforalltaxabletemporarydifferences,exceptincertainspecifiedcircumstances.
Deferredtaxassetsorliabilitiesshallnotberecognizedforthefollowingspecialcircumstances:
??Theinitialrecognitionofgoodwill;?Transactionsoreventsthat(a)arenotbusinesscombinations,(b)atthetimeofoccurrenceaffectneitheraccountingprofitnortaxableincome(ordeductiblelosses),and(c)uponinitialrecognitionoftherelatedassetsorliabilitiesdonotcreateoffsettingtaxableanddeductibletemporarydifferencesofequalamounts.
Adeferredtaxliabilityshallberecognizedfortaxabletemporarydifferencesassociatedwithinvestmentsinsubsidiaries,associatesandjointventures,exceptwhentheCompanycancontrolthetimingofthereversalofthetemporarydifferenceanditisprobablethatthetemporarydifferencewillnotreverseintheforeseeablefuture.Adeferredtaxassetshallberecognizedfordeductibletemporarydifferencesassociatedwithinvestmentsinsubsidiaries,associatesandjointventuresonlywhenitisprobablethatthetemporarydifferencewillreverseintheforeseeablefutureandsufficienttaxableprofitwillbeavailableagainstwhichthedeductibletemporarydifferencecanbeutilized.
Onthebalancesheetdate,deferredtaxassetsandliabilitiesshallbemeasuredusingthetaxratesthatareexpectedtoapplytotheperiodswhentheassetsarerecoveredorliabilitiesaresettled,basedontaxlawsenactedorsubstantivelyenactedbythatdate.Onthebalancesheetdate,thecarryingamountofdeferredtaxassetsisreviewedandreducedtotheextentthat
itisnolongerprobablethatsufficienttaxableprofitwillbeavailabletorealizetheassociatedbenefit.Suchreductionsarereversedwhenitsubsequentlybecomesprobablethatsufficienttaxableprofitwillbeavailable.
27.LeaseAleaseisacontractthatconveystherighttouseanassetforaperiodoftimefromthelessortothelesseeinexchangeforconsideration.Onthecommencementdateofthecontract,theCompanyevaluateswhetherthecontractisaleaseorcontainsalease.Ifacontractconveystherighttocontroltheuseofoneormoreidentifiedassetsforaperiodoftimeinexchangeforconsideration,thecontractisorcontainsalease.Whenacontractcontainsmultipleseparateleasecomponents,theCompanyseparatesandaccountsforeachleasecomponentindividually.Forcontractscontainingbothleaseandnon-leasecomponents,lesseesandlessorsseparatetheleasecomponentsfromnon-leasecomponents.
(1)Accountingtreatmentasalessee
1)right-of-useassetsAtthecommencementdateoftheleaseterm,theCompanyrecognizesright-of-useassetsforallleasesexceptshort-termleasesandleasesoflow-valueassets.Theright-of-useassetsareinitiallymeasuredatcost.Suchcostcomprises:
?Theinitialmeasurementamountoftheleaseliability;?Leasepaymentsmadeatorbeforethecommencementdateoftheleaseterm,lessanyleaseincentivesreceived;
?InitialdirectcostsincurredbytheCompany;?Theestimatedcoststodismantle,remove,restoretheunderlyingassetorreinstatethesiteorsuchunderlyingassettoitscontractualcondition,excludingcostsattributabletoinventoryproduction.Subsequently,theCompanydepreciatesright-of-useassetsusingthestraight-linemethod.WhentheCompanyisreasonablycertaintoobtainownershipoftheunderlyingassetbytheendoftheleaseterm,depreciationiscalculatedovertheremainingusefullifeoftheunderlyingasset;otherwise,depreciationiscalculatedovertheshorteroftheleasetermandtheunderlyingasset'sremainingusefullife.
TheCompanyassessesright-of-useassetsforimpairmentfollowingtheprinciplesdescribedin"XIX.Long-livedAssetImpairment"inthissectionandaccountsforanyidentifiedimpairmentlossesaccordingly.
2)Leaseliabilities
Atthecommencementdateoftheleaseterm,theCompanyrecognizesleaseliabilitiesforallleasesexceptshort-termleasesandleasesoflow-valueassets.Theleaseliabilityisinitiallymeasuredatthepresentvalueoftheunpaidleasepayments.Leasepaymentsinclude:
?Fixedpayments(includingin-substancefixedpayments),lessanyleaseincentives;?Variableleasepaymentsthatdependonanindexorrate;?AmountsexpectedtobepayableunderresidualvalueguaranteesprovidedbytheCompany;
?TheexercisepriceofpurchaseoptionsiftheCompanyisreasonablycertaintoexercisetheoption;?TerminationpenaltiesiftheleasetermreflectstheCompany'sexpectationofexercisingaterminationoption.
TheCompanyusestheinterestrateimplicitinleaseasthediscountrate,orifsuchratecannotbereasonablydetermined,theCompany'sincrementalborrowingrateshallbeadoptedasthediscountrate.TheCompanycalculatesinterestexpenseontheleaseliabilityforeachperiodduringtheleasetermusingafixedperiodicinterestrate,whichischargedtoprofitorlossorcapitalizedintothecostofrelatedassets.Variableleasepaymentsnotincludedintheleaseliabilitymeasurementarerecognizedinprofitorlossorcapitalizedintothecostofrelatedassetswhenincurred.
Afterthecommencementdateoftheleaseterm,theCompanyremeasurestheleaseliabilityandadjuststhecorrespondingright-of-useassetinthefollowingcircumstances.Ifthecarryingamountoftheright-of-useassethasbeenreducedtozerobutfurtherreductionoftheleaseliabilityisrequired,theexcessisrecognizedinprofitorloss:
?Whenthereisachangeintheassessmentofpurchase,renewalorterminationoptions,orwhenactualexerciseoftheseoptionsdiffersfromtheoriginalassessment,theCompanyremeasurestheleaseliabilityusingtherevisedleasepaymentsandupdateddiscountrate;
?Whentherearechangestoin-substancefixedpayments,expectedpaymentsunderresidualvalueguarantees,orindices/ratesusedtodetermineleasepayments,theCompanyremeasurestheleaseliabilityusingtherevisedleasepaymentsandoriginaldiscountrate;However,ifthechangeinleasepaymentsresultsfromfluctuationsinavariableinterestrate,thepresentvalueshallberecalculatedusingthereviseddiscountrate.
3)Short-termleasesandleasesoflow-valueassetsForshort-termleasesandleasesoflow-valueassetswheretheCompanyelectsnottorecognizeright-of-useassetsandleaseliabilities,therelatedleasepaymentsarerecognizedinprofitorlossorcapitalizedintothecostofrelatedassetsonastraight-linebasisovertheleaseterm.Ashort-termleaseisaleasethat,atthecommencementdateoftheleaseterm,hasaleasetermof12monthsorlessanddoesnotcontainapurchaseoption.Analeaseoflow-valueassetsreferstoaleaseofanindividualassetthathaslowvaluewhennew.TheCompanyclassifiesleasesofindividualunderlyingassetswithanewvaluenotexceedingRMB40,000asleasesoflow-valueassets.IftheCompanysubleasesorexpectstosubleasetheunderlyingassets,theoriginalleasedoesnotqualifyasaleaseoflow-valueassets.
4)Leasemodifications
?Themodificationincreasesthescopeoftheleasebyaddingoneormoreunderlyingassets;
?Theadditionalconsiderationiscommensuratewiththestandalonepricefortheincreasedleasescope,adjustedtoreflectthespecificcircumstancesofthecontract.
Ifthemodificationisnotaccountedforasaseparatelease,ontheeffectivedateofthemodification,theCompanywillre-allocatetheconsiderationofthemodifiedcontract,re-determinetheleaseterm,andre-measuretheleaseliabilitiesaccordingtothepresentvaluecalculatedbythechangedleasepaymentandthereviseddiscountrate.
Ifamodificationreducestheleasescopeorterm,theCompanyproportionatelyreducesthecarryingamountoftheright-of-useassetandrecognizesanygain/lossfrompartial/fullterminationinprofitorloss.Forothermodificationsrequiringleaseliabilityremeasurement,theCompanyadjuststhecarryingamountoftheright-of-useassetcorrespondingly.
(2)Accountingtreatmentasalessor
Atthecommencementdateofthelease,theCompanyclassifiesleasesaseitherfinanceleasesoroperatingleases.Afinanceleaseisaleasethattransferssubstantiallyalltherisksandrewardsincidentaltoownershipoftheunderlyingasset,regardlessofwhetherlegaltitleiseventuallytransferred.Anoperatingleaseisanyleasethatdoesnotqualifyasafinancelease.Whenactingasanintermediatelessor,theCompanyclassifiessubleasesbasedontheright-of-useassetarisingfromtheheadlease.
1)Accountingtreatmentofoperatinglease
Leaseincomefromoperatingleasesisrecognizedonastraight-linebasisovertheleaseterm.Initialdirectcostsincurredrelatedtooperatingleasesarecapitalizedandallocatedtoprofitorlossovertheleasetermusingthesamebasisasleaseincomerecognition.Variableleasepaymentsnotincludedinleaseincomearerecognizedinprofitorlosswhenincurred.ModificationstooperatingleasesareaccountedforasnewleasesbytheCompanyfromtheeffectivemodificationdate,withanyprepaid/accruedleaseincomeattributabletotheoriginalleasetreatedaspartofthenewleasepayments.
2)Accountingtreatmentoffinancelease
Atthecommencementdateofthelease,theCompanyrecognizesfinanceleasereceivablesandderecognizestheunderlyingassetsforfinanceleases.TheCompanyinitiallymeasuresfinanceleasereceivablesatanamountequaltothenetinvestmentinthelease.Thenetinvestmentintheleaseisthesumofthepresentvalueoftheunguaranteedresidualvalueandtheleasepaymentsreceivableatthecommencementdateoftheleaseterm,bothdiscountedusingtheinterestrateimplicitinlease.
28.FairValueMeasurement
Fairvalueisthepricethatwouldbereceivedtosellanassetorpaidtotransferaliabilityinanorderlytransaction
betweenmarketparticipantsatthemeasurementdate.
Whenmeasuringfairvalue,theCompanyassumesthattheorderlytransactionoccursintheprincipalmarket
fortheassetorliability;intheabsenceofaprincipalmarket,themostadvantageousmarketisassumed.Theprincipalmarket(ormostadvantageousmarket)isthemarketaccessibletotheCompanyatthemeasurementdate.TheCompanyusesassumptionsthatmarketparticipantswouldusewhenpricingtheassetorliabilitytomaximizeeconomicbenefits.
Thefairvaluemeasurementofanon-financialassettakesintoaccounteithertheabilityofmarketparticipantstogenerateeconomicbenefitsthroughtheasset'shighestandbestuseortheirabilitytosellittoothermarketparticipantswhowouldutilizeitinitshighestandbestusetogenerateeconomicbenefits.
TheCompanyappliesvaluationtechniquesthatareappropriateincurrentcircumstancesandsufficientlysupportedbyavailabledataandotherinformation,prioritizingtheuseofrelevantobservableinputsandresortingtounobservableinputsonlywhenobservableinputsareunavailableortheircollectionisimpracticable.Assetsandliabilitiesmeasuredordisclosedatfairvalueinthefinancialstatementsarecategorizedintothreefairvaluehierarchylevelsbasedonthelowestlevelinputthatissignificanttotheentiremeasurement:
Level1inputsareunadjustedquotedpricesinactivemarketsforidenticalassetsorliabilitiesaccessibleatthemeasurementdate;Level2inputsareobservableinputsotherthanLevel1prices,whetherdirectlyorindirectlyobservablefortheassetorliability;Level3inputsareunobservableinputsfortheassetorliability.
Oneachbalancesheetdate,theCompanyreassessesassetsandliabilitiesmeasuredatfairvalueonarecurringbasisinthefinancialstatementstodeterminewhethertransfersbetweenfairvaluehierarchylevelshaveoccurred.
29.Changeofmainaccountingpoliciesandestimations
(1)Changeofmainaccountingpolicies
□Applicable√Notapplicable
（2）Significantestimateschanges
√Applicable□Notapplicable
InRMB
| Contentsandreasonsofchangesinaccountingestimates | Nameofreportitemmateriallyaffected | Effectivedateofapplication | Impactamount |
| InJanuary2025,theGuangzhou-HuizhouExpresswayReconstructionandExpansionProjectwasapproved,resultinginanexpectedextensionoftheoperatingperiodforGuanghuiExpresswayCo.,Ltd.(acontrolledsubsidiaryoftheCompany).Consequently,thedepreciationperiodsandtraffic-baseddepreciationratesfortheNanxiangshan,Lihu(GualvLake),andJinlong(HuizhouNorth)interchangeswereadjusted,withthedepreciationperiodextendedtoAugust2054. | Reviewedandapprovedbythe18th(Provisional)meetingofthe10thBoardofDirectorsoftheCompany | February1,2025 | Inresponsetotheaccountingestimatechanges,theCompanyadoptsthefutureapplicationmethod,anditsimpactontheaccountingstatementitemsforthisyearisasfollows:TheimpactofconsolidatedfinancialstatementsFixedassetsincreasedbyRMB57,204,626.27；TaxpayableincreasedbyRMB14,301,156.57；DeferredincometaxliabilitiesincreasedbyRMB2,934.50；OperatingcostsdecreasedbyRMB57,204,626.27；IncometaxexpensesincreasedbyRMB14,304,091.07；Minorityshareholders'equityincreasedbyRMB21,021,262.25；Minorityshareholders'profitsandlossesincreasedbyRMB21,021,262.25；NetassetsattributabletotheparentcompanyincreasedbyRMB21,879,272.95；NetprofitsattributabletotheparentcompanyincreasedbyRMB21,879,272.95. |
（3）Theinformationoftheadjustingitemsrelatedtothefinancialstatementsatthebeginningoftheyearoffirstimplementationduetothefirstimplementationofnewaccountingstandardsfrom2025.Adjustmentdescription
□Applicable?Notapplicable
VI.Taxation
1.Majorcategoryoftaxesandtaxrates
| Taxcategory | Taxbasis | Taxrate |
| Value-addedtax | Theoutputtaxiscalculatedbasedontheincomefromsalesofgoodsandtaxableservicescalculatedaccordingtotheprovisionsofthetaxlaw.Afterdeductingtheinputtaxallowedtobedeductedinthecurrentperiod,thedifferenceistheVATtaxable | 3%,5%,6%,9%and13% |
| Urbanmaintenanceandconstructiontax | Actualpaidturnovertaxes | 5%、7% |
| Corporateincometax | Taxableincome | 25% |
| Educationsurcharge | Actualpaidturnovertaxes | 3% |
| Localeducationsurcharge | Actualpaidturnovertaxes | 2% |
2.Preferentialtaxtreatment
None
VII.NotesonmajoritemsinconsolidatedfinancialstatementsoftheCompany
1.Monetaryfunds
InRMB
| Item | Amountinyear-end | BalanceYear-beginning |
| Cashonhand | 10,412.18 | 10,267.08 |
| Bankdeposits | 3,499,682,171.87 | 1,498,518,288.65 |
| Depositswithfinancecompanies | 2,992,067,907.37 | 2,761,828,656.71 |
| Othercashandcashequivalents | 512,565.04 | 517,072.14 |
| Accruedinterestnotyetdue | 53,106,885.65 | 28,952,378.64 |
| Total | 6,545,379,942.11 | 4,289,826,663.22 |
| Including:totalamountdepositedinoverseas |
Othernote
Accruedinterestnotyetduerepresentsintereston7-daynoticedeposits.
2.Accountreceivable
（1）Disclosurebyaging
InRMB
| Aging | Balanceinyear-end | BalanceYear-beginning |
| Within1year(Including1year） | 96,702,638.20 | 74,944,771.52 |
| 1-2years | 6,577,116.50 | |
| 2-3years | 1,116,666.67 | |
| Over3year | 3,143,664.00 | 3,143,664.00 |
| 4-5years | 2,077,392.00 | |
| Over5years | 3,143,664.00 | 1,066,272.00 |
| Total | 99,846,302.20 | 85,782,218.69 |
（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 | 3.15% | 3,143,664.00 | 100.00% | 3,143,664.00 | 3.66% | 3,143,664.00 | 100.00% | ||
| Including： | ||||||||||
| Accrualofbaddebtprovisionbyportfolio | 96,702,638.20 | 96.85% | 96,702,638.20 | 82,638,554.69 | 96.34% | 277,500.00 | 0.34% | 82,361,054.69 | ||
| Including： | ||||||||||
| Agingportfolio | 95,369,554.20 | 95.51% | 95,369,554.20 | 75,809,821.02 | 88.38% | 277,500.00 | 0.37% | 75,532,321.02 | ||
| Otherportfolio | 1,333,084.00 | 1.34% | 1,333,084.00 | 6,828,733.67 | 7.96% | 6,828,733.67 | ||||
| Total | 99,846,302.20 | 100.00% | 3,143,664.00 | 3.15% | 96,702,638.20 | 85,782,218.69 | 100.00% | 3,421,164.00 | 3.99% | 82,361,054.69 |
Categoriesofindividualbaddebtprovisions:
InRMB
| Name | Openingbalance | Closingbalance | ||||
| Bookbalance | Baddebtprovision | Bookbalance | Baddebtprovision | Provisionpercentage | Provisionreason | |
| GuangdongTaihengExpresswayDevelopmentCo.,Ltd. | 3,143,664.00 | 3,143,664.00 | 3,143,664.00 | 3,143,664.00 | 100.00% | Underbankruptcyliquidation;recoveryunlikely |
| Total | 3,143,664.00 | 3,143,664.00 | 3,143,664.00 | 3,143,664.00 | ||
Categoriesofportfolio-basedbaddebtprovision:Agingportfolio
InRMB
| Name | Closingbalance | ||
| Bookbalance | Baddebtprovision | Provisionpercentage | |
| Within1year | 95,369,554.20 | ||
| Total | 95,369,554.20 | ||
Accrualofbaddebtprovisionbyportfolio:Otherportfolio
InRMB
| Aging | Balanceinyear-end | ||
| Accountreceivable | Baddebtprovision | Expectedcreditlossrate(% | |
| Verylowcreditriskfinancialassetportfolio | 1,333,084.00 | ||
| Total | 1,333,084.00 | ||
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 | ||||
| Accrualofbaddebtprovisionbycreditrisk | 277,500.00 | -277,500.00 | ||||
| Total | 3,421,164.00 | -277,500.00 | 3,143,664.00 | |||
（4）Theactualwrite-offaccountsreceivableNone
(5)Top5oftheclosingbalanceoftheaccountsreceivablecollectedaccordingtothearrearsparty
InRMB
| CompanyName | Amountofendingbalance | Closingbalanceofthecontractassets | Accountsreceivableandcontractassetsendingbalance | Proportionoftotalaccountsreceivable% | Amountofendingbalanceforbaddebts |
| GuangdongUnionElectronicServicesCo.,Ltd. | 61,398,033.85 | 61,398,033.85 | 61.49% | ||
| GuangdongTongyiExpresswayServiceAreaCo.,Ltd. | 12,948,500.00 | 12,948,500.00 | 12.97% | ||
| GuangdongJingzhuExpresswayGuangzhuNorthsectionCo.,Ltd. | 8,997,799.99 | 8,997,799.99 | 9.01% | ||
| GuangdongHumenBridgeCo.,Ltd. | 7,307,339.70 | 7,307,339.70 | 7.32% |
| GuangdongTaihengExpresswayDevelopmentCo.,Ltd. | 3,143,664.00 | 3,143,664.00 | 3.15% | 3,143,664.00 | |
| Total | 93,795,337.54 | 93,795,337.54 | 93.94% | 3,143,664.00 |
3.Otheraccountsreceivable
InRMB
| Item | Balanceinyear-end | BalanceYear-beginning |
| Dividendreceivable | 28,621,800.58 | |
| Otheraccountsreceivable | 607,031,326.53 | 120,235,318.76 |
| Total | 607,031,326.53 | 148,857,119.34 |
（1）Interestreceivable
None
（2）Dividendreceivable
1)Dividendreceivable
InRMB
| Item | Balanceinyear-end | BalanceYear-beginning |
| GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise | 797,664.04 | |
| GuangdongGuangleExpresswayCo.,Ltd. | 21,615,181.62 | |
| GuoyuanSecurities | 6,208,954.92 | |
| Total | 28,621,800.58 |
2）Significantdividendreceivableagedover1yearNone
（3）Otheraccountsreceivable
1)Otheraccountsreceivableclassified
InRMB
| Nature | Balanceinyear-end | BalanceYear-beginning |
| Pettycash | 2,919,325.22 | 3,142,132.02 |
| Onbehalfofmoney | 322,449,884.33 | 342,942,142.53 |
| Deposit | 2,739,702.99 | 2,736,640.19 |
| Equitytransferpaymentreceivable | 107,111,100.00 | |
| Investmentinrenovationandextensionandinterest | 306,996,863.33 | |
| Guangzhou-ZhuhaiEastwardLandAcquisitionFund | 4,972,725.62 | |
| Other | 468,563.29 | 7,245,446.55 |
| Total | 640,547,064.78 | 463,177,461.29 |
2）Disclosurebyaging
InRMB
| Aging | Balanceinyear-end | BalanceYear-beginning |
| Within1year(Including1year） | 444,300,806.24 | 238,920,756.17 |
| 1-2years | 122,434,522.51 | 125,624,239.66 |
| 2-3years | 72,959,196.57 | 97,761,543.71 |
| Over3years | 852,539.46 | 870,921.75 |
| 3-4years | 12,062.00 | 31,680.00 |
| 4-5years | 27,480.00 | 2,095.07 |
| Over5years | 812,997.46 | 837,146.68 |
| Total | 640,547,064.78 | 463,177,461.29 |
3)Disclosurebybaddebtprovisionmethod?Applicable□Notapplicable
InRMB
| Category | Amountinyear-end | BalanceYear-beginning | ||||||||
| 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% | ||||||
| Including： | ||||||||||
| Accrualofbaddebtprovisionbyportfolio | 640,547,064.78 | 100.00% | 33,515,738.25 | 5.23% | 607,031,326.53 | 120,235,318.76 | 25.96% | 120,235,318.76 | ||
| Including： | ||||||||||
| Agingportfolio | 327,422,609.95 | 51.12% | 33,515,738.25 | 10.24% | 293,906,871.70 | |||||
| CSFPortfolio | 5,659,028.21 | 0.88% | 5,659,028.21 | 5,878,772.21 | 1.27% | 5,878,772.21 | ||||
| Verylowcreditriskfinancialassetportfolio | 307,465,426.62 | 48.00% | 307,465,426.62 | 114,356,546.55 | 24.69% | 114,356,546.55 | ||||
| Total | 640,547,064.78 | 100.00% | 33,515,738.25 | 5.23% | 607,031,326.53 | 463,177,461.29 | 100.00% | 342,942,142.53 | 74.04% | 120,235,318.76 |
Accrualofbaddebtprovisionbysingle：
InRMB
| Name | BalanceYear-beginning | Balanceinyear-end | ||||
| BookBalance | Baddebtprovision | BookBalance | Baddebtprovision | Withdrawalproportion | Reason | |
| DepartmentofTransportofGuangdong | 342,942,142.53 | 342,942,142.53 | ||||
| Total | 342,942,142.53 | 342,942,142.53 | ||||
Accrualofbaddebtprovisionbyportfolio:
InRMB
| Name | Balanceinyear-end | ||
| Bookbalance | Baddebtprovision | Withdrawalproportion | |
| Agingportfolio | 327,422,609.95 | 33,515,738.25 | 10.24% |
| CSFPortfolio | 5,659,028.21 | ||
| Verylowcreditriskfinancialassetportfolio | 307,465,426.62 | ||
| Total | 640,547,064.78 | 33,515,738.25 | |
Provisionforbaddebtsismadeaccordingtothegeneralmodelofexpectedcreditlosses
InRMB
| BadDebtReserves | Stage1 | Stage2 | Stage3 | Total |
| Expectedcreditlossesoverthenext12months | Expectedcreditlossoverlife(nocreditimpairment) | Expectedcreditlossesfortheentireduration(creditimpairmentoccurred) | ||
| BalanceasatJanuary1,2025 | 342,942,142.53 | 342,942,142.53 | ||
| BalanceasatJanuary1,2025incurrent | ||||
| Thisperiodofprovision | 33,515,738.25 | 33,515,738.25 | ||
| ReversalinCurrentYear | 342,942,142.53 | 342,942,142.53 | ||
| BalanceasatDecember31,2025 | 33,515,738.25 | 33,515,738.25 |
Basisfordivisionofeachstageandaccrualratioforbad-debtprovisionLossprovisionchangesincurrentperiod,changeinbookbalancewithsignificantamount
□Applicable√Notapplicable
4)Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiod
Thewithdrawalamountofthebaddebtprovision：
InRMB
| Category | Openingbalance | Amountofchangeinthecurrentperiod | Closingbalance | |||
| Accrual | Reversedorcollectedamount | Write-off | Other | |||
| Accrualofbaddebtprovisionbysingle | 342,942,142.53 | 342,942,142.53 | ||||
| Accrualofbaddebtprovision | 33,515,738.25 | 33,515,738.25 | ||||
| bycreditrisk | |||||
| Total | 342,942,142.53 | 33,515,738.25 | 342,942,142.53 | 33,515,738.25 |
Importantamountofbaddebtprovisionswitch-backorcollectionintheperiod:
InRMB
| Entityname | Recovery/reversalamount | Reasonforreversal | Recoverymethod | Basisandrationalefororiginalbaddebtprovisionrate |
| GuangdongProvincialGovernmentExpresswayDebtRepaymentManagementCenter(Note) | 342,942,142.53 | |||
| Total | 342,942,142.53 |
SubsidiaryGuangfoExpresswayCo.,Ltd.("GuangfoCompany")hadpreviouslyadvancedmaintenancecostsforGuangzhou-FoshanExpressway,whichwererecordedunderGuangdongDepartmentofTransport.InMarch2025,officialgovernmentdocumentsconfirmedthatGuangzhou-FoshanExpresswaywouldbereturnedtogovernmentmanagement.Theadvancedoperationalmaintenancecostswillbeauditedandsettledthroughdueprocedures,withrelevantauthoritiesresponsibleforreimbursingGuangfoCompany.Duringthecurrentperiod,GuangfoCompanyreceivedRMB150millionforreimbursementoftheadvancedmaintenancepaymentsfromGuangdongProvincialGovernmentExpresswayDebtRepaymentManagementCenter,whichfullyreversedthepreviouslyrecognizedbaddebtprovisionsofRMB342,942,142.53.
