GuangdongProvincialExpresswayDevelopmentCo.,Ltd.
TheSemi-AnnualReport2019
August2019
I.ImportantNotice,TableofContentsandDefinitionsTheBoardofDirectorsandthedirectors,SupervisoryCommitteeandsupervisorsandSeniorExecutivesoftheCompanyherebywarrantthatattheyear,therearenomisstatement,misleadingrepresentationorimportantomissionsinthisreportandshallassumejointandseveralliabilityfortheauthenticity,accuracyandcompletenessofthecontentshereof.Mr.ZhengRenfa,Compantprincipal,Mr.WangChunhua,GeneralManager,Mr.FangZhi,Chiefoftheaccountingowrk,Ms.ZhouFang,Chiefoftheaccountingorgan(chiefofaccounting)herebyconfirmtheauthenticityandcompletenessofthefinancialreportenclosedinthisSemi-annualreport.Allthedirectorshaveattendedthemeetingoftheboardmeetingatwhichthisreportwasexamined.ThetollrevenuesofExpresswayismainsourceofthemajorbusinessincomeofthecompany,Thechargestandardofvehicletollmustbesubmittedtothesamelevelpeople'sgovernmentforreviewandapprovalafterthetransportregulatorydepartmentofprovince,autonomousregionormunicipalitydirectlyunderthecentralgovernmentinconjunctionwiththepriceregulatorydepartmentatthesamelevelconsenteduponexamination.Therefore,theadjustmenttrendofthechargepriceandthechargepriceifhasthecorrespondingadjustmentinthefuturepricelevelwhenthecostofthecompanyrisesstilldependontheapprovalofrelevantnationalpoliciesandgovernmentdepartments,andthecompanyisn'tabletomaketimelyadjustmenttothechargestandardinaccordancewiththeitsownoperationcostorthechangeofmarketsupplydemand.So,thechangeofchargepolicyandtheadjustmentofchargestandardalsohaveinfluenceontheexpresswaysoperatedbythecompanytosomeextent.So,thechargingpolicychangesandchargesadjustmentwillaffectthehighwaysoperationofthecompany.TheCompanyhasnoplanofcashdividendscarriedout,bonusissuedandcapitalizingofcommonreserveseither.
TableofContents
I.ImportantNotice,TableofContentsandDefinitionsII.CorporateProfileandKeyFinancialIndicatorsIII.BusinessProfileIV.PerformanceDiscussionandAnalysisV.ImportantEventsVI.ChangeofsharecapitalandshareholdingofPrincipalShareholdersVII.SituationofthePreferredSharesVIII.InformationaboutDirectors,SupervisorsandSeniorExecutivesIX.CorporateBondsX.FinancialReportXI.Documentsavailableforinspection
Definition
| Termstobedefined | Refersto | Definition |
| Reportingperiod | Refersto | January1,2019toJune30,2019 |
| Reportingdate | Refersto | TheSemiannualreportofthecompanywasapprovedbytheboardofdirectorsof2019,thatis,August28,2019 |
| YOY | Refersto | ComparedwithJanuary-June2018 |
| TheCompany/ThisCompany | Refersto | GuangdongProvincialExpresswayDevelopmentCo.,Ltd. |
| CommunicationGroup | Refersto | GuangdongCommunicationGroupCo.,Ltd. |
| GuangdongExpressway | Refersto | GuangdongExpresswayCo.,Ltd. |
| ConstructionCompany | Refersto | GuangdongHighwayConstructionCo.,Ltd. |
| TechnologyCompany/GuangdongExpresswayTechnology | Refersto | GuangdongExpresswayTechnologyInvestmentCo.,Ltd |
| FokaiCompany | Refersto | GuangdongFokaiExpresswayCo.,Ltd. |
| FokaiBranch | Refersto | GuangdongFokaiExpresswayCo.,Ltd.FokaiBranch |
| ReconstructionandextensionProjectoftheSouthSectionofFokaiExpressway | Refersto | ReconstructionandExpansionProjectofSanbao-ShuikouSectionofFukaiExpressway. |
| GuangfoCompany | Refersto | GuangdongGuangfoExpresswayCo.,Ltd. |
| GuangdongExpresswayCapital | Refersto | YuegaoCapitalInvestment(Hengqin)Co.,Ltd. |
| GuangzhuEastCompany | Refersto | JingzhuExpresswayGuangzhuSectionCo.,Ltd. |
| HuiyanCompany | Refersto | ShenzhenHuiyanExprnesswayCo.,Ltd. |
| Majorassetsrestructuring | Refersto | GuangdongProvincialExpresswayDevelopmentCo.,Ltd.issuessharesandusescashtopurchaseassetsandraisecounterpartfundsandRelatedtransaction |
II.CorporateProfileandKeyFinancialIndicators
1.CompanyInformation
| 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 | ZhengRenfa | ||
2.Contactpersonandcontactmanner
| Name | YangHanming | LiangJirong |
| Name | YangHanming | LiangJirong |
| Contactaddress | 46/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TiheDisrtict,Guangzhou | 45/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TiheDisrtict,Guangzhou |
| Tel | 020-29004619 | 020-29004523 |
| Fax | 020-38787002 | 020-38787002 |
| Hmy69@126.com | 139221590@qq.com |
3.Other
1.WayofcontactWhetherregistrationsaddress,officesaddressandcodesaswellaswebsiteandemailoftheCompanychangedin
reportingperiodornot
□Applicable√NotapplicableRegistrationsaddress,officesaddressandcodesaswellaswebsiteandemailoftheCompanyhasnochangeinreportingperiod,foundmoredetailsinannualreport2018.
2.InformationinquiryWhetherinformationdisclosureandpreparationplacechangedinreportingperiodornot
□Applicable√NotapplicableNoneoftheofficialpresses,website,andplaceofenquiryhasbeenchangedinthesemireportperiod.Fordetails
pleasefindtheAnnualReport2018.
4.SummaryofAccountingDataandFinancialIndicatorsIndicatebytickmarkwhethertheCompanyneedstoretroactivelyrestateanyofitsaccountingdata.
√Yes□NoRetroactiveadjustmentorrestatementofreasonsAccountingpolicychange
| Reportingperiod | Sameperiodoflastyear | YoY+/-（%） | ||
| Beforeadjustment | Afteradjustment | Afteradjustment | ||
| Operatingincome（yuan） | 1,483,673,245.21 | 1,535,864,145.14 | 1,535,864,145.14 | -3.40% |
| Netprofitattributabletotheshareholdersofthelistedcompany（yuan） | 736,486,112.30 | 779,002,246.98 | 779,002,246.98 | -5.46% |
| Netprofitafterdeductingofnon-recurringgain/lossattributabletotheshareholdersoflistedcompany（yuan） | 725,039,035.06 | 752,917,711.53 | 752,917,711.53 | -3.70% |
| Cashflowgeneratedbybusinessoperation,net（yuan） | 1,050,811,097.23 | 817,279,588.10 | 819,779,588.10 | 28.18% |
| Basicearningpershare(yuan/Share) | 0.35 | 0.37 | 0.37 | -5.41% |
| Dilutedgainspershare(yuan/Share) | 0.35 | 0.37 | 0.37 | -5.41% |
| Weightedaverageincome/assetratio（%） | 7.53% | 8.60% | 8.60% | -1.07% |
| Asattheendofthereportingperiod | Asattheendoflastyear | YoY+/-（%） | ||
| Beforeadjustment | Afteradjustment | Afteradjustment | ||
| Grossassets（yuan） | 16,404,770,149.44 | 16,295,910,774.45 | 16,295,910,774.45 | 0.67% |
| Shareholders’equityattributabletoshareholdersofthelistedcompany（yuan） | 9,192,599,494.10 | 9,586,701,904.06 | 9,586,701,904.06 | -4.11% |
ThereasonsforthechangeofAccountingPolicyandtheCorrectionofAccountingerrors
OnApril30,2019,theNoticeoftheMinistryofFinanceonRevisingandIssuingtheFormatofFinancialStatementsofGeneralEnterprises(No.6FinanceandAccounting[2019])issuedbytheMinistryofFinanceindicatedthattheactualgovernmentsubsidiesreceivedshouldbelistedintheitem"cashreceivedfromotherbusinessactivities".Inresponsetosuchchangeofaccountingpolicy,theCompanyadoptedtheretroactiveadjustmentmethodtoretroactivelyadjusttheitemsreportedinthefinancialstatementsfromJanuarytoJune2018,affectingtheitem"netcashflowgeneratedfromoperatingactivities"intheabovetable.
5.Differencesbetweenaccountingdataunderdomesticandoverseasaccountingstandards1．SimultaneouslypursuanttobothChineseaccountingstandardsandinternationalaccountingstandardsdisclosedinthefinancialreportsofdifferencesinnetincomeandnetassets.
□Applicable□√Notapplicable
Nil
2.DifferencesofnetprofitandnetassetsdisclosedinfinancialreportspreparedunderoverseasandChineseaccountingstandards.
□Applicable√NotapplicableNil
6.Itemsandamountofnon-currentgainsandlosses
√Applicable□Notapplicable
InRMB
| Items | Amount | Notes |
| Non-currentassetdisposalgain/loss(includingthewrite-offpartforwhichassetsimpairmentprovisionismade) | 10,537,743.77 | |
| Govemmentsubsidiesrecognizedincurrentgainandloss(excludingthosecloselyrelatedtotheCompany’sbusinessandgrantedunderthestate’spolicies) | 420,227.62 | |
| Othernon-businessincomeandexpendituresotherthantheabove | -904,697.67 | |
| Less:Amountofinfluenceofincometax | -796,580.71 | |
| Amountofinfluenceofminorityinterests(aftertax) | -597,222.81 | |
| Total | 11,447,077.24 | -- |
FortheCompany’snon-recurringgain/lossitemsasdefinedintheExplanatoryAnnouncementNo.1oninformationdisclosureforCompaniesOfferingtheirSecuritiestothePublic-Non-recurringGainsandLossesanditsnon-recurringgain/lossitemsasillustratedintheExplanatoryAnnouncementNo.1oninformationDisclosureforCompaniesofferingtheirsecuritiestothepublic-non-recurringGainsandlosseswhichhavebeendefinedasrecurringgainsandlosses,itisnecessarytoexplainthereason.
□Applicable√NotapplicableNoneofNon-recurringgain/lossitemsrecorgnizedasrecurringgain/loss/itemsasdefinedbytheinformationdisclosureexplanatoryAnnouncementNo.1-Non–recurringgain/lossinthereportperiod.
III.BusinessProfileⅠ.MainBusinesstheCompanyisEngagedinDuringtheReportPeriodWhetherthecompanyneedstocomplywiththedisclosurerequirementsoftheparticularindustryNoTheCompanyisaninfrastructureindustry,withmainbusinessindevelopingandoperatingexpresswayandbigbridges.ItisoneofthemaininstitutionsofdevelopingexpresswayandbigbridgeinGuangdongExpresswaySystem.Theexpresswayindustryistheindustryhelpedbygovernment.TheCompanyismainlyengagedintollingandmaintenanceofGuangfoExpressway,FokaiExpresswayandJingzhuExpresswayGuangzhuSectioninvestmentintechnologicalindustriesandprovisionofrelevantconsultationwhileinvestinginShenzhenHuiyanExpresswayCo.,Ltd.,GuangzhouGuanghuiExpresswayCo.,Ltd.,GuangdongJiangzhongExpresswayCo.,Ltd.,ZhaoqingYuezhaoHigywayCo.,Ltd.,GanzhouKangdaExpressway,GanzhouGankangExpresswayCo.,Ltd.,GuangdongYuekeTechnologyMicroLoanCo.,Ltd.,GuangdongGuangleExpresswayCo.,Ltd.andGuoyuanSecuritiesCo.,Ltd.,Asoftheendofthereportingperiod,thecompany’sshare-controlledexpresswayis153.71km,andaccordingtotheequityratio,aftertheconversioncalculation,thetotalmileageis264.41km.Ⅱ.MajorChangesinMainAssets
1.MajorChangesinMainAssets
| Mainassets | Majorchanges |
| Equityassets | Theincreaseof2.93%bytheendoftheperiodcomparedwiththatofthebeginning,Mainlyduetothecombinedinfluenceoftheoperationaccumulationandprofitdistributionoftheparticipatingunits. |
| Fixedassets | Theincreaseof4.10%bytheendoftheperiodcomparedwiththatofthebeginning,ItwasmainlyinfluencedbythecompletionandopeningoftheexpansionprojectofSanbao-GongheSectionofFokaiExpresswayandcarry-forwardoffixedassets. |
| Intangibleassets | Thedecreaseof20.65%bytheendoftheperiodcomparedwiththatofthebeginning,Mainlyduetotheimpactofamortizationofintangibleassets. |
| Constructioninprocess |
| Otherreceivable | Theincreaseof220.10%bytheendoftheperiodcomparedwiththatofthebeginning,Itwasmainlyinfluencedbydividendsreceivablefromnon-participatingcompanies. |
| Deferredincometaxassets | Thedecreaseof9.86%bytheendoftheperiodcomparedwiththatofthebeginning,Themainreasonwasthataftertheabsorptionandmergeroftheoriginalwholly-ownedsubsidiarycompanyasabranchCompany,theincomeofthebranchCompanythisyearmadeuppartoftheCompany'sdeductiblelossesinpreviousyears. |
| OtherNon-currentassets | Theincreaseof15.95%bytheendoftheperiodcomparedwiththatofthebeginning,ItwasmainlyduetothecombinedinfluenceoftheadvancepaymentfortheexpansionofFokaiExpresswayandtheincreaseofinputtaxtobededucted. |
2.MainConditionsofOverseasAssets
□Applicable√NotapplicableⅢ.AnalysisOncoreCompetitivenessWhetherthecompanyneedstocomplywiththedisclosurerequirementsoftheparticularindustryNo
Thetollrevenueofexpresswayindustrymainlydependsontheregionaleconomicdevelopment.Theregionaleconomyisthecriticalfactorthatinfluencesthetrafficvolume.TheGuangfoexpresswayandtheFokaiexpressway,controlledbythecompany,arepartoftheNationalExpresswayNetworkPlanning-“Fiveverticalandsevenhorizontal”,Theshare-controlledBeijing-ZhuhaiGuangzhuSectionExpresswayisafastandconvenientExpressway.andmanyofthecompany’sequity-participationexpresswaysthatarepartofthemainskeletonoftheGuangdongProvincialExpresswayPlanning-“Tenverticalandfivehorizontal”,whichprovidesastrongguaranteeforstabletrafficvolume.Meanwhile,theregionaleconomyisthecriticalfactorthatinfluencesthetrafficvolume,asGuangdongprovinceistheeconomicallydevelopedregion,withyears’continuoushighgrowthofGDP,sothatprovidesthestablerisingdemandforthecompany.
