GuangdongProvincialExpresswayDevelopmentCo.,Ltd.
2022AnnualReport
March2023
I.ImportantNotice,TableofContentsandDefinitions
TheBoardofDirectorsandthedirectors,SupervisoryCommitteeandsupervisorsandSeniorExecutivesoftheCompanyherebywarrantthatattheyear,therearenomisstatement,misleadingrepresentationorimportantomissionsinthisreportandshallassumejointandseveralliabilityfortheauthenticity,accuracyandcompletenessofthecontentshereof.Mr.MiaoDeshan,TheCompanyleader,Mr.WangChunhua,GeneralManager,Mr.LuMing,ChieffinancialofficerandtheMs.ZhouFang,thepersoninchargeoftheaccountingdepartment(thepersoninchargeoftheaccounting)herebyconfirmtheauthenticityandcompletenessofthefinancialreportenclosedinthisannualreport.AllthedirectorsattendedtheboardmeetingforreviewingtheAnnualReport.ThetollrevenuesofExpresswayismainsourceofthemajorbusinessincomeofthecompany,Thechargestandardofvehicletollmustbesubmittedtothesamelevelpeople'sgovernmentforreviewandapprovalafterthetransportregulatorydepartmentofprovince,autonomousregionormunicipalitydirectlyunderthecentralgovernmentinconjunctionwiththepriceregulatorydepartmentatthesamelevelconsenteduponexamination.Therefore,theadjustmenttrendofthechargepriceandthechargepriceifhasthecorrespondingadjustmentinthefuturepricelevelwhenthecostofthecompanyrisesstilldependontheapprovalofrelevantnationalpoliciesandgovernmentdepartments,andthecompanyisn'tabletomaketimelyadjustmenttothechargestandardinaccordancewiththeitsownoperationcostorthechangeofmarketsupplydemand.So,thechangeofchargepolicyandtheadjustmentofchargestandardalsohaveinfluenceontheexpresswaysoperatedbythecompanytosomeextent.So,thechargingpolicychangesandchargesadjustmentwillaffectthehighwaysoperationofthecompany.Theprofitdistributionproposalreviewedandapprovedbytheboardingmeetingwassummarizedasfollows:
2,090,806,126forthebase,theCompanywoulddistributecashdividendtoalltheshareholdersattherateofCNY4.28forevery10shares(withtaxinclusive),0bonusshares(includingtax)andnoreservewouldbeconvertedintosharecapital.
TableofContents
I.ImportantNotice,TableofcontentsandDefinitionsII.CompanyProfile&FinancialHighlights.III.ManagementDiscussion&AnalysisIV.CorporateGovernanceV.Environmental&SocialResponsibilityVI.ImportantEventsVII.ChangeofsharecapitalandshareholdingofPrincipalShareholdersVIII.SituationofthePreferredSharesIX.CorporateBondX.FinancialReport
Documentsavailableforinspection
1.Accountingstatementscarriedwithpersonalsignaturesandsealsoflegalrepresentative,GeneralManager,ChiefFinancialofficerandFinancialPrincipal.
2.OriginalofAuditors’ReportcarriedwiththesealofCertifiedPublicAccountantsaswellaspersonalsignaturesofcertifiedPublicaccountants.
3.ThetextsofalltheCompany'sdocumentspubliclydisclosedonthenewspapersandperiodicalsdesignatedbyChinaSecuritiesRegulatoryCommissioninthereportperiod.
Definition
Termstobedefined | Refersto | Definition |
Reportingperiod,Thisyear | Refersto | January1,2022toDecember31,2022 |
Reportingdate | Refersto | Theannualreportofthecompanywasapprovedbytheboardofdirectorson2022,thatisMarch20,2023 |
YOY | Refersto | Comparedwith2021 |
TheCompany/ThisCompany | Refersto | GuangdongProvincialExpresswayDevelopmentCo.,Ltd. |
CommunicationGroup | Refersto | GuangdongCommunicationGroupCo.,Ltd. |
GuangfoCompany | Refersto | GuangdongGuangfoExpresswayCo.,Ltd. |
GuangdongExpresswayCapital | Refersto | YuegaoCapitalInvestment(Guangzhou)Co.,Ltd. |
GuanghuiCompany | Refersto | GuangdongGuanghuiExpresswayCo.,Ltd. |
GuangdongExpresswayTechnology | Refersto | GuangdongExpresswayTechnologyInvestmentCo.,Ltd. |
II.CompanyProfile&FinancialHighlights.
1.CompanyProfile
Stockabbreviation: | ExpresswayA,ExpresswayB | Stockcode | 000429、200429 |
Stockexchangeforlisting | ShenzhenStockExchange | ||
NameinChinese | 广东省高速公路发展股份有限公司 | ||
AbbreviationofRegisteredCompany(ifany) | 粤高速 | ||
Englishname(Ifany) | GuangdongProvincialExpresswayDevelopmentCo.Ltd. | ||
Englishabbreviation(Ifany) | GPED | ||
LegalRepresentative | MiaoDeshan | ||
Registeredaddress | 85BaiyunRoad,Guangzhou,GuangdongProvince | ||
PostalcodeoftheRegisteredAddress | 510100 | ||
Historicalchangeofthecompany'sregisteredaddress | 1992—1999,4/F,DongjianBuilding,No.503,DongfengRoad,Guangzhou;Since1999,85BaiyunRoad,Guangzhou,GuangdongProvince | ||
OfficeAddress | 45-46/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TianheDisrtict,Guangzhou | ||
Postalcodeoftheofficeaddress | 510623 | ||
InternetWebSite | www.gpedcl.com | ||
ygs@gdcg.cn |
2.Contactpersonandcontactmanner
Boardsecretary | SecuritiesaffairsRepresentative | |
Name | YangHanming | LiangJirong |
Contactaddress | 46/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TianheDistrict,Guangzhou | 45/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TianheDistrict,Guangzhou |
Tel | 020-29004619 | 020-29004523 |
Fax | 020-38787002 | 020-38787002 |
Hmy69@126.com | 139221590@qq.com |
3.Informationdisclosureandplaced
NewspapersselectedbytheCompanyforinformationdisclosure | SecuritiesTimes,ChinaSecurities,ShanghaiSecuritiesDailyandHongkongCommercialDaily. |
InternetwebsitedesignatedbyCSRCforpublishingtheAnnualreportoftheCompany | www.cninfo.com.cn |
TheplacewheretheAnnualreportispreparedandplaced | SecuritiesaffairDeptoftheCompany |
4.ChangesinRegistration
OrganizationCode | 91440000190352102M |
Changesinprincipalbusinessactivitiessincelisting(ifany) | Nochange |
Changesisthecontrollingshareholderinthe | OnNovember2000,InaccordancewithCaiGuanZi(2008)No.109 |
past(isany) | DocumentofMinistryofFinanceandYueBanHan(2000)No.574DocumentofGeneralOfficeofGuangdongPeople'sGovernment,thestate-ownedsharesofGuangdongExpresswayoriginallyentrustedtoGuangdongExpresswayCompany(nowrenamedas"GuangdongProvincialExpresswayCo.,Ltd.")formanagementweretransferredtoGuangdongCommunicationGroupCo.,Ltd.forholdingandmanagement.Afterthetransferofstate-ownedshares,GuangdongCommunicationGroupCo.,Ltd.becamethelargestshareholderoftheCompany.Thenatureofequitywasdefinedasstate-ownedshares. |
5.OtherRelevantInformationCPAsengaged
NameoftheCPAs | YongTuoCerifiedPublicAccountants(SpecialGeneralPartnership) |
Officeaddress: | 13/F,2Building,No.1NorthStreet,Guandongdian,ChaoyangDistrict,Beijing |
NamesoftheCertifiedPublicAccountantsasthesignatories | ShiShaoyu,HuangZhiyan |
ThesponsorperformingpersistentsupervisiondutiesengagedbytheCompanyinthereportingperiod.
□Applicable√NotapplicableTheFinancialadvisorperformingpersistentsupervisiondutiesengagedbytheCompanyinthereportingperiod
□Applicable√Notapplicable
6.SummaryofAccountingdataandFinancialindexWhetherithasretroactiveadjustmentorre-statementonpreviousaccountingdata
□Yes?No
2022 | 2021 | ChangesofthisperiodoversameperiodofLastyear(%) | 2020 | |
Operatingincome(Yuan) | 4,168,634,113.98 | 5,288,057,677.93 | -21.17% | 3,790,348,876.26 |
Netprofitattributabletotheshareholdersofthelistedcompany(Yuan) | 1,277,069,521.90 | 1,700,406,981.99 | -24.90% | 867,842,774.78 |
Netprofitafterdeductingofnon-recurringgain/lossattributabletotheshareholdersoflistedcompany(Yuan) | 1,311,599,314.34 | 1,693,091,639.41 | -22.53% | 704,821,643.20 |
Cashflowgeneratedbybusinessoperation,net(Yuan) | 2,752,026,558.38 | 3,669,744,721.16 | -25.01% | 2,636,187,241.05 |
Basicearningpershare(Yuan/Share) | 0.61 | 0.81 | -24.69% | 0.42 |
Dilutedgainspershare(Yuan/Share) | 0.61 | 0.81 | -24.69% | 0.42 |
WeightedaverageROE(%) | 14.30% | 20.11% | -5.81% | 8.27% |
Endof2022 | Endof2021 | Changedoverlastyear(%) | Endof2020 | |
Grossassets(Yuan) | 20,267,197,153.88 | 18,875,766,799.31 | 7.37% | 19,748,578,658.11 |
Netassetsattributabletoshareholdersofthelistedcompany(Yuan) | 9,075,877,244.12 | 8,982,437,985.17 | 1.04% | 7,933,136,499.11 |
Thelowerofthecompany’snetprofitbeforeandafterthedeductionofnon-recurringgainsandlossesinthe
lastthreefiscalyearsisnegative,andtheauditor'sreportofthepreviousyearshowsthattheCompany’sgoingconcernabilityisuncertain.
□Yes√NoThelowerofthenetprofitbeforeandafterthedeductionofthenon-recurringgainsandlossesisnegative.
□Yes√No
7.Thedifferencesbetweendomesticandinternationalaccountingstandards1.SimultaneouslypursuanttobothChineseaccountingstandardsandinternationalaccountingstandardsdisclosedinthefinancialreportsofdifferencesinnetincomeandnetassets.
□Applicable□√NotapplicableNone
2.DifferencesofnetprofitandnetassetsdisclosedinfinancialreportspreparedunderoverseasandChineseaccountingstandards.
□Applicable√NotapplicableNone
8.MainFinancialIndexbyQuarters
InRMB
Firstquarter | Secondquarter | Thirdquarter | Fourthquarter | |
Operatingincome | 1,066,130,065.73 | 991,290,743.95 | 1,230,638,061.98 | 880,575,242.32 |
Netprofitattributabletotheshareholdersofthelistedcompany | 430,950,001.90 | 342,836,849.78 | 417,932,338.24 | 85,350,331.98 |
Netprofitafterdeductingofnon-recurringgain/lossattributabletotheshareholdersoflistedcompany | 404,041,784.19 | 339,048,311.00 | 416,174,263.76 | 152,334,955.39 |
NetCashflowgeneratedbybusinessoperation | 771,364,037.16 | 672,187,229.14 | 939,303,258.72 | 369,172,033.36 |
Whethersignificantvariancesexistbetweentheabovefinancialindexortheindexwithitssumandthefinancialindexofthequarterlyreportaswellassemi-annualreportindexdisclosedbytheCompany.
□Yes√No
9.Itemsandamountofnon-currentgainsandlosses
√Applicable□Notapplicable
InRMB
Items | Amount(2022) | Amount(2021) | Amount(2020) | Notes |
Non-currentassetdisposalgain/loss(includingthewrite-offpartforwhichassetsimpairmentprovisionismade) | 62,389.24 | 4,350,214.54 | -8,261,533.18 | |
Governmentsubsidiesrecognizedincurrentgainandloss(excludingthosecloselyrelatedtotheCompany’sbusinessandgrantedunderthestate’spolicies) | 12,414,047.87 | 16,348,006.07 | 8,359,291.82 | |
Netgainandlossofthesubsidiaryunderthecommoncontrolandproducedfromenterpriseconsolidationfromthebeginningoftheperiodtotheconsolidationdate | 546,213,524.55 | |||
Gainandlossfromchangeofthefairvaluearisingfromtransactionalmonetaryassets,transactionalfinancialliabilitiesasheldaswellastheinvestmentincomearisingfromdisposalofthetransactionalmonetaryassets,transactionalfinancialliabilitiesandfinancialassetsavailableforsaleexcludingtheeffectivehedgingtransactioninconnectionwiththe | 10,400,000.00 |
Company’snormalbusiness | ||||
Gain/lossfromexternalentrustedloan | 25,515.00 | |||
Theimpairmentprovisionfortheadvanceexpensesthathaveoccurredbutneedtobedefinedfromthesourceoffunds | -97,749,481.71 | |||
Netamountofnon-operatingincomeandexpenseexcepttheaforesaiditems | -1,798,078.90 | -5,840,734.56 | -1,069,827.30 | |
Othernon-recurringGains/lossitems | 14,877,866.34 | 1,252,349.09 | 974,321.89 | |
Less:Influencedamountofincometax | -5,627,816.96 | 4,027,139.54 | 2,214.32 | |
Influencedamountofminorshareholders’equity(aftertax) | -21,610,132.76 | 4,767,353.02 | 383,192,431.88 | |
Total | -34,529,792.44 | 7,315,342.58 | 163,021,131.58 | -- |
Detailsofotherprofitandlossitemsthatmeetthenon-recurringprofitandlossdefinition
√Applicable□NotapplicableDuetothespecialnatureoftheimpairmentprovisionformanagementandmaintenanceexpensesadvancedbytheGuangzhou-FoshanExpresswaytobeclarified,itwillaffectthenormaljudgmentoftheCompany'soperatingperformanceandprofitabilitybytheuserofthereport.FortheCompany’snon-recurringgain/lossitemsasdefinedintheExplanatoryAnnouncementNo.1oninformationdisclosureforCompaniesOfferingtheirSecuritiestothePublic-Non-recurringGainsandLossesanditsnon-recurringgain/lossitemsasillustratedintheExplanatoryAnnouncementNo.1oninformationDisclosureforCompaniesofferingtheirsecuritiestothepublic-non-recurringGainsandlosseswhichhavebeendefinedasrecurringgainsandlosses,itisnecessarytoexplainthereason.
□Applicable√NotapplicableNoneofNon-recurringgain/lossitemsrecorgnizedasrecurringgain/loss/itemsasdefinedbytheinformationdisclosureexplanatoryAnnouncementNo.1-Non–recurringgain/lossinthereportperiod.
III.ManagementDiscussion&AnalysisI.IndustryinformationoftheCompanyduringthereportingperiod
TheCompany'smainbusinessistheinvestment,construction,chargingandmaintenancemanagementoftollhighwaysandbridges,whichshallbeclassifiedintotheroadtransportindustry.Highwayindustryisthebasicandleadingserviceindustryofnationaleconomy,whichcanrationallyallocaterelevantresources,improvethequalityandefficiencyofeconomicoperation,andplayaleadingroleinthetransportationindustry.Asanimportantpartofthehighwayindustry,theexpresswayisanimportantnationalresource,whichischaracterizedbyhighdrivingspeed,largetrafficcapacity,lowtransportationcostandsafedriving,andplaysanimportantroleinpromotingnationaleconomicgrowth,improvingpeople'slivequalityandsafeguardingnationalsecurity.
Withthebasicpenetrationofthe"ten-verticalandten-horizontal"comprehensivetransportationcorridorandthebasiccompletionofthe"71118"nationalexpresswaynetworkplanning,China'sexpresswaynetworkhasbeencontinuouslyextended,withsignificantlyincreasedindustrydevelopment.Accordingtothestatisticaldataofthe2021StatisticalBulletinonDevelopmentofTransportationIndustryissuedbytheMinistryofTransport,bytheendof2021,thetotalmileageofexpresswaysinChinahasreached169,100kilometers,withanincreaseof8,100kilometers,andayear-on-yearincreaseof5.03%.
DespitetherapiddevelopmentofChina'sexpresswayindustryandtheinitialscaleofexpresswaytrunklinesandnetworks,thereisstillacertaingapbetweenChinaandthedevelopedcountriesintermsofconvenienceandunobstruction.China'sexpresswayconstructionfocusedonconnectinglargecitiesabovedesignatedscaleatfirstandhasturnedtointer-provincialconnectivityandconnectedothercitiesinrecentyears.Thereisstillalackofdirectandeffectiveconnectionbetweensomeprefecture-levelcitieswithlargepopulationandeconomicaggregateandprovincialcapitals,aswellasbetweenprefecture-levelcities.Moreover,theexpresswayconstructionineasternChinastartedearlierandtheroadnetworkdensityishigh,buttheroadnetworkdensityinthevastcentralandwesternregionsisstilllow.WithChina'seconomicdevelopmentsteppingintoanewnormal,thenationaleconomyisconstantlygrowing,thestrategiessuchascoordinateddevelopmentofBeijing-Tianjin-Hebei,regionalintegrationoftheYangtzeRiverDelta,developmentoftheYangtzeRiverEconomicBelt,andGuangdong-HongKong-MacaoGreaterBayAreaconstructionarefurtheradvanced,thewholesociety'sdemandforsupportingservicesofexpresswaysisexpectedtoincreasecontinuously,andChina'sexpresswayindustrystillwitnessesalargedevelopmentpotentialinthefuture.
Asanimportantinfrastructureindustryforthedevelopmentofnationaleconomy,mostoftheexpresswaytransportationdemandsarerigiddemands,whicharelessaffectedbymacroeconomicfluctuationsandlesscyclical.Astheoperatingincomeofexpresswayenterprisesismainlyincash,andthecashflowisabundant,itensuresthestabilityandsecurityofexpresswayindustryoperationandfinance.Whentheeconomyisbooming,therapidgrowthoftrafficcandrivethedevelopmentoftheindustrytoacertainextent;duringtheperiodofeconomicadjustment,theexpresswayindustrycanbetterresistthemarketimpactcausedbymacroeconomicchangeswithitsuniquerigiddemands.Therefore,theexpresswayindustryischaracterizedbystronganti-riskabilityandstableinvestmentincome.
InSeptember2022,theMinistryofTransportissuedthe"NoticeonsmoothlaunchinPhasedforReductionandExemptionofTollRoadTruckTolls".Onthebasisofcontinuingtoimplementtheexistingvarioustollreductionpolicies,thenationaltollroadswillbeunifiedfortrucks.Thefeewillbereducedbyanother10%,andthetimeframewillstartfrom00:00onOctober1,2022andendat24:00onDecember31,2022.Thispolicywillhaveacertainimpactonthetollrevenueofthecompany'sshareholdingexpresswayinthefourthquarterof2022.
II.MainBusinesstheCompanyisEngagedinDuringtheReportPeriodTheCompany'smainbusinessindevelopingandoperatingexpresswayandbigbridges.ItisoneofthemaininstitutionsofdevelopingexpresswayandbigbridgeinGuangdongExpresswaySystem.Theexpresswayindustryistheindustryhelpedbygovernment.TheCompanyismainlyengagedintollingandmaintenanceofGuangfoExpressway,FokaiExpressway,JingzhuExpresswayGuangzhuSectionandGuanghuiExpresswayinvestmentintechnologicalindustriesandprovisionofrelevantconsultationwhileinvestinginShenzhenHuiyanExpresswayCo.,Ltd.,GuangdongJiangzhongExpresswayCo.,Ltd.,ZhaoqingYuezhaoExpresswayCo.,Ltd.,GanzhouKangdaExpressway,GanzhouGankangExpresswayCo.,Ltd.,GuangdongYuekeTechnologyPettyLoanCo.,Ltd.,GuangdongGuangleExpresswayCo.,Ltd.,GuoyuanSecuritiesCo.,Ltd.,HunanLianzhiTechnologyCo.,Ltd.,SPICYuetongQiyuanChipPowerTechnologyCo.,Ltd.,CMSTNanjingIntelligentLogisticsTechnologyCo.,Ltd.andShenzhenGarageElectricPileTechnologyCo.,Ltd.Asoftheendofthereportingperiod,thecompany’sshare-controlledexpresswayis306.78km,andtheshare-participationexpresswayis295.88km.III.AnalysisOncoreCompetitiveness
Thetollrevenueofexpresswayindustrymainlydependsontheregionaleconomicdevelopment.Theregionaleconomyisthecriticalfactorthatinfluencesthetrafficvolume.TheGuangfoexpresswayandtheFokaiexpressway,controlledbythecompany,arepartoftheNationalExpresswayNetworkPlanning-“Fiveverticalandsevenhorizontal”,JingzhuExpresswayGuangzhuSectionisafastandconvenientexpressway,GuanghuiExpresswayisanimportantsectionofthenationalkeyhighway-the15thHengshanweitoYunnanQingshuiheHighway,Andmanyofthecompany’sequity-participationexpresswaysthatarepartofthemainskeletonoftheGuangdongProvincialExpresswayPlanning-“Tenverticalandfivehorizontal”,whichprovidesastrongguaranteeforstabletrafficvolume.Meanwhile,theregionaleconomyisthecriticalfactorthatinfluencesthetrafficvolume,asGuangdongprovinceistheeconomicallydevelopedregion,withyears’continuoushighgrowthofGDP,sothatprovidesthestablerisingdemandforthecompany.IV.MainbusinessanalysisⅠ.General
(1)Theoverallsituation
In2022,theCompanyadheredtotheguidanceofXiJinpingThoughtonSocialismwithChineseCharacteristicsforaNewEra,adheredtothegeneralprincipleofseekingprogresswhilemaintainingstability,coordinatedandpromotedtheimplementationoftheCompany's"FourteenthFive-YearPlan"strategyandannualkeytasks,comprehensivelydeepenedreformswhilefocusingonmainresponsibilitiesandmainbusinesses,fulfilledtheresponsibilitiesofstate-ownedenterprises,progressedsolidlyinhigh-qualitydevelopment,andachievedastate-ownedcapitalvaluepreservationandappreciationrateof113.98%.
1)Solidlycarryouttheworkrelatedtothereconstructionandexpansionoftheexpresswayproject.Successfullycompletedtheinvestmentdecision-makingprocessforthereconstructionandexpansionprojectofGuangzhou-ZhuhaiSectionofBeijing-ZhuhaiExpressway,aprovincialkeyconstructionprojectinvestedbythecompany;ContinuetofollowuptheprogressofthereconstructionandexpansionprojectsofZhongshan–JiangmenExpresswayandHuizhou-ShenzhenExpressway,andtimelyhandletheproceduresforshareholders'investmentaccordingtotheconstructionprogressoftheconstructionperiodtoensurethecapitaldemandofthereconstructionandexpansionprojects;CarryoutpreliminaryresearchonthereconstructionandexpansionprojectsofGuangzhou-ZhaoqingExpresswayandGuangzhou-HuizhouExpressway.
2)Continuouslyoptimizethelayoutofstate-ownedcapital.First,efficientlycompletethe100%equitytransferofGuangdongHi-Tech,effectivelyadjustandoptimizetheCompany'sassetstructure,andcontributetotheCompany'scentralizedmainbusinessandefficientdevelopment;Second,focusonthenational"doublecarbon"strategyandinvestinnewenergy,newtechnologiesandnewplatformprojects.RelyingontheplatformofYuegaoCapital,aftertheinvestmentinLianzhiScienceandTechnologyProjectandYuetongQiyuanxinProjectwascompletedin2020and2021,in2022,addnewinvestmentinNanjingSmartLogisticsTechnologyCo.,Ltd.andShenzhenGarageElectricPileTechnologyCo.,Ltd.tosteadilypromotetheequityinvestmentbusinessofYuegaoCapital'snon-expresswayprojectsandinjectnewmomentumintothesustainabledevelopmentofGuangdongExpressway.
3)Withthegoalofreducingcostsandincreasingefficiency,enhancethevitalityofincreasingincomeandcreatingefficiency.First,strengthenrigidconstraintstocontrolcostsandexpenses,strictlycontrolkeylinksandkeyareasaccurately,organizeholdingsectioncompaniestostudyeffectivemeasures,andfullypromotetheimplementationoftheworkgoalof"achievingthemonthlygoalbyfulfillingten-daygoalandachievingtheseasonalgoalbyfulfillingthemonthlygoal";Second,reducecapitalcostandimproveutilizationefficiency.Reducefinancialexpensesbyrepayingloansinadvance,promotingdecreaseininterestrateofexistingloans,andactivelyrevitalizingexistingfunds;Third,makeoverallplanningandcoordinationinadvancetoguaranteefunds.Activelyseeklow-costfinancingbyopeningupfinancingchannels.
4)Takemultiplemeasurestoensurestabilityandpromotebenefits.First,wellensuresmoothflow,safetyandexcellentservice.Second,effectivelyimprovetheaccuracyofinspectionescapecombat.Third,carryouttheroadguide,checkthenavigationsoftwarepath,rate,serviceareaandsiteservicefacilityinformation,mileageandcontrol,constructioninformation,etc.Fourth,strengthenthemanagementofexpresswayservicepointsandvigorouslypromotetheissuanceofETC.
(2)Participateintheholdingofthehighwaysituation
In2022,theCompany'soperatingincomedecreasedsignificantlyduetothePublichealtheventsintheprovincethatspreadatmultiplepointsandlastedforalongtime,andthe10%tollreductionfortolltrucksontollroadsinthefourthquarter.Thetrafficvolumeandtollincomeofparticipatingandholdingexpresswaysareasfollows:
Volumeofvehicletrafficin2022(Tenthousandsvehicles) | Increase/Decrease(%) | Tollincomein2022(Tenthousands) | Increase/Decrease(% | |
GuangfoExpressway | 7,799.42 | -1.63% | 6,560.05 | -85.38% |
FokaiExpressway | 7,648.24 | -10.80% | 129,621.28 | -10.88% |
JingzhuExpresswayGuangzhuEastSection | 5,673.10 | -20.83% | 90,273.43 | -20.87% |
GuanghuiExpressway | 7,550.65 | -8.98% | 183,121.92 | -13.87% |
HuiyanExpressway | 4,471.36 | -13.60% | 19,950.28 | -17.00% |
GuangzhaoExpressway | 3,391.71 | -11.05% | 46,380.80 | -13.42% |
JiangzhongExpressway | 5,117.72 | -23.74% | 34,198.72 | -28.25% |
KangdaExpressway | 116.22 | -20.17% | 27,485.46 | -12.15% |
GankangExpressway | 393.98 | -14.50% | 18,879.86 | -5.15% |
GuangleExpressway | 3,758.49 | -4.28% | 289,900.12 | -13.62% |
Note.AccordingtotheinformalletterNo.24-[2022]YueTransportationOperation-"NoticeoftheDepartmentofTransportationofGuangdongProvinceonIssuesConcerningtheExpirationofTollCollectionofGuangfoExpressway"issuedbyGuangdongProvincialDepartmentofTransportation,GuangfoExpresswayshallstoptollcollectionfrom0:00onMarch3,2022.
2.Revenueandcost
(1)ComponentofBusinessIncome
InRMB
2022 | 2021 | Increase/decrease | |||
Amount | Proportion | Amount | Proportion | ||
Totaloperatingrevenue | 4,168,634,113.98 | 100% | 5,288,057,677.93 | 100% | -21.17% |
Industry | |||||
Highwaytransportations | 4,095,766,725.59 | 98.25% | 5,170,312,170.97 | 97.77% | -20.78% |
Other | 72,867,388.39 | 1.75% | 117,745,506.96 | 2.23% | -38.11% |
Product | |||||
Highwaytransportations | 4,095,766,725.59 | 98.25% | 5,170,312,170.97 | 97.77% | -20.78% |
Other | 72,867,388.39 | 1.75% | 117,745,506.96 | 2.23% | -38.11% |
Area | |||||
GuangfoExpressway | 65,600,461.66 | 1.57% | 448,854,642.12 | 8.49% | -85.38% |
FokaiExpressway | 1,296,212,805.59 | 31.09% | 1,454,377,306.80 | 27.50% | -10.88% |
JingzhuExpresswayGuangzhuSection | 902,734,286.55 | 21.66% | 1,140,880,993.81 | 21.57% | -20.87% |
GuanghuiExpressway | 1,831,219,171.79 | 43.93% | 2,126,199,228.24 | 40.21% | -13.87% |
Other | 72,867,388.39 | 1.75% | 117,745,506.96 | 2.23% | -38.11% |
Sub-salesmodel | |||||
Highwaytransportations | 4,095,766,725.59 | 98.25% | 5,170,312,170.97 | 97.77% | -20.78% |
Other | 72,867,388.39 | 1.75% | 117,745,506.96 | 2.23% | -38.11% |
(2)SituationofIndustry,ProductandDistrictOccupyingtheCompany’sBusinessIncomeandOperatingProfitwithProfitover10%
√Applicable□Notapplicable
InRMB
Turnover | Operationcost | Grossprofitrate(%) | Increase/decreaseofrevenueinthesameperiodofthepreviousyear(%) | Increase/decreaseofbusinesscostoverthesameperiodofpreviousyear(%) | Increase/decreaseofgrossprofitrateoverthesameperiodofthepreviousyear(%) | |
Industry | ||||||
Highwaytransportations | 4,095,766,725.59 | 1,550,367,576.44 | 62.15% | -20.78% | -17.29% | -1.60% |
Product | ||||||
Highwaytransportations | 4,095,766,725.59 | 1,550,367,576.44 | 62.15% | -20.78% | -17.29% | -1.60% |
Area | ||||||
GuangfoExpressway | 65,600,461.66 | 15,920,478.79 | 75.73% | -85.38% | -89.09% | 8.25% |
FokaiExpressway | 1,296,212,805.59 | 582,933,531.68 | 55.03% | -10.88% | -18.36% | 4.13% |
JingzhuExpresswayGuangzhuSection | 902,734,286.55 | 342,515,188.62 | 62.06% | -20.87% | -7.68% | -5.42% |
GuanghuiExpressway | 1,831,219,171.79 | 608,998,377.35 | 66.74% | -13.87% | -5.36% | -3.00% |
Sub-salesmodel | ||||||
Highwaytransportations | 4,095,766,725.59 | 1,550,367,576.44 | 62.15% | -20.78% | -17.29% | -1.60% |
Undercircumstancesofadjustmentinreportingperiodforstatisticscopeofmainbusinessdata,adjustedmainbusinessbasedonlatestonyear’sscopeofperiod-end.
□Applicable√Notapplicable
(3)WhethertheCompany’sPhysicalSalesIncomeExceededServiceIncome
□Yes√No
(4)DegreeofPerformanceoftheSignificantSalesContractSigneduptothisReportPeriod
□Applicable√Notapplicable
(5)ComponentofbusinesscostIndustrycategory
InRMB
Industrycategory | Items | 2022 | 2021 | Increase/Decrease(%) | ||
Amount | Proportionintheoperatingcosts(%) | Amount | Proportionintheoperatingcosts(%) | |||
Highwaytransportations | DepreciationandAmortized | 1,024,154,288.83 | 64.56% | 1,257,315,758.33 | 65.16% | -18.54% |
Highwaytransportations | Outofpocketexpenses | 526,213,287.61 | 33.17% | 617,154,159.89 | 31.99% | -14.74% |
Other | Other | 35,981,459.04 | 2.27% | 55,042,107.34 | 2.85% | -34.63% |
(6)WhetherChangesOccurredinConsolidationScopeintheReportPeriod
?Yes□NoDuringthereportingperiod,theCompanytransferred100%equityofitswholly-ownedsubsidiaryGuangdongExpresswayTechnologyInvestmentCo.,Ltd.toGuangdongLitongTechnologyInvestmentCo.,Ltd.onMarch29,2022,whichwillnolongerbeincludedinthescopeofconsolidatedfinancialstatementsattheendofthisperiod.
(7)RelevantSituationofSignificantChangesorAdjustmentoftheBusiness,ProductorServiceintheCompany’sReportPeriod
□Applicable√Notapplicable
(8)SituationofMainCustomersandMainSupplier
□Applicable√Notapplicable
3.Expenses
InRMB
2022 | 2021 | Increase/Decrease(%) | Notes | |
Administrativeexpenses | 191,426,081.46 | 223,605,442.46 | -14.39% | |
Financialexpenses | 191,071,151.10 | 221,714,312.76 | -13.82% | |
R&Dexpenses | 14,591,773.12 | 13,270,938.73 | 9.95% |
4.ResearchandDevelopment
√Applicable□Notapplicable
NameofmainR&Dproject | Projectpurpose | Projectprogress | Goaltobeachieved | ExpectedimpactonthefuturedevelopmentoftheCompany |
Researchonthekeytechnologiesoftheconstructionofanti-collisionmonitoringandearlywarningsystemandthetransformationofsafetymonitoringsystemforFoshan-KaipingExpresswaybridgecluster | OnthebasisoffollowingtheTechnicalGuidelinesforthePilotConstructionofStructuralHealthMonitoringSystemforHighwayLongSpanBridges,combinedwiththetechnicalcharacteristicsofFoshan-KaipingExpresswayandtherequirementsofinformationconstructionintransportationfieldinGuangdongProvince,theexistinghealthmonitoringsystemofJiujiangBridgeonFoshan–KaipingExpresswaywasoptimizedandupgraded,andanti-collisionmonitoringsystemswereaddedtotheotherthreenavigation-relatedsuper-largebridges. | Completed | (1)Realizethereal-timemonitoringofthestructuralsafetymonitoringsystem,andforewarnthebridgestructuralabnormality;Realizethereal-timestructuraldamageidentificationofthestructure.(2)Monitorthetrackofpassingships,sendoutsoundandlightalarmsignalsandwarntheyawingshipsthroughradiostationsandAISincaseofillegalyawingevents;Broadcastthenavigationofshipspassingunderthebridgeandgivesafetywarningtips.(3)Effectivelypreventtheprobabilityofthebridgebeinghitbyashipduringtheoperationperiod,extendtheservicelifeofthebridgeandensurethesafetyofthebridge.(4)Implementtheanti-collisionmonitoringsystemfor4bridgesofFoshan-KaipingExpresswayandthevisuallarge-screendisplaysystemforJiujiangBridgesafetymonitoringsystem.torealizethevisualmanagementofbridgefacilitiesandnavigationsafetyandimprovethemanagementlevel. | Effectivelyimprovethesafetymanagementandcontrollevelofbridgeandculvertstructure,graduallyrealizethedigitalizationandintelligenceofworkandmanagement,andeffectivelypromotethecorporategovernanceefficiencytoahigherlevel. |
Researchonmaintenanceandmanagementschemeofsuper-largebridge | Combinedwiththemanagementandmaintenanceneedsofextra-largebridges,realizethescientificmonitoringandprocessingofdataofsuper-largebridges,accurateevaluationofbridgeservicestatus,accurateandefficientearlywarningoffaultrisk,rapidtreatmentofdiseasedamageandscientificdecision-makingoffuturemanagementandmaintenance. | Completed | (1)Studythemechanismofdiseasecoupling,andestablishtheprobabilitymodelofresistanceattenuationofexistingbridges.(2)Putforwardthebridgeconditionevaluationmethod,andprovidereasonableandscientificsuggestionsforfuturemaintenanceandmaintenancecountermeasures.(3)Establishtheemergencystateofbridgesandthemeasurestodealwithspecialweather,andputforwardtheregulationsonthemanagementofbridgeengineeringfiles. | FormacompletesetofintelligentO&Mtechnologyforsuper-longconcretebridgeswithindependentintellectualpropertyrightsintheperspectiveofdiagnosis→evaluation→treatment,whichfurtherclarifiedthekeypointsofsuper-longbridgemanagementandmaintenance,achievedatargetedgoalinpracticalwork,effectivelyimprovedthemanagementandmaintenanceleveloftheCompany'ssuper-largebridgesandensuredstructuralsafety. |
ResearchonintelligentmonitoringsystemofJiujiangBridgebasedonBIM+GIS | Breakthetechnicalbarriersofvariousmaintenancedatabasesthroughtheexplorationandresearchofmaintenanceinformationtechnologyandalgorithm,realizetheintegration,analysisandapplicationofmaintenancedata,andimprovetheefficiencyofmaintenancemanagement. | Completed | (1)EstablishacompleteBIMdataapplicationsystemsuitableforbridgeoperationstage.(2)Throughthefusionofmulti-sourcedata,integrateintoastandardizedandrefineddatabasebackground,whichprovidesdatasupportforbridgemaintenancedecision-makingandmedium-andlong-termmaintenanceplanning,andformamodeofjointmanagementbyoneplatformandmultiplesystems. | Thissystemintegratesthebasicinformation,monitoringinformationandO&Minformationofbridge,establishesastructureddatabase,andcombinesthebasicworkflowofthemanagementandmaintenanceunittodisplaythebridgesituation,riversituation,equipmentconstructionsituationandequipmentworkingconditioninavisualway,andmonitorthebridgesituationinrealtime,so |
NameofmainR&Dproject | Projectpurpose | Projectprogress | Goaltobeachieved | ExpectedimpactonthefuturedevelopmentoftheCompany |
astosignificantlyimprovethemanagementandmaintenanceefficiencyandsavethemanagementandmaintenancecostthroughinformationmeans. | ||||
Researchonsafetymonitoringschemeofhighslope | ProposeasetofslopesafetymonitoringandearlywarningsystemwithBeidouhigh-precisionpositioningtechnologybasedonthedesigndata,operatingenvironmentandgeologicalconditionsoftheslopealongFoshan-KaipingExpressway,andconsideringthedifficultiesencounteredinthedailymanagementandmaintenanceoftheslope,realizetheintelligentmonitoringofthetargetslopethroughtheoverallmonitoringandlong-termanalysisoftheslopeinformationparameters,whichprovidesdecision-makingbasisforthedailymanagement,maintenanceandrepairoftheslope. | Completed | (1)BasedonBeidou,intellisense,InternetofThings,cloudcomputing,bigdataandothertechnologies,plantobuildanintegratedInternetofThingsplatformof"cloud,applicationandterminal"torealizeintellisense,intelligentanalysisandthree-dimensionalvisualizationofhighslopes,thetrinity,interconnectionandfusionof"cloud,applicationandterminal",whichrealizesthestorage,managementandintegrationof1millionprojectdata,andimprovestheprocessingefficiencyofhighslopeintelligentmonitoring,rapiddisasteridentification,earlywarningevaluationandemergencytreatmentinformationchain.(2)Realizetheout-of-limitgradingwarningsystemofslopemonitoring,anddiversifythereleasemethodsofwarninginformationtoensurethatwarninginformationissenttosupervisorsinrealtime. | TheapplicationofhighslopemonitoringandearlywarningsystembasedonBeidouhigh-precisionpositioningtechnologyinexpresswayslopedisastermonitoringcangreatlyreducealotoflaborinputandmanagementcosts,andrealize24-hourall-weatheronlinemonitoringandalarm,improvethetimelinessofslopediseasediscoveryanddisposal,andensurethesafeandstableoperationofexpressway. |
Researchonapplicationofkeytechnologiesofpavementpreventivemaintenance | Inviewofthetechnicaldefectsofordinaryultra-thinasphaltwearlayeratpresent,carryoutin-depthresearchfromtheaspectsofmaterials,technologyanddesignconcept,andproposeacompletesetofkeytechnologiesforpavementwearlayerwithdrainageandnoisereductionofUHPPandNovaChipultra-thinwearlayer,includingmaterialcomposition,mixdesign,technicalindexrequirements,constructiontechnologyandqualitycontrolmethods. | Completed | Onthebasisofthebrand-newUHPP,NovaChipultra-thinwearlayertechnology,rawmaterialformulaandtechnology,andthenewgradingtypewithstableframeembeddedstructureandhighasphaltcontent,formalargetrafficflowsectionwhichisnoteasytomaintain,andthenextendittothedurableenvironmentalprotectionpavementwearlayerunderdifferentworkingconditionssuchasoldasphaltpavement,oldcementpavement,bridgedeck,tunnelandsteelbridgedeck,andimprovetheexistingthin-layeroverlaysysteminallaspectsincludinganti-sliding,noisereduction,crackresistanceanddurability. | Theresearchofthistechnologyhaspracticalsignificanceforimprovingtheroadperformanceandprolongingtheservicelifeofasphaltwearlayer,andhaslong-termsignificanceforreducingthemaintenancecostoftheCompany,buildinggreenandlow-carbonroadsandenvironmentalprotection. |
Researchonkeytechnologiesofanti-overturningofsingle-columnpierbridgeandsplicingofoldandnewbridges | Byestablishingfiniteelementmodelswithdifferentparametervariables,analyzethesensitivitybetweeneachparameterandtheoverturningstabilityofsingle-columnpierbridge,toobtainthemainparametersaffectingtheoverturningstabilityofthestructure,andprovidetheoreticalsupportforthedesignfocusoftheanti-overturningperformanceofthe | Completed | (1)Investigateandclassifytheexistingsingle-columnpierbridgesaccordingtotheirdifferentoverturningfailurecharacteristics,studytheuniquetransverseoverturningprocessofvariousoverturningstructures,andobtainthemainparametersaffectingtheoverturningstabilityofthestructures.(2)Carryoutcomparisonanalysisontheexistingbridge | Byaccuratelyevaluatingthelateralanti-overturningstabilityofthesingle-columnpierbridgeandmasteringthelateralanti-overturningsafetyofthebuiltsingle-columnpierbridge,greatlyreducethemaintenancecostinthelifecycleofthebridgestoavoidtheanti-overturningaccidentofthebridges;.Throughthereferenceschemeofanti- |
NameofmainR&Dproject | Projectpurpose | Projectprogress | Goaltobeachieved | ExpectedimpactonthefuturedevelopmentoftheCompany |
bridge.Studythereasonablesplicingformthroughtheresearchanddemonstrationofthefeasibilityofbridgesplicing,andformthetechnicalsolutionoflarge-flowexpresswaysplicing. | structurescombinedwiththelateralanti-overturningevaluationstandard,andformtheexistingsingle-columnpierbridgereinforcementdesigngallery.(3)Investigatethediseasesoflongitudinalsplicingofexistingbridges,studythediseasemechanismoflongitudinalsplicingtechnologyfordifferentbridgestructures,andformthekeytechnologyoflongitudinalsplicingmaintenanceofexistingbridgestructures. | overturningreinforcementdesignofoldbridges,optimizetheanti-overturningdesignofoldbridges,reducethereinforcementcost,andimprovetheuseefficiencyoffunds;Formthekeytechnologyoflongitudinalsplicingmaintenanceofexistingbridgestructures,whichcanprovidereliablereferenceforexpresswayreconstructionandexpansiondesign,andalsoprovidetechnicalsupportforsubsequentmaintenanceandrepair,ensuringthesafetyofbridges,whichisofgreatsignificanceforensuringtrafficsafety. | ||
Researchonmonitoringandalarmsystemforcollisionwithbridgebyshipofover-height | BothHuzhouBridgeandYayaoBridgehavethepossibilityofshipsofover-heightcollidingwiththebridge,soitisnecessarytocarryouttheresearchonthealarmtechnologyforcollisionwithbridgebyshipofover-height,monitortheheightofoftheshippassingunderthebridgebyhigh-techmeans,sendoutalarmsignalstowarntheshipsofover-heightincaseofillegalover-heightevents,andautomaticallyshootvideosandsendthemtothemonitoringcenterofthemanagementdepartmentforevidencecollection,soastotakefurthermanagementmeasures.Theresearchofthisprojectisofgreatsignificanceforprotectingthestructuralsafetyofthebridgeonthewaterwayandimprovingthemanagementlevelofthebridgeandwaterway. | Completed | Theshipover-heightdetectionsystemistoimprovethesafetyofwaterwayoperationbyusingmoderndetectionmeans,andreducethedamagetoriver-crossingbridgesandauxiliaryfacilitiescausedbyshipsofover-heightdrivingintonavigablespan.Thesystemcanaccuratelydetecttheshipover-height,guidetheshipofover-heighttoavoidsafely,andtakewarningshotsonthespottimely,whichisconducivetoimprovingthepassingefficiency,eliminatinghiddendangers,facilitatingmanagementandescortingthenavigation.Therelevantmaritimedepartmentsandtransportationdepartmentspaymoreandmoreattentiontotheresearchoncollisionwithbridgebyshipofover-heightandover-heightalarmandearlywarningwhileformulatingthemanagementsystemofbridgeareawaters. | Theinstallationandapplicationofthesystemhasagoodearlywarningfunctionforthecollisionavoidanceofnavigablebridges,whichcantimelyobservethesituationonthespotandeffectivelyimprovethelevelofbridgemanagementandmaintenance. |
Company'sresearchanddevelopmentpersonnelsituation
2022 | 2021 | Increase/decrease | |
NumberofResearchandDevelopmentpersons(persons) | 25 | 12 | 108.33% |
ProportionofResearchandDevelopmentpersons | 0.81% | 0.40% | 0.41% |
AcademicstructureofR&Dpersonnel | |||
Bachelor | 25 | 11 | 127.27% |
Master | 0 | 1 | -100.00% |
AgecompositionofR&Dpersonnel | |||
Under30yearsold | 0 | 1 | -100.00% |
30-40yearsold | 2 | 9 | -77.78% |
Over40yearsold | 23 | 2 | 1,050.00% |
TheCompany'sR&Dinvestmentsituation
2022 | 2021 | Increase/decrease | |
AmountofResearchandDevelopmentInvestment(InRMB) | 14,591,773.12 | 13,974,899.53 | 4.41% |
ProportionofResearchandDevelopmentInvestmentofOperationRevenue | 0.35% | 0.26% | 0.09% |
AmountofResearchandDevelopmentInvestmentCapitalization(InRMB) | 0.00 | 703,960.80 | -100.00% |
ProportionofCapitalizationResearchandDevelopmentInvestmentofResearchandDevelopmentInvestment | 0.00% | 5.04% | -5.04% |
ReasonsandinfluenceofsignificantchangesinR&DpersonnelcompositionoftheCompany
?Applicable□NotapplicableIn2022,theR&DpersonneloftheCompanyweremainlytheR&DpersonnelofGuangdongGuangzhou-HuizhouExpresswayCo.,Ltd.,aholdingsubsidiary.In2021,theCompany'sR&DpersonnelweremainlytheR&Dpersonneloftheoriginalwholly-ownedsubsidiaryGuangdongExpresswayTechnologyInvestmentCo.,Ltd.TheReasonoftheProminentChangeinTotalAmountofResearchandDevelopmentInputOccupyingtheBusinessIncomeYearonYear
□Applicable√NotapplicableReasonsforthedrasticchangeofcapitalizationrateofR&Dinvestmentanditsrationalityexplanation
□Applicable√Notapplicable
5.CashFlow
InRMB
Items | 2022 | 2021 | Increase/Decrease(%) |
Subtotalofcashinflowreceivedfromoperationactivities | 4,397,687,883.80 | 5,574,328,005.11 | -21.11% |
Subtotalofcashoutflowreceivedfromoperationactivities | 1,645,661,325.42 | 1,904,583,283.95 | -13.59% |
Netcashflowarisingfromoperatingactivities | 2,752,026,558.38 | 3,669,744,721.16 | -25.01% |
Subtotalofcashinflowreceivedfrominvestingactivities | 198,020,328.77 | 224,528,598.74 | -11.81% |
Subtotalofcashoutflowforinvestmentactivities | 1,196,520,014.01 | 648,313,936.74 | 84.56% |
Netcashflowarisingfrominvestmentactivities | -998,499,685.24 | -423,785,338.00 | -135.61% |
Subtotalcashinflowreceivedfromfinancingactivities | 2,877,350,200.00 | 2,265,075,195.50 | 27.03% |
Subtotalcashoutflowforfinancingactivities | 3,302,360,155.98 | 5,401,656,857.26 | -38.86% |
Netcashflowarisingfromfinancingactivities | -425,009,955.98 | -3,136,581,661.76 | 86.45% |
Netincreaseincashandcashequivalents | 1,329,505,040.78 | 109,006,386.66 | 1119.66% |
Notestotheyear-on-yearchangeoftherelevantdata
√Applicable□Notapplicable
(1)Thesubtotalofcashoutflowfrominvestmentactivitiesincreasedby84.56%yearonyear,mainlyduetothereconstructionandexpansionofGuangzhou-ZhuhaiSectionofBeijing-ZhuhaiExpresswayandtheincreaseinpaymentforprojectprogress;YuegaoCapitalinvestedingarageelectricpiles,YuetongQiyuanxinandZhongchuZhiyuntoformcashoutflows.
(2)Thenetcashflowfrominvestmentactivitiesdecreasedby135.61%yearonyear,mainlyduetotheincreaseofcashoutflowfrominvestmentactivities.
(3)Thesubtotalofcashoutflowfromfinancingactivitiesdecreasedby38.86%comparedwiththesameperiodoflastyear,whichwasmainlyduetothecomprehensiveinfluenceofthedecreaseincashpaidfordebtrepayment,theincreaseindividenddistributionandinterestpayment,andthepreviouspaymentof21%equitypurchaseofGuangdongExpresswayCo.,Ltd.GuanghuiCompany.
(4)Thenetcashflowfromfinancingactivitiesincreasedby86.45%yearonyear,mainlyduetothedecreaseofcashoutflowfromfinancingactivities.
(5)Thenetincreaseincashandcashequivalentsincreasedby1,119.66%yearonyear,whichwasthecomprehensiveinfluenceofthechangesinnetcashflowfromoperatingactivities,investmentactivitiesandfinancingactivities.
ReasonsofmajordifferencebetweenthecashflowofoperationactivityinreportperiodandnetprofitoftheCompany
√Applicable□Notapplicable
InRMB
Supplementaryinformation | Theamountofthisperiod |
I.Adjustingnetprofittocashflowfromoperatingactivities | |
Netprofit | 1,794,588,250.64 |
Add:Creditlossprovision | 98,397,398.38 |
Impairmentlossprovisionofassets | |
Depreciationoffixedassets,oilandgasassetsandconsumablebiologicalassets | 1,018,003,178.73 |
Depreciationoftheuserightassets | 9,771,123.65 |
Amortizationofintangibleassets | 24,232,065.30 |
AmortizationofLong-termdeferredexpenses | 350,625.00 |
Lossondisposaloffixedassets,intangibleassetsandotherlong-termdeferredassets | -478,663.58 |
Fixedassetsscraploss | 416,274.34 |
Lossonfairvaluechanges | -10,400,000.00 |
Financialcost | 237,456,103.95 |
Lossoninvestment | -254,956,789.70 |
Decreaseofdeferredincometaxassets | 97,064,342.25 |
Increasedofdeferredincometaxliabilities | -3,593,013.71 |
Decreaseofinventories | |
Deceaseofoperatingreceivables | -102,793,804.75 |
IncreasedofoperatingPayable | -156,030,532.12 |
Other | |
Netcashflowsarisingfromoperatingactivities | 2,752,026,558.38 |
II.Significantinvestmentandfinancingactivitiesthatwithoutcashflows: | |
Conversionofdebtintocapital | |
Convertiblecorporatebondsmaturingwithinoneyear | |
Financingoffixedassetsleased |
3.Movementofcashandcashequivalents: | |
Endingbalanceofcash | 4,284,688,231.33 |
Less:Beginningbalanceofcashequivalents | 2,955,183,190.55 |
Add:Endbalanceofcashequivalents | |
Less:Beginningbalanceofcashequivalents | |
Netincreaseofcashandcashequivalent | 1,329,505,040.78 |
V.AnalysisofNon-coreBusiness
√Applicable□Notapplicable
InRMB
Amount | Proportionintotalprofit | Explanationofcause | Sustainable(yesorno) | |
InvestmentIncome | 254,956,789.70 | 10.89% | Operatingaccumulationofshareholdingcompaniesanddisposalofsubsidiariesinthisperiod | Exceptforthedisposalproceedsobtainedfromthedisposalofsubsidiaries,othersareallsustainable |
Lossonfairvaluechanges | 10,400,000.00 | 0.44% | Changesinfairvalueofequityinvestment | No |
Assetimpairment | 0.00 | 0.00% | ||
Non-operatingincome | 10,048,941.28 | 0.43% | Mainlyinsuranceclaimsandroadpropertyclaims | No |
Non-operatingexpenses | 12,263,294.52 | 0.52% | Mainlyroadpropertyrepairexpenditure | |
Creditimpairmentloss | -98,397,398.38 | -4.20% | MainlybecauseGuangfoCompanymakesfullprovisionforimpairmentofmanagementandmaintenanceexpenses | No |
VI.ConditionofAssetandLiabilities
1.ConditionofAssetCausingSignificantChange
InRMB
Endof2022 | Endof2021 | Proportionincrease/decrease | Notestothesignificantchange | |||
Amount | Proportioninthetotalassets(%) | Amount | Proportioninthetotalassets(%) | |||
Monetaryfund | 4,290,581,490.78 | 21.17% | 2,956,404,390.55 | 15.66% | 5.51% | |
Accountsreceivable | 108,368,797.56 | 0.53% | 159,053,399.87 | 0.84% | -0.31% | |
Contractassets | 5,286,462.45 | 0.03% | -0.03% | |||
Inventories | 640,079.66 | 0.00% | 0.00% | |||
Investmentrealestate | 2,668,144.93 | 0.01% | 2,889,263.41 | 0.02% | -0.01% | |
Long-termequityinvestment | 2,923,368,667.84 | 14.42% | 2,627,130,681.24 | 13.92% | 0.50% | |
Fixedassets | 10,098,252,638.07 | 49.83% | 10,639,272,192.02 | 56.36% | -6.53% | |
Constructioninprocess | 753,565,502.12 | 3.72% | 351,130,455.06 | 1.86% | 1.86% | |
Userightassets | 4,077,555.43 | 0.02% | 14,100,325.01 | 0.07% | -0.05% | |
Shore-termloans | 430,387,597.20 | 2.12% | 2.12% | |||
Contractliabilities | 22,000.00 | 0.00% | 0.00% | |||
Long-termborrowing | 5,566,595,350.00 | 27.47% | 4,572,621,200.00 | 24.22% | 3.25% | |
Leaseliabilities | 150,984.47 | 0.00% | 2,773,459.76 | 0.01% | -0.01% |
Overseasassetsaccountforarelativelyhighproportion.
□Applicable√Notapplicable
2.AssetandLiabilitiesMeasuredbyFairValue
√Applicable□Notapplicable
InRMB
Items | Openingamount | Gain/Lossonfairvaluechangeinthereportingperiod | Cumulativefairvaluechangerecordedintoequity | Impairmentprovisionsinthereportingperiod | Purchasedamountinthereportingperiod | Soldamountinthereportingperiod | Otherchanges | Closingamount |
Financialassets | ||||||||
1.Tradingfinancialassets(excludingderivativefinancialassets | 10,400,000.00 | 91,000,000.00 | 101,400,000.00 | |||||
4.Otherequityinstrumentinvestment | 1,577,175,826.05 | 241,394,552.45 | 1,557,303,730.98 | |||||
Subtotaloffinancialassets | 1,577,175,826.05 | 10,400,000.00 | 241,394,552.45 | 0.00 | 91,000,000.00 | 0.00 | 0.00 | 1,658,703,730.98 |
Totaloftheabove | 1,577,175,826.05 | 10,400,000.00 | 241,394,552.45 | 0.00 | 91,000,000.00 | 0.00 | 0.00 | 1,658,703,730.98 |
Financialliabilities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
OtherchangeDidanysignificantchangeoccurtotheattributeoftheCompany’smainassetmeasurementduringthereportingperiod?
□Yes√No
3.AssetsrightrestrictiontillendofreportingperiodThebalanceofrestrictedbankdepositsattheendoftheperiodwasRMB1,221,200.00,whichwasthelandreclamationfunddepositedintothefundcustodyaccountforthereconstructionandexpansionprojectofsanbaotoshuikousectionofFokaiExpressway.
VII.Investmentsituation
1.General
√Applicable□Notapplicable
CurrentInvestmentAmount(Yuan) | Sameperiodoflastyear(Yuan) | Changerate |
857,896,694.33 | 134,650,000.00 | 537.13% |
2.ConditionofAcquiringSignificantShareRightInvestmentduringtheReportPeriod
?Applicable□Notapplicable
InRMB
NameoftheCompanyInvested | MainBusiness | InvestmentWay | InvestmentAmount | ShareProportion% | CapitalSource | Partner | InvestmentHorizon | ProductType | ProgressuptoBalanceSheetDate | AnticipatedIncome | GainorLessortheCurrentInvestment | WhethertoInvolveinLawsuit | DateofDisclosure | DisclosureIndex |
GuangdongJiangzhongExpresswayCo.,Ltd. | Expressway | Increasecapital | 131,250,000.00 | 15.00% | Selffunds | Xinyue(Guangzhou)InvestmentCo.,Ltd.,GuangdongHighwayConstructionCo.,Ltd. | Onthebasisofthetermofoperationapprovedbythegovernment | LimitedCompany | Completed | No | July31,2021 | AnnouncementofResolutionsofthe20th(Provisional)MeetingoftheNinthBoardofDirectors | ||
Total | -- | -- | 131,250,000.00 | -- | -- | -- | -- | -- | -- | 0.00 | 0.00 | -- | -- | -- |
3.SituationoftheSignificantNon-equityInvestmentUndergoingintheReportPeriod
?Applicable□Notapplicable
InRMB
Projectname | Investmentmethod | Fixedinvestmentsornot | Industryinvolvedininvestmentprojects | Investmentamountinthisreportingperiod | AccruedActualInvestmentAmountuptotheEndofReporting | CapitalSource | Projectschedule | Anticipatedincome | AccruedRealizedIncomeuptotheEndof | ReasonsfornotReachingthePlannedSchedule | Disclosuredate | DisclosureIndex |
Period | ReportingPeriod | andAnticipatedIncome | ||||||||||
Nansha-ZhuhaiSectionofGuangzhou-MacaoExpresswayWasrebuiltandExpanded | Self-built | Yes | Expressway | 536,646,694.33 | 553,543,942.17 | SelfandLoan | 3.97% | No | October22,2022 | AnnouncementofResolutionoftheSecond(Provisional)MeetingtheTenthBoardofDirectors | ||
Total | -- | -- | -- | 536,646,694.33 | 553,543,942.17 | -- | -- | 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 | 781,046,414.08 | 0.00 | 204,671,801.28 | 0.00 | 0.00 | 47,286,243.74 | 722,232,678.08 | Otherequityinstrumentinvestment | Self |
Total | 517,560,876.80 | -- | 781,046,414.08 | 0.00 | 204,671,801.28 | 0.00 | 0.00 | 47,286,243.74 | 722,232,678.08 | -- | -- | ||
DisclosureDateofAnnouncementonSecuritiesInvestmentApprovedbytheBoardofDirectors | July22,2009 | ||||||||||||
DisclosureDateofAnnouncementonSecuritiesInvestmentApprovedbytheShareholdersMeeting(Ifany) | August7,2009 |
2)InvestmentinDerivatives
□Applicable√NotapplicableTheCompanyhadnoinvestmentinderivativesinthereportingperiod.
5.Applicationoftheraisedcapital
□Applicable√NotapplicableTheCompanyhadnoapplicationoftheraisedcapitalinthereportingperiod.VIII.Salesofmajorassetsandequity
1.Salesofmajorassets
□Applicable√NotapplicableTheCompanyhadnosalesofmajorassetsinthereportingperiod.
2.Salesofmajorequity
□Applicable√Notapplicable
IX.AnalysisoftheMainShareHoldingCompaniesandShareParticipatingCompanies
√Applicable□NotapplicableSituationofMainSubsidiariesandtheJoint-stockCompanywithover10%netprofitinfluencingtotheCompany
InRMB
CompanyName | Companytype | Leadingproductsandservices | Registeredcapital | Totalassets | Netassets | OperatingIncome | Operatingprofit | NetProfit |
JingzhuExpresswayGuangzhuSectionCo.,Ltd. | Subsidiary | TheoperationandmanagementofGuangzhuExpressway | RMB580million | 3,633,958,834.51 | 1,015,197,263.51 | 935,890,869.56 | 488,066,941.43 | 357,454,547.35 |
GuangdongGuanghuiExpresswayCo.,Ltd. | Sharingcompany | InvestmentinandconstructionofGuanghuiExpresswayCo.,Ltd.andsupportingfacilities,thetollcollectionandmaintenancemanagementofGuanghuiExpressway,TheGuanghuiExpressway'ssupportinggasstation,salvation,vehiclemaintenance,vehicletransport,catering,warehousinginvestmentanddevelopment | RMB2.352million | 4,443,518,724.27 | 4,030,343,799.24 | 1,852,612,486.85 | 1,211,556,201.62 | 902,052,548.93 |
Subsidiariesobtainedordisposedinthereportingperiod
?Applicable□Notapplicable
Companyname | Wayofacquiringanddisposingofsubsidiarycorporationswithinthereportingperiod | Impactonthewholeproducingoperationandperformance |
GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | Sales | Thistransactiondoesnothaveasignificantimpactontheoverallproductionandoperationofthecompany,andincreasesthecompany'scurrentnetprofitby24.89millionyuan. |
ParticularsabouttheMutualholdingcompanies
1.AccordingtotheinformalletterNo.24-[2022]YueTransportationOperation-"NoticeoftheDepartmentofTransportationofGuangdongProvinceonIssuesConcerningtheExpirationofTollCollectionofGuangfoExpressway"issuedbyGuangdongProvincialDepartmentofTransportation,GuangfoExpresswayshallstoptollcollectionfrom0:00onMarch3,2022.Retaintheexistingtollfacilitiesandoperateasusualinazero-ratemanner,exemptvehicletollsforallvehiclespassingthisroadsection,andcollectvehicletollsonbehalfforotherroadsections.Afterthetollcollectionisstopped,GuangfoExpresswayCo.,LtdshallcontinuetoberesponsibleforthemanagementandmaintenanceofGuangfoExpressway.X.Structuredsubjectsituationcontrolledbythecompany
□Applicable√NotapplicableXI.ProspectforfuturedevelopmentoftheCompany
Theyearof2023isthefirstyearoffullyimplementingthespiritofthe20thPartyCongress,theyearofconnectinglinkintheFourteenthFive-YearPlan,andthecrucialyearfortheCompany'shigh-qualitydevelopment,inwhichtheCompanywillthoroughlystudyandimplementthespiritofthe20thPartyCongress,determinethegoaloftheFourteenthFive-YearPlan,makescientificplansandmakeoverallplans,andshownewachievementsinbusinessmanagement,investmentandmerger,andhigh-qualitydevelopmenttoensureagoodstartin2023.Theoverallgoalin2023istoachieveanoperatingincomeofRMB4.683billionandcontroltheoperatingcostwithinRMB1.811billion.
1.Increasethereserveofhigh-qualityhighwayprojects,activelyplantheinvestmentandacquisitionofhigh-qualityhighwayprojectsinsideandoutsidetheCommunicationsGroup,andstrivetoincreasetheholdingofhigh-qualityhighwayprojects.
2.Seizethehistoricalopportunityofexpresswayreconstructionandexpansionprojectsandactivelyparticipateintheinvestmentopportunitiesoftheholdingcompany'sreconstructionandexpansionprojects.ActivelycarryoutthepreliminaryresearchworkofthereconstructionandexpansionprojectofGuangzhou-ZhaoqingExpresswayandthereconstructionandexpansionprojectofGuangzhou-HuizhouExpressway;ContinuetofollowuptheconstructionprogressofJingzhuExpresswayGuangzhuSection,Jiangmen-ZhongshanExpressway,Huizhou-ShenzhenExpresswayreconstructionandexpansionprojectsandothercontinuationprojects,andmanagethefundplanningtoensurethefunddemandforprojectconstruction.