5)Actualwrite-offofotherreceivablesinthecurrentperiodNone
6)Topfiveotherreceivablesbydebtorattheendoftheperiod
InRMB
| Entityname | Natureofamount | Closingbalance | Aging | Percentageoftotalclosingbalanceofotherreceivables | Closingbalanceofbaddebtprovision |
| GuangdongProvincialGovernmentExpresswayDebtRepaymentManagementCenter | Maintenanceexpenditure | 129,507,741.80 | Within1year | 50.34% | |
| 121,834,522.51 | 1-2years | 12,183,452.25 | |||
| 71,107,620.02 | 2-3years | 21,332,286.00 | |||
| ZhaoqingYuezhaoHighwayCo.,Ltd. | Investmentinrenovationandextensionandinterest | 306,996,863.33 | Within1year | 47.93% | |
| FinanceBureauofGuangzhouNanshaEconomicandTechnologicalDevelopmentZone | landacquisitionpayment | 4,972,725.62 | Within1year | 0.78% | |
| GuangdongLitongDevelopmentInvestmentCo.,Ltd. | Vehicleparkingdeposit | 1,816,266.94 | 2-3years | 0.29% | |
| 22,980.00 | 4-5years | ||||
| 12,062.00 | Within1year | ||||
| 7,131.00 | 2-3years | ||||
| GuangdongLitongPropertyDevelopment | Vehicleparkingdeposit,Managementfeedeposit, | 418,725.60 | Within1year | 0.07% |
| Co.,Ltd. | waterandelectricitychargesworkingcapital | 12,062.00 | 3-4years | ||
| Total | 636,708,700.82 | 99.41% | 33,515,738.25 |
4.Prepayments
（1）Aginganalysis
InRMB
| Aging | Balanceinyear-end | BalanceYear-beginning | ||
| Amount | Proportion（%） | Amount | Proportion（%） | |
| Within1year | 9,511,627.59 | 98.04% | 3,572,359.00 | 95.72% |
| 1-2years | 30,000.00 | 0.31% | 19,800.00 | 0.53% |
| 2-3years | 19,800.00 | 0.21% | ||
| Over3years | 140,000.00 | 1.44% | 140,000.00 | 3.75% |
| Total | 9,701,427.59 | 3,732,159.00 | ||
Notesofthereasonsoftheprepaymentagesover1yearwithsignificantamountbutfailedsettledintime:
None
(2)Top5oftheclosingbalanceoftheprepaymentcollectedaccordingtotheprepaymenttarget
InRMB
| Name | RelationswiththeCompany | Amount | Aging | Reasonsfornon-settlement | Proportion% |
| ChinaPingAnPropertyInsuranceCo.Ltd.GuangdongBranch | Non-Relatedparty | 5,189,876.00 | Within1year | Notyetexpired | 53.50 |
| ChinaLifePropertyInsuranceCo.,Ltd.GuangzhouBranch | Non-Relatedparty | 1,556,000.00 | Within1year | Notyetexpired | 16.04 |
| ChinaLifePropertyInsuranceCo.,Ltd.GuangdongBranch | Non-Relatedparty | 1,498,588.00 | Within1year | Notyetexpired | 15.45 |
| ChinaPetrochemicalSalesCo.,Ltd.GuangdongGuangzhouPetroleumBranch | Non-Relatedparty | 259,252.12 | Within1year | Notyetexpired | 2.67 |
| ChinaPacificPropertyInsuranceCo.,Ltd.GuangdongBranch | Non-Relatedparty | 184,830.62 | Within1year | Notyetexpired | 1.91 |
| Total | 8,688,546.74 | 89.57 |
5.Othercurrentassets
InRMB
| Item | Year-endbalance | Year-beginningbalance |
| Inputtaxtobecredited | 353.70 | 353.70 |
| Inputtaxtobeverified | 7,391,894.80 | 6,064,511.82 |
| Prepaidtaxes | 40,985.71 | 38,954.73 |
| VATcarry-overcredit | 476,490.92 | 63,519.91 |
| Total | 7,909,725.13 | 6,167,340.16 |
6.OtherEquityinstrumentinvestment
InRMB
| Name | Closingbalance | Openingbalance | Gainsincludedinothercomprehensiveincomeinthecurrentperiod | Lossesincludedinothercomprehensiveincomeinthecurrentperiod | Gainsaccumulatedinothercomprehensiveincomeattheendofthecurrentperiod | Lossesaccumulatedinothercomprehensiveincomeattheendofthecurrentperiod | Dividendincomerecognizedinthecurrentperiod | Reasondesignatedasbeingmeasuredatfairvalueandchangebeingincludedinothercomprehensiveincome |
| GuangleExpresswayCo.,Ltd. | 799,120,728.12 | 382,107.80 | ||||||
| GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise | 69,613,512.09 | 59,396,524.45 | 10,216,987.64 | 19,613,512.09 | 309,289.49 | Non-tradingPurposeofHolding | ||
| ChinaEverbrightBankCo.,Ltd. | 821,039,754.56 | 910,436,633.28 | 89,396,878.72 | 303,478,877.76 | 44,463,184.42 | Non-tradingPurposeofHolding | ||
| HuaxiaSecuritiesCo.,Ltd. | Non-tradingPurposeofHolding | |||||||
| HuazhengAssetManagementCo.,Ltd. | Non-tradingPurposeofHolding | |||||||
| Total | 890,653,266.65 | 1,768,953,885.85 | 10,216,987.64 | 89,778,986.52 | 323,092,389.85 | 44,772,473.91 |
Breakdowndisclosureofinvestmentinnon-tradableequityinstrumentsinthecurrentperiod
InRMB
| Item | Dividendincomerecognized | Cumulativegain | Cumulativeloss | Amountofotherconsolidatedincometransferredtoretainedearnings | Reasonsfordesignationasmeasuredatfairvalueandchangesincludedinothercomprehensiveincome | Reasonsforotherconsolidatedincometransferredtoretainedearnings |
| GuangleExpresswayCo.,Ltd. | 50,390,318.59 | 50,390,318.59 | Changeinbusinessmodel,reclassifiedaslong-termequityinvestmentundertheequitymethod. | |||
| GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise | 309,289.49 | 19,613,512.09 | Non-transactionalpurposeforshareholding |
| ChinaEverbrightBankCo.,Ltd. | 44,463,184.42 | 303,478,877.76 | Non-transactionalpurposeforshareholding | ||
| HuaxiaSecuritiesCo.,Ltd. | 5,400,000.00 | Non-transactionalpurposeforshareholding | |||
| HuazhengAssetManagementCo.,Ltd. | 1,620,000.00 | Non-transactionalpurposeforshareholding | |||
| Total |
Othernote：
Note1:HuaxiaSecuritiesCo.,Ltd.hasbeenseverelyinsolvent.InApril2008,theCSRCsentaletteragreeingtoHuaxiaSecuritiesCo.,Ltd.toapplyforbankruptcy.InAugust2008,theBeijingNo.2IntermediatePeople'sCourtofficiallyacceptedthebankruptcyliquidationapplication.Note2:HuazhengAssetManagementCo.,Ltd.hasbeenseverelyinsolvent.
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. | 554,108,739.37 | 179,150,000.00 | 41,944,961.21 | 54,150,000.00 | 721,053,700.58 | |||||||
| GuangdongJiangzhongExpresswayCo.,Ltd. | 599,185,872.46 | 21,150,000.00 | -14,593,022.83 | 10,920,459.86 | 594,822,389.77 | |||||||
| GanzhouGankangExpresswayCo.,Ltd. | 178,670,052.26 | 15,513,866.16 | 12,000,000.00 | 182,183,918.42 | ||||||||
| Ganzhou | 271,494,771.93 | 35,503,202.11 | 30,000,000.00 | 276,997,974.04 | ||||||||
| KangdaExpresswayCo.,Ltd. | |||||||||||
| ShenzhenHuiyanExpresswayCo.,Ltd. | 401,802,859.16 | 32,068,538.54 | 433,871,397.70 | ||||||||
| GuoyuanSecuritiesCo.,Ltd. | 1,086,436,061.59 | 56,542,701.08 | -14,809,716.99 | 18,626,864.76 | 1,786,984.72 | 1,111,329,165.64 | |||||
| GuangdongYuepuSmallRefinancingCo.,Ltd | 225,188,581.81 | 6,590,735.83 | 10,058,805.32 | 221,720,512.32 | |||||||
| GuangdongGuangleExpresswayCo.,Ltd. | 22,256,547.69 | 15,538,696.31 | 798,738,620.32 | 805,456,471.70 | |||||||
| SPICYuetongQiyuanChipPowerTechnologyCo.,Ltd. | 1,236,874.66 | -104,640.39 | 251,297.01 | 1,383,531.28 | |||||||
| ShenzhenGarageElectricPileTechnologyCo.,Ltd | 14,226,195.60 | 2,088,000.00 | -2,494,320.60 | 13,819,875.00 | |||||||
| Subtotal | 3,332,350,008.84 | 202,388,000.00 | 193,228,568.80 | -14,809,716.99 | 251,297.01 | 151,294,826.25 | 800,525,605.04 | 4,362,638,936.45 | |||
| Total | 3,332,350,008.84 | 202,388,000.00 | 193,228,568.80 | -14,809,716.99 | 251,297.01 | 151,294,826.25 | 800,525,605.04 | 4,362,638,936.45 |
Therecoverableamountisdeterminedonthebasisofthenetamountoffairvaluelessdisposalcosts
□Applicable?NotapplicableTherecoverableamountisdeterminedbythepresentvalueoftheprojectedfuturecashflows
□Applicable?NotapplicableOthernote：
（1）TheCompanymadeadjustmentsbasedontheinternalequitychangeswithinGuoyuanSecuritiesCo.,Ltd.
（2）TheCompany’sinvestmentinGuangdongGuangleExpresswayCo.,Ltd.wasoriginallydesignatedasafinancialassetatfairvaluethroughothercomprehensiveincome(otherequityinstrumentinvestment).Duringtheperiod,theCompanychangeditsmanagementmodelforthisinvestmentandreclassifieditasalong-termequityinvestmentaccountedforundertheequitymethod.