IV.PerformanceDiscussionandAnalysisⅠ.GeneralTheCompanyisaninfrastructureindustry,withmainbusinessindevelopingandoperatingexpresswayandbigbridges.ItisoneofthemaininstitutionsofdevelopingexpresswayandbigbridgeinGuangdongExpresswaySystem.Theexpresswayindustryistheindustryhelpedbygovernment.Inthefirsthalfof2019,thecompany,accordingtotheannualbusinessplanestablishedbytheboardofdirectors,soundlydidagoodjobofeachwork..Inthefirsthalfof2019,themainbusinessincomewas1.484billionyuan,meaning46.06%oftheannualplanwascompleted;andtheoperatingcostswas550millionyuan,Flatyear-on-year,representingcompleted38.68%oftheannualplan.
Inthereportperiod,thevehicletrafficandtollincomeofthecontrolledsubsidiariesandjointventuresoftheCompanyareasfollows:
| Volumeofvehicletrafficinthefirsthalfyearof2019（Tenthousandvehicles） | Increase/Decrease(%) | Tollincomeinthefirsthalfyearof2019（Tenthousand） | Increase/Decrease(% | |
| GuangfoExpressway | 3,537.04 | 19.74% | 23,017.10 | 2.19% |
| FokaiExpressway | 3,421.36 | 4.26% | 61,731.41 | -3.33% |
| JingzhuExpresswayGuangzhuEastSection | 3,483.62 | -4.35% | 60,184.56 | -5.27% |
| HuiyanExpressway | 2,008.31 | -1.86% | 11,728.74 | -3.66% |
| GuanghuiExpressway | 3,082.54 | 10.73% | 90,639.13 | 4.44% |
| YuezhaoExpressway | 1,575.32 | 8.31% | 27,114.74 | 3.18% |
| JiangzhongExpressway | 2,736.67 | 6.30% | 22,530.61 | -1.90% |
| GuangleExpressway | 1,247.19 | 8.28% | 155,056.82 | 1.45% |
| KangdaExpressway | 131.96 | 3.90% | 12,001.61 | 6.16% |
| GangkangExpressway | 216.06 | 15.40% | 8,659.92 | 12.80% |
Overallsituation:Duringthereportingperiod,theincreaseofGuangfoExpresswaytrafficvolumewashigherthanthatoftollrevenue,whichwasmainlyinfluencedbytime-limitedgoodsanddistributionoftrucksinthesurroundingsections;thetollrevenueofFokaiExpresswayandGuangzhuSectionofJingzhuExpresswayshowednegativegrowthyearonyear,whichwasmainlyinfluencedbythedistributionsofthesurroundingroadnetwork.
GuangfoExpressway:FromJuly1,2018,atrafficrestrictionontruckswithmorethan15tons(7:00-22:00)hasbeenimposedinthedirectionofGuangzhou(Yayao-HengshaSection)thattrucksareguidedandthetimeperiodofGuangzhou-FoshanSectionisadjusted.Atthesametime,theprohibitionongoodswasvirtuallycancelledearlyinthisyearintheFoshanFirstRinganddriverscandriveontheroadforfree.Thus,theproportionoftrucksinGuangfoSectionhasbeendeclined.However,GuangfoAreafeaturedaintensivetransportationofpersonnelandmaterials,completesupportingofsurroundingbuildings,andcontinuousgrowth
ofcarsandvehicles.Asaconsequence,theincreaseoftrafficvolumewashigherthanthatoftollrevenue.
FoaiExpressway:Thetollrevenuedeclinedby3.33%yearonyearcomparedwiththefirstquarter,whichwasmainlyaffectedbythefollowingfactors:ontheonehand,thediversioneffectofthesecondphaseofYunzhanHighwaywasapparentaftertheopeningofthewholeline;ontheotherhand,thetollsofFoshanFirstRingRoadthatwasoriginallyplannedtoopeninFebruarywererepeatedlypostponed,buttheentryofvehicleswasunrestricted,andthestrictcontrolofover-limitedandover-loadtransportationoftruckswasnotimplemented.GuangzhuSectionofJingzhuExpressway:Duetothecombinationofmultiplefactors,suchaslimitedcargoinsomeperiodsofHumenBridge,thecompletionandopeningofNanshaBridgeandPanguanExpressway,thetrafficvolumeandtollrevenueshowednegativegrowthyear-on-year.GankangExpressway:trafficvolumeandtollrevenueincreasedby15.40%and12.80%respectivelyyear-on-year,andcontinuedtogrowonthebasisofthefirstquarter.Itismainlyaffectedbymanyfactors,suchastheconstructionofthesurroundingnationalhighway,theoverhaulofsandandstonevehicles,andtherestrictionofthepassageofsometrucks.
KangdaExpressway:Inthefirsthalfoftheyear,tollrevenueincreasedby6.16%year-on-yearinthefirsthalfofthisyear,whichwasmainlyinfluencedbythecombinedinfluencesuchasthegradualstabilizationofthenegativeimpactoftheDayuSectionofthe323NationalHighwayin2017andthestabilizationoftrafficvolume.II.MainbusinessanalysisRefertorelevantcontentsof“1.Summarization”in“DiscussionandAnalysisofManagement”Year-on-yearchangeofmainfinancialdata
InRMB
| Thisreportperiod | Sameperiodlastyear | YOYchange（%） | Causechange | |
| Operatingincome | 1,483,673,245.21 | 1,535,864,145.14 | -3.40% | ItwasmainlyaffectedbythediversionofsurroundingroadsthatthetollrevenueofFokaiExpresswayandGuangzhuEasternHighwayhasdecreased. |
| Operatingcost | 549,623,810.49 | 533,736,566.35 | 2.98% | ItwasmainlyinfluencedbythecompletionandopeningoftheexpansionworkofSanbao-GongheSectionintheFokaiExpressway,thecarry-forwardofthefixedassets,thedepreciationincreaseoftheroadproductionincreased. |
| Administrativeexpenses | 76,975,210.47 | 73,109,460.94 | 5.29% | |
| Financialexpenses | 103,529,762.40 | 112,780,215.47 | -8.20% | |
| Incometaxexpenses | 189,696,774.05 | 213,221,718.85 | -11.03% | |
| R&DInvestment | 2,485,173.03 | -100.00% | AfterApril2018,theresearchanddevelopmentcostof"BlueChannel"projectdidnothappenagain. |
| Cashflowgeneratedbybusinessoperation,net | 1,050,811,097.23 | 819,779,588.10 | 28.18% | MainlythecorporateincometaxpaidbyFokaiCompanythatwerewrittenoffinthesameperiodlastyear |
| Netcashflowgeneratedbyinvestment | -223,968,653.96 | -138,624,695.43 | 61.56% | ItwasmainlyaffectedbytheincreaseofprojectpaymentinaccordancewiththeexpansionprojectofFokaiSouthSection |
| Netcashflowgeneratedbyfinancing | -911,807,967.81 | -1,220,463,569.09 | -25.29% | Itwasmainlyduetothecombinedinfluenceoftheincreaseindividenddistributionandnetincreaseintotalfund-raisingoverthesameperiodlastyear |
| Netincreasingofcashandcashequivalents | -86,500,045.27 | -541,576,561.05 | -84.03% | Itwasinfluencedbytheincreaseofnetcashinflowfromoperatingactivities,theincreaseofnetcashoutflowfrominvestmentactivitiesandthedecreaseofnetcashoutflowfromfinancingactivities |
MajorchangestotheprofitstructureorsourcesoftheCompanyinthereportingperiod
□Applicable√Notapplicable
Nil
Breakdownofmainbusiness
InRMB
| Operatingrevenue | operatingcosts | Grossprofitrate(%) | Increase/decreaseofreverseinthesameperiodofthepreviousyear(%) | Increase/decreaseofprincipalbusinesscostoverthesameperiodofpreviousyear(%) | Increase/decreaseofgrossprofitrateoverthesameperiodofthepreviousyear(%) | |
| Industry | ||||||
| Highwaytransportations | 1,449,330,681.59 | 521,438,699.05 | 64.02% | -3.32% | 3.27% | -2.30% |
| Other | 15,810,135.72 | 15,369,563.00 | 2.79% | -19.95% | -11.63% | -9.15% |
| Product | ||||||
| Highwaytransportations | 1,449,330,681.59 | 521,438,699.05 | 64.02% | -3.32% | 3.27% | -2.30% |
| Other | 15,810,135.72 | 15,369,563.00 | 2.79% | -19.95% | -11.63% | -9.15% |
| Area | ||||||
| GuangfoExpressway | 230,170,928.97 | 31,785,031.71 | 86.19% | 2.19% | 14.43% | -1.48% |
| FokaiExpressway | 617,314,121.48 | 325,665,097.11 | 47.24% | -3.33% | 6.25% | -4.76% |
| JingzhuExpresswayGuangzhusection | 601,845,631.14 | 163,988,570.23 | 72.75% | -5.27% | -3.89% | -0.39% |
| Other | 15,810,135.72 | 15,369,563.00 | 2.79% | -19.95% | -11.63% | -9.15% |
III.Non-corebusinessanalysis
√Applicable□Notapplicable
InRMB
| Amount | Ratiointotalprofit | Note | Whetherbesustainable | |
| Investmentincome | 276,241,866.32 | 26.73% | Itisduetotheoperationaccumulationofparticipantcompanies | Yes |
| Non-operatingincome | 735,359.76 | 0.07% | Mainlytherevenueincurredbyclaimsforhighwayproperty | No |
| Non-operating | 4,231,407.95 | 0.41% | Itwasmainlytheexpenditureforrepairing | No |
| expenses | damagedhighwaypropertyfacilitiesandthelossofabandonedfixedassets | |||
| Assetsdisposalincome | 13,129,094.29 | 1.27% | Incomefromtransferofintellectualpropertyrightsrelatedwith"BlueChannel"byYuegaoke | No |
IV.Analysisofassetsandliabilities
1.Significantchangesinassetcomposition
InRMB
| EndofReportingperiod | Endofsameperiodoflastyear | Changeinpercentage(%) | Reasonforsignificantchange | |||
| Amount | Asapercentageoftotalassets(%) | Amount | Asapercentageoftotalassets(%) | |||
| Monetaryfund | 2,038,024,951.05 | 12.42% | 1,821,466,139.37 | 11.48% | 0.94% | |
| Accountsreceivable | 103,117,760.85 | 0.63% | 94,111,175.70 | 0.59% | 0.04% | |
| Inventories | 110,142.49 | 0.001% | 139,076.49 | 0.001% | 0.00% | |
| RealestateInvestment | 3,442,059.61 | 0.02% | 2,523,650.98 | 0.02% | 0.00% | |
| Long-termequityinvestment | 3,237,607,137.38 | 19.74% | 3,166,390,849.09 | 19.95% | -0.21% | |
| Fixedassets | 7,911,433,640.97 | 48.23% | 7,945,714,512.39 | 50.07% | -1.84% | |
| Constructioninprocess | 835,875,363.36 | 5.10% | 629,469,949.60 | 3.97% | 1.13% | |
| Long-termloans | 3,281,725,000.00 | 20.00% | 4,391,170,000.00 | 27.67% | -7.67% | |
2.AssetandLiabilitiesMeasuredbyFairValue
√Applicable□Notapplicable
InRMB
| Items | Openingamount | Gain/Lossonfairvaluechangeinthereportingperiod | Cumulativefairvaluechangerecordedintoequity | Impairmentprovisionsinthereportingperiod | Purchasedamountinthereportingperiod | Soldamountinthereportingperiod | Closingmount |
| Financialassets | |||||||
| OtherEquityInstrumentInvestment | 1,668,791,594.53 | 378,760,459.84 | 1,694,669,638.37 | ||||
| Subtotaloffinancialassets | 1,668,791,594.53 | 378,760,459.84 | 1,694,669,638.37 | ||||
| Totalofthe | 1,668,791,594.53 | 378,760,459.84 | 1,694,669,6 |
| above | 38.37 | ||
| Financialliabilities | 0.00 | 0.00 |
DidanysignificantchangeoccurtotheattributeoftheCompany’smainassetmeasurementduringthereportingperiod?
□Yes√No
3.AssetsrightrestrictiontillendofreportingperiodThebalanceofrestrictedbankdepositsattheendoftheperiodwasRMB1,221,200.00,whichwasthelandreclamationfunddepositedintothefundcustodyaccountforthereconstructionandexpansionprojectofsanbaotoShuikousectionofFokaiExpressway.