3.Promotetheimplementationofstrategicemergingindustryprojects.RelyingontheplatformofYuegaoCapital,deeplyexploretheinvestmentopportunitiesofhigh-qualityenterprisesinscientificandtechnologicalinnovationandR&DinthesevensectorsofthethreemainbusinessesoftheCommunicationsGroup,andfocusonplanningtheextendedlayoutoftheindustrialchain,expandingcollaborativebusiness,promotingtheprojectimplementationandcultivatingthedevelopmentmomentum.XII.Structuredsubjectsituationcontrolledbythecompany
□Applicable√Notapplicable
Receptiontime | Placeofreception | Wayofreception | Typesofvisitors | Visitorsreceived | Maincontentsdiscussedandinformationprovided | Basicindex |
April27,2022 | MeetingRoomoftheCompany | ByPhone | Organization | Industrialsecuritiestelephoneresearchmeeting:WangChunhuan,Industrialsecurities;WuXiongweiCapitalDynamicsAssetManagement(HK)PteLtd;ShanDanHMOUNTAssetManagement(HK)Limited;BinYanZhongtaiSecutities;ZhangShuoyuanZhongtaiSecurities;ShenYuchenBankofChinaInvestmentManagement;XiaHeyangEngineFund;LiYanguangHuataiSelfsupport;LinXiayingHuataiSecurities;YaoShuangBNBWealthManagement;PuXiaotingPinanAssetsManagement;TianZhaofengTopsperitySecurities;ZangHailiangYideWwalth;ChenWeichongGenghisKhanFund;WeiSonghuiBaorunGroup;WangYichengNomuraOrientalassetmanagement | Thecompany‘soperatingsituationinthefirstquarterof2022,themainworkcompleted,theprogressofparticipatingininvestment,reconstructionandexpansionprojects,andthecompany‘sdevelopmentplanandworkpriorities. | 1.Themaincontentofresearch:1.thedailyoperation;2.thecompany'sfinancialdataanalysis;3.developmentstrategy;4.analysisontheindustry.2.Primarydatainvestigation:Publicinformationcompanyregularlyreports |
August29,2022 | MeetingRoomoftheCompany | ByPhone | Organization | HuataiSecuritiestelephoneresearchmeeting:HuataiSecurutiesLinXiaying;BNBWealthManagement;YaoShuang;ChangJiangSecuritiesLuSijia;GuotaiJunanYueXin,YinJiaqi;GuosenSecuritiesZengFanji;EastmoneySecuritiesJiangNan;EverbrightSecuritiesChengXinningHuataiSecuritiestelephoneresearchmeeting: | Thecompany’soperatingconditionsinthefirsthalfof2022,,theprogressofparticipatingininvestment,reconstructionandexpansionprojects,andthecompany‘sdevelopmentplanandworkpriorities. | 1.Themaincontentofresearch:1.thedailyoperation;2.thecompany'sfinancialdataanalysis;3.developmentstrategy;4.analysisontheindustry.2.Primarydatainvestigation:Publicinformationcompanyregularlyreports |
IV.CorporateGovernanceI.GeneralsituationTheCompanystrictlyfollowedtherequirementoflawsandregulationsin<companylaw>,<theSecuritiesLaw>,<CodeofCorporateGovernanceforListedCompaniesinChina>,<StockListingRules>etc.andkeptonimprovingcorporategovernancestructures,improvingnormativeoperationlevel.Companyhadstipulatedrulessuchas<articlesofassociation>,rulesofproceduresinthreemeetings,workingguideofspecialcommitteeinboardofdirectors,workingguideofgeneralmanageretc.andinternalcontrolsystembasicallycoveringalloperatingmanagementsuchascompanyfinancialmanagement,investmentmanagement,informationdisclosure,relatedtransaction,externalguarantee,fundraising,complianceriskmanagementetc.Allrulesarewellimplemented.Inthereportperiod,strictlyfollowingtherelevantprovisionsof“CompanyLaw”and“Regulations”,theshareholder’smeetingofourbankeffectivelyperformedthefunctions.Theboardofdirectorsistoberesponsiblefortheshareholder’smeeting,totaketheultimateresponsibilityforthebank’soperationandmanagementandtoconveneameetingaswellasperformingthefunctionandpoweraccordingtolegalprocedure.Inlinewiththeattitudewhichisresponsibleforallshareholdersandkeepinginclosecontactandcommunicationwiththeboardofdirectorsandthemanagement,theboardofsupervisorscarriesouttheassessmentworkondutyexercisingfortheboardofdirectorsandtheboardofsupervisors,effectivelyperformingfunctionsandobligationsofsupervision.Doesthereexistanydifferenceincompliancewiththecorporategovernance,thePRCCompanyLawandtherelevantprovisionsofCSRC,
□Yes√NoThereexistnodifferenceincompliancewiththecorporategovernance,thePRCCompanyLawandtherelevantprovisionsofCSRC.II.IndependenceandCompletenessinbusiness,personnel,assets,organizationandfinance
1.IndependentbusinessTheCompanyismainlyengagedintollingandmaintenanceofGuangfoExpressway,FokaiExpressway,JingzhuExpresswayGuangzhuSectionandGuanghuiExpresswayinvestmentintechnologicalindustriesandprovisionofrelevantconsultaionwhileinvestinginShenzhenHuiyanExpresswayCo.,Ltd.,GuangzhouGuanghuiExpresswayCo.,Ltd..,GuangdongJiangzhongExpresswayCo.Ltd.,ZhaoqingYuezhaoExpresswayCo.,Ltd.,GanzhouKangdaExpressway,GanzhouGankangExpresswayCo.,Ltd.,GuangdongYuekeTechnologyPettyLoanCo.,Ltd.,GuangdongGuangleExpresswayCo.,Ltd.,GuoyuanSecuritiesCo.,Ltd,HunanLianzhiTechnologyCo.,Ltd.,SPICYuetongQiyuanChipPowerTechnologyCo.,Ltd.,CMSTNanjingIntelligentLogisticsTechnologyCo.,Ltd.andShenzhenGarageElectricPileTechnologyCo.,Ltd.TheCompanyhasoutstandingmainoperation,independentandcompletebusinessandtheabilityofindependentoperation.AllbusinessdecisionsoftheCompanyweremadeindependently,beingcompletelyseparatedfromtheshareholderwithactualcontrol.Relatedtransactionswerecarriedoutinlightoftheprincipleoffairtransaction,whichdidnotharmtheinterestsoftheCompanyandothershareholdersoftheCompany.Thecontentofrelatedtransactionswasfully,timelyandaccuratelydisclosed,whichdidnothavenegativeinfluenceontheCompany.
2.Completeassets
TherelationshipoftheCompany'spropertyrightisclear.TheassetsinjectedbyshareholdersintheCompanyareindependentandcompleteandhaveclearpropertyright.Allcapitalwaspaidupandrelevantformalitiesofpropertyrightchangeweresettled.
3.IndependentpersonnelAsforpersonnelrelationship,thegeneralmanager,deputygeneralmanagers,thesecretarytotheboardofdirectorsandfinancialcontrolleroftheCompanywerefull-timeemployeesandreceivedsalaryfromtheCompany,whodidnotconcurrentlyholdpositionsattheparentcompany.
AlldirectorsandsupervisorsoftheCompanywereelectedthroughlegalprocedure.Thegeneralmanager,deputygeneralmanagers,chiefaccountant,chiefeconomicengineerandchiefengineerweredirectlyappointedbytheboardofdirectors.Othermanagerialpersonnelofalllevelsweredirectlyappointedbythegeneralmanager.TheCompanyownsindependentpowerofpersonnelappointmentandremoval.
4.Independentfinance
TheCompany,includingsubsidiariesestablishedindependentaccountingdepartment,independentaccountingsystemandregulationsonfinancialmanagement.
TheCompanyindependentlyopenedbankaccountanddidnotdepositfundsintheaccountsofthefinancecompanyorsettlementcenterofthemajorityshareholder.TheCompanyindependentlypaidtax.TheCompany'sfinancialdecisionswereindependentlymade.Themajorityshareholderdidnotinterferewiththeuseoffundsbylistedcompanies.
5.IndependentorganizationTheboardofdirectors,thesupervisorycommitteeandotherinternalorgansoftheCompanyoperatedindependently.Itsorgansarecompleteandindependent.III.HorizontalCompetitions
□Applicable√Notapplicable
IV.AnnualGeneralMeetingandExtraordinaryShareholders’MeetingsintheReportingPeriod
1.AnnualGeneralMeeting
Sessions | Typeofmeeting | Investorparticipationratio | MeetingDate | Disclosuredate | Disclosureindex |
2021Shareholders’generalmeeting | AnnualShareholders’GeneralMeeting | 66.50% | May17,2022 | May18,2022 | ThemeetingexaminedandadoptedtheProposalConcerningFinalAccountingReportfor2021,ThemeetingexaminedandadoptedtheProposalConcerningPreplanforProfitDistributionfor2021,ThemeetingexaminedandadoptedtheProposalConcerningOverallbudgetreportoftheCompanyfor2022,ThemeetingexaminedandadoptedtheWorkReportoftheBoardofDirectorsfor2021,ThemeetingexaminedandadoptedtheWorkReportofthesupervisoryCommitteefor2021,ThemeetingexaminedandadoptedAnnualReportfor2021anditssummary,ThemeetingexaminedandadoptedtheProposalforHiringthe2022AnnualFinancialReportAuditAgency,ThemeetingexaminedandadoptedtheProposalforHiringthe2022InternalControlAuditInstitution,ThemeetingexaminedandadoptedtheProposalregardingtheelectionofMr.KuangYuasdirectoroftheninthboardofdirectorsoftheCompany. |
TheFirstprovisionalshareholders’Generalmeetingof2022 | Provisionalshareholders’Generalmeeting | 66.27% | August19,2022 | August20,2022 | ThemeetingexaminedandadoptedtheProposalonelectingMr.MiaoDeshanasadirectoroftheninthMeetingoftheboardofdirectorsoftheCompany,ThemeetingexaminedandadoptedtheProposalonelectingMr.HeSenasaSupervisoroftheninthsupervisorycommitteeoftheCompany |
TheSecondprovisionalshareholders’Generalmeetingof2022 | Provisionalshareholders’Generalmeeting | 66.18% | September20,2022 | September21,2022 | ThemeetingexaminedandadoptedoftheProposalontheGeneralElectionoftheCompany'sBoardofDirectors,ThemeetingexaminedandadoptedoftheProposalontheGeneralElectionoftheCompany'sSupervisoryCommittee,ThemeetingexaminedandadoptedoftheProposalontheRemunerationofDirectorsoftheTenthBoardofDirectorsoftheCompany. |
TheThirdprovisionalshareholders’Generalmeetingof2022 | Provisionalshareholders’Generalmeeting | 66.30% | November7,2022 | November8,2022 | ThemeetingexaminedandadoptedtheProposalonAmendingPartoftheArticlesofAssociationoftheCompany,ThemeetingexaminedandadoptedtheProposalonAmendingofIndependentdirectorsystemofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.,ThemeetingexaminedandadoptedtheProposalonIncreasingCapitaltoBeijing-ZhuhaiExpresswayGuangzhuSectionCo.,Ltd.toInvestintheReconstructionandExpansionProjectofNansha-ZhuhaiSectionofGuangzhou-MacaoExpressway. |
TheFourthprovisionalshareholders’Generalmeetingof2022 | Provisionalshareholders’Generalmeeting | 66.35% | December29,2022 | December30,2022 | TheMeetingexaminedandadoptedtheProposalontheAmendmentoftheRulesofProcedureoftheBoardofDirectorsofGuangdongProvincialExpresswayDevelopmentCo.,Ltd. |
2.Requestforextraordinarygeneralmeetingbypreferredstockholderswhosevotingrightsrestore
□Applicable√Notapplicable
V.InformationaboutDirectors,SupervisorsandSeniorExecutives
1.Basicsituation
Name | Positions | Officestatus | Sex | Age | Startingdateoftenure | Expirydateoftenure | Sharesheldattheyear-begin(share) | Thenumberofsharesheldinthecurrentperiod(shares) | Numberofsharesreducedinthecurrentperiod(shares) | Otherchanges(shares) | Numberofsharesheldattheendoftheperiod(shares) | Reasonsforincreaseordecreaseofshares |
MiaoDeshan | BoardChairman | Inoffice | Male | 51 | August19,2022 | September20,2025 | ||||||
WangChunhua | Director,GeneralManager | Inoffice | Male | 58 | April16,2013 | September20,2025 | 135,100 | 135,100 | ||||
LuMing | Director,Chiefaccountant | Inoffice | Male | 44 | December25,2020 | September20,2025 | ||||||
ZuoJiang | Director,DeputyGeneralManager | Inoffice | Female | 50 | October19,2015 | September20,2025 | ||||||
ChengRui | Director | Inoffice | Male | 48 | September20,2022 | September20,2025 | ||||||
ZengZhijun | Director | Inoffice | Male | 52 | December4,2017 | September20,2025 | ||||||
YouXiaocong | Director | Inoffice | Male | 55 | November2,2020 | September20,2025 | ||||||
YaoXuechang | Director | Inoffice | Male | 51 | September20,2022 | September20,2025 | ||||||
WuHao | Director | Inoffice | Female | 50 | November2,2020 | September20,2025 | ||||||
KuangYu | Director | Inoffice | Male | 37 | May17,2022 | September20,2025 | ||||||
ZhangHua | Independentdirector | Inoffice | Male | 57 | December4,2017 | September20,2025 | ||||||
LiuZhongHua | Independentdirector | Inoffice | Male | 57 | December4,2017 | September20,2025 | ||||||
ZengXiaoqing | Independentdirector | Inoffice | Female | 53 | May20,2019 | September20,2025 | ||||||
YouDewei | Independentdirector | Inoffice | Male | 54 | September20,2022 | September20,2025 | ||||||
YuMingyuan | Independentdirector | Inoffice | Male | 60 | September20,2022 | September20,2025 | ||||||
HeSen | ChairmanoftheSupervisoryCommittee | Inoffice | Male | 49 | August19,2022 | September20,2025 |
Name | Positions | Officestatus | Sex | Age | Startingdateoftenure | Expirydateoftenure | Sharesheldattheyear-begin(share) | Thenumberofsharesheldinthecurrentperiod(shares) | Numberofsharesreducedinthecurrentperiod(shares) | Otherchanges(shares) | Numberofsharesheldattheendoftheperiod(shares) | Reasonsforincreaseordecreaseofshares |
WangXiaobing | Supervisor | Inoffice | Female | 51 | May17,2022 | September20,2025 | ||||||
KeLin | Supervisor | Inoffice | Female | 53 | September15,2017 | September20,2025 | ||||||
DengYunfeng | Supervisor | Inoffice | Male | 47 | December23,2021 | September20,2025 | ||||||
ZhouDong | Supervisor | Inoffice | Female | 52 | September9,2022 | September20,2025 | ||||||
LuoBaoguo | DeputyGeneralManager | Inoffice | Male | 49 | December25,2020 | September20,2025 | ||||||
YangHanming | SecretarytotheBoard | Inoffice | Male | 53 | August28,2017 | September20,2025 | ||||||
ZhouYisan | legalcounsel | Inoffice | Male | 42 | September20,2022 | September20,2025 | ||||||
ZhengRenfa | BoardChairman | Dimission | Male | 53 | January4,2017 | April24,2022 | ||||||
ChenMin | Director | Dimission | Male | 59 | July19,2017 | September20,2022 | ||||||
RenHua | Director | Dimission | Male | 47 | June22,2021 | September20,2022 | ||||||
HuangHai | Director | Dimission | Male | 47 | July21,2016 | February2,2022 | ||||||
GuNaikang | Independentdirector | Dimission | Male | 57 | July21,2016 | September20,2022 | ||||||
BaoFangzhou | Independentdirector | Dimission | Male | 44 | July21,2016 | September20,2022 | ||||||
JiangChangwen | ChairmanoftheSupervisoryCommittee | Dimission | Male | 55 | May20,2022 | July25,2022 | ||||||
ZhouYisan | Supervisor | Dimission | Male | 42 | September9,2019 | September9,2022 | ||||||
ChengRui | DeputyGeneralManager | Dimission | Male | 48 | August28,2017 | June17,2022 | ||||||
HeBing | legalcounsel | Dimission | Female | 55 | July23,2012 | July29,2022 | ||||||
Total | -- | -- | -- | -- | -- | -- | 135,100 | 0 | 0 | 0 | 135,100 | -- |
Duringthereportingperiod,whetherthereisdismissalofdirectorsandsupervisorsanddecruitmentofseniormanagers
√Yes□No
1.Mr.HuangHai,theDirector,resignedfromtheBoardofDirectorsandtheRemunerationandAssessmentCommitteeoftheCompanyonFebruary24,2022duetoworkadjustmentanypositionintheCompanyafterheresignation.
2.Mr.ZhengRenfa,ChairmanoftheBoardofDirectors,resignedasChairmanandDirectoroftheCompanyonApril24,2022duetojobtransfer,andalsoresignedasChairmanoftheStrategyCommitteeandRiskManagementCommitteeoftheBoardofDirectors.Afterhisresignation,Mr.ZhengRenfawillnotholdotherpositionsinthecompany.
3.Mr.ChengRui,theDeputyGeneralManager,resignedfromtheBoardofDirectorsoftheCompanyonJune17,2022duetojobtransfer.
4.Mr.JiangChangwen,thesupervisoryboardchairman,resignedasChairmanandSupervisoroftheBoardofSupervisorsoftheCompanyonJuly25,2022duetojobtransferanypositionintheCompanyafterheresignation..
5.Ms.HeBing,theGeneralCounsel,hasreachedtheretirementageandresignedastheGeneralCounselfromtheBoardofDirectorsoftheCompanyonJuly29,2022.Ms.HeBingwillnotholdanypositionintheCompanyafterherresignation.
1.Changesofdirectors,supervisorsandseniorexecutives
√Applicable□Notapplicable
Name | Positions | Types | Date | Reason |
ZhengRenfa | BoardChairman | Dimission | April24,2022 | Jobchange |
ChenMin | Director | Leftfortermexpiration | September20,2022 | Leftfortermexpiration |
RenHua | Director | Leftfortermexpiration | September20,2022 | Leftfortermexpiration |
HuangHai | Director | Dimission | February24,2022 | Jobchange |
GuNaikang | Independentdirector | Leftfortermexpiration | September20,2022 | Leftfortermexpiration |
BaoFangzhou | Independentdirector | Leftfortermexpiration | September20,2022 | Leftfortermexpiration |
JiangChangwen | ChairmanoftheSupervisoryCommittee | Dimission | July25,2022 | Jobchange |
ZhouYisan | Supervisor | Leftfortermexpiration | September9,2022 | Leftfortermexpiration |
ChengRui | DeputyGeneralManager | Dimission | June17,2022 | Jobchange |
HeBing | legalcounsel | Dimission | July29,2022 | Retirement |
2.PostsholdingProfessionalbackgrounds,majorworkexperienceandcurrentdutiesintheCompanyoftheincumbentdirectors,supervisorsandseniormanagement:
Mr.MiaoDeshan,HeservedasChairmanoftheBoard,SecretaryofthePartyCommitteeoftheCompany,withbachelordegree.BachelorofEngineeringdegree,seniorengineer.FromJune2011toJuly2022,heservedsuccessivelyasDeputyGeneralManager,ChiefEngineer,DeputySecretaryofthePartyCommittee,DirectorandGeneralManagerofGuangdongCommunicationsIndustrialInvestmentCo.,Ltd.hasbeentheChairmanoftheCompanysinceAugust19,2022.HeisalsotheDirectorofSPICYuetongQiyuanxinPowerTechnologyCo.,Ltd.,theCompany'sshareholdingcompany,andtheLegalRepresentativeandExecutiveDirectorofYuegaoCapitalHoldings(Guangzhou)Co.,Ltd.
Mr.WangChunhua,HeservedasDirectorandGeneralManageroftheCompany,deputysecretaryoftheParty
CommitteeoftheCompany.MasterDegree,seniorengineerandsenioreconomicengineer,SinceSeptember2006,heservedasDeputyGeneralManageroftheCompany.FromMarch2013toOctober2015,HeservedasdirectorandDeputyGeneralManageroftheCompany,SinceOctober2015,HeservedasDirectorandGeneraldirectoroftheCompany,andholdaconcurrentpostofvicechairmanofShenzhenHuiyanExpresswayCo.,Ltd.andChairmanandLegalrepresentativeofGuangfoExpressway.Mr.LuMing,fromMarch2009toDecember2020,servedastheManager,DeputyBusinessDirectorandBusinessDirectoroftheFinancialManagementDepartmentofGuangdongCommunicationsGroupCo.,Ltd.,andfromDecember2018toDecember2019,heservedasthefirstsecretaryofthePartyBranchofYinghuaiManagementOfficeofGuangdongNanyueCommunicationsLonghuaiExpresswayManagementCenter.SinceDecember25,2020,hehasservedastheChiefAccountantoftheCompany,andsinceFebruary3,2021,hehasservedasaDirectoroftheCompany.HealsoservesastheViceChairmanofGanzhouNankang–DayuExpresswayCo.,Ltd.,theCompany'sshareholdingcompany,theDirectorofGuangdongYuepuMicrofinanceCo.,Ltd.,theChairmanofBeijing-ZhuhaiExpresswayGuangzhou-ZhuhaiSectionCo.,Ltd.andGuangdongGuangzhou-HuizhouExpresswayCo.,Ltd.
Ms.ZuoJiang,DeputyGeneralManageroftheCompany,memberofthePartyCommitteeandemployeedirectorofthecompany.MasterofEconomics,SeniorEconomist,QualifiedasLegalAdviseroftheEnterprise,SecretaryoftheBoardofDirectors.HehasbeenworkingintheCompanysince1994.HehasbeentheMinisterofSecuritiesAffairsoftheCompanysince1999.HehasbeentheSecretaryoftheBoardofDirectorsandDirectorofSecuritiesAffairsDepartmentsinceMarch2006.FromOctober2015toJuly2016,hewastheDeputyGeneralManagerandSecretaryoftheBoardofDirectorsAndMinisterofSecuritiesAffairs.SinceOctober2015,hehasbeentheDeputyGeneralManageroftheCompany,andholdaconcurrentpostofDirectorofYuekeTechnologyPettyLoanCo.,Ltd.,directorofGuoyuanSecuritiesCo.,Ltd.andGeneralManager,PartybranchsecretaryofYuegaoCapitallnvestment(Guangzhou)Co.,Lt6d.Mr.ChengRui,DirectoroftheCompany,holdsamaster'sdegreeinbusinessadministration,aneconomist,withtheCorporateLegalAdviserandLawyerqualification.FromAugust2017toMay2022,heservedasDeputyGeneralManagerofGuangdongExpresswayDevelopmentCo.,Ltd.,duringwhich,fromMay2019toAugust2021,hewasappointedastheFirstSecretaryofthePartyOrganizationinShanhuVillage,JinheTown,JiexiCounty,JieyangCity.SinceMay2022tillnow,hehasservedastheDirectorofLegalAffairsDepartmentofGuangdongCommunicationsGroupCo.,Ltd.HehasbeenthedirectoroftheCompanysinceSeptember20,2022.
Mr.ZengZhijun,economist,isadirectoroftheCompany,withmasterdegree.SinceJune2010,hehasservedasthedeputychiefeconomistofGuangdongProvincialExpresswayCo.,Ltd.FromJanuary2015toSeptember2015,heservedasMinisterofInvestmentPlanningDepartmentofGuangdongProvincialExpresswayCo.,Ltd;sinceSeptember2015,hehasservedasMinisterofLegalAffairsDepartmentofGuangdongProvincialExpresswayCo.,Ltd.,SinceSeptember2020,HeservesasMinisterofpersonnel
resourcedepartment,SinceDecember4,2017,heservesasDirectoroftheCompany.
Mr.YouXiaocong,senioraccountant,isthedirectoroftheCompany,withbachelordegree.FromMay2015toDecember2021,heservedasthedirectorandchiefaccountantofGuangdongProvincialHighwayConstructionCo.,Ltd.,andsinceDecember2021,hehasservedasthedirector,chiefaccountant,andmemberofthepartycommitteeofGuangdongProvincialHighwayConstructionCo.,Ltd.HehasservedasdirectoroftheCompanysinceNovember2,2020.
Mr.YaoXuechang,DirectoroftheCompany,BachelorDegree,MBA,SeniorEngineerofroadandbridge,servedastheDirectorandDeputySecretaryofthePartyBranchoftheReconstructionandExpansionProject
ManagementOfficeoftheSouthernSectionofFoshan-KaipingExpresswayfromOctober2015toFebruary2020.FromFebruary2020toOctober2021,hesuccessivelyservedastheDirectorandDeputySecretaryofthePartyBranchofZhongshan-JiangmenExpresswayReconstructionandExpansionManagementOffice,DeputySecretaryandDirectorofthePartyBranchoftheReconstructionandExpansionProjectManagementOfficeoftheSouthernSectionofFoshan-KaipingExpressway,directoranddeputysecretaryofthePartybranchoftheGuangzhou-ZhuhaiExpresswayReconstructionandExpansionManagementOffice.SinceOctober2021,hehasservedastheDeputySecretaryandDirectorofthePartyBranchoftheReconstructionandExpansionManagementOfficeoftheGuangzhou-ZhuhaisectionofBeijing-ZhuhaiExpresswayandtheDirectoroftheReconstructionandExpansionProjectManagementOfficeoftheSouthernSectionofFoshan-KaipingExpressway.HehasbeentheDirectoroftheCompanysinceSeptember20,2022.
Ms.WuHao,SheisthedirectoroftheCompany,withbachelordegree.FromFebruary2012toMay2020,Shesuccessivelyservedasdeputymanagerofthefinancedepartment,deputymanageroftheinvestmentbusinessdepartment,andmanageroftheinvestmentbusinessdepartmentofShandongExpresswayInvestmentDevelopmentCo.,Ltd.ShehasservedasthedeputygeneralmanagerandmemberofpartycommitteeofShandongExpresswayInvestmentDevelopmentCo.,LtdsinceMay2020.FromNovember2,2020,hehasservedasdirectoroftheCompany.
MrKuangYu,DirectoroftheCompany,holdsamaster'sdegreeineconomics.Hestartedworkingin2011andiscurrentlythesecuritiesaffairsrepresentativeofPolyDevelopmentHoldingGroupCo.,Ltd.andtheDepartmentManageroftheCapitalOperationDepartmentoftheBoardOffice.HehasbeentheDirectoroftheCompanysinceMay17,2022.
Mr.LiuZhonghua,professorofaccounting,isanindependentdirectoroftheCompany,withmasterdegree.InSeptember2005,hewastransferredtotheSchoolofManagementofGuangdongUniversityofForeignStudiestoteach.HeiscurrentlyaprofessorattheSchoolofAccountingofGuangdongUniversityofForeignStudies,heisamastertutor,concurrentlyservesasmemberofAccountingSocietyofChina,executivememberofChinaAssociationofForeignTradeandEconomicAccounting,vicechairmanofGuangdongProvinceManagementAccountingAssociation,executivememberofGuangdongProvincialAccountingAssociationandmemberofGuangdongAuditSociety.SinceDecember4,2017,heisanindependentdirectoroftheCompany.
Mr.ZhangHua,economist,isanindependentdirectoroftheCompany,withMasterDegree.sinceOctober2016,hehasservedasgeneralmanagerofShanghaiErLuoInvestmentManagementServiceCenter(GeneralPartnership).FromNovember2010toJanuary2017,heservedasanindependentdirectorofGuangzhouYuYinTechnologyCo.,Ltd.FromDecember2011toSeptember2017,heservedasanindependentdirectorofGuangdongElectricPowerDevelopmentCo.,Ltd.InSeptember2017,hewasanindependentdirectorofZhuhaiTaichuanCloudCommunityTechnologyCo.,Ltd.,SinceDecember4,2017,heisanindependentdirectoroftheCompany.
Ms.ZengXiaoqing,anindependentdirectoroftheCompany,withbachelor's,master'sanddoctor'sdegreesfromTongjiUniversity.Since1993,sheconductedtrainingandstudyatTsinghuaUniversityandGermanDarmstadtUniversityofTechnology.FromMay20,2019,sheservedastheindependentdirectoroftheCompany.
Mr.YouDewei,theindependentdirectoroftheCompanywithamaster'sdegreeinlaw,servedastheSeniorPartnerandLawyerofGuangdongZonghengTianzhengLawFirmfromJune1997toJanuary2019,andastheSupervisor,SeniorPartnerandLawyerofGuangdongETRLawFirmsinceJanuary2019.Meanwhile,heisalsoapart-timeExternalDirectorofthesupervisionenterpriseofGuangdongState-ownedAssetsSupervisionandAdministrationCommission,part-timeExternalDirectorofGuangdongPortandShippingGroup,IndependentDirectorofGuangzhouAcademyofBuildingResearchCo.,Ltd.,IndependentDirectorof
GuangshengNonferrousMetalsCo.,Ltd.,andoneofthefirstbatchof35mediatorsintheMediationCenterofGuangdongLawyersAssociation,DeputyDirectorofthe11thState-ownedAssetsLawCommitteeofGuangdongLawyersAssociation,DeputyDirectorofthe12thComplianceandRiskControlLawCommitteeofGuangdongLawyersAssociation,ExecutiveDirectorofChinaHealthLawSociety,ExecutiveDirectorofGuangdongHealthLawSociety,DirectorofGuangdongLawSociety'sCorporateComplianceResearchSociety,DirectorofGuangdongLawSociety'sMedicineandFoodLawResearchSociety,DeputyDirectorofGuangzhouLawyersAssociation'sMedicineandHealthBusinessLegalCommittee,anArbitratorofShenzhenCourtofInternationalArbitration,ArbitratorofQingyuanArbitrationCommittee,MemberofGuangdongProvince'sEighthFive-YearPlanLawPopularizationLecturerGroup,andMemberofGuangzhouMunicipalBureauofJustice's"WarmEnterpriseAction"100-expertLawyerLegalServiceGroup.HehasbeenanindependentdirectoroftheCompanysinceSeptember20,2022.
Mr.YuMingyuan,anIndependentDirectoroftheCompany,BachelorofEngineering,second-classresearcher,andExpertenjoyingspecialgovernmentallowancefromtheStateCouncil,onceservedastheDirectoroftheHighwayandComprehensiveTransportationDevelopmentResearchCenteroftheResearchInstituteofHighway,MinistryofTransport.SinceJuly2021,hehasalsoservedasanIndependentDirectorofJiangsuShanghai-NanjingExpresswayCo.,Ltd.,sinceDecember2022,asanIndependentDirectorofHubeiChutianIntelligentTransportationCo.,Ltd.,andsinceSeptember20,2022,asanIndependentDirectoroftheCompany.Mr.HeSen,ChairmanoftheBoardofSupervisorsoftheCompany,BachelorDegree,MBA,SeniorAccountant,hasbeenappointedChairmanoftheBoardofSupervisorsofGuangdongCommunicationsGroupCo.,Ltd.sinceMarch2016.SinceAugust19,2022,hehasservedasChairmanoftheBoardofSupervisorsoftheCompany.Ms.WangXiaobing,SupervisoroftheCompany,BachelorofArts,SeniorEconomistandAccountant,hasbeenanexpatriatesupervisorofGuangdongCommunicationsGroupCo.,Ltd.sinceAugust2008.SinceMay17,2022,hehasservedasaSupervisoroftheBoardofSupervisorsoftheCompany.Ms.KeLin,SupervisoroftheCompany,DeputySecretaryofthePartyCommitteeandSecretaryoftheDisciplineInspectionCommissionoftheCompany.Bachelordegree,BachelorofScience,assistantresearcher.FromAugust2017toDecember2020,,shehasservedasChairmanofthelaborunionofthecompany,FromAugusttoNew,Shehasservedaspartycommitteemember,disciplineinspectioncommissionsecretary.SinceSeptember15,2017,SheservedassupervisorofBoardofsupervisoroftheCompany.
Mr.DengYunfeng,supervisoroftheCompany,bachelordegree,MBA,seniorengineer.HeservedasPartySecretaryofGuangzhou-FoshanExpresswayCo.,Ltd.fromFebruary2014toJuly2018;MinisterofPartyandMassWorkDepartmentoftheCompanyfromJuly2018tothepresent,andalsovicechairmanofthetradeunionoftheCompanyandchairmanofthetradeunionofitsheadquartersfromMarch2021tothepresent.HehasservedastheemployeesupervisoroftheninthboardofsupervisorsoftheCompanysinceDecember23,2021.
Ms.ZhouDong,SupervisoroftheCompany,BachelorofEconomics,andSeniorAccountant.FromApril2003toJanuary2018,sheservedasDeputyDirectoroftheFinancialManagementDepartmentoftheCompany.SinceJanuary2018,shehasservedasDeputySecretaryoftheDisciplineInspectionCommitteeoftheCompanyandDirectoroftheDisciplineInspectionandAuditDepartmentoftheCompany.SinceSeptember2022,ShehasservedasEmployeeSupervisoroftheBoardofSupervisorsoftheCompany.SheisalsotheChairmanoftheBoardofSupervisorsofGanzhouGanxian-NankangExpresswayCo.,Ltd.,ashareholding
companyoftheCompany,SupervisorofGuangdongLechang-GuangzhouExpresswayCo.,Ltd.andSupervisorofShenzhenHuizhou-ShenzhenExpresswayCo.,Ltd.
Mr.LuoBaoguo,DeputyGeneralManageroftheCompany,MasterofEngineering,SeniorEngineer.FromAugust2017toDecember2020,heservedastheGeneralManager(personincharge)andDeputySecretaryofthePartyCommitteeofFoshan-KaipingBranchofGuangdongExpresswayDevelopmentCo.,Ltd.SinceDecember25,2020,hehasservedastheDeputyGeneralManageroftheCompany.HeisalsotheChairmanofZhaoqingYuezhaoHighwayCo.,Ltd.,ashareholdingcompanyoftheCompany,theViceChairmanofGuangdongZhongshan–JiangmenExpresswayCo.,Ltd.andtheDirectorofGuangdongGuangzhou-HuizhouExpresswayCo.,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,SupervisorofGuangdongYuepuMicrofinanceCo.,Ltd.andDirectorofGuangdongGuangzhou-HuizhouExpresswayCo.,Ltd.
Mr.YangHanming,hehasbeentheSecretaryoftheBoard,bachelor'sdegree,senioreconomist,corporatelegaladviser,withtheboardsecretaryqualifications.SinceAugust2017,hehasbeentheSecretaryoftheBoardoftheCompany,viceChairmanofGanzhouGankangExpresswayCo.,Ltd.,DirectorofGuangdongJiangzhongExpresswayCo.,ltd.andsupervisorofGuangdongYuekeTechnologyPettyLoanCo.,Ltd.,SinceSeptember2019,heservedasMinisterofDevelopmentDeptoftheCompany.HealsoservesastheviceChairmanofGangzhouGankangExpresswayCo.,Ltd.,ajointstockcompanyoftheCompany.andDirectorofJingzhuExpresswayGuangzhuSectionCo.,Ltd.Officetakinginshareholdercompanies
√Applicable□Notapplicable
Namesofthepersonsinoffice | Namesoftheshareholders | Titlesengagedintheshareholders | Sharingdateofofficeterm | Expirydateofofficeterm | Doeshe/shereceiveremunerationorallowancefromtheshareholder |
ChengRui | GuangdongCommunicationGroup | MinisterofLegalAffairs. | May1,2022 | Yes | |
YouXiaocong | GuangdongHighwayConstructionCo.,Ltd. | Chiefaccountant,PartycommitteememberandSecretaryoftheboardofdirectors | January14,2015 | Yes | |
YaoXuechang | Beijing-ZhuhaiExpresswayGuangzhou-ZhuhaisectionreconstructionandexpansionmanagementOffice | DeputysecretaryanddirectorofthePartybranch | October1,2021 | Yes | |
ZengZhijun | GuangdongProvincialFreewayCo.,Ltd. | GeneralCounsel,MinisterofHumanResources | September1,2015 | Yes | |
HeSen | GuangdongCommunicationGroupCo.,Ltd. | Dispatchedchairmanofthesupervisorycommittee | March1,2016 | Yes | |
WangXiaobing | 广GuangdongCommunicationGroupCo.,Ltd. | Supervisor | August1,2008 | Yes |
Officestakeninotherorganizations
√Applicable□Notapplicable
Nameofthepersonsinoffice | Nameofotherorganizations | Titlesengagedintheotherorganizations | Startingdateofofficeterm | Expirydateofofficeterm | Doeshe/shereceiveremunerationorallowancefromotherorganization |
ZhangHua | ShanghaiErroInvestmentManagementServiceCentre(Generalpartnership) | GeneralManager | October1,2016 | Yes | |
ZhuhaiTaichuanCommunityTechnologyCo.,Ltd. | Independentdirector | September1,2017 | Yes | ||
GuangzhouYuyinTechnologyCo.,Ltd. | Independentdirector | November1,2018 | Yes | ||
GuangzhouRuralCommercialBank | Independentdirector | March18,2021 | Yes | ||
LiuZhonghua | CollegeofAccounting,GuangdongUniversityofForeignStudies | Professor,Master’ssupervisor | September1,2005 | Yes | |
GelinmeiCo.,Ltd. | IndependentDirector | March20,2019 | Yes | ||
YuexiuCapitalCo.,Ltd. | IndependentDirector | September1,2022 | Yes | ||
LuxsharePreciaionIndustryCo.,Ltd. | IndependentDirector | June1,2021 | Yes | ||
ZengXiaoqing | TongjiUniversity'sSchoolofTransportationEngineering | Professoranddoctoralsupervisor | June1,2007 | Yes | |
TongjiUniversity'sJointExperimentalCenterforTrafficInformationControl | Director | June30,2003 | No | ||
YouDewei | GuangdongETRLawFirm | ChiefSupervisor,seniorpartner,lawyer | January1,2019 | Yes | |
GuangdongProvinceSASACsupervisesenterprises | Externaldirector | July1,2019 | Yes | ||
GuangdongGanghangGroup | Externaldirector | July1,2019 | Yes | ||
GuangdongProvincialAcademyofBuildingResearchGroupCo.,Ltd. | Independentdirector | August1,2022 | Yes | ||
RisingNonferrousMetalsShareCo.,ltd. | Independentdirector | August1,2022 | Yes | ||
The11thState-ownedAssetsLawProfessionalCommitteeofGuangdongLawyersAssociation | Vicedirector | March1,2017 | No | ||
The12thComplianceRiskControlLegalProfessionalCommitteeofGuangdongLawyersAssociation | Vicedirector | April1,2022 | No | ||
ChinaHealthLawSociety | Executivedirector | June1,2019 | No | ||
GuangdongHealthLawSociety | Executivedirector | December1,2021 | No | ||
GuangdongProvincialLawSocietyofMedicineandFoodLawResearchAssociatio | Director | December1,2020 | No | ||
PharmaceuticalandHealthBusinessLegalProfessionalCommitteeofGuangzhouLawAssociation | Vicedirector | September1,2020 | No | ||
ShenzhenCourtofInternationalArbitration | Arbitrator | February1,2019 | No | ||
QingyuanArbitrationCommission | Arbitrator | February1,2016 | No | ||
GuangzhouMunicipalBureauofJustice"warmenterpriseaction"100expertslawyerslegalservice | Member | September1,2016 | No | ||
YuMingyuan | ResearchInstituteofHighwayMinistryofTransport | Second-levelresearcher | October1,2022 | Yes | |
ChinaHighwaySocietyInvestmentBranch | Executivedirector | July1,2022 | No | ||
ChinaHighwaySocietyTransportationandLogisticBranch | Executivedirector | July1,2018 | No |
Nameofthepersonsinoffice | Nameofotherorganizations | Titlesengagedintheotherorganizations | Startingdateofofficeterm | Expirydateofofficeterm | Doeshe/shereceiveremunerationorallowancefromotherorganization |
JiangsuNinghuExpresswayCo.,Ltd. | Independentdirector | July1,2021 | Yes | ||
HubeiChutianSmartCommunicationCo.,Ltd. | Independentdirector | December1,2022 | Yes | ||
WuHao | ShandongExpresswayInvestmentDevelopmentCo.,Ltd. | MemberofPartycommittee,deputygeneralmanager | May29,2020 | Yes | |
KuangYu | PolyDevelopmentGroupCo.,Ltd. | SecuritiesRepresentativeandDepartmentManagerofCapitalOperationsDepartmentoftheBoardofDirectors | Yes |
Punishmentstothecurrentandleavingboarddirectors,supervisorsandseniormanagersduringthereportperiodbysecuritiesregulatorsintherecentthreeyears
□Applicable√Notapplicable
3.Remunerationtodirectors,supervisorsandseniorexecutivesDecision-makingprocedures,basisfordeterminationandactualpaymentoftheremunerationtodirectors,supervisorsandseniorexecutives
TheremunerationofmembersoftheTenthboardofdirectorsandsupervisorycommitteewasexaminedanddeterminedatthesecondprovisionalshareholders’generalmeetingin2022.Non-independentdirectorsarenotentitledtodirectors'remuneration.
1.Independentdirectorsareentitledtodirectors'remuneration,DirectorswhohavenotheldotherpositionsintheCompanyandthecontrollingshareholderoftheCompanyanditsrelatedpartiesareremuneratedbythedirectorsoftheCompany,andthestandardisRMB8,000(taxincluded)perpersonpermonth.Inaddition,theexpensesincurredbytheindependentdirectorsattheboardofdirectorsandtheshareholders'generalmeetingandtheexpensesincurredinexercisingtheirfunctionsandpowersinaccordancewiththearticlesofassociationmaybereimbursedinthecompany.Remunerationtodirectors,supervisorsandseniorexecutivesinthereportingperiod
InRMB10,000
Name | Positions | Sex | Age | Officestatus | TotalremunerationreceivedfromtheCompany | Whethertogetpaidinthecompanyrelatedparty |
MiaoDeshan | BoardChairman | Male | 51 | InOffice | 25.15 | No |
ZhengRenfa | BoardChairman | Male | 53 | Dimission | 38.15 | No |
WangChunhua | Director,GeneralManager | Male | 58 | InOffice | 82.81 | No |
LuMing | Director,ChiefAccountant | Male | 44 | InOffice | 63.32 | No |
ZuoJiang | Director,DeputyGeneralManager | Female | 50 | InOffice | 64.68 | No |
ChengRui | Director | Male | 48 | InOffice | 0 | Yes |
ChengRui | DeputyGeneralManager | Male | 48 | Dimission | 38.58 | No |
ChenMin | Director | Male | 59 | Dimission | 0 | Yes |
ZengZhijun | Director | Male | 52 | InOffice | 0 | Yes |
YouXiaocong | Director | Male | 53 | InOffice | 0 | Yes |
YaoXuechang | Director | Male | 51 | InOffice | 0 | Yes |
RenHua | Director | Male | 47 | Dimission | 0 | Yes |
WuHao | Director | Female | 50 | InOffice | 0 | No |
KuangYu | Director | Male | 37 | InOffice | 0 | No |
HuangHai | Director | Male | 47 | Dimission | 0 | No |
ZhangHua | Independentdirector | Male | 57 | InOffice | 7.8 | No |
LiuZhonghua | Independentdirector | Male | 57 | InOffice | 7.8 | No |
ZengXiaoqing | Independentdirector | Female | 53 | InOffice | 7.8 | No |
YouDewei | Independentdirector | Male | 54 | InOffice | 2.4 | No |
YuMingyuan | Independentdirector | Male | 60 | InOffice | 2.4 | No |
GuNaikang | Independentdirector | Male | 57 | Dimission | 5.4 | No |
BaoFangzhou | Independentdirector | Male | 44 | Dimission | 5.4 | No |
HeSen | ChairmanoftheSupervisoryCommittee | Male | 49 | InOffice | 0 | Yes |
JiangChangwen | ChairmanoftheSupervisoryCommittee | Male | 55 | Dimission | 0 | Yes |
WangXiaobing | Supervisor | Female | 51 | InOffice | 0 | Yes |
KeLin | Supervisor | Female | 53 | InOffice | 63.76 | No |
DengYunfeng | Supervisor | Male | 47 | InOffice | 55.07 | No |
ZhouDong | Supervisor | Female | 52 | InOffice | 55.08 | No |
ZhouYisan | Supervisor | Male | 42 | Dimission | 0 | No |
ZhouYisan | Chieflegaladviser | Male | 42 | InOffice | 55.88 | No |
LuoBaoguo | DeputyGeneralManager | Male | 48 | InOffice | 64.39 | No |
YangHanming | SecretarytotheBoard | Male | 53 | InOffice | 57.52 | No |
Total | -- | -- | -- | -- | 703.39 | -- |
VI.Performanceofdirectors'dutiesduringthereportingperiod
1.Informationoftheboardmeetingsduringthereportingperiod
Session | Conveningdate | Disclosuredate | Meetingresolution |
The25th(Provisional)meetingoftheninthBoardofDirectors | January11,2022 | January12,2022 | ThemeetingexaminedandadoptedtheProposalonIncreasingCapitaltoGuangdongExpresswayCapitaltoInvestintheEquityofCMSTNanningSmartLogisticsTechnologyCo.,Ltd. |
The26th(Provisional)meetingoftheninthBoardofDirectors | January26,2022 | January27,2022 | Themeetingexaminedandapprovedthe"Proposalonthe"14thFive-Year"DevelopmentPlanofGuangdongProvincialExpresswayDevelopmentCo.,Ltd."andagreedtothe"14thFive-YearDevelopmentPlanofGuangdongProvincialExpresswayDevelopmentCo.,Ltd." |
The27th(Provisional)meetingoftheninthBoardofDirectors | March15,2022 | March16,2022 | ThemeetingexaminedandadoptedoftheProposalonChangesinAccountingPolicies,ThemeetingexaminedandadoptedtheProposalonWrite-offofAssetsImpairmentProvision,ThemeetingexaminedandadoptedtheProposalConcerningFinalAccountingReportfor2021,ThemeetingexaminedandadoptedtheProposalConcerningFinalAccountingReportfor2021,ThemeetingexaminedandadoptedtheProposalConcerningOverallbudgetreportoftheCompanyfor2022,ThemeetingexaminedandadoptedtheProposalConcerningOverallbudgetreportoftheCompanyfor2022,ThemeetingexaminedandadoptedtheProposalConcerningOverallbudgetreportoftheCompanyfor2022,ThemeetingexaminedandadoptedAnnualReportfor2021anditssummary,ThemeetingexaminedandadoptedtheProposalthereportonevaluationoftheCompany'sinternalcontrolin2021,ThemeetingexaminedandadoptedtheProposalforHiringthe2022AnnualFinancialReportAuditAgency,ThemeetingexaminedandadoptedtheProposalforHiringthe2022InternalControlAuditInstitution,ThemeetingExaminedandadoptedoftheProposalonConfirmingtheContinuousRiskAssessmentReportofGuangdongCommunicationGroupFinanceCo.,Ltd,ThemeetingExaminedandadoptedoftheProposalontheReportontheControlofDebtRiskof2021,ThemeetingExaminedandadoptedoftheProposalontheReportontheanalysisofDebtRiskof2021,ThemeetingexaminedandadoptedtheProposalConcerningtheCompanyDailyAssociatedTransactionsPredictedof2022,ThemeetingexaminedandadoptedtheProposalonNominatedCandidateforDirectoroftheNinthBoardofDirectors,ThemeetingexaminedandadoptedtheProposalontheTransferof100%EquityoftheWholly-ownedSubsidiaryGuangdongExpresswayTechnologyInvestmentCo.,Ltd.,ThemeetingexaminedandadoptedtheProposalforHolding2021AnnualShareholders'GeneralMeeting. |
The28th(Provisional)meetingoftheninthBoardofDirectors | March18,2022 | March19,2022 | Themeetingexaminedandadoptedthe"ProposalonCapitalIncreaseinYuegaoCapitalInvestment(Guangzhou)Co.,Ltd.toInvestintheEquityofShenzhenGarageElectricPileTechnologyCo.,Ltd." |
The29th(Provisional)meetingoftheninthBoardofDirectors | April26,2022 | April27,2022 | Themeetingexaminedandadoptedthe"ProposalonNominatingDirectortoPerformtheDutiesofChairman",ThemeetingexaminedandadoptedtheProposalconcerningtheFirstQuarterof2022 |
The30th(Provisional)meetingoftheninthBoardofDirectors | July27,2022 | July28,2022 | ThemeetingexaminedandadoptedoftheProposalonNominatingCandidatesforDirectorsoftheNinthBoardofDirectors,ThemeetingexaminedandadoptedtheProposalforHolding2022FirstProvisionalShareholders'GeneralMeeting. |
The31st(Provisional)meetingoftheninthBoardofDirectors | August19,2022 | August20,2022 | Themeetingexaminedandadoptedthe"ProposalonElectionoftheChairmanoftheNinthBoardofDirectors",Themeetingexaminedandadoptedthe"ProposalonBy-electionofMembersoftheStrategyCommitteeoftheNinthBoardofDirectors",Themeetingexaminedandadoptedthe"ProposalonBy-electionofMembersoftheStrategyCommitteeoftheNinthBoardofDirectors",Themeetingexaminedandadoptedthe"ProposalonBy-electionofMembersoftheRemunerationandAppraisalCommitteeoftheNinthBoardofDirectors",Themeetingexaminedandadoptedthe"ProposalonFormulatingtheManagementSystemforExternalDonationsofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.",Themeetingexaminedandadoptedthe"ProposalonFormulatingtheImplementationRulesfortheManagementEvaluationofGuangdongProvincialExpressway |
Session | Conveningdate | Disclosuredate | Meetingresolution |
DevelopmentCo.,Ltd'stenuresystemandcontractualmanagement(trial)",ThemeetingexaminedandadoptedAgreedtoformulatethe"GuangdongProvincialExpresswayDevelopmentCo.,Ltd’sManagers'tenuresystemandcontractmanagementassessmentimplementationrules(trial)". | |||
The32nd(Provisional)meetingoftheninthBoardofDirectors | August26,2022 | August27,2022 | ThemeetingexaminedandadoptedtheProposalforsemi-annualreport2022anditssummary,ThemeetingexaminedandadoptedoftheProposalonConfirmingtheContinuousRiskAssessmentReportofGuangdongCommunicationGroupFinanceCo.,Ltd.,ThemeetingexaminedandadoptedoftheProposalontheContractualAssessmentResultsoftheCompany's2021ManagementMembershipTenureSystem,ThemeetingexaminedandadoptedoftheProposalontheCompany'sManagementMembers'LetterofResponsibilityforOperationalManagementTargetsin2022,ThemeetingexaminedandadoptedoftheProposalontheGeneralElectionoftheCompany'sBoardofDirectors,ThemeetingexaminedandadoptedoftheProposalontheRemunerationofDirectorsofthe10thBoardofDirectorsoftheCompany,ThemeetingexaminedandadoptedtheProposalforHolding2022SecondprovisionalShareholders'GeneralMeeting. |
The33rd(Provisional)meetingoftheninthBoardofDirectors | September15,2022 | September16,2022 | Themeetingexaminedandadoptedthe"ProposalontheEvaluationResultsoftheCompany'sManagementMembers'TermofOperationPerformance",andagreedtotheresultsofthecompany'smanagementmembers'tenure-termbusinessperformanceevaluation. |
The1st(Provisional)meetingoftheTenthBoardofDirectors | September20,2022 | September21,2022 | Themeetingexaminedandadoptedthe"ProposalonElectionoftheChairmanoftheTenthBoardofDirectors",Themeetingexaminedandadoptedthe"ProposalontheAppointmentoftheCompany'sGeneralManager,BoardSecretaryandSecuritiesAffairsRepresentative",Themeetingexaminedandadoptedthe"ProposalontheAppointmentofDeputyGeneralManagersandOtherPersonneloftheCompany",Themeetingexaminedandadoptedthe"ProposalonAmendingtheRulesofProcedureoftheRiskManagementCommitteeoftheCompany'sBoardofDirectors",Themeetingexaminedandadoptedthe"ProposalonElectionoftheAuditCommitteeoftheTenthBoardofDirectors",Themeetingexaminedandadoptedthe"ProposalonElectionoftheRemunerationandAppraisalCommitteeoftheTenthBoardofDirectors",Themeetingexaminedandadoptedthe"ProposalonElectionoftheStrategyCommitteeoftheTenthBoardofDirectors",Themeetingexaminedandadoptedthe"ProposalonElectionoftheRiskManagementCommitteeoftheTenthBoardofDirectors". |
The2nd(Provisional)meetingoftheTenthBoardofDirectors | October21,2022 | October22,2022 | ThemeetingexaminedandadoptedtheProposalonAmendingPartoftheArticlesofAssociationoftheCompany,ThemeetingexaminedandadoptedtheProposalonAmendingofIndependentdirectorsystemofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.,ThemeetingexaminedandadoptedtheProposalonIncreasingCapitaltoBeijing-ZhuhaiExpresswayGuangzhuSectionCo.,Ltd.toInvestintheReconstructionandExpansionProjectofNansha-ZhuhaiSectionofGuangzhou-MacaoExpressway,ThemeetingexaminedandadoptedtheProposalforHolding2022ThirdProvisionalShareholders'GeneralMeeting. |
The3rd(Provisional)meetingoftheTenthBoardofDirectors | October27,2022 | October28,2022 | ThemeetingexaminedandadoptedtheProposalconcerningtheThirdQuarterof2022,ThemeetingexaminedandadoptedtheProposaloftheInvestmentinPartialEquityProjectsofBeijingInstituteofArchitecturalDesignforCapitalIncreaseinYuegaoCapitalHoldings(Guangzhou)Co.,Ltd. |
The4th(Provisional)meetingoftheTenthBoardofDirectors | November17,2022 | November18,2022 | Themeetingexaminedandadoptedthe"ProposalBeijing-ZhuhaiExpresswayGuangzhuSectionCo.,Ltd.'sApplicationforanEntrustmentLoanof500millionyuanfromGuangdongCommunicationGroupCo.,Ltd." |
The5th(Provisional)meetingoftheTenthBoardofDirectors | November30,2022 | December1,2022 | ThemeetingexaminedandadoptedtheProposalontheFormulationofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.’sGuaranteeManagementSystem,ThemeetingexaminedandadoptedtheProposalontheFormulationofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.’sLiabilityManagementSystem,ThemeetingexaminedandadoptedtheProposal |
Session | Conveningdate | Disclosuredate | Meetingresolution |
ontheFormulationofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.’sComplianceManagementSystem,ThemeetingexaminedandadoptedtheProposaloftheFormulationofRulesofProcedureoftheComplianceCommitteeoftheBoardofDirectors,ThemeetingexaminedandadoptedtheProposalontheEstablishmentofaComplianceCommitteeoftheBoardofDirectors,ThemeetingexaminedandadoptedtheProposalofEmploymentAgreementforCompany'sManagers’MembersandLetterofresponsibilityforthemanagementobjectivesofthetermofoffice,ThemeetingexaminedandadoptedtheProposaloncommissioningconstructionmanagementmattersforthereconstructionandexpansionoftheNansha-ZhuhaisectionoftheGuangzhou-MacaoExpressway". | |||
The6th(Provisional)meetingoftheTenthBoardofDirectors | December13,2022 | December14,2022 | Themeetingexaminedandadoptedthe"ProposalonTheTotalRemunerationManagementSystemofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.(Trial)",Themeetingexaminedandadoptedthe"ProposalonRevisingtheMeasuresfortheManagementofRemunerationofMembersoftheManagementLevelofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.(Trial)",Themeetingexaminedandadoptedthe"ProposalontheRemunerationManagementMeasuresofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.(Trial)",Themeetingexaminedandadoptedthe"ProposalontheAdministrativeMeasuresfortheDistributionofIncrementalIncentiveRemunerationofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.(Trial)",Themeetingexaminedandadoptedthe"ProposalontheSystemfortheSelectionandAppointmentofMembersoftheManagementLevelofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.(Trial)",Themeetingexaminedandadoptedthe"ProposalontheImplementationMeasuresforthe‘ThreeImportanceandOneGreatnessDecision-makingSystem’ofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.",Themeetingexaminedandadoptedthe"ProposalontheAmendmentoftheRulesofProcedureoftheBoardofDirectorsofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.",Themeetingexaminedandadoptedthe"ProposalforHolding2022FourthProvisionalShareholders'GeneralMeeting". |
2.Attendanceofdirectorsattheboardmeetingsandthegeneralmeetingofshareholders
Attendanceofdirectorsattheboardmeetingsandthegeneralmeetingofshareholders | |||||||
Nameofdirector | Numberofboardmeetingsattendedduringthereportingperiod | Numberofboardmeetingsattendedinperson | Numberofboardmeetingsattendedbymeansofcommunication | Numberofboardmeetingsattendedbyproxy | Numberofboardmeetingsabsentfrom | Whethertoattendtheboardmeetinginpersontwiceinarow | Generalmeetingsofshareholdersattended |
MiaoDeshan | 9 | 2 | 7 | 0 | 0 | No | 4 |
ZhengRenfa | 4 | 1 | 3 | 0 | 0 | No | 0 |
WangChunhua | 15 | 3 | 12 | 0 | 0 | No | 5 |
LuMing | 15 | 3 | 12 | 0 | 0 | No | 5 |
ZuoJiang | 15 | 3 | 12 | 0 | 0 | No | 5 |
ChengRui | 6 | 1 | 5 | 0 | 0 | No | 3 |
ChenMin | 9 | 2 | 7 | 0 | 0 | No | 2 |
ZengZhijun | 15 | 3 | 12 | 0 | 0 | No | 5 |
YouXiaocong | 15 | 3 | 12 | 0 | 0 | No | 5 |
YaoXuechang | 6 | 1 | 5 | 0 | 0 | No | 3 |
RenHua | 9 | 2 | 7 | 0 | 0 | No | 2 |
WuHao | 15 | 3 | 12 | 0 | 0 | No | 5 |
HuangHai | 2 | 0 | 2 | 0 | 0 | No | 0 |
KuangYu | 10 | 2 | 8 | 0 | 0 | No | 5 |
GuNaikang | 9 | 2 | 7 | 0 | 0 | No | 2 |
BaoFangzhou | 9 | 2 | 7 | 0 | 0 | No | 2 |
ZhangHua | 15 | 3 | 12 | 0 | 0 | No | 5 |
LiuZhonghua | 15 | 3 | 12 | 0 | 0 | No | 5 |
ZengXiaoqing | 15 | 3 | 12 | 0 | 0 | No | 5 |
YouDewei | 6 | 1 | 5 | 0 | 0 | No | 3 |
YuMingyuan | 6 | 1 | 5 | 0 | 0 | No | 3 |
ExplanationoffailuretoattendtheboardmeetinginpersontwiceinarowNone
3.Directors'objectionstorelatedmattersoftheCompanyWhetherthedirectorraisesanyobjectiontotherelevantmattersoftheCompany
□Yes√NoDuringthereportingperiod,thedirectorsdidnotraiseanyobjectiontotherelevantmattersoftheCompany.
4.Otherdescriptionsofdirectors'performanceofdutiesWhetherthedirectors'suggestionsontheCompanyhavebeenadopted
√Yes□NoThedirector'sstatementonwhethertherelevantsuggestionsoftheCompanyhavebeenadoptedornot
Duringthereportingperiod,allthedirectorsoftheCompanydiligentlyperformedthedutiesentrustedbythegeneralmeetingofshareholders,carefullyevaluatedandconsideredtheCompany'soperationmanagement,investment,corporategovernanceandothermatters,activelyproposed,scientificallydiscussedandcollectivelymadedecisionsintheboardmeeting,andputforwardmultiplesuggestionsthatmeettheCompany'sdevelopmentneedsatthepresentstage,whichwereadoptedbytheCompanyintheformofresolutionsoftheBoardofDirectors.