8.Othernon-currentfinancialassets
InRMB
| Item | Closingbalance | Openingbalance |
| Classifiedasfinancialassetsmeasuredatfairvalueandwhosechangesareincludedinthecurrentprofitandloss | ||
| Including：EquityinvestmentofBeijingInstituteofArchitecturalDesignCo.,Ltd. | 90,061,614.90 | 83,510,134.11 |
| EquityinvestmentofCMSTNanjingIntelligentLogisticsTechnologyCo.,Ltd. | 105,158,152.45 | 102,984,043.09 |
| Total | 195,219,767.35 | 186,494,177.20 |
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 | 11,284,833.89 | 2,125,784.00 | 13,410,617.89 |
| 2.Increasedamountoftheperiod | 147,549.12 | 73,569.36 | 221,118.48 |
| (1)Withdrawaloramortization | 147,549.12 | 73,569.36 | 221,118.48 |
3.Decreasedamountoftheperiod
| 3.Decreasedamountoftheperiod |
| （1）Disposal |
| （2）OtherOut |
4.Closingbalance
| 4.Closingbalance | 11,432,383.01 | 2,199,353.36 | 13,631,736.37 |
| Item | Housesandbuildings | Landuseright | Total |
| III.Impairmentprovision | |||
| 1.Openingbalance | |||
| 2.Increasedamountoftheperiod | |||
| （1）Withdrawal |
3.Decreasedamountoftheperiod
| 3.Decreasedamountoftheperiod |
| （1）Disposal |
| （2）OtherOut |
4.Closingbalance
| 4.Closingbalance | |||
| IV.Bookvalue | |||
| 1.Closingbookvalue | 1,232,315.24 | 772,477.74 | 2,004,792.98 |
| 2.Openingbook | 1,379,864.36 | 846,047.10 | 2,225,911.46 |
Therecoverableamountisdeterminedbythenetamountoffairvalueminusdisposalexpenses
□Applicable?NotapplicableTherecoverableamountisdeterminedaccordingtothepresentvalueoftheexpectedfuturecashflow
□Applicable?Notapplicable
(2)Convertedtoinvestmentrealestateandmeasuredatfairvalue
□Applicable?Notapplicable
（3）Investmentrealestatewithoutpropertyrightscertificate
InRMB
| Item | Bookvalue | Reasonsforfailingtocompletethepropertyrightscertificate |
| HousesandBuilding | 555,004.63 | Transportationandotherancillaryfacilities,Notaccreditation |
10.Fixedassets
InRMB
| Item | Year-endbalance | Year-beginningbalance |
| Fixedassets | 8,267,613,672.99 | 8,872,664,544.10 |
| liquidationoffixedassets | 688,182.94 | 144,148.87 |
| Total | 8,268,301,855.93 | 8,872,808,692.97 |
(1)Listoffixedassets
InRMB
| Item | GuangfoExpressway | FokaiExpressway | GuanghuiExpressway | JingzhuExpresswayGuangzhusection | Houseandbuildings | Machineryequipment | Transportationequipment | Electricityequipmentandother | Total |
| I.Originalprice | |||||||||
| 1.Openingbalance | 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 |
| 2.Increasedamountoftheperiod | 338,166,277.62 | 938,222.00 | 11,472.00 | 2,959,456.00 | 43,280,150.73 | 4,671,051.26 | 10,367,447.14 | 400,394,076.75 | |
| （1）Purchase | 11,472.00 | 737,663.00 | 10,339,414.19 | 4,671,051.26 | 10,367,447.14 | 26,127,047.59 | |||
| （2）Transferofprojectunderconstruction | 338,166,277.62 | 938,222.00 | 2,221,793.00 | 32,829,534.54 | 374,155,827.16 | ||||
| (3)IncreasedofEnterpriseconsolidation | |||||||||
| （4）Other | 111,202.00 | 111,202.00 | |||||||
| 3.Decreasedamountoftheperiod | 1,747,565.03 | 4,348,963.20 | 1,398,072.35 | 11,575,449.08 | 2,450,962.00 | 3,675,195.28 | 25,196,206.94 | ||
| （1）Disposalorscrap | 4,348,963.20 | 104,789.00 | 11,574,815.08 | 2,450,962.00 | 3,563,993.28 | 22,043,522.56 | |||
| （2）DisposalSubsidiary | |||||||||
| （2）Otherout | 1,747,565.03 | 1,293,283.35 | 634.00 | 111,202.00 | 3,152,684.38 | ||||
| 4.Closingbalance | 1,460,270,190.66 | 11,374,697,914.30 | 6,826,134,103.48 | 5,699,076,812.79 | 770,487,455.58 | 1,850,364,327.70 | 53,602,893.79 | 155,832,144.06 | 28,190,465,842.36 |
| II. |
| Item | GuangfoExpressway | FokaiExpressway | GuanghuiExpressway | JingzhuExpresswayGuangzhusection | Houseandbuildings | Machineryequipment | Transportationequipment | Electricityequipmentandother | Total |
| Accumulateddepreciation | |||||||||
| 1.Openingbalance | 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 |
| 2.Increasedamountoftheperiod | 369,487,249.59 | 347,893,918.71 | 160,297,592.90 | 35,793,861.16 | 73,329,345.00 | 2,341,655.22 | 11,232,292.49 | 1,000,375,915.07 | |
| （1）Withdrawal | 369,487,249.59 | 347,893,918.71 | 160,297,592.90 | 35,793,861.16 | 73,329,345.00 | 2,341,655.22 | 11,232,292.49 | 1,000,375,915.07 |
3.Decreasedamountoftheperiod
| 3.Decreasedamountoftheperiod | 3,338,742.72 | 99,549.55 | 11,001,887.66 | 2,307,878.90 | 3,379,115.32 | 20,127,174.15 | |
| (1)Disposalorscrap | 3,338,742.72 | 99,549.55 | 11,001,887.66 | 2,307,878.90 | 3,379,115.32 | 20,127,174.15 |
4.Closingbalance
| 4.Closingbalance | 1,460,270,190.66 | 6,932,305,800.44 | 5,453,613,501.14 | 3,858,505,361.14 | 563,614,183.37 | 1,487,536,377.39 | 38,543,962.65 | 115,130,382.46 | 19,909,519,759.25 |
| 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
| 3.Decreasedamountoftheperiod |
| (1)Disposalorscrap |
| Item | GuangfoExpressway | FokaiExpressway | GuanghuiExpressway | JingzhuExpresswayGuangzhusection | Houseandbuildings | Machineryequipment | Transportationequipment | Electricityequipmentandother | Total |
| 4.Closingbalance | 2,889,394.16 | 10,394,796.45 | 48,219.51 | 13,332,410.12 | |||||
| IV.Bookvalue | |||||||||
| 1.Closingbookvalue | 4,442,392,113.86 | 1,372,520,602.34 | 1,840,571,451.65 | 203,983,878.05 | 352,433,153.86 | 15,058,931.14 | 40,653,542.09 | 8,267,613,672.99 | |
| 2.Openingbook | 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)Fixedassetstemporaryidle
InRMB
| Item | Originalbookvalue | Accumulateddepreciation | Impairmentprovision | Bookvalue | Note |
| HouseandBuilding | 2,604,578.00 | 2,474,349.10 | 130,228.90 | ||
| Officeequipmentandother | 32,630.00 | 25,315.44 | 7,314.56 |
(3)Fixedassetsleasing-outbyoperationallease
InRMB
| Item | Endingbookvalue |
| HouseandBuilding | 13,502,756.00 |
| Machineryequipment | 678,125.35 |
(4)Fixedassetswithoutpropertyrightscertificate
InRMB
| Item | Bookvalue | Reasonsforfailingtocompletethepropertyrightscertificate |
| HouseandBuilding | 191,239,245.82 | Transportationandotherancillaryfacilities,Notaccreditation |
(5)Informationofimpairmenttestoffixedassets
□Applicable?Notapplicable
（6）liquidationoffixedassets
InRMB
| Item | Endingbalance | Openingbalance |
| Houseandbuildings | 5,239.45 | 22,187.94 |
| Machineryequipment | 573,561.42 | 63,915.86 |
| Transportationequipment | 1,974.86 | |
| Officeequipmentandother | 107,407.21 | 58,045.07 |
| Total | 688,182.94 | 144,148.87 |
11.Projectunderconstruction
InRMB
| Item | Year-endbalance | Year-beginningbalance |
| Projectunderconstruction | 4,760,350,219.82 | 2,665,392,094.81 |
| Total | 4,760,350,219.82 | 2,665,392,094.81 |
（1）Projectunderconstruction
InRMB
| Item | Year-endbalance | Year-beginningbalance | ||||
| Bookbalance | Provisionfordevaluation | Bookvalue | Bookbalance | Provisionfordevaluation | Bookvalue | |
| ReconstructionandExpansionofNansha-ZhuhaisectionofGuangzhou-MacaoExpressway | 3,994,772,407.66 | 3,994,772,407.66 | 2,228,897,400.42 | 2,228,897,400.42 | ||
| ReconstructionandexpansionprojectoftheHuizhouXiaojinkou-GuangzhouLuogangSectionofJinan-GuangzhouExpresswayandtheHuizhouXiaojinkou-LingkengSectionofGuangzhou-HuizhouExpressway | 672,670,711.08 | 672,670,711.08 | 86,685,695.45 | 86,685,695.45 | ||
| ReconstructionandExpansionofFokaiExpresswaySanbaotoShuikou | 23,937,438.65 | 23,937,438.65 | ||||
| Guangzhou-ShantouRailwayCrossingproject | 19,736,064.43 | 19,736,064.43 | 19,446,564.43 | 19,446,564.43 | ||
| Jiangxi-Shenzhenhigh-speedrailwaycross-sectionexpansionproject | 15,707,672.98 | 15,707,672.98 | 15,664,172.98 | 15,664,172.98 | ||
| Emergencytreatmentprojectoftheleftcuttingslopeofk13 | 10,194,071.00 | 10,194,071.00 | 6,076,917.00 | 6,076,917.00 | ||
| InterchangerampandsectionofJiujiangBridge(PhaseII)lightingenhancementproject | 5,574,550.54 | 5,574,550.54 | ||||
| Intelligencedisplayboard,LongshanTollStationlanesandpowersupplyanddistributionsystemupgradeandrenovationproject | 5,532,559.21 | 5,532,559.21 | ||||
| Maintenanceandreinforcementofhighwaybridgesandculverts,aswellasmaintenanceandreinforcementofhighwayrubble-stoneculverts | 3,942,348.78 | 3,942,348.78 | ||||
| ContractfortheConstructionoftheReconstructionProjectoftheLargeScreenintheMonitoringCenter | 3,722,131.69 | 3,722,131.69 | ||||
| OpticalCableToughnessEnhancementProject | 1,744,503.30 | 1,744,503.30 | ||||
| ThefinishingworkofthereconstructionandexpansionprojectoftheFokaiExpresswayfromSanbaotoShuikou | 235,837,836.81 | 235,837,836.81 | ||||
| JiujiangBridgeNavigationSpanAnti-collisionReinforcementProject | 30,758,087.65 | 30,758,087.65 | ||||
| JiliRiverBridgeAnti-collisionReinforcementProject | 12,126,194.00 | 12,126,194.00 | ||||
| JiliRiverBridgeAnti-collisionReinforcementProject | 8,770,999.00 | 8,770,999.00 | ||||
| FokaiExpressayintelligenttransformationproject | 200,000.00 | 200,000.00 | 7,200,000.00 | 7,200,000.00 | ||
| ChargingpileprojectofYayaoservicearea | 2,979,043.98 | 2,979,043.98 | ||||
| Other | 2,615,760.50 | 2,615,760.50 | 10,949,183.09 | 10,949,183.09 | ||
| Total | 4,760,350,219.82 | 4,760,350,219.82 | 2,665,392,094.81 | 2,665,392,094.81 | ||
(2)Changesofsignificantconstructioninprogress
InRMB
| Nameofproject | Budget | Openingbalance | Increase | Transferredtofixedassets | Otherdecrease | Endbalance | Proportion% | Projectprocess | Capitalizationofinterest | Including:capitalizationofinterestthisperiod | Capitalizationofinterestrate(%) | Sourceoffunding |
| ReconstructionandExpansionofNansha-ZhuhaisectionofGuangzhou-MacaoExpressway | 13,735,989,200.00 | 2,228,897,400.42 | 1,765,875,007.24 | 3,994,772,407.66 | 33.48% | 33.48% | 190,867,990.70 | 78,093,621.89 | 2.24% | Otherloans,loansfromfinancialinstitutions. | ||
| ReconstructionandexpansionprojectoftheHuizhouXiaojinkou-GuangzhouLuogangSectionofJinan-GuangzhouExpresswayandtheHuizhouXiaojinkou-LingkengSectionofGuangzhou-HuizhouExpressway | 30,520,000,000.00 | 86,685,695.45 | 585,985,015.63 | 672,670,711.08 | 2.20% | 2.20% | 61,250.00 | 61,250.00 | 2.94% | Otherloans,loansfromfinancialinstitutions. | ||
| ReconstructionandExpansionofFokaiExpresswaySanbaotoShuikou | 3,426,210,000.00 | 235,837,836.81 | 31,911,738.13 | 267,749,574.94 | 100.00% | 100.00% | 84,953,871.08 | 2,579,752.96 | 2.48% | Otherloans,loansfromfinancialinstitutions. | ||
| JiujiangBridgeNavigationSpanAnti-collisionReinforcementProject | 36,419,600.00 | 30,758,087.65 | 30,758,087.65 | 84.45% | 90.12% | Other | ||||||
| Guangzhou-ShantouRailwayCrossingproject | 21,460,000.00 | 19,446,564.43 | 289,500.00 | 19,736,064.43 | 91.97% | 91.97% | Other | |||||
| Jiangxi-Shenzhenhigh-speedrailwaycross-sectionexpansionproject | 16,966,900.00 | 15,664,172.98 | 43,500.00 | 15,707,672.98 | 92.58% | 92.58% | Other | |||||
| Geologicalhazardemergencyinvestigationandremediationproject | 16,993,100.00 | 16,041,196.50 | 16,041,196.50 | 94.40% | 100.00% | Other |
| JiliRiverBridgeAnti-collisionReinforcementProject | 12,411,900.00 | 12,126,194.00 | -17,996.00 | 12,108,198.00 | 97.55% | 100.00% | Other | |||||
| Emergencytreatmentprojectoftheleftcuttingslopeofk13 | 10,250,100.00 | 6,076,917.00 | 4,117,154.00 | 10,194,071.00 | 99.45% | 99.45% | Other | |||||
| DemolitionandReconstructionProjectoftheRailwayCrossingBridgeofFenjiangBridge | 10,000,000.00 | 10,000,000.00 | 10,000,000.00 | 100.00% | 100.00% | Other | ||||||
| ThefinishingworkofthereconstructionandexpansionprojectoftheFokaiExpresswayfromSanbaotoShuikou | 187,300,000.00 | 29,204.22 | 23,908,234.43 | 23,937,438.65 | 12.78% | 12.78% | 133,087.99 | 133,087.99 | 2.15% | Otherloans,loansfromfinancialinstitutions. | ||
| Total | 47,994,000,800.00 | 2,635,522,072.96 | 2,438,153,349.93 | 336,657,057.09 | 4,737,018,365.80 | 276,016,199.77 | 80,867,712.84 |
(3)EngineeringMaterialsNone
12.Userightassets
（1）Right-of-useassets
InRMB
| Item | Houseandbuildings | Machineryequipment | Other | Total |
| I.Originalprice | ||||
| 1.Openingbalance | 30,634,734.72 | 357,112.19 | 1,007,747.00 | 31,999,593.91 |
| 2.Increasedamountoftheperiod |
3.Decreasedamountoftheperiod
| 3.Decreasedamountoftheperiod | 230,671.46 | 357,112.19 | 587,783.65 | |
| （1）Disposition | 230,671.46 | 357,112.19 | 587,783.65 | |
| （2）Disposalsubsidiary | ||||
| （3）Otherout | ||||
| 4.Closingbalance | 30,404,063.26 | 1,007,747.00 | 31,411,810.26 | |
| II.Accumulateddepreciation | ||||
| 1.Openingbalance | 17,068,316.40 | 285,689.76 | 428,069.76 | 17,782,075.92 |
| 2.Increasedamountoftheperiod | 10,188,188.98 | 71,422.43 | 107,017.44 | 10,366,628.85 |
| （1）Withdrawal | 10,188,188.98 | 71,422.43 | 107,017.44 | 10,366,628.85 |
| （2）Otherincreased | ||||
| 3.Decreasedamountoftheperiod | 230,671.46 | 357,112.19 | 587,783.65 | |
| （1）Disposition | 230,671.46 | 357,112.19 | 587,783.65 | |
| （2）Disposalsubsidiary | ||||
| （3）Otherout | ||||
| 4.Closingbalance | 27,025,833.92 | 535,087.20 | 27,560,921.12 | |
| III.Impairmentprovision | ||||
| 1.Openingbalance | ||||
| 2.Increasedamountoftheperiod | ||||
| （1）Withdrawal |
3.Decreasedamountoftheperiod
| 3.Decreasedamountoftheperiod |
| （1）Disposition |
4.Closingbalance
| 4.Closingbalance | ||||
| IV.Bookvalue | ||||
| 1.Closingbookvalue | 3,378,229.34 | 472,659.80 | 3,850,889.14 | |
| 2.Openingbookvalue | 13,566,418.32 | 71,422.43 | 579,677.24 | 14,217,517.99 |
（2）Impairmenttestoftheuserightassets
□Applicable?Notapplicable
13.Intangibleassets
(1)Listofintangibleassets
InRMB
| Item | Landuseright | Patentright | Nonpatentedtechnology | Software | TheTurnpikefranchise | Dataresource | Total |
| I.Originalprice | |||||||
| 1.Openingbalance | 2,701,738.76 | 21,528,949.66 | 318,348,741.86 | 342,579,430.28 | |||
| 2.Increasedamountoftheperiod | 2,759,151.39 | 2,550,000.00 | 5,309,151.39 | ||||
| (1)Purchase | 2,759,151.39 | 2,550,000.00 | 5,309,151.39 | ||||
| (2)InternalDevelopment | |||||||
| (3)IncreasedofEnterpriseCombination | |||||||
| （4）Other | |||||||
| 3.Decreasedamountoftheperiod | 670,017.00 | 670,017.00 | |||||
| （1）Disposal | 670,017.00 | 670,017.00 |
4.Closingbalance
| 4.Closingbalance | 2,701,738.76 | 23,618,084.05 | 318,348,741.86 | 2,550,000.00 | 347,218,564.67 | |
| II.Accumulatedamortization | ||||||
| 1.Openingbalance | 2,397,366.22 | 17,138,010.21 | 125,349,900.66 | 144,885,277.09 | ||
| 2.Increasedamountoftheperiod | 15,411.24 | 1,680,090.82 | 22,557,644.45 | 42,500.00 | 24,295,646.51 | |
| (1)Withdrawal | 15,411.24 | 1,680,090.82 | 22,557,644.45 | 42,500.00 | 24,295,646.51 |
3.Decreasedamountoftheperiod
| 3.Decreasedamountoftheperiod | 670,017.00 | 670,017.00 | ||
| （1）Disposal | 670,017.00 | 670,017.00 |
4.Closingbalance
| 4.Closingbalance | 2,412,777.46 | 18,148,084.03 | 147,907,545.11 | 42,500.00 | 168,510,906.60 | |
| III.Impairment |
| provision |
| 1.Openingbalance |
| 2.Increasedamountoftheperiod |
| (1)Withdrawal |
3.Decreasedamountoftheperiod
| 3.Decreasedamountoftheperiod |
| （1）Disposal |
4.Closingbalance
| 4.Closingbalance | ||||||
| IV.Bookvalue | ||||||
| 1.Closingbookvalue | 288,961.30 | 5,470,000.02 | 170,441,196.75 | 2,507,500.00 | 178,707,658.07 | |
| 2.Openingbookvalue | 304,372.54 | 4,390,939.45 | 192,998,841.20 | 197,694,153.19 |
Attheendofthisperiod,thereisnointangibleassetsformedthroughthecompany'sinternalresearchandAttheendofthisperiod,theintangibleassetsformedthroughthecompany'sinternalresearchanddevelopmentaccountedfor0.00%ofthebalanceofintangibleassets
（2）Dataresourcesrecognizedasintangibleassets
InRMB
| Item | Intangibleassetsofexternaldataresources | Self-developeddataresourcesintangibleassets | Intangibleassetsofdataresourcesacquiredbyothermeans | Total |
| 2.Increasedamountoftheperiod | 2,550,000.00 | 2,550,000.00 | ||
| Including：Purchase | 2,550,000.00 | 2,550,000.00 | ||
| 4.Closingbalance | 2,550,000.00 | 2,550,000.00 | ||
| 2.Increasedamountoftheperiod | 42,500.00 | 42,500.00 | ||
| 4.Closingbalance | 42,500.00 | 42,500.00 | ||
| 1.Closingbalance | 2,507,500.00 | 2,507,500.00 |
(3)DetailsofLanduserightfailedtoaccomplishcertificationofproperty
InRMB
| Item | Bookvalue | Reasonfornotobtainingthetitlecertificate |
| GongheTownLand | 288,961.30 | 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 | 3,143,664.00 | 785,916.00 | 3,421,164.00 | 855,291.00 |
| Assetappraisal,appreciation,depreciationandamortization | 104,814,619.81 | 26,203,654.94 | 98,987,720.57 | 24,746,930.14 |
| Deferredincome | 61,419.75 | 15,354.71 | 914,020.10 | 228,504.89 |
| Leaseliabilities | 2,730,189.11 | 682,547.31 | 13,482,202.36 | 3,370,550.57 |
| Advancelease | 472,659.80 | 118,164.95 | 579,677.24 | 144,919.31 |
| Total | 124,554,962.59 | 31,138,740.44 | 130,717,194.39 | 32,679,298.44 |
(2)Deferredincometaxliabilitieshadnotbeenoff-set
InRMB
| Item | Balanceinyear-end | BalanceYear-beginning | ||
| Deductibletemporarydifference | Deferredincometaxliabilities | Deductibletemporarydifference | Deferredincometaxliabilities | |
| Changesinthefairvalueofotherequityinstruments | 323,092,389.84 | 80,773,097.46 | 453,044,707.32 | 113,261,176.83 |
| Deductibletemporarydifferencesintheformationofassetimpairment | 708,729,766.07 | 177,182,441.52 | 771,743,732.23 | 192,935,933.05 |
| Differenceofamortizationmethodoffranchiseoftollroad | 17,687,561.89 | 4,421,890.47 | 14,267,696.94 | 3,566,924.23 |
| Changesinthefairvalueoftradingfinancialassets | 24,219,767.35 | 6,054,941.84 | 15,494,177.20 | 3,873,544.30 |
| Taxaccountingdifferenceofuserightasset | 3,850,889.14 | 962,722.23 | 14,217,517.98 | 3,554,379.50 |
| Taxaccountingdifferencesofprojectsunderconstruction | 83,022,721.35 | 20,755,680.34 | 50,341,919.28 | 12,585,479.82 |
| DepreciationforFixedassets | 6,494,129.03 | 1,623,532.26 | 4,213,173.33 | 1,053,293.33 |
| Total | 1,167,097,224.67 | 291,774,306.12 | 1,323,322,924.28 | 330,830,731.06 |
(3)Deferredincometaxassetsorliabilitieslistedbynetamountafteroff-setNone
(4)Detailsofincometaxassetsnotrecognized
InRMB
| Item | Balanceinyear-end | Balanceinyear-begin |
| Deductibletemporarydifference | 40,535,738.25 | 349,962,142.53 |
| Deductibleloss | 2,676,262.24 | |
| Total | 43,212,000.49 | 349,962,142.53 |
(5)Deductiblelossesofun-recognizeddeferredincometaxassetsexpiredonthefollowedyear
InRMB
| Year | Endingamount | Openingamount | Note |
| 2030 | 2,676,262.24 |
| Total | 2,676,262.24 |
15.Othernon-currentassets
InRMB
| Item | Balanceinyear-end | BalanceYear-beginning | ||||
| Bookbalance | Provisionfordevaluation | Bookvalue | Bookbalance | Provisionfordevaluation | Bookvalue | |
| Prepaidengineeringfees | 646,688,123.27 | 646,688,123.27 | 652,374,568.29 | 652,374,568.29 | ||
| PrepaidtargetpaymentforpaddyfiledofGuanghuiExpresswayReconstructionandextensionproject | 183,725,550.00 | 183,725,550.00 | 183,725,550.00 | 183,725,550.00 | ||
| Prepaidtax | 909,551.16 | 909,551.16 | 1,311,921.48 | 1,311,921.48 | ||
| Prepaidequipment | 491,998.00 | 491,998.00 | ||||
| Total | 831,323,224.43 | 831,323,224.43 | 837,904,037.77 | 837,904,037.77 | ||
16.Assetswithrestrictedrightofownership
InRMB
| Item | Balanceinyear-end | Balanceinyear-begin | ||||||
| Bookbalance | Bookvalue | Restrictiontype | Restrictioninformation | Bookbalance | Bookvalue | Restrictiontype | Restrictioninformation | |
| Monetaryfund | 198,100.00 | 198,100.00 | Specialfundsforlandreclamation | Specialfundsforlandreclamation | 1,221,200.00 | 1,221,200.00 | Specialfundsforlandreclamation | Specialfundsforlandreclamation |
| Total | 198,100.00 | 198,100.00 | 1,221,200.00 | 1,221,200.00 | ||||
17.Short-termBorrowing
（1）Short-termBorrowing
InRMB
| Item | Balanceinyear-end | BalanceYear-beginning |
| CreditBorrowing | 259,000,000.00 | |
| Interestpayablenotdue | 163,958.03 | |
| Total | 259,163,958.03 |
（2）Overdueshort-termborrowings
None
18.Accountpayable
（1）Listofaccountpayable
InRMB
| Item | Balanceinyear-end | BalanceYear-beginning |
| Within1year（Including1year） | 119,714,922.34 | 126,545,685.15 |
| 1-2years（including2years） | 24,723,721.77 | 5,678,510.59 |
| 2-3years（including3years） | 3,524,394.75 | 33,415,222.43 |
| Over3years | 71,752,977.32 | 60,465,063.88 |
| Total | 219,716,016.18 | 226,104,482.05 |
（2）Significantpayableagingmorethan1year
InRMB
| Item | Balanceinyear-end | Reason |
| FoshanMunicipalNaturalResourcesBureau | 29,510,958.21 | Unsettled |
| HeshanMunicipalNaturalResourcesBureau | 9,186,893.60 | Unsettled |
| Total | 38,697,851.81 |
19.Otheraccountspayable
InRMB
| Item | Balanceinyear-end | BalanceYear-beginning |
| Dividendpayable | 36,900,482.45 | 32,714,825.12 |
| Otheraccountpayable | 255,477,378.05 | 239,403,211.80 |
| Total | 292,377,860.50 | 272,118,036.92 |
（1）Interestpayable
None
（2）Dividendspayable
InRMB
| Item | Balanceinyear-end | BalanceYear-beginning |
| Commonstockdividends | 36,080,113.26 | 32,714,825.12 |
| Other | 820,369.19 | |
| Total | 36,900,482.45 | 32,714,825.12 |
Otherexplanations,includingsignificantdividendspayablethathavenotbeenpaidformorethan1year,itshalldisclosethereasonsfornon-payment:
Includingsignificantunpaiddividendspayableoveroneyear,theunpaidreasonshallbedisclosed:
Finaldividendpayable32,467,363.12yuanformoreayearinunpaiddividendstoshareholdersovertheyearwasmainlyduetonon-paymentofshareholderdividendsdidnotprovideinformationoninterest-bearingbank,didnotsharereformofshareholderstoreceivedividendsorprovideapplicationtotoreceivedividendsthebankinformationisincorrect,resultinginfailuretopayadividendorrefund.