I.Investmentsituation
1.General
√Applicable□Notapplicable
| CurrentInvestmentAmount(Yuan) | Sameperiodoflastyear(Yuan) | Changerate |
| 489,183,814.45 | 273,407,293.65 | 78.92% |
2.ConditionofAcquiringSignificantShareRightInvestmentduringtheReportPeriod
√Applicable□Notapplicable
InRMB
| NameoftheCompanyInvested | MainBusiness | InvestmentWay | InvestmentAmount | ShareProportion% | CapitalSource | Partner | InvestmentHorizon | ProductType | ProgressuptoBalanceSheetDate | AnticipatedIncome | GainorLessortheCurrentInvestment | WhethertoInvolveinLawsuit | DateofDisclosure | DisclosureIndex |
| ShenzhenHuiyanExpresswayCo.,Ltd. | Expressway | Increasecapital | 38,917,650.00 | 33.33% | HuiyanCo.,Ltd.UnallocatedprofitconversionCapital | YantianPortCo.,ltd. | Onthebasisofthetermofoperationapprovedbythegovernment | LimitedCompany | Completed | No | October31,2017 | AnnouncementofResolutionsofthe13th(Provisional)MeetingoftheEighthBoardofDirectors,AnnouncementofExternalInvestment | ||
| Total | -- | -- | 38,917,650.00 | -- | -- | -- | -- | -- | -- | 0.00 | 0.00 | -- | -- | -- |
3.SituationoftheSignificantNon-equityInvestmentUndergoingintheReportPeriod√Applicable□Notapplicable
InRMB
| Name | Formofinvestment | Fixedassetsinvestmentornot | Industryinwhichtheinvestmentprojectoperates | Investmentamountduringthereportingperiod | Accumulatedactualamountinvestedasoftheendofreportingperiod | Sourceofund | Progress | Estimatedreturn | Accumulatedrealizedreturnasoftheendoftheendofthereportingperiod | Reasonsforfailureinmeetingscheduledprogressandestimatedreturn | DateofDisclosure(Ifany) | DisclosureIndex(Ifany) |
| FokaiExpresswaySanbaotoShuikousectionExtensionproject | Self | Yes | Expressway | 450,266,164.45 | 1,948,731,008.60 | SelfandBorrowing | 58.87% | Notapplicable | June17,2016 | Announcementofthe29th(Provisional)MeetingoftheSeventhBoardofDirectors,AnnouncementofExternalInvestment | ||
| Total | -- | -- | -- | 450,266,164.45 | 1,948,731,008.60 | -- | -- | 0.00 | 0.00 | -- | -- | -- |
4.InvestmentofFinancialAsset
（1）Securitiesinvestment
√Applicable□Notapplicable
| Securitycategory | Securitycode | StockAbbreviation: | Initialinvestmentcost | Modeofaccountingmeasurement | Bookvaluebalanceatthebeginningofthereportingperiod | Changesinfairvalueofthethisperiod | Cumulativefairvaluechangesinequity | Purchaseamountinthethisperiod | Saleamountinthethisperiod | Gain/lossofthereportingperiod | Bookvaluebalanceattheendofthereportingperiod | Accountingitems | Sauceoftheshares |
| Domesticandforeignstocks | 601818 | EverbrightBank | 517,560,876.80 | FVM | 870,443,292.80 | 378,760,459.84 | 37,876,045.98 | 896,321,336.64 | OtherequityInstrumentInvestment | Self | |||
| Total | 517,560,876.80 | -- | 870,443,292.80 | 0.00 | 378,760,459.84 | 0.00 | 0.00 | 37,876,045.98 | 896,321,336.64 | -- | -- | ||
| DisclosureDateofAnnouncementonSecuritiesInvestmentApprovedbytheBoardofDirectors | July22,2009 | ||||||||||||
| DisclosureDateofAnnouncementonSecuritiesInvestmentApprovedbytheShareholdersMeeting(Ifany) | August7,2009 | ||||||||||||
（2）InvestmentinDerivatives
□Applicable√NotapplicableTheCompanyhadnoinvestmentinderivativesinthereportingperiod.
VI.Salesofmajorassetsandequity
1.Salesofmajorassets
□Applicable√NotapplicableTheCompanyhadnosalesofmajorassetsinthereportingperiod.
2.Salesofmajorequity
□Applicable√Notapplicable
VII.AnalysisoftheMainShareHoldingCompaniesandShareParticipatingCompanies
√Applicable□NotapplicableSituationofMainSubsidiariesandtheJoint-stockCompanywithover10%netprofitinfluencingtotheCompany
InRMB
| CompanyName | Companytype | Leadingproductsandservices | Registeredcapital | Totalassets | Netassets | OperatingIncome | Operatingprofit | NetProfit |
| GuangfoExpressway | Subsidiary | OperatingGuangfoExpresswayCo.,Ltd.(startsfromHengsha,Guangzhou,endsinXiebian,Foshan.Totallength15.7kilometers | RMB200million | 503,032,983.60 | 442,885,221.80 | 231,359,875.86 | 190,238,384.88 | 142,527,223.05 |
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | Subsidiary | TheoperationandmanagementofGuangzhou-ZhuhaiExpresswayandprovisionofsupportingservicesincludingfueling,salvageandsupplyofpartsandcomponents | RMB580million | 2,335,743,800.10 | 930,365,618.81 | 613,528,787.18 | 386,152,337.13 | 285,871,543.23 |
| GuangzhuTrafficInvestmentManagementCo.,Ltd. | Subsidiary | Highwayinvestmentmanagementandconsultation;highwaymaintenance | RMB3million | 2,340,653,396.83 | 516,610,687.09 | 613,528,787.18 | 386,102,723.36 | 157,179,735.01 |
| GuangdongGuanghuiExpresswayCo.,Ltd. | Sharingcompany | InvestmentinandconstructionofGuanghuiExpresswayCo.,Ltd.andsupportingfacilities,thetollcollectionandmaintenancemanagementofGuanghuiExpressway,TheGuanghuiExpressway'ssupportinggasstation,salvation,vehiclemaintenance,vehicletransport,catering,warehousinginvestmentanddevelopment | RMB2.352billion | 4,721,378,640.92 | 3,590,533,401.54 | 917,898,192.73 | 636,648,322.19 | 478,273,173.41 |
Subsidiariesobtainedordisposedinthereportingperiod
□Applicable√Notapplicable
ParticularsabouttheMutualholdingcompanies
1.TheCompanyholdsa75%equityinterestintheGuangfocompany,theconstructionandoperationoftheGuangzhou-FoshanExpressway,includingroadmaintenance,charges,signs,markingandothertransportfacilitiesmaintenance,Vehiclerescueandotherbusiness.Thecurrentnetprofitincreasedby50,219,596.66yuan,adecreaseof14.95%,Themainreasonsforthedecreaseincludedthefollowingfactors:1.reductionofthethetollincomecausedbytrafficrestrictionofHumenBridge,diversionofNanshaBridgeandFanguanHighwayFirstPhaseaftertheopening,etc.2.duringthesameperiodlastyear,therevenuefromhighwaypropertydisposalwasconfirmedtobeRMB44.72million,whichdidnotoccurinthecurrentperiod.
VIII．StructuredvehiclecontrolledbytheCompany
□Applicable√NotapplicableIX.PredictionofbusinessperformanceforJanuary-September2019Estimationofaccumulativenetprofitfromthebeginningoftheyeartotheendofnextreportperiodtobelossprobablyorthewarningofitsmaterialchangecomparedwiththecorrespondingperiodofthelastyearandexplanationofreason.
□Applicable√NotapplicableX.RisksfacingtheCompanyandcountermeasures
Thecompany’sprofitsmainlycomefromtheexpresswaytollsrevenueandthetollchargingstandardsshallbeexaminedbythetrafficauthorityoftheprovincial,autonomousregionandthedirect-controlledmunicipalitypeople’sgovernmentstogetherwiththesame-levelpricingauthorityandthensubmittedtothesame-levelpeople’sgovernmentforapproval.Therefore,thechargingpriceadjustmenttrendandthepossibilityofthechargingpriceadjustmentuponrisingofthecommoditypriceandthecompanycostinthefuturearestillsubjecttorelevantnationalpoliciesandtheapprovalofthegovernmentaldepartment.Andthecompanycan’tadjustthechargingstandardspromptlybasedonitsownoperationcostorthemarketsupply-demandchanges.Inconclusion,thechargingpolicieschangeandthechargingstandardsadjustmenthavetheinfluenceontheexpresswaybusinessofthecompanytosomeextent.
V.ImportantEvents
I.AnnualGeneralMeetingandProvisionalShareholders’MeetingsintheReportingPeriod
1.AnnualGeneralMeeting
| Meeting | Type | Investorparticipationratio | Conveneddate | Disclosuredate | Indextodisclosedinformation |
| 2018Shareholders’generalmeeting | AnnualShareholders’GeneralMeeting | 67.59% | May20,2019 | May21,2019 | www.cninfo.com.cn |
| FirstprovisionalShareholders’generalmeetingof2019 | ProvisionalShareholders’generalmeeting | 66.75% | June25,2019 | June26,2019 | www.cninfo.com.cn |
2.PreferredstockholdersrestoredvotingrightstorequesttoconveneProvisionalShareholders’Meeting.
□Applicable√NotapplicableII.ProposalforprofitdistributionandconvertingcapitalReserveintoshareactualforthereportingperiod
□Applicable√NotapplicableForthereportingperiod,theCompanyplansnottodistributecashdividendsorbonussharesorconvertcapitalreserveintosharecapital.III.Thefulfilledcommitmentsinthereportingperiodandunder-fulfillmentcommitmentsbytheendofthereportingperiodmadebythecompany,shareholder,actualcontroller,acquirer,director,supervisor,seniormanagementpersonnelandotherrelatedparities.
□Applicable√NotapplicableThereisnocommitmentthathasnotbeenfulfilledbyactualcontroller,shareholders,relatedparties,acquirersoftheCompanyIV.ParticularsaboutengagementanddisengagementofCPAsfirmWhetherthesemi-annualfinancialreporthadbeenaudited?
□Yes√NoNotbeenaudited.
V.Explanationsgivenbyboardofdirectorsandsupervisoryboardregarding“Modifiedauditor’s”IssuedbyCPAsfirmforthereportingperiod
□Applicable√NotapplicableVI.ExplanationsgivenbyBoardofDirectorsregarding“Modifiedauditor’sReport”Issuedforlastyear
□Applicable√NotapplicableVII.Bankruptcyandrestructuring
□Applicable√NotapplicableNosuchcasesinthereportingperiod.VIII.LegalmattersSignifieantlawsuitsorarbitrations
□Applicable√NotapplicableNosuchcasesinthereportingperiod.Otherlegalmatters
√Applicable□Notapplicable
| Basicconditionsoflitigation(arbitration) | Amountinvolved（Tenthousandyuan） | Formingofthepredicteddebt | Litigation(arbitration)progress | Litigation(arbitration)judgementresultandinfluence | Litigation(arbitration)judgementexecutioncondition | Dateofdisclosure | Indexofdisclosure |
| OnAugust22,2007,GuangdongFokaiExpresswayCo.,Ltd.filedalawsuitwithGuangzhouMaritimeCourtofficiallyrequiringFoshanNanhaiYuhangShippingCo.,Ltd.andYangXiongtoundertakethejointandseveralliabilitiesforthetolllossesofFokaicompanyduetotheJiujiangcollapse.OnMarch7,2014,thecourtmadethefirstinstancejudgementrequiringthedefendantsFoshanNanhaiYuhangShippingCo.,Ltd.andYangXiongtocompensatethedefendantGuangdongFokaiExpresswayCo.,Ltd.jointlyforthevehicletollrevenuelosstotaling19,357,500.96yuan.GuangdongHigherPeople'sCourtenteredajudgementon | 1,935.75 | No | Waitingforthecourtjudgementresult | Nomajorinfluenceonthecompanyassetconditionsandtheoperationresults. | None |
| June5,2014andthelawsuitterminated.Bytheendofthereportperiod,theabatementofactioncausesarealreadyremovedandtheprovincialhighercourtrestoresthehearingandconductstheinvestigationonApril21,2017.Nowit’sstillthetimewaitingforthecourtjudgement. | |||||
| OnJune12,2009,the6.15accident-causingboatownerYangXiongfiledalawsuitwithGuangzhouMaritimeCourtrequiringFokaicompanytocompensatefortheboatlossandinteresttotaling7.28millionyuan.OnDecember20,2013,thecourtmadethefirstinstancejudgementrejectingalllitigationclaimsofYangXiong.HefiledalawsuitwithGuangdongHigherPeople'sCourtagainstsuchsentenceabove,andthesecondinstanceterminatedthelawsuitinMay2015.Bytheendofthereportperiod,thelawsuitisstillsuspendedwithoutanynoticefromtheprovincialhighercourt. | 728 | No | Duringabatementofactionbythesecondinstance | Nomajorinfluenceonthecompanyassetconditionsandtheoperationresults. | None |
IX.Punishmentsandrectifications
□Applicable√NotapplicableNosuchcasesinthereportingperiod.X.CreditconditionsoftheCompanyaswellasitsControllingshareholderandactualController
□Applicable√NotapplicableXI.Equityincentiveplans,employeestockownershipplansorotherincentivemeasuresforemployees
□Applicable√NotapplicableNosuchcasesinthereportingperiod.XII.Materialrelatedtransactions
1.Relatedtransactionsinconnectionwithdailyoperation
□Applicable√Notapplicable
Nosuchcasesinthereportingperiod.
2.Related-partytransactionsarisingfromassetacquisitionorsold
□Applicable√NotapplicableNosuchcasesinthereportingperiod.
3.Related-partytransitionswithjointinvestments
□Applicable√NotapplicableNosuchcasesinthereportingperiod.
4.Creditsandliabilitieswithrelatedparties
√Applicable□NotapplicableIsthereanon-operationalrelationshipbetweencreditor'srightsandliabilities?
□Yes√NoNosuchcasesinthereportingperiod.
5.Othersignificantrelated-partytransactions
√Applicable□Notapplicable
1.The23th(provisional)meetingoftheEighthboardofdirectorsoftheCompanyexaminedandadoptedtheProposalonTransferringtheIntellectualPropertyAssetsGroupofthe“BlueChannel”byGuangdongExpresswayTechnologyInvestmentCo.,Ltd.,awholly-ownedsubsidiary.ItisagreedthatGuangdongExpresswayTechnologyInvestmentCo.,Ltd.,awholly-ownedsubsidiaryoftheCompany,willtransferthe“BlueChannel”relatedintellectualpropertyassetgrouptoGuangdongUnionElectronicServiceCo.,Ltd.bywayofagreementtransfer,withtheassessedvalueofRMB19,881,200.00asthetransferprice.
2.The24th(provisional)meetingoftheEighthboardofdirectorsoftheCompanyexaminedandadoptedtheProposalConcerningtheCompanyDailyAssociatedTransactionsPredictedof2019.Agreeonthepredicteddailyassociatedtransactionsforthecompanyheadquarters,wholly-ownedandholdingsubsidiariesof2019,whoseamountintotalisRMB49.4265million.Thewebsitetodisclosetheinterimannouncementsonsignificantrelated-partytransactions
| Descriptionofprovisionalannouncement | Dateofdisclosingprovisionalannouncement | Descriptionofthewebsitefordisclosingprovisionalannouncements |
| Announcementofrelatedpartytransaction | January23,2019 | www.cninfo.com.cn |
| EstimatesannouncementoftheDailyRelatedPartyTransactionof2019 | March29,2019 | www.cninfo.com.cn |
XIII.Particularsaboutthenon-operatingoccupationoffundsbytheControllingshareholderandotherrelatedpartiesoftheCompany
□Applicable√NotapplicableThecompanywasnotinvolvedinthenon-operatingoccupationoffundsbythecontrollingshareholderandotherrelatedpartiesduringthereportingperiod.XIV.Significantcontractsandexecution
1.Entrustments,contractingandleasing
（1）Entrustment
□Applicable√Notapplicable
Nosuchcasesinthereportingperiod.