VII.SituationofspecialcommitteesundertheBoardofDirectorsduringthereportingperiod
Committeename | Memberinformation | Numberofmeetingsconvened | Conveningdate | Meetingcontent | Putforwardimportantopinionsandsuggestions | Otherinformationofdutyperformance | Detailsofobjections(ifany) |
AuditCommittee | Chairmanofthecommittee:LiuZhonghua,Member:ZhangHua,LuMing | 1 | January7,2022 | 1.Reviewedthe2021financialreportpreparedbytheCompany;2.TheCPAreportedtheauditplanofthe2021financialreporttotheAuditCommittee. | TheAuditCommitteereviewedthe2021financialreportpreparedbytheCompany,andreachedconsensus:1.TheCompany'saccountingpolicieswereproperlyselected,accountingestimateswerereasonable,andnomaterialmisstatementoromissionwasfound;2.NomajorshareholderswerefoundoccupyingtheCompany'sfunds;3.Noexternalviolationguaranteeorabnormalrelatedpartytransactionswerefound;4.TheCompany'sfinancialstatementscouldbesubmittedtotheCPAfirmforannualaudit. | ||
AuditCommittee | Chairmanofthecommittee:LiuZhonghua,Member:ZhangHua,LuMing | 1 | March4,2022 | 1.Reviewedthe2021annualfinancialreportsubmittedbytheCompany'sFinanceDepartmentandissuedbycertifiedpublicaccountantswithpreliminaryauditopinions;2.ReviewedandapprovedtheProposalonReviewingthe2021InternalControlEvaluationReportofGuangdongExpresswayDevelopmentCo.,Ltd.;3.ListenedtothereportsoftheProposalonHiringFinancialReportAuditInstitutionin2022andtheProposalonHiringInternalControlAuditInstitutionin2022,andreviewedrelevantinformation;4.ReviewedandapprovedtheCompany's2021InternalAuditWorkSummaryand2022InternalAuditWorkPlan;5.Reviewedand | 1.TheAuditCommitteereviewedthe2021financialreportsubmittedbytheCompany'sFinanceDepartmentandissuedbythecertifiedpublicaccountantforannualreviewwithpreliminaryauditopinions,andreachedconsensusasfollows:(1)TheauditoftheCompany's2021financialreportbythecertifiedpublicaccountantforannualreviewwasconductedinstrictaccordancewiththerelevantnormsofauditbusiness;(2)Duringpreparationoftheannualreport,theannualcertifiedpublicaccountantscommunicatedwiththeAuditCommitteeeffectively,andfullylistenedtotheopinionsoftheAuditCommittee,andconsensuswasreachedonallmajoraspectsintheannualreview;(3)Theannualfinancialreportissuedbycertifiedpublicaccountantswithpreliminaryauditopinionswasrelativelycomplete,withnomajoromissions,anditfairlyreflectedtheCompany'sfinancialpositionasofDecember31,2021,andtheproductionandoperationresultsandcashflowin2020inallmajoraspects.2.TheAuditCommitteehaslistenedtothereportoftheProposalonDeliberatingthe"EvaluationReportforInternalControlofGuangdongExpresswayDevelopmentCo.,Ltd.in2021"submittedbytheDisciplineInspectionandAuditDepartmentoftheCompany,andthecertifiedpublicaccountanthasalsoissuedapreliminaryauditopinionontheinternalcontroloftheCompanyin2021.ThecertifiedpublicaccountantbelievedthatGuangdongExpresswaymaintainedeffective |
Committeename | Memberinformation | Numberofmeetingsconvened | Conveningdate | Meetingcontent | Putforwardimportantopinionsandsuggestions | Otherinformationofdutyperformance | Detailsofobjections(ifany) |
approvedtheProposalonReviewingtheCompany's2021InternalControlEvaluationWorkPla. | internalcontroloffinancialreportsinallmajoraspectsonDecember31,2021inaccordancewiththeBasicStandardsforInternalControlofEnterprisesandrelevantregulations.TheAuditCommitteedeliberatedandapprovedtheEvaluationReportforInternalControlofGuangdongExpresswayDevelopmentCo.,Ltd.in2021andagreedtosubmittheproposaltotheBoardofDirectorsfordeliberation.TheAuditCommitteelistenedtothereportsoftheProposalonHiringAuditInstitutionsforFinancialReportingin2022andtheProposalonHiringAuditInstitutionsforInternalControlin2022,andreviewedrelevantmaterials.ItisconsideredthatYongtuoCertifiedPublicAccountantsLLP(SpecialGeneralPartnership),withrelevantqualificationstoengageintheauditbusinessoflistedcompanies,inaccordancewiththeindependent,objectiveandfairpracticestandards,andwiththeexperienceandabilitytoprovideauditservicesforlistedcompanies,canmeettheneedsoftheCompany's2022annualfinancialreportandinternalcontrolaudit,andcanindependentlyaudittheCompany'sfinancialstatus,andtherefore,itisagreedthattheCompanywillcontinuetohireYongtuoCertifiedPublicAccountantsLLP(SpecialGeneralPartnership)astheCompany'sannualfinancialreportauditinstitutionandinternalcontrolauditinstitutionin2022,anditisagreedtosubmittheabovetwoproposalstotheBoardofDirectorsandtheGeneralMeetingofShareholdersfordeliberation.4.ItdeliberatedandapprovedtheCompany'sInternalAuditWorkSummaryin2021andInternalAuditWorkPlanin2022,andagreedtosubmittheaboveproposalstotheBoardofDirectorsfordeliberation.5.ItdeliberatedandapprovedtheProposalonReviewingtheCompany's"WorkPlanforInternalControlEvaluationin2022"andagreedtotheCompany'sWorkPlanforInternalControlEvaluationin2022. | ||||||
AuditCommittee | Chairmanofthecommittee:LiuZhonghua,Member: | 1 | March15,2022 | Itreviewedthestandardandunqualified2021financialreportsubmittedbythe | TheAuditCommitteereviewedthestandardandunqualified2021financialreportsubmittedbytheCompany'sFinancialManagementDepartmentandissued |
Committeename | Memberinformation | Numberofmeetingsconvened | Conveningdate | Meetingcontent | Putforwardimportantopinionsandsuggestions | Otherinformationofdutyperformance | Detailsofobjections(ifany) |
ZhangHua,LuMing | Company'sFinancialManagementDepartmentandissuedbytheaccountantforannualaudit | bythecertifiedpublicaccountantforannualreview,andconcludedthattheCompany'sfinancialreporttruly,accuratelyandcompletelyreflectedtheoverallsituationoftheCompany,andagreedtosubmitthe2021financialreportpreparedbytheCompanyandauditedbythecertifiedpublicaccountantforannualreviewtotheBoardofDirectorsfordeliberation. | |||||
RemunerationandAssessmentCommittee | ChairmanoftheCommittee:BaoFangzhou,Member:GuNaikang | 1 | March15,2022 | Itreviewedthe2021AnnualReport. | TheCommitteebelievedthatin2021,theCompany'sdirectorsandseniormanagementpersonnelperformedtheirdutiesdiligentlyandconscientiously,andagreedtotheremunerationofdirectorsandseniormanagementpersonneldeterminedbytheCompanyinaccordancewithrelevantsystemsandregulationsin2021. | ||
RemunerationandAssessmentCommittee | ChairmanoftheCommittee:BaoFangzhou,Member:GuNaikang,KuangYu | 1 | September15,2022 | ItdeliberatedandapprovedtheProposalofGuangdongExpresswayDevelopmentCo.,Ltd.onDeliberatingthePerformanceAssessmentResultsofManagers'TenureandtheProposalontheContractualAssessmentResultsofManagers'TenureSystemin2021. | TheCommitteeunanimouslyagreedwiththeassessmentresultsoftheproposalandagreedtosubmittheassessmentresultstotheBoardofDirectorsoftheCompanyfordeliberation. | ||
RemunerationandAssessmentCommittee | ChairmanoftheCommittee:YouDewei,Member:ZhangHua,KuangYu | 1 | December13,2022 | ItdeliberatedandapprovedtheProposalonthe"TotalSalaryManagementSystemofGuangdongExpresswayDevelopmentCo.,Ltd.(Trial)",ProposalonAmendingthe"AdministrativeMeasuresforManagers'SalaryofGuangdongExpresswayDevelopmentCo.,Ltd.(Trial)",andProposalonthe"SalaryManagementMeasuresofGuangdongExpresswayDevelopment | TheCommitteedeliberatedandapprovedtheproposalandagreedtosubmitittotheBoardofDirectorsoftheCompanyfordeliberation. |
Committeename | Memberinformation | Numberofmeetingsconvened | Conveningdate | Meetingcontent | Putforwardimportantopinionsandsuggestions | Otherinformationofdutyperformance | Detailsofobjections(ifany) |
Co.,Ltd.(Trial)",Proposalon"AdministrativeMeasuresforIncrementalIncentiveSalaryDistributionofGuangdongExpresswayDevelopmentCo.,Ltd.(Trial)"andProposalon"SelectionandAppointmentSystemofManagersofGuangdongExpresswayDevelopmentCo.,Ltd.(Trial)". | |||||||
StrategyCommittee | ChairmanoftheCommittee:ZhengRunfa,Member:WangChunhua,BaoFangzhou,ZhangHuaandZengXiaoqing | 1 | January26,2022 | ItdeliberatedthematerialsoftheCompany's"FourteenthFive-Year"DevelopmentPlan. | TheCommitteebelievedthatthecontentoftheCompany's"FourteenthFive-Year"DevelopmentPlaniscomprehensiveandclear,whichisinlinewiththeactualsituationoftheCompany,anditagreedtosubmittheCompany's"FourteenthFive-Year"DevelopmentPlantotheBoardofDirectorsfordeliberation. | ||
RiskManagementCommittee | ChairmanoftheCommittee:LiuZhonghua,Member:MiaoDeshan,YouDewei | 1 | November30,2022 | Itdeliberatedandapprovedtheproposalontheresultsoftheriskassessmentin2022. | TheCommitteeagreedwiththeresultsofthe2022riskassessment. | ||
ComplianceCommittee | ChairmanoftheCommittee:YouDewei,Member:YuMingyuan,WuHao | 1 | December13,2022 | ItdeliberatedandapprovedtheProposalonDeliberatingandDeterminingtheComplianceRiskin2023. | AllmembersoftheCommitteeunanimouslyagreedthatthecompanywouldcarryoutspecialworktopreventexpresswaytrafficsafetyandcompliancerisksin2023. |
VIII.TheworkingstatusoftheboardofsupervisorsTheboardofsupervisorsfindsoutwhetherthecompanyhasrisksduringthemonitoringactivitiesduringthereportingperiod
□Yes√NoTheSupervisoryCommitteehasnoobjectiontothesupervisionmattersduringthereportingperiod.IX.Particularsaboutemployees.
1.Numberofstaff,professionalstructureandeducationalbackground
Numberofin-servicestaffoftheparentcompany(person) | 106 |
Numberofin-servicestaffofthemainsubsidiaries(person) | 2,976 |
Thetotalnumberofthein-servicestaff(person) | 3,082 |
Thetotalnumberofstaffreceivingremunerationinthecurrentperiod(person) | 3,077 |
Retiredstaffwithchargespaidbytheparentcompanyandmainsubsidiaries(person) | 129 |
Professional | |
Category | Numberofpersons(person) |
Operatingpersonnel | 2,531 |
Salepersonnel | 0 |
TechnologyPersonnel | 359 |
Financialpersonnel | 62 |
Managementpersonnel | 130 |
Total | 3,082 |
Education | |
Category | Numberofpersons(person) |
Holdersofmaster’sdegreeorabove | 51 |
Graduatesofregularuniversity | 610 |
Graduatesofjuniorcolleges | 1,773 |
Other | 648 |
Total | 3,082 |
2.Remunerationpolicies
GuangdongExpresswayfollowstheprincipleofadheringtothebenefitorientation,takingintoaccountofefficiencyandfairness,andcombiningincentiveswithconstraints,providesactiveencouragementandpaidattentiontothelong-term.Accordingtonationallaws,regulationsandpolicies,itestablishestheannualsalarysystemforthepersoninchargeoftheenterpriseandtheperformancesalarysystemformanagementposts,adoptsthetotalsalarybudgettobeincludedintheoverallbudgetmanagement,andmakesemployees'salarycloselylinkedwithindividualperformanceandenterprisebenefitsaccordingtotheinterrelatedperformancecontributionsoflabor,managementandskills.TheCompanyprovidesvariousbenefitsincompliancewithlawsandregulations,andemployeesenjoyvariousbenefitssuchassocialinsurance,enterpriseannuity,supplementarymedicalcare,tradeunionmutualinsurance,etc.,soastoensurethatemployeescansharedevelopmentachievementsandtherebyarousetheirworkingpassion.
3.Trainingplan
Eachbusinessdepartmentorganizesemployeestoparticipateinthebusinessposttrainingorganizedbythecompetentdepartmentofindustryandsocialprofessionaltraininginstitutionsaccordingtotheemployeejob
characteristics,employeejobperformanceandindustrydevelopmenttrendofthedepartment.Inordertohelpenterprisesdevelopwithhighqualityandefficientlycompletethetaskofstate-ownedenterprisereform,itisplannedtocarryoutspecialtrainingonstate-ownedenterprisereform;inordertoimproveemployees'workingsatisfaction,itisplannedtocarryoutspecialtrainingonemployees'mentalhealthandphysicalhealthcare.Carryoutcontinuingeducationandtrainingforprofessionalandtechnicalpersonnel.Carryoutvarioustrainingactivitiessuchasspecialeducationandincorruptioneducationincooperationwiththepartyandthemasses,supervisionandexamination,etc.
4.Outsourcingsituation
□Applicable√NoApplicable
X.SpecificationofprofitdistributionandcapitalizingofcommonreservesFormulation,implementationoradjustmentoftheprofitdistributionpolicy,especiallythecashdividendpolicyduringthereportingperiod
□Applicable√NotapplicableDuringthereportingperiod,theCompanymadeaprofitandtheprofitavailabletoshareholdersoftheparentcompanywaspositive,butnocashdividenddistributionplanwasputforward.
□Applicable√NotapplicableProfitdistributionandcapitalizationofcapitalreserveduringthereportingperiod
√Applicable□Notapplicable
Bonussharesforeverytenshares(Shares) | 0 |
Cashdividendforeverytenshares(Yuan)(Tax-included) | 4.28 |
Atotalnumberofsharesasthedistributionbasis(shares) | 2,090,806,126 |
Cashdividendamount(yuan,includingtax | 894,865,021.93 |
Othermeans(suchasrepurchaseofshares)cashdividendamount(yuan) | 0.00 |
Totalcashdividend(yuan,includingtax) | 894,865,021.93 |
Distributableprofit(yuan) | 100% |
Proportionofcashdividendinthedistributableprofit | |
TheCompanyisinafastgrowthstage,thereforthecashdividendwillreach80%oftheprofitdistributionatleast.Cashdividenddistributionpolicy. | |
DetailsofprofitdistributionorreservecapitalizationPreplan | |
1.Limitedto10%oftheregisteredcapitaloftheParentcompany,thenetprofitofthecompany,i.e.147,681,138.46yuan,istobeallocatedforstatutorycommonreservefund;2.Theprofitfor2022istobedistributedasfollows:894,865,021.93yuan.istobeallocatedasthefundfordividenddistributionfor2022.withthetotalsharesattheendof2022,i.e.,2,090,806,126shares,asthebase,cashdividendof4.28yuan(includingtax)istobedistributedforevery10shares.Theremainingundistributedprofitsaretobecarriedforwardtothenextyear.TheforeignexchangetranslationofthecashdividendsforshareholdersholdingBshareandoverseascorporateshareswillbedeterminedaccordingtoHKD:RMBbank’sMiddleratequotedbyPeople’sBankofChinaonthefirstworkingdayafter2022annualshareholders’generalmeetingmakesresolutionondividenddistribution. |
XI.ImplementationSituationofStockIncentivePlanoftheCompany,EmployeeStockOwnershipPlanorOtherEmployeeIncentiveMeasures
□Applicable√NotapplicableNoneXII.Constructionandimplementationofinternalcontrolsystemduringthereportingperiod
1.ConstructionandimplementationofinternalcontrolTheCompanyhasestablishedasoundcorporategovernancestructure,withclearresponsibilitiesofgeneralmeetingofshareholders,BoardofDirectors,BoardofSupervisorsandmanagement,establishedcorporategovernancerulescenteredbytheArticlesofAssociation,rulesofprocedureofgeneralmeetingofshareholders,BoardofSupervisors,BoardofDirectorsandspecializedcommitteesthereunder,standardizedoperationof
generalmeetingofshareholders,BoardofDirectorsandBoardofSupervisors,heldandconvenedrelevantmeetingsinaccordancewiththeprovisionsoftheCompanyLawandtheArticlesofAssociation,andreachedlegalandvalidresolutions.ThegeneralmeetingofshareholdersisthehighestauthorityoftheCompany;theBoardofSupervisorsisresponsibleforthegeneralmeetingofshareholders,andthesupervisionofdirectorsandmanagementtoperformtheirdutiesaccordingtolawissoundandeffective.TheBoardofDirectorsshallberesponsibletothegeneralmeetingofshareholdersandexercisethebusinessdecision-makingpoweraccordingtolaw.ItisprovidedwithanAuditCommittee,theindependentdirectorsmeetthequorum,andthedecision-makingproceduresandmanagementrulesofprocedureoftheBoardofDirectorsarescientificandtransparent;themanagementisefficientandrigorousinimplementingtheresolutionsoftheBoardofDirectors.
TheCompanyhassetup10functionaldepartments,includingInvestmentDevelopmentDepartment,HumanResourcesDepartment,FinancialManagementDepartment,InfrastructureManagementDepartment,OperationandManagementDepartment,DisciplineInspectionandAuditDepartment,SecuritiesAffairsDepartment,ComprehensiveAffairsDepartment,LegalAffairsDepartmentandPartyandMassWorkDepartment.Thedistributionofpowersandresponsibilitiesandbusinessprocessesofallfunctionaldepartmentsareclearandreasonable,formingaworkingmechanismofdutyperformance,responsibilityshouldering,mutualrestrictionandcoordination.TheCompanyhasestablishedaperfectcontrolsystemforparent-subsidiarycompanies,andformedasoundinternalcontrolsystemforeachsubsidiarycompany.Meanwhile,theCompanyhasestablishedandimprovedrulesandregulationsrelatedtoriskassessment,fraudriskcontrol,informationandcommunication,andmaintainedeffectiveinternalcontrol.
TheCompanyhassetupanAuditCommitteeundertheBoardofDirectorstosupervisetheeffectiveimplementationoftheCompany'sinternalcontrolandself-evaluationofinternalcontrol.TheCompanyhassetuptheDisciplineInspectionandAuditDepartment,whichisresponsibleforsupervisingtheestablishmentandoperationoftheCompany'sinternalcontrolsystem,evaluatingtheCompany'sriskcontrolandevaluatingtheeffectivenessoftheCompany'sinternalcontrol.Ithasdefinedthestandardsofinternalcontroldefectidentification,rectificationproceduresandinternalcontrolself-evaluationprocedures,andformedaneffectiveinternalcontrolsupervisionsystem.
2.Detailsofmajorinternalcontroldefectsfoundduringthereportingperiod
□Yes√NoXIII.ManagementandcontroloftheCompany'ssubsidiariesduringthereportingperiod
□Applicable√NotapplicableXIV.Internalcontrolself-evaluationreportorinternalcontrolauditreport
1.Self-evaluationreportoninternalcontrol
Disclosuredateofappraisalreportoninternalcontrol | March21,2023 |
Disclosureindexofappraisalreportoninternalcontrol | www.cninfo.com.cn |
Theratioofthetotalassetsofunitsincludedinthescopeofevaluationaccountingforthetotalassetsonthecompany'sconsolidatedfinancialstatements | 100.00% |
Theratioofthe | 100.00% |
operatingincomeofunitsincludedinthescopeofevaluationaccountingfortheoperatingincomeonthecompany'sconsolidatedfinancialstatements | ||
StandardsofDefectsEvaluation | ||
Type | FinancialReport | Non-financialReport |
Qualitativestandard | ThequalitativecriteriafortheevaluationofinternalcontroldeficienciesinfinancialreportsconfirmedbytheCompanyisasfollows:Thefollowingsituations(includingbutnotlimitedto)shallbedeemedas“materialdeficiencies”intheinternalcontrolofthefinancialreport.(1)Therearemajorfraudsmadebythedirectors,orsupervisors,orseniormanagementpersonnelinthecompany’smanagementactivities;(2)Therearematerialmisstatementsinthecurrentfinancialreportbuttheinternalcontrolfailedtofindthemisstatementsduringitsoperation;(3)Thesupervisionsmadebythecompany'sauditcommitteeandtheinternalauditorganizationontheinternalcontrolareinvalid;(4)Thecontrolenvironmentisinvalid;(5)Thematerialdeficienciesfoundandreportedtothemanagementbutarenotcorrectedwithinareasonabletime;(6)Thereisanadministrativepunishmentfromthesecuritiesregulatoryinstitutionduetoaccountingerrors.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. | Thequalitativecriteriafortheevaluationofinternalcontroldeficienciesinnon-financialreportsconfirmedbytheCompanyisasfollows:Materialdeficiencies:seriousviolationsandbeingsentencedtoheavyfinesorneedtakingcriminalresponsibility;utterlydisregardtherulesoflaw,illegalbehaviorsintheoperationandmanagementareparticularlysevereandthecircumstanceisverybad,whichleadstothesuspensionorcessationtothecompany'sdailyoperationandmanagementactivities,andleadstotheauditreportwithadisclaimerofopinionoranegativeopinionissuedbytheCPA;thenegativenewsspreadalloverthecountry,whichcausedseveredamagetothecompany’sreputation;resultedindeceaseofanumberofworkersorcitizens,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. |
Standardsof | Thequalitativecriteriafortheevaluationof | Thequalitativecriteriafortheevaluationof |
Quantization | internalcontroldeficienciesinfinancialreportsconfirmedbytheCompanyisasfollows:Materialdeficiencies:potentialmisstatement≧1%ofthetotalamountoftheowner’sequityorRMB200million;significantdeficiencies:0.5%ofthetotalamountoftheowner’sequityorRMB100million≤potentialmisstatement<1%ofthetotalamountoftheowner’sequityorRMB200million;generaldeficiencies:potentialmisstatement<0.5%ofthetotalamountoftheowner’sequityorRMB100millionStandardsofQuantization | internalcontroldeficienciesinfinancialreportsconfirmedbytheCompanyisasfollows: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,GuangdongExpresswayhasmaintainedeffectivefinancialreportinternalcontrolinallmaterialaspectsaccordingtothebasicstandardsforEnterpriseinternalcontrolandrelevantregulationsendedDecember31,2022. | |
Disclosureofinternalauditreport | Disclosure |
Disclosuredateofauditreportofinternalcontrol(full-text) | March21,2023 |
Disclosureindexofauditreportofinternalcontrol(full-text) | www.cninfo.com.cn |
Internalauditreport’sopinion | Unqualifiedauditopinion |
Non-financialreportinghasmaterialdeficiencies | No |
HastheCPAsissuedaqualifiedauditor’sreportofinternalcontrol.
□Yes√NoDoestheinternalcontrolauditreportissuedbytheCPAsagreewiththeself-assessmentreportoftheBoardofDirectors
√Yes□NoXV.Rectificationofself-examinationproblemsinspecialgovernanceactionsoflistedcompaniesAccordingtotheNoticeonWellEnsuringSelf-examinationandSelf-correctionforSpecialGovernanceActionsofListedCompaniesissuedbyGuangdongSecuritiesRegulatoryBureau,theCompanycarefullycombedthecorporategovernanceincludingtheestablishmentoftheorganization,therevisionofthecompanysystem,theoperationanddecision-makingoftheorganization,thecodeofconductofcontrollingshareholdersandrelatedparties,therelatedpartytransactionsandtheinternalcontrolstandardsystem.
Uponself-examination,itisfoundthattheCompanystrictlyfollowstherequirementsoftheCompanyLaw,theSecuritiesLaw,theGovernanceGuidelinesforListedCompanies,theStockListingRulesandotherlawsandregulationstobuildandimprovethecorporategovernancestructureandimprovethestandardoperationlevel.The
CompanyhasformulatedtheArticlesofAssociation,therulesofprocedurefortheoperationofthethirdmeetings,theworkingrulesofthespecialcommitteesoftheBoardofDirectors,theworkingrulesofthegeneralmanagerandothersystems,aswellastheinternalcontrolsystemcoveringtheCompany'sfinancialmanagement,investmentmanagement,informationdisclosure,relatedpartytransactions,externalguarantee,fundraisingandotheraspectsofoperationandmanagement,andallthesesystemshavebeenwellimplemented.ThegeneralmeetingofshareholdersperformsitsfunctionseffectivelyinstrictaccordancewiththeCompanyLaw,theArticlesofAssociationandotherrelevantregulations.TheBoardofDirectorsisresponsibletothegeneralmeetingofshareholders,bearstheultimateresponsibilityofdailyoperationandmanagement,holdsmeetingsaccordingtolegalproceduresandexercisesitspowers.Intheattitudeofbeingresponsibletoallshareholders,theBoardofSupervisorsmaintainsclosecontactandcommunicationwiththeBoardofDirectorsandmanagement,andeffectivelyperformsallsupervisorypowersandobligations.
TheCompanymustoperateindependentlyintermsofbusiness,personnel,assets,institutionsandfinanceforcontrollingshareholders.TheCompanyrectifiedtheinsufficiencyinnumberofmeetingsheldbytheprofessionalcommitteeoftheBoardofDirectorseveryyear.Duringthereportingperiod,theAuditCommitteeoftheBoardofDirectorsheld4meetings;theRemunerationandAssessmentCommitteeheld3meetings;theStrategyCommitteeandtheRiskManagementCommitteeheld1meetingrespectively.Communication,supervisionandverificationofinternalandexternalauditoftheCompanybytheprofessionalcommitteesoftheBoardofDirectors;itreviewstheremunerationpoliciesandprogramsofdirectorsandseniormanagementpersonneloftheCompany;studiesthestrategicdevelopmentdirectionoftheCompanyandtheestablishmentofenterpriseriskmanagementsystem,putsforwardguidingopinionsfortheestablishmentofenterpriseriskmanagementsystem,andprovidesadviceandsuggestionsformajordecisionsoftheBoardofDirectors.
V.Environmental&SocialResponsibilityI.SignificantenvironmentalissuesWhethertheCompanyoranyofitssubsidiariesisidentifiedasakeypolluterbytheenvironmentauthorities
□Yes√NoAdministrativepenaltiesforenvironmentalproblemsduringthereportingperiod
NoneRefertootherenvironmentalinformationdisclosedbykeypollutantdischargeunits
NoneMeasuresandeffectstakentoreduceitscarbonemissionsduringthereportingperiod
□Applicable√NotapplicableReasonsfornotdisclosingotherenvironmentalinformationNoneII.Socialresponsibilities
FordetailsofCSRwork,pleaserefertothe"2022Environmental,SocialandGovernance(ESG)ReportofGuangdongExpresswayDevelopmentCo.,Ltd"disclosedonCninfoInformationNetwork(www.cninfo.com.cn)onMarch21,2023III.ConsolidateandexpandtheachievementsofpovertyalleviationandruralrevitalizationNone
VI.ImportantEvents
I.Commitmentstofulfillthesituation
1.Thefulfilledcommitmentsinthereportingperiodandunder-fulfillmentcommitmentsbytheendofthereportingperiodmadebythecompany,shareholder,actualcontroller,acquirer,director,supervisor,seniormanagementpersonnelandotherrelatedparities.
√Applicable□Notapplicable
Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
Commitmentonsharereform | GuangdongProvincialFreewayCo.,Ltd. | Performancecommitment | ThepredictednetprofitofGuangdongGuanghuiExpresswayCo.,Ltd.afterdeductingnon-recurringgainsandlossesin2020,2021and2022(hereinafterreferredtoas"predictednetprofit")isRMB652,477,500,RMB1,112,587,300andRMB1,234,200,900respectively.Accordingtothespecialauditopinionissuedbytheaccountingfirm,iftheaccumulatedrealizednetprofitofGuangdongGuangzhou-HuizhouExpresswayCo.,Ltd.attheendofanyfiscalyeardoesnotreachtheaccumulatedpredictednetprofitwithinthecompensationperiod,GuangdongProvincialFreewayCo.,Ltd.willcompensateincashasagreed. | November25,2020 | 2020-2022 | Normalperformance |
GuangdongExpressway | Commitmentonauthenticity,accuracyandcompletenessoftheinformationprovided | 1.Theexplanations,commitmentandinformationprovidedbytheCompanyforthistransactionareauthentic,accurateandcomplete,andtherearenofalserecords,misleadingstatementsormajoromissions.2.TheinformationprovidedbytheCompanytotheintermediariesthatprovideprofessionalservicessuchasauditing,evaluation,legalandfinancialconsultingforthistransactionisauthentic,accurateandcompleteoriginalwritteninformationorduplicateinformation,andtheduplicateorphotocopyoftheinformationisconsistentwithitsoriginalinformationororiginalcopy;Thesignaturesandsealsofalldocumentsareauthentic,andthelegalproceduresrequiredforsigningandsealinghavebeenfulfilledandlegalauthorizationhasbeenobtained;Therearenofalserecords,misleadingstatementsormajoromissions.3.TheCompanyguaranteesthatitwillprovidetimelyinformationaboutthistransactioninaccordancewithrelevantlawsandregulations,relevantregulationsofChinaSecuritiesRegulatoryCommissionandShenzhenStockExchange,ensuretheauthenticity,accuracyandcompleteness | November25,2020 | Permanentlyeffective | Normalperformance |
Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
ofsuchinformation,andguaranteethattherearenofalserecords,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,andisputonfileforinvestigationbyjudicialorgansorbyChinaSecuritiesRegulatoryCommission,thetransferofitsshareswithinterestsinthelistedcompanywillbesuspendeduntiltheinvestigationconclusionofthecaseisobtained.5.ThePromiseeshallbearindividualandjointlegalresponsibilitiesfortheauthenticity,accuracyandcompletenessoftheinformationprovidedordisclosedforthisexchange.Incaseofanylosscausedtoinvestorsduetoviolationoftheabovecommitments,thePromiseewillbearcorrespondingliabilityforcompensationaccordingtolaw. | November25,2020 | Permanentlyeffective | Normalperformance | |
Alldirectors,supervisorsandseniormanagementpersonnelofGuangdong | Commitmentonfillingmeasurestodiluteimmediatereward | 1.Ipromisenottotransferbenefitstootherunitsorindividualswithoutcompensationorunderunfairconditions,nortodamagetheinterestsoftheCompanybyothermeans.2.Ipromisetorestrainmyjobconsumptionbehavior.3.IpromisenottousetheassetsoftheCompanytoengageinanyinvestmentandconsumptionactivitiesunrelatedtomyduties.4.Ipromisethat | November25,2020 | Permanentlyeffective | Normalperformance |
Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
Expressway | thesalarysystemformulatedbytheBoardofDirectorsortheRemunerationCommitteeofGuangdongExpresswaywillbelinkedwiththeimplementationoftherewardfillingmeasuresofGuangdongExpressway.5.IfGuangdongExpresswayplanstoimplementequityincentive,IpromisethattheexerciseconditionsofequityincentiveofGuangdongExpresswaytobeannouncedwillbelinkedwiththeimplementationoftherewardfillingmeasures.6.IncaseofanylosscausedtoGuangdongExpresswayoritsshareholdersduetoviolationoftheabovecommitmentsorrefusaltoperformtheabovecommitments,Iwillbearcorrespondingcompensationresponsibilitiesaccordingtolaw. | |||||
GuangdongProvincialFreewayCo.,Ltd. | Commitmentonavoidinghorizontalcompetition | 1.TheCompanyanditsholdingsubsidiarieswillnotusethecontrollingshareholder'sholdingrelationshipwithGuangdongExpresswaytoconductbusinessactivitiesthatharmthelegitimaterightsandinterestsofGuangdongExpressway,itsminorityshareholdersanditsholdingsubsidiaries.2.TheCompanyanditsholdingsubsidiarieswillnotusetheinformationobtainedfromGuangdongExpresswayanditsholdingsubsidiariestoengageinthemainbusinesscompetingwithGuangdongExpresswayoritsholdingsubsidiaries,andwillnotengageinanyactsoractivitiesthatdamageormaydamagethelegitimaterightsandinterestsofGuangdongExpressway,itsminorityshareholdersanditsholdingsubsidiaries.3.IftheCompanyanditsholdingsubsidiariestransferanytollroads,bridges,tunnelsandrelatedancillaryfacilitiesorrightsinvestedormanagedbytheCompanytoacompanyotherthanGuangdongCommunicationsGroupCo.,Ltd.andthecompanydirectlyorindirectlycontrolledbyit,GuangdongExpresswaywillbeentitledtothepreemptiverightunderthesameconditions,unlessthetransfereeisexplicitlydesignatedbytherelevantgovernmentauthoritiesunderthepremisepermittedbyrelevantlawsandregulations.4.Inthefuture,iftheCompanyanditsholdingsubsidiariesinvestintheconstructionofexpresswaysparalleltoorinthesamedirectionwithin20kmfromeachsideoftheexpresswaycontrolledbyGuangdongExpressway,GuangdongExpresswaywillenjoythepriorityofinvestmentoverGuangdongCommunicationsGroupCo.,Ltd.anditsdirectlyorindirectlycontrolledcompaniesexceptGuangdongExpresswayanditsholdingsubsidiaries,exceptfortheprojectswhoseinvestmententitiesareclearlydesignatedbytherelevantgovernmentauthoritiesunderthepremisepermittedbyrelevantlawsandregulations. | June26,2015 | ThisletterofcommitmentisvalidfromthedateofsigningtothedatewhentheProvincialExpresswayisnolongercontrolledbythecontrollingshareholderofGuangdongExpressway | Normalperformance | |
GuangdongProvincialFreeway | Commitmentonmaintainingthe | TheCompanywillnotdamagetheindependenceofGuangdongExpresswayduetotheincreaseofsharesheldbytheCompanyafterthecompletionofthis | June26,2015 | Thisletterofcommitmentis | Normalperformance |
Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
Co.,Ltd. | independenceoflistedcompanies | majorassetrestructuring,andwillcontinuetomaintaintheprincipleofseparationfromGuangdongExpresswayintermsofassets,personnel,finance,organizationandbusiness,andstrictlyabidebytherelevantregulationsofChinaSecuritiesRegulatoryCommissionontheindependenceoflistedcompanies,andwillnotuseGuangdongExpresswaytoprovideguarantees,noroccupyGuangdongExpresswayfundsillegally,soastomaintainandprotecttheindependenceofGuangdongExpresswayandprotectthelegitimaterightsandinterestsofothershareholdersofGuangdongExpressway. | validfromthedateofsigningtothedatewhentheProvincialExpresswayisnolongercontrolledbythecontrollingshareholderofGuangdongExpressway | |||
GuangdongProvincialFreewayCo.,Ltd. | Commitmentonreducingandstandardizingrelatedtransactions | 1.Afterthecompletionofthismajorassetrestructuring,theCompanyandthecompaniesdirectlyorindirectlycontrolledbytheCompanyandotherrelatedpartieswilltrytoavoidrelatedtransactionswithGuangdongExpresswayanditsholdingsubsidiaries;Relatedtransactionsthatarereallynecessaryandunavoidablearecarriedoutinaccordancewiththeprinciplesoffairness,equityandcompensationofequalvalue.Thetransactionpriceisdeterminedatareasonablepricerecognizedbythemarket.Thetransactionapprovalproceduresandinformationdisclosureobligationsareperformedinaccordancewithrelevantlaws,regulationsandnormativedocuments,andtheinterestsofGuangdongExpresswayanditsminorityshareholdersareeffectivelyprotected.2.TheCompanyguaranteestoexerciseshareholders'rightsandfulfillshareholders'obligationsinstrictaccordancewithrelevantlawsandregulations,rulesandnormativedocumentspromulgatedbyChinaSecuritiesRegulatoryCommission,businessrulespromulgatedbyShenzhenStockExchangeandArticlesofAssociationofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.,anditwillnotusethecontrollingpositionofGuangdongExpressway'scontrollingshareholderstoseekimproperbenefitsordamagethelegitimaterightsandinterestsofGuangdongExpresswayanditsminorityshareholders. | June26,2015 | ThisletterofcommitmentisvalidfromthedateofsigningtothedatewhentheProvincialExpresswayisnolongercontrolledbythecontrollingshareholderofGuangdongExpressway | Normalperformance | |
GuangdongProvincialFreewayCo.,Ltd. | Commitmentonauthenticity,accuracyandcompletenessoftheinformationprovided | 1.TheinformationinvolvedintheexplanationsandcommitmentprovidedbytheCompanyforthistransactionareauthentic,accurateandcomplete,andtherearenofalserecords,misleadingstatementsormajoromissions.2.TheinformationprovidedbytheCompanytotheintermediariesthatprovideprofessionalservicessuchasauditing,evaluation,legalandfinancialconsultingforthistransactionisauthentic,accurateandcompleteoriginal | November25,2020 | Permanentlyeffective | Normalperformance |
Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
writteninformationorduplicateinformation,andtheduplicateorphotocopyoftheinformationisconsistentwithitsoriginalinformationororiginalcopy;Thesignaturesandsealsofalldocumentsareauthentic,andthelegalproceduresrequiredforsigningandsealinghavebeenfulfilledandlegalauthorizationhasbeenobtained;Therearenofalserecords,misleadingstatementsormajoromissions.3.TheCompanyguaranteesthatitwillprovidetimelyinformationaboutthistransactioninaccordancewithrelevantlawsandregulations,relevantregulationsofChinaSecuritiesRegulatoryCommissionandShenzhenStockExchange,ensuretheauthenticity,accuracyandcompletenessofsuchinformation,andguaranteethattherearenofalserecords,misleadingstatementsormajoromissions. | ||||||
GuangdongCommunicationsGroup | Commitmentonmaintainingtheindependenceoflistedcompanies | TheCompanyandthecompaniesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiarieswillnotdamagetheindependenceofGuangdongExpresswayduetotheincreaseinthesharesofGuangdongExpresswayheldbytheCompanyandthecompaniesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiariesafterthecompletionofthismajorassetrestructuring,andwillcontinuetomaintaintheprincipleofseparationfromGuangdongExpresswayintermsofassets,personnel,finance,organizationandbusiness,andstrictlyabidebytherelevantregulationsofChinaSecuritiesRegulatoryCommissionontheindependenceoflistedcompanies,andwillnotuseGuangdongExpresswaytoprovideguarantees,noroccupyGuangdongExpresswayfundsillegally,soastomaintainandprotecttheindependenceofGuangdongExpresswayandprotectthelegitimaterightsandinterestsofothershareholdersofGuangdongExpressway. | June18,2015 | ThisletterofcommitmentisvalidfromthedateofsigningtothedatewhentheProvincialExpresswayisnolongercontrolledbythecontrollingshareholderofGuangdongExpressway | Normalperformance | |
GuangdongCommunicationsGroup | Commitmentonavoidinghorizontalcompetition | 1.TheCompanyandthecompaniesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiarieswillnotusethecontrollingshareholder'sholdingrelationshipwithGuangdongExpresswaytoconductbusinessactivitiesthatharmthelegitimaterightsandinterestsofGuangdongExpressway,itsminorityshareholdersanditsholdingsubsidiaries.2.TheCompanyandthecompaniesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiarieswillnotusetheinformationobtainedfromGuangdongExpresswayanditsholdingsubsidiariestoengageinthemainbusinesscompetingwithGuangdongExpresswayoritsholdingsubsidiaries,andwillnotengageinanyactsoractivitiesthatdamageormaydamagethelegitimaterightsandinterestsofGuangdongExpressway,itsminorityshareholdersand | June26,2015 | ThisletterofcommitmentisvalidfromthedateofsigningtothedatewhentheProvincialExpresswayisnolongercontrolledbythecontrollingshareholderof | Normalperformance |
Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
itsholdingsubsidiaries.3.IftheCompanyandothercompaniesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiariestransferanytollroads,bridges,tunnelsandrelatedancillaryfacilitiesorinterestsinvestedormanagedbytheCompanytocompaniesotherthantheCompanydirectlyorindirectlycontrolledbytheCompany,GuangdongExpresswayshallbeentitledtothepreemptiverightunderthesameconditions,unlessthetransfereeisexplicitlydesignatedbytherelevantgovernmentauthoritiesunderthepremisepermittedbyrelevantlawsandregulations.4.Inthefuture,iftheCompanyandthecompaniesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiariesinvestintheconstructionofexpresswaysparalleltoorinthesamedirectionwithin20kmfromeachsideoftheexpresswaycontrolledbyGuangdongExpressway,GuangdongExpresswaywillbeentitledtothepriorityinvestmentrightcomparedwiththeCompanyandthecompaniesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiaries,exceptfortheprojectswhoseinvestmententitiesareclearlydesignatedbytherelevantgovernmentauthoritiesunderthepremisepermittedbyrelevantlawsandregulations. | GuangdongExpressway | |||||
GuangdongCommunicationsGroup | Commitmentonreducingandstandardizingrelatedtransactions | 1.Afterthecompletionofthismajorassetrestructuring,theCompanyandothercompaniesandotherrelatedpartiesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiarieswilltrytoavoidrelatedtransactionswithGuangdongExpresswayanditsholdingsubsidiaries;Relatedtransactionsthatarereallynecessaryandunavoidablearecarriedoutinaccordancewiththeprinciplesoffairness,equityandcompensationofequalvalue.Thetransactionpriceisdeterminedatareasonablepricerecognizedbythemarket.Thetransactionapprovalproceduresandinformationdisclosureobligationsareperformedinaccordancewithrelevantlaws,regulationsandnormativedocuments,andtheinterestsofGuangdongExpresswayanditsminorityshareholdersareeffectivelyprotected.2.TheCompanyguaranteestoexerciseshareholders'rightsandfulfillshareholders'obligationsinstrictaccordancewithrelevantlawsandregulations,rulesandnormativedocumentspromulgatedbyChinaSecuritiesRegulatoryCommission,businessrulespromulgatedbyShenzhenStockExchangeandArticlesofAssociationofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.,anditwillnotusethecontrollingpositionofcontrollingshareholderstoseekimproperbenefitsordamagethelegitimaterightsandinterestsofGuangdongExpresswayanditsminorityshareholders. | June18,2015 | ThisletterofcommitmentisvalidfromthedateofsigningtothedatewhentheProvincialExpresswayisnolongercontrolledbythecontrollingshareholderofGuangdongExpressway | Normalperformance |
Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
GuangdongCommunicationsGroup
GuangdongCommunicationsGroup | Commitmentonauthenticity,accuracyandcompletenessoftheinformationprovided | 1.Theexplanations,commitmentandinformationprovidedbytheCompanyforthistransactionareauthentic,accurateandcomplete,andtherearenofalserecords,misleadingstatementsormajoromissions.2.TheinformationprovidedbytheCompanytotheintermediariesthatprovideprofessionalservicessuchasauditing,evaluation,legalandfinancialconsultingforthistransactionisauthentic,accurateandcompleteoriginalwritteninformationorduplicateinformation,andtheduplicateorphotocopyoftheinformationisconsistentwithitsoriginalinformationororiginalcopy;Thesignaturesandsealsofalldocumentsareauthentic,andthelegalproceduresrequiredforsigningandsealinghavebeenfulfilledandlegalauthorizationhasbeenobtained;Thevalidityoftheoriginalsofeachdocumenthasnotbeenrevokedwithinitsvalidityperiod,andsuchoriginalsareheldbytheirrespectivelegalholdersuptonow;Therearenofalserecords,misleadingstatementsormajoromissions.3.TheCompanyguaranteesthatiftherearefalserecords,misleadingstatementsormajoromissionsintheinformationprovidedordisclosedforthistransaction,whicharefiledforinvestigationbyjudicialorgansorfiledforinvestigationbyChinaSecuritiesRegulatoryCommission,beforetheinvestigationconclusionisrevealed,theCompanypromisestosuspendthetransferofshareswithinterestsinGuangdongExpressway,andsubmitthewrittenapplicationforsuspensionoftransferandthestockaccounttotheBoardofDirectorsofGuangdongExpresswaywithintwotradingdaysafterreceivingthenoticeoffilinginspection,andtheBoardofDirectorsofGuangdongExpresswaywillapplyforlockingonbehalfoftheCompanytothestockexchangeandtheregistrationandclearingcompany;Iftheapplicationforlockingisnotsubmittedwithintwotradingdays,theBoardofDirectorsofGuangdongExpresswayisauthorizedtodirectlysubmittheidentityinformationandaccountinformationoftheCompanytothestockexchangeandtheregistrationandclearingcompanyafterverificationandapplyforlocking;IftheBoardofDirectorsofGuangdongExpresswayfailstosubmittheCompany'sidentityinformationandaccountinformationtothestockexchangeandtheregistrationandclearingcompany,thestockexchangeandtheregistrationandclearingcompanyareauthorizedtodirectlylocktherelevantshares.Iftheinvestigationresultsshowthatthereareviolationsoflawsandregulations,theCompanypromisestolockinsharesandusethemvoluntarilyforcompensationarrangementsofrelevantinvestors.4.TheCompanyshallbearindividualandjointlegalresponsibilitiesforthe | November25,2020 | Permanentlyeffective | Normalperformance |
Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
authenticity,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,orengagesinengineeringconstructiononsuchland,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-mentionedpropertywithoutownershipcertificate | November25,2020 | Permanentlyeffective | Normalperformance |
Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
currentlyusedbyGuanghuiExpresswayisclearwithnodispute,andGuangzhou-HuizhouExpresswaycanlegallyoccupyandusetheabove-mentionedproperty;(2)Guangzhou-HuizhouExpresswaywillcontinuetoeffectivelyoccupyandusetheabove-mentionedpropertybeforethepropertyownershipcertificateisobtained,andwillnotbemateriallyadverselyaffected;(3)Afterthecompletionofthistransaction,ifGuangdongExpresswaysufferslossesasashareholderofGuangzhou-HuizhouExpresswayandbecauseGuangzhou-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,theCompanywillbearcorrespondingliabilityforcompensationaccordingtolaw. | November25,2020 | Permanentlyeffective | Normalperformance | |
GuangdongCommunicationGroupCo.,Ltd | Othercommitment | Inordertopromotethesmoothprogressoftheissueofshares,thecashpurchaseofassetsandtheraisingofmatchingfunds(hereinafterreferredtoas"themajorassetrestructuring")approvedbyGuangdongExpresswayDevelopmentCo.,Ltd.atitssecondextraordinaryshareholders'meetingin2015,withregardtoallthelandandrealestate(hereinafterreferredtoas"relevantlandandrealestate")ownedbyGuangdongFokaiExpresswayCo., | April27,2019 | Itcontinuedtopushforwardtheprogressofaccreditation,andcompletedtheregistration | Normalperformance |
Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
Ltd.(hereinafterreferredtoas"FokaiCompany")andJingzhuExpresswayGuangzhuSectionCo.,Ltd.(hereinafterreferredtoas"GuangzhuEastCompany")withoutownershipcertificates(hereinafterreferredtoas"relevantlandandrealestate")disclosedinthereportofGuangdongExpresswayDevelopmentCo.,Ltd.onissuingsharesandpayingcashtopurchaseassetsandraisingmatchingfundsandrelatedtransactions,thecompanyundertooktourgeFokaiCompanyandGuangzhuEastCompanytogothroughtheownershipregistrationformalitiesaccordingtothefollowingplanundertheconditionthatitisconducivetosafeguardingtherightsandinterestsoflistedcompanies;Continuedtopushforwardtheprogressofaccreditation,andcompletedtheregistrationproceduresofrelevantlandandrealestateownershipwithinthreeyearsaftertherelevantpolicieswereclearandtherelevantlandandrealestatemettheconditionsforhandlingtheregistrationproceduresofownership,inaccordancewiththerelevantlawsandregulationsandtherequirementsofthecompetentgovernmentdepartments. | proceduresofrelevantlandandrealestateownershipwithinthreeyearsaftertherelevantpolicieswereclearandtherelevantlandandrealestatemettheconditionsforhandlingtheregistrationproceduresofownership,inaccordancewiththerelevantlawsandregulationsandtherequirementsofthecompetentgovernmentdepartments | |||||
Completedontime(Y/N) | Yes |
2.Theexistenceofthecompany'sassetsorprojectsearningsforecastsandearningsreportingperiodisstillintheforecastperiod,thecompanyhasassetsorprojectsmeettheoriginalprofitforecastmadeandthereasonsexplained
√Applicable□Notapplicable
Earningsforecastassetorprojectname | Forecaststarttime | Forecastendtime | Currentforecastperformance(RMB10,000) | CurrentActualperformance(RMB10,000) | Reasonsfornotmeetingtheforecast(ifapplicable) | Originalforecastdisclosuredate | Originalforecastdisclosureindex |
GuanghuiExpresswayCo.,Ltd. | February1,2020 | December31,2022 | 299,926.57 | 277,077.89 | TheimpactofthePublichealtheventsandotherfactors | November26,2020 | www.cninfo.com.cn |
Commitmentsmadebythecompany’sshareholdersandcounterpartiesinthereportingyear’soperatingperformance?Applicable□Notapplicable
(1)ContentofprofitcompensationcommitmentIn2020,theCompanyacquiredthe21%equityofGuangdongGuanghuiExpresswayCo.,LtdheldbyGuangdongExpresswayCo.,Ltd(hereinafterreferredtoas"GuangdongExpressway")incash(hereinafterreferredtoasthe"Transaction").ThecompanysignedtheProfitCompensationAgreementwiththeprovincialexpressway,andpredictedtheprofitofthetargetassetGuanghuiCompanyinthenextthreeyears(2020-2022):
Profitforecastsubject | Committednetprofit(’0000yuan) | |||
2020 | 2021 | 2022 | Threeyearsofaccumulation | |
GuanghuiCompany | 65,247.75 | 111,258.73 | 123,420.09 | 299,926.57 |
GuangdongExpresswaypromisedthatifthecumulativenetprofitrealizedbyGuanghuiCompanyattheendofanyfiscalyearduringtheprofitcompensationperiod(2020-2022)afterdeductingnon-recurringprofitsandlossesdoesnotreachthecumulativenetprofitoftheabovecommitment,theGuangdongExpresswayCompanyshallcompensateincashannuallyaccordingtotheamountdeterminedintheProfitCompensationAgreement.Thespecificcompensationamountisasfollows:
Currentcompensationamountbyperformancecommitment=(cumulativeforecastnetprofitasoftheendofthecurrentperiod-cumulativerealizednetprofitasoftheendofthecurrentperiod)÷sumofthepredictednetprofitforeachyearduringthecompensationperiod×thetransactionpriceoftheunderlyingasset-thecumulativecompensationamountpaidbyGuangdongExpressway.Wherethecompensationamountcalculatedineachyearislessthan0yuan,thevalueof0yuanistaken,andtheamountthathasbeencompensatedshallnotbewrittenback.
(2)Thefulfillmentoftheprofitcompensationcommitment
In2020,GuanghuiCompanyachievedanetprofitof780,305,000yuan,andthenetprofitafterdeductingnon-recurringprofitsandlosseswas769,232,600yuan;theactualprofitwas116,755,100yuanmorethantheprofitforecastof652,477,500yuan,thusthecompletionratetotheprofitforecastwas117.89%.
In2021,GuanghuiCompanyachievedanetprofitof1,111,564,500yuan,andthenetprofitafterdeductingnon-recurringprofitsandlosseswas1,105,444,400yuan;theactualprofitwas7,142,900yuanlessthantheprofitforecastof1,112,587,300yuan,thusthecompletionratetotheprofitforecastwas99.36%.Asoftheendofthe2021fiscalyear,thecumulativenetprofit(excludingnon-recurringprofitandloss)forthetwoyearswas
1,874,677,000yuan,whichwas109,612,200yuanmorethanthecumulativeprofitforecastof1,765,064,800yuan,thusthecompletionratetoprofitforecastwas106.21%.
In2022,GuanghuiCompanyachievedanetprofit(excludingnon-recurringprofitandloss)of916,307,300yuan.Theactualprofitwas317,893,600yuanlessthantheprofitforecastof1,234,200,900yuan.
Asoftheendof2022,GuanghuiCompany'sthree-yearcumulativenetprofit(excludingnon-recurringprofitandloss)was2,770,778,900yuan,whichwas228,486,800yuanlessthanthethree-yearcumulativeprofitforecastof
2,999,265,700yuan,thusthecompletionratetoprofitforecastwas92.38%.
Unit:0000yuan
Thenumberofprofitforecast | Thenumberofactualprofit | Difference | Cumulativedifference | |
2020 | 65,247.75 | 76,923.26 | 11,675.51 | 11,675.51 |
2021 | 111,258.73 | 110,544.44 | -714.29 | 10,961.22 |
2022 | 123,420.09 | 89,610.19 | -33,809.90 | -22,848.68 |
(3)ThereasonforthedifferencebetweenGuanghuiCompany'sactualprofitandprofitforecast
In2022,theGuanghuiExpresswaycontinuedtobeaffectedbythemulti-pointspreadofthePublichealtheventsinGuangdongProvince,andthelocalPublichealtheventspreventionpoliciesrestrictedthecross-regionalmovementofpeopleandvehicles,whichhadasignificantnegativeimpactonthetollrevenueofexpressways.Especiallyinthefourthquarter,withtheaggravationofthePublichealtheventsinGuangzhouandtheStateCouncil'srequestfora10%reductionintrucktollsintollroadsinthefourthquarterof2022,thetollrevenueofGuanghuiExpresswayexperiencedafurtherdecline.ThecombinationofmultiplefactorsledtoasharpYOYdeclineintollrevenueofGuanghuiExpresswayin2022.
Thetrafficvolume,tollrevenueandYOYchangesofGuanghuiExpresswayin2022areshowninthefollowingtable:
Unit:'0000vehicles,'0000yuan
Time | Trafficvolumein2022 | Tollsrevenuein2022 | ||
Databymonth | YOYgrowthrate | Databymonth | YOYgrowthrate | |
January | 691.34 | -0.98% | 17,601.64 | -5.85% |
February | 511.28 | 11.81% | 11,331.31 | 6.70% |
March | 548.61 | -26.77% | 14,505.45 | -29.43% |
April | 557.68 | -20.90% | 12,926.71 | -23.53% |
May | 620.62 | -13.55% | 14,591.43 | -18.63% |
June | 680.30 | 20.99% | 17,084.84 | 18.13% |
July | 776.41 | -2.07% | 19,721.69 | -2.23% |
August | 766.88 | 2.66% | 19,706.32 | -0.88% |
September | 705.77 | -5.53% | 17,665.73 | -11.96% |
October | 613.17 | -8.11% | 12,018.71 | -20.69% |
November | 519.07 | -30.10% | 12,268.82 | -40.55% |
December | 559.52 | -21.03% | 13,699.28 | -21.92% |
Time | Trafficvolumein2022 | Tollsrevenuein2022 | ||
Databymonth | YOYgrowthrate | Databymonth | YOYgrowthrate | |
Total | 7,550.65 | -8.98% | 183,121.92 | -13.87% |
(4).MeasurestakenbytheCompany
Inlinewiththeattitudeofbeingresponsibletothelistedcompanyandallinvestors,theCompanywill,inaccordancewiththeprovisionsoftheProfitCompensationAgreement,negotiatemattersrelatedtotheperformancecommitmentwiththepartyresponsibleforprofitcompensationupontheactualsituationofGuanghuiCompany'sperformanceaffectedbythePublichealthevents,andthenwillsubmittheplantotheCompany'sboardmeetingandtheshareholders'generalmeetingfordeliberationinatimelymannerafternegotiation.Completionofperformancecommitmentanditsimpactongoodwillimpairmenttest.
None.II.Particularsaboutthenon-operatingoccupationoffundsbythecontrollingshareholder
□Applicable√NotapplicableNoneIII.Illegalprovisionofguaranteesforexternalparties
□Applicable√NotapplicableNoneIV.ExplanationoftheBoardofDirectorsonthelatest"Non-standardAuditReport"
□Applicable√NotapplicableV.Notesfor“non-standardauditreport”ofCPAsfirmduringtheReportingPeriodbyboardofdirectorsandsupervisoryboard
□Applicable√NotapplicableVI.Explainchangeoftheaccountingpolicy,accountingestimateandmeasurementmethodsascomparedwiththefinancialreportingoflastyear.NoneVII.Explainchangeoftheconsolidationscopeascomparedwiththefinancialreportingoflastyear.
√Applicable□Notapplicable
DuringtheReportingPeriod,theCompanytransferredthe100%equityofGuangdongExpresswayTechnologyInvestmentCo.,Ltd-awholly-ownedsubsidiary-toGuangdongLitongTechnologyInvestmentCo.,Ltd,withtheequitydeliverydateofMarch29,2022,thereforeitwasnolongerincludedinthescopeofconsolidatedfinancialstatementsattheendofthereportingperiod.VIII.Engagement/DisengagementofCPAsCPAscurrentlyengaged
NameofthedomesticCPAs | YongTuoCertifiedPublicAccountants(SpecialGeneralPartnership) |
Remunerationfordomesticaccountingfirm(Tenthousandsyuan) | 125.2 |
SuccessiveyearsofthedomesticCPAsofferingauditingservices | 3years |
NameofCPA | ShiShaoyu,HuangZhiyan |
Continuousyearsofauditservicesofcertifiedpublicaccountantsofdomesticpublicaccountingfirms | 3years |
NameoftheOverseasCPAs(Ifany | None |
Remumerationforoverseasaccountingfirm(Tenthousandsyuan)(Ifany) | 0 |
SuccessiveyearsoftheoverseasCPAsofferingauditingservices(Ifany) | None |
NameofCPA(Ifany) | None |
Continuousyearsofauditservicesofcertifiedpublicaccountantsofoverseaspublicaccountingfirms(ifany) | None |
HastheCPAsbeenchangedinthecurrentperiod
□Yes√NoAdetailedexplanationofthechangeofemploymentandaccountingfirm
√Applicable□Notapplicable
OnMarch15,2022,the"ProposalonHiringtheInternalControlAuditAgencyfor2022"wasapprovedinthe27thmeetingoftheninthsessionoftheboardofdirectors,anditagreedthattheCompanywillcontinuetohireYongtuoAccountingFirm(LLP)astheinternalcontrolauditorfor2022.OnMay17,2022,the"ProposalonHiringtheInternalControlAuditAgencyfor2022"wasapprovedintheCompany's2021AnnualGeneralMeetingofShareholders.IX.SituationofFacingListingSuspensionandListingTerminationaftertheDisclosureoftheYearlyReport
□Applicable√NotapplicableX.RelevantMattersofBankruptcyReorganization
□Applicable√NotapplicableNoneXI.MattersofImportantLawsuitandArbitration
□Applicable√NotapplicableNoneXII.SituationofPunishmentandRectification
□Applicable√Notapplicable
NoneXIII.CreditConditionoftheCompanyanditsControllingShareholdersandActualControllers
□Applicable√NotapplicableXIV.Materialrelatedtransactions
1.Relatedtransactionsinconnectionwithdailyoperation
□Applicable√NotapplicableNone
2.Related-partytransactionsarisingfromassetacquisitionorsale
□Applicable√NotapplicableNone
3.Related-partytransitionswithjointinvestments
□Applicable√Notapplicable
None
4.Creditsandliabilitieswithrelatedparties
□Applicable√NotapplicableNone
5.Transactionswithrelatedfinancecompany,especiallyonethatiscontrolledbytheCompany
√Applicable□Notapplicable
Depositbusiness
Relatedparty | Relationship | Maximumdailydepositlimit(10,000) | Depositinterestraterange | Beginningbalance(10,000) | Theamountofthisperiod | Endingbalance(10,000) | |
Totaldepositamount(10,000) | Totalamountiswithdrawnforthisperiod(10,000) | ||||||
GuangdongCommunicationsGroupFinanceCo.,Ltd | Controlledbythesameparentcompany | 300,000 | 0.35%-2.85% | 152,373.48 | 736,897.41 | 649,874.28 | 239,396.61 |
Loanbusiness
Relatedparty | Relationship | Loanlimit(10,000) | Loantinterestraterange | Beginningbalance(10,000) | Theamountofthisperiod | Endingbalance(10,000) | |
Totalloanamountofthecurrentperiod(10,000) | Totalrepaymentamountofthecurrentperiod(10,000) | ||||||
GuangdongCommunicationsGroupFinanceCo.,Ltd | Controlledbythesameparentcompany | 400,000 | 2.95%-3.40% | 20,022.92 | 44,485.42 | 1,649.01 | 62,859.33 |
Creditextensionorotherfinancialservices
Relatedparty | Relationship | Businesstype | Totalamount(10,000) | Actualamountincurred(10,000) |
GuangdongCommunicationsGroupFinanceCo.,Ltd | Controlledbythesameparentcompany | Creditextension | 220,000 | 63,000 |
6.TransactionsbetweenthefinancialcompanycontrolledbytheCompanyandrelatedparties
□Applicable√NotapplicableThereisnodeposit,loan,creditorotherfinancialbusinessbetweenthefinancialcompanycontrolledbytheCompanyandrelatedparties.
7.Othersignificantrelated-partytransactions
√Applicable□Notapplicable
1.The"ProposalontheTransferof100%EquityoftheWholly-ownedSubsidiary-GuangdongExpresswayTechnologyInvestmentCo.,Ltd”wasreviewedandapprovedinthe27thmeetingoftheninthboardofdirectorsoftheCompany.It’sagreedthattheCompanywilltransfer100%oftheequityofGuangdongExpresswayTechnologyInvestmentCo.,LtdtoGuangdongLitongTechnologyInvestmentCo.,Ltdbymeansofnon-publicagreementtransferbasedontheassetevaluationresultsthathavebeenfiledasthepricingbasis.Thetransferpriceis50,623,900yuan.It’sauthorizedthemanagementteamoftheCompanytohandlemattersrelatedtothisequitytransfer.
2.The"ProposalontheCompany'sExpectedRoutineConnectedTransactionsin2022"wasreviewedandapprovedinthetwenty-seventhmeetingoftheninthboardofdirectorsoftheCompany,andagreedtotheCompany'sheadquarters,branchesandwholly-ownedandcontrolledsubsidiaries’expectedroutineconnectedtransactionsin2022,withthetransactionamounttotaledin69,034,100yuan.
3.The"ProposalBeijing-ZhuhaiExpresswayGuangzhuSectionCo.,Ltd.'sApplicationforanEntrustmentLoanof500millionyuanfromGuangdongCommunicationGroupCo.,Ltd."Thewebsitetodisclosetheinterimannouncementsonsignificantrelated-partytransactionswasreviewedandapprovedinthe4thmeetingoftheTenthboardofdirectorsoftheCompany,anditagreedthattheholdingsubsidiary-Beijing-ZhuhaiExpresswayGuangzhuSectionCo.,LtdappliesforanentrustedloanfromGuangdongCommunicationGroupCo.,Ltd.,withtheamountisnotmorethan500millionyuan,theloantermis1yearandtheinterestrateisnothigherthan1yearLPRanditadjustsquarterly,whichwillbeusedtoreplenishliquidityandrepayalldebts(includingshareholderentrustedloans).Thewebsitetodisclosetheinterimannouncementsonsignificantrelated-partytransactions
Descriptionofprovisionalannouncement | Dateofdisclosingprovisionalannouncement | Descriptionofthewebsitefordisclosingprovisionalannouncements |
Announcementofrelatedpartytransaction | March16,2022 | www.cninfo.com.cn |
EstimatesannouncementoftheDailyRelatedPartyTransactionof2022 | March16,2022 | www.cninfo.com.cn |
Announcementofrelatedpartytransaction | November18,2022 | www.cninfo.com.cn |
XV.Significantcontractsandexecution
1.Entrustments,contractingandleasing
(1)Entrustment
□Applicable√NotapplicableNosuchcasesinthereportingperiod.
(2)Contracting
□Applicable√NotapplicableNosuchcasesinthereportingperiod.
(3)Leasing
□Applicable√NotapplicableNosuchcasesinthereportingperiod.
2.SignificantGuarantees
□Applicable√NotapplicableNosuchcasesinthereportingperiod.
3.SituationofEntrustingOthersforManagingSpotAsset
(1)SituationofEntrustedFinance
□Applicable√NotapplicableNone
(2)SituationofEntrustedLoans
4.Othersignificantcontract
□Applicable√NotapplicableXVI.Explanationonothersignificantevents
√Applicable□NotapplicableTheProposalonIncreasingCapitaltoBeijing-ZhuhaiExpresswayGuangzhuSectionCo.,Ltd.toInvestintheReconstructionandExpansionProjectofNansha-ZhuhaiSectionofGuangzhou-MacaoExpresswaywasreviewedandapprovedinthe2ndmeetingoftheTenthboardofdirectorsoftheCompany,It’sagreedthattheCompany
shalltaketheestimatedinvestmentamountof15.425billionyuanofthisprojectapprovedbytheDevelopmentandReformCommissionofGuangdongProvinceasthebasis,andthecapitalis35%oftheestimatedinvestmentamountafterexcludingtheexpensesbornebythegovernment,andthecompanyshallbearthecapitalcontributionofabout3.414billionyuanaccordingtotheshareholdingratio,whichshallbesubjecttothefinalsettlementpriceoftheproject.
Descriptionofprovisionalannouncement | Dateofdisclosingprovisionalannouncement | Descriptionofthewebsitefordisclosingprovisionalannouncements |
AnnouncementofResolutionsoftheSecond(Provisional)MeetingoftheTenBoardofDirectors | 2022-10-22 | www.cninfo.com.cn |
AnnouncementonExternalInvestment | 2022-10-22 | www.cninfo.com.cn |
XVII.SignificanteventofsubsidiaryoftheCompany
√Applicable□Notapplicable
GuangdongProvincialExpresswayDevelopmentCo.,LtdreceivedtheinformalletterNo.24-[2022]YueTransportationOperation-"NoticeoftheDepartmentofTransportationofGuangdongProvinceonIssuesConcerningtheExpirationofTollCollectionofGuangfoExpressway"issuedbyGuangdongProvincialDepartmentofTransportation",withthemaincontentasfollows:
1.GuangfoExpresswayshallstoptollcollectionfrom0:00onMarch3,2022,retaintheexistingtollfacilitiesandoperateasusualinazero-ratemanner,exemptvehicletollsforallvehiclespassingthisroadsection,andcollectvehicletollsonbehalfforotherroadsections.
2.Afterthetollcollectionisstopped,GuangfoExpresswayCo.,LtdshallcontinuetoberesponsibleforthemanagementandmaintenanceofGuangfoExpressway.
GuangfoExpresswayCo.,LtdisaholdingsubsidiarytotheCompany,andtheCompanyholds75%ofitsequity.TheCompanyandGuangfoCompanywillconducttimelyinspection,maintenanceandmanagementofGuangfoExpresswayanditsancillaryfacilities,aswellascommunication,monitoring,networktollcollectionandothersystemsinstrictaccordancewiththenationalandprovincialstandardsandspecifications,thustoensurethattheyareingoodtechnicalconditionsandtoensuretheorderofnetworktollcollectionoperation.ItwilldoagoodjobintrafficflowmonitoringandtrafficguidanceafterthetollcollectionofGuangfoExpresswayisstopped,andwillprovidehigh-qualityservicesforpassingvehiclesandpersonnel.