（3）Otheraccountspayable
(1)Otheraccountspayablelistedbynatureoftheaccount
InRMB
| Item | Year-endbalance | Year-Beginningbalance |
| Provisionalreceiptspayable | 81,348,990.80 | 110,062,692.40 |
| Estimatedprojectcost | 9,670,820.25 | 30,011,025.21 |
| Deposit,warrantyandsecuritydeposit | 99,390,174.71 | 78,610,611.67 |
| Intercompanyloan | 45,451,750.00 | |
| Other | 19,615,642.29 | 20,718,882.52 |
| Total | 255,477,378.05 | 239,403,211.80 |
(2)Othersignificantaccountspayablewithagingoveroneyear
InRMB
| Item | Closingbalance | Unpaid/un-carryoverreason |
| PolyChangdaHighwayEngineeringCo.,Ltd. | 19,557,861.73 | Thesettlementconditionsarenotmet |
| YayaotoXiebianextension | 12,416,663.00 | Thesettlementconditionsarenotmet |
| Total | 31,974,524.73 |
20.Prepaymentreceived
(1)ListofPrepaymentreceived
InRMB
| Item | Balanceinyear-end | BalanceYear-beginning |
| Within1year（Including1year） | 276,083.20 | 250,984.74 |
| Total | 276,083.20 | 250,984.74 |
（2）Significantpayableagingmorethan1year
None
21.PayableEmployeewage
（1）PayableEmployeewage
InRMB
| Item | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance |
| I.Short-termcompensation | 22,412,317.23 | 469,482,324.21 | 469,849,556.35 | 22,045,085.09 |
| II.Post-employmentbenefits-definedcontributionplans | 81,681,442.57 | 81,681,442.57 | ||
| III.Dismissalbenefits | 445,438.25 | 445,438.25 | ||
| Total | 22,412,317.23 | 551,609,205.03 | 551,976,437.17 | 22,045,085.09 |
（2）Short-termRemuneration
InRMB
| Item | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance |
| 1.Wages,bonuses,allowancesandsubsidies | 465,063.49 | 353,270,330.76 | 353,270,330.76 | 465,063.49 |
| 2.Employeewelfare | 352,838.67 | 32,144,343.59 | 32,009,412.46 | 487,769.80 |
| 3.Socialinsurancepremiums | 27,107,578.90 | 27,107,578.90 | ||
| Including：Medicalinsurance | 17,383,048.89 | 17,383,048.89 | ||
| Workinjuryinsurance | 2,894,386.27 | 2,894,386.27 | ||
| Other | 6,830,143.74 | 6,830,143.74 | ||
| 4.Publicreservesforhousing | 41,737,981.00 | 41,737,981.00 | ||
| 5.Unionfundsandstaffeducationfee | 19,274,379.72 | 11,484,795.19 | 9,666,923.11 | 21,092,251.80 |
| 8.Other | 2,320,035.35 | 3,737,294.77 | 6,057,330.12 | |
| Total | 22,412,317.23 | 469,482,324.21 | 469,849,556.35 | 22,045,085.09 |
（3）Definedcontributionplanslisted
InRMB
| Item | BalanceYear-beginning | Increaseinthisperiod | Payableinthisperiod | Balanceinyear-end |
| 1.Basicold-ageinsurancepremiums | 51,253,262.90 | 51,253,262.90 | ||
| 2.Unemploymentinsurance | 2,616,477.59 | 2,616,477.59 | ||
| 3.Enterpriseannuitypayment | 27,811,702.08 | 27,811,702.08 | ||
| Total | 81,681,442.57 | 81,681,442.57 |
22.TaxPayable
InRMB
| Item | Balanceinyear-end | BalanceYear-beginning |
| VAT | 13,386,539.07 | 11,949,894.06 |
| EnterpriseIncometax | 154,507,552.01 | 115,297,349.98 |
| IndividualIncometax | 3,374,436.77 | 3,105,569.26 |
| CityConstructiontax | 843,054.35 | 746,433.27 |
| Educationsubjoin | 403,838.12 | 360,283.46 |
| LocalityEducationsubjoin | 250,782.26 | 221,651.77 |
| Propertytax | 86,108.62 | 14,964.15 |
| Stamptax | 1,806,011.18 | 52,114.41 |
| Total | 174,658,322.38 | 131,748,260.36 |
23.Non-currentliabilitiesduewithin1year
InRMB
| Item | Balanceyear-end | Year-beginningbalance |
| Long-termloansduewithin1year | 291,115,030.82 | 238,719,839.52 |
| PayableBondsduewithin1year | 767,774,662.42 | |
| Leaseliabilitiesduewithin1year | 2,730,189.11 | 10,752,013.25 |
| Total | 293,845,219.93 | 1,017,246,515.19 |
24.Othercurrentliabilities
InRMB
| Item | Balanceyear-end | Year-beginningbalance |
| Taxtoberewritten | 123,420.61 | 73,697.84 |
| Total | 123,420.61 | 73,697.84 |
25.Long-termloan
(1)Categoryoflong-termloan
InRMB
| Item | Balanceyear-end | Year-beginningbalance |
| Creditloan | 10,320,089,381.52 | 6,961,526,050.00 |
| Interestpayablewhennotdue | 7,357,162.34 | 5,458,539.52 |
| Less:Long-termloansduewithinoneyear | -291,115,030.82 | -238,719,839.52 |
| Total | 10,036,331,513.04 | 6,728,264,750.00 |
Otherexplanations,includinginterestraterange:onDecember31,2025,theannualinterestraterangeofcreditloanswas2.10%-2.94%.
26.Bondpayable
（1）Bondpayable
InRMB.
| Item | Balanceyear-end | Year-beginningbalance |
| Medium-termnote | 749,897,950.11 | |
| Interestpayablewhennotdue | 17,876,712.31 | |
| Less:Long-termloansduewithinoneyear | 767,774,662.42 |
（2）Changesofbondspayable(Notincludingtheotherfinancialinstrumentofpreferredstockandperpetualcapitalsecuritiesthatclassifyasfinancialliability
InRMB
| Nameofthebond | Bookvalue | Interestrate | Issuedate | Period | Issueamount | Openingbalance | Thecurrentissue | Withdrawinterestatpar | Overflowdiscountamount | Payincurrentperiod | Closingbalance | Whetherdefault |
| 20GuangdongExpresswayMTN001 | 750,000,000.00 | 3.00% | 2020.3.13 | 2020.3.17-2025.3.17 | 750,000,000.00 | 767,774,662.42 | 4,623,287.69 | -102,049.89 | 772,500,000.00 | No | ||
| Total | —— | 4,623,287.69 | -102,049.89 | 772,500,000.00 | —— | |||||||
(3)NotetoconditionsandtimeofsharetransferofconvertiblebondsNone
27.Leaseliabilities
InRMB
| Item | Balanceyear-end | Year-beginningbalance |
| Long-termleaseliabilities | 2,752,713.17 | 13,819,230.25 |
| Less：Financingcostsarenotrecognized | -22,524.06 | -337,027.89 |
| Less:Long-termloansduewithinoneyear | -2,730,189.11 | -10,752,013.25 |
| Total | 2,730,189.11 |
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 |
29.Deferredincome
InRMB
| Item | Openingbalance | Increase | Decrease | Closingbalance | Cause |
| Governmentsubsidy | 485,914,020.10 | 491,724,200.00 | 852,600.35 | 976,785,619.75 | |
| Leaseincome | 26,057,887.24 | 8,010,390.96 | 18,047,496.28 | ||
| Total | 511,971,907.34 | 491,724,200.00 | 8,862,991.31 | 994,833,116.03 | -- |
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 | 233,857,185.45 | 251,297.01 | 234,108,482.46 |
| (1)Changesinotherequityoftheinvestedundertheequitymethodaccounting | -3,598,455.25 | 251,297.01 | -3,347,158.24 | |
| （2）Other | 237,455,640.70 | 237,455,640.70 | ||
| Total | 782,661,218.56 | 251,297.01 | 782,912,515.57 |
-Thesituationofchangeinthecurrentcapitalreserveisasfollows:
Duringtheperiod,theassociateoftheCompany'ssubsidiaryYuegaoCapital(Holdings)GuangzhouCo.,Ltd.,GuangdongYuetongQiyuanCorePowerTechnologyCo.,Ltd.receivedcapitalcontributionsfromothershareholders.Thesubsidiaryaccountedforthechangeinlong-termequityinvestmentundertheequitymethod,resultinginanincreaseofRMB251,297.01incapitalreserve.
32.Othercomprehensiveincome
InRMB
| Item | Year-beginningbalance | Amountofcurrentperiod | Year-endbalance | |||||
| Amountincurredbeforeincometax | Less：Amounttransferredintoprofitandlossinthecurrentperiodthatrecogniedintoothercomprehensiveincomeinpriorperiod | Less：Priorperiodincludedinothercompositeincometransfertoretainedincomeinthecurrentperiod | Less：Incometaxexpenses | After-taxattributetotheparentcompany | After-taxattributetominorityshareholder | |||
| 1.Othercomprehensiveincomewillbereclassifiedintoincomeorlossinthefuture | 346,377,042.10 | -65,196,672.38 | 39,579,723.66 | -19,890,499.72 | -84,885,896.32 | 261,491,145.78 | ||
| Othercomprehensiveincomethatcannotbeconvertedtoprofitandlossundertheequitymethod | 6,593,511.61 | 14,365,326.50 | 1,786,984.72 | 12,578,341.78 | 19,171,853.39 | |||
| Changesinfairvalueofinvestmentsinotherequityinstruments | 339,783,530.49 | -79,561,998.88 | 37,792,738.94 | -19,890,499.72 | -97,464,238.10 | 242,319,292.39 | ||
| 2.Othercomprehensiveincomereclassifiabletoprofitorlossinsubsequentperiods | 19,772,828.98 | -27,388,058.77 | -27,388,058.77 | -7,615,229.79 | ||||
| Including：Shareofothercomprehensiveincomeoftheinvesteethatcannotbetransferredtoprofitorlossaccountedforusingtheequitymethod | 19,772,828.98 | -27,388,058.77 | -27,388,058.77 | -7,615,229.79 | ||||
| Totalofothercomprehensiveincome | 366,149,871.08 | -92,584,731.15 | 39,579,723.66 | -19,890,499.72 | -112,273,955.09 | 253,875,915.99 | ||
33.Surplusreserve
InRMB
| Item | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance |
| Statutorysurplusreserve | 1,684,087,655.64 | 186,575,309.37 | 1,870,662,965.01 | |
| Total | 1,684,087,655.64 | 186,575,309.37 | 1,870,662,965.01 |
34.Retainedprofits
InRMB
| Item | Amountofthisperiod | Amountoflastperiod |
| Beforeadjustments:Retainedprofitsinlastperiodend | 5,544,395,448.25 | 5,289,404,378.52 |
| Adjustthetotalundistributedprofitsatthebeginningoftheperiod | 5,544,395,448.25 | 5,289,404,378.52 |
| Add：Netprofitbelongingtotheowneroftheparentcompany | 1,801,337,614.93 | 1,562,122,219.95 |
| Less:Statutorysurplusreserve | 181,357,579.04 | 163,460,199.30 |
| Commonstockdividendpayable | 1,093,491,603.90 | 1,143,670,950.92 |
| Add：Transferofothercomprehensiveincometoretainedearnings | 35,621,751.29 | |
| Otheradjustmentfactors | 11,337,821.69 | |
| Retainedprofitattheendofthisterm | 6,117,843,453.22 | 5,544,395,448.25 |
Asregardsthedetailsofadjustedthebeginningundistributedprofits
(1)AstheretroactiveadjustmentonEnterpriseAccountingStandardsanditsrelatednewregulations,theaffectedbeginningundistributedprofitsareRMB0.00.
(2)Asthechangeoftheaccountingpolicy,theaffectedbeginningundistributedprofitsareRMB0.00.
(3)Asthecorrectionofsignificantaccountingerror,theaffectedbeginningundistributedprofitsareRMB0.00.
(4)Asthechangeofconsolidationscopecausedbythesamecontrol,theaffectedbeginningundistributedprofitsareRMB0.00.
(5)OtheradjustmentofthetotalaffectedbeginningundistributedprofitsareRMB0.00.Detailedexplanationofusingcapitalreservetocoverlosses:none
35.Operationincomeandoperationcost
InRMB
| Item | Amountofthisperiod | Amountoflastperiod | ||
| Income | Cost | Income | Cost | |
| Mainoperation | 4,382,615,622.73 | 1,550,797,515.98 | 4,499,825,267.43 | 1,597,998,245.80 |
| Otheroperation | 87,122,537.78 | 35,347,834.01 | 70,077,811.29 | 33,076,019.31 |
| Total | 4,469,738,160.51 | 1,586,145,349.99 | 4,569,903,078.72 | 1,631,074,265.11 |
Whichthenetprofitbeforeandafterdeductingnon-recurringgainsandlossesislowerorwhetheritisnegative
□Yes?NoBreakdowninformationofoperatingincomeandoperatingcost:
InRMB
| Contractclassification | Amountofthisperiod | Amountoflastperiod | ||
| Income | Cost | Income | Cost | |
| Business | ||||
| Including： | ||||
| Tollincome | 4,382,615,622.73 | 1,550,797,515.98 | 4,499,825,267.43 | 1,597,998,245.80 |
| Serviceandother | 46,031,614.55 | 31,492,263.65 | 41,638,860.55 | 28,243,600.33 |
| Leaseincome | 41,090,923.23 | 3,855,570.36 | 28,438,950.74 | 4,832,418.98 |
| Area | ||||
| Including： | ||||
| Guangdong | 4,469,738,160.51 | 1,586,145,349.99 | 4,569,903,078.72 | 1,631,074,265.11 |
| Total | 4,469,738,160.51 | 1,586,145,349.99 | 4,569,903,078.72 | 1,631,074,265.11 |
36.Businesstaxandsubjoin
InRMB
| Item | Amountofthisperiod | Amountoflastperiod |
| Urbanconstructiontax | 8,483,494.08 | 8,667,915.53 |
| Educationsurcharge | 4,071,256.13 | 4,165,305.23 |
| Propertytax | 4,357,449.18 | 3,850,171.38 |
| Landusetax | 3,222,521.13 | 3,069,272.41 |
| Vehicleusetax | 65,761.56 | 74,895.16 |
| Stamptax | 312,432.08 | 229,744.59 |
| Businesstax | 370,495.32 | 370,495.32 |
| LocalityEducationsurcharge | 2,708,796.46 | 2,770,493.09 |
| Total | 23,592,205.94 | 23,198,292.71 |
37.Administrativeexpenses
InRMB
| Item | Amountofthisperiod | Amountoflastperiod |
| Wage | 145,273,775.73 | 149,682,335.17 |
| Depreciationoffixedassets | 9,003,752.29 | 9,228,538.74 |
| Intangibleassetsamortization | 958,793.31 | 1,269,077.32 |
| Lowconsumablesamortization | 915,388.31 | 694,842.82 |
| RentalfeeandManagementfee | 13,443,827.59 | 13,343,318.54 |
| Officeexpenses | 6,905,014.49 | 7,395,865.42 |
| Travelexpenses | 606,103.28 | 761,021.72 |
| Consultationexpenses | 697,579.25 | 812,692.46 |
| Thefeeforhiringagency | 3,835,172.10 | 4,115,335.79 |
| Listingfee | 565,796.84 | 660,598.20 |
| Informationcostandmaintenancefee | 4,378,883.75 | 4,140,056.87 |
| Other | 13,580,843.92 | 11,285,559.54 |
| Total | 200,164,930.86 | 203,389,242.59 |
38.R&Dexpenses
InRMB
| Item | Amountofthisperiod | Amountoflastperiod |
| Wage | 1,960,027.37 | 1,718,236.48 |
| Entrusteddevelopmentfee | 4,111,245.96 | 3,365,548.72 |
| Total | 6,071,273.33 | 5,083,785.20 |
39.Financialexpenses
InRMB
| Item | Amountofthisperiod | Amountoflastperiod |
| Interestexpenses | 126,160,548.68 | 176,538,813.65 |
| Interestincome | -54,143,805.09 | -56,039,879.15 |
| ExchangeIncomeandloss（Gain-） | -412,070.62 | 4,544,807.46 |
| Bankcommissioncharge | 617,410.79 | 996,932.09 |
| Total | 72,222,083.76 | 126,040,674.05 |
40.Othergains
InRMB
| Item | Amountofthisperiod | Amountoflastperiod |
| GovernmentSubsidy-CanceltheSpecialSubsidyforProvincialTollStationProjectofExpressway | 837,245.51 | 10,046,949.15 |
| GovernmentSubsidy-Charginginfrastructureincentivefunds | 15,354.84 | 15,354.84 |
| Governmentsubsidy-Stablejobsubsidies | 531,511.22 | |
| Governmentsubsidy-Maternityallowance | 570,880.63 | 703,149.29 |
| Governmentsubsidy--Returnoftaxpaymentfor"dividendsandbonuses" | 111,331.75 | |
| Governmentsubsidy--YuexiuDistrict's"YuexiuStarsGathering"subsidyforenterprisemanagementtalentsin2025 | 160,000.00 | |
| Withholdingandremittingenterpriseprepaidincometaxfees | 382,134.62 | 166,639.84 |
| VATadditionaldeduction | 1,844.66 | |
| VATreduction | 57,930.72 | 66,717.82 |
| Total | 2,023,546.32 | 11,532,166.82 |
41.Changesinthefairvalueoftheearning
InRMB
| Item | Amountofthisperiod | Amountoflastperiod |
| Othernon-currentfinancialassets | 8,725,590.15 | 2,637,409.20 |
| Total | 8,725,590.15 | 2,637,409.20 |
42.Investmentincome
InRMB
| Item | Amountofthisperiod | Amountoflastperiod |
| Long-termequityinvestmentincomebyequitymethod | 193,228,568.80 | 192,051,727.06 |
| Dispositionoftheinvestmentincomegeneratedbythelong-termequityinvestment | 6,777,025.39 | |
| Dividendsearnedduringtheholdingperiodoninvestmentsinotherequityinstrument | 44,772,473.91 | 102,323,410.08 |
| Investmentincomeofothernon-currentfinancialassetsduringtheholdingperiod | 1,312,198.90 | 409,788.62 |
| Other | 742,880.50 | 1,284,835.59 |
| Total | 240,056,122.11 | 302,846,786.74 |
43.Creditimpairmentlosses
InRMB
| Item | Amountofthisperiod | Amountoflastperiod |
| Impairmentlossesonaccountreceivable | 277,500.00 | 178,333.33 |
| Impairmentlossesonotherreceivable | 309,426,404.28 | -121,834,522.51 |
| Total | 309,703,904.28 | -121,656,189.18 |
44.Assetsdisposalincome
InRMB
| Item | Amountofthisperiod | Amountoflastperiod |
| Non-currentassetsdisposalgains | 23,942,445.86 | -721,318.52 |
| Including：IncomefromdisposalofFixedassets | 23,942,445.86 | -723,124.34 |
| Disposalgainsorlossesoftheleasedassets | 1,805.82 | |
| Total | 23,942,445.86 | -721,318.52 |
45.Non-Operationincome
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod | Theamountofnon-operatinggains&losses |
| Non-currentassetsaredamagedandscrappedforprofit | 38,312.45 | 56,349.73 | 38,312.45 |
| Insuranceclaimincome | 4,289,100.33 | 2,474,658.93 | 4,289,100.33 |
| Roadpropertyclaimincome | 3,350,907.80 | 2,877,260.24 | 3,350,907.80 |
| Relocationcompensationincome | 85,000.00 | 118,500.00 | 85,000.00 |
| Other | 131,456.95 | 1,097,901.92 | 131,456.95 |
| Total | 7,894,777.53 | 6,624,670.82 | 7,894,777.53 |
46.Non-Operationexpense
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod | Theamountofnon-operatinggains&losses |
| Non-currentassetsaredamagedandscrappedforprofit | 221,416.68 | 31,327.52 | 221,416.68 |
| Roadrehabilitationexpenditure | 8,181,232.45 | 7,669,259.00 | 8,181,232.45 |
| Fine | 194,072.99 | 2,248.20 | 194,072.99 |
| Other | 391,732.08 | 586,370.05 | 391,732.08 |
| Total | 8,988,454.20 | 8,289,204.77 | 8,988,454.20 |
47.Incometaxexpense
(1)Listsofincometaxexpense
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod |
| Currentincometaxexpense | 681,258,103.75 | 676,281,258.99 |
| Deferredincometaxexpense | -5,027,787.57 | -5,102,900.87 |
| Total | 676,230,316.18 | 671,178,358.12 |
(2)Adjustmentprocessofaccountingprofitandincometaxexpense
InRMB
| Item | Amountofcurrentperiod |
| Total | 3,164,900,248.68 |
| Currentincometaxexpenseaccountedbytaxandrelevantregulations | 791,225,062.16 |
| Influenceofincometaxbeforeadjustment | 11,096,824.53 |
| Influenceofnontaxableincome | -60,400,728.28 |
| Impactofnon-deductiblecosts,expensesandlosses | 10,757,130.28 |
| Effectofutilizingdeductiblelossesfrompriorperiodsforwhichdeferredtaxassetswerenotpreviouslyrecognized | -85,735,535.72 |
| Thecurrentperioddoesnotaffectthedeferredtaxassetsrecognizeddeductibletemporarydifferencesordeductibleloss | 9,287,563.21 |
| Incometaxexpense | 676,230,316.18 |
49.ItemsofCashflowstatement
（1）CashrelatedtooperatingactivitiesOthercashreceivedfrombusinessoperation
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod |
| Interestincome | 33,700,803.73 | 44,591,923.66 |
| Unitcurrentaccount | 279,607,880.02 | 182,243,574.88 |
| Specialgovernmentsubsidies | 782,739,442.45 | 100,000,000.00 |
| Total | 1,096,048,126.20 | 326,835,498.54 |
Othercashpaidrelatedtooperatingactivities
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod |
| Managementexpense | 30,922,837.19 | 32,363,363.13 |