（2）Contracting
□Applicable√NotapplicableNosuchcasesinthereportingperiod.
（3）Leasing
□Applicable√NotapplicableNosuchcasesinthereportingperiod.
2.Guarantees
√Applicable□Notapplicable
（
）Guarantees
Tenthousandyuan
| ExternalguaranteesmadebytheCompany（Excludethosemadeforsubsidiaries） | ||||||||||||||||
| NameoftheCompany | Relevantdisclosuredate/No.oftheguaranteedamount | AmountofGuarantee | Dateofhappening(Dateofsigningagreement) | Actualmountofguarantee | Guaranteetype | Guaranteeterm | Completeimplementationornot | Guaranteeforassociatedparties(Yesorno) | ||||||||
| GuangdongCommunicationGroupCo.,Ltd | May11,2012 | 172,500 | May31,2013 | 172,500 | Pledge | 2012.9.25-2020.3.25 | No | Yes | ||||||||
| Totalamountofapprovedexternalguaranteeinthereportperiod(A1) | 0 | Totalactuallyamountofexternalguaranteeinthereportperiod(A2) | 0 | |||||||||||||
| Totalamountofapprovedexternalguaranteeattheendofthereportperiod(A3) | 172,500 | Totalactuallyamountofexternalguaranteeattheendofthereportperiod(A4) | 172,500 | |||||||||||||
| GuaranteeoftheCompanyforthecontrollingsubsidiaries | ||||||||||||||||
| NameoftheCompanyguaranteed | Relevantdisclosuredate/No.oftheguaranteedamount | Amountofguarantee | Dateofhappening(Dateosigningagreement) | Actualmountofguarantee | Guaranteetype | Guaranteeterm | Completeimplementationornot | Guaranteeforassociatedparties(Yesorno) | ||||||||
| Guaranteeofthesubsidiariesforthecontrollingsubsidiaries | ||||||||||||||||
| NameoftheCompanyguaranteed | Relevantdisclosuredate/No.oftheguaranteedamount | Amountofguarantee | Dateofhappening(Dateosigningagreement) | Actualmountofguarantee | Guaranteetype | Guaranteeterm | Completeimplementationornot | Guaranteeforassociatedparties(Yesorno) | ||||||||
| TotalofCompany’sguarantee（namelytotalofthelargethreeaforementioned） | ||||||||||||||||
| TotalofguaranteeinthePeriod（A1+B1+C1） | 0 | TotalofactualguaranteeinthePeriod（A2+B2+C2） | 0 | |||||||||||||
| Totalofguaranteeat | 172,500 | Totalofactualguaranteeat | 172,500 | |||||||||||||
| Period-end（A3+B3+C3） | Period-end（A4+B4+C4） | ||
| TheproportionofthetotalamountofactuallyguaranteeinthenetassetsoftheCompany(thatisA4+B4+C4) | 18.77% | ||
| Including | |||
| Amountofguaranteeforshareholders,actualcontrolleranditsassociatedparties（D） | 172,500 | ||
Descriptionoftheguaranteewithcomplexmethod
（2）Illegalexternalguarantee
□Applicable√Notapplicable
Nosuchcasesinthereportingperiod.
3.Othersignificantcontract
□Applicable√NotapplicableNosuchcasesinthereportingperiod.XV.Socialresponsibilities
1.MajorenvironmentalprotectionTheListedCompanyanditssubsidiarywhetherbelongstothekeysewageunitsreleasedfromenvironmentalprotectiondepartmentNoTheCompany'smainbusinessishighwayoperationandmanagement,whichdoesnotbelongtothekeypollutantdischargeunitsannouncedbytheenvironmentalprotectiondepartment.
2.MeasuresTakenforTargetedPovertyAlleviation
(1)Targetedpovertyalleviationplans
Thecompanyhasnoprecisesocialresponsibilityforpovertyalleviationintheperiodandbasnofollow-upplaneither.
（2）SummaryofrelatedworkdoneinthereportingperiodNil
（3）ResultsofTargetedmeasuresNil
（4）SubsequentplansNilXVI.Othermaterialevents
√Applicable□Notapplicable
Theannualshareholders'meetingoftheCompanyheldonMay20,2019examinedandAdoptedtheBillontheChangeofCommitmentsRelatedtotheCompany'sMajorAssetRestructuringandagreedthecommitmentmadebytheCompanythatthelandandpropertymanagementrightsregistrationproceduresofGuangdongFokaiExpresswayCo.,Ltd.andJingzhuExpresswayGuangzhuSectionCo.,Ltd.inthemajorassetreorganizationofGuangdongCommunicationGroupCo.,Ltd.hasbeenchangedin2016byissuingsharesandpayingcashtopurchaseassetsandraisematchingfunds.RelevantQueriesontheDisclosureWebsiteoftheInterimReportonthisMatter
| Descriptionofprovisionalannouncement | Dateofdisclosingprovisionalannouncement | Descriptionofthewebsitefordisclosingprovisionalannouncements |
| AnnouncementofResolutionsofthe15th(Provisional)MeetingoftheEighthBoardofDirectors | April27,2019 | www.cninfo.com.cn |
| AnnouncementofResolutionsofthe14th(Provisional)MeetingoftheEighthBoardofSupervisors | April27,2019 | www.cninfo.com.cn |
| AnnouncementontheProgressofMajorAssetRestructuringCommitmentsandtheDeadlineforControllingShareholderstoApplyforChangesinCommitments | April27,2019 | www.cninfo.com.cn |
| AnnouncementofResolutionsoftheshareholders'generalmeetingof2018 | May21,2019 | www.cninfo.com.cn |
XVII.Materialeventsofsubsidiaries
√Applicable□Notapplicable
The23th(provisional)meetingoftheEighthboardofdirectorsoftheCompanyexaminedandadoptedtheProposalonTransferringtheIntellectualPropertyAssetsGroupofthe“BlueChannel”byGuangdongExpresswayTechnologyInvestmentCo.,Ltd.,awholly-ownedsubsidiary.ItisagreedthatGuangdongExpresswayTechnologyInvestmentCo.,Ltd.,awholly-ownedsubsidiaryoftheCompany,willtransferthe“BlueChannel”relatedintellectualpropertyassetgrouptoGuangdongUnionElectronicServiceCo.,Ltd.bywayofagreementtransfer,
withtheassessedvalueofRMB19,881,200.00asthetransferprice.RelevantQueriesontheDisclosureWebsiteoftheInterimReportonthisMatter
| Descriptionofprovisionalannouncement | Dateofdisclosingprovisionalannouncement | Descriptionofthewebsitefordisclosingprovisionalannouncements |
| AnnouncementofResolutionsofthe23th(Provisional)MeetingoftheEighthBoardofDirectors | January23,2019 | www.cninfo.com.cn |
| AnnouncementoftheRelatedPartyTransaction | January23,2019 | www.cninfo.com.cn |
VI.ChangeofsharecapitalandshareholdingofPrincipalShareholders
I.Changesinsharecapital
1.Changesinsharecapital
Inshares
| Beforethechange | Increase/decrease（+，-） | AftertheChange | |||||||
| Amount | Proportion | Shareallotment | Bonusshares | Capitalizationofcommonreservefund | Other | Subtotal | Quantity | Proportion | |
| 1.Shareswithconditionalsubscription | 1,273,271,627 | 60.90% | -198,591 | -198,591 | 1,273,073,036 | 60.89% | |||
| 1.State-ownedshares | 410,002,853 | 19.61% | 29,912 | 29,912 | 410,032,765 | 19.61% | |||
| 2.State-ownedlegalpersonshares | 652,971,967 | 31.23% | 0 | 0 | 652,971,967 | 31.23% | |||
| 3.Otherdomesticshares | 210,293,994 | 10.06% | -225,690 | -225,690 | 210,068,304 | 10.05% | |||
| Including：DomesticLegalpersonshares | 209,498,275 | 10.02% | -40,771 | -40,771 | 209,457,504 | 10.02% | |||
| Domesticnaturalpersonshares | 795,719 | 0.04% | -184,919 | -184,919 | 610,800 | 0.03% | |||
| 4.Foreignshares | 2,813 | 0.00% | -2,813 | -2,813 | 0 | 0.00% | |||
| Including：ForeignLegalpersonshares | 0 | 0.00% | 0 | 0 | 0 | 0.00% | |||
| Foreignnaturalpersonshares | 2,813 | 0.00% | -2,813 | -2,813 | 0 | 0.00% | |||
| II.Shareswithunconditionalsubscription | 817,534,499 | 39.10% | 198,591 | 198,591 | 817,733,090 | 39.11% | |||
| 1.CommonsharesinRMB | 468,885,824 | 22.43% | 198,591 | 198,591 | 469,084,415 | 22.44% | |
| 2.Foreignsharesindomesticmarket | 348,648,675 | 16.67% | 0 | 0 | 348,648,675 | 16.67% | |
| 3.2.ForeignsharesinOverseasmarket | 0 | 0.00% | 0 | 0 | 0 | 0.00% | |
| III.Totalofcapitalshares | 2,090,806,126 | 100.00% | 0 | 0 | 2,090,806,126 | 100.00% |
Reasonsforsharechanged
√Applicable□Notapplicable
1.Withinthereportingperiod,65shareholdersreimbursed29,912sharesofGuangdongProvincialCommunicationGroupCompanyLimited,whichwereconvertedfrom29,534sharesof"shareholdingofdomesticnaturalperson"and378sharesof"shareholdingofoverseasnaturalperson"to"nationalshareholding".Note2:Duringthereportingperiod,40,771sharesof"domesticlegalpersonholding"wereconvertedto"domesticnaturalpersonholdingshares.
3.Withinthereportingperiod,184,919sharesof"shareholdingofdomesticnaturalpersonwithlimitedconditionsofsale"and2,435sharesof"shareholdingofoverseasnaturalpersonwithlimitedconditionsofsale"wereconvertedto"unlimitedconditionalshares".5,775sharesoflimitedconditionalsharesheldbyLiMei,theoutgoingsupervisor,wereconvertedintolimitedconditionalshares.ApprovalofChangeofShares
□Applicable√NotapplicableOwnershiptransferofsharechanges
□Applicable√NotapplicableInfluenceonthebasicEPSanddilutedEPSaswellasotherfinancialindexesofnetassetspershareattributabletocommonshareholdersofCompanyinlatestyearandperiod
□Applicable√NotapplicableOtherinformationnecessarytodiscloseforthecompanyorneedtodisclosedunderrequirementfromsecurityregulators
□Applicable√NotapplicableProgressonanysharerepurchase:
□Applicable√NotapplicableProgressonreducingtherepurchasedsharesbymeansofcentralizedbidding:
□Applicable√NotapplicableInfluenceonthebasicEPSanddilutedEPSaswellasotherfinancialindexesofnetassetspershareattributabletocommonshareholdersofCompanyinlatestyearandperiod
□Applicable√NotapplicableOtherinformationnecessarytodiscloseforthecompanyorneedtodisclosedunderrequirementfromsecurityregulators
□Applicable√Notapplicable
2.Changeofshareswithlimitedsalescondition
√Applicable□Notapplicable
Inshares
| ShareholderName | InitialRestrictedShares | NumberofUnrestrictedSharesThisTerm | NumberofIncreasedRestrictedSharesThisTerm | RestrictedSharesintheEndoftheTerm | ReasonforRestrictedShares | DateofRestrictionRemoval |
| ZhangXiulingandother65shareholders | 222,728 | 192,816 | 29,912 | 0 | Releaseofrestrictionsonsales | April26,2019 |
| GuangdongCommunicationGroupCo.,Ltd. | 410,002,853 | 0 | 29,912 | 410,032,765 | 65shareholdersrepaytheadvanceshares | Unknown |
| LeiMei（OutgoingSupervisor） | 92,404 | 5,775 | 0 | 86,629 | Changeoftopmanagementlockingshares | Unknown |
| Total | 410,317,985 | 198,591 | 0 | 410,119,394 | -- | -- |
II.Issuingandlisting
□Applicable√Notapplicable
III.Shareholdersandshareholding
InShares
| Totalnumberofcommonshareholdersattheendofthereportingperiod | 56,739 | Totalnumberofpreferredshareholdersthathadrestoredthevotingrightattheendofthereportingperiod(ifany)(note8) | 0 | |||||||
| Particularsaboutsharesheldabove5%byshareholdersortoptenshareholders | ||||||||||
| Shareholders | Natureofshareholder | Proportionofsharesheld（%） | Numberofsharesheldatperiod-end | Changesinreportingperiod | Amountofrestrictedsharesheld | Amountofun-restrictedsharesheld | Numberofsharepledged/frozen | |||
| Stateofshare | Amount | |||||||||
| GuangdongCommunicationGroupCo.,Ltd | State-ownedlegalperson | 24.56% | 513,412,507 | 410,032,765 | 10,337,972 | |||||
| GuangdongHighwayConstructionCo.,Ltd, | State-ownedlegalperson | 22.30% | 466,325,020 | 466,325,020 | ||||||
| YadongFuxingYalianInvestmentCo.,Ltd. | DomesticnonState-ownedLegalperson | 9.68% | 202,429,149 | 202,429,149 | Pledge | 156,652,500 | ||||
| TibetYingyueInvestmentManagementCo.,Ltd. | State-ownedlegalperson | 4.84% | 101,214,574 | 101,214,574 | ||||||
| GuangdongExpresswayCo.,Ltd. | State-ownedlegalperson | 2.53% | 52,937,491 | 52,937,491 | ||||||
| GuangfaSecuritiesCo.,Ltd. | State-ownedlegalperson | 1.45% | 30,364,372 | 30,364,372 | ||||||
| AgriculturalBankofChina－JingshunGreatWallEnergyInfrastructureMixedSecuritiesInvestmentFund | Other | 1.27% | 26,617,103 | |||||||
| ChinaLifeInsuranceCo.,Ltd.－Dividend－Personaldividend-005L-FH002Shen | Other | 1.15% | 23,965,291 | |||||||
| ChinaLifeInsuranceCo.,Ltd.－Traditional－Commoninsuranceproducts-005L-CT001Shen | Other | 1.08% | 22,495,445 | |||||||
| FengWuchu | Domesticnaturalpersonshares | 0.97% | 20,222,807 | ||||
| Strategicinvestororgenerallegalpersonbecomingtop-10ordinaryshareholderduetorightsissue(ifany) | None | ||||||
| Relatedoracting-in-concertpartiesamongshareholdersabove | GuangdongCommunicationGroupCo.,Ltd.istheparentcompanyofGuangdongHighwayConstructionCo.,Ltd.andGuangdongExpresswayCo.,Ltd.,ItisunknownwhetherthereisrelationshipbetweenothershareholdersandwhethertheyarepersonstakingconcertedactionspecifiedintheRegulationsonDisclosureofInformationaboutChangeinShareholdingofShareholdersofListedCompanies. | ||||||
| Shareholdingoftop10shareholdersofunrestrictedshares | |||||||
| Nameoftheshareholder | Quantityofunrestrictedsharesheldattheendofthereportingperiod | Sharetype | |||||
| Sharetype | Quantity | ||||||
| GuangdongCommunicationGroupCo.,Ltd | 103,379,742 | RMBCommonshares | 103,379,742 | ||||
| AgriculturalBankofChina－JingshunGreatWallEnergyInfrastructureMixedSecuritiesInvestmentFund | 26,617,103 | RMBCommonshares | 26,617,103 | ||||
| ChinaLifeInsuranceCo.,Ltd.－Dividend－Personaldividend-005L-FH002Shen | 23,965,291 | RMBCommonshares | 23,965,291 | ||||
| ChinaLifeInsuranceCo.,Ltd.－Traditional－Commoninsuranceproducts-005L-CT001Shen | 22,495,445 | RMBCommonshares | 22,495,445 | ||||
| FengWuchu | 20,222,807 | RMBCommonshares | 18,146,144 | ||||
| Foreignsharesplacedindomesticexchange | 2,076,663 | ||||||
| VALUEPARTNERSCLASSICFUND | 13,339,892 | Foreignsharesplacedindomesticexchange | 13,339,892 | ||||
| XinyueCo.,Ltd. | 13,201,086 | Foreignsharesplacedindomesticexchange | 13,201,086 | ||||
| PRUSIKUMBRELLAUCITSFUNDPLC | 12,999,871 | Foreignsharesplacedindomesticexchange | 12,999,871 |
| KhazanahNasionalBerhad－selffund | 10,522,779 | RMBCommonshares | 10,522,779 |
| MATTHEWSCHINADIVIDENDFUND | 10,498,218 | Foreignsharesplacedindomesticexchange | 10,498,218 |
| Explanationonassociatedrelationshiporconsistentactionamongthetop10shareholdersofnon-restrictednegotiablesharesandthatbetweenthetop10shareholdersofnon-restrictednegotiablesharesandtop10shareholders | GuangdongCommunicationGroupCo.,Ltd.istheparentcompanyofGuangdongHighwayConstructionCo.,Ltd.andGuangdongExpresswayCo.,Ltd.,ItisunknownwhetherthereisrelationshipbetweenothershareholdersandwhethertheyarepersonstakingconcertedactionspecifiedintheRegulationsonDisclosureofInformationaboutChangeinShareholdingofShareholdersofListedCompanies. | ||
| Top10ordinaryshareholdersconductingsecuritiesmargintrading(ifany)(seenote4) | Nil | ||
Whethertoptencommonshareholdersortoptencommonshareholderswithun-restrictsharesheldhaveabuy-backagreementdealinginreportingperiod.