NoticeonIssuesConcerningtheExpirationofTollCollectionofGuangfoExpressway
Descriptionofprovisionalannouncement | Dateofdisclosingprovisionalannouncement | Descriptionofthewebsitefordisclosingprovisionalannouncements |
NoticeonIssuesConcerningtheExpirationofTollCollectionofGuangfoExpressway | 2022-02-23 | www.cninfo.com.cn |
VII.ChangeofsharecapitalandshareholdingofPrincipalShareholdersI.Changesinsharecapital
1.Changesinsharecapital
Inshares
Beforethechange | Increase/decrease(+,-) | AftertheChange | |||||||
Amount | Proportion | Shareallotment | Bonusshares | Capitalizationofcommonreservefund | Other | Subtotal | Quantity | Proportion | |
1.Shareswithconditionalsubscription | 439,254,717 | 21.01% | -421,322 | -421,322 | 438,833,395 | 20.99% | |||
1.State-ownedshares | 410,105,738 | 19.61% | 410,105,738 | 19.61% | |||||
2.State-ownedlegalpersonshares | 21,712,738 | 1.04% | 21,712,738 | 1.04% | |||||
3.Otherdomesticshares | 7,436,241 | 0.36% | -421,322 | -421,322 | 7,014,919 | 0.34% | |||
Including:DomesticLegalpersonshares | 6,863,511 | 0.33% | -319,575 | -319,575 | 6,543,936 | 0.31% | |||
Domesticnaturalpersonshares | 572,730 | 0.03% | -101,747 | -101,747 | 470,983 | 0.02% | |||
4.Foreignshares | 0 | 0.00% | 0 | 0.00% | |||||
Including:Foreignlegalpersonshares | 0 | 0.00% | 0 | 0.00% | |||||
Foreignnaturalpersonshares | 0 | 0.00% | 0 | 0.00% | |||||
II.Shareswithunconditionalsubscription | 1,651,551,409 | 78.99% | 421,322 | 421,322 | 1,651,972,731 | 79.01% | |||
1.CommonsharesinRMB | 1,302,902,734 | 62.32% | 421,322 | 421,322 | 1,303,324,056 | 62.34% | |||
2.Foreignsharesindomesticmarket | 348,648,675 | 16.68% | 348,648,675 | 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,the419,372sharesheldby36shareholderswerelifted,andtheshareswerechangedfrom"domesticlegalpersonshareholding"and"domesticnaturalpersonshareholding"to"unlimitedsaleconditionalshares".
2.Duringthereportingperiod,The1,950"restrictedsharesheldbydomesticnaturalpersons"heldbytheresigneddirectorMr.DuJunwereconvertedinto"unrestrictedshares"
ApprovalofChangeofShares
□Applicable√NotapplicableOwnershiptransferofsharechanges
□Applicable√NotapplicableInfluenceonthebasicEPSanddilutedEPSaswellasotherfinancialindexesofnetassetspershareattributabletocommonshareholdersofCompanyinlatestyearandperiod
□Applicable√NotapplicableOtherinformationnecessarytodiscloseforthecompanyorneedtodisclosedunderrequirementfromsecurityregulators
□Applicable√Notapplicable
2.Changeofshareswithlimitedsalescondition
√Applicable□Notapplicable
Inshares
ShareholderName | InitialRestrictedShares | NumberofUnrestrictedSharesThisTerm | NumberofIncreasedRestrictedSharesThisTerm | RestrictedSharesintheEndoftheTerm | ReasonforRestrictedShares | DateofRestrictionRemoval |
KongLingbinandother35shareholders | 99,797 | 99,797 | 0 | Releaseofrestrictionsonsales | January19,2022 | |
FoshanShundeYunlongDevelopmentCo.,Ltd. | 319,575 | 319,575 | 0 | Releaseofrestrictionsonsales | January19,2022 | |
DuJun | 7,800 | 1,950 | 5,850 | Outgoingexecutiveslockedupshares | January4,2022 | |
Total | 427,172 | 0 | 421,322 | 5,850 | -- | -- |
II.Securitiesissueandlisting
1.ExplanationoftheSituationoftheSecurityIssue(NoPreferredShares)intheReportPeriod
□Applicable√Notapplicable
2.Changeofassetandliabilitystructurecausedbychangeoftotalcapitalsharesandstructure
□Applicable√Notapplicable
3.Abouttheexistingemployees’shares
□Applicable√NotapplicableIII.Shareholdersandactualcontrollingshareholder
1.Numberofshareholdersandshareholding
InShares
Totalnumberofcommonshareholdersattheend | 47,593 | Totalshareholdersattheendofthemonthfromthedateofdisclosingtheannualreport | 48,276 | Thetotalnumberofpreferredshareholdersvotingrightsrestoredatperiod-end(ifany)(Note8) | 0 | Totalpreferenceshareholderswithvotingrightsrecoveredatendoflastmonthbeforeannualreportdisclosed(if | 0 |
ofthereportingperiod | any)(Note8) | ||||||||||
Particularsaboutsharesheldabove5%byshareholdersortoptenshareholders | |||||||||||
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 | ||||||
GuangdongHighwayConstructionCo.,Ltd, | State-ownedlegalperson | 22.30% | 466,325,020 | ||||||||
ShangdongExpresswayInvestmentDevelopmentCo.,Ltd. | State-ownedlegalperson | 10.10% | 211,069,245 | 8,640,096 | |||||||
TibetHetaiBusinessmanagementCo.,Ltd. | State-ownedlegalperson | 4.84% | 101,214,574 | ||||||||
GuangdongProvincialFreewayCo.,Ltd. | State-ownedlegalperson | 2.53% | 52,937,491 | 19,582,228 | 33,355,263 | ||||||
FengWuchu | Domesticnaturalpersonshares | 1.12% | 23,374,405 | 1,786,434 | |||||||
HappylifeinsuranceCo.,Ltd.-Dividend | Other | 1.10% | 22,985,230 | 6,142,752 | |||||||
XinyueCo.,Ltd. | Overseaslegalperson | 0.63% | 13,201,086 | ||||||||
HappylifeinsuranceCo.,Ltd.-Selffunds | Other | 0.59% | 12,365,708 | -113,100 |
HappylifeinsuranceCo.,Ltd.-Selffunds | Other | 0.58% | 12,115,799 | |||||
Strategicinvestororgenerallegalpersonbecomingtop-10ordinaryshareholderduetorightsissue(ifany)(seenote3) | None | |||||||
Relatedoracting-in-concertpartiesamongshareholdersabove | GuangdongCommunicationGroupCo.,Ltd.istheparentcompanyofGuangdongHighwayConstructionCo.,Ltd.,GuangdongProvincialFreewayCo.,Ltd.andXinyueCo.,Ltd.,ItisunknownwhetherthereisrelationshipbetweenothershareholdersandwhethertheyarepersonstakingconcertedactionspecifiedintheRegulationsonDisclosureofInformationaboutChangeinShareholdingofShareholdersofListedCompanies. | |||||||
Aboveshareholdersentrustingorentrustedwithvotingrights,orwaivingvotingrights | None | |||||||
Top10shareholdersincludingthespecialaccountforrepurchase(ifany)(seenote10) | None | |||||||
Shareholdingoftop10shareholdersofunrestrictedshares | ||||||||
Nameoftheshareholder | Quantityofunrestrictedsharesheldattheendofthereportingperiod | Sharetype | ||||||
Sharetype | Quantity | |||||||
GuangdongHighwayConstructionCo.,Ltd, | 466,325,020 | RMBCommonshares | 466,325,020 | |||||
ShangdongExpresswayInvestmentDevelopmentCo.,Ltd. | 211,069,245 | RMBCommonshares | 211,069,245 | |||||
GuangdongCommunicationGroupCo.,Ltd | 103,379,742 | RMBCommonshares | 103,379,742 | |||||
TibetHetaiBusinessmanagementCo.,Ltd. | 101,214,574 | RMBCommonshares | 101,214,574 | |||||
GuangdongProvincialFreewayCo.,Ltd. | 33,355,263 | RMBCommonshares | 33,355,263 | |||||
FengWuchu | 23,374,405 | RMBCommonshares | 20,627,042 | |||||
Foreignsharesplacedindomestic | 2,747,363 | |||||||
HappylifeinsuranceCo.,Ltd.-Dividend | 22,985,230 | RMBCommonshares | 22,985,230 |
XinyueCo.,Ltd. | 13,201,086 | Foreignsharesplacedindomestic | 13,201,086 |
HappylifeinsuranceCo.,Ltd.-Selffunds | 12,365,708 | RMBCommonshares | 12,365,708 |
HappylifeinsuranceCo.,Ltd.-Selffunds | 12,115,799 | RMBCommonshares | 12,115,799 |
Explanationonassociatedrelationshiporconsistentactionamongthetop10shareholdersofnon-restrictednegotiablesharesandthatbetweenthetop10shareholdersofnon-restrictednegotiablesharesandtop10shareholders | GuangdongCommunicationGroupCo.,Ltd.istheparentcompanyofGuangdongHighwayConstructionCo.,Ltd.,GuangdongProvincialFreewayCo.,Ltd.andXinyueCo.,Ltd.,ItisunknownwhetherthereisrelationshipbetweenothershareholdersandwhethertheyarepersonstakingconcertedactionspecifiedintheRegulationsonDisclosureofInformationaboutChangeinShareholdingofShareholdersofListedCompanies. | ||
Top10ordinaryshareholdersconductingsecuritiesmargintrading(ifany)(seenote4) | None |
Whethertoptencommonshareholdersortoptencommonshareholderswithun-restrictsharesheldhaveabuy-backagreementdealinginreportingperiod.
□Yes√NoThetoptencommonshareholdersortoptencommonshareholderswithun-restrictsharesheldoftheCompanyhavenobuy–backagreementdealinginreportingperiod.
2.ControllingshareholderNatureofControllingShareholders:LocalstateholdingType:Legalperson
NameoftheControllingshareholder | Legalrepresentative/Leader | Dateofincorporation | Organizationcode | Principalbusinessactivities |
GuangdongCommunicationGroupCo.,Ltd. | DengXiaohua | June23,2000 | 91440000723838552J | Equitymanagement,organizationofassetreorganizationandoptimizedallocation,raisingfundsbymeansincludingmortgage,transferofpropertyrightsandjointstocksystemtransformation,projectinvestment,operationandmanagement,trafficinfrastructureconstruction,highwayandrailwayprojectoperationandrelevantindustries,technologicaldevelopment,application,consultationandservices,highwayandrailwaypassengerandcargotransport,ship |
industry,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 | LiCheng | June26,2004 | 114400007583361658 | AsanadhocorganizationdirectlyundertheGuangdongprovincialgovernment,itisauthorizedbytheGuangdongprovincialgovernmenttorepresenttheGuangdongprovincialgovernmenttoperformtheinvestor'sdutiesforthesupervisedenterprisesinaccordancewiththelaw,specializinginthesupervisionofstate-ownedassets. |
Equityofotherdomestic/foreignlistedcompanywithsharecontrollingandshareparticipationbycontrollingshareholderinreportingperiod | AsanadhocorganizationdirectlyundertheGuangdongprovincialgovernment,itisauthorizedbytheGuangdongprovincialgovernmenttorepresenttheGuangdongprovincialgovernmenttoperformtheinvestor'sdutiesforthesupervisedenterprisesinaccordancewiththelaw,specializinginthesupervisionofstate-ownedassets. |
Changesofcontrollingshareholderinreportingperiod
□Applicable√NotapplicableNochangesofcontrollingshareholderfortheCompanyinreportingperiodBlockDiagramoftheownershipandcontrolrelationsbetweenthecompanyandtheactualcontroller
Theactualcontrollercontrolsthecompanybymeansoftrustormanagingtheassetsinotherway
□Applicable√Notapplicable
4.Thecumulativenumberofsharespledgedbythecontrollingshareholderorthelargestshareholderofthecompanyanditspersonactinginconcertaccountsfor80%ofthenumberofsharesheldbythecompany
□Applicable√Notapplicable
5.Particularsaboutotherlegalpersonshareholderswithover10%shareheld
√Applicable□Notapplicable
Legalpersonshareholder | Legalperson/personinchargeoftheunit | Dateoffoundation | Registercapital | Mainoperationbusinessormanagementactivities |
GuangdongHighwayConstructionCo.,Ltd. | WangKangchen | April16,1987 | 10.8billion | Highway,bridge,tunnelbridge,trafficinfrastructureconstruction,investmentandmanagement,technicalconsulting,leasingofroadconstructionmachinery;salesofconstructionmaterials,constructionmachineryequipment;vehiclerescueservices(operatedbythebranch). |
6.SituationofShareLimitationReductionofControllingShareholders,ActualControllers,RestructuringPartyandOtherCommitmentSubjects
□Applicable√NotapplicableIV.Specificimplementationofsharerepurchaseduringthereportingperiod
Progressinimplementationofsharerepurchase
□Applicable√NotapplicableImplementationprogressofreducingrepurchasedsharesbycentralizedbidding
□Applicable√Notapplicable
24.56% | 2.53% |
GuangdongProvincialExpresswayDevelopmentCo.,Ltd
GuangdongProvincialExpresswayDevelopmentCo.,Ltd
GuangdongHighwayConstructionCo.,Ltd.
GuangdongHighwayConstructionCo.,Ltd.
GuangdongProvince
TransportationDevelopmentCo.,
Ltd
GuangdongProvince
TransportationDevelopmentCo.,
Ltd
22.30%
0.10% | 22.30% |
GuangdongProvinceExpresswayCo.,Ltd.
GuangdongProvinceExpresswayCo.,Ltd. | GuangdongXinyueCo.,Ltd. |
State-ownedAssetsSupervisionandAdministrationCommission
thepeople’sGovernmentof
GuangdongProvince
State-ownedAssetsSupervisionandAdministrationCommission
thepeople’sGovernmentof
GuangdongProvinceGuangdongCommunication
GroupCo.,Ltd.
GuangdongCommunication
GroupCo.,Ltd.
90%
90%
0.63%
VIII.SituationofthePreferredShares
□Applicable√NotapplicableTheCompanyhadnopreferredsharesinthereportingperiod.
IX.CorporateBondI.Enterprisebond
□Applicable√NotapplicableNosuchcasesinthereportingperiod.II.Corporatebond
□Applicable√NotapplicableNosuchcasesinthereportingperiod.
III.Debtfinancinginstrumentsofnon-financialenterprises
√Applicable□Notapplicable
1.Basicinformation
InRMB
Bondname | Bondshortname | Bondcode | Issueday | Valuedate | Dueday | Bondbalance | Interestrate | Servicingway | Trading |
GuangdongProvincialExpresswayDevelopmentCo.,Ltd.2019firstphasemedium-termnotes | 19GuangdongExpresswayMTN001 | 101900252 | February27,2019 | March1,2019 | March1,2024 | 679,476,476.99 | 4% | Duepaymentsonceayear,Theprincipalandthelastinstalmentinterestarepaidinonelumpsumontheredemptiondate. | Interbankmarket |
GuangdongProvincialExpresswayDevelopmentCo.,Ltd.2020firstphasemedium-termnotes | 20GuangdongExpresswayMTN001 | 102000367 | March13,2020 | March17,2020 | March17,2025 | 748,904,755.95 | 3% | Duepaymentsonceayear,Theprincipalandthelastinstalmentinterestarepaidinonelumpsumontheredemptiondate. | Interbankmarket |
Applicabletradingmechanism | Circulationandtransferinthenationalinter-bankbondmarket,itslistingandcirculationwillbecarriedoutinaccordancewiththerelevantregulationspromulgatedbytheNationalInterbankFundingCenter. |
Overdueandunpaidbonds
□Applicable√Notapplicable
2.Triggerandimplementationofoptionclausesandinvestorprotectionclausesoftheissuerorinvestor
□Applicable√Notapplicable
3.Informationofintermediaryagency
Nameofbondproject | Nameofintermediaryagency | OfficeAddress | Nameofsigningaccountant | Contactpersonofintermediaryagency | Tel |
19GuangdongExpresswayMTN001 | ChinaLianheCreditRatingCo.,Ltd. | No.2JianguomenwaiStreet,ChaoyangDistrict,Beijing | No | YangTing | 010-85679696 |
20GuangdongExpresswayMTN001 | ChinaLianheCreditRatingCo.,Ltd. | No.2JianguomenwaiStreet,ChaoyangDistrict,Beijing | No | YangTing | 010-85679696 |
Whethertheaboveagencychangesduringthereportingperiod
□Yes√No
4.Useofraisedfunds
InRMB
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
Nameofbondproject | Totalamountofraisedfunds | Usedamount | Unusedamount | Operationofspecialaccountforraisedfunds(ifany) | Rectificationofillegaluseofraisedfunds(ifany) | Whetheritisconsistentwiththepurpose,useplanandotheragreementsstipulatedintheprospectus |
19GuangdongExpresswayMTN001 | 680,000,000.00 | 680,000,000.00 | 0.00 | No | No | Yes |
20GuangdongExpresswayMTN001 | 750,000,000.00 | 750,000,000.00 | 0.00 | No | No | Yes |
VIII.MainaccountingdataandfinancialindicatorsoftheCompanyinrecenttwoyearsbytheendofthereportingperiod
InRMB10,000
Items | Attheendofthereportingperiod | Attheendoflastyear | Atthesametimerateofchange |
Currentratio | 2.9 | 2.7 | 7.41% |
Debtratio | 43.90% | 40.02% | 3.88% |
Quickratio | 2.89 | 2.70 | 7.04% |
Amountofthisperiod | Amountoflastperiod | Atthesametimerateofchange | |
Netprofitafterdeductingnon-recurringprofitandloss | 131,159.93 | 169,309.16 | -22.53% |
EBITDAtotaldebtratio | 45.43% | 72.85% | -27.42% |
Timeinterestearnedratio | 10.37 | 11.88 | -12.71% |
Cashinterestguaranteetimes | 14.29 | 15.42 | -7.33% |
EBITDATimeinterestearnedratio | 14.60 | 16.29 | -10.37% |
Repaymentofdebt(%) | 100% | 100% | —— |
Paymentofinterest(%) | 100% | 100% | —— |
X.FinancialReport
I.Auditreport
Typeofauditopinion | StandardUnqualifiedauditopinion |
Dateofsignatureofauditreport | March20,2023 |
Nameofauditfirm | YongTuoCertifiedPublicAccountants(specialgeneralpartnership) |
NamesoftheCertifiedPublicAccountants | ShiShaoyu,HuangZhiyan |
Auditors’ReportToallshareholdersofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.
I.OpinionWehaveauditedthefinancialstatementsofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.(hereinafterreferredtoas"theCompany"),whichcomprisethebalancesheetasatDecember31,2022,andtheincomestatement,thestatementofcashflowsandthestatementofchangesinowners'equityfortheyearthenendedandnotestothefinancialstatements.Inouropinion,theattachedfinancialstatementsareprepared,inallmaterialrespects,inaccordancewithAccountingStandardsforBusinessEnterprisesandpresentfairlythefinancialpositionoftheCompanyasatDecember31,2022anditsoperatingresultsandcashflowsfortheyearthenended.II.BasisforOurOpinionWeconductedourauditinaccordancewiththeAuditingStandardsforCertifiedPublicAccountantsinChina.OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditor'sResponsibilitiesfortheAuditoftheFinancialStatementssectionofourreport.AccordingtotheCodeofEthicsforChineseCPA,weareindependentoftheCompanyinaccordancewiththeCodeofEthicsforChineseCPAandwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirements.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinion.III.KeyAuditMattersKeyauditmattersarethosemattersthat,inourprofessionaljudgment,wereofmostsignificanceinourauditofthefinancialstatementsofthecurrentperiod.Thesematterswereaddressedinthecontextofourauditofthefinancialstatementsasawhole,andinformingouropinionthereon,andwedonotprovideaseparateopiniononthesematters.Wehaveidentifiedthefollowingitemsaskeyaudititemsthatneedtobecommunicatedintheauditreport.
Depreciationoffixedassetstollroad
1.Itemdescription
Asdescribedin"NotesIII.15FixedAssetstotheFinancialStatements"and"NotesV.12FixedAssetstotheFinancialStatements":thebookvalueofthetollroadsofGuangdongExpresswayGroupattheendof2022wasRMB9,414,934,465.06,thedepreciationamountoftollroadsin2022isRMB862,070,448.52,TheGuangdongExpresswayGrouptollroadisdepreciatedaccordingtothetrafficflowmethod,andthecurrentdepreciation
amountiscalculatedaccordingtotheproportionoftheactualtrafficflowinthecurrentperiodtotheestimatedremainingtotaltrafficflowintheoperationperiod.ThetotaltrafficflowduringtheoperationperiodreferstotheforecastofthetotaltrafficflowofGuangdongExpresswayGroupduringtheoperationperiod,whichisamajoraccountingestimate.Therefore,wehavedeterminedthepricinganddepreciationofthetollroadsofGuangdongExpresswayGroupasthekeyaudititems.
2.AuditresponseInresponsetotheabovekeyauditmatter,wehaveimplementedthefollowingmainauditprocedures:
(1)Understand,evaluateandtesttheinternalcontrolofthemanagementoftheCompanyonthedailymanagementandaccountingtreatmentoftollroads;
(2)CheckwhethertheactualtrafficflowdataappliedbyGuangdongExpresswayCompanyinthedepreciationcalculationoftollroadsisconsistentwiththeactualtrafficflowdataobtainedbyGuangdongExpresswayCompanyfromexternalserviceunits;
(3)Evaluatetheindependenceandprofessionalcompetenceofthethird-partyorganizationemployedbytheCompanythatcarriesouttrafficflowforecast;
(4)Understandthemethodsusedintrafficflowforecastreportsissuedbythird-partyorganizationstoforecastthetrafficflowinthefuture,andevaluatethereliabilityoftrafficflowforecastreportsbycomparingthepredictedtrafficflowforthepastyearwiththeactualtrafficflowforthatperiod;
(5)Recalculatethedepreciationofroadsandbridgestoverifytheaccuracyofthedepreciationamountofroadsandbridgesinthefinancialstatements.
II.Performancecompensation
1.Itemdescription
In2020,GuangdongExpresswayacquiredthe21%stakeofGuangdongGuanghuiExpresswayCo.,Ltd(hereinafterreferredtoas"GuanghuiExpressway")heldbyProvincialExpressway.Theyearof2022wasthelastyearoftheperformancecommitmentbythetargetassettransferorofProvinceExpressway.HoweverduetotheimpactofthePublichealthevents,thethree-yearcumulativenetprofitofGuanghuiExpresswaybytheendof2022hadfailedtoachievethecumulativeprofitforecastintherelevantperformancecommitment.ThemanagementandtheassettransferorwillnegotiatemattersrelatedtotheperformancecommitmentinaccordancewiththeprovisionsoftheProfitCompensationAgreementandtheactualsituationofGuanghuiExpressway'sperformanceaffectedbythePublichealthevents,andthecontingentconsiderationformedbytheperformancecompensationhasnotbeenrecognizedatpresent.Duetothematerialamountofthematterandthesignificantjudgmentofmanagement,thereforeit’sidentifiedthattheperformancecompensationasakeyauditmatter.Formattersrelatingtoperformancecompensation,pleaserefertothenotestotheconsolidatedfinancialstatements"XIII.OtherImportantMatters".
2.AuditresponseInresponsetotheabovekeyauditmatter,wehaveimplementedthefollowingmainauditprocedures:
(1)Readtheletterofthetransferoroftheunderlyingassettounderstandthereasonsanddemandsofthetransferorforthetargetassetoffailingtofulfilltheperformancecommitment;
(2)ReadtheminutesofthemanagementmeetingofGuangdongExpresswayandinterviewedtheGuangdongExpresswaymanagementtounderstandtheirevaluationofthereasonsanddemandsofthetransferorofthetargetassets;
(3)Reviewedthe"ProfitCompensationAgreement"signedbythetransferorofthetargetassettounderstandthemanagement'sevaluationofthemaintermsoftheagreement;
(4)Reviewedtheprocessofcalculatingperformancecompensationbythemanagementandevaluatedwhethertheconfirmationamountwasaccurate;
(5)Evaluatedwhethertheeconomicbenefitsassociatedwiththeassetislikelytoflowin.IV.OtherinformationThemanagementofGuangdongExpresswayCompanyisresponsibleforotherinformation.Otherinformationincludestheinformationcoveredinthe2022annualreportofGuangdongExpresswayCompany,butdoesnotincludethefinancialstatementandourauditreport.Ourauditopiniononthefinancialstatementsdoesnotcoverotherinformation,andwedonotissueanyformofverificationconclusiononotherinformation.Incombinationwithourauditofthefinancialstatements,ourresponsibilityistoreadotherinformation,andconsiderinsuchprocesswhetherotherinformationismateriallyinconsistentwiththefinancialstatementsortheinformationwelearnedduringtheaudit,orwhetherthereappearstobeamaterialmisstatement.
Basedontheworkthatwehavealreadyperformed,ifwedeterminethatotherinformationcontainsmaterialmisstatements,weshouldreportsuchfact.Inthisregard,wehavenothingtoreport.V.ResponsibilitiesofManagementandThoseChargedwithGovernancefortheFinancialStatementsTheCompany'smanagementisresponsibleforpreparingthefinancialstatementsinaccordancewiththerequirementsofAccountingStandardsforBusinessEnterprisestoachieveafairpresentation,andfordesigning,implementingandmaintaininginternalcontrolthatisnecessarytoensurethatthefinancialstatementsarefreefrommaterialmisstatements,whetherduetofraudsorerrors.Inpreparingthefinancialstatements,managementoftheCompanyisresponsibleforassessingtheCompany'sabilitytocontinueasagoingconcern,disclosingmattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlessmanagementeitherintendstoliquidatetheCompanyortoceaseoperations,orhasnorealisticalternativebuttodoso.ThosechargedwithgovernanceareresponsibleforoverseeingtheCompany'sfinancialreportingprocess.VI.Auditor'sResponsibilitiesfortheAuditoftheFinancialStatementsOurobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor'sreportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewiththeauditstandardswillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.
AspartofanauditinaccordancewithISAs,weexerciseprofessionaljudgmentandmaintainprofessionalskepticismthroughouttheaudit.Wealso:
(1)Identifyandassesstherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror,designandperformauditproceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,omissions,
misrepresentations,ortheoverrideofinternalcontrol.
(2)Obtainanunderstandingofinternalcontrolrelevanttotheauditinordertodesignauditproceduresthatareappropriateinthecircumstances.
(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,theplannedscopeandtimingoftheauditandsignificantauditmatters,includinganysignificantdeficienciesininternalcontrolthatweidentifyduringouraudit.Wealsoprovidethosechargedwithgovernancewithastatementthatwehavecompliedwithrelevantethicalrequirementsregardingindependence,andtocommunicatewiththemallrelationshipsandothermattersthatmayreasonablybethoughttobearonourindependence,andwhereapplicable,relatedsafeguards.Fromthematterscommunicatedwiththosechargedwithgovernance,wedeterminethosemattersthatwereofmostsignificanceintheauditofthefinancialstatementsofthecurrentperiodandarethereforethekeyauditmatters.Wedescribethesemattersinourauditor'sreportunlesslaworregulationprecludespublicdisclosureaboutthematterorwhen,inextremelyrarecircumstances,wedeterminethatamattershouldnotbecommunicatedinourreportbecausetheadverseconsequencesofdoingsowouldreasonablybeexpectedtooutweighthepublicinterestbenefitsofsuchcommunication.
YongTuoCertifiedPublicAccountantsCo.,Ltd.(SpecialGeneralPartnership) | CPA: | ShiShaoyu |
(Projectpartner): | ||
CPA: | HuangZhiyan | |
BeijingChina | March20,2023 |
II.FinancialstatementsCurrencyunitforthestatementsinthenotestothesefinancialstatements:RMB
1.ConsolidatedbalancesheetPreparedby:GuangdongProvincialExpresswayDevelopmentCo.,Ltd.
December31,2022
InRMB
Items | December31,2022 | January1,2022 |
Currentasset: | ||
Monetaryfund | 4,290,581,490.78 | 2,956,404,390.55 |
Settlementprovision | ||
Outgoingcallloan | ||
Transactionalfinancialassets | ||
Derivativefinancialassets | ||
Notesreceivable | ||
Accountreceivable | 108,368,797.56 | 159,053,399.87 |
Financingofreceivables | ||
Prepayments | 7,785,192.95 | 5,227,647.09 |
Insurancereceivable | ||
Reinsurancereceivable | ||
ProvisionsofReinsurancecontractsreceivable | ||
Otheraccountreceivable | 34,456,244.64 | 13,761,124.23 |
Including:Interestreceivable | ||
Dividendreceivable | 1,205,472.90 | 1,205,472.90 |
Repurchasingoffinancialassets | ||
Inventories | 640,079.66 | |
Contractassets | 5,286,462.45 | |
Assetsheldforsales | ||
Non-currentassetduewithin1year | 2,782,974.53 | |
Othercurrentasset | 2,042,395.28 | 21,213.96 |
Totalofcurrentassets | 4,443,234,121.21 | 3,143,177,292.34 |
Non-currentassets: | ||
Loansandpaymentonother’sbehalfdisbursed | ||
Creditor'srightinvestment | ||
Othercreditor'srightinvestment | ||
Long-termreceivable | ||
Longtermshareequityinvestment | 2,923,368,667.84 | 2,627,130,681.24 |
Otherequityinstrumentsinvestment | 1,557,303,730.98 | 1,577,175,826.05 |
Othernon-currentfinancialassets | 101,400,000.00 |
Items | December31,2022 | January1,2022 |
Propertyinvestment | 2,668,144.93 | 2,889,263.41 |
Fixedassets | 10,098,252,638.07 | 10,639,272,192.02 |
Constructioninprogress | 753,565,502.12 | 351,130,455.06 |
Productionphysicalassets | ||
Oil&gasassets | ||
Userightassets | 4,077,555.43 | 14,100,325.01 |
Intangibleassets | 246,772,471.44 | 268,504,176.43 |
Developmentexpenses | ||
Goodwill | ||
Long-germexpensestobeamortized | 2,103,750.00 | |
Deferredincometaxasset | 128,179,543.02 | 225,243,885.27 |
Othernon-currentasset | 8,374,778.84 | 25,038,952.48 |
Totalofnon-currentassets | 15,823,963,032.67 | 15,732,589,506.97 |
Totalofassets | 20,267,197,153.88 | 18,875,766,799.31 |
Currentliabilities | ||
Short-termloans | 430,387,597.20 | |
LoanfromCentralBank | ||
Borrowingfunds | ||
Transactionalfinancialliabilities | ||
Derivativefinancialliabilities | ||
Notespayable | ||
Accountpayable | 197,788,782.77 | 264,487,139.44 |
Advancereceipts | 2,718,756.97 | 10,660,208.51 |
Contractliabilities | 22,000.00 | |
Sellingofrepurchasedfinancialassets | ||
Deposittakingandinterbankdeposit | ||
Entrustedtradingofsecurities | ||
Entrustedsellingofsecurities | ||
Employees’wagepayable | 20,660,328.60 | 19,213,631.91 |
Taxpayable | 72,307,773.41 | 164,612,512.99 |
Otheraccountpayable | 191,167,560.23 | 177,970,483.76 |
Including:Interestpayable | ||
Dividendpayable | 59,994,517.46 | 22,941,943.24 |
Feesandcommissionspayable | ||
Reinsurancefeepayable | ||
Liabilitiesheldforsales | ||
Non-currentliabilityduewithin1year | 117,011,466.96 | 525,644,368.26 |
Othercurrentliability | 500,723,556.23 | 726,336.48 |
Totalofcurrentliability | 1,532,765,822.37 | 1,163,336,681.35 |
Non-currentliabilities: | ||
Reservefundforinsurancecontracts | ||
Long-termloan | 5,566,595,350.00 | 4,572,621,200.00 |
Bondpayable | 1,428,381,232.94 | 1,427,434,086.58 |
Including:preferredstock |
Items | December31,2022 | January1,2022 |
Sustainabledebt | ||
Leaseliability | 150,984.47 | 2,773,459.76 |
Long-termpayable | 2,517,493.12 | 3,461,832.74 |
Long-termremunerationpayabletostaff | ||
Expectedliabilities | ||
Deferredincome | 61,082,981.63 | 69,228,093.11 |
Deferredincometaxliability | 306,806,527.72 | 315,922,287.64 |
Othernon-currentliabilities | ||
Totalnon-currentliabilities | 7,365,534,569.88 | 6,391,440,959.83 |
Totalofliability | 8,898,300,392.25 | 7,554,777,641.18 |
Owners’equity | ||
Sharecapital | 2,090,806,126.00 | 2,090,806,126.00 |
Otherequityinstruments | ||
Including:preferredstock | ||
Sustainabledebt | ||
Capitalreserves | 743,133,557.03 | 713,460,518.49 |
Less:Sharesinstock | ||
Othercomprehensiveincome | 170,633,656.67 | 192,177,466.34 |
Specialreserve | ||
Surplusreserves | 1,373,056,469.02 | 1,225,375,330.56 |
Commonriskprovision | ||
Retainedprofit | 4,698,247,435.40 | 4,760,618,543.78 |
Totalofowner’sequitybelongtotheparentcompany | 9,075,877,244.12 | 8,982,437,985.17 |
Minorityshareholders’equity | 2,293,019,517.51 | 2,338,551,172.96 |
Totalofowners’equity | 11,368,896,761.63 | 11,320,989,158.13 |
Totalofliabilitiesandowners’equity | 20,267,197,153.88 | 18,875,766,799.31 |
LegalRepresentative:MiaoDeshanGeneralManager:WangChunhuaPersoninchargeofaccounting:LuMing
AccountingDeptLeader:ZhouFang
2.ParentCompanyBalanceSheet
InRMB
Items | December31,2022 | January1,2022 |
Currentasset: | ||
Monetaryfund | 1,813,035,761.84 | 1,860,836,127.30 |
Transactionalfinancialassets | ||
Derivativefinancialassets | ||
Notesreceivable | ||
Accountreceivable | 23,817,016.30 | 24,208,692.49 |
Financingofreceivables | ||
Prepayments | 5,515,813.54 | 4,311,419.00 |
Otheraccountreceivable | 1,542,022,671.18 | 6,885,982.60 |
Items | December31,2022 | January1,2022 |
Including:Interestreceivable | ||
Dividendreceivable | 36,905,472.90 | 1,205,472.90 |
Inventories | ||
Contractassets | ||
Assetsheldforsales | ||
Non-currentassetduewithin1year | 278,562,652.27 | |
Othercurrentasset | 111,143.99 | 11,067.41 |
Totalofcurrentassets | 3,384,502,406.85 | 2,174,815,941.07 |
Non-currentassets: | ||
Creditor'srightinvestment | ||
Othercreditor'srightinvestment | ||
Long-termreceivable | ||
Longtermshareequityinvestment | 6,096,479,269.50 | 5,792,610,802.46 |
Otherequityinstrumentsinvestment | 1,557,303,730.98 | 1,577,175,826.05 |
Othernon-currentfinancialassets | ||
Propertyinvestment | 2,416,006.68 | 2,637,125.16 |
Fixedassets | 5,299,569,148.92 | 5,707,608,552.14 |
Constructioninprogress | 152,388,974.47 | 43,594,243.12 |
Productionphysicalassets | ||
Oil&gasassets | ||
Userightassets | 3,069,576.00 | 12,611,748.50 |
Intangibleassets | 132,991,895.23 | 140,756,147.03 |
Developmentexpenses | ||
Goodwill | ||
Long-germexpensestobeamortized | ||
Deferredincometaxasset | 122,968,519.19 | 218,624,401.07 |
Othernon-currentasset | 14,434,283.48 | |
Totalofnon-currentassets | 13,367,187,120.97 | 13,510,053,129.01 |
Totalofassets | 16,751,689,527.82 | 15,684,869,070.08 |
Currentliabilities | ||
Short-termloans | ||
Transactionalfinancialliabilities | ||
Derivativefinancialliabilities | ||
Notespayable | ||
Accountpayable | 94,446,623.15 | 105,685,908.27 |
Advancereceipts | 250,984.75 | 250,984.75 |
ContractLiabilities | ||
Employees’wagepayable | 8,103,399.09 | 6,825,973.81 |
Taxpayable | 4,643,917.73 | 7,330,856.79 |
Otheraccountpayable | 362,996,135.95 | 690,062,820.89 |
Including:Interestpayable | ||
Dividendpayable | 25,694,517.46 | 22,941,943.24 |
Liabilitiesheldforsales | ||
Non-currentliabilityduewithin1year | 116,904,509.53 | 456,996,690.91 |
Othercurrentliability | 33,596.70 | 37,299.97 |
Items | December31,2022 | January1,2022 |
Totalofcurrentliability | 587,379,166.90 | 1,267,190,535.39 |
Non-currentliabilities: | ||
Long-termloan | 5,552,070,350.00 | 4,058,096,200.00 |
Bondpayable | 1,428,381,232.94 | 1,427,434,086.58 |
Including:preferredstock | ||
Sustainabledebt | ||
Leaseliability | 2,445,724.58 | |
Long-termpayable | 2,517,493.12 | 3,461,832.74 |
Long-termremunerationpayabletostaff | ||
Expectedliabilities | ||
Deferredincome | 6,838,432.16 | 10,120,879.64 |
Deferredincometaxliability | 61,217,804.42 | 66,399,854.20 |
Othernon-currentliabilities | ||
Totalnon-currentliabilities | 7,051,025,312.64 | 5,567,958,577.74 |
Totalofliability | 7,638,404,479.54 | 6,835,149,113.13 |
Owners’equity | ||
Sharecapital | 2,090,806,126.00 | 2,090,806,126.00 |
Otherequityinstruments | ||
Including:preferredstock | ||
Sustainabledebt | ||
Capitalreserves | 934,908,293.69 | 934,851,285.51 |
Less:Sharesinstock | ||
Othercomprehensiveincome | 170,633,656.67 | 192,177,466.34 |
Specialreserve | ||
Surplusreserves | 1,193,084,201.46 | 1,045,403,063.00 |
Retainedprofit | 4,723,852,770.46 | 4,586,482,016.10 |
Totalofowners’equity | 9,113,285,048.28 | 8,849,719,956.95 |
Totalofliabilitiesandowners’equity | 16,751,689,527.82 | 15,684,869,070.08 |
3.ConsolidatedIncomestatement
InRMB
Items | 2022 | 2021 |
I.Incomefromthekeybusiness | 4,168,634,113.98 | 5,288,057,677.93 |
Incl:Businessincome | 4,168,634,113.98 | 5,288,057,677.93 |
Interestincome | ||
Insurancefeeearned | ||
Feeandcommissionreceived | ||
II.Totalbusinesscost | 2,005,705,864.79 | 2,414,254,320.96 |
Incl:Businesscost | 1,586,349,035.48 | 1,929,512,025.56 |
Interestexpense | ||
Feeandcommissionpaid | ||
Insurancedischargepayment | ||
Netclaimamountpaid | ||
Netamountofwithdrawalofinsurancecontract |
Items | 2022 | 2021 |
reserve | ||
Insurancepolicydividendpaid | ||
Reinsuranceexpenses | ||
Businesstaxandsurcharge | 22,267,823.63 | 26,151,601.45 |
Salesexpense | ||
Administrativeexpense | 191,426,081.46 | 223,605,442.46 |
R&Dcosts | 14,591,773.12 | 13,270,938.73 |
Financialexpenses | 191,071,151.10 | 221,714,312.76 |
Including:Interestexpense | 238,444,227.57 | 282,653,629.93 |
Interestincome | 47,404,858.97 | 64,220,887.86 |
Add:Otherincome | 13,727,651.88 | 17,600,355.16 |
Investmentgain(“-”forloss) | 254,956,789.70 | 277,061,254.36 |
Incl:investmentgainsfromaffiliates | 194,171,768.63 | 227,004,893.87 |
Financialassetsmeasuredatamortizedcostceasetoberecognizedasincome | ||
Gainsfromcurrencyexchange | ||
Netexposurehedgingincome | ||
Changingincomeoffairvalue | 10,400,000.00 | |
Creditimpairmentloss | -98,397,398.38 | -1,935,337.47 |
Impairmentlossofassets | -2,889,394.16 | |
Assetsdisposalincome | 478,663.58 | 3,017,370.44 |
III.Operationalprofit(“-”forloss) | 2,344,093,955.97 | 3,166,657,605.30 |
Add:Non-operationalincome | 10,048,941.28 | 17,975,495.18 |
Less:Non-operatingexpense | 12,263,294.52 | 22,483,385.64 |
IV.Totalprofit(“-”forloss) | 2,341,879,602.73 | 3,162,149,714.84 |
Less:Incometaxexpenses | 547,291,352.09 | 735,365,014.56 |
V.Netprofit | 1,794,588,250.64 | 2,426,784,700.28 |
(I)Classificationbybusinesscontinuity | ||
1.Netcontinuingoperatingprofit | 1,794,588,250.64 | 2,426,784,700.28 |
2.Terminationofoperatingnetprofit | ||
(II)Classificationbyownership | ||
1.Netprofitattributabletotheownersofparentcompany | 1,277,069,521.90 | 1,700,406,981.99 |
2.Minorityshareholders’equity | 517,518,728.74 | 726,377,718.29 |
VI.Netafter-taxofothercomprehensiveincome | -21,543,809.67 | -110,718,411.31 |
Netofprofitofothercomprehensiveincomeattributabletoownersoftheparentcompany. | -21,543,809.67 | -110,718,411.31 |
(I)Othercomprehensiveincomeitemsthatwillnotbereclassifiedintogains/lossesinthesubsequentaccountingperiod | -14,349,348.86 | -120,434,499.12 |
1.Re-measurementofdefinedbenefitplansofchangesinn |
Items | 2022 | 2021 |
etdebtornetassets | ||
2.Othercomprehensiveincomeundertheequitymethodinvesteecannotbereclassifiedintoprofitorloss. | ||
3.Changesinthefairvalueofinvestmentsinotherequityinstruments | -14,349,348.86 | -120,434,499.12 |
4.Changesinthefairvalueofthecompany’screditrisks | ||
5.Other | ||
(II)Othercomprehensiveincomethatwillbereclassifiedintoprofitorloss. | -7,194,460.81 | 9,716,087.81 |
1.Othercomprehensiveincomeundertheequitymethodinvesteecanbereclassifiedintoprofitorloss. | -7,194,460.81 | 9,716,087.81 |
2.Changesinthefairvalueofinvestmentsinotherdebtobligations | ||
3.Othercomprehensiveincomearisingfromthereclassificationoffinancialassets | ||
4.Allowanceforcreditimpairmentsininvestmentsinotherdebtobligations | ||
5.Reserveforcashflowhedges | ||
6.Translationdifferencesincurrencyfinancialstatements | ||
7.Other | ||
NetofprofitofothercomprehensiveincomeattributabletoMinorityshareholders’equity | ||
VII.Totalcomprehensiveincome | 1,773,044,440.97 | 2,316,066,288.97 |
Totalcomprehensiveincomeattributabletotheowneroftheparentcompany | 1,255,525,712.23 | 1,589,688,570.68 |
Totalcomprehensiveincomeattributableminorityshareholders | 517,518,728.74 | 726,377,718.29 |
VIII.Earningspershare | ||
(I)Basicearningspershare | 0.61 | 0.81 |
(II)Dilutedearningspershare | 0.61 | 0.81 |
Thecurrentbusinesscombinationundercommoncontrol,thenetprofitsofthecombinedpartybeforeachievednetprofitofRMB0.00,lastperiodthecombinedpartyrealizedRMB0.00.LegalRepresentative:MiaoDeshanGeneralManager:WangChunhua,,
Personinchargeofaccounting:LuMingAccountingDeptLeader:ZhouFang
4.IncomestatementoftheParentCompany
InRMB
Items | 2022 | 2021 |
I.Incomefromthekeybusiness | 1,310,779,669.18 | 1,469,364,434.37 |
Incl:Businesscost | 589,634,400.70 | 718,634,183.97 |
Businesstaxandsurcharge | 7,388,300.22 | 8,211,382.64 |
Salesexpense | ||
Administrativeexpense | 115,967,177.07 | 117,865,388.31 |
R&Dexpense | 11,081,898.00 | 6,788,937.00 |
Financialexpenses | 191,962,721.38 | 235,894,975.56 |
Including:Interestexpenses | 229,477,883.09 | 274,934,433.28 |
Interestincome | 37,446,280.48 | 39,948,340.40 |
Add:Otherincome | 4,058,931.45 | 4,070,892.76 |
Investmentgain(“-”forloss) | 1,173,330,227.52 | 1,316,869,007.46 |
Including:investmentgainsfromaffiliates | 183,901,559.85 | 221,639,163.75 |
Financialassetsmeasuredatamortizedcostceasetoberecognizedasincome | ||
Netexposurehedgingincome | ||
Changingincomeoffairvalue | ||
Creditimpairmentloss | 93,582.00 | |
Impairmentlossofassets | -2,889,394.16 | |
Assetsdisposalincome | 478,663.58 | |
II.Operationalprofit(“-”forloss) | 1,572,612,994.36 | 1,700,113,654.95 |
Add:Non-operationalincome | 1,611,971.54 | 1,683,906.22 |
Less:Non-operationalexpenses | 1,417,002.95 | 13,481,250.02 |
III.Totalprofit(“-”forloss) | 1,572,807,962.95 | 1,688,316,311.15 |
Less:Incometaxexpenses | 95,996,578.31 | 103,909,700.85 |
IV.Netprofit | 1,476,811,384.64 | 1,584,406,610.30 |
1.Netcontinuingoperatingprofit | 1,476,811,384.64 | 1,584,406,610.30 |
2.Terminationofoperatingnetprofit | ||
V.Netafter-taxofothercomprehensiveincome | -21,543,809.67 | -110,718,411.31 |
(I)Othercomprehensiveincomeitemsthatwillnotbereclassifiedintogains/lossesinthesubsequentaccountingperiod | -14,349,348.86 | -120,434,499.12 |
1.Re-measurementofdefinedbenefitplansofchangesinnetdebtornetassets | ||
2.Othercomprehensiveincomeundertheequitymethodinvesteecannotbereclassifiedintoprofitorloss. | ||
3.Changesinthefairvalueofinvestmentsinotherequityinstruments | -14,349,348.86 | -120,434,499.12 |
4.Changesinthefairvalueofthecompany’screditrisks | ||
5.Other | ||
-7,194,460.81 | 9,716,087.81 |
Items | 2022 | 2021 |
(II)Othercomprehensiveincomethatwillbereclassifiedintoprofitorloss | ||
1.Othercomprehensiveincomeundertheequitymethodinvesteecanbereclassifiedintoprofitorloss. | -7,194,460.81 | 9,716,087.81 |
2.Changesinthefairvalueofinvestmentsinotherdebtobligations | ||
3.Othercomprehensiveincomearisingfromthereclassificationoffinancialassets | ||
4.Allowanceforcreditimpairmentsininvestmentsinotherdebtobligations | ||
5.Reserveforcashflowhedges | ||
6.Translationdifferencesincurrencyfinancialstatements | ||
7.Other | ||
VI.Totalcomprehensiveincome | 1,455,267,574.97 | 1,473,688,198.99 |
VII.Earningspershare | ||
(I)Basicearningspershare | ||
(II)Dilutedearningspershare |
5.ConsolidatedCashflowstatement
InRMB
Items | 2022 | 2021 |
I.Cashflowsfromoperatingactivities | ||
Cashreceivedfromsalesofgoodsorrendingofservices | 4,277,130,557.35 | 5,447,910,740.15 |
Netincreaseofcustomerdepositsandcapitalkeptforbrothercompany | ||
Netincreaseofloansfromcentralbank | ||
Netincreaseofinter-bankloansfromotherfinancialbodies | ||
Cashreceivedagainstoriginalinsurancecontract | ||
Netcashreceivedfromreinsurancebusiness | ||
Netincreaseofclientdepositandinvestment | ||
Cashreceivedfrominterest,commissionchargeandcommission | ||
Netincreaseofinter-bankfundreceived | ||
Netincreaseofrepurchasingbusiness | ||
Netcashreceivedbyagentinsecuritiestrading | ||
Taxreturned |
Items | 2022 | 2021 |
Othercashreceivedfrombusinessoperation | 120,557,326.45 | 126,417,264.96 |
Sub-totalofcashinflow | 4,397,687,883.80 | 5,574,328,005.11 |
Cashpaidforpurchasingofmerchandiseandservices | 342,864,874.07 | 417,377,507.94 |
Netincreaseofclienttradeandadvance | ||
Netincreaseofsavingsincentralbankandbrothercompany | ||
Cashpaidfororiginalcontractclaim | ||
Netincreaseinfinancialassetsheldfortradingpurposes | ||
NetincreaseforOutgoingcallloan | ||
Cashpaidforinterest,processingfeeandcommission | ||
Cashpaidtostaffsorpaidforstaffs | 479,860,302.18 | 490,684,230.89 |
Taxespaid | 695,593,923.86 | 901,811,223.79 |
Othercashpaidforbusinessactivities | 127,342,225.31 | 94,710,321.33 |
Sub-totalofcashoutflowfrombusinessactivities | 1,645,661,325.42 | 1,904,583,283.95 |
Netcashgeneratedfrom/usedinoperatingactivities | 2,752,026,558.38 | 3,669,744,721.16 |
II.Cashflowgeneratedbyinvesting | ||
Cashreceivedfrominvestmentretrieving | 45,000,000.00 | |
Cashreceivedasinvestmentgains | 168,700,001.50 | 174,741,274.88 |
Netcashretrievedfromdisposaloffixedassets,intangibleassets,andotherlong-termassets | 805,831.00 | 4,787,323.86 |
Netcashreceivedfromdisposalofsubsidiariesorotheroperationalunits | 28,514,496.27 | |
Otherinvestment-relatedcashreceived | ||
Sub-totalofcashinflowduetoinvestmentactivities | 198,020,328.77 | 224,528,598.74 |
Cashpaidforconstructionoffixedassets,intangibleassetsandotherlong-termassets | 875,179,014.01 | 513,663,936.74 |
Cashpaidasinvestment | 321,341,000.00 | 134,650,000.00 |
Netincreaseofloanagainstpledge | ||
Netcashreceivedfromsubsidiariesandotheroperationalunits | ||
Othercashpaidforinvestmentactivities | ||
Sub-totalofcashoutflowduetoinvestmentactivities | 1,196,520,014.01 | 648,313,936.74 |
Netcashflowgeneratedbyinvestment | -998,499,685.24 | -423,785,338.00 |
Items | 2022 | 2021 |
III.Cashflowgeneratedbyfinancing | ||
Cashreceivedasinvestment | ||
Including:Cashreceivedasinvestmentfromminorshareholders | ||
Cashreceivedasloans | 2,320,000,000.00 | 2,124,930,000.00 |
Otherfinancing–relatedcashreceived | 557,350,200.00 | 140,145,195.50 |
Sub-totalofcashinflowfromfinancingactivities | 2,877,350,200.00 | 2,265,075,195.50 |
Cashtorepaydebts | 1,294,413,150.00 | 2,503,707,200.00 |
Cashpaidasdividend,profit,orinterests | 1,993,666,552.33 | 1,667,198,772.33 |
Including:Dividendandprofitpaidbysubsidiariestominorshareholders | 556,851,982.19 | 755,677,776.30 |
Othercashpaidforfinancingactivities | 14,280,453.65 | 1,230,750,884.93 |
Sub-totalofcashoutflowduetofinancingactivities | 3,302,360,155.98 | 5,401,656,857.26 |
Netcashflowgeneratedbyfinancing | -425,009,955.98 | -3,136,581,661.76 |
IV.Influenceofexchangeratealternationoncashandcashequivalents | 988,123.62 | -371,334.74 |
V.Netincreaseofcashandcashequivalents | 1,329,505,040.78 | 109,006,386.66 |
Add:balanceofcashandcashequivalentsatthebeginningofterm | 2,955,183,190.55 | 2,846,176,803.89 |
VI..Balanceofcashandcashequivalentsattheendofterm | 4,284,688,231.33 | 2,955,183,190.55 |
6.CashFlowStatementoftheParentCompany
InRMB
Items | 2022 | 2021 |
I.Cashflowsfromoperatingactivities | ||
Cashreceivedfromsalesofgoodsorrendingofservices | 1,347,316,010.13 | 1,512,002,307.36 |
Taxreturned | ||
Othercashreceivedfrombusinessoperation | 47,431,112.11 | 139,579,001.22 |
Sub-totalofcashinflow | 1,394,747,122.24 | 1,651,581,308.58 |
Cashpaidforpurchasingofmerchandiseandservices | 74,042,300.65 | 85,431,635.37 |
Cashpaidtostaffsorpaidforstaffs | 155,280,659.59 | 156,876,478.03 |
Taxespaid | 49,667,582.04 | 55,685,419.35 |
Othercashpaidforbusinessactivities | 1,856,029,086.90 | 89,308,303.12 |
Sub-totalofcashoutflowfrombusinessactivities | 2,135,019,629.18 | 387,301,835.87 |
Netcashgeneratedfrom/usedin | -740,272,506.94 | 1,264,279,472.71 |
Items | 2022 | 2021 |
operatingactivities | ||
II.Cashflowgeneratedbyinvesting | ||
Cashreceivedfrominvestmentretrieving | 328,527,584.98 | 310,000,000.00 |
Cashreceivedasinvestmentgains | 1,121,551,007.37 | 1,222,810,553.86 |
Netcashretrievedfromdisposaloffixedassets,intangibleassets,andotherlong-termassets | 566,983.00 | 1,359,500.00 |
Netcashreceivedfromdisposalofsubsidiariesorotheroperationalunits | ||
Otherinvestment-relatedcashreceived | ||
Sub-totalofcashinflowduetoinvestmentactivities | 1,450,645,575.35 | 1,534,170,053.86 |
Cashpaidforconstructionoffixedassets,intangibleassetsandotherlong-termassets | 155,607,960.52 | 145,749,738.08 |
Cashpaidasinvestment | 344,250,000.00 | 1,380,489,292.00 |
Netcashreceivedfromsubsidiariesandotheroperationalunits | ||
Othercashpaidforinvestmentactivities | ||
Sub-totalofcashoutflowduetoinvestmentactivities | 499,857,960.52 | 1,526,239,030.08 |
Netcashflowgeneratedbyinvestment | 950,787,614.83 | 7,931,023.78 |
III.Cashflowgeneratedbyfinancing | ||
Cashreceivedasinvestment | ||
Cashreceivedasloans | 1,890,000,000.00 | 2,124,930,000.00 |
Otherfinancing–relatedashreceived | ||
Sub-totalofcashinflowfromfinancingactivities | 1,890,000,000.00 | 2,124,930,000.00 |
Cashtorepaydebts | 726,743,150.00 | 2,422,947,200.00 |
Cashpaidasdividend,profit,orinterests | 1,408,387,271.32 | 886,140,438.61 |
Othercashpaidforfinancingactivities | 14,173,175.65 | 8,609,914.93 |
Sub-totalofcashoutflowduetofinancingactivities | 2,149,303,596.97 | 3,317,697,553.54 |
Netcashflowgeneratedbyfinancing | -259,303,596.97 | -1,192,767,553.54 |
IV.Influenceofexchangeratealternationoncashandcashequivalents | 988,123.62 | -371,334.74 |
V.Netincreaseofcashandcashequivalents | -47,800,365.46 | 79,071,608.21 |
Add:balanceofcashandcashequivalentsatthebeginningofterm | 1,859,614,927.30 | 1,780,543,319.09 |
VI..Balanceofcashandcashequivalentsattheendofterm | 1,811,814,561.84 | 1,859,614,927.30 |
7.ConsolidatedStatementonChangeinOwners’EquityAmountinthisperiod
InRMB
Items | 2022 | ||||||||||||||
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 | 713,460,518.49 | 192,177,466.34 | 1,225,375,330.56 | 4,760,618,543.78 | 8,982,437,985.17 | 2,338,551,172.96 | 11,320,989,158.13 | |||||||
II.Balanceatthebeginningofcurrentyear | 2,090,806,126.00 | 713,460,518.49 | 192,177,466.34 | 1,225,375,330.56 | 4,760,618,543.78 | 8,982,437,985.17 | 2,338,551,172.96 | 11,320,989,158.13 | |||||||
III.Changedinthecurrentyear | 29,673,038.54 | -21,543,809.67 | 147,681,138.46 | -62,371,108.38 | 93,439,258.95 | -45,531,655.45 | 47,907,603.50 | ||||||||
(1)Totalcomprehensiveincome | -21,543,809.67 | 1,277,069,521.90 | 1,255,525,712.23 | 517,518,728.74 | 1,773,044,440.97 | ||||||||||
(III)Profitallotment | 147,681,138.46 | -1,339,440,630.28 | -1,191,759,491.82 | -591,151,982.19 | -1,782,911,474.01 | ||||||||||
1.Providin | 147,681,13 | - |
gofsurplusreserves | 8.46 | 147,681,138.46 | |||||||||||
3.Allotmenttotheowners(orshareholders) | -1,191,759,491.82 | -1,191,759,491.82 | -591,151,982.19 | -1,782,911,474.01 | |||||||||
(VI)Other | 29,673,038.54 | 29,673,038.54 | 28,101,598.00 | 57,774,636.54 | |||||||||
IV.Balanceattheendofthisterm | 2,090,806,126.00 | 743,133,557.03 | 170,633,656.67 | 1,373,056,469.02 | 4,698,247,435.40 | 9,075,877,244.12 | 2,293,019,517.51 | 11,368,896,761.63 |
IV.Balanceattheendofthisterm
InRMB
Items | 2021 | ||||||||||||||
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 | 645,969,210.48 | 302,895,877.65 | 1,167,785,965.63 | 3,725,679,319.35 | 7,933,136,499.11 | 2,299,180,085.17 | 10,232,316,584.28 | |||||||
Add:Changeofaccountingpolicy | 546,190.04 | 546,190.04 | 546,190.04 | ||||||||||||
II.Balanceatthebeginningofcurrentyear | 2,090,806,126.00 | 645,969,210.48 | 302,895,877.65 | 1,167,785,965.63 | 3,726,225,509.39 | 7,933,682,689.15 | 2,299,180,085.17 | 10,232,862,774.32 | |||||||
III.Changedinthecurrentyear | 67,491,308.01 | -110,718,411.31 | 57,589,364.93 | 1,034,393,034.39 | 1,048,755,296.02 | 39,371,087.79 | 1,088,126,383.81 | ||||||||
(1)Totalcomprehen | -110,718,4 | 1,700,406,981.99 | 1,589,688,570.68 | 726,377,718.29 | 2,316,066,288.97 |
siveincome | 11.31 | ||||||||||||
(III)Profitallotment | 57,589,364.93 | -666,013,947.60 | -608,424,582.67 | -755,677,776.30 | -1,364,102,358.97 | ||||||||
1.Providingofsurplusreserves | 57,589,364.93 | -57,589,364.93 | |||||||||||
3.Allotmenttotheowners(orshareholders) | -608,424,582.67 | -608,424,582.67 | -755,677,776.30 | -1,364,102,358.97 | |||||||||
(VI)Other | 67,491,308.01 | 67,491,308.01 | 68,671,145.80 | 136,162,453.81 | |||||||||
IV.Balanceattheendofthisterm | 2,090,806,126.00 | 713,460,518.49 | 192,177,466.34 | 1,225,375,330.56 | 4,760,618,543.78 | 8,982,437,985.17 | 2,338,551,172.96 | 11,320,989,158.13 |
8.Statementofchangeinowner’sEquityoftheParentCompanyAmountinthisperiod
InRMB
Items | 2022 | |||||||||||
Sharecapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
Preferredstock | Sustainabledebt | Other | ||||||||||
I.Balanceattheendoflastyear | 2,090,806,126.00 | 934,851,285.51 | 192,177,466.34 | 1,045,403,063.00 | 4,586,482,016.10 | 8,849,719,956.95 | ||||||
II.Balanceatthebeginningofcurrent | 2,090,806,126.00 | 934,851,285.51 | 192,177,466.34 | 1,045,403,063.00 | 4,586,482,016.10 | 8,849,719,956.95 |
year | ||||||||||
III.Changedinthecurrentyear | 57,008.18 | -21,543,809.67 | 147,681,138.46 | 137,370,754.36 | 263,565,091.33 | |||||
(I)Totalcomprehensiveincome | -21,543,809.67 | 1,476,811,384.64 | 1,455,267,574.97 | |||||||
(III)Profitallotment | 147,681,138.46 | -1,339,440,630.28 | -1,191,759,491.82 | |||||||
1.Providingofsurplusreserves | 147,681,138.46 | -147,681,138.46 | ||||||||
2.Allotmenttotheowners(orshareholders) | -1,191,759,491.82 | -1,191,759,491.82 | ||||||||
(VI)Other | 57,008.18 | 57,008.18 | ||||||||
IV.Balanceattheendofthisterm | 2,090,806,126.00 | 934,908,293.69 | 170,633,656.67 | 1,193,084,201.46 | 4,723,852,770.46 | 9,113,285,048.28 |
Amountinlastyear
InRMB
Items | 2021 | |||||||||||
ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
Preferredstock | Sustainabledebt | Other | ||||||||||
I.Balanceattheendoflastyear | 2,090,806,126.00 | 938,969,546.79 | 302,895,877.65 | 987,813,698.07 | 3,667,543,163.36 | 7,988,028,411.87 | ||||||
Add:Changeofaccountingpolicy | 546,190.04 | 546,190.04 | ||||||||||
II.Balanceatthebeginningofcurrentyear | 2,090,806,126.00 | 938,969,546.79 | 302,895,877.65 | 987,813,698.07 | 3,668,089,353.40 | 7,988,574,601.91 | ||||||
III.Changedinthecurrentyear | -4,118,261.28 | -110,718,411.31 | 57,589,364.93 | 918,392,662.70 | 861,145,355.04 | |||||||
(I)Totalcomprehensiveincome | -110,718,411.31 | 1,584,406,610.30 | 1,473,688,198.99 | |||||||||
(III)Profitallotment | 57,589,364.93 | -666,013,947.60 | -608,424,582.67 | |||||||||
1.Providingofsurplusreserves | 57,589,364.93 | -57,589,364.93 | ||||||||||
3.Other | -608,424,582.67 | -608,424,582.67 | ||||||||||
(VI)Other | -4,118,261.28 | -4,118,261.28 | ||||||||||
IV.Balanceattheendofthis | 2,090,806,126.00 | 934,851,285.51 | 192,177,466.34 | 1,045,403,063.00 | 4,586,482,016.10 | 8,849,719,956.95 |
III.CompanyProfile
1.BasicinformationoftheIPOandsharecapitalofthecompany
1.TheCompanywasestablishedinFebruary1993,whichwasoriginallynamedasGuangdongFokaiExpresswayCo.,Ltd.OnJune30,1993,itwasrenamedasGuangdongProvincialExpresswayDevelopmentCo.,Ltd.afterreorganizationpursuanttotheapprovaloftheOfficeofJointExaminationGroupofExperimentalUnitsofShareHoldingSystemwithYLSB(1993)No.68document.Thesharecapitalstructureafterreorganizationisasfollows:
Compositionofstate-ownedshares:Theappraisednetvalueofstate-ownedassetsofGuangdongJiujiangBridgeCo.andGuangfoExpresswayCo.,Ltd.asofJanuary31,1993confirmedbyGuangdongState-ownedAssetManagementDept.,i.e.,RMB418.2136million,wasconvertedinto155.025millionshares.GuangdongExpresswayCo.investedcashofRMB115milliontosubscribefor35.9375millionshares.OtherlegalpersonsinvestedcashofRMB286.992milliontosubscribefor89.685millionshares.StaffoftheCompanyinvestedRMB87.008milliontosubscribefor27.19millionshares.ThetotalisRMB307.8375millionshares.2.PursuanttotheapprovalofGuangdongEconomicSystemReformCommitteeandGuangdongSecuritiesRegulatoryCommissionwithYTG(1996)No.67document,partoftheshareholdersofnon-state-ownedlegalpersonsharestransferred20millionnon-state-ownedlegalpersonsharestoMalaysiaYibaoEngineeringCo.,Ltd.inJune1996.