| Unitcurrentaccount | 457,411,595.35 | 69,951,433.32 |
| Total | 488,334,432.54 | 102,314,796.45 |
（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 | 107,111,100.00 | 39,614,562.90 |
| Cashreceivedfromdividendsanddividendsofotherequityinvestments | 46,882,336.85 | 81,116,037.32 |
| Refundoftemporaryfundadvances | 124,968,962.79 | 76,768,033.74 |
| Total | 278,962,399.64 | 197,498,633.96 |
CashPayablerelatedtootherInvestmentactivities
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod |
| Equitytransactionservicefee | 169,611.10 | |
| ReturnBiddeposit | 726,068.90 | 3,499,900.00 |
| Other | 1,974.86 | |
| Total | 728,043.76 | 3,669,511.10 |
CashPayablerelatedtootherInvestmentactivities
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod |
| Cashpaidforbyinvestinginassociates | 455,038,000.00 | 201,662,000.00 |
| CashpaidforthereconstructionandexpansionoftheNansha-ZhuhaisectionoftheGuangzhou-MacaoExpressway | 1,644,114,526.85 | 1,514,598,632.64 |
| CashpaidforthereconstructionandexpansionoftheLuogang-LingkengsectionoftheGuanghuiExpressway | 608,602,597.74 | |
| Total | 2,707,755,124.59 | 1,716,260,632.64 |
（3）CashrelatedtoFinancingactivities
Othercashpaidinrelationtofinancingactivities
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod |
| Performancecommitmentcompensation | 40,092,886.12 | |
| Receivedloansfromminorityshareholders | 450,000.00 | |
| Total | 450,000.00 | 40,092,886.12 |
CashpaidrelatedtootherFinancingactivities
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod |
| Issuancefeeofmedium-termnotes | 13,518.75 | 537,769.75 |
| Cashpaidfortheleaseliabilities | 11,613,052.64 | 11,600,234.86 |
| Returnminorityshareholderloan | 450,000.00 | |
| Total | 12,076,571.39 | 12,138,004.61 |
Changesinvariousliabilitiesarisingfromfinancingactivities?Applicable□Notapplicable
InRMB
| Item | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance | ||
| Cashchanges | Non-cashchanges | Cashchanges | Non-cashchanges | |||
| Otherpayable-Dividendpayable | 32,714,825.12 | 1,792,842,311.11 | 1,788,611,713.04 | 44,940.74 | 36,900,482.45 | |
| Otherpayable | 45,000,000.00 | 451,750.00 | 45,451,750.00 | |||
| Short-loans | 260,000,000.00 | 2,642,194.13 | 3,478,236.10 | 259,163,958.03 | ||
| Long-termloans（Includingpartduewithinoneyear） | 6,966,984,589.52 | 5,265,700,000.00 | 202,337,172.38 | 2,107,575,218.04 | 10,327,446,543.86 | |
| Bondpayable（Includingpartduewithinoneyear） | 767,774,662.42 | 4,725,337.58 | 772,500,000.00 | |||
| Item | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance | ||
| Cashchanges | Non-cashchanges | Cashchanges | Non-cashchanges | |||
| Long-termpayable（Includingpartduewithinoneyear） | 2,022,210.11 | 2,022,210.11 | ||||
| Leaseliabilities（Includingpartduewithinoneyear） | 13,482,202.36 | 314,503.83 | 11,066,517.08 | 2,730,189.11 | ||
| Total | 7,782,978,489.53 | 5,570,700,000.00 | 2,003,313,269.03 | 4,683,231,684.26 | 44,940.74 | 10,673,715,133.56 |
50.SupplementInformationforcashflowstatement
（1）SupplementInformationforcashflowstatement
InRMB
| SupplementInformation | Amountofcurrentperiod | Amountofpreviousperiod |
| I.Adjustingnetprofittocashflowfromoperatingactivities | ||
| Netprofit | 2,488,669,932.50 | 2,102,912,782.05 |
| Add：Impairmentlossprovisionofassets | ||
| Creditlosspreparation | -309,703,904.28 | 121,656,189.18 |
| Depreciationoffixedassets,oilandgasassetsandconsumablebiologicalassets | 996,233,986.16 | 1,036,083,773.12 |
| DepreciationofUserightassets | 10,366,628.85 | 10,677,119.67 |
| Amortizationofintangibleassets | 24,247,499.87 | 24,957,444.17 |
| AmortizationofLong-termdeferredexpenses | 350,625.00 | 350,625.00 |
| Lossondisposaloffixedassets,intangibleassetsandotherlong-termdeferredassets | -23,942,445.86 | 721,318.52 |
| Fixedassetsscraploss | 183,104.23 | -25,022.21 |
| Lossonfairvaluechanges | -8,725,590.15 | -2,637,409.20 |
| Financialcost | 125,748,478.06 | 181,083,621.11 |
| Lossoninvestment | -240,056,122.11 | -302,846,786.74 |
| Decreaseofdeferredincometaxassets | 1,540,558.00 | 7,156,816.67 |
| Increasedofdeferredincometaxliabilities | -6,568,345.57 | -12,259,717.54 |
| Decreaseofinventories | ||
| Deceaseofoperatingreceivables | -39,815,368.83 | -80,518,246.74 |
| IncreasedofoperatingPayable | 54,392,645.07 | 74,285,172.90 |
| Other | 486,572,714.34 | 94,765,913.95 |
| Netcashflowsarisingfromoperatingactivities | 3,559,494,395.28 | 3,256,363,593.91 |
| II.Significantinvestmentandfinancingactivitiesthatwithoutcashflows: | ||
| Conversionofdebtintocapital | ||
| Convertiblecorporatebondsmaturingwithinoneyear | ||
| Financingoffixedassetsleased | ||
| 3.Movementofcashandcashequivalents： |
| Endingbalanceofcash | 6,492,074,956.46 | 4,259,653,084.58 |
| Less:Beginningbalanceofcashequivalents | 4,259,653,084.58 | 4,701,657,434.00 |
| Add：Endbalanceofcashequivalents | ||
| Less:Beginningbalanceofcashequivalents | ||
| Netincreaseofcashandcashequivalent | 2,232,421,871.88 | -442,004,349.42 |
（2）Compositionofcashandcashequivalents
InRMB
| Item | Balanceinyear-end | Balanceinyear-Beginning |
| Cash | 6,492,074,956.46 | 4,259,653,084.58 |
| Ofwhich:Cashinstock | 10,412.18 | 10,267.08 |
| Banksavingscouldbeusedatanytime | 6,491,551,979.24 | 4,259,125,745.36 |
| Othermonetarycapitalcouldbeusedatanytime | 512,565.04 | 517,072.14 |
| Balanceofcashandcashequivalentsattheperiodend | 6,492,074,956.46 | 4,259,653,084.58 |
（3）Monetaryfundsthatarenotcashandcashequivalents
InRMB
| Item | Currentamount | Previousamount | Reasonsotherthancashandcashequivalents |
| Landreclamationfunds | 198,100.00 | 1,221,200.00 | Landreclamationfundsinfundcustodyaccount |
| Unexpiredaccruedinterest | 53,106,885.65 | 28,952,378.64 | Notactuallyreceived |
| Total | 53,304,985.65 | 30,173,578.64 |
51.Lease
(1)TheCompanyaslessee?Applicable□NotapplicableVariableleasepaymentsnotincludedinthemeasurementofleaseliabilities
□Applicable?NotapplicableShort-termleaseorleasecostoflow-valueassetswithsimplifiedtreatment
□Applicable?Notapplicable
InRMB
| Item | Currentamount |
| Interestexpenseofleaseliabilities | 314,503.83 |
| Variableleasepaymentsnotincludedinthemeasurementofleaseliabilities | |
| Short-termleaseorleasecostoflow-valueassetswithsimplifiedtreatment | 1,150,932.24 |
| Incomefromsublettingright-to-useassets | |
| Totalcashoutflowrelatedtoleasing | 12,097,645.32 |
(2)TheCompanyaslessorOperatingleaseaslessor
?Applicable□Notapplicable
InRMB
| Item | Leaseincome | Inwhich:incomerelatedtovariableleasepaymentnotincludedinleasereceipts |
| Operatingleaseincome | 41,090,923.23 | |
| Total | 41,090,923.23 |
Financialleaseaslessor
□Applicable?NotapplicableUndiscountedleasereceiptsforeachofthenextfiveyears
□Applicable?Notapplicable
（3）Recognizetheprofitsandlossesoffinancialleasesalesasamanufacturerordistributor
□Applicable?NotapplicableVIII.R&Dexpenses
InRMB
| Item | Amountofthecurrentperiod | Amountofthepreviousperiod |
| Remuneration | 5,719,723.92 | 2,415,900.35 |
| Entrusteddevelopmentfee | 10,573,426.06 | 5,076,799.72 |
| Total | 16,293,149.98 | 7,492,700.07 |
| Including：Expendableresearch&development | 6,071,273.33 | 5,083,785.20 |
| CapitalizedR&Dexpenditure | 10,221,876.65 | 2,408,914.87 |
1.R&DProjectsEligibleforCapitalization
InRMB
| Item | OpeningBalance | IncreasesinCurrentPeriod | DecreasesinCurrentPeriod | ClosingBalance | ||||
| Internaldevelopmentexpenditure | Others | Entrusteddevelopmentfees | Recognizedasintangibleassets | Transferredtocurrentprofitsandlosses | Recognizedasconstructioninprogress | |||
| ResearchonComprehensiveMeasuresforCollisionPreventionofExistingBridgesunderComplexNavigationConditionsinReconstructionandExpansionProjects | 667,960.21 | 667,960.21 | ||||||
| ResearchonSoilSqueezingEffectandSettlementControlofDeepSoftFoundationinEmbankmentofReconstructionandExpansionProject | 434,149.57 | 434,149.57 | ||||||
| ResearchontheDesignandMaintenanceTechnologyofWideRoadsurfaceDrainageSystemforExpressways | 516,060.28 | 516,060.28 | ||||||
| ResearchonSplicingTechnologyofBridgeIrregularStructuresunderComplexConstructionConditionsBasedonFactoryProduction | 523,888.37 | 523,888.37 | ||||||
| ResearchontheDesignandMaintenanceTechnologyofWideRoadsurfaceDrainageSystemforExpressways | 804,703.50 | 804,703.50 | ||||||
| ResearchonComprehensiveMeasuresforCollisionPreventionofExistingBridgesunderComplexNavigationConditionsinReconstructionandExpansionProjects | 525,680.00 | 525,680.00 | ||||||
| ResearchonSplicingTechnologyofBridgeIrregularStructuresunderComplexConstructionConditionsBasedonFactoryProduction | 277,500.00 | 277,500.00 | ||||||
| ResearchonKeyTechnologiesforDesignofExisting | 850,277.10 | 1,056,145.60 | 1,906,422.70 | |||||
| ResearchonKeyTechnologyofBridgeandTunnelReconstructionandExpansionDesign | 767,361.02 | 3,798,151.00 | 4,565,512.02 | |||||
| Total | 3,759,696.55 | 6,462,180.10 | 10,221,876.65 | |||||
IX.ChangestothemergescopeTherewerenochangesintheCompany'sconsolidationscopeduringthereportingperiod.X.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% | Underthesamecontrolbusinesscombination | |
| GuanghuiExpresswayCo.,Ltd. | 2,351,678,000.00 | Guangzhou | Guangzhou | ExpresswayManagement | 51.00% | Underthesamecontrolbusinesscombination | |
| GuanghuiExpresswayCo.,Ltd. | 4,221,000,000.00 | 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:NoneOthernote:None
(2)ImportantNon-wholly-ownedSubsidiary
InRMB
| ShareholdingRatioofMinorityShareholders(%) | ProfitorLossOwnedbytheMinorityShareholdersintheCurrentPeriod | DividendsDistributedtotheMinorityShareholdersintheCurrentPeriod | EquityBalanceoftheMinorityShareholdersintheEndofthePeriod | EquityBalanceoftheMinorityShareholdersintheEndofthePeriod |
| GuangdongGuanghuiExpresswayCo.,Ltd. | 49.00% | 495,083,951.29 | 492,905,338.02 | 2,230,860,936.09 |
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 25.00% | 114,035,338.99 | 206,445,369.19 | 773,918,799.72 |
HoldingproportionofminorityshareholderinsubsidiarydifferentfromvotingproportionNoneOthernote：None
(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. | 2,846,618,215.37 | 2,520,990,895.25 | 5,367,609,110.62 | 217,572,489.94 | 324,044,914.39 | 541,617,404.33 | 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 |
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 1,009,826,746.46 | 6,571,831,122.00 | 7,581,657,868.46 | 319,620,343.28 | 4,166,362,326.31 | 4,485,982,669.59 | 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 |
InRMB
| Name | Amountofcurrentperiod | Amountofpreviousperiod | ||||||
| Businessincome | Netprofit | TotalComprehensiveincome | Cashflowsfromoperatingactivities | Businessincome | Netprofit | TotalComprehensiveincome | Cashflowsfromoperatingactivities | |
| GuangdongGuanghuiExpresswayCo.,Ltd. | 2,022,964,170.11 | 1,010,375,410.79 | 1,010,375,410.79 | 1,417,815,613.70 | 1,939,250,120.24 | 905,929,261.28 | 905,929,261.28 | 1,325,346,450.31 |
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 1,007,866,801.68 | 456,141,355.95 | 456,141,355.95 | 1,132,504,703.75 | 1,122,523,853.96 | 506,281,476.77 | 506,281,476.77 | 924,689,753.54 |
(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 | |
| GuangdongGuangleExpresswayCo.,Ltd. | Gangzhou | Ganzhou | ExpresswayManagement | 9.00% | Equitymethod | |
| SPICYuetongQiyuanChipPowerTechnologyCo.,Ltd | Guangzhou | Guangzhou | NewEnergyservice | 6.67% | Equitymethod | |
| ShenzhenGarageElectricPileTechnologyCo.,Ltd | Shenzhen | Shenzhen | SoftwareandInformationtechnology | 17.40% | Equitymethod | |
Basisofholdinglessthan20%ofthevotingrightsbuthasasignificantimpactorholding20%ormorevotingrightsbutdoesnothaveasignificantimpact:,GuangdongJiangzhongExpresswayCo.,Ltd.,YuepuSmallRefinancingCo.,Ltd..,GuoyuanSecuritiesCo.,Ltd.，GuangdongGuangleExpresswayCo.,Ltd.,SPICYuetongQiyuanChipPowerTechnologyCo.,Ltd.andShenzhenGarageElectricPileTechnologyCo.,Ltd.holds20%ofthevotingrights,buthasthepowertoparticipateinmakingdecisionsontheirfinancialandoperatingdecisions,andthereforedeemedtobeabletoexertsignificantinfluenceovertheinvestee.
（2）MainfinancialinformationofsignificantassociatedenterpriseNone
（3）Mainfinancialinformationofsignificantassociatedenterprise
InRMB
| Year-endbalance/Amountofcurrentperiod | Year-beginningbalance/Amountofpreviousperiod | |||||
| GuoyuanSecuritiesCo.,Ltd. | GuangdongGuangleExpresswayCo.,Ltd. | ZhaoqingYuezhaoHighwayCo.,Ltd. | GuoyuanSecuritiesCo.,Ltd. | GuangdongGuangleExpresswayCo.,Ltd. | ZhaoqingYuezhaoHighwayCo.,Ltd. | |
| Currentassets | ||||||
| Non-currentassets | ||||||
| Totalassets | 184,879,614,300.42 | 20,869,484,787.66 | 5,657,661,258.00 | 172,526,443,220.18 | 21,648,452,816.33 | 3,495,659,198.96 |
| Currentliabilities | ||||||
| Non-currentLiabilities | ||||||
| Totalliabilities | ||||||
MinorityShareholders’Equity
| MinorityShareholders’Equity | ||||||
| Shareholders’equityattributabletoshareholdersoftheparent | 38,130,811,083.17 | 8,949,516,352.18 | 2,884,214,802.32 | 37,081,084,070.93 | 8,875,480,926.44 | 2,216,434,957.48 |
| Proratashareofthenetassetscalculated | 904,233,533.10 | 805,456,471.70 | 721,053,700.58 | 879,340,429.05 | 798,793,283.38 | 554,108,739.37 |
| Adjustmentitems | ||||||
| --Goodwill | 207,095,632.54 | 207,095,632.54 | ||||
| --Internaltransactionsdidnotachieveprofits | ||||||
| --Other | ||||||
| Thebookvalueofequityinvestmentsinjointventures | 1,111,329,165.64 | 805,456,471.70 | 721,053,700.58 | 1,086,436,061.59 | 554,108,739.37 | |
| Fairvalueofequityinvestmentofassociatedenterpriseswithopenquotation | 864,079,559.70 | 865,114,385.52 | ||||
| Buinsessincme | 6,239,240,500.33 | 2,557,786,477.49 | 477,452,557.27 | 7,838,551,047.28 | 1,505,394,582.29 | 538,230,469.98 |
| Netprofit | 2,425,087,510.27 | 486,856,291.63 | 170,682,372.66 | 2,285,774,152.02 | 266,854,094.13 | 214,921,425.32 |
| Netprofitfromterminatedoperations | ||||||
| Othercomprehensiveincome | -550,948,374.52 | 1,124,398,377.85 | ||||
| Totalcomprehensiveincome | 1,874,139,135.75 | 486,856,291.63 | 170,682,372.66 | 3,410,172,529.87 | 266,854,094.13 | 214,921,425.32 |
Dividendsreceivedfromassociatesduringtheyear
| Dividendsreceivedfromassociatesduringtheyear | 24,835,819.68 | 37,153,877.93 | 15,522,387.30 | 39,211,459.11 |
（4）Summaryfinancialinformationofinsignificantjointventureorassociatedenterprise
InRMB
| Year-endbalance/Amountofcurrentperiod | Year-beginningbalance/Amountofpreviousperiod | |
| Jointventure： | ||
| Totalamountoftheproratacalculationofthefollowingitems | ||
| Associatedenterprise： | ||
| Totalbookvalueoftheinvestment | 1,724,799,598.53 | 2,245,913,947.25 |
| Totalamountoftheproratacalculationofthefollowing--Netprofitms | ||
| --Netprofit | 72,484,358.82 | 137,648,577.81 |
| --Totalcomprehensiveincome | 72,484,358.82 | 137,648,577.81 |
(5)NotetothesignificantrestrictionsoftheabilityofjointventureorassociatedenterprisetransferfundstotheCompanyNone
(6)TheexcesslossofjointventureorassociatedenterpriseNone
(7)TheunrecognizedcommitmentrelatedtojointventureinvestmentNone
(8)ContingentliabilitiesrelatedtojointventureorassociatedenterpriseinvestmentNone
4.SignificantcommonoperationNone
5.EquityofstructureentitynotincludinginthescopeofconsolidatedfinancialstatementsNone
6.OthernoteNone
6.OtherNoneXI.Governmentsubsidies
1.Attheendofthereportingperiod,governmentsubsidiesrecognizedaccordingtotheamountreceivable
□Applicable?NotapplicableReasonsfornotreceivingtheestimatedamountofgovernmentsubsidiesattheexpectedtime
□Applicable?Notapplicable
2.Liabilitiesinvolvinggovernmentsubsidies?Applicable□Notapplicable
InRMB
| Accountingsubject | Beginningbalance | Newsubsidyamountinthecurrentperiod | Amountincludedinnon-operatingincomeinthecurrentperiod | Amounttransferredtootherincomeinthecurrentperiod | Otherchangesinthecurrentperiod | Closingbalance | Relatedtoassets/income |
| Deferredincome | 485,914,020.10 | 491,724,200.00 | 852,600.35 | 976,785,619.75 | Asset-related | ||
| Total | 485,914,020.10 | 491,724,200.00 | 852,600.35 | 976,785,619.75 |
3.Governmentsubsidiesincludedincurrentprofitsandlosses?Applicable□NotapplicableGovernmentgrantsrelatedtoassets
InRMB
| Accountingsubject | Amountincurredinthecurrentperiod | Amountincurredinthepreviousperiod |
| Otherincome | 1,583,480.98 | 11,296,964.50 |
| Total | 1,583,480.98 | 11,296,964.50 |
Othernote：
XII.RisksRelatedtoFinancialInstruments
1.RisksRelatedtoFinancialInstruments
TheCompanyisexposedtovariousfinancialrisksinitsoperations:creditrisk,liquidityrisk,andmarketrisk(includingforeignexchangerisk,interestraterisk,andotherpricerisks).ThesefinancialrisksandtheCompany'sriskmanagementpoliciestomitigatethemaredescribedbelow:
TheCompany'sriskmanagementobjectiveistostrikeabalancebetweenriskandreturn,minimizetheadverseeffectsofrisksontheCompany'soperatingperformance,andmaximizetheinterestsofitsshareholdersandotherequityinvestors.Basedonsuchriskmanagementobjective,theCompany'sfundamentalriskmanagementstrategyistoidentifyandanalyzevariousrisks,establishappropriaterisktolerancethresholdsandriskmanagementmeasures,andreliablymonitorallriskstokeepthemwithindefinedlimits.