□Yes√NoThetoptencommonshareholdersortoptencommonshareholderswithun-restrictsharesheldoftheCompanyhavenobuy–backagreementdealinginreportingperiod.IV.ChangeofthecontrollingshareholderortheactualcontrollerChangeofthecontrollingshareholderinthereportingperiod
□Applicable√NotApplicableTherewasnoanychangeofthecontrollingshareholderoftheCompanyinthereportingperiod.Changeoftheactualcontrollerinthereportingperiod
□Applicable√NotapplicableTherewasnoanychangeoftheactualcontrolleroftheCompanyinthereportingperiod.
VII.SituationofthePreferredShares
□Applicable√NotapplicableTheCompanyhadnopreferredsharesinthereportingperiod
VIII.InformationaboutDirectors,SupervisorsandSeniorExecutives
I.Changeinsharesheldbydirectors,supervisorsandseniorexecutives
□Applicable√NotapplicableTherewasnochangeinshareholdingofdirectors,supervisorsandseniormanagementstaffs,forthespecificinformationpleaserefertothe2018AnnualReportII.Changeinsharesheldbydirectors,supervisorsandseniorexecutives
√Applicable□Notapplicable
| Name | Positions | Types | Date | Reason |
| XiaoDuan | Independentdirector | Left | May20,2019 | Leavesofficeaftersixyearsoftermofoffice |
| LingPing | ChairmanoftheSupervisoryCommittee | Left | May20,2019 | Retiree |
| ZengXiaoqing | Independentdirector | Elected | May20,2019 | |
| JiangChangwen | ChairmanoftheSupervisoryCommittee | Elected | May20,2019 |
IX.CorporateBondWhetherthecompanyhascorporatebondsthathavebeenpubliclyissuedandlistedonthestockexchange,and
notyetdueorduebutnotfollycashedontheapprovaldateofannualreportNo
X.FinancialReportI.Auditreport
Hasthissemi-annualreportbeenaudited?
□Yes√NoThesemi-annualreportwasnotaudited.II.FinancialstatementsCurrencyunitforthestatementsinthenotestothesefinancialstatements:RMB
1.ConsolidatedbalancesheetPreparedby：GuangdongProvincialExpresswayDevelopmentCo.,Ltd.
June30,2019
InRMB
| Items | June30,2019 | December31,2018 |
| Currentasset： | ||
| Monetaryfund | 2,038,024,951.05 | 2,124,524,996.32 |
| Settlementprovision | ||
| Outgoingcallloan | ||
| Transactionalfinancialassets | ||
| Financialassetsmeasuredatfairvaluewithvariationsaccountedintocurrentincomeaccount | ||
| Derivativefinancialassets | ||
| Notesreceivable | ||
| Accountreceivable | 103,117,760.85 | 91,076,995.07 |
| Financingofreceivables | ||
| Prepayments | 2,863,265.25 | 1,912,943.40 |
| Insurancereceivable | ||
| Reinsurancereceivable | ||
| ProvisionsofReinsurancecontractsreceivable | ||
| Otheraccountreceivable | 52,775,962.28 | 16,487,256.02 |
| Including：Interestreceivable |
| Items | June30,2019 | December31,2018 |
| Dividendreceivable | 34,145,770.80 | 1,205,472.90 |
| Repurchasingoffinancialassets | ||
| Inventories | 110,142.49 | 81,017.91 |
| Contractassets | ||
| Assetsheldforsales | ||
| Non-currentassetduewithin1year | 51,745.32 | 51,745.32 |
| Othercurrentasset | ||
| Totalofcurrentassets | 2,196,943,827.24 | 2,234,134,954.04 |
| Non-currentassets： | ||
| Loansandpaymentonother’sbehalfdisbursed | ||
| Debtinvestment | ||
| Availableforsaleoffinancialassets | 1,668,791,594.53 | |
| Otherinvestmentonbonds | ||
| Expiredinvestmentinpossess | ||
| Long-termreceivable | ||
| Longtermshareequityinvestment | 3,237,607,137.38 | 3,145,644,970.07 |
| Otherequityinstrumentsinvestment | 1,694,669,638.37 | |
| Othernon-currentfinancialassets | ||
| Propertyinvestment | 3,442,059.61 | 3,579,007.54 |
| Fixedassets | 7,911,433,640.97 | 7,600,046,319.91 |
| Constructioninprogress | 835,875,363.36 | 1,089,473,425.63 |
| Productionphysicalassets | ||
| Oil&gasassets | ||
| Userightassets | ||
| Intangibleassets | 4,554,091.05 | 5,739,020.48 |
| Developmentexpenses | ||
| Goodwill | ||
| Long-germexpensestobeamortized | 1,168,273.16 | 1,221,781.88 |
| Deferredincometaxasset | 403,367,030.48 | 447,485,034.79 |
| Othernon-currentasset | 115,709,087.82 | 99,794,665.58 |
| Totalofnon-currentassets | 14,207,826,322.20 | 14,061,775,820.41 |
| Totalofassets | 16,404,770,149.44 | 16,295,910,774.45 |
| Items | June30,2019 | December31,2018 |
| Currentliabilities | ||
| Short-termloans | ||
| LoanfromCentralBank | ||
| Borrowingfunds | ||
| Transactionalfinancialliabilities | ||
| Financialliabilitiesmeasuredatfairvaluewithvariationsaccountedintocurrentincomeaccount | ||
| Derivativefinancialliabilities | ||
| Notespayable | ||
| Accountpayable | 215,439,814.83 | 203,779,190.74 |
| Advancereceipts | 11,725,138.96 | 12,039,708.01 |
| Sellingofrepurchasedfinancialassets | ||
| Deposittakingandinterbankdeposit | ||
| Entrustedtradingofsecurities | ||
| Entrustedsellingofsecurities | ||
| Employees’wagepayable | 18,123,397.10 | 13,122,437.17 |
| Taxpayable | 95,207,898.65 | 104,198,746.06 |
| Otheraccountpayable | 284,563,651.27 | 191,254,464.84 |
| Including：Interestpayable | 17,157,289.56 | 8,971,576.57 |
| Dividendpayable | 21,150,413.70 | 17,191,142.23 |
| Feesandcommissionspayable | ||
| Reinsurancefeepayable | ||
| ContractLiabilities | ||
| Liabilitiesheldforsales | ||
| Non-currentliabilityduewithin1year | 2,041,365,000.00 | 2,498,480,000.00 |
| Othercurrentliability | ||
| Totalofcurrentliability | 2,666,424,900.81 | 3,022,874,546.82 |
| Non-currentliabilities： | ||
| Reservefundforinsurancecontracts | ||
| Long-termloan | 3,281,725,000.00 | 2,983,040,000.00 |
| Bondpayable | 677,902,761.25 | |
| Including：preferredstock | ||
| Sustainabledebt |
| Items | June30,2019 | December31,2018 |
| Leaseliability | ||
| Long-termpayable | 39,625,983.68 | 38,022,210.11 |
| Long-termremunerationpayabletostaff | ||
| Expectedliabilities | ||
| Deferredincome | ||
| Deferredincometaxliability | 203,179,299.45 | 205,672,389.59 |
| Othernon-currentliabilities | ||
| Totalnon-currentliabilities | 4,202,433,044.38 | 3,226,734,599.70 |
| Totalofliability | 6,868,857,945.19 | 6,249,609,146.52 |
| Owners’equity | ||
| Sharecapital | 2,090,806,126.00 | 2,090,806,126.00 |
| Otherequityinstruments | ||
| Including：preferredstock | ||
| Sustainabledebt | ||
| Capitalreserves | 2,562,570,465.31 | 2,536,774,965.31 |
| Less：Sharesinstock | ||
| Othercomprehensiveincome | 275,111,548.84 | 245,109,114.81 |
| Specialreserve | ||
| Surplusreserves | 775,402,561.35 | 775,402,561.35 |
| Commonriskprovision | ||
| Retainedprofit | 3,488,708,792.60 | 3,938,609,136.59 |
| Totalofowner’sequitybelongtotheparentcompany | 9,192,599,494.10 | 9,586,701,904.06 |
| Minorityshareholders’equity | 343,312,710.15 | 459,599,723.87 |
| Totalofowners’equity | 9,535,912,204.25 | 10,046,301,627.93 |
| Totalofliabilitiesandowners’equity | 16,404,770,149.44 | 16,295,910,774.45 |
LegalRepresentative:ZhengRenfaGeneralManager:WangChunhuaPersoninchargeofaccounting：FangZhiAccountingDeptLeader:ZhouFang
2.ParentCompanyBalanceSheet
InRMB
| Items | June30,2019 | December31,2018 |
| Currentasset： | ||
| Monetaryfund | 2,015,944,877.34 | 2,096,597,568.04 |
| Transactionalfinancialassets | ||
| Financialassetsmeasuredatfairvaluewithvariationsaccountedintocurrentincomeaccount | ||
| Derivativefinancialassets | ||
| Notesreceivable | ||
| Accountreceivable | 17,585,263.17 | 18,405,847.15 |
| Financingofreceivables | ||
| Prepayments | 2,266,509.88 | 1,532,057.82 |
| Otheraccountreceivable | 72,684,121.08 | 9,323,782.66 |
| Including：Interestreceivable | 32,460,868.78 | 1,880,148.12 |
| Dividendreceivable | 34,145,770.80 | 1,205,472.90 |
| Inventories | ||
| Contractassets | ||
| Assetsheldforsales | ||
| Non-currentassetduewithin1year | 100,000,000.00 | 100,000,000.00 |
| Othercurrentasset | ||
| Totalofcurrentassets | 2,208,480,771.47 | 2,225,859,255.67 |
| Non-currentassets： | ||
| Debtinvestment | 692,903,684.98 | |
| Availableforsaleoffinancialassets | 1,668,791,594.53 | |
| Otherinvestmentonbonds | ||
| Expiredinvestmentinpossess | ||
| Long-termreceivable | ||
| Longtermshareequityinvestment | 4,771,272,146.19 | 4,679,309,978.88 |
| Otherequityinstrumentsinvestment | 1,694,669,638.37 | |
| Othernon-currentfinancialassets | ||
| Propertyinvestment | 3,189,921.36 | 3,326,869.29 |
| Fixedassets | 5,728,126,768.64 | 5,292,898,635.00 |
| Items | June30,2019 | December31,2018 |
| Constructioninprogress | 795,576,474.85 | 1,060,230,773.10 |
| Productionphysicalassets | ||
| Oil&gasassets | ||
| Userightassets | ||
| Intangibleassets | 1,454,457.72 | 1,741,277.53 |
| Developmentexpenses | ||
| Goodwill | ||
| Long-germexpensestobeamortized | ||
| Deferredincometaxasset | 403,245,352.12 | 447,328,530.77 |
| Othernon-currentasset | 115,094,875.40 | 790,720,727.48 |
| Totalofnon-currentassets | 14,205,533,319.63 | 13,944,348,386.58 |
| Totalofassets | 16,414,014,091.10 | 16,170,207,642.25 |
| Currentliabilities | ||
| Short-termloans | ||
| Transactionalfinancialliabilities | ||
| Financialliabilitiesmeasuredatfairvaluewithvariationsaccountedintocurrentincomeaccount | ||
| Derivativefinancialliabilities | ||
| Notespayable | ||
| Accountpayable | 173,643,504.46 | 124,833,335.72 |
| Advancereceipts | ||
| ContractLiabilities | ||
| Employees’wagepayable | 5,271,471.25 | 5,669,203.37 |
| Taxpayable | 6,636,136.81 | 10,297,144.52 |
| Otheraccountpayable | 241,188,208.02 | 142,457,135.79 |
| Including：Interestpayable | 16,683,582.06 | 8,373,096.36 |
| Dividendpayable | 21,150,413.70 | 17,191,142.23 |
| Liabilitiesheldforsales | ||
| Non-currentliabilityduewithin1year | 2,002,685,000.00 | 2,327,180,000.00 |
| Othercurrentliability | 566,301,158.49 | 977,236,252.44 |
| Totalofcurrentliability | 2,995,725,479.03 | 3,587,673,071.84 |
| Non-currentliabilities： | ||
| Long-termloan | 2,933,705,000.00 | 2,731,990,000.00 |
| Items | June30,2019 | December31,2018 |
| Bondpayable | 677,902,761.25 | |
| Including：preferredstock | ||
| Sustainabledebt | ||
| Leaseliability | ||
| Long-termpayable | 39,625,983.68 | 38,022,210.11 |
| Long-termremunerationpayabletostaff | ||
| Expectedliabilities | ||
| Deferredincome | ||
| Deferredincometaxliability | 94,690,114.96 | 88,220,604.00 |
| Othernon-currentliabilities | ||
| Totalnon-currentliabilities | 3,745,923,859.89 | 2,858,232,814.11 |
| Totalofliability | 6,741,649,338.92 | 6,445,905,885.95 |
| Owners’equity | ||
| Sharecapital | 2,090,806,126.00 | 2,090,806,126.00 |
| Otherequityinstruments | ||
| Including：preferredstock | ||
| Sustainabledebt | ||
| Capitalreserves | 2,974,458,696.93 | 2,948,663,196.93 |
| Less：Sharesinstock | ||
| Othercomprehensiveincome | 275,111,548.84 | 245,109,114.81 |
| Specialreserve | ||
| Surplusreserves | 759,558,277.70 | 759,558,277.70 |
| Retainedprofit | 3,572,430,102.71 | 3,680,165,040.86 |
| Totalofowners’equity | 9,672,364,752.18 | 9,724,301,756.30 |
| Totalofliabilitiesandowners’equity | 16,414,014,091.10 | 16,170,207,642.25 |
3.ConsolidatedIncomestatement
InRMB
| Items | Semi-annualof2019 | Semi-annualof2018 |