3.PursuanttotheapprovalofSecuritiesCommissionundertheStateCouncilwithWF(1996)No.24approvaldocumentandthatofGuangdongEconomicSystemReformCommitteewithYTG(1996)No.68document,theCompanyissued135milliondomesticallylistedforeigninvestmentshares(Bshares)tooverseasinvestorsatthepriceofHKD3.54(equivalenttoRMB3.8)withtheparvalueofeachsharebeingRMB1duringJunetoJuly1996.
4.PursuanttothereplyoftheMinistryofForeignTradeandEconomicCooperationofthePeople’sRepublicofChinawith(1996)WJMZYHZNo.606document,theCompanywasapprovedtobeaforeign-investedjointstockcompanylimited.5.TheCompanydistributeddividendsandcapitalizedcapitalcommonreservefortheyear1996inthefollowingmanner:TheCompanypaid1.7bonussharesforeach10sharesandcapitalizedcapitalcommonreserveon3.3-for-10basis.
6.PursuanttotheapprovalofChinaSecuritiesRegulatoryCommittee(CSRC)withZJFZ(1997)No.486andNo.487document,theCompanyissued100millionpublicshares(Ashares)atthepriceofRMB5.41intermof“payableinfullonapplication,pro-rateplacingandsubjecttorefund”withtheparvalueofeachsharebeingRMB1inJanuary1998.7.InaccordancewiththeResolutionsofthe1999Shareholders’GeneralMeetingoftheCompanyandpursuanttotheapprovalofGuangzhouSecuritiesRegulatoryOfficeunderCSRCwithGZZJH(2000)No.99andthatofCSRCwithZJGSZ(2000)No.98,theCompanyoffered3Rightsforevery10sharesof764.256249millionsharesatthepriceofRMB11perRight.73,822,250ordinaryshareswereactuallyplacedtoall.
8.PursuanttothereplyoftheGeneralOfficeofthePeople’sGovernmentofGuangdongProvincewithYBH(2000)No.574document,thestate-ownedsharesweretransferredtoGuangdongCommunicationGroupCo.,Ltd.(GroupCo.)forholdingandmanagementwithoutcompensation.
9.PursuanttotheapprovalofShenzhenStockExchange,53.0205millionstaffsharesoftheCompany(132,722sharesheldbydirectors,supervisorsandseniorexecutivesaretemporarilyfrozen)werelistedonFebruary5,2001.
10.Inaccordancewiththeresolutionsof2000annualshareholders’generalmeeting,theCompanycapitalizedcapitalcommonreserveinto419,039,249shareson5-for-10basiswiththetotalsharecapitalasoftheendof2000,i.e.,838,078,499sharesasbase.ThedateofstockrightregistrationwasMay21,2001.Theex-rightdatewasMay22,2001.11.OnMarch8,2004,AsapprovedbyChinaSecuritiesRegulatoryCommissionbydocumentZheng-Jian-Gong-Si-Zi[2003]No.3,the45,000,000non-negotiableforeignshareswereplacedinShenzhenStock
12.OnDecember21,2005,theCompany'splanforshareholdingstructurereformwasvotedthroughattheshareholders'meetingconcerningAshares.OnJanuary262006,TheMinistryofCommerceofPRCissued“TheapprovalonshareconvertingofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.”toapprovetheshareequityrelocationandtransformation.OnOctober92006,accordingtothe“Circularaboutimplementingofshareequityrelocationandrelativetrading”issuedbyShenzhenStockExchange,theabbreviationIDoftheCompany’sAshareswasrestoredfrom“G-Expressway”“ExpresswayA”.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'sregisteredplaceandheadquartersaddressCompanyname:GuangdongProvincialExpresswayDevelopmentCo.,Ltd.RegistrationplaceNo.85,BaiyunRoad,YuexiuDistrict,Guangzhou.
HeadquartersOffice:45-46/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TiheDisrtict,Guangzhou
3.BusinessnatureandmainbusinessactivitiesIndustryandmainproductsofthecompany:highwaymanagementandmaintenance.
Generalbusinessitems:investment,construction,charging,maintenanceandservicemanagementofexpressways,graderoadsandbridges;Automobilerescueservice,maintenanceandcleaning;Parkinglotcharges;Design,production,releaseandagencyofallkindsofadvertisementsathomeandabroad;Landdevelopmentalongthehighway;Warehousingbusiness;Intelligenttransportationtechnologyresearchanddevelopmentandservice;Equityinvestment,managementandconsultation.(Projectsthatmustbeapprovedaccordingtolawcanbeoperatedonlyafterbeingapprovedbyrelevantdepartments).TheCompanyismainlyengagedintollingandmaintenanceofGuangfoExpressway,FokaiExpressway,JingzhuExpresswayGuangzhuSectionandGuanghuiExpresswayinvestmentintechnologicalindustriesandprovisionofrelevantconsultaionwhileinvestinginShenzhenHuiyanExpresswayCo.,Ltd.,Guangzhou
GuanghuiExpresswayCo.,Ltd..,GuangdongJiangzhongExpresswayCo.Ltd.,ZhaoqingYuezhaoExpresswayCo.,Ltd.,GanzhouKangdaExpressway,GanzhouGankangExpresswayCo.,Ltd.,GuangdongYuekeTechnologyPettyLoanCo.,Ltd.,GuangdongGuangleExpresswayCo.,Ltd.,GuoyuanSecuritiesCo.,Ltd,HunanLianzhiTechnologyCo.,Ltd.,SPICYuetongQiyuanChipPowerTechnologyCo.,Ltd.andShenzhenGarageElectricPileTechnologyCo.,Ltd.
4.Scopeandchangesofconsolidatedfinancialstatementsinthecurrentperiod
(1)ScopeofcurrentconsolidatedfinancialstatementsTheconsolidatedscopeofthecurrentfinancialstatementsinvovlesGuangdongExpresswayTechnologyInvestmentCo.,Ltd.,YuegaoCapitalHolding(Guangzhou)Co.,Ltd.,itsholdingsubsidiariesGuangfoExpresswayCo.,Ltd.,JingzhuExpresswayGuangzhuSectionCo.,Ltd.andGuanghuiExpresswayCo.,Ltd..
(2)ChangesinthescopeofconsolidatedfinancialstatementsinthecurrentperiodInthecurrentperiod,the100%equityofGuangdongExpresswayTechnologyInvestmentCo.,Ltd-awholly-ownedsubsidiary-wastransferredtoGuangdongLitongTechnologyInvestmentCo.,Ltd,andtheequitydeliverydatewasMarch29,2022.Therefore,itwillnolongerbeincludedinthescopeoftheconsolidatedfinancialstatementsattheendofthecurrentperiod.
5.ApprovalandsubmissiondateoffinancialreportThisfinancialreportwasapprovedbytheBoardofDirectorsoftheCompanyonMarch20,2023.IV.Basisforthepreparationoffinancialstatements
1.Preparationbasis
ThefinancialstatementsoftheCompanyhavebeenpreparedonbasisofgoingconcerninconformitywithChineseAccountingStandardsforBusinessEnterprisesandtheAccountingSystemsforBusinessEnterprisesissuedbytheMinistryofFinanceofPeople’sRepublicofChina(MinistryofFinanceissuedorderNo.33,theMinistryofFinancerevisedorderNo.76)onFebruary15,2006,andrevisedAccountingStandards(order42oftheMinistryofFinance)andCompilationRulesforInformationDisclosurebyCompaniesOfferingSecuritiestothePublicNo.15–GeneralProvisionsonFinancialReports(2014Revision)issuedbytheChinaSecuritiesRegulatoryCommission(CSRC).
AccordingtotherelevantaccountingregulationsinChineseAccountingStandardsforBusinessEnterprises,theCompanyhasadoptedtheaccrualbasisofaccounting.Held-for-salenon-currentassetsaremeasuredatthelowerofitsbookvalueatitsclassificationdateandfairvalueminusexpecteddisposalcosts.Whereassetsareimpaired,provisionsforassetimpairmentaremadeinaccordancewithrelevantrequirements
2.Continuation
Therewillbenosucheventsorsituationsinthe12monthsfromtheendofthereportingperiodthatwillcausematerialdoubtsastothecontinuationcapabilityoftheCompany.V.SignificantAccountingPoliciesandAccountingEstimatesSpecificaccountingpoliciesandaccountingestimatesareindicatedasfollows:
None
1.StatementofCompliancewiththeAccountingStandardsforBusinessEnterprisesThefinancialstatementsoftheCompanyarerecognizedandmeasuredinaccordancewiththeregulationsintheChineseAccountingStandardsforBusinessEnterprisesandtheygiveatrueandfairviewofthefinancialposition,businessresultandcashflowoftheCompany,.Inaddition,thefinancialstatementsoftheCompany
comply,inallmaterialrespects,withthereviseddisclosingrequirementsforfinancialstatementsandtheCompilationRulesforInformationDisclosurebyCompaniesOfferingSecuritiestothePublicNo.15—GeneralProvisionsonFinancialReports(2014Revision)issuedbyChinaSecuritiesRegulatoryCommission(CSRC)in2014.
2.AccountingperiodTheaccountingperiodoftheCompanyisclassifiedasinterimperiodandannualperiod.Interimperiodreferstothereportingperiodshorterthanacompleteannualperiod.TheaccountingperiodoftheCompanyisthecalendaryearfromJanuary1toDecember31.
3.Operatingcycle
ThenormaloperatingcyclereferstotheperiodfromthetimewhentheGrouppurchasesassetsforprocessingtothetimewhencashorcashequivalentsarerealized.TheCompanytakes12monthsasabusinesscycleandusesitasacriterionforliquidityclassificationofassetsandliabilities.
4.Standardcurrencyforbookkeeping
TheCompanyadoptsCNYtoprepareitsfunctionalstatements.
5.AccountingsforBusinessCombinationsundertheSameControl&BusinessCombinationsnotundertheSameControl
1.BusinessCombinationsundertheSameControl
Ifbusinessparticipatinginthecombinationareultimatelycontrolledbythesamepartyorpartiesbeforeandafterthecombination,andthecontrolisnottemporary,itisanbusinesscombinationunderthesamecontrol.Usually,businesscombinationunderthesamecontrolreferstothecombinationbetweenbusinesswithinthesamebusiness,exceptwhichitisgenerallynotregardedasbusinesscombinationunderthesamecontrol.
TheassetsandliabilitiesobtainedbytheCompanyasthecombiningpartyinthebusinesscombinationshallbemeasuredaccordingtothebookvalueofthecombinedpartyintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyonthecombinationdate.Forthelong-termequityinvestmentformedbyholdingcombinationunderthesamecontrol,thecompanytakestheshareofthebookowner'sequityofthecombinedpartyonthecombinationdateastheinitialinvestmentcostforformingthelong-termequityinvestment.Seethelong-termequityinvestmentforrelevantaccountingtreatment;TheassetsandliabilitiesobtainedbyabsorptionandcombinationunderthesamecontrolshallberecordedbytheCompanyaccordingtotheoriginalbookvalueoftherelatedassetsandliabilitiesinthecombinedparty.Thecompanyadjuststhecapitalreserveaccordingtothedifferencebetweenthebookvalueofthenetassetsobtainedandthebookvalueofthecombinationconsiderationpaid(orthetotalparvalueoftheissuedshares);Ifthecapitalreserveisinsufficienttooffset,theretainedearningsshallbeadjusted.
AlldirectlyrelatedexpensesincurredbytheCompanyasacombiningpartyforbusinesscombination,includingauditfees,evaluationfees,legalservicefees,etc.,areincludedinthecurrentprofitsandlosseswhenincurred.
Feesandcommissionspaidforbondsissuedbyenterprisesorotherdebtsshallbeincludedintheinitialmeasurementamountofbondsandotherdebtsissued.Fees,commissionsandotherexpensesincurredinissuingequitysecuritiesinbusinesscombinationshallbeoffsetagainstthepremiumincomeofequitysecurities,andifthepremiumincomeisinsufficienttooffset,theretainedearningsshallbeoffset.
Iftheholdingunderthesamecontroliscombinedtoformaparent-subsidiaryrelationship,theparentcompanyshallprepareconsolidatedfinancialstatementsontheconsolidationdate,includingconsolidatedbalancesheet,consolidatedincomestatementandconsolidatedcashflowstatement.
Fortheconsolidatedbalancesheet,thebookvalueofthecombinedpartyintheconsolidatedfinancial
statementsoftheultimatecontrollingpartyshallbeincorporatedintotheconsolidatedfinancialstatements,andthetransactionsbetweenthecombiningpartyandthecombinedpartyontheconsolidationdateandthepreviousperiodshallberegardedasinternaltransactionsandoffsetaccordingtotherelevantprinciplesof"ConsolidatedFinancialStatements";Theconsolidatedincomestatementandcashflowstatementincludethenetprofitandcashflowrealizedbythecombiningpartyandthecombinedpartyfromthebeginningofthecurrentconsolidationperiodtotheconsolidationdate,andinvolvethecashflowgeneratedbythetransactionsandinternaltransactionsbetweenthetwopartiesinthecurrentperiod,whichshallbeoffsetaccordingtotherelevantprinciplesoftheconsolidatedfinancialstatements.
2.Ifthepartiesinvolvedinthecombinationarenotultimatelycontrolledbythesamepartyorpartiesbeforeandafterthecombination,itisabusinesscombinationnotunderthesamecontrol.BusinessCombinationsnotundertheSameControl
Determinethecostofbusinesscombination:thecostofbusinesscombinationincludesthefairvalueofcashornon-cashassetspaidbythepurchaserforbusinesscombination,debtsissuedorassumed,andequitysecuritiesissuedonthepurchasedate.
Inthebusinesscombinationnotunderthesamecontrol,theintermediaryexpensessuchasauditing,legalservices,evaluationandconsultationandotherrelatedmanagementexpensesincurredbythepurchaserforthebusinesscombinationshallbeincludedinthecurrentprofitsandlosseswhentheyoccur;Transactioncostsofequitysecuritiesordebtsecuritiesissuedbythepurchaserascombinationconsiderationshallbeincludedintheinitialrecognizedamountofequitysecuritiesordebtsecurities.
Forthelong-termequityinvestmentobtainedbyholdingcombinationnotunderthesamecontrol,thecompanytakesthecombinationcostdeterminedonthepurchasedate(excludingcashdividendsandprofitsthatshouldbecollectedfromtheinvestee)astheinitialinvestmentcostforthelong-termequityinvestmentofthepurchaser;Allidentifiableassetsandliabilitiesobtainedbyabsorptionandcombinationunderdifferentcontrolthatmeettherecognitionconditionsshallberecognizedasassetsandliabilitiesoftheenterpriseatfairvalueonthedateofpurchase.IftheCompanytakesnon-monetaryassetsasconsiderationtoobtainthecontrolrightofthepurchaserorvariousidentifiableassetsandliabilities,thedifferencebetweenthefairvalueoftherelevantnon-monetaryassetsonthepurchasedateandtheirbookvalueshallbetakenasthedisposalprofitandlossoftheassetsandrecordedintheincomestatementofthecurrentconsolidationperiod.
Inabusinesscombinationnotunderthesamecontrol,thedifferencebetweenthecostofbusinesscombinationandthefairvalueshareofidentifiablenetassetsofthepurchaserobtainedinthecombinationisrecognizedasgoodwill;Inthecaseofabsorptionandcombination,thedifferenceisrecognizedasgoodwillintheindividualfinancialstatementsoftheparentcompany;Inthecaseofholdingcombination,thedifferenceislistedasgoodwillintheconsolidatedfinancialstatements.
Thecostofbusinesscombinationislessthanthedifferencebetweenthefairvalueshareofidentifiablenetassetsacquiredduringthecombination,whichisincludedintheprofitsandlosses(non-operatingincome)ofthecurrentcombinationperiodafterreviewbytheCompany.Inthecaseofabsorptionandcombination,thedifferenceisincludedintheindividualincomestatementoftheparentcompanyinthecurrentcombinationperiod;Inthecaseofholdingcombination,thedifferenceisincludedintheconsolidatedincomestatementofthecurrentcombinationperiod.
Ifthebusinesscombinationnotunderthesamecontrolrealizedstepbystepthroughmultipleexchangetransactionsisapackagetransaction,eachtransactionwillbetreatedasatransactiontoobtaincontrolrights;Ifitisnotapackagetransaction,theequityofthepurchasedpartyheldbeforethepurchasedateshallbere-measuredaccordingtothefairvalueoftheequityonthepurchasedate,andthedifferencebetweenthefairvalueanditsbookvalueshallbeincludedinthecurrentinvestmentincome;Iftheequityofthepurchasedpartyheldbeforethe
purchasedateinvolvesothercomprehensiveincome,othercomprehensiveincomerelatedtoitshallbeconvertedintotheinvestmentincomeofthecurrentperiodonthepurchasedate,exceptforothercomprehensiveincomearisingfromthere-measurementofnetliabilitiesorchangesinnetassetsofthedefinedbenefitplansbytheinvestedparty.
6.Compilationmethodofconsolidatedfinancialstatements
(1)ConsolidationscopeTheconsolidationscopeofconsolidatedfinancialstatementsisdeterminedonthebasisofcontrol.ControlmeansthattheCompanyhasthepowerovertheinvestee,isentitledtovariablereturnsbyparticipatingintherelatedactivitiesoftheinvestee,andhastheabilitytousethepowerovertheinvesteetoinfluenceitsreturnamount.SubsidiariesrefertosubjectscontrolledbytheCompany(includingenterprises,divisiblepartsofinvestee(s),structuredsubjects,etc.).
(2)CompilationmethodofconsolidatedfinancialstatementsTheconsolidatedfinancialstatementsoftheCompanyarebasedonthefinancialstatementsoftheparentcompanyanditssubsidiaries,andarepreparedaccordingtootherrelevantinformation.Whencompiling,theimportantinternaltransactionsbetweentheparentcompanyanditssubsidiaries,suchasinvestment,transactions,purchaseandsaleofinventoriesandtheirunrealizedprofits,areoffsetandcombineditembyitem,andtheminorityshareholders'rightsandinterestsandthecurrentincomeofminorityshareholdersarecalculated.Iftheaccountingpoliciesandaccountingperiodsofsubsidiariesareinconsistentwiththoseoftheparentcompany,theaccountingstatementsofsubsidiariesshallbeadjustedaccordingtotheaccountingpoliciesandaccountingperiodsoftheparentcompanybeforecombination.
(3)IncreaseanddecreasetheconsolidatedreportprocessingofsubsidiariesduringthereportingperiodDuringthereportingperiod,whenpreparingtheconsolidatedbalancesheet,thebalanceatthebeginningoftheconsolidatedbalancesheetisadjustedforthesubsidiariesaddedduetobusinesscombinationunderthesamecontrol.Whenpreparingtheconsolidatedbalancesheet,thebalanceatthebeginningoftheyearoftheconsolidatedbalancesheetisnotadjustedforthesubsidiariesaddedduetobusinesscombinationnotunderthesamecontrol.Duringthereportingperiod,thesubsidiariesaredisposedofandthebalanceatthebeginningoftheconsolidatedbalancesheetisnotadjustedwhentheconsolidatedbalancesheetisprepared.
Duringthereportingperiod,theincome,expensesandprofitsofsubsidiariesaddedbybusinesscombinationunderthesamecontrolfromthebeginningtotheendofthereportingperiodareincludedintheconsolidatedincomestatement,andthecashflowsfromthebeginningtotheendofthereportingperiodareincludedintheconsolidatedcashflowstatement.Forsubsidiariesaddedduetobusinesscombinationnotunderthesamecontrol,theincome,expensesandprofitsofsuchsubsidiariesfromthepurchasedatetotheendofthereportingperiodareincludedintheconsolidatedincomestatement,andtheircashflowfromthepurchasedatetotheendofthereportingperiodisincludedintheconsolidatedcashflowstatement.Duringthereportingperiod,thesubsidiaryisdisposedof,andtheincome,expensesandprofitsfromthebeginningoftheperiodtothedisposaldateareincludedintheconsolidatedincomestatement,andthecashflowfromthebeginningoftheperiodtothedisposaldateisincludedintheconsolidatedcashflowstatement.
Whenthecontrolrightoftheoriginalsubsidiaryislostduetothedisposalofpartoftheequityinvestmentorotherreasons,theremainingequityinvestmentafterdisposalshallbere-measuredaccordingtoitsfairvalueonthedateoflossofcontrolright.Thesumoftheconsiderationobtainedfromthedisposalofequityandthefairvalueoftheremainingequity,minusthedifferencebetweentheshareoftheoriginalsubsidiary'snetassetscalculatedcontinuouslyfromthepurchasedateandthesumofgoodwillcalculatedaccordingtotheoriginalshareholdingratio,isincludedintheinvestmentincomeinthecurrentperiodwhenthecontrolrightislost.Othercomprehensiveincomerelatedtotheoriginalsubsidiary'sequityinvestmentisconvertedintocurrentinvestment
incomewhenthecontrolrightislost,exceptforothercomprehensiveincomegeneratedbytheinvestee'sre-measurementofnetliabilitiesorchangesinnetassetsofthesetincomeplan.Thedifferencebetweenthenewlyacquiredlong-termequityinvestmentduetothepurchaseofminoritysharesandtheidentifiablenetassetsshareofsubsidiariescalculatedaccordingtotheincreasedshareholdingratio,andthedifferencebetweenthedisposalpriceobtainedfrompartialdisposalofequityinvestmentinsubsidiariesandthenetassetsshareofsubsidiariescorrespondingtothedisposaloflong-termequityinvestmentareusedtoadjusttheequitypremiuminthecapitalreserveintheconsolidatedbalancesheet.Iftheequitypremiuminthecapitalreserveisinsufficienttooffset,theretainedearningswillbeadjusted.
(4)Processingofconsolidatedstatementsfromstep-by-stepdisposalofequitytolossofcontrolrightsIfthetransactionsthatdisposeoftheequityinvestmentinsubsidiariesuntilthelossofcontrolrightsareofapackagetransaction,thetransactionsshallbetreatedastransactionsthatdisposeofsubsidiariesandlosecontrolrights;However,thedifferencebetweenthedisposalpriceandtheshareofthesubsidiary'snetassetsrelatedtothedisposalinvestmentbeforethelossofcontrolrightisrecognizedasothercomprehensiveincomeintheconsolidatedfinancialstatements,whichwillbetransferredtothecurrentprofitandlosswhenthecontrolrightislost,exceptforothercomprehensiveincomearisingfromthere-measurementofthenetliabilitiesorchangesinnetassetsofthesetincomeplanbytheinvestee.Ifitisnotapackagetransaction,beforethelossofcontrol,thedifferencebetweenthedisposalpriceandthecorrespondingnetassetscontinuouslycalculatedbythesubsidiaryfromthepurchasedatewillbeadjustedtothecapitalreserve,andifthecapitalreserveisinsufficienttooffset,theretainedearningswillbeadjusted;Incaseoflossofcontrolright,theaccountingtreatmentshallbecarriedoutaccordingtotheaboveaccountingpolicywhenthecontrolrightovertheoriginalsubsidiaryislost.
7.RecognitionStandardofCash&CashEquivalents
CashandcashequivalentsoftheCompanyincludecashonhand,readyusabledepositsandinvestmentshavingshortholdingterm(normallywillbeduewithinthreemonthsfromthedayofpurchase),withstrongliquidityandeasytobeexchangedintocertainamountofcashthatcanbemeasuredreliablyandhavelowrisksofchange.
8.ForeignCurrencyTransaction
(1)Foreigncurrencybusiness
ForeigncurrencytransactionsoftheCompanyareconvertedintotheamountofbookkeepingbasecurrencyaccordingtothespotrateonthetransactiondate.
Onthebalancesheetdate,foreigncurrencymonetaryitemsandforeigncurrencynon-monetaryitemsshallbetreatedaccordingtothefollowingprovisions:foreigncurrencymonetaryitemsshallbeconvertedatthespotrateonthebalancesheetdate.Exchangedifferencesarisingfromthedifferencebetweenthespotrateonthebalancesheetdateandthespotrateatthetimeofinitialrecognitionorthepreviousbalancesheetdateareincludedinthecurrentprofitsandlosses;Foreigncurrencynon-monetaryitemsmeasuredathistoricalcostarestillconvertedatthespotrateonthetransactiondate,withoutchangingtheirbookkeepingbasecurrencyamount;Foreigncurrencynon-monetaryitemsmeasuredatfairvalueshallbeconvertedatthespotrateonthefairvaluedeterminationdate,andthedifferencebetweentheconvertedbookkeepingbasecurrencyamountandtheoriginalbookkeepingbasecurrencyamountshallbetreatedaschangesinfairvalue(includingexchangeratechanges)andincludedinthecurrentprofitsandlosses;Duringthecapitalizationperiod,theexchangedifferencebetweentheprincipalandinterestofforeigncurrencyspecialloansiscapitalizedandincludedinthecostofassetsthatmeetthecapitalizationconditions.
(2)Translationofforeigncurrencyfinancialstatements
Whenconvertingforeigncurrencyfinancialstatements,theCompanyshallcomplywiththefollowingregulations:assetsandliabilitiesinthebalancesheetshallbeconvertedatthespotrateonthebalancesheetdate,andotheritemsofowner'sequityexcept"undistributedprofits"shallbeconvertedatthespotrateatthetimeofoccurrence;Theincomeandexpenseitemsintheincomestatementshallbeconvertedatthespotrateonthetransactiondate(orattheexchangeratedeterminedbyasystematicandreasonablemethodandsimilartothespotrateonthetransactiondate).Thetranslationdifferenceofforeigncurrencyfinancialstatementsgeneratedaccordingtotheabovetranslationisrecognizedasothercomprehensiveincome.Theconversionofcomparativefinancialstatementsshallbehandledaccordingtotheaboveprovisions.
9.Financialinstruments
TheCompanyrecognizesthefinancialassetsorliabilitieswheninvolvedinfinancialinstruments’agreements.
(1)Classification,recognitionandmeasurementoffinancialassets
Inaccordancewiththecharacteristicsofbusinessmodelformanagingfinancialassetsandthecontractualcashflowoffinancialassets,theCompanyclassifiesfinancialassetsinto:financialassetsmeasuredinamortizedcost;financialassetsmeasuredatfairvalueandtheir'schangesareincludedinothercomprehensiveincome;financialassetsmeasuredatfairvalueandtheir'schangesareincludedincurrentprofitsandlosses.
Theinitialmeasurementoffinancialassetsiscalculatedbyusingfairvalue.Forfinancialassetsmeasuredatfairvalue,whosechangesareincludedincurrentprofitsandlosses,relevanttransactioncostsaredirectlyincludedincurrentprofitsandlosses;Forothertypesoffinancialassets,relevanttransactioncostsareincludedintheinitialrecognitionamount.
①FinancialassetsmeasuredatamortizedcostThebusinessmodeloftheCompany'smanagementoffinancialassetsmeasuredbyamortizedcostisaimedatcollectingthecontractualcashflow,andthecontractualcashflowcharacteristicsofsuchfinancialassetsareconsistentwiththebasiclendingarrangements,thatis,thecashflowgeneratedonaspecificdateisonlythepaymentofprincipalandinterestbasedontheamountofoutstandingprincipal.Forsuchfinancialassets,theCompanyadoptsthemethodofrealinterestrateandmakessubsequentmeasurementaccordingtothecostofamortization.Theprofitsorlossesresultingfromamortizationorimpairmentareincludedincurrentprofitsandlosses.
②FinancialassetsmeasuredatfairvalueandchangesincludedinothercomprehensiveincomeTheCompany'sbusinessmodelformanagingsuchfinancialassetsistocollectthecontractualcashflow,andthecontractualcashflowcharacteristicsofsuchfinancialassetsareconsistentwiththebasiclendingarrangements.TheCompanymeasuressuchfinancialassetsatfairvalueandtheirchangesareincludedinothercomprehensivegains,butimpairmentlossesorgains,exchangegainsandlossesandinterestincomecalculatedaccordingtotheactualinterestratemethodareincludedincurrentprofitsandlosses.
Inaddition,theCompanydesignatedsomenon-tradingequityinstrumentinvestmentsasfinancialassetsmeasuredatfairvaluewithchangesincludedinothercomprehensiveincome.TheCompanyincludestherelevantdividendincomeofsuchfinancialassetsincurrentprofitsandlosses,andthechangesinfairvalueinothercomprehensivegains.Whenthefinancialassetceasestoberecognized,theaccumulatedgainsorlossespreviouslyincludedinothercomprehensivegainsshallbetransferredintoretainedincomefromothercomprehensiveincome,andnotbeincludedincurrentprofitandloss.
③Financialassetsmeasuredatfairvalueandchangesincludedincurrentprofitsandlosses
TheCompanyincludestheabove-mentionedfinancialassetsmeasuredatamortizedcostandthosemeasuredatfairvalueandtheir'schangesinfinancialassetsotherthanfinancialassetsofcomprehensiveincomeand
classifiesthemasfinancialassetsmeasuredatfairvalueandtheir'schangesthatareincludedincurrentprofitsandlosses.Inaddition,theCompanydesignatessomefinancialassetsasfinancialassetsmeasuredatfairvalueandincludestheirchangesincurrentprofitsandlossesinordertoeliminateorsignificantlyreduceaccountingmismatchesduringinitialrecognition.Inregardwithsuchfinancialassets,theCompanyadoptsfairvalueforsubsequentmeasurement,andincludeschangesinfairvalueintocurrentprofitsandlosses.
(2)Classification,recognitionandmeasurementoffinancialliabilitiesTheGroup’sfinancialliabilitiesare,oninitialrecognition,classifiedintofinancialliabilitiesatfairvaluethroughprofitorlossandotherfinancialliabilities.Forfinancialliabilitiesatfairvaluethroughprofitorloss,relevanttransactioncostsareimmediatelyrecognizedinprofitorlossforthecurrentperiod,andtransactioncostsrelatingtootherfinancialliabilitiesareincludedintheinitialrecognitionamounts.
①FinancialliabilitiesmeasuredbythefairvalueandthechangesrecordedinprofitorlossTheclassificationbywhichfinancialliabilitiesheld-for-tradeandfinancialliabilitiesdesignedattheinitialrecognitiontobemeasuredbythefairvaluefollowsthesamecriteriaastheclassificationbywhichfinancialassetsheld-for-tradeandfinancialassetsdesignedattheinitialrecognitiontobemeasuredbythefairvalueandtheirchangesarerecordedinthecurrentprofitorloss
Transactionalfinancialliabilities(includingderivativesbelongingtofinancialliabilities)aresubsequentlymeasuredaccordingtofairvalue.Exceptforhedgingaccounting,changesinfairvalueareincludedincurrentprofitsandlosses.Financialliabilitiesdesignatedasfinancialliabilitiesthataremeasuredatfairvalueandtheir'schangesareincludedincurrentprofitsandlosses.TheliabilitiesareincludedinothercomprehensivegainsduetochangesinfairvaluecausedbychangesintheCompany'sowncreditrisk,andwhentheliabilitiesareterminated,thechangesinfairvaluecausedbychangesinitsowncreditriskofothercomprehensivegainsareincludedinthecumulativechangesinitsfairvaluecausedbychangesinitsowncreditriskofothercomprehensivegains.Theamountistransferredtoretainedearnings.Theremainingchangesinfairvalueareincludedincurrentprofitsandlosses.Iftheabove-mentionedwayofdealingwiththeimpactofthechangesinthecreditriskofsuchfinancialliabilitieswillresultinorexpandtheaccountingmismatchintheprofitsandlosses,theCompanyshallincludealltheprofitsorlossesofsuchfinancialliabilities(includingtheamountoftheimpactofthechangesinthecreditriskoftheenterpriseitself)intothecurrentprofitsandlosses.
②Otherfinancialliabilities
Inadditiontothetransferofafinancialassetisnotinconformitywiththeconditionstostoptherecognitionorformedbyitscontinuousinvolvementinthetransferredfinancialasset,financialliabilitiesandfinancialguaranteecontractofotherfinancialliabilitiesclassifiedasfinancialliabilitiesmeasuredattheamortizedcost,measuredattheamortizedcostforsubsequentmeasurement,recognitionhasbeenstoppedoramortizationoftheprofitorlossisincludedinthecurrentprofitsandlosses.
(3)Recognitionbasisandmeasurementmethodsfortransferoffinancialassets
Financialassetssatisfyingoneofthefollowingconditionsshallbeterminatedandrecognized:①Thecontractualrighttocollectthecashflowofthefinancialassetisterminated;②Thefinancialassethasbeentransferred,andalmostalltherisksandrewardsintheownershipofthefinancialassethavebeentransferredtothetransferee;③Thefinancialassethasbeentransferred,althoughtheenterpriseneithertransfersnorretainsalmostalltherisksandrewardsintheownershipofthefinancialasset,butitabandonedcontrolofthefinancialassets.
Incasethattheenterprisedoesnottransferorretainalmostallrisksandrewardsonfinancialassetsownershipnorwaivetocontroltheseassets,relevantfinancialassetsshallberecognizedinaccordancewiththedegreeforcontinuedinvolvementoffinancialassetstransferredandrelevantliabilitiesshallberecognized
correspondingly.westbankTheterm"continuousinvolvementinthetransferredfinancialasset"shallrefertotherisklevelthattheenterprisefacesresultingfromthechangeofthevalueofthefinancialasset.Iftheoveralltransferofthefinancialassetssatisfiesthederecognitioncriteria,thedifferencebetweenthebookvalueofthetransferredfinancialassetsandthesumoftheconsiderationreceivedfromtransferandcumulativechangeinfairvaluepreviouslyrecognizedinothercomprehensiveincomeisaccountedintothecurrentprofitorloss.
Incasethatthepartialtransferoffinancialassetsmeetsde-recognitionconditions,thebookvalueoffinancialassetstransferredshallbeallocatedasperrespectivefairvaluebetweende-recognizedornotde-recognizedparts,andthedifferencebetweenthesumoftheconsiderationreceivedduetotransferwiththeaccumulatedamountoffairvaluechangesthatispreviouslyincludedinothercomprehensiveincomeandshallbeallocatedtode-recognizedpartsandtheaforesaidbookamountallocatedshallbeincludedinthecurrentprofitorloss.
TheCompanyshalldeterminewhetheralmostalltherisksandrewardsoftheownershipofthefinancialassetssoldbymeansofrecourseorendorsedtotransferthefinancialassetsitholdshavebeentransferred.Ifalmostalltherisksandrewardsintheownershipofthefinancialassethavebeentransferredtothetransferee,theconfirmationofthefinancialassetshallbeterminated;ifalmostalltherisksandrewardsintheownershipofthefinancialassethavebeenretained,theconfirmationofthefinancialassetshallnotbeterminated;ifneitherthetransfernortheretentionofalmostalltherisksandrewardsintheownershipofthefinancialassethasbeenmade.Incaseofremuneration,itshallcontinuetodeterminewhethertheenterprisehasretainedcontrolovertheassetsandconductaccountingtreatmentinaccordancewiththeprinciplesdescribedintheprecedingparagraphs.
(4)Terminationconfirmationoffinancialliabilities
Ifthecurrentobligationofafinancialliability(orpartthereof)hasbeendischarged,theCompanyshallterminatetherecognitionofthefinancialliability(orpartthereof).IftheCompany(thedebtor)signsanagreementwiththelendertoreplacetheoriginalfinancialliabilitiesbyassumingnewfinancialliabilities,andthecontracttermsofthenewfinancialliabilitiesaresubstantiallydifferentfromthoseoftheoriginalfinancialliabilities,itshallterminatetherecognitionoftheoriginalfinancialliabilitiesandatthesametimeconfirmanewfinancialliabilities.IftheCompanysubstantiallyamendsthecontracttermsoftheoriginalfinancialliabilities(orpartthereof),itshallterminatetheconfirmationoftheoriginalfinancialliabilitiesandatthesametimeconfirmanewfinancialliabilitiesinaccordancewiththerevisedterms.
Ifthefinancialliabilities(orpartthereof)areterminated,thedifferencebetweentheirbookvalueandtheconsiderationpaid(includingthetransferrednon-cashassetsorliabilitiesassumed)shallbeincludedintheprofitsandlossesofthecurrentperiod.
(5)Offsettingfinancialassetsandfinancialliabilities
WhentheCompanyhasalegalrightthatiscurrentlyenforceabletosetofftherecognizedfinancialassetsandfinancialliabilities,andintendseithertosettleonanetbasis,ortorealizethefinancialassetandsettlethefinancialliabilitysimultaneously,afinancialassetandafinancialliabilityshallbeoffsetandthenetamountispresentedinthebalancesheet.Exceptfortheabovecircumstances,financialassetsandfinancialliabilitiesshallbepresentedseparatelyinthebalancesheetandshallnotbeoffset.
(6)Methodfordeterminingthefairvalueoffinancialassetsandfinancialliabilities
Fairvaluereferstothepricethatamarketparticipantmustpaytosellortransferaliabilityinanorderlytransactionthatoccursonthemeasurementdate.ThefairvalueoffinancialinstrumentsexistinginanactivemarketisdeterminedbytheCompanyaccordingtoitsquotedpriceinthismarket.westbankThequotedpricesintheactivemarketrefertotheprices,whichareeasilyavailablefromthestockexchanges,brokers,industryassociations,pricingserviceinstitutionsandetc.atafixedterm,andwhichrepresentthepricesatwhichactually
occurredmarkettransactionsaremadeunderfairconditions.?¨Incanafinancialinstrumentdoesnotexistinactivemarkets,itsfairvalueshallbedeterminedbytheCompanywithassessmenttechniques.Thevalueappraisaltechniquesmainlyincludethepricesadoptedbytheparties,whoarefamiliarwiththecondition,inthelatestmarkettransactionupontheirownfreewill,thecurrentfairvalueobtainedbyreferringtootherfinancialinstrumentsofthesameessentialnature,thecashflowcapitalizationmethodandtheoptionpricingmodel,etc.Invaluation,theCompanyadoptsvaluationtechniquesthatareapplicableinthecurrentsituationandsupportedbysufficientdataandotherinformationtoselectinputvaluesconsistentwiththecharacteristicsofassetsorliabilitiesconsideredbymarketparticipantsinthetransactionsofrelatedassetsorliabilities,andgiveprioritytotheuseofrelevantobservableinputvaluesasfaraspossible.Unallowablevaluesareusediftherelevantobservableinputvaluesarenotavailableorarenotpracticable.
(7)EquityinstrumentsAnequityinstrumentisanycontractthatevidencesaresidualinterestintheassetsoftheCompanyafterdeductingallofitsliabilities.Theconsiderationreceivedfromissuingequityinstruments,netoftransactioncosts,areaddedtoshareholders’equity.Alltypesofdistribution(excludingstockdividends)madebytheCompanytoholdersofequityinstrumentsaredeductedfromshareholders’equity.
Thedividends(including"interest"generatedbythetoolsclassifiedasequityinstruments)distributedbytheCompany'sequityinstrumentsduringtheperiodoftheirexistenceshallbetreatedasprofitdistribution.
10.Impairmentoffinancialinstruments
TheCompanyrequirestoconfirmthatthefinancialassetslostbyimpairmentarefinancialassetsmeasuredbyamortizedcost,investmentindebtinstrumentsandleasereceivableswhicharemeasuredatfairvalueandwhosechangesareincludedinothercomprehensivegains,mainlyincludingnotesreceivable,accountsreceivable,otherreceivables,creditor'srightsinvestment,othercreditor'srightsinvestmentandlong-termreceivablesandetc.Inaddition,provisionforimpairmentandconfirmationofcreditimpairmentlossesarealsomadeforcontractassetsandsomefinancialguaranteecontractsinaccordancewiththeaccountingpoliciesdescribedinthissection.
(1)Methodofconfirmingimpairmentprovision
Basedonanticipatedcreditloss,theCompanycalculatesimpairmentpreparationandconfirmscreditimpairmentlossaccordingtotheapplicableanticipatedcreditlossmeasurementmethod(generalmethodorsimplifiedmethod).
Creditlossreferstothedifferencebetweenthecashflowofallcontractsdiscountedaccordingtotheoriginalrealinterestrateandtheexpectedcashflowofallcontractsreceivableaccordingtothecontract,thatis,thepresentvalueofallcashshortages.Amongthem,theCompanydiscountsthefinancialassetspurchasedororiginatedwithcreditimpairmentattheactualinterestrateadjustedbycredit.
ThegeneralmethodofmeasuringanticipatedcreditlossiswhetherthecreditriskoftheCompany'sfinancialassets(includingotherapplicableitemssuchascontractassets,similarlyhereinafter)hasincreasedsignificantlysincetheinitialrecognitiononeachbalancesheetday.Ifthecreditriskhasincreasedsignificantlysincetheinitialrecognition,theCompanyshallmeasurethelosspreparationaccordingtotheamountequivalenttotheexpectedcreditlossinthewholeduration.Ifthecreditriskhasnotincreasedsignificantlysincetheinitialrecognition,theCompanyshallmeasurethelosspreparationaccordingtotheamountequivalenttotheexpectedcreditlossinthenext12months.TheCompanyshallconsiderallreasonableandevidencedinformation,includingforward-lookinginformation,whenevaluatingexpectedcreditlosses.
Assumingthattheircreditriskhasnotincreasedsignificantlysincetheinitialrecognition,theCompanymaychoosetomeasurethelossreserveaccordingtotheexpectedcreditlossinthenext12monthsforfinancialinstrumentswithlowcreditriskonthebalancesheetdate.
(2)CriteriaforjudgingwhethercreditriskhasincreasedsignificantlysincetheinitialrecognitionIftheprobabilityofdefaultofafinancialassetontheestimateddurationofthebalancesheetissignificantlyhigherthantheprobabilityofdefaultduringtheestimateddurationoftheinitialrecognition,thecreditriskofthefinancialassetissignificantlyincreased.Exceptforspecialcircumstances,theCompanyusesthechangeofdefaultriskinthenext12monthsasareasonableestimateofthechangeofdefaultriskintheentiredurationtodeterminewhetherthecreditriskhasincreasedsignificantlysincetheinitialrecognition.
(3)Aportfolio-basedapproachtoassessingexpectedcreditriskTheCompanyshallevaluatethecreditriskoffinancialassetswithdistinctdifferencesincreditrisk,suchastherelatedparty'sreceivables,thereceivablesindisputewiththeotherpartyorinvolvinglitigationandarbitration,andreceivablesthathasbeenprovedthatthedebtormaynotbeabletofulfilltheobligationofrepayment,etc.Inadditiontothefinancialassetsthatassesscreditriskindividually,theCompanyshalldividefinancialassetsintodifferentgroupsbasedoncommonriskcharacteristics,andassesscreditriskonthebasisofportfolio.
(4)AccountingtreatmentofimpairmentoffinancialassetsAttheendoftheduration,theCompanyshallcalculatetheanticipatedcreditlossesofvariousfinancialassets.Iftheanticipatedcreditlossesaregreaterthanthebookvalueofitscurrentimpairmentprovision,thedifferenceisdeemedasimpairmentloss.Ifthebalanceislessthanthebookvalueofthecurrentimpairmentprovision,thedifferenceisdeemedasimpairmentprofit.
(5)Methodofdeterminingcreditlossesofvariousfinancialassets
①ReceivableAccountandContractassetsInregardtoreceivableswithoutsignificantfinancingcomponents,theCompanyshallmeasurelosspreparationaccordingtotheamountofanticipatedcreditlossequivalenttotheentireduration.
Inregardtoaccountsreceivablewithsignificantfinancingcomponents,theCompanyshallchoosetomeasurelosspreparationaccordingtotheamountequivalenttotheexpectedcreditlosswithinthedurationallthetime.
Inadditiontotheaccountsreceivablethatassessesthecreditriskindividually,receivablesaredividedintodifferentportfoliosbasedontheircreditriskcharacteristics:
Items | Basisfordeterminingcombination: |
Protfolio1:Agingprotfolio | Thisportfolioischaracterizedbytheagingofreceivablesasacreditrisk. |
Portfolio2:QualityGuaranteeportfolio | Thisportfolioisthecontractqualityguaranteefundandotherfunds |
Fortheaboveportfolio1,themeasurementmethodofbaddebtsreserveistheaginganalysismethod,specificallyasfollows:
Aging | Proportion(%) |
Within1year(Including1year) | 0 |
1-2years | 10 |
2-3years | 30 |
3-4years | 50 |
4-5years | 90 |
Over5years | 100 |
Fortheguaranteefundportfolioofportfolio2,noprovisionforbaddebtsshallbemadeunlessthereisobjectiveevidencethatthemoneycannotberecoveredaccordingtotheoriginaltermsofaccountsreceivableandcontractassets.
②Otherreceivable
TheCompanyhasmeasuredtheimpairmentlossbasedontheamountofexpectedcreditlossesinthenext12monthsortheentireduration,basedonwhetherthecreditriskofotherreceivableshasincreasedsignificantlysincetheinitialrecognition.Inadditiontotheotheraccountsreceivablewhichassessesthecreditriskindividually,theyaredividedintodifferentportfoliosbasedontheircreditriskcharacteristics:
Items | Basisfordeterminingcombination: |
Protfolio1 | Thisportfolioisacollectionofvariousdeposits,advances,pledgesandotherreceivablesindailyactivities. |
Protfolio2 | Thisportfolioisareservefundborrowedbyemployeesintheirdailybusinessactivities. |
Protfolio3 | Otherreceivablesotherthantheaboveportfolio. |
Combinationofdeposit,qualityassurancefundanddepositandreservefundcombinationexceptforobjectiveevidencethattheGroupwillnotbeabletorecovertheamountaccordingtotheoriginaltermsofreceivables,willnotnormallybeaccruedforbaddebtreserves.Themeasurementmethodofbaddebtreservesforothercombinationsisaginganalysis,andtheaccrualproportionisthesameasaccountsreceivable.
③Creditor'srightsinvestment
Creditor'srightsinvestmentmainlyaccountsforbondinvestmentmeasuredbyamortizedcost,etc.TheCompanyhasmeasuredtheimpairmentlossbasedontheamountofexpectedcreditlossesinthenext12monthsortheentireduration,basedonwhetherthecreditriskhasincreasedsignificantlysincetheinitialrecognition.TheCompanyadoptsthemethodofevaluatingcreditriskwithindividualassetsforcreditor'srightsinvestment.
11.Inventory
1.Investoriesclass:
Thecompany’sstockscanbeclassifiedas:rawmaterials,etc.
2.Valuationmethodofinventoryissued:Thecompanycalculatesthepricesofitsinventoriesaccordingtotheweightedaveragesmethodorthefirst-infirst-outmethod.3Measurementofendinginventory
Onthebalancesheetdate,inventoryshallbemeasuredatthelowerofcostandnetrealizablevalue.Ifthecostofinventoryishigherthanitsnetrealizablevalue,provisionforinventorydepreciationshallbeaccruedandrecordedintothecurrentprofitsandlosses.
Ifthedifferencebetweenthecostcalculatedbyasingleinventoryitemanditsnetrealizablevalueishigher,theinventorydepreciationreserveshallbeaccruedandrecordedintothecurrentprofitsandlosses.Netrealizablevaluereferstotheestimatedsellingpriceofinventoryindailyactivitiesminustheestimatedcoststobeincurreduponcompletion,estimatedsalesexpensesandrelatedtaxesandfees.
4.Physicalinventoriesaremanagedbytheperpetualinventorytakingsystem.
12.ContractassetsandContractliabilities
InthecontractbetweentheCompanyandcustomers,theCompanyhastherighttochargethecontractpriceforthegoodsandrelatedservicesthathavebeentransferredtocustomers,andmeanwhileundertaketheperformanceobligationoftransferringthegoodsorservicestocustomers.Whenthecustomeractuallypaysthecontractconsiderationortheenterprisehastransferredthegoodsorservicestothecustomerbeforetheconsiderationbecomesdueandpayable,therighttoreceivetheconsiderationduetothetransferredgoodsorservicesshallbelistedascontractassets,andrecognizedasaccountsreceivableorlong-termreceivableswhentheunconditionalrightofcollectionisobtained.`
InthecontractbetweentheCompanyandcustomers,theCompanyhastherighttoreceivethecontractconsiderationbeforetransferringthegoodsorservicestocustomers,andinthemeantimelisttheobligationtotransfergoodsorservicestocustomersduetotheconsiderationreceivedorreceivablefromcustomersascontractualliabilities.WhentheCompanyfulfillsitsobligationtotransfergoodsorprovideservicestocustomers,thecontractualliabilitiesarerecognizedasincome.
TheCompanyshalllistthecontractassetsandliabilitiesunderthesamecontractinnetamount.
13.Long-termequityinvestments
(1)Initialmeasurement
TheCompanymakesinitialmeasurementoflong-termequityinvestmentinthefollowingtwosituations:
①Theinitialinvestmentcostoflong-termequityinvestmentformedbybusinesscombinationshallbedeterminedinaccordancewiththefollowingprovisions:
A.Inabusinesscombinationunderthesamecontrol,ifthecombiningpartypayscash,transfersnon-cashassetsorassumesdebtsasthecombinationconsideration,theshareofthebookvalueoftheowner'sequityofthemergedpartyintheconsolidatedfinancialstatementsofthefinalcontrollingpartyshallbetakenastheinitialinvestmentcostoflong-termequityinvestmentonthecombinationdate.Thedifferencebetweentheinitialinvestmentcostoflong-termequityinvestmentandthecashpaid,thetransferrednon-cashassetsandthebookvalueofthedebtsundertakenisadoptedtoadjustthecapitalreserve;Ifthecapitalreserveisinsufficienttooffset,theretainedearningsshallbeadjusted.Alldirectlyrelatedexpensesincurredforbusinesscombination,includingauditfees,evaluationfees,legalservicefees,etc.,areincludedinthecurrentprofitsandlosseswhentheyoccur.
B.Inthebusinesscombinationnotunderthesamecontrol,theCompanydeterminesthecombinationcostbydistinguishingthefollowingsituations:
a)Forbusinesscombinationrealizedbyoneexchangetransaction,thecostofcombinationisthefairvalueofassetspaid,liabilitiesincurredorassumedinordertogaincontroloverthepurchasedpartyonthepurchasedate;
b)Forbusinesscombinationrealizedstepbystepthroughmultipleexchangetransactions,thesumofthebookvalueoftheequityinvestmentofthepurchasedpartyheldbeforethepurchasedateandthenewinvestmentcostonthepurchasedateshallbetakenastheinitialinvestmentcostoftheinvestment;
c)Intermediaryexpensessuchasauditing,legalservices,evaluationandconsultation,andotherrelatedmanagementexpensesincurredforbusinesscombinationareincludedinthecurrentprofitsandlosseswhentheyoccur;
d)Iffutureeventsthatmayaffectthecombinationcostareagreedinthecombinationcontractoragreement,ifitisestimatedthatthefutureeventsarelikelytooccuronthepurchasedateandtheamountofimpactonthecombinationcostcanbereliablymeasured,theywillbeincludedinthecombinationcost.
②Exceptforthelong-termequityinvestmentformedbybusinesscombination,theinitialinvestmentcostoflong-termequityinvestmentobtainedbyothermeansshallbedeterminedinaccordancewiththefollowingprovisions:
A.Forthelong-termequityinvestmentobtainedbycashpayment,theactualpurchasepriceshallbetakenastheinitialinvestmentcost.Initialinvestmentcostincludesexpenses,taxesandothernecessaryexpendituresdirectlyrelatedtoobtaininglong-termequityinvestment.
B.Forlong-termequityinvestmentobtainedthroughexchangeofnon-monetaryassets,theinitialinvestmentcostshallbedeterminedaccordingtoAccountingStandardsforBusinessEnterprisesNo.7-ExchangeofNon-monetaryAssets.
C.Forlong-termequityinvestmentobtainedthroughdebtrestructuring,theinitialinvestmentcostshallbedeterminedaccordingtoAccountingStandardsforBusinessEnterprisesNo.12-DebtRestructuring.
③Nomatterhowthelong-termequityinvestmentisobtained,whentheinvestmentisobtained,thecash
dividendsorprofitsincludedinthepaidconsiderationthathavebeendeclaredbutnotyetissuedbytheinvesteeareseparatelyaccountedasreceivableitems,whichdoesnotconstitutetheinitialinvestmentcostofobtainingthelong-termequityinvestment.
(2)SubsequentmeasurementLong-termequityinvestmentthatcanbecontrolledbytheinvesteeshallbeaccountedbythecostmethodinindividualfinancialstatements.Long-termequityinvestmentsthathavejointcontrolorsignificantinfluenceontheinvesteeshallbeaccountedbyequitymethod.
①Long-termequityinvestmentaccountedbycostmethodispricedaccordingtotheinitialinvestmentcost。Adjustthecostoflong-termequityinvestmentbyaddingorrecoveringinvestment.Cashdividendsorprofitsdeclaredanddistributedbytheinvesteeshallberecognizedascurrentinvestmentincome.
Iftheinitialinvestmentcostoflong-termequityinvestmentaccountedbyequitymethodisgreaterthanthefairvalueshareofidentifiablenetassetsoftheinvestee,theinitialinvestmentcostoflong-termequityinvestmentshallnotbeadjusted;Iftheinitialinvestmentcostoflong-termequityinvestmentislessthanthefairvalueshareoftheidentifiablenetassetsoftheinvesteeatthetimeofinvestment,thedifferenceshallbeincludedinthecurrentprofitsandlosses,andthecostoflong-termequityinvestmentshallbeadjustedatthesametime.
Afterobtainingthelong-termequityinvestment,theinvestmentincomeandothercomprehensiveincomeshallberecognizedrespectivelyaccordingtotheshareofthenetprofitandlossandothercomprehensiveincomerealizedbytheinvestedunit,andthebookvalueofthelong-termequityinvestmentshallbeadjustedatthesametime;Accordingtotheprofitorcashdividenddeclaredanddistributedbytheinvestee,thebookvalueoflong-termequityinvestmentshallbereducedaccordingly;Thebookvalueofthelong-termequityinvestmentisadjustedandincludedintheowner'sequityforotherchangesintheowner'sequityoftheinvesteeexceptnetprofitandloss,othercomprehensiveincomeandprofitdistribution.Whenrecognizingtheshareofthenetprofitandlossoftheinvestee,thenetprofitoftheinvesteeisrecognizedafteradjustmentbasedonthefairvalueoftheidentifiablenetassetsoftheinvesteeatthetimeofobtainingtheinvestment.IftheaccountingpoliciesandaccountingperiodsadoptedbytheinvesteeareinconsistentwiththoseoftheCompany,thefinancialstatementsoftheinvesteeshallbeadjustedaccordingtotheaccountingpoliciesandaccountingperiodsoftheCompany,andtheinvestmentincomeandothercomprehensiveincomeshallberecognizedaccordingly.Thenetlossincurredbytheinvesteeisrecognizedtobewrittendowntozerobythebookvalueoflong-termequityinvestmentandotherlong-termintereststhatsubstantiallyconstitutethenetinvestmentoftheinvestee,unlesstheCompanyisobligatedtobearadditionallosses.Iftheinvesteeachievesnetprofitinthefuture,theCompanywillresumetherecognitionoftherevenuesharingamountafteritsrevenuesharingamountcompensatesfortheunrecognizedlosssharingamount.
Whencalculatingandrecognizingthenetprofitandlossthatshouldbeenjoyedorsharedbytheinvestee,theunrealizedinternaltransactionprofitandlosswiththeaffiliatedenterpriseandthejointventureshallbecalculatedaccordingtotheproportionthatshouldbeenjoyed,andthepartattributabletotheCompanyshallbeoffset,andtheinvestmentincomeshallberecognizedonthisbasis.UnrealizedinternaltransactionlossesbetweentheCompanyandtheinvesteeareassetimpairmentlosses,whichshallbefullyrecognized.
Partofthecompany'sequityinvestmentinaffiliatedenterprisesisindirectlyheldthroughventurecapitalinstitutions,mutualfunds,trustcompaniesorsimilarentitiesincludinginvestment-linkedinsurancefunds.Regardlessofwhethertheaboveentitieshaveasignificantimpactonthispartofinvestment,theCompanychoosestomeasurethispartofindirectinvestmentatfairvalueanditschangeisincludedinprofitorlossinaccordancewiththerelevantprovisionsofAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments,andtherestisaccountedforbyequitymethod.
③WhentheCompanydisposesoflong-termequityinvestment,thedifferencebetweenitsbookvalueand
theactualpurchasepriceshallbeincludedinthecurrentprofitsandlosses.Forlong-termequityinvestmentaccountedbyequitymethod,whendisposingoftheinvestment,itadoptsthesamebasisastheinvestee'sdirectdisposalofrelatedassetsorliabilities,andaccountsforthepartoriginallyincludedinothercomprehensiveincomeaccordingtothecorrespondingproportion.
(3)BasistodeterminejointcontroloverandsignificantinfluenceontheinvesteeJointcontrolreferstothecommoncontrolofanarrangementinaccordancewiththerelevantagreement,andtherelevantactivitiesofsucharrangementmustbeunanimouslyagreedbytheparticipantswhosharethecontrolrightsbeforemakingdecisions.Significantinfluencemeansthattheinvestorhastherighttoparticipateinthedecision-makingonthefinancialandoperatingpoliciesoftheinvestee,butcannotcontrolorjointlycontroltheformulationofthesepolicieswithotherparties.Whendeterminingwhethertheinvesteecanbecontrolledorexertsignificantinfluence,thepotentialvotingrightsfactorssuchascurrentconvertiblebondsandcurrentexecutablewarrantsoftheinvesteeheldbytheCompanyandotherpartiesshallbeconsideredatthesametime.
14.InvestmentPropertyThemeasurementmodeofinvestmentpropertyThemeasurementbythecostmethodDepreciationoramortizationmethodInvestmentpropertyisheldtoearnrentalsorforcapitalappreciationorforboth.Investmentpropertyincludesleasedorreadytotransferaftercapitalappreciationlanduserightsandleasedbuildings.
(1)Themeasurementmodeofinvestmentproperty
①Depreciationoramortizationmethod
Theestimatedservicelife,netsalvagevaluerateandannualdepreciation(amortization)rateofinvestmentrealestatearelistedasfollows:
Type | Estimatedservicelife(years) | Estimatednetsalvagevaluerate | Annualdepreciation(amortization)rate |
Landuseright | Remainingusefullife | ||
Housesandbuildings | 20-30years | 3%-10% | 3%-4.85% |
②Impairmenttestmethodandaccountingtreatmentmethod
See"v.AssetImpairment"fordetailsofimpairmenttestmethodsandimpairmentprovisionaccrualmethodsofinvestmentrealestate.
(2)Conversionofinvestmentrealestate
TheCompanyhasconclusiveevidencethattheuseofrealestatehaschanged.Whenconvertinginvestmentrealestateintoself-userealestateorinventory,thefairvalueonthedayofconversionistakenasthebookvalueofself-userealestate,andthedifferencebetweenfairvalueandoriginalbookvalueisincludedincurrentprofitsandlosses.Whenself-userealestateorinventoryisconvertedintoinvestmentrealestatemeasuredbyfairvaluemodel,theinvestmentrealestateispricedaccordingtothefairvalueontheconversionday.Ifthefairvalueontheconversiondayislessthantheoriginalbookvalue,thedifferenceisincludedinthecurrentprofitsandlosses;Ifthefairvalueontheconversiondateisgreaterthantheoriginalbookvalue,thedifferenceshallbeincludedinothercomprehensiveincome.
15.Fixedassets
(1)Confirmationconditions
TheCompany'sfixedassetsrefertotangibleassetsheldfortheproductionofcommodities,provisionoflaborservices,leasingoroperationmanagement,whichhaveaservicelifeofmorethanoneyear,andwhose
economicbenefitsarelikelytobeincludedintotheCompanyandwhosecostscanbereliablymeasured.1)TheclassificationofthefixedassetTheCompany'sfixedassetsincluderoadsandbridges,housesandbuildings,machineryandequipment,electronicequipment,transportationtoolsandotherequipment.2)Depreciationmethod
Type | Depreciationmethod | Expectedusefullife(Year) | Residualrate(%) | Annualdepreciationrate(%) |
GuangfoExpressway | Workingflowbasis | 28years | 0% | |
FokaiExpressway-XiebiantoSanbaoSection | Workingflowbasis | 40years | 0% | |
FokaiExpressway-SanbaotoShuikouSection | Workingflowbasis | 47.5years | 0% | |
JingzhuExpresswayGuangzhuSection | Workingflowbasis | 30years | 0% | |
GuanghuiExpresswayCo.,Ltd. | Workingflowbasis | 23years | 0% | |
HouseBuilding | Thestraight-linemethod | 20-30years | 3%-5% | 3.17%-4.85% |
MachineEquipment | Thestraight-linemethod | 3-10years | 3%-5% | 9.50%-32.33% |
TransportationEquipment | Thestraight-linemethod | 5-8years | 3%-5% | 11.88%-19.40% |
Other | Thestraight-linemethod | 5years | 3%-5% | 19.00%-19.40% |
(2)DepreciationforFixedassetsForthefixedassetsformedbyspecialreserveexpenditure,thespecialreserveshallbeoffsetaccordingtothecosttoformthefixedassets,andtheaccumulateddepreciationofthesameamountshallberecognized.Thefixedassetswillnotbedepreciatedinfutureperiods.Accordingtothenatureandusageoffixedassets,theCompanydeterminestheservicelifeandestimatednetsalvagevalueoffixedassets.Attheendoftheyear,theservicelife,estimatednetsalvagevalueanddepreciationmethodoffixedassetsshallberechecked,andifthereisanydifferencewiththeoriginalestimate,correspondingadjustmentsshallbemade.Theusefullife,residualvaluerate,andannualdepreciationrateofvariousfixedassetsarelistedasfollows:
Type | Depreciationmethod | Expectedusefullife(Year) | Residualrate(%) | Annualdepreciationrate(%) |
HighwayandBridge | ||||
Including:GuangfoExpressway | Workingflowbasis | 28years | 0% | |
FokaiExpressway-XiebiantoSanbaoSection | Workingflowbasis | 40years | 0% | |
FokaiExpressway-SanbaotoShuikouSection | Workingflow | 47.5years | 0% |
basis | ||||
JingzhuExpresswayGuangzhuSection | Workingflowbasis | 30years | 0% | |
GuanghuiExpresswayCo.,Ltd. | Workingflowbasis | 23years | 0% | |
HouseBuilding | Thestraight-linemethod | 20-30years | 3%-5% | 3.17%-4.85% |
MachineEquipment | Thestraight-linemethod | 3-10years | 3%-5% | 9.50%-32.33% |
TransportationEquipment | Thestraight-linemethod | 5-8years | 3%-5% | 11.88%-19.40% |
Other | Thestraight-linemethod | 5years | 3%-5% | 19.00%-19.40% |
(3)Recognitionbasis,valuationanddepreciationmethodforfinancingleasedfixedassets
16.Construction-inprocess
TheconstructioninprogressoftheCompanyreferstotheplant,equipmentandotherfixedassetsunderconstruction,whichareaccountedforindetailaccordingtotheprojectandrecordedaccordingtotheactualcost,includingdirectconstructionandinstallationcostsandborrowingcoststhatmeetthecapitalizationconditions.Whentheconstructioninprogressreachesthescheduledusablestate,itwillbecarriedovertofixedassetsbytemporaryestimation,stopinterestcapitalization,andstarttoaccruedepreciationaccordingtothedetermineddepreciationmethodoffixedassets.Aftertheprojectiscompletedandfinalaccountsaremade,theoriginalestimatedamountwillbeadjustedaccordingtotheamountoffinalaccounts,buttheoriginalaccrueddepreciationamountwillnotbeadjusted.