TheBoardofDirectorsoftheCompanyisfullyresponsiblefordeterminingriskmanagementobjectivesandpoliciesandbearsultimateresponsibilityforthem.Themanagementhasreviewedandapprovedpoliciestomanagetheserisks,summarizedasfollows:
(1)Creditrisk
Creditriskreferstotheriskoffinanciallossresultingfromacounterparty'sfailuretofulfillcontractualobligations.
TheCompany'screditriskprimarilyarisesfromaccountsreceivable,otherreceivables,andsimilarreceivables.Asofthebalancesheetdate,thecarryingamountsoftheCompany'sfinancialassetsrepresenttheir
maximumcreditriskexposure.Forreceivables,theCompanyhasestablishedrelevantpoliciestocontrolcreditriskexposure.TheCompanyassessesthecreditqualityofaccountsreceivableandotherreceivablesbasedoncustomers'financialconditions,thepossibilityofobtainingthird-partyguarantees,credithistory,andotherfactorssuchascurrentmarketconditions,andsetscorrespondingcredittermsaccordingly.TheCompanyregularlymonitorscustomers'creditrecordstoensurethatoverallcreditriskremainswithincontrollablelimits.Additionally,ateachbalancesheetdate,theCompanyreviewstherecoverabilityofeachindividualreceivabletoensureadequatebaddebtprovisionsaremadeforirrecoverableamounts.Therefore,theCompany'smanagementbelievesthatitscreditriskexposurehasbeensubstantiallymitigated.TheCompany'scashandcashequivalentsareprimarilybankdepositsheldwithhighly-ratedfinancialinstitutions,andtheCompanyconsiderstheretobenosignificantcreditriskthatwouldresultinmateriallossesfrombankdefaults.
(2)LiquidityriskLiquidityriskreferstotheriskthatanenterprisewillencounterdifficultiesinmeetingobligationsassociatedwithfinancialliabilitiesthataresettledbydeliveringcashorotherfinancialassets.TheCompany'spolicyistomaintainsufficientcashandcashequivalentstomeetitsdebtobligationsastheyfalldue.LiquidityriskiscentrallymanagedbytheCompany'sFinanceDepartment.TheFinanceDepartmentmonitorscashandcashequivalentbalancesandpreparesrolling12-monthcashflowforecaststoensuretheCompanymaintainssufficientfundingtomeetitsliabilitiesunderallreasonablyforeseeablecircumstances.ItalsocontinuouslymonitorscomplianceoftheCompanywithborrowingagreementsandmaintainscommitmentsfrommajorfinancialinstitutionstoprovideadequatestandbyfundingtomeetbothshort-termandlong-termfinancingrequirements.
TheCompany'sfinancialliabilitiesarepresentedbymaturitydatesbasedonundiscountedcontractualcashflowsasfollows:
| Item | Closingbalance | |||
| Within1year | Over1year | Totalundiscountedcontractualamount | BookValue | |
| Long–shorttermloans | 550,278,988.85 | 10,036,331,513.04 | 10,586,610,501.89 | 10,586,610,501.89 |
| Accountpayable | 119,714,922.34 | 100,001,093.84 | 219,716,016.18 | 219,716,016.18 |
| Otherpayable | 106,744,144.92 | 148,733,233.13 | 255,477,378.05 | 255,477,378.05 |
| Othercurrentliabilities | 123,420.61 | 123,420.61 | 123,420.61 | |
| Leaseliabilities | 2,730,189.11 | 2,730,189.11 | 2,730,189.11 | |
| Long-termpayable | 2,022,210.11 | 2,022,210.11 | 2,022,210.11 | |
| Total | 779,591,665.83 | 10,287,088,050.12 | 11,066,679,715.95 | 11,066,679,715.95 |
| Item | Openingbalance | |||
| Within1year | Over1year | Totalundiscountedcontractualamount | BookValue | |
| Long–shorttermloans | 238,719,839.52 | 6,728,264,750.00 | 6,966,984,589.52 | 6,966,984,589.52 |
| Accountpayable | 226,104,482.05 | 226,104,482.05 | 226,104,482.05 | |
| Otherpayable | 243,181,747.77 | 28,936,289.15 | 272,118,036.92 | 272,118,036.92 |
| Othercurrentliabilities | 767,774,662.42 | 767,774,662.42 | 767,774,662.42 | |
| Leaseliabilities | 73,697.84 | 73,697.84 | 73,697.84 | |
| Long-termpayable | 11,066,517.08 | 2,752,713.17 | 13,819,230.25 | 13,482,202.36 |
| Total | 2,022,210.11 | 2,022,210.11 | 2,022,210.11 | |
| Total | 1,486,920,946.68 | 6,761,975,962.43 | 8,248,896,909.11 | 8,248,559,881.22 |
(3)MarketriskMarketriskoffinancialinstrumentsreferstotheriskthatthefairvalueorfuturecashflowsoffinancialinstrumentswillfluctuateduetochangesinmarketprices,includingforeignexchangerisk,interestraterisk,andotherpricerisks.
1)InterestrateriskInterestrateriskreferstotheriskthatthefairvalueorfuturecashflowsoffinancialinstrumentswillfluctuateduetochangesinmarketinterestrates.
TheCompany'sriskofchangesincashflowsoffinancialinstrumentsduetointerestratefluctuationsisprimarilyrelatedtofloating-ratebankborrowings.TheCompany'spolicyistomaintainfloatinginterestratesontheseborrowings.
2)Foreignexchangerisk
Foreignexchangeriskreferstotheriskthatthefairvalueorfuturecashflowsoffinancialinstrumentswillfluctuateduetochangesinforeignexchangerates.
TheCompany'sexposuretoforeignexchangeriskisprimarilyrelatedtoHongKongdollars.ExceptforannualdividenddistributionstoB-shareshareholders,theCompany'sothermajorbusinessactivitiesaredenominatedandsettledinRMB.Duringthereportingperiod,theimpactofforeignexchangeriskwaslimitedduetotheshortcreditperiodsfortheCompany'sforeigncurrency-denominatedexpenditures.
3)Otherpricerisk
Otherpriceriskreferstotheriskthatthefairvalueorfuturecashflowsoffinancialinstrumentswillfluctuateduetochangesinmarketpricesotherthanforeignexchangeratesandinterestrates.
TheCompany'sotherpriceriskmainlyarisesfromvariousequityinstrumentinvestmentsandisexposedtopricefluctuationsintheseequityinstruments.TheCompanymitigatespriceriskinequitysecuritiesinvestmentsbyadoptingalong-termholdingstrategyforequitysecurities.
XIII.Thedisclosureofthefairvalue
1.Closingfairvalueofassetsandliabilitiescalculatedbyfairvalue
InRMB
| Item | Closingfairvalue | |||
| Firvaluemeasurementitemsatlevel1 | Firvaluemeasurementitemsatlevel2 | Firvaluemeasurementitemsatlevel3 | Total | |
| I.Consistentfairvaluemeasurement | -- | -- | -- | -- |
| （2）Equityinstrumentinvestment | 195,219,767.35 | 195,219,767.35 | ||
| （III）Otherequityinstrumentinvestment | 821,039,754.56 | 69,613,512.09 | 890,653,266.65 | |
| Totalassetscontinuouslymeasuredatfairvalue | 821,039,754.56 | 195,219,767.35 | 69,613,512.09 | 1,085,873,034.00 |
| II.Non–persistentmeasure | -- | -- | -- | -- |
2.Marketpricerecognitionbasisforconsistentandinconsistentfairvaluemeasurementitemsatlevel1.Asattheendoftheperiod,thecompanyholdsshares235,254,944sharesofChinaEverbrightBankAccordingtotheclosingpriceofDecember31,2025of3.49yuan,thefinalcalculationoffairvaluewas821,039,754.56yuan.
3.ForLevel2itemsmeasuredatfairvaluecontinuouslyandnon-continuously,thevaluationtechniquesandqualitativeandquantitativeinformationofsignificantparametersareadopted
ThefairvalueoftheassetsheldbytheCompanyandmeasuredbyLevel2fairvalueisdeterminedbythemarketmethod;OthernoncurrentfinancialassetsheldbytheCompanyandmeasuredatLevel2fairvaluearenontransactionalequityinstrumentinvestments,andtheirfairvalueisdeterminedbasedonthepricesofsimilarassetsinactiveornon-activemarkets.
4.ForLevel3itemsmeasuredatfairvaluecontinuouslyandnon-continuously,thevaluationtechniquesandqualitativeandquantitativeinformationofsignificantparametersareadopted
TheLevel3fairvaluemeasurementheldbytheCompanyisdesignatedfornontransactionalequityinstrumentinvestmentsmeasuredatfairvaluewithchangesrecognizedinothercomprehensiveincome,mainlyforequityinvestmentprojectswithnoobservableactivemarketdataverificationandwithfinancialforecastsmadebyusingtheirowndata.
5.Valuationtechnologychangesthatoccurredduringthisperiodandreasonsforchanges
ThenontransactionalequityinstrumentinvestmentsheldbytheCompany,whicharemeasuredatfairvaluewithchangesrecognizedincurrentprofitsandlosses,wereevaluatedatfairvaluebyusingtheincomemethodinthesameperiodlastyear.However,inthisperiod,duetotheinabilitytoobtainpreviouslyused
informationforfinancialforecastingandthefactthattheCompanycanobtainsimilarassetquotesinthemarket,wehavechangedtoevaluatethefairvaluebyusingthemarketmethod.XIV.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:
LiuXiaohua.Dateofestablishment:June23,2000.AsofDecember31,2025,Registeredcapital:26.8billionyuan.Itisasolelystate-ownedlimitedcompany.Businessscope：equitymanagement,organizationofassetreorganizationandoptimizedallocation,raisingfundsbymeansincludingmortgage,transferofpropertyrightsandjointstocksystemtransformation,projectinvestment,operationandmanagement,trafficinfrastructureconstruction,highwayandrailwayprojectoperationandrelevantindustries,technologicaldevelopment,application,consultationandservices,highwayandrailwaypassengerandcargotransport,shipindustry,relevantoverseasbusinesses;Thevalue-addedcommunicationbusiness.ThefinialcontroloftheCompanywasStateownedassetssupervisionandAdministrationCommissionofGuangdongProvincialPeople'sGovernment.Othernote:
2.SubsidiariesoftheCompanySubsidiariesofthisenterprise,seeX(1)therightsofotherentity
3.InformationonthejointventuresandassociatedenterprisesoftheCompany
DetailsrefertotheX-3,InterestsinjointventuresorassociatesInformationonotherjointventureandassociatedenterpriseofoccurringrelatedpartytransactionswiththeCompanyinreportingperiod,orformbalanceduetorelatedpartytransactionsinpreviousperiod:
| Name | RelationwiththeCompany |
| ShenzhenHuiyanExpresswayCo.,Ltd. | AssociatedenterprisesoftheCompany |
| ZhaoqingYuezhaoHighwayCo.,Ltd. | AssociatedenterprisesoftheCompany |
| GanzhouKangdaExpresswayCo.,Ltd. | AssociatedenterprisesoftheCompany |
| GanzhouGankangExpresswayCo.,Ltd. | AssociatedenterprisesoftheCompany |
| GuangdongJiangzhongExpresswayCo.,Ltd. | AssociatedenterprisesoftheCompany |
| SPICYuetongQiyuanChipPowerTechnologyCo.,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 |
| GuangdongLeyiTradeCo.,Ltd. | Associatedenterprisescontrolledbythesameparentcompany |
| GuangdongZhongyuetongOilProductsManagementCo.,Ltd | Associatedenterprisescontrolledbythesameparentcompany |
| PolyChangdaEngineeringCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd. | Associatedenterprisescontrolledbythesameparentcompany |
| GuangdongChangdaRoadConservationCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongChangdaCommerceServiceCo.,Ltd. | Otherunitssignificantlyaffectedbytheparentcompany |
| GuangdongJingzhuExpresswayGuangzhuNorthSectionCo.,Ltd. | Associatedenterprisescontrolledbythesameparentcompany |
| GuangdongFeidaTrafficEngineeringCo.,Ltd. | Associatedenterprisescontrolledbythesameparentcompany |
| ChangdaMunicipalEngineering(Guangdong)Co.,Ltd. | Associatedenterprisescontrolledbythesameparentcompany |
| HunanLianzhiTechnologyCo.,Ltd. | AwhollyownedsubsidiaryoftheCompany |
| GuangdongNanyueTrafficGuangzhou-ZhongjiangExpresswayManagementOffice | Managedbytheparentcompany |
| GuangdongProvincialGovernmentExpresswayDebtRepaymentManagementCenter | Otherunitssignificantlyaffectedbytheparentcompany |
5.Listofrelated-partytransactions
(1)InformationonacquisitionofgoodsandreceptionoflaborserviceAcquisitionofgoodsandreceptionoflaborservice
InRMB
| Relatedparties | Contentofrelatedtransaction | Amountofcurrentperiod | Amountofpreviousperiod | Overthetradinglimitornot? | Amountoflastperiod |
| 1.Businesscost | |||||
| PolyChangdaEngineeringCo.,Ltd. | Projectfund,service | 25,699,543.00 | 24,184,238.00 | ||
| GuangdongUnionelectronicservicesco.,Ltd. | Service | 23,870,783.38 | 24,393,142.01 | ||
| GuangdongCommunicationsTestingCo.,Ltd. | Projectfund,service | 13,333,559.00 | 10,352,698.00 | ||
| GuangdongXinyueTrafficInvestmentCo.,Ltd. | Projectfund,service | 12,404,071.84 | 8,999,520.04 | ||
| GuangzhouXinyueAsphaltCo.,Ltd. | Purchase | 8,942,648.02 | 8,656,240.65 | ||
| GuangdongFeidaTrafficEngineeringCo.,Ltd. | Maintenance | 7,130,345.00 | 6,602,624.00 | ||
| GuangdongYueyunTrafficRescueCo.,Ltd. | Rescueservicefee | 4,967,402.00 | 4,967,400.00 | ||
| GuangdongHualuTrafficTechnologyCo.,Ltd. | Project | 4,592,319.62 | 4,249,608.18 | ||
| GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd. | Projectlabourservice | 4,054,868.02 | 1,002,277.44 | ||
| GuangdongLitongTechnologyInvestmentCo.,Ltd. | Maintenance | 3,722,436.22 | 1,728,839.48 | ||
| GuangdongXinyueTrafficInvestmentCo.,Ltd. | Projectfund,service | 3,531,146.00 | |||
| GuangdongLeyiTradeCo.,Ltd. | Purchase | 1,321,028.51 | |||
| GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | Service | 1,165,800.00 | 1,406,378.17 | ||
| GuangdongHumenBridgeCo.,Ltd. | Service | 974,214.06 | 1,150,688.38 | ||
| GuangdongHighwayScienceandEducationCenterCo.,Ltd. | Trainingexpense | 567,621.00 | 662,840.00 | ||
| GuangdongTrafficTechnologyR&DCo.,Ltd. | Service | 371,281.00 | 192,096.00 | ||
| GuangdongLulutongCo.,Ltd. | Maintenance | 283,716.00 | 1,822,181.00 | ||
| GuangdongTongyiExpresswayServiceAreaCo.,Ltd | Service | 232,637.18 | 154,584.00 | ||
| GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | Depreciationcost | 598,500.00 | |||
| HunanLianzhiMonitoringTechnologyCo.,Ltd. | Project | 147,282.00 | |||
| Subtotal | 117,165,419.85 | 101,271,137.35 | |||
| 2.Financialcost | |||||
| GuangdongCommunicationGroupFinanceCo.,Ltd. | BorrowingInterestexpresses | 10,488,063.60 | 11,415,261.10 | ||
| GanzhouGankangExpresswayCo.,Ltd. | BorrowingInterestexpresses | 451,750.00 | |||
| GuangdongCommunicationGroupFinanceCo.,Ltd. | Depositinterestincome | -44,742,755.84 | -28,914,447.25 | ||
| Subtotal | -33,802,942.24 | -17,499,186.15 | |||
| 3.Administrativeexpenses | |||||
| GuangdongLitongPropertyDevelopmentCo.,Ltd. | ManagementFee,waterandelectricity | 2,485,806.70 | 101,893.11 | ||
| GuangdongHighwayScienceandEducationCenterCo.,Ltd | Trainingexpense | 1,263,693.61 | 1,202,402.19 | ||
| GuangdongLitongTechnologyInvestmentCo.,Ltd. | ManagementFee, | 1,039,900.00 |
| Relatedparties | Contentofrelatedtransaction | Amountofcurrentperiod | Amountofpreviousperiod | Overthetradinglimitornot? | Amountoflastperiod |
| GuangdongUnionelectronicservicesco.,Ltd. | maintenancefee | 898,182.00 | 879,986.00 | ||
| GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | Maintenance，Service | 729,068.57 | 968,211.32 | ||
| GuangdongCommunicationGroupFinancialSharedServiceCenterCo.,Ltd | Service | 565,080.62 | 351,582.90 | ||
| GuangdongLeyiTradeCo.,Ltd. | Purchase | 432,027.65 | |||
| GuangdongHighwayConstructionCo.,Ltd. | Trainingexpense | 378,733.12 | 530,110.72 | ||
| GuangdongLitongDevelopmentInvestmentCo.,Ltd. | ManagementFee, | 156,000.00 | |||
| GuangdongHighwayConstructionCo.,Ltd.NanhuansectionBranch | Service | 111,806.12 | |||
| GuangdongTongyiExpresswayServiceAreaCo.,Ltd | Service | 92,461.66 | 129,318.80 | ||
| GuangdongFeidaTrafficEngineeringCo.,Ltd. | Cameracost | 37,818.00 | |||
| GuangdongHualuTrafficTechnologyCo.,Ltd. | Meetingfee | 2,000.00 | |||
| GuangdongExpresswayMediaCo.,Ltd. | Worksafetyfunds | 101,120.00 | |||
| GuangdongProvincialFreewayCo.,Ltd. | Travelexpense | 8,200.00 | |||
| Subtotal | 8,192,578.05 | 4,272,825.04 | |||
| 4.R&D | |||||
| GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd. | Scientificresearchproject | 1,339,449.70 | 1,545,656.31 | ||
| GuangdongCommunicationsTestingCo.,Ltd. | Scientificresearchproject | 623,345.00 | 316,299.00 | ||
| GuangdongHualuTrafficTechnologyCo.,Ltd. | Scientificresearchproject | 199,920.00 | 16,104.90 | ||
| GuangdongXinyueTrafficInvestmentCo.,Ltd. | Monitoringservicefeeandinstallationfee | -35,401.40 | |||
| Subtotal | 2,127,313.30 | 1,878,060.21 | |||
| 5.Fixedassets | |||||
| GuangdongXinyueTrafficInvestmentCo.,Ltd. | Purchaseassets | 4,910,079.60 | 5,049,951.00 | ||
| GuangdongCommunicationsTestingCo.,Ltd. | Purchaseassets | 2,873,532.00 | 774,006.00 | ||
| GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | Purchaseassets | 328,400.00 | 88,232.91 | ||
| GuangdongLitongTechnologyInvestmentCo.,Ltd. | Purchaseassets | 259,000.00 | 380,000.00 | ||
| GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | Purchaseassets | 84,699.00 | |||
| GuangdongHualuTrafficTechnologyCo.,Ltd. | Purchaseassets | 52,515.22 | 1,905,520.15 | ||
| GuangdongFeidaTrafficEngineeringCo.,Ltd. | Purchaseassets | 12,800.00 | 11,081,330.36 |
| Relatedparties | Contentofrelatedtransaction | Amountofcurrentperiod | Amountofpreviousperiod | Overthetradinglimitornot? | Amountoflastperiod |
| GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd. | Purchaseassets | 3,000,244.05 | |||
| GuangdongLulutongCo.,Ltd. | Purchaseassets | -12,129.49 | 996,550.00 | ||
| Subtotal | 8,508,896.33 | 23,275,834.47 | |||
| 6.Constructioninprocess | |||||
| PolyChangdaEngineeringCo.,Ltd. | Purchaseassets | 344,081,792.00 | 493,403,076.00 | ||
| GuangdongXinyueTrafficInvestmentCo.,Ltd. | Purchaseassets | 50,543,031.50 | 2,373,193.00 | ||
| GuangdongFeidaTrafficEngineeringCo.,Ltd. | Purchaseassets | 9,672,717.00 | 4,938,836.00 | ||
| GuangdongCommunicationGroupFinanceCo.,Ltd. | Interestcapitalized | 8,761,042.09 | 5,597,723.65 | ||
| GuangdongHualuTrafficTechnologyCo.,Ltd. | Purchaseassets | 5,611,896.08 | 3,570,763.04 | ||
| GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd. | Purchaseassets | 1,787,124.75 | 15,223,406.23 | ||