| I.Incomefromthekeybusiness | 1,483,673,245.21 | 1,535,864,145.14 |
| Incl：Businessincome | 1,483,673,245.21 | 1,535,864,145.14 |
| Interestincome | ||
| Insurancefeeearned | ||
| Feeandcommissionreceived | ||
| II.Totalbusinesscost | 736,685,807.33 | 728,964,530.78 |
| Incl：Businesscost | 549,623,810.49 | 533,736,566.35 |
| Interestexpense | ||
| Feeandcommissionpaid | ||
| Insurancedischargepayment | ||
| Netclaimamountpaid | ||
| Insurancepolicydividendpaid | ||
| Insurancepolicydividendpaid | ||
| Reinsuranceexpenses | ||
| Businesstaxandsurcharge | 6,557,023.97 | 6,853,114.99 |
| Salesexpense | ||
| Administrativeexpense | 76,975,210.47 | 73,109,460.94 |
| R&Dexpense | 2,485,173.03 | |
| Financialexpenses | 103,529,762.40 | 112,780,215.47 |
| Including：Interestexpense | 115,040,857.71 | 125,752,286.60 |
| Interestincome | 15,761,707.69 | 18,076,236.30 |
| Add：Otherincome | 420,227.62 | |
| Investmentgain（“-”forloss） | 276,241,866.32 | 259,358,302.20 |
| Including:investmentgainsfromaffiliates | 237,712,998.09 | 216,777,157.34 |
| Financialassetsmeasuredatamortizedcostceasetoberecognizedasincome | ||
| Gainsfromcurrencyexchange | ||
| Netexposurehedgingincome | ||
| Changingincomeoffairvalue | ||
| Creditimpairmentloss | ||
| Impairmentlossofassets | 57,890.35 |
| Items | Semi-annualof2019 | Semi-annualof2018 |
| Assetsdisposalincome | 13,129,094.29 | 44,860,186.67 |
| III.Operationalprofit（“-”forloss） | 1,036,778,626.11 | 1,111,175,993.58 |
| Add：Non-operationalincome | 735,359.76 | 2,687,560.58 |
| Less:Non-operatingexpense | 4,231,407.95 | 2,007,967.43 |
| IV.Totalprofit(“-”forloss) | 1,033,282,577.92 | 1,111,855,586.73 |
| Less：Incometaxexpenses | 189,696,774.05 | 213,221,718.85 |
| V.Netprofit | 843,585,803.87 | 898,633,867.88 |
| (I)Classificationbybusinesscontinuity | ||
| 1.Netcontinuingoperatingprofit | 843,585,803.87 | 898,633,867.88 |
| 2.Terminationofoperatingnetprofit | ||
| (II)Classificationbyownership | ||
| 1.Netprofitattributabletotheownersofparentcompany | 736,486,112.30 | 779,002,246.98 |
| 2.Minorityshareholders’equity | 107,099,691.57 | 119,631,620.90 |
| VI.Netafter-taxofothercomprehensiveincome | 18,938,083.74 | -73,795,549.55 |
| Netofprofitofothercomprehensiveincomeattributabletoownersoftheparentcompany. | 18,938,083.74 | -73,795,549.55 |
| （I）Othercomprehensiveincomeitemsthatwillnotbereclassifiedintogains/lossesinthesubsequentaccountingperiod | 19,408,532.88 | |
| 1.Re-measurementofdefinedbenefitplansofchangesinnetdebtornetassets | ||
| 2.Othercomprehensiveincomeundertheequitymethodinvesteecannotbereclassifiedintoprofitorloss. | ||
| 3.Changesinthefairvalueofinvestmentsinotherequityinstruments | 19,408,532.88 | |
| 4.Changesinthefairvalueofthecompany’screditrisks | ||
| 5.Other | ||
| （II）Othercomprehensiveincomethatwillbereclassifiedintoprofitorloss. | -470,449.14 | -73,795,549.55 |
| 1.Othercomprehensiveincomeundertheequitymethodinvesteecanbereclassifiedintoprofitorloss. | -470,449.14 | -4,983,478.43 |
| 2.Changesinthefairvalueofinvestmentsinotherdebtobligations | ||
| 3.Gainsandlossesfromchangesinfairvalueavailableforsalefinan | -68,812,071.12 |
| Items | Semi-annualof2019 | Semi-annualof2018 |
| cialassets | ||
| 4.Othercomprehensiveincomearisingfromthereclassificationoffinancialassets | ||
| 5.Held-to-maturityinvestmentsreclassifiedtogainsandlossesofavailableforsalefinancialassets | ||
| 6.Allowanceforcreditimpairmentsininvestmentsinotherdebtobligations | ||
| 7.Reserveforcashflowhedges | ||
| 8.Translationdifferencesincurrencyfinancialstatements | ||
| 9.Other | ||
| NetofprofitofothercomprehensiveincomeattributabletoMinorityshareholders’equity | ||
| VII.Totalcomprehensiveincome | 862,523,887.61 | 824,838,318.33 |
| Totalcomprehensiveincomeattributabletotheowneroftheparentcompany | 755,424,196.04 | 705,206,697.43 |
| Totalcomprehensiveincomeattributableminorityshareholders | 107,099,691.57 | 119,631,620.90 |
| VIII.Earningspershare | ||
| （I）Basicearningspershare | 0.35 | 0.37 |
| (II)Dilutedearningspershare | 0.35 | 0.37 |
Thecurrentbusinesscombinationundercommoncontrol,thenetprofitsofthecombinedpartybeforeachievednetprofitofRMB0.00,lastperiodthecombinedpartyrealizedRMB0.00.LegalRepresentative:ZhengRenfaGeneralManager:WangChunhuaPersoninchargeofaccounting：FangZhiAccountingDeptLeader:ZhouFang
4.IncomestatementoftheParentCompany
InRMB
| Items | Semi-annualof2019 | Semi-annualof2018 |
| I.Incomefromthekeybusiness | 623,126,517.35 | 675,894,267.74 |
| Incl：Businesscost | 329,190,674.52 | 310,310,687.32 |
| Businesstaxandsurcharge | 3,486,292.37 | 3,493,775.90 |
| Salesexpense | ||
| Administrativeexpense | 46,996,060.64 | 42,233,003.03 |
| R&Dexpense | ||
| Financialexpenses | 96,377,160.24 | 104,206,424.94 |
| Including：Interestexpenses | 109,559,414.30 | 118,866,427.75 |
| Interestincome | 15,652,128.26 | 17,806,734.11 |
| Add：Otherincome | 70,758.72 | |
| Investmentgain（“-”forloss） | 975,659,501.70 | 880,579,568.71 |
| Including:investmentgainsfromaffiliates | 237,712,998.09 | 216,777,157.34 |
| Financialassetsmeasuredatamortizedcostceasetoberecognizedasincome | ||
| Netexposurehedgingincome | ||
| Changingincomeoffairvalue | ||
| Creditimpairmentloss | ||
| Impairmentlossofassets | ||
| Assetsdisposalincome | 138,427.18 | |
| II.Operationalprofit（“-”forloss） | 1,122,806,590.00 | 1,096,368,372.44 |
| Add：Non-operationalincome | 298,935.96 | 916,331.99 |
| Less：Non-operationalexpenses | 370,829.17 | 485,826.09 |
| III.Totalprofit(“-”forloss) | 1,122,734,696.79 | 1,096,798,878.34 |
| Less：Incometaxexpenses | 44,083,178.65 | 54,054,827.41 |
| IV.Netprofit | 1,078,651,518.14 | 1,042,744,050.93 |
| 1.Netcontinuingoperatingprofit | 1,078,651,518.14 | 1,042,744,050.93 |
| 2.Terminationofoperatingnetprofit | ||
| V.Netafter-taxofothercomprehensiveincome | 18,938,083.74 | -73,795,549.55 |
| （I）Othercomprehensiveincomeitemsthatwillnotbereclassifiedintogains/lossesinthesubsequentaccountingperiod | 19,408,532.88 |
| Items | Semi-annualof2019 | Semi-annualof2018 |
| 1.Re-measurementofdefinedbenefitplansofchangesinnetdebtornetassets | ||
| 2.Othercomprehensiveincomeundertheequitymethodinvesteecannotbereclassifiedintoprofitorloss. | ||
| 3.Changesinthefairvalueofinvestmentsinotherequityinstruments | 19,408,532.88 | |
| 4.Changesinthefairvalueofthecompany’screditrisks | ||
| 5.Other | ||
| （II）Othercomprehensiveincomethatwillbereclassifiedintoprofitorloss. | -470,449.14 | -73,795,549.55 |
| 1.Othercomprehensiveincomeundertheequitymethodinvesteecanbereclassifiedintoprofitorloss. | -470,449.14 | -4,983,478.43 |
| 2.Changesinthefairvalueofinvestmentsinotherdebtobligations | ||
| 3.Gainsandlossesfromchangesinfairvalueavailableforsalefinancialassets | -68,812,071.12 | |
| 4.Othercomprehensiveincomearisingfromthereclassificationoffinancialassets | ||
| 5.Held-to-maturityinvestmentsreclassifiedtogainsandlossesofavailableforsalefinancialassets | ||
| 6.Allowanceforcreditimpairmentsininvestmentsinotherdebtobligations | ||
| 7.Reserveforcashflowhedges | ||
| 8.Translationdifferencesincurrencyfinancialstatements | ||
| 9.Other | ||
| VI.Totalcomprehensiveincome | 1,097,589,601.88 | 968,948,501.38 |
| VII.Earningspershare | ||
| （I）Basicearningspershare | ||
| (II)Dilutedearningspershare |
5.ConsolidatedCashflowstatement
InRMB
| Items | Semi-annualof2019 | Semi-annualof2018 |
| I.Cashflowsfromoperatingactivities | ||
| Cashreceivedfromsalesofgoodsorrendingofservices | 1,509,571,069.40 | 1,567,523,150.21 |
| Netincreaseofcustomerdepositsandcapitalkeptforbrothercompany | ||
| Netincreaseofloansfromcentralbank | ||
| Netincreaseofinter-bankloansfromotherfinancialbodies | ||
| Cashreceivedagainstoriginalinsurancecontract | ||
| Netcashreceivedfromreinsurancebusiness | ||
| Netincreaseofclientdepositandinvestment | ||
| Cashreceivedfrominterest,commissionchargeandcommission | ||
| Netincreaseofinter-bankfundreceived | ||
| Netincreaseofrepurchasingbusiness | ||
| Netcashreceivedbyagentinsecuritiestrading | ||
| Taxreturned | ||
| Othercashreceivedfrombusinessoperation | 25,618,718.28 | 41,946,329.98 |
| Sub-totalofcashinflow | 1,535,189,787.68 | 1,609,469,480.19 |
| Cashpaidforpurchasingofmerchandiseandservices | 92,703,135.93 | 96,705,259.73 |
| Netincreaseofclienttradeandadvance | ||
| Netincreaseofsavingsincentralbankandbrothercompany | ||
| Cashpaidfororiginalcontractclaim | ||
| Netincreaseinfinancialassetsheldfortradingpurposes | ||
| NetincreaseforOutgoingcallloan | ||
| Cashpaidforinterest,processingfeeandcommission | ||
| Cashpaidforpolicydividend | ||
| Cashpaidtostaffsorpaidforstaffs | 143,256,732.77 | 138,291,293.37 |
| Taxespaid | 210,497,035.66 | 532,821,606.22 |
| Othercashpaidforbusinessactivities | 37,921,786.09 | 21,871,732.77 |
| Sub-totalofcashoutflowfrombusinessactivities | 484,378,690.45 | 789,689,892.09 |
| Netcashgeneratedfrom/usedinoperatingactivities | 1,050,811,097.23 | 819,779,588.10 |
| II.Cashflowgeneratedbyinvesting | ||
| Cashreceivedfrominvestmentretrieving |
| Items | Semi-annualof2019 | Semi-annualof2018 |
| Cashreceivedasinvestmentgains | 176,375,388.78 | 84,683,907.47 |
| Netcashretrievedfromdisposaloffixedassets,intangibleassets,andotherlong-termassets | 13,961,500.00 | 100,573,025.00 |
| Netcashreceivedfromdisposalofsubsidiariesorotheroperationalunits | ||
| Otherinvestment-relatedcashreceived | ||
| Sub-totalofcashinflowduetoinvestmentactivities | 190,336,888.78 | 185,256,932.47 |
| Cashpaidforconstructionoffixedassets,intangibleassetsandotherlong-termassets | 414,305,542.74 | 323,881,627.90 |
| Cashpaidasinvestment | ||
| Netincreaseofloanagainstpledge | ||
| Netcashreceivedfromsubsidiariesandotheroperationalunits | ||
| Othercashpaidforinvestmentactivities | ||
| Sub-totalofcashoutflowduetoinvestmentactivities | 414,305,542.74 | 323,881,627.90 |
| Netcashflowgeneratedbyinvestment | -223,968,653.96 | -138,624,695.43 |
| III.Cashflowgeneratedbyfinancing | ||
| Cashreceivedasinvestment | ||
| Including:Cashreceivedasinvestmentfromminorshareholders | ||
| Cashreceivedasloans | 2,231,700,000.00 | 800,000,000.00 |
| Cashreceivedfrombondplacing | ||
| Otherfinancing–relatedcashreceived | ||
| Sub-totalofcashinflowfromfinancingactivities | 2,231,700,000.00 | 800,000,000.00 |
| Cashtorepaydebts | 1,620,130,000.00 | 637,830,000.00 |
| Cashpaidasdividend,profit,orinterests | 1,522,586,583.81 | 1,382,633,569.09 |
| Including:Dividendandprofitpaidbysubsidiariestominorshareholders | 220,140,964.92 | 179,899,173.50 |
| Othercashpaidforfinancingactivities | 791,384.00 | |
| Sub-totalofcashoutflowduetofinancingactivities | 3,143,507,967.81 | 2,020,463,569.09 |
| Netcashflowgeneratedbyfinancing | -911,807,967.81 | -1,220,463,569.09 |