17.Borrowingcost
(1)Recognitionprincipleandcapitalizationperiodofborrowingcostcapitalization
BorrowingcostsincurredbytheCompanycanbedirectlyattributedtothepurchase,constructionorproductionofassetsthatmeetthecapitalizationconditions,andshallbecapitalizedwhenthefollowingconditionsaremetatthesametimeandincludedintherelevantassetcosts:
①Productionandexpenditurehaveoccurred;
②Borrowingcostshavealreadyoccurred;
③Thepurchase,constructionorproductionactivitiesrequiredtomaketheassetsreachtheintendedusableorsaleablestatehavestarted.
Capitalizationofborrowingcostsshallbesuspendediftheassetsthatmeetthecapitalizationconditionsareabnormallyinterruptedintheprocessofpurchase,constructionorproduction,andtheinterruptiontimecontinuouslyexceeds3months.Borrowingcostsincurredduringtheinterruptionperiodarerecognizedasexpensesandincludedinthecurrentprofitsandlossesuntilthepurchaseandconstructionofassetsortheresumptionofproductionactivities.Iftheinterruptionisanecessaryprocedureforthepurchased,builtorproducedassetsthatmeetthecapitalizationconditionstoreachtheintendedusableorsaleablestate,thecapitalizationofborrowingcostswillcontinue.
Capitalizationofborrowingcostsshallbestoppedwhenassetseligibleforcapitalizationarepurchased,built
orproducedtotheintendedusableorsaleablestate.Borrowingcostsincurredinthefuturearerecognizedasexpensesinthecurrentperiod.
(2)CalculationmethodofcapitalizationamountofborrowingcostsWhereaspecialloanisborrowedforthepurposeofpurchasing,buildingorproducingassetsthatmeetthecapitalizationconditions,itshallbedeterminedbydeductingtheinterestincomeobtainedbydepositingunusedloanfundsintothebankfromtheinterestexpensesactuallyincurredinthecurrentperiodofspecialloanorbytheinvestmentincomeobtainedbytemporaryinvestment.
Ifthegeneralloanisoccupiedforthepurposeofpurchasing,buildingorproducingassetsthatmeetthecapitalizationconditions,theinterestamountofthegeneralloanthatshouldbecapitalizedshallbecalculatedanddeterminedaccordingtotheweightedaverageoftheaccumulatedassetexpenditureexceedingthespecialloanportionmultipliedbythecapitalizationrateoftheoccupiedgeneralloan.Capitalizationrateiscalculatedanddeterminedaccordingtotheweightedaverageinterestrateofgeneralborrowings.
18.Intangibleassets
1)Pricingmethod,usefullifeandimpairmenttest
TheCompanyrecognizestheidentifiablenon-monetaryassetsownedorcontrolledbytheenterpriseasintangibleassets,whichhavenophysicalform,andtheestimatedfutureeconomicbenefitsrelatedtotheassetsarelikelytoflowintotheenterpriseandthecostoftheassetscanbereliablymeasured.
TheintangibleassetsoftheCompanyarerecordedaccordingtotheamountactuallypaidorthedeterminedvalue.
(1)Ifthepurchasepriceofintangibleassetsexceedsthenormalcreditconditions,whichisoffinancingnatureinessence,thecostofintangibleassetsisdeterminedbasedonthepresentvalueofthepurchaseprice.Thedifferencebetweentheactualpaidpriceandthepresentvalueofthepurchasepriceshallbeincludedinthecurrentprofitsandlosseswithinthecreditperiod,exceptthatitshouldbecapitalizedaccordingtotheregulations.
(2)Theintangibleassetsinvestedbyinvestorsshallbetakenasthecostaccordingtothevalueagreedintheinvestmentcontractoragreement,unlessthevalueagreedinthecontractoragreementisunfair.
2)Accountingpolicyforinternalresearchanddevelopmentexpenditure
3)TheexpenditureofinternalresearchanddevelopmentprojectsoftheCompanyisdividedintoresearchstageexpenditureanddevelopmentstageexpenditure.Researchreferstoanoriginalandplannedinvestigationtoacquireandunderstandnewscientificortechnicalknowledge.Developmentreferstotheapplicationofresearchresultsorotherknowledgetoaplanordesigntoproduceneworsubstantiallyimprovedmaterials,devicesandproductsbeforecommercialproductionoruse.
Expendituresduringtheresearchphaseofinternalresearchanddevelopmentprojectsareincludedinthecurrentprofitsandlosseswhentheyoccur.Expendituresinthedevelopmentstageofinternalresearchanddevelopmentprojectsthatmeetthefollowingconditionsarerecognizedasintangibleassets:itistechnicallyfeasibletocompletetheintangibleassetssothattheycanbeusedorsold;Havetheintentiontocompletetheintangibleassetsanduseorsellthem;Thewaysinwhichintangibleassetsgenerateeconomicbenefits,includingthosethatcanprovethatthereisamarketforproductsproducedbyusingtheintangibleassetsorthattheintangibleassetsthemselvesexistinthemarket,andthattheintangibleassetswillbeusedinternally,shouldprovetheirusefulness;Havesufficienttechnical,financialandotherresourcestocompletethedevelopmentoftheintangibleassetsandhavetheabilitytouseorselltheintangibleassets;Expendituresattributabletothedevelopmentstageoftheintangibleassetscanbemeasuredreliably.
IntangibleassetswithlimitedservicelifeoftheCompanyshallbeamortizedonaveragewithintheservicelifesincetheintangibleassetsareavailableforuse.Intangibleassetswithuncertainservicelifearenotamortized.Theamortizationamountofintangibleassetsistheamountafterdeductingtheestimatedsalvagevaluefromitscost.Forintangibleassetsforwhichimpairmentprovisionhasbeenmade,theaccumulatedamountofimpairmentprovisionforintangibleassetshastobededucted.Theamortizationperiodofintangibleassetswithlimitedservicelifeisasfollows:
Type | Amortizationperiod |
Landuseright | Remainingusefullife |
Software | 3-5years |
Tollroadfranchises | Operatingperiodforresidualcharges |
19.Long-termamortizableexpenses
Long-termdeferredexpensesarerecordedaccordingtotheactualamountincurred,andareamortizedequallyininstallmentsduringthebenefitperiodorwithintheprescribedperiod.Ifthelong-termprepaidexpenseitemcannotbenefitthefutureaccountingperiod,theamortizedvalueoftheitemthathasnotbeenamortizedwillbetransferredtothecurrentprofitsandlosses.
20.EmployeeBenefitsEmployeecompensationreferstovariousformsofremunerationorcompensationgivenbytheCompanyforobtainingservicesprovidedbyemployeesordissolvinglaborrelations.Employeecompensationincludesshort-termsalary,post-employmentbenefits,dismissalbenefitsandotherlong-termemployeebenefits.BenefitsprovidedbytheCompanytospouses,children,dependents,survivorsofdeceasedemployeesandotherbeneficiariesofemployeesarealsoemployeecompensation.
(1)Accountingmethodsofshort-termbenefitsDuringtheaccountingperiodwhenemployeesprovideservices,theCompanyrecognizestheactualshort-termsalaryasaliability,whichisincludedinthecurrentprofitsandlosses,exceptthatotheraccountingstandardsrequireorallowittobeincludedinthecostofassets.
(2)Accountingmethodsforpost-employmentbenefits
TheCompanyclassifiesthepost-employmentbenefitplanintodefinedcontributionplananddefinedbenefitplans.Post-employmentbenefitplanreferstotheagreementreachedbetweentheCompanyandemployeesonpost-employmentbenefits,ortherulesormeasuresformulatedbytheCompanytoprovidepost-employmentbenefitstoemployees,amongwhichthesetdepositplanreferstothepost-employmentwelfareplaninwhichtheCompanynolongerundertakesfurtherpaymentobligationsafterpayingafixedfeetoanindependentfund;Definedbenefitplansreferstothepost-employmentbenefitplanexcepttheset-updepositplan.
(3)AccountingTreatmentMethodofDemissionWelfare
IftheCompanyprovidesdismissalbenefitstoemployees,theemployeecompensationliabilitiesarisingfromthedismissalbenefitsshallberecognizedassoonaspossibleandincludedinthecurrentprofitsandlosses:whenthecompanycannotunnaturallywithdrawthedismissalbenefitsprovidedbytheterminationoflaborrelationsplanorreductionproposal;whentheCompanyrecognizesthecostsorexpensesrelatedtothereorganizationinvolvingthepaymentofdismissalbenefits.
(4)Otherlong-termemployeebenefits
Ifotherlong-termemployeebenefitsprovidedbytheCompanytoemployeesmeettheconditionsofthesetdepositplan,theyshallbehandledaccordingtotheaccountingpoliciesofthesetdepositplanmentionedabove;Otherwise,thenetliabilitiesornetassetsofotherlong-termemployeebenefitsshallberecognizedandmeasured
inaccordancewiththeaccountingpoliciesofdefinedbenefitplansmentionedabove.
21.Estimatedliabilities
(1)RecognitioncriteriaofestimatedliabilitiesIftheobligationsrelatedtocontingenciesstipulatedbytheCompanymeetthefollowingconditionsatthesametime,theyarerecognizedasestimatedliabilities:
①Theobligationsarethecurrentobligationsundertakenbytheenterprise;
②Fulfillingtheobligationsislikelytocauseeconomicbenefitstoflowoutoftheenterprise;
③Theamountoftheobligationscanbemeasuredreliably.
(2)MeasurementmethodofestimatedliabilitiesEstimatedliabilitiesareinitiallymeasuredaccordingtothebestestimateofexpenditurerequiredtofulfillrelevantcurrentobligations.Thereisacontinuousrangeofrequiredexpenditure,andthepossibilityofoccurrenceofvariousresultsinthisrangeisthesame,andthebestestimateisdeterminedaccordingtotheintermediatevalueinthisrange.Inothercases,thebestestimatesaretreatedasfollows:
①Contingenciesinvolvingasingleitemshallbedeterminedaccordingtothemostprobableamount.
②Contingenciesinvolvingmultipleitemsshallbecalculatedanddeterminedaccordingtovariouspossibleresultsandrelevantprobabilities.Whendeterminingthebestestimate,therisk,uncertaintyandtimevalueofmoneyrelatedtocontingenciesshallbeconsideredcomprehensively.Ifthetimevalueofmoneyhasgreatinfluence,thebestestimateisdeterminedbydiscountingtherelatedfuturecashoutflow.IfallorpartoftheexpensesrequiredbytheCompanytopayofftheestimatedliabilitiesareexpectedtobecompensatedbyathirdparty,thecompensationamountcanberecognizedasanassetonlywhenitisbasicallyconfirmedthatitcanbereceived.Therecognizedcompensationamountshallnotexceedthebookvalueoftheestimatedliabilities.TheCompanyrechecksthebookvalueoftheestimatedliabilitiesonthebalancesheetdate.Ifthereisconclusiveevidencethatthebookvaluecannottrulyreflectthecurrentbestestimate,thebookvalueshallbeadjustedaccordingtothecurrentbestestimate.
22.RevenuesAccountingpoliciesadoptedforincomerecognitionandmeasurement
(1)Revenuerecognitionprinciple
Sincethestartingdateofthecontract,thecompanyshallevaluatethecontract,identifieseachindividualperformanceobligationcontainedin,anddetermineswhethereachindividualperformanceobligationisperformedwithinacertainperiodoftimeoratacertainpointoftime.
Theperformanceobligationisdefinedasfulfillmentwithinacertainperiodoftimeifoneofthefollowingconditionsismet,otherwise,itisdefinedasfulfilledatacertainpointintime:①Thecustomerobtainsandconsumestheeconomicbenefitsbroughtbythecompany'sperformancewhilethecompanyperformsthecontract;
②Thecustomercancontrolthegoodsundermanufacturingorservicesduringthecompany'sperformance;③Thegoodsorservicesproducedduringthecompany'sperformancehaveirreplaceableuses,andthecompanyhastherighttoaccumulateforthecompletedperformancesduringtheentirecontractperiod.
Forobligationsperformedwithinacertainperiodoftime,thecompanyrecognizesrevenueinaccordancewiththeperformanceprogressinthatperiod.Iftheperformanceprogresscannotbereasonablydetermined,andthecostincurredisexpectedtobecompensated,therevenueshallberecognizedaccordingtotheamountofthe
costincurreduntiltheperformanceprogresscanbereasonablydetermined.Forobligationsperformedatacertainpointintime,revenueshallberecognizedatthepointwhenthecustomerobtainscontroloftherelevantgoodsorservices.Whenjudgingwhetherthecustomerhasobtainedcontroloftheproduct,thecompanyshallconsiderthefollowingpoints:①Thecompanyhasthecurrentrighttoreceivepaymentfortheproduct,thatis,thecustomerhasthecurrentpaymentobligationfortheproduct;②Thecompanyhastransferredthelegalownershipoftheproducttothecustomer,thatis,thecustomerhasthelegalownershipoftheproduct;③Thecompanyhastransferredthephysicalproducttothecustomer,thatis,thecustomerhasphysicallytakenpossessionoftheproduct;④Thecompanyhastransferredthemainrisksandrewardsontheownershipoftheproducttothecustomer,thatis,thecustomerhasobtainedthemainrisksandrewardsontheownershipoftheproduct;⑤Thecustomerhasacceptedtheproduct;⑥Othersignsthatthecustomerhasobtainedcontroloftheproduct.
(2)Principleofrevenuemeasurement
①Thecompanyshallmeasurerevenuebasedonthetransactionpriceallocatedtoeachindividualperformanceobligation.Thetransactionpriceistheamountofconsiderationthatthecompanyexpectstobeentitledtoreceiveduetothetransferofgoodsorservicestocustomers,whiledoesnotincludepaymentsreceivedonbehalfofthirdpartiesandpaymentsexpectedtobereturnedtocustomers.
②Ifthereisvariableconsiderationinthecontract,thecompanyshalldetermineitsbestestimateaccordingtotheexpectedvalueorthemostlikelyamount,butthetransactionpriceincludingthevariableconsiderationshallnotexceedtheaccumulatedamountthat,ifrelevantuncertaintyiseliminated,willmostlikelyhavenosignificantreversal.
③Ifthereisanysignificantfinancingcomponentinthecontract,thecompanyshalldeterminethetransactionpricebasedontheamountpayableincashwhenthecustomerassumescontrolofthegoodsorservices.Thedifferencebetweentransactionpriceandcontractconsiderationshallbeamortizedthrougheffectiveinterestmethodduringthecontractperiod.Onthestartingdateofcontract,ifthecompanyexpectsthatthecustomerwillobtaincontrolofthegoodsorservicesandpaysthepricewithinoneyear,thesignificantfinancingcomponentincontractshallnotbeconsidered.
④Ifthecontractcontainstwoormoreperformanceobligations,thecompanyshall,ondateofthecontract,allocatethetransactionpricetoeachindividualobligationiteminaccordancewiththerelativeproportionoftheseparatesellingpriceofpromisedgoods.
Theadoptionofdifferentbusinessmodelsinsimilarbusinessesleadstodifferencesinaccountingpoliciesforrevenuerecognition
(3)Specificmethodsofrevenuerecognition
(1)Tollservicefeeincome
Thetollincomeofroadsandbridgesisdeterminedaccordingtotheamountcollectedandreceivablebyvehicleswhenpassingthrough.
(2)Incomefromprovidinglaborservices
Forservicesstartedandcompletedinthesamefiscalyear,incomeisrecognizedwhentheservicesarecompleted.Ifthebeginningandcompletionoflaborservicesbelongtodifferentfiscalyears,theCompanyshall,onthebalancesheetdate,recognizetherelatedlaborincomebythepercentageofcompletionmethod,providedthattheresultofthelaborservicetransactioncanbereliablyestimated.Whenthefollowingconditionscanbesatisfied,theresultsofthetransactioncanbereliablyestimated:①thetotalincomeandtotalcostoflaborservicescanbereliablymeasured;②theeconomicbenefitsrelatedtothetransactioncanflowintotheenterprise;
(4)thedegreeofcompletionoflaborservicescanbereliablydetermined.
Forservicesstartedandcompletedinthesamefiscalyear,incomeisrecognizedwhentheservicesarecompleted.Ifthebeginningandcompletionoflaborservicesbelongtodifferentfiscalyears,theCompanyshall,
onthebalancesheetdate,recognizetherelatedlaborincomebythepercentageofcompletionmethod,providedthattheresultofthelaborservicetransactioncanbereliablyestimated.Whenthefollowingconditionscanbesatisfied,theresultsofthetransactioncanbereliablyestimated:①thetotalincomeandtotalcostoflaborservicescanbereliablymeasured;②theeconomicbenefitsrelatedtothetransactioncanflowintotheenterprise;
Ifthetransactionresultofprovidinglaborservicesonthebalancesheetdatecannotbeestimatedreliably,thefollowingsituationsshallbedealtwithrespectively:
①Ifthelaborcostalreadyincurredisexpectedtobecompensated,theincomefromtheserviceshallberecognizedaccordingtotheamountofthelaborcostalreadyincurred,andthelaborcostshallbecarriedoveratthesameamount.
②Iftheincurredlaborcostisnotexpectedtobecompensated,theincurredlaborcostshallbeincludedintheprofitsandlossesofthecurrentperiod,andtheincomefromtheprovisionoflaborserviceshallnotberecognized.
WhenthecontractsoragreementssignedbetweentheCompanyandotherenterprisesincludesellinggoodsandprovidingservices,ifthepartforsellinggoodsandthepartforprovidingservicescanbedistinguishedandmeasuredseparately,thepartforsellinggoodswillbetreatedasgoodssalesandthepartforprovidingserviceswillbetreatedasserviceprovision.Salesofgoodsandservicescannotbedistinguished,oralthoughtheycanbedistinguished,theycannotbemeasuredseparately.Allpartsforthesellinggoodsandprovidingserviceswillbetreatedassalesofgoods.Theadoptionofdifferentbusinessmodelsinsimilarbusinessesleadstodifferencesinaccountingpoliciesforincomerecognition
23.GovernmentGrants
Governmentsubsidiesarerecognizedwhentheymeettheconditionsattachedtogovernmentsubsidiesandcanbereceived.
Governmentsubsidiesformonetaryassetsshallbemeasuredaccordingtotheamountreceivedorreceivable.Governmentsubsidiesfornon-monetaryassetsaremeasuredatfairvalue;Ifthefairvaluecannotbeobtainedreliably,itshallbemeasuredaccordingtothenominalamountof1yuan.
GovernmentsubsidiesrelatedtoassetsrefertogovernmentsubsidiesobtainedbytheCompanyforpurchasingandbuildingorforminglong-termassetsinotherways;Otherwise,asagovernmentsubsidyrelatedtoincome.
Wherethegovernmentdocumentsdonotspecifytheobjectofthesubsidy,andthesubsidycanformlong-termassets,thepartofthegovernmentsubsidycorrespondingtothevalueoftheassetsshallberegardedasthegovernmentsubsidyrelatedtotheassets,andtherestshallberegardedasthegovernmentsubsidyrelatedtotheincome;Whereitisdifficulttobedistinguished,governmentsubsidiesasawholearetreatedasincome-relatedgovernmentsubsidies.
Governmentsubsidiesrelatedtoassetsoffsetthebookvalueofrelatedassets,orarerecognizedasdeferredrevenueandincludedinprofitsandlossesbystagesaccordingtoareasonableandsystematicmethodwithintheservicelifeofrelatedassets.Governmentsubsidiesrelatedtoincome,whichareusedtocompensaterelatedcostsorlossesthathaveoccurred,shallbeincludedincurrentprofitsandlossesoroffsetrelatedcosts;Iftheyareusedtocompensaterelatedcostsorlossesinlaterperiods,theywillbeincludedinthedeferredrevenue,andtheywillbeincludedinthecurrentprofitsandlossesoroffsetrelatedcostsduringtherecognitionperiodofrelatedcostsorlosses.Governmentsubsidiesmeasuredinnominalamountaredirectlyincludedincurrentprofitsandlosses.TheCompanyadoptsaconsistentapproachtothesameorsimilargovernmentsubsidybusiness.
Governmentsubsidiesrelatedtodailyactivities,accordingtotheessenceofeconomicbusiness,areincludedinotherincomeoroffsetrelatedcosts.Governmentsubsidiesirrelevanttoroutineactivitiesshallbeincludedinto
thenon-operatingreceiptanddisbursement.Whentherecognizedgovernmentsubsidyneedstobereturned,ifthebookvalueofrelatedassetsisoffsetduringinitialrecognition,thebookvalueofassetswillbeadjusted;Ifthereisarelevantdeferredrevenuebalance,thebookbalanceoftherelevantdeferredrevenuewillbeoffset,andtheexcesswillbeincludedinthecurrentprofitsandlosses;Inothercases,itisdirectlyincludedinthecurrentprofitsandlosses.
24.DeferredincometaxassetsanddeferredincometaxliabilitiesTheCompanyadoptsthebalancesheetliabilitymethodforincometaxaccountingtreatment.
(1)Deferredtaxassets
①Ifthereisadeductibletemporarydifferencebetweenthebookvalueofanassetorliabilityanditstaxbasis,thedeferredincometaxassetsgeneratedbythedeductibletemporarydifferenceshallbecalculatedandconfirmedaccordingtotheapplicabletaxrateduringtheexpectedperiodofrecoveringtheassetorpayingofftheliability.
②Onthebalancesheetdate,ifthereisconclusiveevidencethatsufficienttaxableincomeislikelytobeobtainedinthefutureperiodtooffsetthedeductibletemporarydifference,theunrecognizeddeferredincometaxassetsinthepreviousperiodshallberecognized.
③Onthebalancesheetdate,thebookvalueofdeferredincometaxassetsshallbereviewed.Ifitisunlikelythatenoughtaxableincomewillbeobtainedinthefutureperiodtooffsetthebenefitsofdeferredincometaxassets,thebookvalueofdeferredincometaxassetswillbewrittendown.Whensufficienttaxableincomeislikelytobeobtained,thewritten-downamountwillbereversed.
(2)Deferredincometaxliabilities
Ifthereisataxabletemporarydifferencebetweenthebookvalueofassetsandliabilitiesandtheirtaxbasis,thedeferredincometaxliabilitiesarisingfromthetaxabletemporarydifferenceshallberecognizedaccordingtotheapplicabletaxrateduringtheexpectedperiodofrecoveringtheassetsorpayingofftheliabilities.
25.Lease
(1)Identificationoflease
Onthecommencementdateofthecontract,theCompany,asthelesseeorlessor,evaluateswhetherthecustomersinthecontracthavetherighttoobtainalmostalleconomicbenefitsarisingfromtheuseoftheidentifiedassetsduringtheuseperiod,andhastherighttoleadtheuseoftheidentifiedassetsduringtheuseperiod.Ifonepartytothecontracttransferstherighttocontroltheuseofoneormultipleidentifiedassetswithinacertainperiodoftimeinexchangeforconsideration,theCompanywillconsiderthecontractasleaseorlease-included.
(2)TheCompanyasthelessee
Onthestartdateoftheleaseterm,theCompanyrecognizestheright-to-useassetsandleaseliabilitiesforallleases,exceptforshort-termleasesandlow-valueassetleasesthataresimplified.Theaccountingpolicyoftheright-to-useassetsisshowninNoteV.26.
Leaseliabilitiesareinitiallymeasuredaccordingtotheunpaidleasepaymentamountonthestartdateoftheleasetermandthepresentvaluecalculatedaccordingtotheimpliedinterestrateoftheleaseortheincrementalborrowinginterestrate.Theleasepaymentamountincludes:fixedpaymentamountandsubstantialfixedpaymentamount.Ifthereisleaseincentive,therelatedamountofleaseincentiveshallbededucted;variableleasepaymentsdependingonindexorratio;theexercisepriceoftheoption,providedthatthelesseereasonablydeterminesthattheoptionwillbeexercised;paymentforexercisingtheoptiontoterminatethelease,providedthattheleaseperiodreflectsthatthelesseewillexercisetheoptiontoterminatethelease;andtheamount
expectedtobepaidaccordingtotheresidualguaranteevalueprovidedbythelessee.Theinterestexpenseoftheleaseliabilityineachperiodoftheleasetermshallbecalculatedsubsequentlyaccordingtothefixedperiodicinterestrate,andincludedinthecurrentprofitandloss.Variableleasepaymentsthatarenotincludedinthemeasurementofleaseliabilitiesareincludedinthecurrentprofitsandlosseswhenactuallyincurred.
Short-termleaseShort-termleasereferstotheleasewithaleasetermofnomorethan12monthsonthestartdateoftheleaseterm,exceptfortheleasewithpurchaseoption.
TheCompanyincludestheleasepaymentofshort-termleaseintotherelatedassetcostorcurrentprofitandlossaccordingtothestraight-linemethodineachperiodoftheleaseterm.Low-valueassetleaseLow-valueassetleasereferstotheleaseinwhichthevalueofasingleleasedassetislessthanRMB100,000whenitisbrandnew.
TheCompanyincludestheleasepaymentoflow-valueassetsintotherelatedassetcostorcurrentprofitandlossaccordingtothestraight-linemethodineachperiodoftheleaseterm.
Fortheleaseoflow-valueassets,theCompanychoosestoadoptthesimplifiedtreatmentmethodmentionedaboveaccordingtothespecificconditionsofeachlease.
(3)TheCompanyservesasthelessor
TheCompany,whenasthelessor,recognizestheleasesthathavesubstantiallytransferredallrisksandrewardsrelatedtoassetownershipasfinancialleases,andotherleasesexceptfinancialleasesasoperatingleases.
Accountingmethodsforoperatingleases
Fortherentintheoperatinglease,theCompanyrecognizesthecurrentprofitsandlossesaccordingtothestraight-linemethodineachperiodoftheleaseterm.Theinitialdirectexpensesincurredinconnectionwiththeoperatingleaseshallbecapitalized,allocatedonthesamebasisastherentalincomerecognitionduringtheleaseterm,andincludedinthecurrentprofitsandlossesbystages.Thevariableleasepaymentsobtainedrelatedtooperatingleasesthatarenotincludedintheleasereceiptsareincludedinthecurrentprofitsandlosseswhentheyactuallyoccur.
Accountingtreatmentmethodofleasing
Infinancinglease,atthebeginningoftheleaseterm,Japanesecompaniestakethenetinvestmentinleasingastherecordedvalueofthefinancingleasereceivable,andthenetinvestmentinleasingisthesumoftheunsecuredresidualvalueandthepresentvalueoftheleaseproceedsthathavenotyetbeenreceivedonthestartdateoftheleasetermdiscountedaccordingtotheimpliedinterestrateofthelease.Asthelessor,theCompanycalculatesandrecognizestheinterestincomeofeachperiodintheleasetermaccordingtothefixedperiodicinterestrate.ThevariableleasepaymentsobtainedbytheCompanyasthelessorthatarenotincludedinthemeasurementofnetleaseinvestmentarerecordedintothecurrentprofitsandlosseswhentheyactuallyoccur.
ThederecognitionandimpairmentoffinancialleasereceivablesshallbetreatedaccordingtotheprovisionsofAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstrumentsandAccountingStandardsforBusinessEnterprisesNo.23-TransferofFinancialAssets.
(4)OperationleaseFortherentintheoperatinglease,theCompanyshallrecognizethecurrentprofitandlossaccordingtothestraightlinemethodduringeachperiodduringtheleaseterm.Theinitialdirectexpensesincurredrelatedtotheoperatingleaseshallbecapitalizedandapportionedduringtheleasetermonthesamebasisastherentalincomerecognition,andrecordedintothecurrentprofitsandlossesininstallments.Thevariableleasepaymentamountobtainedrelatedtotheoperatingleasethatisnotincludedintheleasereceiptsshallbeincludedinthecurrentprofitandlossupontheactualoccurrence.
26.Therighttouseassets
(1)Conditionsforrecognitionoftheright-to-useassetsTheCompany'sright-to-useassetsreferstotherightoftheCompanyasthelesseetousetheleasedassetsduringtheleaseterm.Onthestartdateoftheleaseterm,theright-to-useassetsareinitiallymeasuredatcost.Thecostincludes:
Theinitialmeasurementamountofleaseliabilities;ifthereisleaseincentivefortheleasepaymentissuedonorbeforethestartdateoftheleaseterm,theamountrelatedtotheleaseincentiveenjoyedshallbededucted;initialdirectexpensesincurredbytheCompanyasthelessee;theestimatedcoststhattheCompanyasthelesseewillincurfordismantlingandremovingtheleasedassets,restoringtheleasedassets'siteorrestoringtheleasedassetstothestateagreedintheleaseterms.TheCompany,asthelessee,recognizesandmeasuresthedemolitionandrestorationcostsinaccordancewiththeAccountingStandardsforBusinessEnterprisesNo.13-Contingencies.Itmakessubsequentadjustmentstoanyremeasurementofleaseliabilities.
(2)Depreciationmethodofright-to-useassetsTheCompanyadoptsthestraight-linemethodtoaccruedepreciation.IftheCompanyasthelesseecanbereasonablydeterminedthattheownershipoftheleasedassetisacquiredattheexpirationoftheleaseterm,itshallaccruedepreciationwithintheremainingservicelifeoftheleasedasset.Ifitisimpossibletoreasonablydeterminethattheownershipoftheleasedassetcanbeacquiredattheexpirationoftheleaseterm,itshallaccruedepreciationwithintheshorteroftheleasetermandtheremainingservicelifeoftheleasedasset.
(3)See"27.ImpairmentofAssets"in"SectionVImportantAccountingPoliciesandAccountingEstimates"fortheimpairmenttestmethodandtheprovisionmethodforimpairmentofright-to-useassets.
27.Impairmentofassets
Thefollowingsignsindicatethattheassetsmaybeimpaired:
(1)Themarketpriceofassetsfellsharplyinthecurrentperiod,whichwassignificantlyhigherthantheexpecteddeclineduetothepassageoftimeornormaluse.
(2)Theeconomic,technicalorlegalenvironmentinwhichtheCompanyoperatesandthemarketinwhichtheassetsarelocatedhaveundergonemajorchangesinthecurrentperiodorinthenearfuture,whichwillhaveadverseeffectsontheCompany.
(3)Themarketinterestrateorothermarketreturnoninvestmenthasincreasedinthecurrentperiod,whichaffectsthediscountrateusedbyenterprisestocalculatethepresentvalueoftheestimatedfuturecashflowofassets,resultinginasignificantdecreaseintherecoverableamountofassets.
(4)Thereisevidencethattheassetsareoutdatedortheirentitieshavebeendamaged.
(5)Assetshavebeenorwillbeidle,terminatedorplannedtobedisposedofinadvance.
(6)Theevidencereportedbythecompanyshowsthattheeconomicperformanceofassetshasbeenorwillbelowerthanexpected,suchasthenetcashflowcreatedbyassetsortherealizedoperatingprofit(orloss)isfarlowerthantheexpectedamount.
(7)Otherindicationsthatassetsmayhavebeenimpaired.Onthebalancesheetdate,theCompanyjudgesvariousassetsthatareapplicabletotheAccountingStandardsforBusinessEnterprisesNo.8-ImpairmentofAssets,suchaslong-termequityinvestment,fixedassets,engineeringmaterials,constructioninprogress,intangibleassets(exceptthosewithuncertainservicelife),andconductsimpairmenttestwhentherearesignsofimpairment-estimatingtheirrecoverableamount.Therecoverableamountisdeterminedbythehigherofthenetamountofthefairvalueoftheassetminusthedisposalexpensesandthepresentvalueoftheestimatedfuturecashflowoftheasset.Iftherecoverableamountofanasset
islowerthanitsbookvalue,thebookvalueoftheassetshallbewrittendowntotherecoverableamount,andthewritten-downamountshallberecognizedastheassetimpairmentloss,whichshallbeincludedinthecurrentprofitsandlosses,andthecorrespondingassetimpairmentreserveshallbeaccruedatthesametime.
Iftherearesignsthatanassetmaybeimpaired,theCompanyusuallyestimatesitsrecoverableamountonthebasisofindividualassets.Whenitisdifficulttoestimatetherecoverableamountofasingleasset,therecoverableamountoftheassetgroupisdeterminedbasedontheassetgrouptowhichtheassetbelongs.
AssetgroupisthesmallestassetportfoliothatcanberecognizedbytheCompany,anditscashinflowisbasicallyindependentofotherassetsorassetgroups.Theassetgroupconsistsofassetsrelatedtocashinflow.Theidentificationofassetgroupisbasedonwhetherthemaincashinflowgeneratedbyassetgroupisindependentofotherassetsorcashinflowofassetgroup.
TheCompanyconductsimpairmenttesteveryyearforintangibleassetswithuncertaingoodwillandservicelifeformedbybusinesscombinationandnotyetinserviceablecondition,regardlessofwhetherthereisanysignofimpairment.Theimpairmenttestofgoodwilliscarriedoutincombinationwithitsrelatedassetgrouporcombinationofassetgroups.
Oncetheassetimpairmentlossisconfirmed,itwillnotbereversedinthefollowingaccountingperiod.
28.Fairvaluemeasurement
Fairvaluereferstothepricethatamarketparticipantmustpaytosellortransferaliabilityinanorderlytransactionthatoccursonthemeasurementdate.
TheCompanymeasuresrelatedassetsorliabilitiesatfairvalue,assumingthattheorderlytransactionofsellingassetsortransferringliabilitiesisconductedinthemainmarketofrelatedassetsorliabilities;Ifthereisnomajormarket,theCompanyassumesthatthetransactionwillbeconductedinthemostfavorablemarketofrelatedassetsorliabilities.Themainmarket(orthemostfavorablemarket)isthetradingmarketthattheCompanycanenteronthemeasurementday.TheCompanyadoptstheassumptionsusedbymarketparticipantstomaximizetheireconomicbenefitswhenpricingtheassetsorliabilities.
Whenmeasuringnon-financialassetsatfairvalue,theabilityofmarketparticipantstousetheassetsforthebestpurposetogenerateeconomicbenefitsortheabilitytoselltheassetstoothermarketparticipantsforthebestpurposetogenerateeconomicbenefitsshallbeconsidered.
TheCompanyadoptsthevaluationtechnologywhichisapplicableinthecurrentsituationandsupportedbysufficientavailabledataandotherinformation,andgivesprioritytotherelevantobservableinputvalues,andonlyusestheunobservableinputvalueswhentheobservableinputvaluesareunavailableorimpractical.
Forassetsandliabilitiesmeasuredordisclosedatfairvalueinfinancialstatements,itshalldeterminethefairvaluelevelaccordingtothelowestlevelinputvaluewhichisofgreatsignificancetofairvaluemeasurementasawhole:thefirst-levelinputvalueistheunadjustedquotationofthesameassetsorliabilitiesthatcanbeobtainedonthemeasurementdateinanactivemarket;Thesecond-levelinputvalueisdirectlyorindirectlyobservableinputvaluesofrelatedassetsorliabilitiesexceptthefirst-levelinputvalue;Thethirdlevelinputvalueistheunobservableinputvalueofrelatedassetsorliabilities.
Oneachbalancesheetdate,theCompanyreassessestheassetsandliabilitiesrecognizedinthefinancialstatementsthatarecontinuouslymeasuredatfairvaluetodeterminewhetherthereisaconversionbetweenthefairvaluemeasurementlevels.
29.Changeofmainaccountingpoliciesandestimations
(1)Changeofmainaccountingpolicies
□Applicable√Notapplicable
(2)Significantestimateschanges
□Applicable√NotapplicableVI.Taxation
1.Majorcategoryoftaxesandtaxrates
Taxcategory | Taxbasis | Taxrate |
VAT | Taxableincome | 3%,5%,6%,9%,13% |
Citymaintenanceandconstructiontax | Theactualpaymentofturnovertax | 5%,7% |
Enterpriseincometax | Taxableincome | 25% |
EducationFeeSurcharge | Theactualpaymentofturnovertax | 3% |
Localeducationsurcharge | Theactualpaymentofturnovertax | 2% |
2.Preferentialtax
NoneVII.Notestothemajoritemsofconsolidatedfinancialstatement
1.MonetaryCapital
InRMB
Items | Amountinyear-end | BalanceYear-beginning |
Cash | 43,420.71 | 38,214.02 |
Bankdeposit | 4,285,350,107.61 | 2,955,850,944.81 |
Including:MoneydepositedwithafinanceCompany | 2,389,294,052.10 | 1,521,003,542.69 |
Other | 515,903.01 | 515,231.72 |
Interestreceivable | 4,672,059.45 | |
Total | 4,290,581,490.78 | 2,956,404,390.55 |
Othernote1).AsofDecember31,2022,theinterestreceivableisRMB4,672,059.45frominterestaccruedonseven-daycalldeposits.2).AsofDecember31,2022,Thebalanceofrestrictedbankdepositsattheendoftheperiodwas1,221,200.00yuan,whichwasthelandreclamationfunddepositedintothefundcustodyaccountforthereconstructionandexpansionprojectofSanbaotoShuikousectionofFokaiExpressway.
2.Accountreceivable
1.Classificationaccountreceivables.
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 | 2.80% | 3,143,664.00 | 100.00% | 12,268,880.60 | 7.44% | 3,143,664.00 | 25.62% | 9,125,216.60 | |
Including: | ||||||||||
Accrualofbaddebtprovisionbyportfolio | 109,016,714.23 | 97.20% | 647,916.67 | 0.59% | 108,368,797.56 | 152,527,300.17 | 92.56% | 2,599,116.90 | 1.70% | 149,928,183.27 |
Including: | ||||||||||
Agingportfolio | 109,016,714.23 | 97.20% | 647,916.67 | 0.59% | 108,368,797.56 | 151,721,072.03 | 92.07% | 2,599,116.90 | 1.71% | 149,121,955.13 |
Other | 806,228.14 | 0.49% | 806,228.14 | |||||||
Total | 112,160,378.23 | 3,791,580.67 | 108,368,797.56 | 164,796,180.77 | 5,742,780.90 | 159,053,399.87 |
Accrualofbaddebtprovisionbysingle:
InRMB
Name | Balanceinyear-end | |||
Bookbalance | Baddebtprovision | Withdrawalproportion | Reason | |
GuangdongTaihengExpresswayDevelopmentCo.,Ltd. | 3,143,664.00 | 3,143,664.00 | 100.00% | Itisnotexpectedtoberecovered |
Total | 3,143,664.00 | 3,143,664.00 |
Accrualofbaddebtprovisionbyportfolio:Aging
InRMB
Aging | Balanceinyear-end | ||
Accountreceivable | Baddebtprovision | Expectedcreditlossrate(% | |
Within1year | 96,058,380.92 | ||
1-2years | 12,958,333.31 | 647,916.67 | 5.00% |
Note:
Relevantinformationoftheprovisionforbaddebtswillbedisclosedwithreferencetothedisclosuremethodofotherreceivablesiftheprovisionforbaddebtsofbillsreceivableisaccruedaccordingtothegeneralmodelofexpectedcreditloss:
□Applicable√NotapplicableDisclosurebyaging
InRMB
Aging | Balanceinyear-end |
Within1year | 96,058,380.92 |
1-2years | 12,958,333.31 |
2-3years | 2,077,392.00 |
Over3year | 1,066,272.00 |
3-4years | 1,066,272.00 |
Subtotal | 112,160,378.23 |
Baddebtprovision | 3,791,580.67 |
Total | 108,368,797.56 |
(2)Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiod
TheprovisionforbaddebtsinthecurrentperiodisRMB647,916.67;andtheamountofbaddebtreserverecoveredorreversedinthecurrentperiodisRMB0.
(3)Thecurrentaccountsreceivablewrite-offssituationNone
(4)Theendingbalanceofotherreceivablesowedbytheimputationofthetopfiveparties
InRMB
Name | Amount | Aging | Proportion(%) | Baddebtprovision |
Name | Amount | Aging | Proportion(%) | Baddebtprovision |
GuangdongUnionElectronicServicesCo.,Ltd. | 67,197,924.19 | Within1year | 59.91% | |
GuangdongLuluTrafficDevelopmentCo.,Ltd. | 11,200,258.00 | Within1year | 9.99% | |
12,958,333.31 | 1-2years | 11.55% | ||
GuangdongJingzhuExpresswayGuangzhuNorthsectionCo.,Ltd. | 8,321,625.03 | Within1year | 7.42% | |
GuangdongHumenBridgeCo.,Ltd. | 6,072,995.36 | Within1year | 5.41% | |
GuangdongTaihengExpresswayDevelopmentCo.,Ltd. | 2,077,392.00 | 2-3years | 1.85% | 2,077,392.00 |
1,066,272.00 | 3-4years | 0.95% | 1,066,272.00 | |
Total | 108,894,799.89 | 97.08% |
(5)AccountreceivablewhichterminatetherecognitionowningtothetransferofthefinancialassetsNone
(6)TheamountoftheassetsandliabilitiesformedbythetransferandthecontinuesinvolvementofaccountsreceivableNone
3.Prepayments
(1)Aginganalysis
InRMB
Aging | Balanceinyear-end | BalanceYear-beginning | ||
Amount | Proportion(%) | Amount | Proportion(%) | |
Within1year | 7,645,192.95 | 98.20% | 5,087,647.09 | 97.32% |
1-2years | 140,000.00 | 2.68% | ||
2-3years | 140,000.00 | 1.80% | ||
Total | 7,785,192.95 | 5,227,647.09 |
Notesofthereasonsoftheprepaymentagesover1yearwithsignificantamountbutfailedsettledintime:
None
(2)Top5oftheclosingbalanceoftheprepaymentcollectedaccordingtotheprepaymenttarget
InRMB
Name | RelationswiththeCompany | Amount | Aging | Reasonsfornon-settlement | Proportion% |
ChinaPingAnPropertyInsuranceCo.Ltd.GuangdongBranch | Non-Relatedparty | 5,213,468.61 | Within1year | Unliquidated | 66.97 |
PICC | Non-Relatedparty | 1,614,154.77 | Within1year | Unliquidated | 20.73 |
GuangdongGuanyueRoadBridgeCo.,Ltd. | Non-Relatedparty | 411,875.80 | Within1year | Unliquidated | 5.29 |
ChinaMobileGuangzhouBranch | Non-Relatedparty | 188,280.00 | Within1year | Unliquidated | 2.42 |
ExcellenceAppraisal | Non-Relatedparty | 140,000.00 | 2-3years | Unliquidated | 1.80 |
Total | 7,567,779.18 | 97.21 |
4.Otheraccountsreceivable
InRMB
Items | Balanceinyear-end | BalanceYear-beginning |
Dividendreceivable | 1,205,472.90 | 1,205,472.90 |
Otherreceivable | 33,250,771.74 | 12,555,651.33 |
Total | 34,456,244.64 | 13,761,124.23 |
(1)Interestreceivable:None
(2)Dividendreceivable
1)Dividendreceivable
InRMB
Items | Balanceinyear-end | BalanceYear-beginning |
GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise | 1,205,472.90 | 1,205,472.90 |
Total | 1,205,472.90 | 1,205,472.90 |
2)Significantdividendreceivableagedover1year
InRMB
Items | Balanceinyear-end | Aging | Reasonsfornon-recovery | Whetherwithimpairmentandthejudgmentbasis |
GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise | 1,205,472.90 | 4-5years | Thepartnershipagreementexpiresandcanberecoveredaftertheextensionproceduresarecompleted | No,itcanberecoveredinthefuture |
Total | 1,205,472.90 |
(3)Otheraccountsreceivable
1)Otheraccountsreceivableclassified
InRMB
Items | Balanceinyear-end | BalanceYear-beginning |
Securitiestradingsettlementfunds | 30,844,110.43 | 47,528,056.18 |
Pettycash | 4,017,944.81 | 4,538,885.93 |
Highwaymaintenanceexpenditure | 97,749,481.71 | |
Deposit | 26,630,350.18 | 3,469,880.18 |
Other | 2,602,476.75 | 4,579,343.20 |
GelinEnzeCurrentaccount | 4,007,679.91 | |
Total | 161,844,363.88 | 64,123,845.40 |
2)Thewithdrawalamountofthebaddebtprovision:
InRMB
BadDebtReserves | Stage1 | Stage2 | Stage3 | Total |
Expectedcreditlossesoverthenext12months | Expectedcreditlossoverlife(nocredit | Expectedcreditlossesfortheentireduration(creditimpairment |
impairment) | occurred) | |||
BalanceasatJanuary1,2022 | 32,457.98 | 51,535,736.09 | 51,568,194.07 | |
BalanceasatJanuary1,2022incurrent | ||||
Thisperiodofprovision | 97,749,481.71 | 97,749,481.71 | ||
Otherchange | -32,457.98 | -20,691,625.66 | -20,724,083.64 | |
BalanceasatDecember31,,2022 | 97,749,481.71 | 30,844,110.43 | 128,593,592.14 |
Note1:Theparentcompanyoncepaid33,683,774.79yuanintoKunlunSecuritiesCo.,Ltd,GuangdongExpresswaytechnologyinvestmentCo.,Ltdoncepaid18,000,000.00yuanintoKunlunSecuritiesCo.,Ltd.QinghaiProvinceXiningCity’sintermediatepeople’scourtmadeaadjudicationunderlawdeclaredthatKunlunSecuritiesCo.,LtdwentbankruptandrepaiddebtinNovember11,2006.OnMarch2007,TheCompanyandGuangdongExpresswayTechnologyInvestmentCo.,LtdhadswitchedthemoneythatpaidintoKunlunSecuritiesCo.,Ltdtootheraccountreceivable,andfollowthecarefulprincipletodoubtfuldebtsprovision.AsofDecember31,2022,The2,839,664.36yuanCreditwasrecovered,andtheprovisionforhaddeb.Lossprovisionchangesincurrentperiod,changeinbookbalancewithsignificantamount
□Applicable√NotapplicableDisclosurebyaging
InRMB
Aging | Bookbalance |
Within1year(Including1year) | 125,683,275.60 |
1-2years | 311,707.85 |
2-3years | 3,477,902.45 |
Over3years | 32,371,477.98 |
3-4years | 26,560.70 |
4-5years | 627,314.97 |
Over5years | 31,717,602.31 |
Total | 161,844,363.88 |
3)Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiod
TheprovisionforbaddebtsinthecurrentperiodisRMB97,749,481.71;andtheamountofbaddebtreserverecoveredorreversedinthecurrentperiodisRMB0.00.4)Theactualwrite-offotheraccountsreceivable:None5)Otherreceivablesareclassifiedaccordingtothenature
InRMB
Name | Nature | Closingbalance | Aging | Proportionofthetotalyearendbalanceoftheaccountsreceivable(%) | Closingbalanceofbaddebtprovision |
DepartmentofTransportofGuangdongProvince | Highwaymaintenanceexpenditure | 97,749,481.71 | Within1year | 60.40% | 97,749,481.71 |
KunlunSecuritiesCo.,Ltd | Securitiestradingsettlementfunds | 30,844,110.43 | Over5years | 19.06% | 30,844,110.43 |
ChinaBejingEquityExchange | Investmentdeposit | 24,000,000.00 | Within1year | 14.83% | |
GuangdongLitongRealEstatesInvestmentCo.,Ltd. | Vehicleparkingdeposit | 22,980.00 | 1-2years | 0.01% | |
1,630,467.36 | 2-3years | 1.01% | |||
GuangdongExpresswayMediaCo.,Ltd. | Advertisingrevenue | 978,997.66 | Within1year | 0.60% | |
Total | 155,226,037.16 | 95.91% | 128,593,592.14 |
6)AccountsreceivableinvolvedwithgovernmentsubsidiesNone
7)OtheraccountreceivablewhichterminatetherecognitionowningtothetransferofthefinancialassetsNone
8)TheamountoftheassetsandliabilitiesformedbythetransferandthecontinuesinvolvementofotheraccountsreceivableNoneOthernote
5.InventoriesWhetherthecompanyneedtocomplywiththedisclosurerequirementsoftherealestateindustryNo
(1)CategoryofInventory
InRMB
Items | Closingbookbalance | Openingbookbalance | ||||
Bookbalance | Provisionforinventoryimpairment | Bookvalue | Bookbalance | Provisionforinventoryimpairment | Bookvalue | |
Rawmaterials | 257,831.85 | 257,831.85 | ||||
Stockgoods | 382,247.81 | 382,247.81 | ||||
Total | 640,079.66 | 640,079.66 |
(2)InventorydepreciationreserveNone
(3)DescriptionofTheclosingbalanceofinventoriescontaintheamountofborrowingcostscapitalizedNone
6.Contractassets
nRMB
Items | Year-endbalance | Year-beginningbalance | ||||
Bookbalance | Baddebtprovision | Bookvalue | Bookbalance | Baddebtprovision | Bookvalue | |
Qualityguarantee | 5,286,462.45 | 5,286,462.45 | ||||
Total | 5,286,462.45 | 5,286,462.45 |
Amountandreasonofmaterialchangeofbookvalueofcontractassetsinthecurrentperiod::NoneTheimpairmentprovisionofthecontractassetsinthecurrentperiod
None
7.Non-currentassetduewithin1year
InRMB
Items | Year-endbalance | Year-beginningbalance |
Pre-paymentofbusinesstaxbeforereplacingbusinesstaxwithVAT | 51,745.32 | |
7daysnoticeofdepositinterest | 2,731,229.21 | |
Total | 2,782,974.53 |
8.Othercurrentassets
InRMB
Items | Year-endbalance | Year-beginningbalance |
Advancetaxpayment | 1,931,251.29 | |
VATretentiontaxcredits | 111,143.99 | |
Inputtaxtobecertified | 21,213.96 | |
Total | 2,042,395.28 | 21,213.96 |
9.Long-termequityinvestment
InRMB
Investees | Openingbalance | Increase/decrease | Closingbalance | Closingbalanceofimpairmentprovision | |||||||
Additionalinvestment | Negativeinvestment | Investmentprofitandlossrecognizedundertheequitymethod | Adjustmentofothercomprehensiveincome | Changesofotherequity | Cashbonusorprofitsannouncedtoissue | Withdrawalofimpairmentprovision | Other | ||||
I.Jointventure | |||||||||||
2.AffiliatedCompany | |||||||||||
ZhaoqingYuezhaoHighwayCo.,Ltd. | 315,837,951.35 | 42,621,814.52 | 48,250,000.00 | 310,209,765.87 | |||||||
GuangdongJiangzhongExpresswayCo.,Ltd. | 318,091,639.29 | 131,250,000.00 | 12,928,724.12 | 15,387,213.01 | 446,883,150.40 | ||||||
GanzhouGankangExpresswayCo.,Ltd. | 154,118,397.12 | 9,036,040.88 | 163,154,438.00 | ||||||||
GanzhouKangdaExpresswayCo.,Ltd. | 238,101,017.69 | 35,167,917.44 | 27,000,000.00 | 246,268,935.13 | |||||||
ShenzhenHuiyan | 320,966,384.17 | 33,927,696.21 | 6,224,313.06 | 348,669,767.32 |
Investees | Openingbalance | Increase/decrease | Closingbalance | Closingbalanceofimpairmentprovision | |||||||
Additionalinvestment | Negativeinvestment | Investmentprofitandlossrecognizedundertheequitymethod | Adjustmentofothercomprehensiveincome | Changesofotherequity | Cashbonusorprofitsannouncedtoissue | Withdrawalofimpairmentprovision | Other | ||||
ExpresswayCo.,Ltd. | |||||||||||
GuoyuanSecuritiesCo.,Ltd. | 972,089,465.72 | 41,663,112.81 | -7,194,460.81 | 18,626,864.76 | 987,931,252.96 | ||||||
GuangdongYuepuSmallRefinancingCo.,Ltd(Note) | 216,343,601.27 | 8,556,253.87 | 57,008.18 | 5,925,366.93 | 219,031,496.39 | ||||||
HunnanLianzhiTechnologyCo.,.Ltd. | 90,617,427.28 | 6,555,090.10 | 367,428.36 | 97,539,945.74 | |||||||
SPICYuetongQiyuanChipPowerTechnologyCo.,Ltd. | 964,797.35 | 4,000,000.00 | 16,441.15 | 4,981,238.50 | |||||||
ShenzhenGarage | 95,000,000.00 | 3,698,677.53 | 98,698,677.53 |
Investees | Openingbalance | Increase/decrease | Closingbalance | Closingbalanceofimpairmentprovision | |||||||
Additionalinvestment | Negativeinvestment | Investmentprofitandlossrecognizedundertheequitymethod | Adjustmentofothercomprehensiveincome | Changesofotherequity | Cashbonusorprofitsannouncedtoissue | Withdrawalofimpairmentprovision | Other | ||||
ElectricPileTechnologyCo.,Ltd | |||||||||||
Subtotal | 2,627,130,681.24 | 230,250,000.00 | 194,171,768.63 | -7,194,460.81 | 424,436.54 | 121,413,757.76 | 2,923,368,667.84 | ||||
Total | 2,627,130,681.24 | 230,250,000.00 | 194,171,768.63 | -7,194,460.81 | 424,436.54 | 121,413,757.76 | 2,923,368,667.84 |
Othernote
10.OtherEquityinstrumentinvestment
InRMB
Items | Closingbalance | Openingbalance |
GuangleExpresswayCo.,Ltd. | 779,705,656.29 | 746,129,411.97 |
GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise | 55,365,396.61 | 50,000,000.00 |
ChinaEverbrightBankCo.,Ltd. | 722,232,678.08 | 781,046,414.08 |
HuaxiaSecuritiesCo.,Ltd.(Notes1) | ||
HuazhengAssetManagementCo.,Ltd.(Notes2) | ||
Total | 1,557,303,730.98 | 1,577,175,826.05 |
Breakdowndisclosureofinvestmentinnon-tradableequityinstrumentsinthecurrentperiod
InRMB
Items | Dividendincomerecognized | Cumulativegain | Cumulativeloss | Amountofotherconsolidatedincometransferredtoretainedearnings | Reasonsfordesignationasmeasuredatfairvalueandchangesincludedinothercomprehensiveincome | Reasonsforotherconsolidatedincometransferredtoretainedearnings |
GuangleExpresswayCo.,Ltd. | 31,357,354.56 | Non-transactionalpurposeforshareholding | ||||
GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise | 5,365,396.61 | Non-transactionalpurposeforshareholding | ||||
ChinaEverbrightBankCo.,Ltd. | 47,286,243.74 | 204,671,801.28 | Non-transactionalpurposeforshareholding | |||
HuaxiaSecuritiesCo.,Ltd. | 5,400,000.00 | Non-transactionalpurposeforshareholding | ||||
HuazhengAssetManagementCo.,Ltd. | 1,620,000.00 | Non-transactionalpurposeforshareholding |
Othernote:
Note1:Theowner'sequityofHuaxiaSecuritiesCo.,Ltd.wasnegativeanditenteredliquidationprocedureinDecember2005.TheCompanymadefullprovisionforimpairmentinrespectofthislong-termequityinvestmentofRMB5.4million.Note2:AccordingtoDeWeiPingGuZi2005No.88AppraisalReportissuedbyBeijingDeweiAppraisalCo.,Ltd.AstheJune30,2005,theamountofnetassetsofHuazhengAssetManagementCo.,Ltd.inbookwas279.132millionyuanandtheappraisedvaluewas-2299.5486millionyuan,OnOctober14,2005,JianyinCITICAssetManagementCo.,Ltd.issuedtheLetterofSolicitingOpinionsonEquityAssignmenttotheCompany.JianyinCITICAssetManagementCo.,Ltd.waswillingtopaythepriceofnotmorethan42millionyuantoacquire100%equityofHuazhengAssetManagementCo.,Ltd.andsolicitedtheCompany'sopinions.TheCompanyrepliedonDecember5,2005,abandoningthepreemptiverightunderthesameconditions.TheCompanymadeprovisionof1.62millionyuanforimpairmentinrespectofthislong-termequityinvestmentof1.62millionyuan.
11.Othernon-currentfinancialassets
InRMB
Items | Closingbalance | Openingbalance |
Classifiedasfinancialassetsmeasuredatfairvalueandwhosechangesareincludedinthecurrentprofitandloss | 101,400,000.00 | |
Total | 101,400,000.00 |
12.Investmentproperty
(1)Investmentpropertyadoptedthecostmeasurementmode
√Applicable□Notapplicable
InRMB
Items | Housesandbuildings | Landuseright | Constructioninprocess | 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.Accumulateddepreciationaccumulated |
amortization | ||||
1.Openingbalance | 10,842,190.02 | 1,905,075.92 | 12,747,265.94 | |
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 | 10,989,739.14 | 1,978,645.28 | 12,968,384.42 | |
III.Impairmentprovision | ||||
1.Openingbalance | ||||
2.Increasedamountoftheperiod | ||||
(1)Withdrawal |
3.Decreasedamountoftheperiod
3.Decreasedamountoftheperiod |
(1)Disposal |
(2)OtherOut |
4.Closingbalance
4.Closingbalance | ||||
IV.Bookvalue | ||||
1.Closingbookvalue | 1,674,959.11 | 993,185.82 | 2,668,144.93 | |
2.Openingbook | 1,822,508.23 | 1,066,755.18 | 2,889,263.41 |
(2)Investmentpropertyadoptedfairvaluemeasurementmode
□Applicable√Notapplicable
(3)Detailsofinvestmentpropertyfailedtoaccomplishcertificationofproperty
InRMB
Items | Bookbalance | Reason |
HousesandBuilding | 997,648.50 | Transportationandotherancillaryfacilities,Notaccreditation |
Total | 997,648.50 |
Othernote
13.Fixedassets
InRMB
Items | Year-endbalance | Year-beginningbalance |
Fixedassets | 10,098,252,638.07 | 10,639,272,192.02 |
Total | 10,098,252,638.07 | 10,639,272,192.02 |
(1)Listoffixedassets
InRMB
Items | GuangfoExpressway | FokaiExpressway | GuanghuiExpressway | JingzhuExpresswayGuangzhusection | Houseandbuildings | Machineryequipment | Transportationequipment | Electricityequipmentandother | Total |
I.Originalprice | |||||||||
1.Openingbalance | 1,460,270,190.66 | 10,892,817,927.30 | 6,477,849,977.48 | 5,135,987,691.45 | 669,836,729.92 | 1,782,537,704.16 | 62,110,614.95 | 133,644,602.58 | 26,615,055,438.50 |
2.Increasedamountoftheperiod | 25,083,672.00 | 346,290,000.00 | 483,543.00 | 15,085,332.00 | 92,603,632.98 | 3,737,732.69 | 12,049,563.24 | 495,333,475.91 | |
(1)Purchase | 7,252,386.35 | 3,737,732.69 | 11,901,361.24 | 22,891,480.28 | |||||
(2)Transferofprojectunderconstruction | 25,083,672.00 | 346,290,000.00 | 15,195,800.00 | 81,507,599.14 | 148,202.00 | 468,225,273.14 | |||
(3)IncreasedofEnterpriseconsolidation | |||||||||
(4)Other | 483,543.00 | -110,468.00 | 3,843,647.49 | 4,216,722.49 | |||||
3.Decreasedamountoftheperiod | 1,000,462.78 | 20,445,714.17 | 25,996,564.84 | 4,205,729.01 | 3,426,027.28 | 55,074,498.08 | |||
(1)Disposalorscrap | 1,000,462.78 | 1,171,511.59 | 3,578,243.57 | 2,520,061.25 | 1,590,584.12 | 9,860,863.31 | |||
(2)Dispositionsubsidiary | 19,274,202.58 | 22,418,321.27 | 1,685,667.76 | 1,835,443.16 | 45,213,634.77 | ||||
4.Closing | 1,460,270,190.66 | 10,916,901,136.52 | 6,824,139,977.48 | 5,136,471,234.45 | 664,476,347.75 | 1,849,144,772.30 | 61,642,618.63 | 142,268,138.54 | 27,055,314,416.33 |
Items | GuangfoExpressway | FokaiExpressway | GuanghuiExpressway | JingzhuExpresswayGuangzhusection | Houseandbuildings | Machineryequipment | Transportationequipment | Electricityequipmentandother | Total |
balance | |||||||||
II.Accumulateddepreciation | |||||||||
1.Openingbalance | 1,460,270,190.66 | 5,486,082,815.59 | 3,950,515,659.85 | 3,164,580,817.91 | 461,466,902.63 | 1,313,881,686.26 | 49,780,181.86 | 85,083,678.62 | 15,971,661,933.38 |
2.Increasedamountoftheperiod | 372,147,659.29 | 334,987,506.01 | 154,935,283.22 | 29,518,127.57 | 117,755,356.77 | 2,116,525.13 | 8,639,471.38 | 1,020,099,929.37 | |
(1)Withdrawal | 372,147,659.29 | 334,987,506.01 | 154,935,283.22 | 29,518,127.57 | 117,755,356.77 | 2,116,525.13 | 8,639,471.38 | 1,020,099,929.37 |
3.Decreasedamountoftheperiod
3.Decreasedamountoftheperiod | 671,858.48 | 10,775,360.63 | 20,889,438.42 | 3,966,574.69 | 2,518,165.37 | 38,821,397.59 | |||
(1)Disposalorscrap | 671,858.48 | 763,684.18 | 3,375,785.55 | 2,365,190.32 | 1,498,792.18 | 8,675,310.71 | |||
(2)Dispositionsubsidiary | 10,011,676.45 | 17,513,652.87 | 1,601,384.37 | 1,019,373.19 | 30,146,086.88 | ||||
4.Closingbalance | 1,460,270,190.66 | 5,857,558,616.40 | 4,285,503,165.86 | 3,319,516,101.13 | 480,209,669.57 | 1,410,747,604.61 | 47,930,132.30 | 91,204,984.63 | 16,952,940,465.16 |
III.Impairmentprovision | |||||||||
1.Openingbalance | 2,889,394.16 | 1,231,918.94 | 4,121,313.10 | ||||||
2.Increasedamountoftheperiod | |||||||||
(1)Withdrawal |
Items | GuangfoExpressway | FokaiExpressway | GuanghuiExpressway | JingzhuExpresswayGuangzhusection | Houseandbuildings | Machineryequipment | Transportationequipment | Electricityequipmentandother | Total |
3.Decreasedamountoftheperiod | |||||||||
(1)Disposalorscrap |
4.Closingbalance
4.Closingbalance | 2,889,394.16 | 1,231,918.94 | 4,121,313.10 | ||||||
IV.Bookvalue | |||||||||
1.Closingbookvalue | 5,059,342,520.12 | 2,538,636,811.62 | 1,816,955,133.32 | 181,377,284.02 | 437,165,248.75 | 13,712,486.33 | 51,063,153.91 | 10,098,252,638.07 | |
2.Openingbook | 5,406,735,111.71 | 2,527,334,317.63 | 1,971,406,873.54 | 205,480,433.13 | 467,424,098.96 | 12,330,433.09 | 48,560,923.96 | 10,639,272,192.02 |
(2)Temporarilyidlefixedassets
InRMB
Items | Originalprice | Accumulateddepreciation | Impairmentprovision | Bookvalue | Remark |
Houseandbuildings | 6,176,339.21 | 4,645,383.00 | 1,530,956.21 | ||
Machineryequipment | 2,322,167.00 | 1,090,248.06 | 1,231,918.94 |
(3)Fixedassetsleasedoutfromoperationlease
None
(4)Detailsoffixedassetsfailedtoaccomplishcertificationofproperty
InRMB
Items | Bookbalance | Reason |
Houseandbuildings | 163,931,496.46 | Transportationandotherancillaryfacilities,Notaccreditation. |
(5)liquidationoffixedassets
None
14.Projectunderconstruction
InRMB
Items | Year-endbalance | Year-beginningbalance |
Projectunderconstruction | 753,565,502.12 | 351,130,455.06 |
Total | 753,565,502.12 | 351,130,455.06 |
(1)Projectunderconstruction
InRMB
Items | Year-endbalance | Year-beginningbalance | ||||
Bookbalance | Provisionfordevaluation | Bookvalue | Bookbalance | Provisionfordevaluation | Bookvalue | |
ReconstructionandExpansionofNansha-ZhuhaisectionofGuangzhou-MacaoExpressway | 553,543,942.17 | 553,543,942.17 | 17,636,216.62 | 17,636,216.62 | ||
ReconstructionandExpansionofSanbaotoShuikou | 152,274,277.83 | 152,274,277.83 | 42,058,703.12 | 42,058,703.12 | ||
Jiangxi-Shenzhenhigh-speedrailwaycross-sectionexpansionproject | 15,664,172.98 | 15,664,172.98 | 14,470,943.98 | 14,470,943.98 | ||
Guangzhou-Shantou | 10,576,570.43 | 10,576,570.43 | 700,943.43 | 700,943.43 |
Items | Year-endbalance | Year-beginningbalance | ||||
Bookbalance | Provisionfordevaluation | Bookvalue | Bookbalance | Provisionfordevaluation | Bookvalue | |
RailwayCrossingproject | ||||||
BoluoCentralStationofficeandlivingfacilitiesrenovationandexpansionproject | 3,768,689.37 | 3,768,689.37 | ||||
TanweiBridgeShipCollisionPre | 1,749,246.00 | 1,749,246.00 | 1,749,246.00 | 1,749,246.00 | ||
Otherproject | 15,988,603.34 | 15,988,603.34 | 7,429,542.30 | 7,429,542.30 | ||
GualvhuInterchangeproject | 160,502,763.61 | 160,502,763.61 | ||||
HuizhouNorthInterchangeProject | 105,046,556.00 | 105,046,556.00 | ||||
IntelligentTransformationProjectforMonitoringSystemofFoshan-KaipingExpressway(PhaseII) | 1,535,540.00 | 1,535,540.00 | ||||
Total | 753,565,502.12 | 753,565,502.12 | 351,130,455.06 | 351,130,455.06 |
(2)Changesofsignificantconstructioninprogress
InRMB
Nameofproject | Budget | Openingbalance | Increase | Transferredtofixedassets | Otherdecrease | Endbalance | Proportion% | Projectprocess | Capitalizationofinterest | Including:capitalizationofinterestthisperiod | Capitalizationofinterestrate(%) | Sourceoffunding |
ReconstructionandExpansionofNansha-ZhuhaisectionofGuangzhou-MacaoExpressway | 13,735,989,200.00Note | 17,636,216.62 | 536,646,694.33 | 738,968.78 | 553,543,942.17 | 4.03% | 3.97% | 9,902,436.83 | 9,902,436.83 | 2.93% | Other | |
ReconstructionandExpansionofSanbaotoShuikou | 3,426,210,000.00 | 42,058,703.12 | 135,299,246.71 | 25,083,672.00 | 152,274,277.83 | 80.11% | 90.00% | 73,215,555.82 | 436,051.00 | 3.30% | Other | |
Jiangxi-Shenzhenhigh-speedrailwaycross-sectionexpansionproject | 16,966,900.00 | 14,470,943.98 | 1,193,229.00 | 15,664,172.98 | 92.32% | 92.32% | Other | |||||
ExpansionProjectofLuogang-LingkengSection | 321,541,000.00 | 7,383,321.30 | 6,983,701.10 | 14,367,022.40 | 4.47% | 4.47% | Other | |||||
Guangzhou-ShantouRailwayCrossingproject | 21,460,000.00 | 700,943.43 | 9,875,627.00 | 10,576,570.43 | 49.29% | 49.29% | Other | |||||
BoluoCentralStationofficeandlivingfacilitiesrenovationandexpansionproject | 17,000,000.00 | 3,768,689.37 | 3,768,689.37 | 22.17% | 22.17% | Other | ||||||
TanweiBridgeShipCollisionPre | 50,000,000.00 | 1,749,246.00 | 1,749,246.00 | 3.50% | 3.50% | Other | ||||||
GualvhuInterchangeproject | 287,159,500.00 | 160,502,763.61 | 38,050,458.39 | 198,553,222.00 | 69.14% | 100.00% | Other |
Nameofproject | Budget | Openingbalance | Increase | Transferredtofixedassets | Otherdecrease | Endbalance | Proportion% | Projectprocess | Capitalizationofinterest | Including:capitalizationofinterestthisperiod | Capitalizationofinterestrate(%) | Sourceoffunding |
TanweitoHenglibridgewithstreetlampproject | 8,470,000.00 | 8,409,414.36 | 8,409,414.36 | 99.28% | 100.00% | Other | ||||||
HuizhouNorthInterchangeProject | 291,295,500.00 | 105,046,556.00 | 123,723,444.00 | 228,770,000.00 | 78.54% | 100.00% | Other | |||||
Total | 17,854,551,100.00 | 342,165,372.76 | 856,966,803.16 | 460,816,308.36 | 738,968.78 | 737,576,898.78 | 83,117,992.65 | 10,338,487.83 |
Note:ThebudgetforreconstructionandexpansionofNansha-ZhuhaiSectionofGuangzhou-AustraliaExpresswayincludestheconstructioncostsofsomeengineeringprojectsundertakenbythegovernment.