| GuangdongCommunicationsTestingCo.,Ltd | TestingFee | 2,593,345.00 | |||
| GuangdongYueyunTransportationRescueCo.,Ltd.ThirdBranch | Project | 599,365.58 | |||
| GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | Purchaseassets | 569,450.00 | 1,321,170.00 | ||
| GuangdongCommunicationsGroupFinancialSharedServiceCenterCo.,Ltd | Purchaseassets | 151,194.47 | 88,015.98 | ||
| GuangdongChfangdaCommerceServiceCo.,Ltd. | Project | 132,571.66 | |||
| GuangdongMotorTransportationGroupCo.,Ltd | Purchaseassets | 129,300.00 | 173,900.00 | ||
| GuangdongHighwayScienceandEducationCenterCo.,Ltd | Purchaseassets | 56,488.00 | 13,300.00 | ||
| GuangdongHighwayConstructionCo.,Ltd. | Purchaseassets | 16,109.46 | 29,053.56 | ||
| GuangdongHighwayConstructionNanhuaBranch | Project | 9,550.00 | |||
| GuangdongTrafficDevelopmentCo.,Ltd. | Purchaseassets | 7,200,000.00 | |||
| Subtotal | 424,714,977.59 | 533,932,437.46 | |||
| 7.Intangibleassets | |||||
| GuangdongFeidaTrafficEngineeringCo.,Ltd | Purchaseassets | 245,081.00 | |||
| GuangdongXinyueTrafficInvestmentCo.,Ltd. | Purchaseassets | 60,472.00 | |||
| Subtotal | 305,553.00 | ||||
| 8.Non-operatingexpenses | |||||
| GuangdongFeidaTrafficEngineeringCo.,Ltd. | Expenditureonelectromechanicalsystemrepair | 708,148.00 | 1,005,769.00 | ||
| GuangdongXinyueTrafficInvestmentCo.,Ltd. | Sporadicrepairfees | 158,133.35 | 271,138.43 | ||
| Subtotal | 866,281.35 | 1,276,907.43 |
Relatedtransactionsonsalegoodsandreceivingservices
InRMB
| Relatedparty | Content | Amountofcurrentperiod | Amountofpreviousperiod |
| 1.Businessincome | |||
| JingzhuExpresswayGuangzhuNorthsectionCo.,Ltd. | Commissionmanagementfee | 25,790,000.00 | 25,259,811.30 |
| GuangdongProvincialGovernmentloanrepaymenthighwayManagementCenter | Commissionmanagementfee | 8,279,905.64 | 6,148,490.59 |
| GuangdongTrafficDevelopmentCo.,Ltd. | Waterandelectricity | 2,858,236.91 | 1,005,319.71 |
| ZhaoqingYuezhaoHighwayCo.,Ltd. | Salariesofexpatriatestaff | 1,587,372.50 | 1,132,902.61 |
| GanzhouGankangExpresswayCo.,Ltd. | Salariesofexpatriatestaff | 1,416,621.91 | 1,036,052.35 |
| ShenzhenHuiyanExpresswayCo.,Ltd. | Salariesofexpatriatestaff | 1,175,700.63 | 1,031,504.73 |
| GuangdongTongyiExpresswayServiceAreaCo.,Ltd | Waterandelectricity | 839,474.87 | 1,174,889.20 |
| GanzhouKangdaExpresswayCo.,Ltd. | Salariesofexpatriatestaff | 608,783.98 | 816,030.16 |
| GuangdongYueyunTrafficRescueCo.,Ltd. | Waterandelectricity | 542,553.43 | |
| GuangdongJiangzhongExpresswayCo.,Ltd. | Salariesofexpatriatestaff | 497,844.93 | 518,825.92 |
| GuangdongZhongyuetongOilProductsManagementCo.,Ltd | Waterandelectricity | 117,856.38 | |
| GuangdongYueyunTrafficRescueCo.,Ltd. | Waterandelectricity | 36,049.17 | 21,129.68 |
| GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | Electricity | 24,076.08 | |
| GuangdongExpresswayMediaCo.,Ltd. | Waterandelectricity | 4,705.12 | 2,581.63 |
| YuetongQiyuanChipPowerTechnologyCo.,Ltd. | Salariesofexpatriatestaff | 396,039.60 | |
| PolyChangdaEngineeringCo.,Ltd. | waterandelectricitybills | 9,087.96 | |
| GuangdongLitongTechnologyInvestmentCo.,Ltd. | Electricity | 1,651.77 | |
| Subtotal | 43,779,181.55 | 38,554,317.21 | |
| 2）Non-operatingincome | |||
| PolyChangdaEngineeringCo.,Ltd. | Constructionliquidateddamages | 37,000.00 | 11,000.00 |
| GuangdongXinyueTrafficInvestmentCo.,Ltd. | Constructionliquidateddamages | 6,000.00 | 7,500.00 |
| GuangdongUnionelectronicservicesco.,Ltd. | Flatcost | 88.50 | |
| Subtotal | 43,088.50 | 18,500.00 |
(2)InformationofrelatedleaseTheCompanywaslessor：
InRMB
| Nameoflessee | Categoryofleaseassets | Theleaseincomeconfirmedinthisyear | Theleaseincomeconfirmedinlastyear |
| GuangdongTongyiExpresswayServiceAreaCo.,Ltd | ServiceAreaLease | 12,331,904.76 | |
| GuangdongExpresswayTechnologyCo.,Ltd. | Advertisinglease | 2,695,495.48 | 2,352,418.65 |
| GuangdongTongyiExpresswayServiceAreaCo.,Ltd | ServiceAreaLease | 2,512,175.38 | 2,512,175.38 |
| GuangdongExpresswayTechnologyCo.,Ltd. | Advertisinglease | 2,480,564.96 | 2,393,287.84 |
| GuangdongExpresswayMedia | Advertisinglease | 1,534,321.86 | 2,346,482.15 |
| Co.,Ltd. | |||
| GuangdongTrafficDevelopmentCo.,Ltd. | Equipmentlease | 668,793.29 | 315,372.65 |
| PolyChangdaEngineeringCo.,Ltd. | Landlease | 648,002.10 | 600,002.15 |
| PolyChangdaEngineeringCo.,Ltd. | Equipmentlease | 445,910.62 | 445,910.62 |
| GuangdongYueyunTrafficCo.,Ltd. | Incomefromleaseoperationandcontracting | 282,564.33 | |
| GuangdongExpresswayTechnologyCo.,Ltd. | Propertylease | 243,564.17 | 252,751.02 |
| GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | Landlease | 94,678.14 | 18,285.71 |
| GuangzhouXinyueTrafficTechnologyCo.,Ltd. | Landlease | 37,028.58 | 34,285.71 |
| GuangdongLitongTechnologyInvestmentCo.,Ltd. | Landlease | 428,101.21 | |
| Total | 23,975,003.67 | 11,699,073.09 |
-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 | 407,743.24 | 253,942.90 | 10,987,139.08 | 10,612,381.77 | 312,043.84 | 647,871.15 | ||||
| GuangdongLitongPropertyDevelopmentCo.,Ltd. | Officespace | 156,000.00 | 104,256.00 | 4,000.28 | |||||||
| GuangdongMotorTransportationGroupCo.,Ltd | Carr | 184,750.00 | |||||||||
| Total | 407,743.24 | 594,692.90 | 10,987,139.08 | 10,716,637.77 | 312,043.84 | 651,871.43 | |||||
(3）Rewardsforthekeymanagementpersonnel
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod |
| Rewardsforthekeymanagementpersonnel | 5,286,600.00 | 6,868,300.00 |
（6）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 | 0.70%-2.40% | 279,078.10 | 1,220,894.75 | 1,195,610.90 | 304,361.95 |
（2）Loanbusiness
| Relatedparty | Relationship | Loanlimit(RMB'00000） | Loantinterestraterange | Beginningbalance(RMB'00000） | Theamountofthisperiod | Endingbalance(RMB'0000 | |
| Totalloanamountofthecurrentperiod(RMB'00000） | Totalrepaymentamountofthecurrentperiod(RMB'00000） | ||||||
| GuangdongCommunicationsGroupFinanceCo.,Ltd | Controlledbythesameparentcompany | 600,000.00 | 2.01%-2.70% | 85,260.84 | 51,162.69 | 47,060,.89 | 89,362.64 |
Thebalanceoftheabove-mentionedloantoGuangdongCommunicationsGroupFinanceCo.,Ltd.includesthe"unoverdueinterest"part.
（3）Creditextensionorotherfinancialservices
| Relatedparty | Relationship | Businesstype | Totalamount(RMB'00000） | Actualamountincurred(RMB'00000） |
| GuangdongCommunicationsGroupFinanceCo.,Ltd | Controlledbythesameparentcompany | Creditextension | 600,000.00 | 49,500.00 |
TheCompanyrespectivelysignedthe"CashManagementBusinessCooperationAgreement"withGuangdongCommunicationsGroupFinanceCo.,LtdandtheGuangdongBranchofIndustrialandCommercialBankofChinaonDecember25,2017;andsignedthe"CashManagementBusinessCooperationAgreement"withGuangdongCommunicationsGroupFinanceCo.,LtdandtheGuangdongBranchofIndustrialandCommercialBankofChinaonDecember22,2017respectively,joinedthecashpoolofGuangdongCommunicationsGroupFinanceCo.,Ltd.
GuangdongGuanghuiExpresswayCo.,Ltdrespectivelysignedthe"CashManagementBusinessCooperationAgreement"withGuangdongCommunicationsGroupFinanceCo.,LtdandAgriculturalBankofChinaCo.,LtdGuangdongBranchonMay19,2020,joinedthecashpoolofGuangdongCommunicationsGroup
FinanceCo.,Ltd.
(7)Otherrelated-partytransactions
(1)The27thMeetingofthe10thBoardofDirectorsreviewedandapprovedtheProposalonEstimatedDailyRelatedPartyTransactionsfor2025,agreeingtotheestimateddailyrelatedpartytransactionsfortheCompany'sheadquarters,branches,andwholly-ownedandcontrolledsubsidiariesfor2025,withtotaltransactionamountsnotexceedingRMB78.232million.
(2)The27thMeetingofthe10thBoardofDirectorsreviewedandapprovedtheProposalonCapitalIncreasetoGuangdongGuanghuiExpresswayCo.,Ltd.forInvestmentintheReconstructionandExpansionProjectoftheJinan-GuangzhouExpressway(HuizhouXiaojinkou-GuangzhouLuogangSection)andGuangzhou-HuizhouExpressway(HuizhouXiaojinkou-LingkengSection):1)AgreedtotheCompany'scapitalincreasetoGuangdongGuanghuiExpresswayCo.,Ltd.forinvestmentintheconstructionoftheaforementionedreconstructionandexpansionproject;2)Agreedthat,basedontheproject'stotalestimatedinvestmentamountofRMB30.52billionapprovedbytheGuangdongProvincialDevelopmentandReformCommission,withaprojectcapitalratioof35%oftotalinvestment,theCompanywouldundertakethecapitalcontributionaccordingtoits51%shareholdinginGuanghuiCompany,withthefinalamountsubjecttotheproject'sfinalcompletionsettlementvalue.
(3)The30th(Interim)Meetingofthe10thBoardofDirectorsreviewedandapprovedtheProposalonBorrowingfromGanzhouGankangExpresswayCo.,Ltd.:AgreedthattheCompanywouldborrowanunsecuredloanfromGanzhouGankangExpresswayCo.,Ltd.,withaloanamountnotexceedingRMB45million,tobedrawndownaccordingtotheCompany'sactualneeds,andtheborrowedfundstobeusedforreplenishingworkingcapital.TheloantermisoneyearfromthedatetheCompanyactuallyreceivestheloan,withanannualloaninterestrateof2.6%,andtheprincipalandinterestshallberepaidinalumpsumuponmaturity.TheCompanyhastherighttorepayallorpartoftheloanprincipalandinterestunconditionallyinadvance.Thewebsitetodisclosetheinterimannouncementsonsignificantrelated-partytransactions.
6.Receivablesandpayablesofrelatedparties
（1）Receivables
InRMB
| Name | Relatedparty | Amountatyearend | Amountatyearbeginning | ||
| BalanceofBook | BaddebtProvision | BalanceofBook | BaddebtProvision | ||
| Accountreceivable | GuangdongUnionelectronServiceCo.,Ltd. | 61,398,033.85 | 56,215,234.69 | ||
| Accountreceivable | JingzhuExpresswayGuangzhuNorthSectionCo.,Ltd. | 8,997,799.99 | 9,311,649.31 | ||
| Accountreceivable | GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | 1,333,084.00 | 6,828,733.67 | ||
| Accountreceivable | GuangdongHumenBridgeCo.,Ltd. | 7,307,339.70 | 5,720,146.53 | ||
| Accountreceivable | GuangdongExpresswayMediaCo.,Ltd. | 775,640.64 | 1,219,406.25 | ||
| Accountreceivable | PolyChangdaEngineeringCo.,Ltd. | 503,879.00 | 503,879.00 | ||
| Accountreceivable | GanzhouGankangExpresswayCo.,Ltd. | 420,607.72 | |||
| Accountreceivable | GuangdongTrafficDevelopmentCo.,Ltd. | 1,979,659.76 | |||
| Accountreceivable | GuangdongTongyiExpresswayServiceAreaCo.,Ltd. | 12,948,500.00 | |||
| Accountreceivable | GuangdongYueyunTrafficCo.,Ltd. | 33,110.00 | |||
| Accountreceivable | ShenzhenHuiyanExpresswayCo.,Ltd. | 184,650.06 | ||
| Accountreceivable | ZhaoqingYuezhaoHighwayCo.,Ltd. | 410,324.80 | ||
| Total | 96,292,629.52 | 79,799,049.45 | ||
| Prepayment | GuangdongCommunicationsTestingCo.,Ltd | 1,700,673.00 | 711,457.00 | |
| Total | 1,700,673.00 | 711,457.00 | ||
| OtherAccountreceivable-Dividendreceivable | GuangdongGuangleExpresswayCo.,Ltd. | 21,615,181.62 | ||
| OtherAccountreceivable | GuangdongProvincialGovernmentloanrepaymenthighwayManagementCenter | 322,449,884.33 | 33,515,738.25 | |
| OtherAccountreceivable | ZhaoqingYuezhaoHighwayCo.,Ltd. | 306,996,863.33 | ||
| OtherAccountreceivable | GuangdongHighwayConstructionCo.,Ltd.,JiangluoBranch | 6,707,300.48 | ||
| OtherAccountreceivable | GuangdongLitongDevelopmentInvestmentCo.,Ltd. | 1,858,439.94 | 1,839,246.94 | |
| OtherAccountreceivable | GuangdongUnionelectronServiceCo.,Ltd. | 50,000.00 | 50,000.00 | |
| OtherAccountreceivable | GuangdongLitongPropertyDevelopmentCo.,Ltd. | 430,787.60 | 19,193.00 | |
| OtherAccountreceivable | GuangdongHumenBridgeCo.,Ltd. | 15,000.00 | 15,000.00 | |
| OtherAccountreceivable | GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | 3,198.80 | 7,730.44 | |
| OtherAccountreceivable | GuangdongYueyunTrafficRescueCo.,Ltd. | 1,827.22 | 2,725.82 | |
| Total | 631,806,001.22 | 33,515,738.25 | 30,256,378.30 | |
| OtherNon-CurrentAssets | PolyChangdaEngineeringCo.,Ltd. | 165,598,056.02 | 130,778,141.60 | |
| OtherNon-CurrentAssets | GuangdongXinyueTrafficInvestmentCo.,Ltd. | 16,588,096.20 | 17,423,070.00 | |
| OtherNon-CurrentAssets | GuangdongHualuTrafficTechnologyCo.,Ltd. | 1,715,012.00 | 1,715,012.00 | |
| OtherNon-CurrentAssets | GuangdongTrafficDevelopmentCo.,Ltd. | 333,398.00 | ||
| OtherNon-CurrentAssets | GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | 251,000.00 | ||
| Total | 183,901,164.22 | 150,500,621.60 |
（2）Payables
InRMB
| Name | Relatedparty | Amountatyearend | Amountatyearbeginning |
| Short-termloan | GuangdongCommunicationGroupFinanceCo.,ltd. | 259,163,958.03 | |
| Total | 259,163,958.03 | ||
| Accountpayable | PolyChangdaEngineeringCo.,Ltd. | 32,028,570.30 | 21,105,254.30 |
| Accountpayable | GuangdongFeidaTrafficEngineeringCo.,Ltd. | 18,040,867.51 | 14,154,370.37 |
| Accountpayable | GuangdongXinyueTrafficInvestmentCo.,Ltd. | 20,638,070.25 | 7,251,728.23 |
| Accountpayable | GuangdongHualuTrafficTechnologyCo.,Ltd. | 3,800,324.10 | 3,692,531.87 |
| Accountpayable | GuangdongNanyueTrafficGuangzhou-ZhongjiangExpresswayManagementOffice | 2,747,739.00 | |
| Accountpayable | GuangdongLulutongCo.,Ltd. | 283,716.00 | 2,278,123.00 |
| Accountpayable | GuangzhouXinyueAsphaltCo.,Ltd. | 4,258,253.00 | 2,068,875.00 |
| Accountpayable | GuangdongUnionelectronServiceCo.,Ltd. | 1,550,206.69 | 1,213,419.78 |
| Accountpayable | GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | 745,625.00 | 1,072,905.56 |
| Accountpayable | GuangdongCommunicationPlanning&Design | 3,300,523.20 | 1,019,151.90 |
| Name | Relatedparty | Amountatyearend | Amountatyearbeginning |
| InstituteCo.,Ltd. | |||
| Accountpayable | GuangdongCommunicationTestCo.,Ltd. | 953,880.00 | 830,124.00 |
| Accountpayable | GuangdongLitongTechnologyInvestmentCo.,Ltd. | 1,769,075.00 | 713,769.34 |
| Accountpayable | GuangdongCommunicationsGroupFinancialSharingServiceCenterCo.,Ltd | 335,355.04 | 282,411.49 |
| Accountpayable | GuangdongYueyunTrafficRescueCo.,Ltd. | 261,802.00 | 261,800.00 |
| Accountpayable | GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | 48,004.00 | |
| Accountpayable | GuangdongLitongPropertyDevelopmentCo.,Ltd. | 17,000.00 | |
| Total | 87,983,268.09 | 58,740,207.84 | |
| OtherPayableaccount | GanzhouGankangExpresswayCo.,Ltd. | 45,451,750.00 | |
| OtherPayableaccount | PolyChangdaEngineeringCo.,Ltd. | 28,872,301.73 | 28,546,224.97 |
| OtherPayableaccount | GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd. | 575,646.23 | 2,857,255.10 |
| OtherPayableaccount | GuangdongHualuTrafficTechnologyCo.,Ltd. | 1,954,802.00 | 2,422,446.06 |
| OtherPayableaccount | GuangdongFeidaTrafficEngineeringCo.,Ltd. | 2,765,391.05 | 2,267,431.65 |
| OtherPayableaccount | GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | 1,163,926.78 | 1,480,359.66 |
| OtherPayableaccount | GuangdongUnionelectronicservicesco.,Ltd. | 1,239,869.13 | 1,238,234.09 |
| OtherPayableaccount | GuangdongXinyueTrafficInvestmentCo.,Ltd. | 2,709,942.43 | 962,439.99 |
| OtherPayableaccount | GuangdongLulutongCo.,Ltd. | 376,177.00 | 739,076.64 |
| OtherPayableaccount | GuangzhouXinyueAsphaltCo.,Ltd. | 702,198.00 | |
| OtherPayableaccount | GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | 286,940.00 | 588,886.62 |
| OtherPayableaccount | GuangdongXinyueTrafficTechnologyCo.,Ltd. | 515,217.50 | 317,085.50 |
| OtherPayableaccount | GuangdongNanyueTrafficGuangzhou-ZhongjiangExpresswayManagementOffice | 200,000.00 | |
| OtherPayableaccount | GuangdongTongyiExpresswayServiceAreaCo.,Ltd. | 100,000.00 | 120,000.00 |
| OtherPayableaccount | GuangdongCommunicationTestCo.,Ltd. | 609,232.79 | 96,954.00 |
| OtherPayableaccount | GuangdongLitongTechnologyInvestmentCo.,Ltd. | 89,280.34 | 50,836.53 |
| OtherPayableaccount | GuangdongExpresswayMediaCo.,Ltd. | 50,000.00 | 50,000.00 |
| OtherPayableaccount | GuangdongYueyunTrafficRescueCo.Ltd. | 2,000.00 | 2,000.00 |
| OtherPayableaccount | ChangdaMunicipalEngineering(Guangdong)Co.,Ltd. | 20,000.00 | |
| Total | 86,782,476.98 | 42,641,428.81 | |
| Non-currentliabilitiesdue1year | GuangdongLitongDevelopmentInvestmentCo.,Ltd. | 2,730,189.11 | 10,619,693.51 |
| Non-currentliabilitiesdue1year | GuangdongCommunicationGroupFinanceCo.,ltd. | 6,462,400.11 | 4,608,361.15 |
| Non-currentliabilitiesdue1year | GuangdongLitongPropertyDevelopmentCo.,Ltd. | 55,401.73 | |
| Total | 9,192,589.22 | 15,283,456.39 | |
| LeaseLiabilities | GuangdongLitongDevelopmentInvestmentCo.,Ltd. | 2,730,189.11 | |
| Total | 2,730,189.11 | 2,730,189.11 | |
| Long-termloans | GuangdongCommunicationGroupFinanceCo.,ltd. | 628,000,000.00 | 848,000,000.00 |
| Total | 628,000,000.00 | 848,000,000.00 |
XV.Share-basedpaymentNoneXIV.Commitments
1.SignificantcommitmentsSignificantcommitmentsatbalancesheetdate
Capitalcommitments
InRMB
| Item | December31,2025 | December31,2024 |
| Contractedbutnotrecognizedinthefinancialstatements | ||
| Buildinglong-termassetcommitments-Expresswayconstruction | 10,008,513,552.19 | 6,254,265,422.40 |
2.Contingency
(1)SignificantcontingencyatbalancesheetdateAsofDecember31,2025,theCompanydidnotneedtodiscloseimportantcommitments.