| IV.Influenceofexchangeratealternationoncashandcashequivalents | -1,534,520.73 | -2,267,884.63 |
| V.Netincreaseofcashandcashequivalents | -86,500,045.27 | -541,576,561.05 |
| Add:balanceofcashandcashequivalentsatthebeginningofterm | 2,123,303,796.32 | 2,363,042,700.42 |
| VI..Balanceofcashandcashequivalentsattheendofterm | 2,036,803,751.05 | 1,821,466,139.37 |
6.CashFlowStatementoftheParentCompany
InRMB
| Items | Semi-annualof2019 | Semi-annualof2018 |
| I.Cashflowsfromoperatingactivities | ||
| Cashreceivedfromsalesofgoodsorrendingofservices | 641,027,153.33 | 661,994,572.24 |
| Taxreturned | ||
| Othercashreceivedfrombusinessoperation | 24,885,810.30 | 48,829,459.08 |
| Sub-totalofcashinflow | 665,912,963.63 | 710,824,031.32 |
| Cashpaidforpurchasingofmerchandiseandservices | 24,226,244.52 | 39,912,969.27 |
| Cashpaidtostaffsorpaidforstaffs | 56,174,438.87 | 55,205,264.99 |
| Taxespaid | 24,543,436.06 | 25,922,199.03 |
| Othercashpaidforbusinessactivities | 444,674,884.91 | 402,529,977.62 |
| Sub-totalofcashoutflowfrombusinessactivities | 549,619,004.36 | 523,570,410.91 |
| Netcashgeneratedfrom/usedinoperatingactivities | 116,293,959.27 | 187,253,620.41 |
| II.Cashflowgeneratedbyinvesting | ||
| Cashreceivedfrominvestmentretrieving | ||
| Cashreceivedasinvestmentgains | 846,967,754.67 | 580,905,173.98 |
| Netcashretrievedfromdisposaloffixedassets,intangibleassets,andotherlong-termassets | 3,700.00 | 195,540.00 |
| Netcashreceivedfromdisposalofsubsidiariesorotheroperationalunits | ||
| Otherinvestment-relatedcashreceived | 432,250.00 | |
| Sub-totalofcashinflowduetoinvestmentactivities | 846,971,454.67 | 581,532,963.98 |
| Cashpaidforconstructionoffixedassets,intangibleassetsandotherlong-termassets | 399,081,697.08 | 312,406,878.23 |
| Cashpaidasinvestment | ||
| Netcashreceivedfromsubsidiariesandotheroperationalunits | ||
| Othercashpaidforinvestmentactivities | ||
| Sub-totalofcashoutflowduetoinvestmentactivities | 399,081,697.08 | 312,406,878.23 |
| Netcashflowgeneratedbyinvestment | 447,889,757.59 | 269,126,085.75 |
| III.Cashflowgeneratedbyfinancing | ||
| Cashreceivedasinvestment | ||
| Cashreceivedasloans | 1,845,000,000.00 | 400,000,000.00 |
| Items | Semi-annualof2019 | Semi-annualof2018 |
| Cashreceivedfrombondplacing | ||
| Otherfinancing–relatedashreceived | 291,000,000.00 | |
| Sub-totalofcashinflowfromfinancingactivities | 1,845,000,000.00 | 691,000,000.00 |
| Cashtorepaydebts | 1,197,780,000.00 | 50,100,000.00 |
| Cashpaidasdividend,profit,orinterests | 1,289,730,502.83 | 1,142,614,308.52 |
| Othercashpaidforfinancingactivities | 791,384.00 | 374,200,000.00 |
| Sub-totalofcashoutflowduetofinancingactivities | 2,488,301,886.83 | 1,566,914,308.52 |
| Netcashflowgeneratedbyfinancing | -643,301,886.83 | -875,914,308.52 |
| IV.Influenceofexchangeratealternationoncashandcashequivalents | -1,534,520.73 | -2,267,884.63 |
| V.Netincreaseofcashandcashequivalents | -80,652,690.70 | -421,802,486.99 |
| Add:balanceofcashandcashequivalentsatthebeginningofterm | 2,095,376,368.04 | 2,130,475,892.67 |
| VI..Balanceofcashandcashequivalentsattheendofterm | 2,014,723,677.34 | 1,708,673,405.68 |
7.ConsolidatedStatementonChangeinOwners’EquityAmountinthisperiod
InRMB
| Items | Semi-annualof2019 | ||||||||||||||
| 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 | 2,536,774,965.31 | 245,109,114.81 | 775,402,561.35 | 3,938,609,136.59 | 9,586,701,904.06 | 459,599,723.87 | 10,046,301,627.93 | |||||||
| Add:Changeofaccountingpolicy | 11,064,350.29 | -11,353,413.48 | -289,063.19 | -289,063.19 | |||||||||||
| Correctingofpreviouserrors | |||||||||||||||
| Mergerofentitiesundercommoncontrol | |||||||||||||||
| Other | |||||||||||||||
| II.Balanceatthebeginningofcurrentyear | 2,090,806,126.00 | 2,536,774,965.31 | 256,173,465.10 | 775,402,561.35 | 3,927,255,723.11 | 9,586,412,840.87 | 459,599,723.87 | 10,046,012,564.74 | |||||||
| III.Changedinthecurrentyear | 25,795,500.00 | 18,938,083.74 | -438,546,930.51 | -393,813,346.77 | -116,287,013.72 | -510,100,360.49 | |||||||||
| （1）Totalcomprehensiveincome | 18,938,083.74 | 736,486,112.30 | 755,424,196.04 | 107,099,691.57 | 862,523,887.61 | ||||||||||
| （II）Investmentordecreasingofcapitalbyowners | |||||||||||||||
| Items | Semi-annualof2019 | ||||||||||||||
| Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
| shareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
| preferredstock | Sustainabledebt | Other | |||||||||||||
| 1．OrdinarySharesinvestedbyshareholders | |||||||||||||||
| 2．Holdersofotherequityinstrumentsinvestedcapital | |||||||||||||||
| 3．Amountofsharespaidandaccountedasowners’equity | |||||||||||||||
| 4．Other | |||||||||||||||
| （III）Profitallotment | -1,175,033,042.81 | -1,175,033,042.81 | -223,386,705.29 | -1,398,419,748.10 | |||||||||||
| 1.Providingofsurplusreserves | |||||||||||||||
| 2.Providingofcommonriskprovisions | |||||||||||||||
| 3．Allotmenttotheowners(orshareholders) | -1,175,033,042.81 | -1,175,033,042.81 | -223,386,705.29 | -1,398,419,748.10 | |||||||||||
| 4．Other | |||||||||||||||
| (IV)Internaltransferringofowners’equity | |||||||||||||||
| 1.Capitalizingofcapital | |||||||||||||||
| Items | Semi-annualof2019 | ||||||||||||||
| Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
| shareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
| preferredstock | Sustainabledebt | Other | |||||||||||||
| reserves(ortocapitalshares) | |||||||||||||||
| 2.Capitalizingofsurplusreserves(ortocapitalshares) | |||||||||||||||
| 3．Makinguplossesbysurplusreserves. | |||||||||||||||
| 4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings | |||||||||||||||
| 5．Othercomprehensiveincomecarry-overretainedearnings | |||||||||||||||
| 6．Other | |||||||||||||||
| (V).Specialreserves | |||||||||||||||
| 1.Providedthisyear | |||||||||||||||
| 2．Usedthisterm | |||||||||||||||
| （VI）Other | 25,795,500.00 | 25,795,500.00 | 25,795,500.00 | ||||||||||||
| IV.Balanceattheendofthisterm | 2,090,806,126.00 | 2,562,570,465.31 | 275,111,548.84 | 775,402,561.35 | 3,488,708,792.60 | 9,192,599,494.10 | 343,312,710.15 | 9,535,912,204.25 | |||||||
Amountinlastyear
InRMB
| Items | Semi-annualof2018 | ||||||||||||||
| 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 | 2,510,069,749.76 | 327,263,824.17 | 544,821,130.03 | 3,550,110,288.49 | 9,023,071,118.45 | 431,039,563.00 | 9,454,110,681.45 | |||||||
| Add:Changeofaccountingpolicy | |||||||||||||||
| Correctingofpreviouserrors | |||||||||||||||
| Mergerofentitiesundercommoncontrol | |||||||||||||||
| Other | |||||||||||||||
| II.Balanceatthebeginningofcurrentyear | 2,090,806,126.00 | 2,510,069,749.76 | 327,263,824.17 | 544,821,130.03 | 3,550,110,288.49 | 9,023,071,118.45 | 431,039,563.00 | 9,454,110,681.45 | |||||||
| III.Changedinthecurrentyear | 3,946,375.55 | -73,795,549.55 | -278,945,652.78 | -348,794,826.78 | -78,120,441.76 | -426,915,268.54 | |||||||||
| （1）Totalcomprehensiveincome | -73,795,549.55 | 779,002,246.98 | 705,206,697.43 | 119,631,620.90 | 824,838,318.33 | ||||||||||
| （II）Investmentordecreasingofcapitalbyowners | |||||||||||||||
| Items | Semi-annualof2018 | ||||||||||||||
| Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
| shareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
| preferredstock | Sustainabledebt | Other | |||||||||||||
| 1．OrdinarySharesinvestedbyshareholders | |||||||||||||||
| 2．Holdersofotherequityinstrumentsinvestedcapital | |||||||||||||||
| 3．Amountofsharespaidandaccountedasowners’equity | |||||||||||||||
| 4．Other | |||||||||||||||
| （III）Profitallotment | -1,057,947,899.76 | -1,057,947,899.76 | -197,752,062.66 | -1,255,699,962.42 | |||||||||||
| 1.Providingofsurplusreserves | |||||||||||||||
| 2.Providingofcommonriskprovisions | |||||||||||||||
| 3．Allotmenttotheowners(orshareholders) | -1,057,947,899.76 | -1,057,947,899.76 | -197,752,062.66 | -1,255,699,962.42 | |||||||||||
| 4．Other | |||||||||||||||
| (IV)Internaltransferringofowners’equity | |||||||||||||||
| 1.Capitalizingofcapitalreserves(ortocapitalshares) | |||||||||||||||
| Items | Semi-annualof2018 | ||||||||||||||
| Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
| shareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
| preferredstock | Sustainabledebt | Other | |||||||||||||
| 2.Capitalizingofsurplusreserves(ortocapitalshares) | |||||||||||||||
| 3．Makinguplossesbysurplusreserves. | |||||||||||||||
| 4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings | |||||||||||||||
| 5．Othercomprehensiveincomecarry-overretainedearnings | |||||||||||||||
| 6．Other | |||||||||||||||
| (V).Specialreserves | |||||||||||||||
| 1.Providedthisyear | |||||||||||||||
| 2．Usedthisterm | |||||||||||||||
| （VI）Other | 3,946,375.55 | 3,946,375.55 | 3,946,375.55 | ||||||||||||
| IV.Balanceattheendofthisterm | 2,090,806,126.00 | 2,514,016,125.31 | 253,468,274.62 | 544,821,130.03 | 3,271,164,635.71 | 8,674,276,291.67 | 352,919,121.24 | 9,027,195,412.91 | |||||||
8.Statementofchangeinowner’sEquityoftheParentCompanyAmountinthisperiod
InRMB
| Items | Semi-annualof2019 | |||||||||||
| Sharecapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
| preferredstock | Sustainabledebt | Other | ||||||||||
| I.Balanceattheendoflastyear | 2,090,806,126.00 | 2,948,663,196.93 | 245,109,114.81 | 759,558,277.70 | 3,680,165,040.86 | 9,724,301,756.30 | ||||||
| Add:Changeofaccountingpolicy | 11,064,350.29 | -11,353,413.48 | -289,063.19 | |||||||||
| Correctingofpreviouserrors | ||||||||||||
| Other | ||||||||||||
| II.Balanceatthebeginningofcurrentyear | 2,090,806,126.00 | 2,948,663,196.93 | 256,173,465.10 | 759,558,277.70 | 3,668,811,627.38 | 9,724,012,693.11 | ||||||
| III.Changedinthecurrentyear | 25,795,500.00 | 18,938,083.74 | -96,381,524.67 | -51,647,940.93 | ||||||||
| （I）Totalcomprehensiveincome | 18,938,083.74 | 1,078,651,518.14 | 1,097,589,601.88 | |||||||||
| (II)Investmentordecreasingofcapitalbyowners | ||||||||||||
| 1．OrdinarySharesinvestedbyshareholders | ||||||||||||
| 2．Holdersofotherequityinstru | ||||||||||||
| Items | Semi-annualof2019 | |||||||||||
| Sharecapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
| preferredstock | Sustainabledebt | Other | ||||||||||
| mentsinvestedcapital | ||||||||||||
| 3.Amountofsharespaidandaccountedasowners’equity | ||||||||||||
| 4．Other | ||||||||||||
| （III）Profitallotment | -1,175,033,042.81 | -1,175,033,042.81 | ||||||||||
| 1.Providingofsurplusreserves | ||||||||||||
| 2．Allotmenttotheowners(orshareholders) | -1,175,033,042.81 | -1,175,033,042.81 | ||||||||||
| 3．Other | ||||||||||||
| (IV)Internaltransferringofowners’equity | ||||||||||||
| 1.Capitalizingofcapitalreserves(ortocapitalshares) | ||||||||||||