(3)ProvisionforimpairmentofconstructionprojectsinthecurrentperiodNone
(4)EngineeringMaterials:None
15.Userightassets
InRMB
Items | Houseandbuildings | Machineryequipment | Transportationequipment | Other | Total |
I.Originalprice | |||||
1.Openingbalance | 21,487,031.29 | 357,112.19 | 1,163,391.05 | 1,007,747.00 | 24,015,281.53 |
2.Increasedamountoftheperiod |
I.Originalprice
I.Originalprice | 1,163,391.05 | 1,163,391.05 | |||
1.Openingbalance | |||||
2.Increasedamountoftheperiod | 496,501.35 | 496,501.35 | |||
(3)Otherout | 666,889.70 | 666,889.70 | |||
4.Closingbalance | 21,487,031.29 | 357,112.19 | 1,007,747.00 | 22,851,890.48 | |
II.Accumulateddepreciation | |||||
1.Openingbalance | 9,208,727.65 | 71,422.44 | 527,788.99 | 107,017.44 | 9,914,956.52 |
2.Increasedamountoftheperiod | 9,208,727.64 | 71,422.44 | 383,956.13 | 107,017.44 | 9,771,123.65 |
(1)Withdrawal | 9,208,727.64 | 71,422.44 | 383,956.13 | 107,017.44 | 9,771,123.65 |
3.Decreasedamountoftheperiod
3.Decreasedamountoftheperiod | 911,745.12 | 911,745.12 | |||
(1)Disposition | |||||
(2)Disposalsubsidiary | 244,855.42 | 244,855.42 | |||
(3)Otherout | 666,889.70 | 666,889.70 | |||
4.Closingbalance | 18,417,455.29 | 142,844.88 | 214,034.88 | 18,774,335.05 | |
III.Impairmentprovision | |||||
1.Openingbalance | |||||
2.Increasedamountoftheperiod | |||||
(1)Withdrawal |
3.Decreasedamountoftheperiod
3.Decreasedamountoftheperiod |
(1)Disposition |
4.Closingbalance
4.Closingbalance | |||||
IV.Bookvalue | |||||
1.Closingbookvalue | 3,069,576.00 | 214,267.31 | 793,712.12 | 4,077,555.43 | |
2.Openingbookvalue | 12,278,303.64 | 285,689.75 | 635,602.06 | 900,729.56 | 14,100,325.01 |
16.Intangibleassets
(1)Listofintangibleassets
InRMB
Items | Landuseright | Patentright | Non-patentedtechnology | Software | TheTurnpikefranchise | Total |
I.Originalprice | ||||||
1.Openingbalance | 1,311,658.00 | 42,063,790.16 | 318,348,741.86 | 361,724,190.02 | ||
2.Increasedamountoftheperiod | 1,390,080.76 | 2,044,196.04 | 3,434,276.80 | |||
(1)Purchase | 1,390,080.76 | 2,044,196.04 | 3,434,276.80 | |||
(2)InternalDevelopment | ||||||
(3)IncreasedofEnterpriseCombination |
3.Decreasedamountoftheperiod
3.Decreasedamountoftheperiod | 5,853,470.08 | 5,853,470.08 | |||
(1)Disposal | 4,374,098.85 | 4,374,098.85 | |||
(2)Governmentsubsidiescut | |||||
(3)Disposalsubsidiary | 1,479,371.23 | 1,479,371.23 | |||
4.Closingbalance | 2,701,738.76 | 38,254,516.12 | 318,348,741.86 | 359,304,996.74 | |
II.Accumulatedamortization | |||||
1.Openingbalance | 1,311,658.00 | 34,803,392.38 | 57,104,963.21 | 93,220,013.59 | |
2.Increasedamountoftheperiod | 1,048,464.39 | 2,607,149.09 | 20,703,176.83 | 24,358,790.31 | |
(1)Withdrawal | 1,048,464.39 | 2,607,149.09 | 20,703,176.83 | 24,358,790.31 |
3.Decreasedamountoftheperiod
3.Decreasedamountoftheperiod | 5,046,278.60 | 5,046,278.60 | |||
(1)Disposal | 4,374,098.85 | 4,374,098.85 | |||
(2)Disposalsubsidiary | 672,179.75 | 672,179.75 | |||
4.Closingbalance | 2,360,122.39 | 32,364,262.87 | 77,808,140.04 | 112,532,525.30 | |
III.Impairmentprovision | |||||
1.Openingbalance | |||||
2.Increasedamountoftheperiod | |||||
(1)Withdrawal |
3.Decreasedamountoftheperiod |
(1)Disposal |
4.Closingbalance
4.Closingbalance | |||||
IV.Bookvalue | |||||
1.Closingbookvalue | 341,616.37 | 5,890,253.25 | 240,540,601.82 | 246,772,471.44 | |
2.Openingbookvalue | 7,260,397.78 | 261,243,778.65 | 268,504,176.43 |
Attheendofthisperiod,thereisnointangibleassetsformedthroughthecompany'sinternalresearchanddevelopment.⑵DetailsofLanduserightfailedtoaccomplishcertificationofproperty
InRMB
Items | Bookvalue | Reasonfornotobtainingthetitlecertificate |
GongheTownLand | 341,616.37 | Reasonsleftoverfromhistory |
17.Long-termamortizeexpenses
InRMB
Items | Balanceinyear-begin | Increaseinthisperiod | Amortizedexpenses | Otherloss | Balanceinyear-end |
Prepaidbusinesstaxandsurchargesbeforereplacementofbusinesstaxwithvalue-addedtax | 2,103,750.00 | 350,625.00 | 1,753,125.00 | ||
Total | 2,103,750.00 | 350,625.00 | 1,753,125.00 |
Othernote
18.Deferredincometaxassets/deferredincometaxliabilities
(1)Deferredincometaxassetshadnotbeenoff-set
InRMB
Items | Balanceinyear-end | BalanceYear-beginning | ||
Deductibletemporarydifference | Deferredincometaxassets | Deductibletemporarydifference | Deferredincometaxassets | |
Assetsimpairmentprovisions | 7,912,893.77 | 1,978,223.45 | 7,264,977.10 | 1,816,244.28 |
Deductibleloss | 363,420,806.96 | 90,855,201.74 | 671,918,486.05 | 167,979,621.51 |
Assetappraisal,appreciation,depreciationandamortization | 120,375,258.24 | 30,093,814.56 | 190,813,984.60 | 47,703,496.15 |
Deferredincome | 21,009,212.70 | 5,252,303.27 | 30,978,093.11 | 7,744,523.33 |
Total | 512,718,171.67 | 128,179,543.02 | 900,975,540.86 | 225,243,885.27 |
(2)Deferredincometaxliabilitieshadnotbeenoff-set
InRMB
Items | Balanceinyear-end | BalanceYear-beginning | ||
Deductibletemporarydifference | Deferredincometaxliabilities | Deductibletemporarydifference | Deferredincometaxliabilities | |
Changesinthefairvalueofotherequityinstruments | 241,394,552.45 | 60,348,638.11 | 263,485,537.28 | 65,871,384.32 |
Deductibletemporarydifferencesintheformationofassetimpairment | 965,577,119.54 | 241,394,279.90 | 995,623,507.00 | 248,905,876.75 |
Differenceofamortizationmethodoffranchiseoftollroad | 9,854,438.83 | 2,463,609.71 | 4,580,106.28 | 1,145,026.57 |
Changesinthefairvalueoftradingfinancialassets | 10,400,000.00 | 2,600,000.00 | ||
Total | 1,227,226,110.82 | 306,806,527.72 | 1,263,689,150.56 | 315,922,287.64 |
(3)Deferredincometaxassetsorliabilitieslistedasnetafteroffset:None
(4)Detailsofunrecognizeddeferredtaxassets
InRMB
Items | Balanceinyear-end | BalanceYear-beginning |
Deductibletemporarydifference | 37,864,110.43 | 93,406,200.73 |
Deductibleloss | 18,536,190.43 | 15,342,382.11 |
Total | 56,400,300.86 | 108,748,582.84 |
(5)Deductiblelossesoftheun-recognizeddeferredincometaxassetwillexpireinthefollowingyears
InRMB
Year | Balanceinyear-end | BalanceYear-beginning | Remark |
2022 | 1,133,109.04 | ||
2023 | 3,129,535.72 | 3,129,535.72 | |
2024 | 3,618,779.07 | 3,618,779.07 | |
2025 | 3,571,100.29 | 3,571,100.29 | |
2026 | 3,889,857.99 | 3,889,857.99 | |
2027 | 4,326,917.36 | ||
Total | 18,536,190.43 | 15,342,382.11 |
19.OtherNon-currentassets
InRMB
Items | Balanceinyear-end | BalanceYear-beginning | ||||
Bookbalance | Provisionfordevaluation | Bookvalue | Bookbalance | Provisionfordevaluation | Bookvalue | |
Prepaidfixedassetsengineeringfees | 6,258,116.72 | 6,258,116.72 | 24,675,415.36 | 24,675,415.36 | ||
Prepaidbusinesstax | 2,116,662.12 | 2,116,662.12 | 415,282.44 | 415,282.44 | ||
Less:Partduewithin1year | 51,745.32 | 51,745.32 | ||||
Total | 8,374,778.84 | 8,374,778.84 | 25,038,952.48 | 25,038,952.48 |
20.Short-termBorrowing
(1)Short-termBorrowing
InRMB
Total | Balanceinyear-end | BalanceYear-beginning |
CreditBorrowing | 430,000,000.00 | |
Interestpayablenotdue | 387,597.20 | |
Total | 430,387,597.20 |
(2)Overdueshort-termborrowings
None
21.Accountpayable
(1)Listofaccountpayable
InRMB
Items | Balanceinyear-end | BalanceYear-beginning |
Within1year(Including1year) | 106,284,617.63 | 137,346,075.15 |
1-2years(including2years) | 15,315,242.17 | 32,260,718.56 |
2-3years(including3years) | 2,693,624.18 | 30,239,953.68 |
Over3years | 73,495,298.79 | 64,640,392.05 |
Total | 197,788,782.77 | 264,487,139.44 |
(2)Significantpayableagingmorethan1year
InRMB
Items | Balanceinyear-end | Reason |
FoshanLandandresourcesBureau. | 30,507,598.21 | Unsettled |
GuangZhongjiangExpresswayprojectManagementDept | 17,466,700.00 | Unsettled |
HeshanLandandresourcesBureau | 9,186,893.60 | Unsettled |
GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | 5,601,117.12 | Unsettled |
PolyChangdaEngineeringCo.,Ltd. | 4,841,730.30 | Unsettled |
Total | 67,604,039.23 |
Othernote
22.Prepaymentreceived
(1)ListofPrepaymentreceived
InRMB
Items | Balanceinyear-end | BalanceYear-beginning |
Within1year(Including1year) | 1,913,639.06 | 1,937,127.54 |
1-2years(Including2years) | 805,117.91 | 2,777.78 |
2-3years(Including3years) | ||
Over3years | 8,720,303.19 | |
Total | 2,718,756.97 | 10,660,208.51 |
(2)Significantadvancefromcustomersagingoveroneyear
InRMB
Items | Balanceinyear-end | Unpaid/Uncarryoverreason |
HebeiJianhongElectricEngineeringCo.,Ltd. | 805,117.91 | Unsettled |
Total | 805,117.91 | -- |
23.Contractliabilities
InRMB
Items | Balanceinyear-end | BalanceYear-beginning |
Advancesonsales | 22,000.00 | |
Lee:Includedinothernon-currentliabilities | ||
Total | 22,000.00 |
24.PayableEmployeewage
(1)PayableEmployeewage
InRMB
Items | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance |
I.Short-termcompensation | 19,213,631.91 | 437,876,240.74 | 436,429,544.05 | 20,660,328.60 |
II.Post-employmentbenefits-definedcontributionplans | 65,071,129.47 | 65,071,129.47 | ||
III.Dismissalbenefits | 319,422.79 | 319,422.79 | ||
Total | 19,213,631.91 | 503,266,793.00 | 501,820,096.31 | 20,660,328.60 |
(2)Short-termRemuneration
InRMB
Items | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance |
1.Wages,bonuses,allowancesandsubsidies | 505,563.47 | 332,844,655.90 | 332,885,155.88 | 465,063.49 |
2.Employeewelfare | 31,473,322.96 | 31,473,322.96 | ||
3.Socialinsurancepremiums | 24,377,165.82 | 24,377,165.82 | ||
Including:Medicalinsurance | 16,092,852.91 | 16,092,852.91 | ||
Workinjuryinsurance | 995,680.99 | 995,680.99 | ||
Maternityinsurance | 1,577,891.08 | 1,577,891.08 | ||
Other | 5,710,740.84 | 5,710,740.84 | ||
4.Publicreservesforhousing | 37,890,451.08 | 37,890,451.08 | ||
5.Unionfundsandstaffeducationfee | 16,483,121.80 | 9,627,061.45 | 8,227,137.85 | 17,883,045.40 |
8.Other | 2,224,946.64 | 1,663,583.53 | 1,576,310.46 | 2,312,219.71 |
Total | 19,213,631.91 | 437,876,240.74 | 436,429,544.05 | 20,660,328.60 |
(3)Definedcontributionplanslisted
InRMB
Items | BalanceYear-beginning | Increaseinthisperiod | Payableinthisperiod | Balanceinyear-end |
1.Basicold-ageinsurancepremiums | 37,583,265.25 | 37,583,265.25 | ||
2.Unemploymentinsurance | 1,132,651.90 | 1,132,651.90 | ||
3.Enterpriseannuitypayment | 26,355,212.32 | 26,355,212.32 | ||
Total | 65,071,129.47 | 65,071,129.47 |
25.TaxPayable
InRMB
Items | Balanceinyear-end | Dueinthecurrentperiod | Thisissuehasbeendelivered | Balanceinyear-end |
VAT | 9,619,067.45 | 126,433,491.94 | 132,549,149.84 | 15,734,725.35 |
EnterpriseIncometax | 58,889,929.38 | 455,641,581.45 | 540,230,502.06 | 143,478,849.99 |
IndividualIncometax | 2,552,347.21 | 4,797,823.81 | 5,447,798.66 | 3,202,322.06 |
CityConstructiontax | 633,666.06 | 7,898,514.20 | 8,309,173.36 | 1,044,325.22 |
Educationsubjoin | 306,387.03 | 3,789,014.72 | 3,975,019.53 | 492,391.84 |
LocalityEducationsubjoin | 185,315.25 | 2,526,504.62 | 2,650,013.06 | 308,823.69 |
Vehicleandvesseltax | 75,577.43 | 75,577.43 | ||
Landusetax | 3,006,644.73 | 3,006,644.73 | ||
Propertytax | 60,799.58 | 4,229,458.96 | 4,279,152.83 | 110,493.45 |
Stamptax | 60,261.45 | 338,371.08 | 518,691.02 | 240,581.39 |
Total | 72,307,773.41 | 608,736,982.94 | 701,041,722.52 | 164,612,512.99 |
26.Otheraccountspayable
InRMB
Items | Balanceinyear-end | BalanceYear-beginning |
Dividendpayable | 59,994,517.46 | 22,941,943.24 |
Otheraccountpayable | 131,173,042.77 | 155,028,540.52 |
Total | 191,167,560.23 | 177,970,483.76 |
(1)Interestpayable:None
(2)Dividendspayable
InRMB
Items | Balanceinyear-end | BalanceYear-beginning |
Commonstockdividends | 25,694,517.46 | 22,941,943.24 |
Dividendspayable-GuangdongProvincialFreewayCo.,Ltd. | 11,550,000.00 | |
Dividendspayable-GuangdongZhujiangHighwayandBridgeInvestmentCo.,Ltd | 21,000,000.00 | |
Dividendspayable-HZCI | 1,750,000.00 | |
Total | 59,994,517.46 | 22,941,943.24 |
Note:Includingsignificantunpaiddividendspayableoveroneyear,theunpaidreasonshallbedisclosed:
Finaldividendpayable22,875,730.65yuanformorethanayearinunpaiddividendstoshareholdersovertheyearwasmainlyduetonon-paymentofshareholderdividendsdidnotprovideinformationoninterest-bearingbank,didnotsharereformofshareholderstoreceivedividendsorprovideapplicationtoreceivedividendsthebankinformationisincorrect,resultinginfailuretopayadividendorrefund.
(3)Otheraccountspayable
(1)Otheraccountspayablelistedbynatureoftheaccount
InRMB
Items | Year-endbalance | Year-Beginningbalance |
Estimatedprojectcost | 40,097,538.05 | 42,394,262.23 |
Deposit,warrantyandsecuritydeposit | 64,205,413.61 | 77,685,535.90 |
Other | 26,870,091.11 | 34,948,742.39 |
Total | 131,173,042.77 | 155,028,540.52 |
(2)Othersignificantaccountspayablewithagingoveroneyear
InRMB
Items | Closingbalance | Unpaid/un-carryoverreason |
YayaotoXiebianextension | 12,499,448.48 | Thesettlementconditionsarenotmet |
PolyChangdaHighwayEngineeringCo.,Ltd. | 10,429,481.01 | Thesettlementconditionsarenotmet |
GuangdongGuanyueRoad&BridgeCo.,Ltd. | 7,582,627.80 | Thesettlementconditionsarenotmet |
Total | 30,511,557.29 |
27.Non-currentliabilitiesduewithin1year
InRMB
Items | Balanceyear-end | Year-beginningbalance |
Long-termloansduewithin1year | 72,870,082.19 | 471,545,553.76 |
PayableBondsduewithin1year | 40,679,999.99 | 40,680,000.01 |
Long-termpayableduewithin1year | 944,339.62 | 944,339.62 |
Leaseliabilitiesduewithin1year | 2,517,045.16 | 12,474,474.87 |
Total | 117,011,466.96 | 525,644,368.26 |
Othernote
28.Othercurrentliabilities
InRMB
Items | Balanceyear-end | Year-beginningbalance |
Taxtoberewritten | 600,639.56 | 726,336.48 |
Entrustedloansandinterest | 500,122,916.67 | |
Total | 500,723,556.23 | 726,336.48 |
29.Long-termloan
(1)Categoryoflong-termloan
InRMB
Items | Balanceyear-end | Year-beginningbalance |
Pledgeloan | 14,525,000.00 | 582,195,000.00 |
Creditloan | 5,619,259,650.00 | 4,456,002,800.00 |
Interestpayablewhennotdue | 5,680,782.19 | 5,968,953.76 |
Less:Long-termloansduewithinoneyear | 72,870,082.19 | 471,545,553.76 |
Total | 5,566,595,350.00 | 4,572,621,200.00 |
30.Bondpayable
(1)Bondpayable
InRMB
Items | Balanceyear-end | Year-beginningbalance |
Medium-termnote | 1,428,381,232.94 | 1,427,434,086.58 |
Interestpayablewhennotdue | 40,679,999.99 | 40,680,000.01 |
Less:Long-termBondsduewithinoneyear | 40,679,999.99 | 40,680,000.01 |
Total | 1,428,381,232.94 | 1,427,434,086.58 |
(2)Changesofbondspayable(Notincludingtheotherfinancialinstrumentofpreferredstockandperpetualcapitalsecuritiesthatclassifyasfinancialliability
InRMB
Nameofthebond | Bookvalue | Issuedate | Period | Issueamount | Openingbalance | Thecurrentissue | Withdrawinterestatpar | Overflowdiscountamount | Payincurrentperiod | Closingbalance |
19GuangdongExpresswayMTN001 | 680,000,000.00 | 2019.2.27 | 2019.3.1-2024.3.1 | 680,000,000.00 | 679,025,866.59 | 27,200,000.00 | -450,610.40 | 27,200,000.00 | 679,476,476.99 | |
20GuangdongExpresswayMTN001 | 750,000,000.00 | 2020.3.13 | 2020.3.17-2025.3.17 | 750,000,000.00 | 748,408,219.99 | 22,500,000.00 | -496,535.96 | 22,500,000.00 | 748,904,755.95 | |
Total | —— | 1,430,000,000.00 | 1,427,434,086.58 | 49,700,000.00 | -947,146.36 | 49,700,000.00 | 1,428,381,232.94 |
(3)NotetoconditionsandtimeofsharetransferofconvertiblebondsNone
(4)OtherfinancialinstrumentsthatareclassifiedasfinancialliabilitiesNone
31.Leaseliabilities
InRMB
Items | Balanceyear-end | Year-beginningbalance |
Long-termleaseliabilities | 2,709,232.95 | 15,671,597.45 |
Less:Financingcostsarenotrecognized | 41,203.32 | 423,662.82 |
Less:Leaseliabilitiesduewithin1year | 2,517,045.16 | 12,474,474.87 |
Total | 150,984.47 | 2,773,459.76 |
32.Long-termpayable
InRMB
Items | Balanceyear-end | Year-beginningbalance |
Long-termpayable | 2,517,493.12 | 3,461,832.74 |
Total | 2,517,493.12 | 3,461,832.74 |
(1)Long-termpayablelistedbynatureoftheaccount
InRMB
Items | Balanceyear-end | Year-beginningbalance |
Non-operatingassetpayable | 2,022,210.11 | 2,022,210.11 |
Mediumtermbillunderwritingfee | 1,439,622.63 | 2,383,962.25 |
Less:Partduewithin1year | 944,339.62 | 944,339.62 |
Total |
33.Deferredincome
InRMB
Items | Openingbalance | Increase | Decrease | Closingbalance | Cause |
Governmentsubsidy | 30,978,093.11 | 80,857.00 | 10,049,737.41 | 21,009,212.70 | |
Leaseincome | 38,250,000.00 | 9,094,873.88 | 7,271,104.95 | 40,073,768.93 | |
Total | 69,228,093.11 | 9,175,730.88 | 17,320,842.36 | 61,082,981.63 | -- |
Detailsofgovernmentsubsidies:
InRMB
Items | Beginningofterm | Newsubsidyincurrentperiod | Amounttransferredtonon-operationalincome | Otherincomerecordedinthecurrentperiod | Amountofcostdeductedinthecurrentperiod | Otherchanges | Endofterm | Asset-relatedorincome-related |
CancellationofExpresswayProvincialTollStationProject | 30,978,093.11 | 10,046,949.24 | 20,931,143.87 | Relatedtoassets |
Items | Beginningofterm | Newsubsidyincurrentperiod | Amounttransferredtonon-operationalincome | Otherincomerecordedinthecurrentperiod | Amountofcostdeductedinthecurrentperiod | Otherchanges | Endofterm | Asset-relatedorincome-related |
Charginginfrastructurerewards | 80,857.00 | 2,788.17 | 78,068.83 | Relatedtoassets |
34.Stockcapital
InRMB
BalanceYear-beginning | Changed(+,-) | Balanceinyear-end | |||||
Issuanceofnewshare | Bonusshares | Capitalizationofpublicreserve | Other | Subtotal | |||
Totalofcapitalshares | 2,090,806,126.00 | 2,090,806,126.00 |
35.Capitalreserves
InRMB
Items | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance |
Sharepremium | 508,711,146.99 | 508,711,146.99 | ||
(1)Capitalinvestedbyinvestors | 2,508,408,342.99 | 2,508,408,342.99 | ||
(2)Influenceofbusinesscombinationunderthesamecontrol | -1,999,697,196.00 | -1,999,697,196.00 | ||
Othercapitalreserves | 204,749,371.50 | 29,673,038.54 | 234,422,410.04 | |
(1)Changesinotherequityoftheinvesteeundertheequityaccounting(Note1,2) | -3,457,667.20 | 424,436.54 | -3,033,230.66 | |
(2)Other(Note3) | 208,207,038.70 | 29,248,602.00 | 237,455,640.70 | |
Total | 713,460,518.49 | 29,673,038.54 | 743,133,557.03 |
-Thesituationofchangeinthecurrentcapitalreserveisasfollows:
Note1:GuangdongYuepuSmallRefinancingCo.,Ltd-anassociatecompany-adjustedthestatementnumbers.TheCompanyadjustedthebookvalueoflong-termequityinvestmentbeforeequitydilutionaccordingtotheshareholdingratio,resultinginanincreaseincapitalreserveofRMB57,008.18duetochangesinequitydilutedequity.
Note2:HunanLianzhiTechnologyCo.,Ltd,anassociateofYuegaoCapital(Holdings)GuangzhouCo.,Ltd-asubsidiarytotheCompany,repurchasedtheequityofothershareholders,resultinginachangeinthelong-termequityinvestmentofthesubsidiaryaccountedforbytheequitymethod,withanincreaseinthecapitalreserveof367,428.36yuan.Note3:TheagreementsignedbyGuangzhou-HuizhouCompanyandZengchengDistrictGovernmenttoaddZengchengRoadInterchangeonGuangzhou-HuizhouExpressway,whichstipulatesthatGuangzhou-HuizhouCompanywillbuildShaningInterchangeandXinchengRoadInterchange,andalltheexpensesincurredintheconstructionofInterchangewillbebornebyZengchengDistrictGovernment.
TheagreementsignedbyGuangzhou-HuizhouCompanyandHuizhouTransportationBureautoaddChangkengInterchange(tentativename)onGuangzhou-HuizhouExpressway,whichstipulatesthatGuangzhou-HuizhouCompanywillbuildChangkengInterchange(renamedHuizhouNorthInterchange),andalltheexpensesincurredintheconstructionofInterchangewillbebornebyGuangzhou-HuizhouCompany.HuizhouMunicipalTransportationBureauwillgiveGuanghuiCompanyafinancialsubsidyforthisagreedproject.TheHuizhouMunicipalTransportationBureauwillgiveGuanghuiCompanyafinancialsubsidyfortheprojectunderthisagreement.
Aftertheaboveprojectiscompleted,itwillbemanagedbyGuangzhou-HuizhouCompany.AtotalofRMB408,249,095.50wasreceivedfromGovernmentatthebeginningoftheperiod,ofwhichtheopeningbalanceofcapitalreserveattributabletotheparentcompany-othercapitalreservewasRMB208,207,038.70,andRMB57,350,200.00wasnewlyreceivedinthisperiod,ofwhichcapitalreserveattributabletotheparentcompany-othercapitalreserveincreasedbyRMB29,248,602.00inthisperiod.
36.Othercomprehensiveincome
InRMB
Items | Year-beginningbalance | Amountofcurrentperiod | Year-endbalance | |||||
Amountincurredbeforeincometax | Less:Amounttransferredintoprofitandlossinthecurrentperiodthatrecogniedintoothercomprehensiveincomeinpriorperiod | Less:Priorperiodincludedinothercompositeincometransfertoretainedincomeinthecurrentperiod | Less:Incometaxexpenses | After-taxattributetotheparentcompany | After-taxattributetominorityshareholder | |||
1.Othercomprehensiveincomewillbereclassifiedintoincomeorlossinthefuture | 195,395,263.20 | -19,872,095.07 | -5,522,746.21 | -14,349,348.86 | 181,045,914.34 | |||
Changesinfairvalueofinvestmentsinotherequityinstruments | 195,395,263.20 | -19,872,095.07 | -5,522,746.21 | -14,349,348.86 | 181,045,914.34 | |||
2.Othercomprehensiveincomereclassifiabletoprofitorlossinsubsequentperiods | -3,217,796.86 | -7,194,460.81 | -7,194,460.81 | -10,412,257.67 | ||||
Including:Shareofothercomprehensiveincomeoftheinvesteethatcannotbetransferredtoprofitorlossaccountedforusingtheequitymethod | -3,217,796.86 | -7,194,460.81 | -7,194,460.81 | -10,412,257.67 | ||||
Totalofothercomprehensiveincome | 192,177,466.34 | -27,066,555.88 | -5,522,746.21 | -21,543,809.67 | 170,633,656.67 |
Othernotes,includingtheadjustmentoftherecognitionofinitialamountofeffectivepartofthecashflowhedginggainsandlossestransferintoarbitrageditems:
37.Surplusreserve
InRMB
Items | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance |
Statutorysurplusreserve | 1,225,375,330.56 | 147,681,138.46 | 1,373,056,469.02 | |
Total | 1,225,375,330.56 | 147,681,138.46 | 1,373,056,469.02 |
38.Retainedprofits
InRMB
Items | Amountofthisperiod | Amountoflastperiod |
Beforeadjustments:Retainedprofitsinlastperiodend | 4,760,618,543.78 | 3,725,679,319.35 |
Adjustthetotalundistributedprofitsatthebeginningoftheperiod | 546,190.04 | |
Afteradjustments:Retainedprofitsattheperiodbeginning | 4,760,618,543.78 | 3,726,225,509.39 |
Add:Netprofitbelongingtotheowneroftheparentcompany | 1,277,069,521.90 | 1,700,406,981.99 |
Less:Statutorysurplusreserve | 147,681,138.46 | 57,589,364.93 |
Commonstockdividendpayable | 1,191,759,491.82 | 608,424,582.67 |
Retainedprofitattheendofthisterm | 4,698,247,435.40 | 4,760,618,543.78 |
Asregardsthedetailsofadjustedthebeginningundistributedprofits
(1)AstheretroactiveadjustmentonEnterpriseAccountingStandardsanditsrelatednewregulations,theaffectedbeginningundistributedprofitsareRMB0.00.
(2)Asthechangeoftheaccountingpolicy,theaffectedbeginningundistributedprofitsareRMB0.00.
(3)Asthecorrectionofsignificantaccountingerror,theaffectedbeginningundistributedprofitsareRMB0.00.
(4)Asthechangeofconsolidationscopecausedbythesamecontrol,theaffectedbeginningundistributedprofitsareRMB0.00.
(5)OtheradjustmentofthetotalaffectedbeginningundistributedprofitsareRMB0.00.
39.Operationincomeandoperationcost
InRMB
Items | Amountofthisperiod | Amountoflastperiod | ||
Income | Cost | Income | Cost | |
Mainoperation | 4,098,772,102.50 | 1,553,813,332.80 | 5,214,504,182.23 | 1,899,514,164.39 |
Otheroperation | 69,862,011.48 | 32,535,702.68 | 73,553,495.70 | 29,997,861.17 |
Total | 4,168,634,113.98 | 1,586,349,035.48 | 5,288,057,677.93 | 1,929,512,025.56 |
40.Businesstaxandsubjoin
InRMB
Items | Amountofthisperiod | Amountoflastperiod |
Urbanconstructiontax | 7,921,866.68 | 10,148,595.37 |
Educationsurcharge | 3,799,071.81 | 4,837,411.83 |
Propertytax | 4,229,458.96 | 4,108,460.47 |
Landusetax | 3,006,644.73 | 2,803,701.59 |
Vehicleusetax | 75,577.43 | 75,614.77 |
Stamptax | 338,371.08 | 589,040.04 |
Businesstax | 370,495.32 | 370,495.32 |
LocalityEducationsurcharge | 2,526,337.62 | 3,218,282.06 |
Total | 22,267,823.63 | 26,151,601.45 |
41.Administrativeexpenses
InRMB
Items | Amountofthisperiod | Amountoflastperiod |
Wage | 134,410,035.06 | 160,631,132.11 |
DepreciationandAmortization | 10,449,720.47 | 12,006,378.25 |
Intangibleassetsamortization | 1,834,472.02 | 2,145,714.88 |
Lowconsumablesamortization | 831,662.81 | 856,378.64 |
Rentalfee | 12,614,151.08 | 12,641,157.99 |
Officeexpenses | 7,819,756.53 | 7,832,333.51 |
Travelexpenses | 470,595.17 | 802,598.61 |
Consultationexpenses | 1,294,905.66 | 1,102,939.62 |
Thefeeforhiringagency | 4,182,360.31 | 5,345,624.33 |
Listingfee | 731,441.20 | 854,072.73 |
Informationcostandmaintenancefee | 3,267,275.05 | 3,821,536.06 |
Other | 13,519,706.10 | 15,565,575.73 |
Total | 191,426,081.46 | 223,605,442.46 |
42.R&Dexpenses
InRMB
Items | Amountofthisperiod | Amountoflastperiod |
Wage | 1,613,486.50 | 1,218,145.17 |
Materialcost | 412,566.35 | 117,433.62 |
Depreciation | 5,521.90 | 30,469.69 |
Lowconsumablesamortization | 2,112.93 | |
Officeexpenses | 3,957.92 | 12,252.27 |
Repairscost | 391.15 | 11,988.44 |
Vehiclefee | 15,512.82 | |
Developmentcost | 12,554,604.00 | 11,535,779.93 |
Other | 1,245.30 | 327,243.86 |
Total | 14,591,773.12 | 13,270,938.73 |
43.Financialexpenses
InRMB
Items | Amountofthisperiod | Amountoflastperiod |
Interestexpenses | 238,444,227.57 | 282,653,629.93 |
Depositinterestincome(-) | -47,404,858.97 | -64,220,887.86 |
ExchangeIncomeandloss(Gain-) | -988,123.62 | 371,334.74 |
Bankcommissioncharge | 1,012,828.60 | 628,831.70 |
Other | 7,077.52 | 2,281,404.25 |
Total | 191,071,151.10 | 221,714,312.76 |
44.Othergains
InRMB
Items | Amountofthisperiod | Amountoflastperiod | Asset-relatedorincome-related |
GovernmentSubsidy-CanceltheSpecialSubsidyforProvincialTollStationProjectofExpressway | 10,046,949.24 | 13,567,476.53 | Relatedtoassets |
Governmentsubsidy-Stablejobsubsidies | 2,344,310.46 | 1,198,029.54 | Relatetoincome |
Governmentsubsidy--Enterpriseswithindustrialtrainingsubsidies | 1,243,500.00 | Relatetoincome | |
Governmentsubsidy---TechnologyReward | 20,000.00 | Relatetoincome | |
Governmentsubsidy---Charginginfrastructurerewards | 2,788.17 | Relatedtoassets | |
Governmentsubsidy-Enterprisessubsidies | 339,000.00 | Relatetoincome | |
Maternityallowance | 691,491.83 | 579,838.26 | Relatetoincome |
Veterans'VATreductionandexemption | 309,883.38 | 284,718.89 | Relatetoincome |
Withholdingandremittingenterpriseprepaidincometaxfees | 273,172.75 | 343,853.85 | Relatetoincome |
Veterans'VATreductionandexemption | 39,056.05 | 43,938.09 | Relatetoincome |
Total | 13,727,651.88 | 17,600,355.16 |
45.Investmentincome
InRMB
Items | Amountofthisperiod | Amountoflastperiod |
Long-termequityinvestmentincomebyequitymethod | 194,171,768.63 | 227,004,893.87 |
Dividendsearnedduringtheholdingperiodoninvestmentsinotherequityinstrument | 47,286,243.74 | 50,056,360.49 |
Theinvestmentincomegeneratedbythedisposalofthesubsidiaries | 13,564,262.33 | |
Interestincomeonentrustedloans | 25,515.00 | |
Other | -91,000.00 | |
Total | 254,956,789.70 | 277,061,254.36 |
46.Changesinthefairvalueoftheearning
InRMB
Items | Amountofthisperiod | Amountoflastperiod |
Othernon-currentfinancialassets | 10,400,000.00 | |
Total | 10,400,000.00 |
47.Creditimpairmentlosses
InRMB
Items | Amountofthisperiod | Amountoflastperiod |
Impairmentlossesonaccountreceivable | -647,916.67 | -2,028,919.47 |
Impairmentlossesonotherreceivable | -97,749,481.71 | 93,582.00 |
Total | -98,397,398.38 | -1,935,337.47 |
48.Assetimpairmentloss
InRMB
Items | Amountofthisperiod | Amountoflastperiod |
Lossonimpairmentoffixedassets | -2,889,394.16 | |
Total | -2,889,394.16 |
49.Assetsdisposalincome
InRMB
Items | Amountofthisperiod | Amountoflastperiod |
Non-currentassetsdisposalgains | 478,663.58 | 3,017,370.44 |
Including:IncomefromdisposalofFixedassets | 478,663.58 | 3,017,370.44 |
Total | 478,663.58 | 3,017,370.44 |
50.Non-Operationincome
InRMB
Items | Amountofcurrentperiod | Amountofpreviousperiod | Theamountofnon-operatinggains&losses |
Non-currentassetsaredamagedandscrappedforprofit | 224,100.38 | 371,681.42 | 224,100.38 |
Including:Fixedassets | 224,100.38 | 371,681.42 | 224,100.38 |
Receiveassetsfreeofcharge | 6,119,104.00 | ||
Insuranceclaimincome | 6,582,174.68 | 5,020,697.37 | 6,582,174.68 |
Roadpropertyclaimincome | 2,678,040.82 | 3,436,760.97 | 2,678,040.82 |
Relocationcompensationincome | 1,714,382.93 | ||
Compensationforconstructionlandandgroundattachments | 186,642.86 | ||
Other | 564,625.40 | 1,126,225.63 | 564,625.40 |
Total | 10,048,941.28 | 17,975,495.18 | 10,048,941.28 |
51.Non-Operationexpense
InRMB
Items | Amountofcurrentperiod | Amountofpreviousperiod | Theamountofnon-operatinggains&losses |
Non-currentassetsaredamagedandscrappedforprofit | 640,374.72 | 753,220.25 | 640,374.72 |
Including:Fixedassets | 640,374.72 | 753,220.25 | 640,374.72 |
Roadrehabilitationexpenditure | 11,455,442.76 | 7,821,358.32 | 11,455,442.76 |
Expenditureforpublicwelfaredonations | 12,000,000.00 | ||
Fine | 2,254.33 | 153.62 | 2,254.33 |
Other | 165,222.71 | 1,908,653.45 | 165,222.71 |
Total | 12,263,294.52 | 22,483,385.64 | 12,263,294.52 |
52.Incometaxexpense
(1)Listsofincometaxexpense
InRMB
Items | Amountofcurrentperiod | Amountofpreviousperiod |
Currentincometaxexpense | 453,820,023.55 | 661,629,051.42 |
Deferredincometaxexpense | 93,471,328.54 | 73,735,963.14 |
Total | 547,291,352.09 | 735,365,014.56 |
(2)Adjustmentprocessofaccountingprofitandincometaxexpense
InRMB
Items | Amountofcurrentperiod |
Total | 2,341,879,602.73 |
Currentincometaxexpenseaccountedbytaxandrelevantregulations | 585,469,900.69 |
Influenceofincometaxbeforeadjustment | 195,238.73 |
Influenceofnontaxableincome | -52,274,937.65 |
Impactofnon-deductiblecosts,expensesandlosses | 15,884,949.59 |
Thecurrentperioddoesnotaffectthedeferredtaxassetsrecognizeddeductibletemporarydifferencesordeductibleloss | 12,790,588.08 |
Other | -14,774,387.35 |
Incometaxexpense | 547,291,352.09 |
53.ItemsofCashflowstatement
(1)Othercashreceivedfrombusinessoperation
InRMB
Items | Amountofcurrentperiod | Amountofpreviousperiod |
Interestincome | 44,010,814.62 | 64,220,887.86 |
Unitcurrentaccount | 76,546,511.83 | 62,196,377.10 |
Total | 120,557,326.45 | 126,417,264.96 |
(2)Othercashpaidrelatedtooperatingactivities
InRMB
Items | Amountofcurrentperiod | Amountofpreviousperiod |
Managementexpense | 28,648,089.97 | 37,053,815.32 |
Unitcurrentaccount | 98,694,135.34 | 45,656,506.01 |
Donation | 12,000,000.00 | |
Total | 127,342,225.31 | 94,710,321.33 |
(3).CashreceivablerelatedtootherFinancingactivities
InRMB
Items | Amountofcurrentperiod | Amountofpreviousperiod |
Governmentinfrastructureinvestmentsubsidies | 57,350,200.00 | 140,145,195.50 |
Internalfundlendingofthegroup | 500,000,000.00 | |
Total | 557,350,200.00 | 140,145,195.50 |
(4)CashpaidrelatedtootherFinancingactivities
InRMB
Items | Amountofcurrentperiod | Amountofpreviousperiod |
Issuancefeeofmedium-termnotes | 1,001,869.75 | 776,869.75 |
Purchaseof21%equityconsiderationofGuanghui | 1,221,839,292.00 | |
Cashpaidfortheleaseliabilities | 13,278,583.90 | 8,134,723.18 |
Total | 14,280,453.65 | 1,230,750,884.93 |
54.SupplementInformationforcashflowstatement
(1)SupplementInformationforcashflowstatement
InRMB
SupplementInformation | Amountofcurrentperiod | Amountofpreviousperiod |
I.Adjustingnetprofittocashflowfromoperatingactivities | ||
Netprofit | 1,794,588,250.64 | 2,426,784,700.28 |
Add:Creditlosspreparation | 98,397,398.38 | 1,935,337.47 |
Impairmentlossprovisionofassets | 2,889,394.16 | |
Depreciationoffixedassets,oilandgasassetsandconsumablebiologicalassets | 1,018,003,178.73 | 1,229,561,027.39 |
DepreciationofUserightassets | 9,771,123.65 | 9,914,956.52 |
Amortizationofintangibleassets | 24,232,065.30 | 36,587,254.42 |
AmortizationofLong-termdeferredexpenses | 350,625.00 | 350,625.00 |
Lossondisposaloffixedassets,intangibleassetsandotherlong-termdeferredassets | -478,663.58 | -3,017,370.44 |
Fixedassetsscraploss | 416,274.34 | 381,538.83 |
Lossonfairvaluechanges | -10,400,000.00 | |
Financialcost | 237,456,103.95 | 283,024,964.67 |
Lossoninvestment | -254,956,789.70 | -277,061,254.36 |
Decreaseofdeferredincometaxassets | 97,064,342.25 | 105,511,533.12 |
Increasedofdeferredincometaxliabilities | -3,593,013.71 | -31,775,569.98 |
Decreaseofinventories | -586,318.60 | |
Deceaseofoperatingreceivables | -102,793,804.75 | 8,323,698.17 |
IncreasedofoperatingPayable | -156,030,532.12 | -123,079,795.49 |
Other | ||
Netcashflowsarisingfromoperatingactivities | 2,752,026,558.38 | 3,669,744,721.16 |
II.Significantinvestmentandfinancingactivitiesthatwithoutcashflows: | ||
Conversionofdebtintocapital | ||
Convertiblecorporatebondsmaturingwithinoneyear | ||
Financingoffixedassetsleased | ||
3.Movementofcashandcashequivalents: | ||
Endingbalanceofcash | 4,284,688,231.33 | 2,955,183,190.55 |
Less:Beginningbalanceofcashequivalents | 2,955,183,190.55 | 2,846,176,803.89 |
Add:Endbalanceofcashequivalents | ||
Less:Beginningbalanceofcashequivalents | ||
Netincreaseofcashandcashequivalent | 1,329,505,040.78 | 109,006,386.66 |
(2)Compositionofcashandcashequivalents
InRMB
Items | Balanceinyear-end | Balanceinyear-Beginning |
Cash | 4,284,688,231.33 | 2,955,183,190.55 |
Ofwhich:Cashinstock | 43,420.71 | 38,214.02 |
Banksavingscouldbeusedatanytime | 4,284,128,907.61 | 2,954,629,744.81 |
Othermonetarycapitalcouldbeusedatanytime | 515,903.01 | 515,231.72 |
Balanceofcashandcashequivalentsattheperiodend | 4,284,688,231.33 | 2,955,183,190.55 |
55.Theassetswiththeownershiporuserightrestricted
InRMB
Items | Bookvalueattheendoftheperiod | Restrictedreason |
Monetaryfund | 1,221,200.00 | Landreclamationfundsinthefundescrowaccount |
Total | 1,221,200.00 | -- |
Othernote:
AsofDecember31,2022,theGuangzhuSectionoftheBeijing-ZhuhaiExpressway,asubsidiaryoftheCompany,hasaborrowingbalanceofRMB14,525,000.00(it’salllong-termloanbalance)fromtheWuyangBranchofIndustrialandCommercialBankofChinaCo.,Ltd,anditprovidedthepledgeguaranteebythetollrightsoftheGuangzhuSectionoftheBeijing-ZhuhaiExpresswayproject(therighttocollecttollsforvehiclesdrivingontheGuangzhuSectionoftheBeijing-ZhuhaiExpresswayandtheincomegeneratedbytheownershipofsuchrights)correspondingtothebalanceoftheloan.
VIII.Changesofmergescope
1.ThedisposalofsubsidiaryWhetherthereisasingledisposaloftheinvestmenttosubsidiaryandlostcontrol
√Yes□No
InRMB
Subsidiaryname | Equitydisposalprice | Equitydisposalratio | Equitydisposalmethod | pointoflossofcontrol | Determinationbasisforthepointoflossofcontrol | Thedifferencebetweenthedisposalpriceandtheshareofthesubsidiary'snetassetsattheconsolidatedfinancialstatementlevelcorrespondingtothedisposalinvestment | Percentageofremainingequityatthedateoflossofcontrol | Bookvalueofremainingequityonthedateoflossofcontrol | Fairvalueofremainingequityatthedateoflossofcontrol | Gainorlossfromremeasurementofremainingequityatfairvalue | Determinationmethodandmainassumptionsoffairvalueofremainingequityonthedateoflossofcontrol | Amounttransferredfromothercomprehensiveincomerelatedtoequityinvestmentinatomiccompanytoinvestmentprofitandloss |
GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | 50,623,900.00 | 100.00% | Saleofsharesundercommoncontrol | March29,2022 | Completedtheequitytransfer,thetransferofcontrolright | 13,564,262.33 | 0.00% | 0.00 | 0.00 | 0.00 | 0.00 |
Othernote:
Whethertherearemultipletransactionsstepbystepdisposetheinvestmenttosubsidiaryandlostcontrolinreportingperiod
□Yes√No
IX.Equityinotherentities
1.Equityinsubsidiary
(1)Thestructureoftheenterprisegroup
NameofSubsidiary | MainPlacesofOperation | RegistrationPlace | NatureofBusiness | ShareholdingRatio(%) | ObtainingMethod | |
direct | indirect | |||||
GuangfoExpresswayCo.,Ltd. | Guangzhou | Guangzhou | ExpresswayManagement | 75.00% | Underthesamecontrolbusinesscombination | |
GuanghuiExpresswayCo.,Ltd. | Guangzhou | Guangzhou | ExpresswayManagement | 51.00% | Underthesamecontrolbusinesscombination | |
JingzhuExpresswayGuangzhuSectionCo.,Ltd. | Zhongshan | Guangzhou | ExpresswayManagement | 75.00% | Underthesamecontrolbusinesscombination | |
YuegaoCapitalInvestment(Guangzhou)Co.,Ltd. | Guangzhou | Guangzhou | Investmentmanagement | 100.00% | Investment |
Notes:holdingproportioninsubsidiarydifferentfromvotingproportion:NoneBasisofholdinghalforlessvotingrightsbutstillbeencontrolledinvesteeandholdingmorethanhalfofthevotingrightsnotbeencontrolledinvestee:NoneSignificantstructureentitiesandcontrollingbasisinthescopeofcombination:NoneBasisofdeterminewhethertheCompanyistheagentortheprincipal:None
(2)ImportantNon-wholly-ownedSubsidiary
InRMB
NameofSubsidiary | ShareholdingRatioofMinorityShareholders(%) | ProfitorLossOwnedbytheMinorityShareholdersintheCurrentPeriod | DividendsDistributedtotheMinorityShareholdersintheCurrentPeriod | EquityBalanceoftheMinorityShareholdersintheEndofthePeriod |
GuangfoExpresswayCo.,Ltd. | 25.00% | -13,850,657.08 | 53,112,309.95 | 64,351,739.99 |
GuangdongGuanghuiExpresswayCo.,Ltd. | 49.00% | 442,005,748.98 | 411,799,965.71 | 1,974,868,461.63 |
JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 25.00% | 89,363,636.84 | 126,239,706.53 | 253,799,315.89 |
HoldingproportionofminorityshareholderinsubsidiarydifferentfromvotingproportionNone
(3)Themainfinancialinformationofsignificantnotwhollyownedsubsidiary
InRMB
Name | Year-endbalance | |||||
Currentassets | Non-currentassets | Totalassets | CurrentLiabilities | Non-currentliabilities | Totalliabilities | |
GuangfoExpresswayCo.,Ltd. | 270,445,990.72 | 15,689,069.15 | 286,135,059.87 | 28,728,099.92 | 28,728,099.92 | |
GuangdongGuanghuiExpresswayCo.,Ltd. | 1,463,091,700.93 | 2,980,427,023.34 | 4,443,518,724.27 | 242,093,924.47 | 171,081,000.56 | 413,174,925.03 |
JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 1,097,313,535.80 | 2,536,645,298.71 | 3,633,958,834.51 | 2,477,933,314.32 | 140,828,256.68 | 2,618,761,571.00 |
Name
Name | Year-beginningbalance | |||||
Currentassets | Non-currentassets | Totalassets | CurrentLiabilities | Non-currentliabilities | Totalliabilities | |
GuangfoExpresswayCo.,Ltd. | 539,508,987.55 | 17,935,998.96 | 557,444,986.51 | 32,186,158.45 | 32,186,158.45 | |
GuangdongGuanghuiExpresswayCo.,Ltd. | 1,106,203,367.94 | 3,200,915,171.31 | 4,307,118,539.25 | 199,770,257.66 | 195,999,137.99 | 395,769,395.65 |
JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 78,321,084.79 | 2,167,316,422.40 | 2,245,637,507.19 | 455,558,150.91 | 627,377,814.00 | 1,082,935,964.91 |
InRMB
Name | Amountofcurrentperiod | Amountofpreviousperiod | ||||||
Businessincome | Netprofit | TotalComprehensiveincome | Cashflowsfromoperatingactivities | Businessincome | Netprofit | TotalComprehensiveincome | Cashflowsfromoperatingactivities | |
GuangfoExpresswayCo.,Ltd. | 68,796,094.51 | -55,402,628.32 | -55,402,628.32 | 203,596,819.21 | 452,189,259.01 | 216,784,938.57 | 216,784,938.57 | 173,090,933.86 |
GuangdongGuanghuiExpresswayCo.,Ltd. | 1,852,612,486.85 | 902,052,548.93 | 902,052,548.93 | 1,213,241,301.99 | 2,153,255,526.58 | 1,111,564,548.10 | 1,111,564,548.10 | 1,481,786,551.53 |
JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 935,890,869.56 | 357,454,547.35 | 357,454,547.35 | 574,838,142.22 | 1,173,205,770.48 | 510,059,420.32 | 510,059,420.32 | 779,998,964.52 |
(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 | Guangzhou | Guangzhou | Handallkindsofsmallloans | 15.48% | Equitymethod | |
GuangyuanSecuritiesCo.,Ltd. | Hefei | Hefei | Securitybusiness | 2.37% | Equitymethod | |
HunanLianzhiTechnologyCo.,Ltd. | Changsha | Changsha | Researchandexperimentaldevelopment | 12.01% | Equitymethod | |
SPICYuetongQiyuanChipPowerTechnologyCo.,Ltd | Guangzhou | Guangzhou | NewEnergyservice | 5.00% | Equitymethod | |
ShenzhenGarageElectricPileTechnologyCo.,Ltd | Shenzhen | Shenzhen | SoftwareandInformationtechnology | 17.40% | Equitymethod |
Notestoholdingproportionofjointventureorassociatedenterprisedifferentfromvotingproportion:
NoneBasisofholdinglessthan20%ofthevotingrightsbuthasasignificantimpactorholding20%ormorevotingrightsbutdoesnothaveasignificantimpact:
Guangdong,JiangzhongExpresswayCo.,Ltd.,GuangyuanSecuritiesCo.,Ltd.,YuepuSmallRefinancingCo.,Ltd.andHunanLianzhiTechnologyCo.,Ltd.SPICYuetongQiyuanChipPowerTechnologyCo.,Ltd.and
ShenzhenGarageElectricPileTechnologyCo.,Ltd.holds20%ofthevotingrights,buthasthepowertoparticipateinmakingdecisionsontheirfinancialandoperatingdecisions,andthereforedeemedtobeabletoexertsignificantinfluenceovertheinvestee.
(2)Mainfinancialinformationofsignificantjointventure
None
(3)Mainfinancialinformationofsignificantassociatedenterprise
InRMB
Year-endbalance/Amountofcurrentperiod | Year-beginningbalance/Amountofpreviousperiod | |
GuoyuanSecuritiesCo.,Ltd. | GuoyuanSecuritiesCo.,Ltd. | |
Currentassets | ||
Non-currentassets | ||
Totalassets | 130,765,208,142.95 | 114,683,858,604.22 |
Currentliabilities | ||
Non-currentLiabilities | ||
Totalliabilities |
MinorityShareholders’Equity
MinorityShareholders’Equity | ||
Shareholders’equityattributabletoshareholdersoftheparent | 32,927,214,909.60 | 32,259,179,385.22 |
Proratashareofthenetassetscalculated | 780,835,620.42 | 764,993,833.19 |
Adjustmentitems | ||
--Goodwill | 207,095,632.54 | 207,095,632.54 |
--Internaltransactionsdidnotachieveprofits | ||
--Other | ||
Thebookvalueofequityinvestmentsinjointventures | 987,931,252.96 | 972,089,465.73 |
Fairvalueofequityinvestmentofassociatedenterpriseswithopenquotation | 655,044,744.06 | 796,815,881.40 |
Buinsessincme | 5,357,837,845.51 | 6,076,303,560.25 |
Netprofit | 1,719,972,806.89 | 1,871,872,525.11 |
Netprofitfromterminatedoperations | ||
Othercomprehensiveincome | -303,384,670.30 | 410,531,198.59 |
Totalcomprehensiveincome | 1,416,588,136.59 | 2,282,403,723.70 |
Dividendsreceivedfromassociatesduringtheyear
Dividendsreceivedfromassociatesduringtheyear | 18,626,864.76 | 20,696,516.40 |
(4)Summaryfinancialinformationofinsignificantjointventureorassociatedenterprise
InRMB
Year-endbalance/Amountofcurrentperiod | Year-beginningbalance/Amountofpreviousperiod | |
Jointventure: | ||
Totalamountoftheproratacalculation |
ofthefollowingitems | ||
Associatedenterprise: | ||
Totalbookvalueoftheinvestment | 1,935,437,414.88 | 1,655,041,215.52 |
Totalamountoftheproratacalculationofthefollowing--Netprofitms | ||
-Nitprofit | 152,508,655.82 | 182,411,820.30 |
--Totalcomprehensiveincome | 152,508,655.82 | 182,411,820.30 |
(5)NotetothesignificantrestrictionsoftheabilityofjointventureorassociatedenterprisetransferfundstotheCompanyNone
(6)TheexcesslossofjointventureorassociatedenterpriseNone
(7)TheunrecognizedcommitmentrelatedtojointventureinvestmentNone
(8)ContingentliabilitiesrelatedtojointventureorassociatedenterpriseinvestmentNone
4.SignificantcommonoperationNone
5.EquityofstructureentitynotincludinginthescopeofconsolidatedfinancialstatementsNone
6.Other
None
X.RisksRelatedtoFinancialInstrumentsThecompanyhasthemainfinancialinstruments,suchasbankdeposits,receivablesandpayables,investments,loansandsoon.PleaserefertotherelevantdisclosureinNotesforthedetails.Therisksassociatedwiththesefinancialinstrumentsmainlyincludecreditrisk,marketriskandliquidityrisk.Thecompany’smanagementshallmanageandmonitortheserisksandensureaboveriskstobecontrolledwithincertainscope.
ThetargetsandpoliciesofriskmanagementThetargetofriskmanagementistoobtaintheproperbalancebetweentheriskandbenefit,toreducethenegativeimpactthatiscausedbytheriskoftheCompanytothelowestlevel,andtomaximizethebenefitsofshareholdersandotherequityinvestors.Basedonthetargetsofriskmanagement,thebasicstrategyoftheCompany’sriskmanagementistoidentifyandanalyzetheriskswhicharefacedbytheCompany,establishsuitablerisktolerancebaselineandproceedtheriskmanagement,andsuperviseavarietyofriskstimelyandreliably,andcontroltheriskswithinalimitedrange.
1.Marketrisk
(1)ForeignexchangeriskForeignexchangeriskreferstotheriskoflossduetoexchangeratefluctuationsgenerally.OurforeignexchangeriskismainlyrelatedtoHongKongDollar.BesidesannualdistributionofB-shareshareholderdividends,othermajorbusinessactivitiesofourCompanyaresettledinRMB.Duringthereportingperiod,duetotheshortcreditperiodoftheCompany'sincomeandexpenditurerelatedtoforeigncurrency,itwasnotaffectedbyforeignexchangerisk.
(2)InterestrateriskTheCompany'sriskofcashflowchangesinfinancialinstrumentscausedbyinterestratechangesismainly
relatedtofloatingratebankborrowings.TheCompany'spolicyistomaintainthefloatinginterestrateoftheseborrowings,andatthesametimetoreasonablyreducetheriskofinterestratefluctuationbyshorteningthetermofasingleloanandspecificallyagreeingonprepaymentterms.
(3)OtherpriceriskTheinvestmentsheldbytheCompanyareclassifiedasfinancialassetsmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincomeandaremeasuredatfairvalueonthebalancesheetdate.Therefore,theCompanybearstheriskofchangesinthesecuritiesmarket.
2.CreditriskAsofDecember31,2022,thelargestcreditriskexposurethatmaycausefinanciallossesoftheCompanymainlycomesfromthelossoffinancialassetsoftheCompanycausedbythefailureoftheotherpartytoperformitsobligations.Inordertoreducecreditrisk,theCompanyonlydealswithrecognizedandreputablecustomers.Inaddition,theCompanyreviewstherecoveryofeachsinglereceivablesoneachbalancesheetdatetoensurethatadequatebaddebtprovisionsaremadeforunrecoverableamounts.Consequently,theCompany'smanagementbelievesthattheCompany'screditriskhasbeengreatlyreduced.