(2)TheCompanyhavenosignificantcontingencytodisclose,alsoshouldbestatedTheCompanyhasnoimportantcontingencythatneedtodisclosedXVII.Eventsafterbalancesheetdate
1.Profitdistribution
InRMB
| Numberofdividendstobedistributedforevery10shares(RMB) | 6.04 |
| Numberofbonussharestobedistributedforevery10shares(shares) | 0 |
| Numberofconvertedsharestobedistributedforevery10shares(shares) | 0 |
| Numberofdividendsforevery10sharesdeclaredafterdeliberationandapproval(RMB) | 6.04 |
| Numberofbonussharesforevery10sharesdeclaredafterdeliberationandapproval(shares) | 0 |
| Numberofconvertedsharesforevery10sharesdeclaredafterdeliberationandapproval(shares) | 0 |
| Profitdistributionscheme | .Limitedto10%oftheregisteredcapitaloftheParentcompany,thenetprofitofthecompany,i.e.181,357,579.04yuan,istobeallocatedforstatutorycommonreservefund；2.Theprofitfor2025istobedistributedasfollows:1,262,846,900.10yuan.istobeallocatedasthefundfordividenddistributionfor2025.withthetotalsharesattheendof2025,i.e.,2,090,806,126shares,asthebase,cashdividendof6.04yuan(includingtax)istobedistributedforevery10shares.Theremainingundistributedprofitsaretobecarriedforwardtothenextyear.TheforeignexchangetranslationofthecashdividendsforshareholdersholdingBshareandoverseascorporateshareswillbedeterminedaccordingtoHKD:RMBbank’sMiddleratequotedbyPeople’sBankofChinaonthefirstworkingdayafter2025annualshareholders’generalmeetingmakesresolutionondividenddistribution. |
XVIII.Otherimportantevents
1.PreviousaccountingerrorscollectionNone
2.Segmentinformation
（1）Ifthecompanyhasnoreportingdivision,orfailstodisclosethetotalassetsandliabilitiesofeachreportingdivision,thereasonsshallbeexplainedThecompany'sbusinessfortheGuangfoExpressway,theFokaiExpressway,GuanghuiExpresswayandJingzhuExpresswayGuangzhuSectiontollcollectionandmaintenancework,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.
GuangfoCompanyreceivedrelevantgovernmentdocumentsinMarch2025confirmingthattheGuangzhou-FoshanExpresswaywouldbetakenoverbythegovernmentformanagement.TheoperationandmaintenancecostsadvancedbyGuangfoCompanywillbereimbursedbyrelevantunitsfollowingproperauditandliquidationprocedures.Duringthisperiod,GuangfoCompanyhasreceivedRMB150millioninadvancedoperationandmaintenancepaymentsfromtheGuangdongProvincialGovernmentExpresswayDebtRepaymentManagementCenter.XIX.Notesofmainitemsinfinancialreportsofparentcompany
1.Accountreceivable
（1）Disclosurebyaging
InRMB
| Aging | Balanceinyear-end | BalanceYear-beginning |
| Within1year（Including1year） | 23,975,736.36 | 19,832,233.51 |
| Total | 23,975,736.36 | 19,832,233.51 |
（2）Accordingtothebaddebtprovisionmethodclassificationdisclosure
InRMB
| Category | Amountinyear-end | BalanceYear-beginning | ||||||||
| BookBalance | Baddebtprovision | Bookvalue | BookBalance | Baddebtprovision | Bookvalue | |||||
| Amount | Proportion(%) | Amount | Proportion(%) | Amount | Proportion(%) | Amount | Proportion(%) | |||
| Including： | ||||||||||
| Accrualofbaddebtprovisionbyportfolio | 23,975,736.36 | 100.00% | 23,975,736.36 | 19,832,233.51 | 100.00% | 19,832,233.51 | ||||
| Including： | ||||||||||
| Agingportfolio | 23,975,736.36 | 100.00% | 23,975,736.36 | 19,832,233.51 | 100.00% | 19,832,233.51 | ||||
| Total | 23,975,736.36 | 100.00% | 23,975,736.36 | 19,832,233.51 | 100.00% | 19,832,233.51 | ||||
Accrualofbaddebtprovisionbyportfolio:Theaging
InRMB
| Aging | Balanceinyear-end | ||
| Accountreceivable | Baddebtprovision | Expectedcreditlossrate(% | |
| Within1year | 23,975,736.36 | ||
| Total | 23,975,736.36 | ||
Relevantinformationoftheprovisionforbaddebtswillbedisclosedwithreferencetothedisclosuremethodofotherreceivablesiftheprovisionforbaddebtsofbillsreceivableisaccruedaccordingtothegeneralmodelofexpectedcreditloss:
□Applicable√Notapplicable
（3）Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodNone
（4）Theactualwrite-offaccountsreceivable
None
(5)Top5oftheclosingbalanceoftheaccountsreceivablecollectedaccordingtothearrearsparty
InRMB
| CompanyName | Amountofendingbalance | Closingbalanceofthecontractassets | Accountsreceivableandcontractassetsendingbalance | Proportionoftotalaccountsreceivable% | Amountofendingbalanceforbaddebts |
| GuangdongUnionElectronicServicesCo.,Ltd. | 21,363,700.43 | 21,363,700.43 | 89.11% | ||
| GuangdongTrafficDevelopmentCo.,Ltd. | 1,563,343.35 | 1,563,343.35 | 6.52% | ||
| GanzhouGankangExpresswayCo.,Ltd. | 420,607.72 | 420,607.72 | 1.75% | ||
| ZhaoqingYuezhaoHighwayCo.,Ltd. | 410,324.80 | 410,324.80 | 1.71% | ||
| ShenzhenHuiyanExpresswayCo.,ltd. | 184,650.06 | 184,650.06 | 0.77% | ||
| Total | 23,942,626.36 | 23,942,626.36 | 99.86% |
2.Otheraccountsreceivable
InRMB
| Item | Balanceinyear-end | BalanceYear-beginning |
| Dividendreceivable | 28,621,800.58 | |
| Otherreceivable | 310,284,317.51 | 408,193,607.15 |
| Total | 310,284,317.51 | 436,815,407.73 |
(1)Interestreceivable
None
（2）Dividendreceivable
1)Dividendreceivable
InRMB
| Item | Balanceinyear-end | BalanceYear-beginning |
| GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise | 797,664.04 | |
| GuangdongGuangleExpresswayCo.,Ltd. | 21,615,181.62 | |
| GuoyuanSecuritiesCo.,Ltd. | 6,208,954.92 | |
| Total | 28,621,800.58 |
2)Significantdividendreceivableagedover1yearNone
（3）Otheraccountsreceivable
1)Otheraccountsreceivableclassified
InRMB
| Item | Balanceinyear-end | BalanceYear-beginning |
| Deposit | 2,289,227.54 | 2,277,164.74 |
| Pettycash | 600,000.00 | 950,000.00 |
| Investmentinreconstructionandexpansionandinterest | 306,996,863.33 | 397,834,010.41 |
| Provisionalpaymentreceivable | 6,707,300.48 | |
| Other | 398,226.64 | 425,131.52 |
| Total | 310,284,317.51 | 408,193,607.15 |
2）Disclosurebyaging
InRMB
| Aging | Balanceinyear-end | BalanceYear-beginning |
| Within1year(Including1year） | 307,430,676.95 | 8,003,997.50 |
| 1-2years | 600,000.00 | 2,251,101.35 |
| 2-3years | 1,836,576.55 | 397,512,062.00 |
| Over3years | 417,064.01 | 426,446.30 |
| 3-4years | 12,062.00 | 27,180.00 |
| 4-5years | 22,980.00 | 2,095.07 |
| Over5years | 382,022.01 | 397,171.23 |
| Total | 310,284,317.51 | 408,193,607.15 |
3）Accordingtothebaddebtprovisionmethodclassificationdisclosure
InRMB
| Category | Amountinyear-end | BalanceYear-beginning | ||||||||
| BookBalance | Baddebtprovision | Bookvalue | BookBalance | Baddebtprovision | Bookvalue | |||||
| Amount | Proportion(%) | Amount | Proportion(%) | Amount | Proportion(%) | Amount | Proportion(%) | |||
| Including | ||||||||||
| Accrualofbaddebtprovisionbyportfolio | 310,284,317.51 | 100.00% | 310,284,317.51 | 408,193,607.15 | 100.00% | 408,193,607.15 | ||||
| Including | ||||||||||
| CSFPortfolio | 2,889,227.54 | 0.93% | 2,889,227.54 | 3,227,164.74 | 0.79% | 3,227,164.74 | ||||
| Verylowcreditriskfinancialassetportfolio | 307,395,089.97 | 99.07% | 307,395,089.97 | 7,132,432.00 | 1.75% | 7,132,432.00 | ||||
| Risk-freecombination | 397,834,010.41 | 97.46% | 397,834,010.41 | |||||||
| Total | 310,284,317.51 | 100.00% | 310,284,317.51 | 408,193,607.15 | 100.00% | 408,193,607.15 | ||||
Accrualofbaddebtprovisionbyportfolio:.
InRMB
| Name | Balanceinyear-end | ||
| Bookbalance | Baddebtprovision | Withdrawalproportion | |
| Castdepositportfolio | 2,889,227.54 | ||
| Verylowcreditriskfinancialassetportfolio | 307,395,089.97 | ||
| Risk-freecombination | |||
| Total | 310,284,317.51 | ||
4）Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodNone
5)Theactualwrite-offotheraccountsreceivableintheperiod:
None6）Top5oftheclosingbalanceoftheprepaymentcollectedaccordingtotheprepaymenttarget
InRMB
| Name | RelationswiththeCompany | Amount | Aging | Reasonsfornon-settlement | Proportion% |
| ZhaoqingYuezhaoHighwayCo.,Ltd. | Reconstructionandexpansionofinvestmentfundsandinterest | 306,800,000.00 | Within1year | 98.93% | 0.00 |
| Interest | 196,863.33 | Within1year | 0.00 | ||
| GuangdongLitongDevelopmentInvestmentCo.,Ltd. | Currentfund | 1,823,397.94 | 2-3years | 0.60% | 0.00 |
| Vehicleparkingdeposit | 22,980.00 | 4-5years | 0.00 | ||
| Leasedeposit | 12,062.00 | Within1year | 0.00 | ||
| GuangdongLitongPropertyDevelopmentCo.,Ltd. | Waterandelectricitycostsworkingcapital | 92,116.80 | Within1year | 0.14% | 0.00 |
| Managementfeedeposit | 322,408.00 | Within1year | 0.00 | ||
| Leasedeposit | 12,062.00 | 3-4years | 0.00 | ||
| Vehicleparkingdeposit | 4,200.00 | Within1year | 0.00 | ||
| HuangHonggui | Pettycash | 110,000.00 | 1-2years | 0.04% | 0.00 |
| HuangBisong | Pettycash | 110,000.00 | 1-2years | 0.04% | 0.00 |
| Total | 309,506,090.07 | 99.75% | 0.00 |
3.Long-termequityinvestment
InRMB
| Item | Endofterm | Beginningofterm | ||||
| BookBalance | Impairmentprovision | Bookvalue | BookBalance | Impairmentprovision | Bookvalue | |
| Investmentinsubsidiaries | 5,592,955,463.43 | 5,592,955,463.43 | 4,529,830,463.43 | 4,529,830,463.43 | ||
| Investmentinjointventuresandassociates | 4,347,435,530.17 | 4,347,435,530.17 | 3,316,886,938.58 | 3,316,886,938.58 | ||
| Total | 9,940,390,993.60 | 9,940,390,993.60 | 7,846,717,402.01 | 7,846,717,402.01 | ||
（1）Investmenttothesubsidiary
InRMB
| Name | Openingbalance | Initialbalanceoftheimpairmentprovision | Increase/decreaseinreportingperiod | Closingbalance | Closingbalanceofimpairmentprovision | |||
| Addinvestment | Decreasedinvestment | Withdrawnimpairmentprovision | Other | |||||
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 1,973,671,883.08 | 616,875,000.00 | 2,590,546,883.08 | |||||
| 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 | 446,250,000.00 | 2,471,926,105.10 | |||||
| Total | 4,529,830,463.43 | 1,063,125,000.00 | 5,592,955,463.43 | |||||
（2）Investmenttojointventuresandassociatedenterprises
InRMB
| Name | Openingbalance | Initialbalanceoftheimpairmentprovision | Increase/decreaseinreportingperiod | Closingbalance | Closingbalanceofimpairmentprovision | |||||||
| Increaseininvestment | Decreaseininvestment | Investmentincomeunderequitymethod | Othercomprehensiveincome | Otherchangesinequity | Announcedfordistributingcashdividendorprofit | Provisionforimpairment | Other | |||||
| I.Jointventures | ||||||||||||
| II.Associatedenterprises | ||||||||||||
| GuangdongGuangleExpresswayCo.,Ltd. | 22,256,547.69 | 15,538,696.31 | 798,738,620.32 | 805,456,471.70 | ||||||||
| GuangdongJiangzhongExpresswayCo.,Ltd. | 599,185,872.46 | 21,150,000.00 | -14,593,022.83 | 10,920,459.86 | 594,822,389.77 | |||||||
| GuoyuanSecuritiesCo.,Ltd. | 1,086,436,061.59 | 56,542,701.08 | -14,809,716.99 | 18,626,864.76 | 1,786,984.72 | 1,111,329,165.64 | ||||||
| GanzhouGankangExpresswayCo.,Ltd. | 178,670,052.26 | 15,513,866.16 | 12,000,000.00 | 182,183,918.42 | ||||||||
| Name | Openingbalance | Initialbalanceoftheimpairmentprovision | Increase/decreaseinreportingperiod | Closingbalance | Closingbalanceofimpairmentprovision | |||||||
| Increaseininvestment | Decreaseininvestment | Investmentincomeunderequitymethod | Othercomprehensiveincome | Otherchangesinequity | Announcedfordistributingcashdividendorprofit | Provisionforimpairment | Other | |||||
| GanzhouKangdaExpresswayCo.,Ltd. | 271,494,771.93 | 35,503,202.11 | 30,000,000.00 | 276,997,974.04 | ||||||||
| GuangdongYuepuScienceandTechnologyMicrofinanceCo.,Ltd. | 225,188,581.81 | 6,590,735.83 | 10,058,805.32 | 221,720,512.32 | ||||||||
| ShenzhenHuiyanExpresswayCo.,Ltd. | 401,802,859.16 | 32,068,538.54 | 433,871,397.70 | |||||||||
| ZhaoqingYuezhaoHighwayCo.,Ltd. | 554,108,739.37 | 41,944,961.21 | 54,150,000.00 | 721,053,700.58 | ||||||||
| Subtotal | 3,316,886,938.58 | 200,300,000.00 | 195,827,529.79 | -14,809,716.99 | 151,294,826.25 | 800,525,605.04 | 4,347,435,530.17 | |||||
| Total | 3,316,886,938.58 | 200,300,000.00 | 195,827,529.79 | -14,809,716.99 | 151,294,826.25 | 800,525,605.04 | 4,347,435,530.17 | |||||
4.BusinessincomeandBusinesscost
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod | ||
| Revenue | Cost | Revenue | Cost | |
| Mainbusiness | 1,423,776,151.84 | 591,557,687.21 | 1,495,267,944.19 | 553,643,384.05 |
| Other | 15,965,226.28 | 270,573.36 | 13,232,631.73 | 1,021,300.25 |
| Total | 1,439,741,378.12 | 591,828,260.57 | 1,508,500,575.92 | 554,664,684.30 |
5.Investmentincome
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod |
| Long-termequityinvestmentincomeaccountedbycostmethod | 1,132,360,030.84 | 842,860,407.87 |
| Long-termequityinvestmentincomeaccountedbyequitymethod | 195,827,529.79 | 196,194,159.84 |
| Dividendincomefromotherequityinstrumentinvestmentsduringtheholdingperiod | 44,772,473.91 | 102,323,410.08 |
| Other | 5,487,799.91 | 18,478,714.63 |
| Total | 1,378,447,834.45 | 1,159,856,692.42 |
XX.SupplementaryInformation
1.Currentnon-recurringgains/losses
√Applicable□Notapplicable
InRMB
| Item | Amount | Notes |
| Non-currentassetdisposalgain/loss | 23,759,341.63 | |
| Governmentsubsidiesrecognizedincurrentgainandloss(excludingthosecloselyrelatedtotheCompany’sbusinessandgrantedunderthestate’spolicies) | 1,012,600.35 | |
| Gainandlossfromchangeofthefairvaluearisingfromtransactionalmonetaryassets,transactionalfinancialliabilitiesasheldaswellastheinvestmentincomearisingfromdisposalofthetransactionalmonetaryassets,transactionalfinancialliabilitiesandfinancialassetsavailableforsaleexcludingtheeffectivehedgingtransactioninconnectionwiththeCompany’snormalbusiness | 8,725,590.15 | |
| Capitaloccupationchargesonnon-financialenterprisesthatarerecordedintocurrentgainsandlosses | 742,880.50 | |
| Netamountofnon-operatingincomeandexpenseexcepttheaforesaiditems | -910,572.44 | |
| Othernon-recurringGains/lossitems | 1,010,945.97 | |
| Theimpairmentprovisionfortheadvanceexpensesthathaveoccurredbutneedtobedefinedfromthesourceoffunds | 342,942,142.53 | ThemaintenanceandmanagementexpensesadvancedbyGuangfoCompanyhavebeenconfirmedtobereimbursedbytheProvincialLoanRepaymentCenter,andtheaccruedimpairmentprovisionshavebeenreversedaccordingly. |
| Less:Influencedamountofincometax | 8,633,279.22 | |
| Influencedamountofminorshareholders’equity(aftertax) | 90,315,723.75 | |
| Total | 278,333,925.72 | -- |
Detailsofotherprofitandlossitemsthatmeetthenon-recurringprofitandlossdefinition
□Applicable?Notapplicable
Therearenoothergains/lossesitemsthatmeetthedefinitionofnon-recurringgains/lossesintheCompany.Explaintheitemsdefinedasrecurringprofit(gain)/lossaccordingtothelistsofextraordinaryprofit(gain)/lossinQ&AAnnouncementNo.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic---ExtraordinaryProfit/loss
□Applicable?Notapplicable
2.Returnonequity(ROE)andearningspershare(EPS)
| Profitasofreportingperiod | WeightedaverageROE(%) | EPS（Yuan/share） | |
| EPS-basic | EPS-diluted | ||
| NetprofitattributabletocommonshareholdersoftheCompany | 16.83% | 0.86 | 0.86 |
| NetprofitattributabletocommonshareholdersoftheCompanyafterdeductionofnon-recurringprofitandloss | 14.23% | 0.73 | 0.73 |
3.Differencesbetweenaccountingdataunderdomesticandoverseasaccountingstandards
（1）SimultaneouslypursuanttobothChineseaccountingstandardsandinternationalaccountingstandardsdisclosedinthefinancialreportsofdifferencesinnetincomeandnetassets.
□Applicable□√Notapplicable
（2）DifferencesofnetprofitandnetassetsdisclosedinfinancialreportspreparedunderoverseasandChineseaccountingstandards.
□Applicable□√Notapplicable
(3)Explanationofthereasonsforthedifferencesinaccountingdataunderdomesticandforeignaccountingstandards.Ifthedatathathasbeenauditedbyanoverseasauditinstitutionisadjustedfordifferences,thenameoftheoverseasinstitutionshouldbeindicated