TheGroup'sworkingcapitalisdepositedinbankswithhighercreditrating,sothecreditriskofworkingcapitalisrelativelylow.Financialassetsoverdueorimpaired;
(1)Aginganalysisoffinancialassetswithoverdueimpairment:Notexisted
(2)Analysisoffinancialassetsthathavesufferedsingleimpairment:Referto"4,OtherReceivables"inVIIand"10,InvestmentinOtherEquityInstruments"inVIIofthissectionfordetails.
3.LiquidityriskWhenmanagingliquidityrisks,theCompanymaintainssufficientcashandcashequivalentsasdeemedbythemanagementandmonitorthemtomeettheCompany'soperationalneedsandreducetheimpactofcashflowfluctuations.ThemanagementoftheCompanymonitorstheuseofbankloansandensurescompliancewiththeloanagreement.XI.Thedisclosureofthefairvalue
1.Closingfairvalueofassetsandliabilitiescalculatedbyfairvalue
InRMB
Items | Closingfairvalue | |||
Firvaluemeasurementitemsatlevel1 | Firvaluemeasurementitemsatlevel2 | Firvaluemeasurementitemsatlevel3 | Total | |
I.Consistentfairvaluemeasurement | -- | -- | -- | -- |
(I)Tradingfinancialassets | 101,400,000.00 | 101,400,000.00 | ||
(2)Equityinstrumentinvestment | 101,400,000.00 | 101,400,000.00 | ||
(II)Otherequityinstrumentinvestment | 722,232,678.08 | 835,071,052.90 | 1,557,303,730.98 | |
Totalassetscontinuouslymeasuredatfairvalue | 722,232,678.08 | 936,471,052.90 | 1,658,703,730.98 | |
II.Non–persistentmeasure | -- | -- | -- | -- |
2.Marketpricerecognitionbasisforconsistentandinconsistentfairvaluemeasurementitemsatlevel1.Asattheendoftheperiod,thecompanyholdsshares235,254,944sharesofChinaEverbrightBankAccordingtotheclosingpriceofDecember31,2022of3.07yuan,thefinalcalculationoffairvaluewas
722,232,678.08yuan.
3.Fairvalueoffinancialassetsandliabilitiesnotmeasuredatfairvalue,Thevaluationtechniquesadoptedandthequalitativeandquantitativeinformationofimportantparametersforcontinuousandnon-continuouslevel2fairvaluemeasurementitems
Items | FairvalueasofDecember31,2022 | Valuationtechnology | Unobservableinputvalue |
Unlistedequityinvestment | 936,471,052.90 | Hireathirdpartyforevaluationorenjoytheshareofthenetbookassetsoftheinvesteebasedontheshareholdingratio |
4.Fairvalueoffinancialassetsandliabilitiesnotmeasuredatfairvalue
TheCompany'sfinancialassetsandliabilitiesmeasuredinamortizedcostmainlyinclude:accountsreceivable,otherreceivables,contractassets,short-termloans,accountspayable,otherpayables,non-currentliabilitiesduewithinoneyear,long-termloans,bondspayableandlong-termpayables.Thereisnosignificantdifferencebetweenthebookvalueoffinancialassetsandliabilitiesnotmeasuredatfairvalueandthefairvalue.XII.Relatedpartiesandrelated-partytransactions
1.Parentcompanyinformationoftheenterprise
Name | Registeredaddress | Nature | Redistrictedcapital | TheparentcompanyoftheCompany'sshareholdingratio | TheparentcompanyoftheCompany’svoteratio |
GuangdongcommunicationGroupCo.,Ltd | Guangzhou | Equitymanagement,trafficinfrastructureconstructionandrailwayprojectoperation | 26.8billionyuan | 24.56% | 50.12% |
Notes:
GuangdongCommunicationGroupCo.,Ltd.isthelargestshareholderoftheCompany.legalrepresentative:
DengXiaohua.Dateofestablishment:June23,2000.AsofDecember31,2022,Registeredcapital:26.8billionyuan.Itisasolelystate-ownedlimitedcompany.Businessscope:equitymanagement,organizationofassetreorganizationandoptimizedallocation,raisingfundsbymeansincludingmortgage,transferofpropertyrightsandjointstocksystemtransformation,projectinvestment,operationandmanagement,trafficinfrastructureconstruction,highwayandrailwayprojectoperationandrelevantindustries,technologicaldevelopment,application,consultationandservices,highwayandrailwaypassengerandcargotransport,shipindustry,relevantoverseasbusinesses;Thevalue-addedcommunicationbusiness.ThefinialcontroloftheCompanywasStateownedassetssupervisionandAdministrationCommissionof
GuangdongProvincialPeople'sGovernment.Othernote:
2.SubsidiariesoftheCompanySubsidiariesofthisenterprise,seeIX(1)therightsofotherentity
3.InformationonthejointventuresandassociatedenterprisesoftheCompany
DetailsrefertotheIX-3,InterestsinjointventuresorassociatesInformationonotherjointventureandassociatedenterpriseofoccurringrelatedpartytransactionswiththeCompanyinreportingperiod,orformbalanceduetorelatedpartytransactionsinpreviousperiod:
Name | RelationwiththeCompany |
ShenzhenHuiyanExpresswayCo.,Ltd. | AssociatedenterprisesoftheCompany |
ZhaoqingYuezhaoHighwayCo.,Ltd. | AssociatedenterprisesoftheCompany |
GanzhouKangdaExpresswayCo.,Ltd. | AssociatedenterprisesoftheCompany |
GanzhouGankangExpresswayCo.,Ltd. | AssociatedenterprisesoftheCompany |
GuangdongJiangzhongExpresswayCo.,Ltd. | AssociatedenterprisesoftheCompany |
4.OtherRelatedparties
Name | RelationwiththeCompany |
GuangdongBodaExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongChaohuiExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongLitongPropertyInvestmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongExpresswayMediaCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongGuangzhuWestLineExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongHumenBridgeCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongHualuTrafficTechnologyCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongLitongTechnologyInvestmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongLitongDevelopmentInvestmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongUnionElectronServiceInformationtechnologyCo.,ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongLulutongCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongLuoyangExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongProvincialFreewayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongHighwayConstructionCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongCommunicationGroupFinanceCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongRead&BridgeConstructionDevelopmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongTongyiExpresswayServiceAreaCo.,Ltd | Fullyownedsubsidiaryoftheparentcompany |
Name | RelationwiththeCompany |
GuangdongXinyueTrafficInvestmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongYueyunTrafficCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongYueyunTrafficRescueCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangshenzhuExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangzhouXinyueTrafficTechnologyCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangzhouXinyueAsphaltCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongTrafficDevelopmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd. | Sharesofparentcompany |
GuangzhongjiangExpresswayProjectManagementDept | Managedbytheparentcompany |
GuangzhouAitesiCommunicationequipmentCo.,Ltd. | Associatedenterprisescontrolledbythesameparentcompany |
GuangdongJingzhuExpresswayGuangzhuNorthSectionCo.,Ltd. | Associatedenterprisescontrolledbythesameparentcompany |
GuangdongFeidaTrafficEngineeringCo.,Ltd. | Associatedenterprisescontrolledbythesameparentcompany |
PolyChangdaEngineeringCo.,Ltd. | Sharesofparentcompany |
GuangdongChangdaRoadConservationCo.,Ltd. | Sharesofparentcompany |
GuangdongXiangfeiHighwayEngineeringSupervisionCo.,Ltd | Subsidiaryoftheparentcompany |
GuangdongExpresswayTechnologyCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
HunanLianzhiTechnologyCo.,Ltd. | AwhollyownedsubsidiaryoftheCompany |
GuangdongGuangfozhaoExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongGuangleExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongCommunicationsTestingCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongTrafficInvestmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongKaiyangExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongUnitedTelecomServiceInformationTechnologyCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongMaozhanExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongAutomobileTransportationGroupCo.,Ltd.Culturalandtourismbranch | Fullyownedsubsidiaryoftheparentcompany |
GuangdongYangmaoExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongZhaoyangExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangzhouYueyunTrafficCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
JiangmenJiangheExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
YunfoGuangyunExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongNanaoTrafficQingyunExpresswayManagementCenter | Managedbytheparentcompany |
5.Listofrelated-partytransactions
(1)InformationonacquisitionofgoodsandreceptionoflaborserviceAcquisitionofgoodsandreceptionoflaborservice
InRMB
Relatedparties | Contentofrelatedtransaction | Amountofcurrentperiod | Amountofpreviousperiod | Overthetradinglimitornot? | Amountoflastperiod |
1.Businesscost | |||||
PolyChangdaEngineeringCo.,Ltd. | Projectfund,service | 39,604,731.00 | 25,299,515.00 | ||
GuangdongUnionelectronicservicesco.,Ltd. | Service | 23,704,775.99 | 25,131,901.47 | ||
GuangdongCommunicationsTestingCo.,Ltd. | Projectfund,service | 10,551,045.00 | 6,652,840.00 | ||
GuangdongLulutongCo.,Ltd. | Projectfund,service | 7,836,175.59 | 5,775,057.23 | ||
GuangdongFeidaTrafficEngineeringCo.,Ltd. | Maintenance | 6,372,528.95 | 7,773,274.29 | ||
GuangdongXinyueTrafficInvestmentCo.,Ltd. | Projectfund,service | 5,487,176.00 | 4,366,423.49 | ||
GuangdongHumenBridgeCo.,Ltd. | Service | 3,524,001.08 | 3,686,679.96 | ||
GuangdongYueyunTrafficRescueCo.,Ltd. | Rescueservicefee | 3,473,440.00 | 3,343,600.00 | ||
GuangzhouXinyueAsphaltCo.,Ltd. | Purchase | 3,135,448.69 | 7,587,872.00 | ||
GuangdongHualuTrafficTechnologyCo.,Ltd. | Project | 2,557,895.23 | 4,512,951.46 | ||
GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | Maintenance,Test | 3,539,282.52 | |||
GuangdongLitongTechnologyInvestmentCo.,Ltd. | Maintenance | 1,700,262.90 | 1,713,971.99 | ||
GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | Maintenance,Service | 1,458,780.20 | 687,200.00 | ||
GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd. | Projectlabourservice | 463,795.00 | 1,156,607.57 | ||
GuangdongTongyiExpresswayServiceAreaCo.,Ltd | Service | 102,152.00 | 1,050,181.10 | ||
GuangzhouAitesiCommunicationEquipmentCo.,Ltd. | Project | 8,310.00 | 993,635.40 | ||
GuangdongChangchangRoadMaintenanceCo.,Ltd. | Project | -77,232.00 | |||
GuangzhouXinyueTrafficTechnologyCo.,Ltd. | Project | 8,889,414.00 | |||
HunanLianzhiMonitoringTechnologyCo.,Ltd. | Project | 850,700.00 | |||
GuangdongUnionelectronicservicesco.,Ltd. | Service | 38,603.77 | |||
Subtotal | 113,442,568.15 | 109,510,428.73 | |||
2.Financialcost |
Relatedparties | Contentofrelatedtransaction | Amountofcurrentperiod | Amountofpreviousperiod | Overthetradinglimitornot? | Amountoflastperiod |
GuangdongCommunicationGroupFinanceCo.,Ltd. | BorrowingInterestexpresses | 14,854,227.76 | 6,494,583.35 | ||
GuangdongCommunicationGroupFinanceCo.,Ltd. | Depositinterestincome | -25,570,660.76 | -39,941,667.46 | ||
GuangdongCommunicationGroupFinanceCo.,Ltd. | Commissioncharge | 6,881.51 | 32,273.93 | ||
GuangdongCommunicationGroupFinanceCo.,Ltd. | Interest | 122,916.67 | |||
GuangdongJiangzhongExpresswayCo.,Ltd. | Interest | 27,405.00 | |||
Subtotal | -10,586,634.82 | -33,387,405.18 | |||
3.Administrativeexpenses | |||||
GuangdongLitongDevelopmentInvestmentCo.,Ltd. | ManagementFee | 3,119,747.07 | 2,085,605.68 | ||
GuangdongUnionelectronicservicesco.,Ltd. | maintenancefee | 993,500.00 | |||
GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | Maintenance,Service | 474,905.66 | 1,654,473.11 | ||
GuangdongLulutongCo.,Ltd. | Maintenance | 67,300.00 | |||
GuangdongTongyiExpresswayServiceAreaCo.,Ltd | Service | 16,000.00 | 57,034.88 | ||
GuangdongExpresswayMediaCo.,Ltd. | Publicwelfarepublicityfee | 17,556.00 | |||
Subtotal | 4,671,452.73 | 3,814,669.67 | |||
4.R&D | |||||
GuangdongCommunicationsTestingCo.,Ltd. | Scientificresearchproject | 3,899,843.00 | |||
HunanLianzhiMonitoringTechnologyCo.,Ltd. | Scientificresearchproject | 659,885.00 | 850,700.00 | ||
GuangdongHualuTrafficTechnologyCo.,Ltd. | Scientificresearchproject | 199,969.00 | |||
GuangdongCommunicationGroupCo.,Ltd. | Scientificresearchproject | 2,962,500.00 | |||
Subtotal | 4,759,697.00 | 3,813,200.00 | |||
5.Fixedassets | |||||
PolyChangdaEngineeringCo.,Ltd. | Purchaseassets | 21,636,899.00 | |||
GuangdongLulutongCo.,Ltd. | Purchaseassets | 6,305,408.00 | |||
GuangdongHualuTrafficTechnologyCo.,Ltd. | Purchaseassets | 3,272,616.23 | 678,764.67 | ||
GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd. | Purchaseassets | 1,333,458.66 | |||
GuangdongLitongTechnologyInvestmentCo.,Ltd. | Purchaseassets | 1,083,407.99 | 675,150.00 |
Relatedparties | Contentofrelatedtransaction | Amountofcurrentperiod | Amountofpreviousperiod | Overthetradinglimitornot? | Amountoflastperiod |
GuangdongFeidaTrafficEngineeringCo.,Ltd. | Purchaseassets | 302,909.00 | 400,013.00 | ||
GuangdongCommunicationsTestingCo.,Ltd. | Purchaseassets | 183,430.00 | |||
GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | Purchaseassets | 598,500.00 | |||
Subtotal | 34,118,128.88 | 2,352,427.67 | |||
6.Constructioninprocess | |||||
GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd. | Purchaseassets | 21,386,526.00 | 15,047,972.50 | ||
PolyChangdaEngineeringCo.,Ltd. | Purchaseassets | 13,850,389.47 | 275,143,275.83 | ||
GuangdongHighwayConstructionCo.,Ltd. | Purchaseassets | 2,029,339.19 | |||
GuangdongHualuTrafficTechnologyCo.,Ltd. | Purchaseassets | 1,045,494.00 | 12,390,585.09 | ||
GuangdongXinyueTrafficInvestmentCo.,Ltd. | Purchaseassets | 1,116,576.78 | 78,020,865.98 | ||
GuangdongCommunicationsTestingCo.,Ltd. | Purchaseassets | 68,052.00 | 88,880.00 | ||
GuangdongLitongTechnologyInvestmentCo.,Ltd. | Purchaseassets | 185,000.00 | |||
GuangdongFeidaTrafficEngineeringCo.,Ltd. | Purchaseassets | 10,460,593.04 | |||
GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | Purchaseassets | 1,461,612.00 | |||
GuangdongLulutongCo.,Ltd. | Purchaseassets | 364,490.00 | |||
GuangdongXiangfeiHighwayEngineeringSupervisionCo.,Ltd | Purchaseassets | 208,829.00 | |||
Subtotal | 39,496,377.44 | 393,372,103.44 | |||
7.Non-operatingexpenses | |||||
PolyChangdaEngineeringCo.,Ltd. | Expensesforcivilengineeringrestoration | 3,883,375.00 | 3,207,485.00 | ||
GuangdongXinyueTrafficInvestmentCo.,Ltd. | Sporadicrepairfees | 294,810.00 | 255,719.00 | ||
GuangdongLulutongCo.,Ltd. | Maintenance | 98,491.00 | |||
GuangdongHualuTrafficTechnologyCo.,Ltd. | Verificationfee | 5,766.55 | |||
Subtotal | 4,276,676.00 | 3,468,970.55 |
Relatedtransactionsonsalegoodsandreceivingservices
InRMB
Relatedparty | Content | Amountofcurrentperiod | Amountofpreviousperiod |
1.Businessincome | |||
JingzhuExpresswayGuangzhuNorthsectionCo.,Ltd. | Commissionmanagementfee | 23,773,018.85 | 21,805,771.37 |
GuangdongTongyiExpresswayServiceAreaCo.,Ltd | electricity | 1,187,798.23 | |
GanzhouGankangExpresswayCo.,Ltd. | Salariesofexpatriatestaff | 848,557.89 | 730,675.94 |
ZhaoqingYuezhaoHighwayCo.,Ltd. | Salariesofexpatriatestaff | 817,436.38 | 1,261,683.80 |
ShenzhenHuiyanExpresswayCo.,Ltd. | Salariesofexpatriatestaff | 767,691.55 | 1,045,253.97 |
PolyChangdaEngineeringCo.,Ltd. | waterandelectricitybills | 167,505.31 | 155,736.83 |
GanzhouKangdaExpresswayCo.,Ltd. | Salariesofexpatriatestaff | 515,567.27 | 506,038.55 |
GuangdongJiangzhongExpresswayCo.,Ltd. | Salariesofexpatriatestaff | 500,214.96 | 650,904.70 |
GuangdongTrafficDevelopmentCo.,Ltd. | electricity | 945,395.40 | 342,916.53 |
GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | Salariesofexpatriatestaff | 114,620.52 | |
GuangdongLitongTechnologyInvestmentCo.,Ltd. | electricity | 27,125.58 | 16,000.00 |
GuangdongExpresswayMediaCo.,Ltd. | Waterandelectricity | 24,258.08 | 74,814.00 |
GuangdongYueyunTrafficRescueCo.,Ltd. | Waterandelectricity | 17,915.70 | 30,917.99 |
GuangdongProvincialFreewayCo.,Ltd. | Projectfund | 4,396,237.98 | |
GuangdongFeidaTrafficEngineeringCo.,Ltd | CPCcardsalesrevenue | 3,954,609.41 | |
GuangdongHighwayConstructionCo.,Ltd. | Service,Test | 827,703.80 | |
GuangdongGuangzhuWestLineExpresswayCo.,Ltd. | Service,Test | 463,391.75 | |
GuangdongChaohuiExpresswayCo.,Ltd. | Test | 441,132.07 | |
GuangdongRoad&BridgeConstructionDevelopmentCo.,Ltd. | Test | 384,962.27 | |
GuangdongKaiyangExpresswayCo.,Ltd. | Test | 284,433.96 | |
GuangdongGuangfoExpresswayCo.,Ltd. | Test | 264,622.64 | |
GuangdongBodaExpresswayCo.,Ltd. | Test | 246,626.81 | |
GuangdongYangmaoExpresswayCo.,Ltd. | Service,Test | 234,951.58 | |
GuangdongGuangleExpresswayCo.,Ltd. | Test | 224,433.96 | |
GuangdongZhaoyangExpresswayCo.,Ltd. | Test | 197,613.96 | |
GuangdongNanyueTrafficQingyunExpresswayManagementCenter | CPCcard | 122,123.89 | |
GuangdongLuoyangExpresswayCo.,Ltd. | Test | 107,547.17 | |
GuangdongTrafficInvestmentCo.,Ltd. | Test | 106,132.07 | |
GuangdongMaozhanExpresswayCo.,Ltd. | Service,Test | 79,245.28 | |
YunfuGuangyunExpresswayCo.,Ltd. | Test | 71,433.97 | |
JiangmenJiangheExpresswayCo.,Ltd. | Test | 63,207.55 | |
GuangdongXinyueTrafficInvestmentCo.,Ltd. | CPCcardsalesrevenue | 46,877.88 | |
GuangdongHumenBridgeCo.,Ltd. | Test | 38,387.04 | |
GuangdongYueyunTrafficCo.,Ltd. | Test | 11,320.75 | |
Subtotal | 29,707,105.72 | 39,187,709.47 | |
2.Non-operatingincome | |||
PolyChangdaEngineeringCo.,Ltd. | Constructionpenalty | 10,200.00 | 653,302.00 |
Subtotal | 10,200.00 | 653,302.00 |
(2)InformationofrelatedleaseTheCompanywaslessor:
InRMB
Nameoflessee | Categoryofleaseassets | Theleaseincomeconfirmedinthisyear | Theleaseincomeconfirmedinlastyear |
GuangdongExpresswayTechnologyCo.,Ltd. | Advertisinglease | 3,876,219.92 | |
GuangdongExpresswayTechnologyCo.,Ltd. | Propertylease | 171,815.93 | |
GuangdongExpresswayMediaCo.,Ltd. | Advertisinglease | 2,809,700.73 | 3,988,255.23 |
GuangdongTongyiExpresswayServiceAreaCo.,Ltd | ServiceAreaLease | 2,297,830.86 | 3,569,880.44 |
GuangdongLitongTechnologyInvestmentCo.,Ltd. | CommunicationPiping | 1,029,782.83 | 1,649,376.50 |
GuangdongLitongTechnologyInvestmentCo.,Ltd. | Landlease | 16,761.90 | |
PolyChangdaEngineeringCo.,Ltd. | Landlease | 555,557.14 | |
PolyChangdaEngineeringCo.,Ltd. | Equipmentlease | 445,910.62 | 255,176.06 |
Total | 11,203,579.93 | 9,462,688.23 |
-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 | 12,211,529.46 | 7,127,471.60 | 349,331.19 | 724,776.16 | ||||||
GuangdongMotorTransportationGroupCo.,Ltd | Carrentalfee | 413,153.90 | 873,040.00 | 413,153.90 | 873,040.00 | ||||||
GuangdongLitongRealEatateInvestmentCo.,Ltd | Officespace | 95,596.46 | 103,843.13 | 95,596.46 | 103,843.13 | ||||||
ZhaoqingYuezhaoHighwayCo., | Advertisingcolumnlease | 195,288.00 |
Ltd. | |||||
ZhaoqingYuezhaoHighwayCo.,Ltd. | Carrentalfee | 116,504.86 | 9,099.61 |
(3)Assetstransferanddebtrestructuringofrelatedparties
InRMB
Relatedparty | Content | Amountofcurrentperiod | Amountofpreviousperiod |
GuangdongLitongTechnologyInvestmentCo.,Ltd. | Sellequityinvestments | 50,623,900.00 |
(4)Rewardsforthekeymanagementpersonnel
InRMB
Items | Amountofcurrentperiod | Amountofpreviousperiod |
Rewardsforthekeymanagementpersonnel | 7,033,900.00 | 7,682,600.00 |
(5)Transactionswithassociatedfinancialcompanies
(1)Depositbusiness
Relatedparty | Relationship | Maximumdailydepositlimit(10,000) | Depositinterestraterange | Beginningbalance(10,000) | Theamountofthisperiod | Endingbalance(10,000 | |
Totalamountforthisperiod(10,000) | Totalamountiswithdrawnforthisperiod(10,000) | ||||||
GuangdongCommunicationsGroupFinanceCo.,Ltd | Controlledbythesameparentcompany | 300,000.00 | 0.35%-2.85% | 152,373.48 | 736,897.41 | 649,874.28 | 239,396.61 |
(2)Loanbusiness
Relatedparty | Relationship | Loanlimit(10,000) | Loantinterestraterange | Beginningbalance(10,000) | Theamountofthisperiod | Endingbalance(10,000) | |
Totalloanamountofthecurrentperiod(10,000) | Totalrepaymentamountofthecurrentperiod(10,000) | ||||||
GuangdongCommunicationsGroupFinanceCo.,Ltd | Controlledbythesameparentcompany | 400,000.00 | 2.95%-3.40% | 20,022.92 | 44,485.42 | 1,649.01 | 62,859.33 |
(3)Creditextensionorotherfinancialservices
Relatedparty | Relationship | Businesstype | Totalamount(10,000) | Actualamountincurred(10,000) |
GuangdongCommunicationsGroupFinanceCo.,Ltd | Controlledbythesameparentcompany | Creditextension | 220,000.00 | 63,000.00 |
TheCompanyrespectivelysignedthe"CashManagementBusinessCooperationAgreement"withGuangdongCommunicationsGroupFinanceCo.,LtdandtheGuangdongBranchofIndustrialandCommercial
BankofChinaonDecember25,2017;andsignedthe"CashManagementBusinessCooperationAgreement"withGuangdongCommunicationsGroupFinanceCo.,LtdandtheGuangdongBranchofIndustrialandCommercialBankofChinaonDecember22,2017respectively,joinedthecashpoolofGuangdongCommunicationsGroupFinanceCo.,Ltd.
GuangdongGuanghuiExpresswayCo.,Ltdrespectivelysignedthe"CashManagementBusinessCooperationAgreement"withGuangdongCommunicationsGroupFinanceCo.,LtdandAgriculturalBankofChinaCo.,LtdGuangdongBranchonMay19,2020,joinedthecashpoolofGuangdongCommunicationsGroupFinanceCo.,Ltd.
(6)Otherrelated-partytransactions
①OnJune15,2016,Thecompany’s29thmeeting(Provisional)oftheseventhboardofdirectorswas
convened.TheProposalonEntrustmentofConstructionManagementoftheRenovationandExpansionProjectofSanbao-to-ShuikouSectionofShengyang-to-HaikouNationalExpresswaywasdeliberatedinthemeeting,agreedthatGuangdongProvincialFokaiExpresswayCo.,LtdentrustsGuangdongProvincialHighwayConstructionCo.,LtdwiththeconstructionmanagementoftherenovationandexpansionprojectofSanbao-to-ShuikouSectionofShengyang-to-HaikouNationalExpressway,andhandlingtherelatedmattersoftheentrustmentoftheconstructionmanagement.
②OnMarch25,2021,theSixteenthMeetingoftheNinthBoardofDirectorsoftheCompanyheldand
reviewedtheProposalontheCompany'sEstimatedDailyRelatedPartyTransactionsin2021.ItisestimatedthatthedailyrelatedpartytransactionsincludetheAgreementontheEntrustedManagementofthePreliminaryWorkoftheReconstructionandExpansionProjectofNansha-ZhuhaiSectionofGuangzhou-MacaoExpresswaysignedbyBeijing-ZhuhaiExpresswayGuangzhou-ZhuhaiSectionCo.,Ltd.andGuangdongHighwayConstructionCo.,Ltd.,inwhichthelatterisresponsibleforthemainmanagementresponsibilitiesandallthepreliminaryworkbeforetheapprovalofthereconstructionandexpansionproject.
③OnNovember30,2022,thefifth(interim)meetingofthe10thBoardofDirectorsoftheCompany
reviewedandapprovedtheProposalonEntrustedConstructionManagementoftheReconstructionandExpansionProjectofNansha-ZhuhaiSectionofGuangzhou-MacaoExpressway,andagreedthatthesubsidiaryGuangzhou-ZhuhaiSectionofBeijing-ZhuhaiExpresswayCo.,Ltd.entrustedGuangdongProvincialHighwayConstructionCo.,Ltd.tocarryoutthewhole-processconstructionmanagementofthereconstructionandexpansionprojectofNansha-ZhuhaiSectionofGuangzhou-MacaoExpressway.TheabovetransactionshavebeenapprovedandimplementedbytheBoardofDirectorsofGuangzhuSectionofBeijing-ZhuhaiExpresswayCo.,Ltd.
6.Receivablesandpayablesofrelatedparties
(1)Receivables
InRMB
Name | Relatedparty | Amountatyearend | Amountatyearbeginning | ||
BalanceofBook | BaddebtProvision | BalanceofBook | BaddebtProvision | ||
Contractassets | GuangdongXinyueTrafficInvestmentCo.,Ltd. | 113,642.50 | |||
Contractassets | GuangdongFeidaTrafficEngineeringCo.,Ltd. | 48,230.00 | |||
Contractassets | GuangdongJiangzhongExpressway | 8,412.00 |
Co.,Ltd. | ||||
Contractassets | GuangdongNanyueTrafficQingyunExpresswayManagementCenter | 6,900.00 | ||
Total | 177,184.50 | |||
Accountreceivable | GuangdongUnionelectronServiceCo.,Ltd. | 67,197,924.19 | 78,368,502.10 | |
Accountreceivable | JingzhuExpresswayGuangzhuNorthSectionCo.,Ltd. | 8,321,625.03 | 7,783,650.00 | |
Accountreceivable | GuangdongHumenBridgeCo.,Ltd. | 6,072,995.36 | 2,083,918.33 | |
Accountreceivable | GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | 2,315,719.18 | ||
Accountreceivable | GuangdongExpresswayMediaCo.,Ltd. | 522,805.00 | 1,854,769.00 | |
Accountreceivable | PolyChangdaEngineeringCo.,Ltd. | 265,054.16 | 265,054.16 | |
Accountreceivable | GuangdongFeidaTrafficEngineeringCo.,Ltd. | 5,531,000.00 | ||
Accountreceivable | GuangdongLitongTechnologyInvestmentCo.,Ltd. | 338,298.13 | ||
Accountreceivable | GuangdongProvincialFreewayCo.,Ltd. | 203,632.00 | ||
Accountreceivable | GuangdongXinyueTrafficInvestmentCo.,Ltd. | 94,301.60 | ||
Accountreceivable | GuangdongRoadConstructionCo.,ltd. | 54,256.00 | ||
Accountreceivable | ShenzhenHuiyanExpresswayCo.,Ltd. | 51,000.00 | ||
Accountreceivable | GuangdongRoadBridgeConstructionDevelopmentCo.,Ltd. | 29,025.15 | ||
Accountreceivable | GuangzhenzhuExpresswayCo.,ltd. | 18,192.00 | ||
Accountreceivable | GuangdongBodaExpresswayCo.,Ltd. | 4,530.99 | ||
Total | 84,696,122.92 | 96,680,129.46 | ||
Advancedpayment | ZhaoqingYuezhaoHighwayCo.,Ltd. | 216,750.00 | ||
Total | 216,750.00 | |||
OtherAccountreceivable | GuangdongLitongDevelopmentInvestmentCo.,Ltd. | 1,653,447.36 | 1,653,447.36 | |
OtherAccountreceivable | GuangdongExpresswayMediaCo.,Ltd. | 978,997.66 | 649,386.62 | |
OtherAccountreceivable | GuangdongProvincialFreewayCo.,Ltd. | 463,491.88 | 463,491.88 | |
OtherAccountreceivable | GuangdongUnionelectronServiceCo.,Ltd. | 137,851.04 | 50,000.00 | |
OtherAccountreceivable | GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | 65,605.71 | ||
OtherAccount | GuangdongLitongProperty | 18,344.00 | 30,004.00 |
receivable | DevelopmentCo.,Ltd. | |||
OtherAccountreceivable | ZhaoqingYuezhaoHighwayCo.,Ltd. | 350,000.00 | ||
Total | 3,317,737.65 | 3,196,329.86 | ||
Non-currentassetsduewithinoneyear | GuangdongCommunicationGroupFinanceCo.,ltd. | 2,731,229.21 | ||
Total | 2,731,229.21 | |||
OtherNon-CurrentAssets | GuangdongTrafficDevelopmentCo.,Ltd. | 333,398.00 | 333,398.00 | |
OtherNon-CurrentAssets | GuangdongRoadConstructionCo.,Ltd. | 7,089,990.48 | ||
Total | 333,398.00 | 7,423,388.48 |
(2)Payables
InRMB
Name | Relatedparty | Amountatyearend | Amountatyearbeginning |
Short-termloan | GuangdongCommunicationGroupFinanceCo.,ltd. | 430,387,597.20 | |
Total | 430,387,597.20 | ||
Accountpayable | GuangzhongjiangExpresswayProjectManagementDept | 17,466,700.00 | 28,000,000.00 |
Accountpayable | PolyChangdaEngineeringCo.,Ltd. | 12,590,171.30 | 29,736,553.34 |
Accountpayable | GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | 6,935,455.12 | |
Accountpayable | GuangdongXinyueTrafficInvestmentCo.,Ltd. | 6,381,639.70 | 10,405,248.06 |
Accountpayable | GuangdongLulutongCo.,Ltd. | 3,787,627.94 | 2,525,256.06 |
Accountpayable | GuangdongFeidaTrafficEngineeringCo.,Ltd. | 3,716,816.94 | 5,035,975.88 |
Accountpayable | GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd. | 3,008,670.10 | 1,759,707.90 |
Accountpayable | GuangdongCommunicationTestCo.,Ltd. | 2,400,079.00 | |
Accountpayable | GuangdongHualuTrafficTechnologyCo.,Ltd. | 1,769,785.29 | 4,960,992.02 |
Accountpayable | GuangdongProvincialFreewayCo.,Ltd. | 1,245,443.50 | 1,245,443.50 |
Accountpayable | GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | 950,630.00 | 2,331,700.01 |
Accountpayable | GuangdongLitongTechnologyInvestmentCo.,Ltd. | 843,562.91 | 1,291,067.95 |
Accountpayable | HunanLianzhiMonitoringTechnologyCo.,Ltd, | 640,088.00 | 850,700.00 |
Accountpayable | GuangdongYueyunTrafficRescueCo.,Ltd. | 261,800.00 | |
Accountpayable | GuangdongChangdaRoadMaintenanceCo.Ltd. | 231,869.00 | 309,101.00 |
Accountpayable | GuangdongUnionElectronServiceCo.,Ltd. | 188,039.97 | 50,286.78 |
Accountpayable | GuangzhouXinyueAsphaltCo.,Ltd. | 46,779.00 | 2,773,825.00 |
Accountpayable | GuangzhouAitesiCommunicationEquipmentCo.,Ltd. | 25,194.00 | 2,547,594.00 |
Accountpayable | GuangdongHumenBridgeCo.,Ltd. | 2,596,817.45 | |
Accountpayable | GuangdongYueyunTrafficCo.,Ltd. | 168,277.20 | |
Total | 62,490,351.77 | 96,588,546.15 | |
Advancereceived | GuangdongUnionelectronicservicesco.,Ltd. | 1,330,729.13 | |
Total | 1,330,729.13 | ||
Dividendpayable | GuangdongProvincialFreewayCo.,Ltd. | 11,550,000.00 | |
Total | 11,550,000.00 |
Name | Relatedparty | Amountatyearend | Amountatyearbeginning |
OtherPayableaccount | PolyChangdaEngineeringCo.,Ltd. | 20,866,108.48 | 17,126,203.40 |
OtherPayableaccount | GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | 2,298,424.75 | |
OtherPayableaccount | GuangdongRoadConstructionCo.,Ltd. | 2,000,000.00 | 40,459.66 |
OtherPayableaccount | GuangdongHualuTrafficTechnologyCo.,Ltd. | 1,905,833.06 | 2,084,177.53 |
OtherPayableaccount | GuangdongChangdaRoadMaintenanceCo.Ltd. | 1,628,345.00 | 1,630,765.00 |
OtherPayableaccount | GuangdongFeidaTrafficEngineeringCo.,Ltd. | 1,522,615.96 | 1,628,931.87 |
OtherPayableaccount | GuangdongXinyueTrafficTechnologyCo.,Ltd. | 1,415,273.20 | 1,380,379.20 |
OtherPayableaccount | GuangdongXinyueTrafficInvestmentCo.,Ltd. | 1,332,556.89 | 4,272,693.60 |
OtherPayableaccount | GuangzhouXinyueAsphaltCo.,Ltd. | 1,054,919.00 | 1,054,919.00 |
OtherPayableaccount | GuangdongCommunicationTestCo.,Ltd. | 971,085.90 | |
OtherPayableaccount | GuangdongLulutongCo.,Ltd. | 859,377.06 | 1,127,575.62 |
OtherPayableaccount | GuangzhongjiangExpresswayProjectManagementDept | 200,000.00 | 200,000.00 |
OtherPayableaccount | GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | 156,534.54 | 191,674.29 |
OtherPayableaccount | GuangdongTongyiExpresswayServiceAreaCo.,Ltd. | 120,000.00 | 120,000.00 |
OtherPayableaccount | GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd. | 110,422.00 | 120,422.00 |
OtherPayableaccount | GuangdongLitongTechnologyInvestmentCo.,Ltd. | 92,594.24 | 135,772.00 |
OtherPayableaccount | HunanLianzhiMonitoringTechnologyCo.,Ltd. | 85,785.50 | |
OtherPayableaccount | GuangdongExpresswayMediaCo.,Ltd. | 50,000.00 | 50,000.00 |
OtherPayableaccount | GuangdongYueyunTrafficRescueCo.Ltd. | 2,000.00 | 2,900.00 |
Total | 36,671,875.58 | 31,166,873.17 | |
Contractliabilities | GuangdongFeidaTrafficEngineeringCo.,Ltd. | 22,000.00 | |
Total | 22,000.00 | ||
Non-currentliabilitiesdue1year | GuangdongLitongDevelopmentInvestmentCo.,Ltd. | 2,445,724.55 | 11,862,198.24 |
Non-currentliabilitiesdue1year | GuangdongCommunicationGroupFinanceCo.,ltd. | 2,205,700.01 | 2,229,166.68 |
Non-currentliabilitiesdue1year | ZhaoqingYuezhaoHighwayCo.,Ltd. | 111,862.55 | |
Total | 4,651,424.56 | 14,203,227.47 | |
Othercurrentliabilities | GuangdongCommunicationGroupCo.,Ltd. | 500,122,916.67 | |
Total | 500,122,916.67 | ||
LeaseLiabilities | GuangdongLitongDevelopmentInvestmentCo.,Ltd. | 2,445,724.58 | |
Total | 2,445,724.58 | ||
Long-termloans | GuangdongCommunicationGroupFinanceCo.,ltd. | 196,000,000.00 | 198,000,000.00 |
Total | 196,000,000.00 | 198,000,000.00 |
7.RelatedpartycommitmentNoneXIII.Stockpayment
1.TheStockpaymentoverallsituation
□Applicable√Notapplicable
2.TheStockpaymentsettledbyequity
□Applicable√Notapplicable
3.TheStockpaymentsettledbycash
□Applicable√Notapplicable
4.Modificationandterminationofthestockpayment
5.OtherXIV.Commitments
1.Significantcommitments
TheCompanyheldthesecond(interim)meetingofthe10thBoardofDirectorsonOctober22,2022.ThemeetingdeliberatedandpassedtheProposalonInvestingintheReconstructionandExpansionProjectofNansha-ZhuhaiSectionofGuangzhou-MacaoExpresswaywithCapitalIncreasefromGuangzhou-ZhuhaiSectionCo.,Ltd.ofBeijing-ZhuhaiExpressway,andagreedthatthecompanywouldinvestintheconstructionoftheReconstructionandExpansionProjectofNansha-ZhuhaiSectionofGuangzhou-MacaoExpresswaywithCapitalIncreasefromGuangzhou-ZhuhaiSectionCo.,Ltd.ofBeijing-ZhuhaiExpresswaybasedontheestimatedinvestmentamountof15.425billionyuanapprovedbyGuangdongProvincialDevelopmentandReformCommission.Theprojectcapitalis35%oftheestimatedinvestmentamountafterdeductingtheexpensesbornebythegovernment,andthecompanyundertakesthecapitalcontributionofabout3.414billionyuanaccordingtotheshareholdingratio.ThismatterhasbeenreviewedandapprovedbytheCompany'sthirdextraordinarygeneralmeetingin2022.AsofDecember31,2022,theaccumulatedcostofthereconstructionandexpansionprojectofNansha-ZhuhaisectionofGuangzhou-MacaoExpresswaywas553,543,942.17yuan.
2.Contingency
(1)SignificantcontingencyatbalancesheetdateAsofDecember31,2022,theCompanydidnotneedtodiscloseimportantcommitments.
3.Contingency
(1)SignificantcontingencyatbalancesheetdateAsofDecember31,2022,theCompanydidnotneedtodiscloseimportantcommitments.
(2)TheCompanyhavenosignificantcontingencytodisclose,alsoshouldbestatedNoneXV.Eventsafterbalancesheetdate
1.NotesofothersignificanteventsNone
1.Profitdistribution
InRMB
Profitordividendtobedistributed | 894,865,021.93 |
Profitsordividendsdeclareduponexaminationandapproval | |
Profitdistributionplan | WithdrawRMB894,865,021.93asdividendpaymentfundsfor2022.Basedonthetotalsharecapitalof2,090,806,126sharesattheendof2022,acashdividendof4.28yuan(includingtax)willbedistributedforevery10shares,andtheremainingundistributedprofitswillbecarriedforwardtothenextyear.TheforeigncurrencytranslationpriceofcashdividendsforB-shareshareholdersisdeterminedbythemid-priceofbuyingandsellingofHKD/RMBannouncedbyPeople'sBankofChinainthefirstworkingdayafterthedividendpaymentresolutionismadeatthe2022AnnualGeneralMeeting. |
3.SalesreturnNone
4.NotesofothersignificanteventsNone
XVI.Othersignificantevents
1.SegmentinformationThecompany'sbusinessfortheGuangfoExpressway,theFokaiExpressway,GuanghuiExpresswayandJingzhuExpresswayGuangzhuSectiontollcollectionandmaintenancework,thetechnologyindustryandprovideinvestmentadvice,noothernatureofthebusiness,noreportablesegment.
2.GovernmentSubsidy
(1)Governmentsubsidiesincludedindeferredrevenuearesubsequentlymeasuredbythetotalamountmethod
Subsidyitem | Category | Openingbalance | Newsubsidyamountincurrentperiod | Thecarry-overincurrentperiodisincludedinprofitandlossamount | Otherchanges | Closingbalance | Presentationitemscarriedoverintoprofitorlossinthecurrentperiod | Asset-related/revenue-related |
Cancelthespecialsubsidyfortheexpresswayprovincialtollstationproject | Financialappropriation | 30,978,093.11 | 10,046,949.24 | 20,931,143.87 | Otherincome | Assetsrelated | ||
Charginginfrastructureincentivefunds | Financialappropriation | 80,857.00 | 2,788.17 | 78,068.83 | Otherincome | Assetsrelated |
(2)Governmentsubsidiesincludedincurrentprofitsandlossesusingthetotalamountmethod
Subsidyitem | Category | Amountincludedinprofitorlossinthecurrentperiod | Presentationitemsincludedinprofitorlossinthecurrentperiod | Asset-related/revenue-related |
Subsidyforpoststabilization | Financialappropriation | 2,344,310.46 | Otherincome | Incomerelated |
Technologyreward | Financialappropriation | 20,000.00 | Otherincome | Incomerelated |
3.Otherimportanttransactionsandeventshaveanimpactoninvestorsdecision-making
(1)Performancecompensation
(1)TheCompany'splantopurchase21%equityofGuangdongGuanghuiExpresswayCo.,Ltd.(hereinafterreferredtoas"Guanghui")heldbyGuangdongExpresswayCo.,Ltd.(hereinafterreferredtoas"GuangdongExpressway")bypaymentincashandrelatedmattershavebeenadoptedbytheresolutionofthethirdextraordinarygeneralmeetingofshareholdersin2020.AccordingtotheProfitCompensationAgreementsignedbyGuangdongExpresswayandtheCompany,itisagreedthatGuangdongExpresswayshallundertakethecompensationobligationwhentheactualnetprofitofGuanghuiislessthanthepredictednetprofitwithinthecompensationperiod.Thecompensationperiodistheyearwhenthetransactioniscompletedandthenexttwoyearsthereafter,namely2020,2021and2022.AfternegotiationbetweentheCompanyandGuangdongExpressway,thepredictednetprofitofGuanghuiafterdeductingnon-recurringgainsandlossesin2020,2021and2022isRMB652,477,500,RMB1,112,587,300andRMB1,234,200,900respectively.Withinthecompensationperiod,iftheaccumulatedrealizednetprofitattheendofanyfiscalyearofGuanghuidoesnotreachtheaccumulatedpredictednetprofit,GuangdongExpresswaywillcompensatethecompanyincash,andthespecificcompensationamountpaidbyGuangdongExpresswayinthatyearwillbecalculatedanddeterminedaccordingtothefollowingformula:currentcompensationamountpromisedforperformance=(accumulatedpredictednetprofitasoftheendofthecurrentperiod-accumulatedrealizednetprofitasoftheendofthecurrentperiod)÷sumofpredictednetprofitsofeachyearwithinthecompensationperiod×transactionpriceoftheunderlyingassets-accumulatedcompensatedamountofGuangdongExpressway.WhenthecompensationamountcalculatedineachyearislessthantheRMB0,thevalueshallbetakenasRMB0,andthecompensatedamountshallnotbereversed.
ThenetprofitofGuangzhou-HuizhouCompany(excludingnon-recurringgainsandlosses)in2020wasRMB769,232,600,RMB116,755,100morethanthepromisedamount;thenetprofitofGuangzhou-HuizhouCompany(excludingnon-recurringgainsandlosses)in2021wasRMB1,105,444,400,RMB7,142,900lessthanthepromisedamount;In2022,thenetprofit(excludingnon-recurringgainsandlosses)was91,6288,200yuan,31,7912,700yuanlessthanthepromisednumber.Asoftheendof2022,thecumulativenetprofit(Deductionofnon-recurringprofitandloss)was2,790,965,200yuan,whichwas208,300,500yuanlessthanthecumulativecommittedprofit.In2022,affectedbytheimpactofthePublichealtheventsandinresponsetotheStateCouncil's10%reductionintrucktollsoftollroadsinthefourthquarterof2022,Guanghuitollrevenuefellsharply.Accordingtothe"PerformanceCompensationAgreement"signedbytheCompanyandtheProvincialExpressway,andcombinedwiththeactualsituationoftheperformanceofGuanghuiExpresswayaffectedbythePublichealtheventsandthenegotiationbytheCompanywiththeProvincialExpresswayonmattersrelatedtotheperformancecommitment,thecontingentconsiderationformedbytheperformancecompensationhasnotbeenrecognizedatpresent.
(2)Follow-upmanagementandmaintenanceissuesaftertheexpirationoftheGuangzhou-FoshanExpresswayoperation
TheCompanyreceivedtheNoticeoftheGuangdongProvincialDepartmentofTransportonMattersRelatedtotheDisposaloftheGuangfoExpresswayTollPeriod(No.24[2022]YueJiaoyingMemorandum),
andtheGuangfoExpresswayoperatedbyitsholdingsubsidiaryGuangfoExpresswayCo.,Ltd(hereinafterreferredtoas"GuangfoCompany")stoppedcollectingtollsfrommidnightonMarch3,2022.Itretainstheexistingtollfacilitiestooperateasusualinazero-ratemanner,exemptsallvehicletollsforvehiclespassingthroughthissectionoftheroad,andcollectsvehicletollsforotherroadsectionsontheirbehalf.Afterthetollcollectionisstopped,theGuangfoCompanywillcontinuetoberesponsibleforthemanagementandmaintenanceoftheGuangfoExpressway.ThesourceoffundsformanagementandmaintenanceexpensespaidbyGuangfoonbehalfofremainstobefurtherclarified,andasofDecember31,2022,themanagementandmaintenanceexpensespaidbyGuangfoCompanyonbehalfofis97,749,481.71yuan.
XVII..Notesofmainitemsinfinancialreportsofparentcompany
1.Accountreceivable
1.Classificationaccountreceivables.
InRMB
Category | Amountinyear-end | BalanceYear-beginning | ||||||||
BookBalance | Baddebtprovision | Bookvalue | BookBalance | Baddebtprovision | Bookvalue | |||||
Amount | Proportion(%) | Amount | Proportion(%) | Amount | Proportion(%) | Amount | Proportion(%) | |||
Ofwhich | ||||||||||
Accrualofbaddebtprovisionbyportfolio | 23,817,016.30 | 100.00% | 23,817,016.30 | 24,208,692.49 | 100.00% | 24,208,692.49 | ||||
Ofwhich: | ||||||||||
Agingportfolio | 23,817,016.30 | 100.00% | 23,817,016.30 | 24,208,692.49 | 100.00% | 24,208,692.49 | ||||
Total | 23,817,016.30 | 100.00% | 23,817,016.30 | 24,208,692.49 | 100.00% | 24,208,692.49 |
Accrualofbaddebtprovisionbyporfolio:Accountsreceivableswithbaddebtprovisionarerecognisedbyportfoliobyage
InRMB
Aging | Balanceinyear-end | ||
Accountreceivable | Baddebtprovision | Expectedcreditlossrate(%) | |
Within1year | 23,817,016.30 | ||
Total | 23,817,016.30 |
Note:
Relevantinformationoftheprovisionforbaddebtswillbedisclosedwithreferencetothedisclosuremethodofotherreceivablesiftheprovisionforbaddebtsofbillsreceivableisaccruedaccordingtothegeneralmodelofexpectedcreditloss:
□Applicable√NotapplicableDisclosurebyaging
InRMB
Aging | Bookbalance |
Within1year(Including1year) | 23,817,016.30 |
Total | 23,817,016.30 |
(2)Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodNone
(3)Thecurrentaccountsreceivablewrite-offssituation
None
(4)Theendingbalanceofotherreceivablesowedbytheimputationofthetopfiveparties
InRMB
Name | Amount | Proportion(%) | Baddebtprovision |
GuangdongUnionElectronicServicesCo.,Ltd. | 22,606,597.12 | 94.92% | |
GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | 1,210,419.18 | 5.08% | |
Total | 23,817,016.30 | 100.00% |
(5)AccountreceivablewhichterminatetherecognitionowningtothetransferofthefinancialassetsNone
(6)TheamountoftheassetsandliabilitiesformedbythetransferandthecontinuesinvolvementofaccountsreceivableNone
2.Otherreceivable
InRMB
Items | Year-endbalance | Year-beginningbalance |
Dividendreceivable | 36,905,472.90 | 1,205,472.90 |
Otherreceivable | 1,505,117,198.28 | 5,680,509.70 |
Total | 1,542,022,671.18 | 6,885,982.60 |
(1)Interestreceivable:None
(2)Dividendreceivable
1)Dividendreceivable
InRMB
Items | Balanceinyear-end | BalanceYear-beginning |
GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise | 1,205,472.90 | 1,205,472.90 |
GuangdongGuanghuiExpresswayCo.,Ltd. | 35,700,000.00 | |
Total | 36,905,472.90 | 1,205,472.90 |
2)Significantdividendreceivableagedover1year
InRMB
Items) | Balanceinyear-end | Aging | Reasonsfornon-recovery | Whetherornottheimpairmentandthebasisforitsdetermination |
GuangdongRadioandTelevisionNetworksinvestmentNo.1Limited | 1,205,472.90 | 4-5years | Thepartnershipagreementexpiresandcanberecovered | No,itcanberecoveredinthefuture |
partnershipenterprise | aftertheextensionproceduresarecompleted | ||
Total | 1,205,472.90 |
)Thewithdrawalamountofthebaddebtprovision
□Applicable√Notapplicable
(3)Otheraccountsreceivable
1)Otheraccountsreceivableclassifiedbythenatureofaccounts
InRMB
Items | Balanceinyear-end | BalanceYear-beginning |
Securitiestradingsettlementfunds | 30,844,110.43 | 30,844,110.43 |
Deposit | 2,090,516.36 | 2,102,176.36 |
Pettycash | 1,293,602.05 | 1,519,593.22 |
Other | 1,501,733,079.87 | 2,058,740.12 |
Subtotal | 1,535,961,308.71 | 36,524,620.13 |
Less:Provisionforbaddebts | 30,844,110.43 | 30,844,110.43 |
Total | 1,505,117,198.28 | 5,680,509.70 |
2)Thewithdrawalamountofthebaddebtprovision:
InRMB
BadDebtReserves | Stage1 | Stage2 | Stage3 | Total |
Expectedcreditlossesoverthenext12months | Expectedcreditlossoverlife(nocreditimpairment) | Expectedcreditlossesfortheentireduration(creditimpairmentoccurred) | ||
BalanceasatJanuary1,2022 | 30,844,110.43 | 30,844,110.43 | ||
BalanceasatJanuary1,2022incurrent | ||||
BalanceasatDecember31,,2022 | 30,844,110.43 | 30,844,110.43 |
Lossprovisionchangesincurrentperiod,changeinbookbalancewithsignificantamount
□Applicable√NotapplicableDisclosurebyaging
InRMB
Aging | Bookbalance |
Within1year(Including1year) | 1,502,102,861.29 |
1-2years | 28,611.55 |
2-3years | 2,052,691.71 |
Over3years | 31,777,144.16 |
3-4years | 26,560.70 |
4-5years | 442,981.15 |
Over5years | 31,307,602.31 |
Total | 1,535,961,308.71 |
3)Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodNone4)Theactualwrite-offotheraccountsreceivable:None
5)Otherreceivablesareclassifiedaccordingtothenature
InRMB
Name | Nature | Closingbalance | Aging | Proportionofthetotalyearendbalanceoftheaccountsreceivable(%) | Closingbalanceofbaddebtprovision |
JingzhuExpresswayGuangzhuSectionCo.,Ltd. | Reconstructionandexpansionofinvestmentfundsandinterest | 1,500,593,541.66 | Within1year | 97.71% | |
KunlunSecuritiesCo.,Ltd | Securitiestradingsettlementfunds | 30,844,110.43 | Over5years | 2.00% | 30,844,110.43 |
GuangdongLitongDevelopmentInvestmentCo.,Ltd. | Vehicleparkingdeposit | 22,980.00 | 1-2years | 0.00% | |
GuangdongLitongDevelopmentInvestmentCo.,Ltd | Leasedeposit | 1,630,467.36 | 2-3years | 0.11% | |
GuangdongProvincialFreewayCo.,Ltd. | Entrustedmanagementfee | 463,491.88 | Over5years | 0.03% | |
SavillsPropertyConsulting(Guangzhou)Co.,Ltd | Waterandelectricityfeeworkingcapital,managementfeedeposit,vehicleparkingspacedeposit | 4,200.00 | 1-2years | 0.00% | |
SavillsPropertyConsulting(Guangzhou)Co.,Ltd | Waterandelectricityfeeworkingcapital,managementfeedeposit,vehicleparkingspacedeposit | 414,525.00 | 2-3years | 0.03% | |
Total | 1,533,973,316.33 | 99.88% | 30,844,110.43 |
6)AccountsreceivableinvolvedwithgovernmentsubsidiesNone
7)OtheraccountreceivablewhichterminatetherecognitionowningtothetransferofthefinancialassetsNone
8)TheamountoftheassetsandliabilitiesformedbythetransferandthecontinuesinvolvementofotheraccountsreceivableNone
3.Long-termequityinvestment
InRMB
Items | Endofterm | Beginningofterm | ||||
BookBalance | Impairmentprovision | Bookvalue | BookBalance | Impairmentprovision | Bookvalue | |
Investmentinsubsidiaries | 3,374,330,463.43 | 3,374,330,463.43 | 3,257,062,345.85 | 3,257,062,345.85 | ||
Investmentin | 2,722,148,806.07 | 2,722,148,806.07 | 2,535,548,456.61 | 2,535,548,456.61 |
jointventuresandassociates | ||||||
Total | 6,096,479,269.50 | 6,096,479,269.50 | 5,792,610,802.46 | 5,792,610,802.46 |
(1)Investmenttothesubsidiary
InRMB
Name | Openingbalance | Increase/decreaseinreportingperiod | Closingbalance | Closingbalanceofimpairmentprovision | |||
Addinvestment | Decreasedinvestment | Withdrawnimpairmentprovision | Other | ||||
JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 871,171,883.08 | 871,171,883.08 | |||||
GuangfoExpresswayCo.,ltd. | 154,982,475.25 | 154,982,475.25 | |||||
GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | 95,731,882.42 | 95,731,882.42 | 0.00 | ||||
YuegaoCapitalInvestment(Guangzhou)Co.,Ltd. | 109,500,000.00 | 213,000,000.00 | 322,500,000.00 | ||||
GuanghuiExpresswayCo.,Ltd. | 2,025,676,105.10 | 2,025,676,105.10 | |||||
Total | 3,257,062,345.85 | 213,000,000.00 | 95,731,882.42 | 3,374,330,463.43 |
(2)Investmenttojointventuresandassociatedenterprises
InRMB
Name | Openingbalance | Increase/decreaseinreportingperiod | Closingbalance | Closingbalanceofimpairmentprovision | |||||||
Increaseininvestment | Decreaseininvestment | Investmentincomeunderequitymethod | Othercomprehensiveincome | Otherchangesinequity | Announcedfordistributingcashdividendorprofit | Provisionforimpairment | Other | ||||
I.Jointventures | |||||||||||
II.Associatedenterprises | |||||||||||
GuangdongJiangzhongExpresswayCo.,Ltd. | 318,091,639.29 | 131,250,000.00 | 12,928,724.12 | 15,387,213.01 | 446,883,150.40 | ||||||
GanzhouGankangExpresswayCo.,Ltd. | 154,118,397.12 | 9,036,040.88 | 163,154,438.00 | ||||||||
GanzhouKangdaExpressway | 238,101,017.69 | 35,167,917.44 | 27,000,000.00 | 246,268,935.13 |
Co.,Ltd. | |||||||||
ShenzhenHuiyanExpresswayCo.,Ltd. | 320,966,384.17 | 33,927,696.21 | 6,224,313.06 | 348,669,767.32 | |||||
ZhaoqingYuezhaoHighwayCo.,Ltd. | 315,837,951.35 | 42,621,814.52 | 48,250,000.00 | 310,209,765.87 | |||||
GuoyuanSecuritiesCo.,Ltd. | 972,089,465.72 | 41,663,112.81 | -7,194,460.81 | 18,626,864.76 | 987,931,252.96 | ||||
GuangdongYuepuSmallRefinancingCo.,Ltd | 216,343,601.27 | 8,556,253.87 | 57,008.18 | 5,925,366.93 | 219,031,496.39 | ||||
Subtotal | 2,535,548,456.61 | 131,250,000.00 | 183,901,559.85 | -7,194,460.81 | 57,008.18 | 121,413,757.76 | 2,722,148,806.07 | ||
Total | 2,535,548,456.61 | 131,250,000.00 | 183,901,559.85 | -7,194,460.81 | 57,008.18 | 121,413,757.76 | 2,722,148,806.07 |
4.BusinessincomeandBusinesscost
InRMB
Items | Amountofcurrentperiod | Amountofpreviousperiod | ||
Revenue | Cost | Revenue | Cost | |
Mainbusiness | 1,296,212,805.59 | 584,496,313.76 | 1,454,377,306.80 | 714,045,421.17 |
Other | 14,566,863.59 | 5,138,086.94 | 14,987,127.57 | 4,588,762.80 |
Total | 1,310,779,669.18 | 589,634,400.70 | 1,469,364,434.37 | 718,634,183.97 |
5.Investmentincome
InRMB
Items | Amountofcurrentperiod | Amountofpreviousperiod |
Long-termequityinvestmentincomeaccountedbycostmethod | 966,664,177.01 | 1,007,249,778.63 |
Long-termequityinvestmentincomeaccountedbyequitymethod | 183,901,559.85 | 221,639,163.75 |
InvestmentincomefromdisposalofLong-termequityinvestment | -45,107,982.42 | |
Dividendincomefromotherequityinstrumentinvestmentsduringtheholdingperiod | 47,286,243.74 | 50,056,360.49 |
Interestincomefromdebtinvestmentduringholdingperiod. | 18,499,161.74 | 37,923,704.59 |
Other | 2,087,067.60 | |
Total | 1,173,330,227.52 | 1,316,869,007.46 |
XVIII.SupplementaryInformation
1.Currentnon-recurringgains/losses
√Applicable□Notapplicable
InRMB
Items | Amount | Notes |
Non-currentassetdisposalgain/loss(includingthewrite-offpartforwhichassetsimpairmentprovisionismade) | 62,389.24 | |
Governmentsubsidiesrecognizedincurrentgainandloss(excludingthosecloselyrelatedtotheCompany’sbusinessandgrantedunderthestate’spolicies) | 12,414,047.87 | |
Gainandlossfromchangeofthefairvaluearisingfromtransactionalmonetaryassets,transactionalfinancialliabilitiesasheldaswellastheinvestmentincomearisingfromdisposalofthetransactionalmonetaryassets,transactionalfinancialliabilitiesandfinancialassetsavailableforsaleexcludingtheeffectivehedgingtransactioninconnectionwiththeCompany’snormalbusiness | 10,400,000.00 | |
Gain/lossfromexternalentrustedloan | 25,515.00 | |
Theimpairmentprovisionfortheadvanceexpensesthathaveoccurredbutneedtobedefinedfromthesourceoffunds | -97,749,481.71 | |
Netamountofnon-operatingincomeandexpenseexcepttheaforesaiditems | -1,798,078.90 | |
Othernon-recurringGains/lossitems | 14,877,866.34 | |
Less:Influencedamountofincometax | -5,627,816.96 |
Influencedamountofminorshareholders’equity(aftertax) | -21,610,132.76 | |
Total | -34,529,792.44 | -- |
Detailsofotherprofitandlossitemsthatmeetthenon-recurringprofitandlossdefinition
√Applicable□NotapplicableDuetothespecialnatureoftheimpairmentprovisionformanagementandmaintenanceexpensesadvancedbytheGuangzhou-FoshanExpresswaytobeclarified,itwillaffectthenormaljudgmentoftheCompany'soperatingperformanceandprofitabilitybytheuserofthereport.NoneFortheCompany’snon-recurringgain/lossitemsasdefinedintheExplanatoryAnnouncementNo.1oninformationdisclosureforCompaniesOfferingtheirSecuritiestothePublic-Non-recurringGainsandLossesanditsnon-recurringgain/lossitemsasillustratedintheExplanatoryAnnouncementNo.1oninformationDisclosureforCompaniesofferingtheirsecuritiestothepublic-non-recurringGainsandlosseswhichhavebeendefinedasrecurringgainsandlosses,itisnecessarytoexplainthereason.
□Applicable√NotapplicableNoneofNon-recurringgain/lossitemsrecorgnizedasrecurringgain/loss/itemsasdefinedbytheinformationdisclosureexplanatoryAnnouncementNo.1-Non–recurringgain/lossinthereportperiod.
2.Returnonequity(ROE)andearningspershare(EPS)
Profitasofreportingperiod | WeightedaverageROE(%) | EPS(Yuan/share) | |
EPS-basic | EPS-diluted | ||
NetprofitattributabletocommonshareholdersoftheCompany | 14.30% | 0.61 | 0.61 |
NetprofitattributabletocommonshareholdersoftheCompanyafterdeductionofnon-recurringprofitandloss | 14.69% | 0.63 | 0.63 |
3.Differencesbetweenaccountingdataunderdomesticandoverseasaccountingstandards
(1).SimultaneouslypursuanttobothChineseaccountingstandardsandinternationalaccountingstandardsdisclosedinthefinancialreportsofdifferencesinnetincomeandnetassets.
□Applicable□√Notapplicable
(2).DifferencesofnetprofitandnetassetsdisclosedinfinancialreportspreparedunderoverseasandChineseaccountingstandards.
□Applicable□√Notapplicable
(3).Explanationofthereasonsforthedifferencesinaccountingdataunderdomesticandforeignaccountingstandards.Ifthedatathathasbeenauditedbyanoverseasauditinstitutionisadjustedfordifferences,thenameoftheoverseasinstitutionshouldbeindicatedNone