| 2.Capitalizingofsurplusreserves(ortocapitalshares) | ||||||||||||
| 3．Makinguplossesbysurplusreserves. | ||||||||||||
| 4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings | ||||||||||||
| Items | Semi-annualof2019 | |||||||||||
| Sharecapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
| preferredstock | Sustainabledebt | Other | ||||||||||
| 5．Othercomprehensiveincomecarry-overretainedearnings | ||||||||||||
| 6．Other | ||||||||||||
| (V)Specialreserves | ||||||||||||
| 1.Providedthisyear | ||||||||||||
| 2．Usedthisterm | ||||||||||||
| （VI）Other | 25,795,500.00 | 25,795,500.00 | ||||||||||
| IV.Balanceattheendofthisterm | 2,090,806,126.00 | 2,974,458,696.93 | 275,111,548.84 | 759,558,277.70 | 3,572,430,102.71 | 9,672,364,752.18 | ||||||
Amountinlastyear
InRMB
| Items | Semi-annualof2018 | |||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
| preferredstock | Sustainabledebt | Other | ||||||||||
| I.Balanceattheendoflastyear | 2,090,806,126.00 | 2,921,957,981.38 | 327,263,824.17 | 528,976,846.38 | 2,662,880,058.78 | 8,531,884,836.71 | ||||||
| Add:Changeofaccountingpolicy | ||||||||||||
| Correctingofpreviouserrors | ||||||||||||
| Other | ||||||||||||
| II.Balanceatthebeginningofcurrentyear | 2,090,806,126.00 | 2,921,957,981.38 | 327,263,824.17 | 528,976,846.38 | 2,662,880,058.78 | 8,531,884,836.71 | ||||||
| III.Changedinthecurrentyear | 3,946,375.55 | -73,795,549.55 | -15,203,848.83 | -85,053,022.83 | ||||||||
| （I）Totalcomprehensiveincome | -73,795,549.55 | 1,042,744,050.93 | 968,948,501.38 | |||||||||
| (II)Investmentordecreasingofcapitalbyowners | ||||||||||||
| 1．OrdinarySharesinvestedbyshareholders | ||||||||||||
| 2．Holdersofotherequityinstrumentsinvestedcapital | ||||||||||||
| Items | Semi-annualof2018 | |||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
| preferredstock | Sustainabledebt | Other | ||||||||||
| 3.Amountofsharespaidandaccountedasowners’equity | ||||||||||||
| 4．Other | ||||||||||||
| （III）Profitallotment | -1,057,947,899.76 | -1,057,947,899.76 | ||||||||||
| 1.Providingofsurplusreserves | ||||||||||||
| 2．Allotmenttotheowners(orshareholders) | -1,057,947,899.76 | -1,057,947,899.76 | ||||||||||
| 3．Other | ||||||||||||
| (IV)Internaltransferringofowners’equity | ||||||||||||
| 1.Capitalizingofcapitalreserves(ortocapitalshares) | ||||||||||||
| 2.Capitalizingofsurplusreserves(ortocapitalshares) | ||||||||||||
| 3．Makinguplossesbysurplusreserves. | ||||||||||||
| Items | Semi-annualof2018 | |||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
| preferredstock | Sustainabledebt | Other | ||||||||||
| 4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings | ||||||||||||
| 5．Othercomprehensiveincomecarry-overretainedearnings | ||||||||||||
| 6．Other | ||||||||||||
| (V)Specialreserves | ||||||||||||
| 1.Providedthisyear | ||||||||||||
| 2．Usedthisterm | ||||||||||||
| （VI）Other | 3,946,375.55 | 3,946,375.55 | ||||||||||
| IV.Balanceattheendofthisterm | 2,090,806,126.00 | 2,925,904,356.93 | 253,468,274.62 | 528,976,846.38 | 2,647,676,209.95 | 8,446,831,813.88 | ||||||
III.CompanyProfile
(1)History
1.TheCompanywasestablishedinFebruary1993,whichwasoriginallynamedasGuangdongFokaiExpresswayCo.,Ltd.OnJune30,1993,itwasrenamedasGuangdongProvincialExpresswayDevelopmentCo.,Ltd.afterreorganizationpursuanttotheapprovaloftheOfficeofJointExaminationGroupofExperimentalUnitsofShareHoldingSystemwithYLSB(1993)No.68document.Thesharecapitalstructureafterreorganizationisasfollows:
Compositionofstate-ownedshares:Theappraisednetvalueofstate-ownedassetsofGuangdongJiujiangBridgeCo.andGuangfoExpresswayCo.,Ltd.asofJanuary31,1993confirmedbyGuangdongState-ownedAssetManagementDept.,i.e.,418.2136millionyuan,wasconvertedinto155.025millionshares.GuangdongExpresswayCo.investedcashof115millionyuantosubscribefor35.9375millionshares.Otherlegalpersonsinvestedcashof286.992millionyuantosubscribefor89.685millionshares.StaffoftheCompanyinvested
87.008millionyuantosubscribefor27.19millionshares.Thetotalis307.8375millionshares.2．PursuanttotheapprovalofGuangdongEconomicSystemReformCommitteeandGuangdongSecuritiesRegulatoryCommissionwithYTG(1996)No.67document,partoftheshareholdersofnon-state-ownedlegalpersonsharestransferred20millionnon-state-ownedlegalpersonsharestoMalaysiaYibaoEngineeringCo.,Ltd.inJune1996.
3.PursuanttotheapprovalofSecuritiesCommissionundertheStateCouncilwithWF(1996)No.24approvaldocumentandthatofGuangdongEconomicSystemReformCommitteewithYTG(1996)No.68document,theCompanyissued135milliondomesticallylistedforeigninvestmentshares(Bshares)tooverseasinvestorsatthepriceofHKD3.54(equivalentto3.8yuan)withtheparvalueofeachsharebeing1yuanduringJunetoJuly1996.
4.PursuanttothereplyoftheMinistryofForeignTradeandEconomicCooperationofthePeople’sRepublicofChinawith(1996)WJMZYHZNo.606document,theCompanywasapprovedtobeaforeign-investedjointstockcompanylimited.<0}5．TheCompanydistributeddividendsandcapitalizedcapitalcommonreservefortheyear1996inthefollowingmanner:TheCompanypaid1.7bonussharesforeach10sharesandcapitalizedcapitalcommonreserveon
3.3-for-10basis.<0}22,250ordinaryshareswereactuallyplacedtoall.
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,AsapprovedbyChinaSecuritiesRegulatoryCommissionbydocument
Zheng-Jian-Gong-Si-Zi[2003]No.3,the45,000,000non-negotiableforeignshareswereplacedinShenzhenStock
12.OnDecember21,2005,theCompany'splanforshareholdingstructurereformwasvotedthroughattheshareholders'meetingconcerningAshares.OnJanuary262006,TheMinistryofCommerceofPRCissued“TheapprovalonshareconvertingofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.”toapprovetheshareequityrelocationandtransformation.OnOctober92006,accordingtothe“Circularaboutimplementingofshareequityrelocationandrelativetrading”issuedbyShenzhenStockExchange,theabbreviationIDoftheCompany’sAshareswasrestoredfrom“G-Expressway”“ExpresswayA”.
13.UpontheapprovaldocumentofCSRCNo.230-2016ZhengJianXuke-ApprovaloftheShare-IssuingtoPartiessuchasGuangdongProvincialExpresswayCo.,LtdtoPurchaseAssetsandRaiseMatchingFundsbyGuangdongProvincialExpresswayDevelopmentCo.,Ltd,inJune2016thecompanyissued33,355,263sharesandpaidRMB803.50milliontoGuangdongProvincialExpresswayCo.,Ltdforpurchasingthe25%stakeofGuangdongProvincialFokaiExpresswayCo.,LtdheldbyGuangdongProvincialExpresswayCo.,Ltd;andissued466,325,020sharestoGuangdongProvincialHighwayConstructionCo.,Ltdforpurchasingthe100%stakeofGuangzhouGuangzhuTrafficInvestmentManagementCo.,LtdheldbyGuangdongProvincialHighwayConstructionCo.,Ltd.OnJune21,2016,thecompanydirectionallyissued334,008,095A-sharestoYadongFuxingYalianInvestmentCo.,Ltd,TibetYinyueInvestmentManagementCo.,LtdandGFSecuritiesCo.,Ltd.TheissuanceofshareshavebeenregisteredonJuly7,2016,thenewshareswillbelistedonJuly8,2016.
(2)OrganizationstructureandtheactualcontrolleroftheCompanyAsofJune30,2019，Registrationcapital:RMB2,090,806,126，Legalrepresentative：ZhengRenfa,Registrationplace:No.85,BaiyunRoad,Guangzhou,HeadquartersOffice:45-46/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TiheDisrtict,Guangzhou，Thecompanyhassetup:InvestmentDevelopmentDept,SecurityAffairsDepartment,ManagementDepartment,FinancialManagementDepartment,BaseconstructionDepartment,AuditandSuperviseDepartment,AffairsDepartment,PersonnelDepartment,PartyWorkDepartment,LawaffairsDepartment,ProjectOfficeandLabourunionetc.GuangdongCommunicationGroupCo.,Ltd.isthelargestshareholderoftheCompany.legalrepresentative:DengXiaohua.Dateofestablishment:June23,2000.AsofJune30,2019,Registeredcapital:RMB26.8billion.Itisasolelystate-ownedlimitedcompany.Businessscope：equitymanagement,organizationofassetreorganizationandoptimizedallocation,raisingfundsbymeansincludingmortgage,transferofpropertyrightsandjointstocksystemtransformation,projectinvestment,operationandmanagement,trafficinfrastructureconstruction,highwayandrailwayprojectoperationandrelevantindustries,technologicaldevelopment,application,consultationandservices,highwayandrailwaypassengerandcargotransport,shipindustry,relevantoverseasbusinesses;Thevalue-addedcommunicationbusiness.TheState-ownedassetsSupervisionandAdministrationCommitteeoftheGuangdongProvincialpeople'sGovernmentshallbethefinalcontrollingshareholderofthecompany.
（3）Thecompany’smainbusinessandshare,HoldingcompanyThecompanyoperatedtheconstructionofthehighwayconstruction,gradingroads,bridges;Managementfeesand
maintenanceofroads,bridges,andcarrescue,maintenance,cleaning,concurrentlywiththecompany'sbusinesssupportingmotortransport,warehousingoperations.TheCompanyismainlyengagedintollingandmaintenanceofGuangfoExpressway,FokaiExpresswayandJingzhuExpresswayGuangzhuSection,investmentintechnologicalindustriesandprovisionofrelevantconsultationwhileinvestinginShenzhenHuiyanExpresswayCo.,Ltd.,GuangzhouGuanghuiExpresswayCo.,Ltd.,JingzhuExpresswayGuangzhuCo.,Ltd.,GuangdongJiangzhongExpresswayCo.,Ltd.,ZhaoqingYuezhaoExpresswayCo.,Ltd.,GanzhouKangdaExpressway,GanzhouGankangExpresswayCo.,Ltd.,GuangdongYuekeTechnologyMicroLoanCo.,Ltd.,GuangdongGuangleExpresswayCo.,Ltd.andGuoyuanSecuritiesCo.,Ltd.ThefinancialstatementshavebeenauthorizedforissuancebytheBoardofDirectorsoftheGrouponAugust28,2019.AsofJune30,2019,Atotalof5subsidiariesoftheCompanythatwereincludedinthescopeofconsolidationarelistedinNote9“Theequityinotherentities”.ThescopeofconsolidationoftheCompanyforthecurrentyearwasreducedbyonesubsidiaryfromthepreviousyear.RefertoNote8“Changesofthescopeofconsolidatedfinancialstatements”fordetails.IV.Basisforthepreparationoffinancialstatements
1.PreparationbasisThefinancialstatementsoftheCompanyhavebeenpreparedonbasisofgoingconcerninconformitywithChineseAccountingStandardsforBusinessEnterprisesandtheAccountingSystemsforBusinessEnterprisesissuedbytheMinistryofFinanceofPeople’sRepublicofChina(MinistryofFinanceissuedorderNo.33,theMinistryofFinancerevisedorderNo.76)onFebruary15,2006,andrevisedAccountingStandards(order42oftheMinistryofFinance)andCompilationRulesforInformationDisclosurebyCompaniesOfferingSecuritiestothePublicNo.15–GeneralProvisionsonFinancialReports(2014Revision)issuedbytheChinaSecuritiesRegulatoryCommission(CSRC).AccordingtotherelevantaccountingregulationsinChineseAccountingStandardsforBusinessEnterprises,theCompanyhasadoptedtheaccrualbasisofaccounting.Held-for-salenon-currentassetsaremeasuredatthelowerofitsbookvalueatitsclassificationdateandfairvalueminusexpecteddisposalcosts.Whereassetsareimpaired,provisionsforassetimpairmentaremadeinaccordancewithrelevantrequirements
2.ContinuationTherewillbenosucheventsorsituationsinthe12monthsfromtheendofthereportingperiodthatwillcausematerialdoubtsastothecontinuationcapabilityoftheCompany.
V.SignificantAccountingPoliciesandAccountingEstimatesSpecificaccountingpoliciesandaccountingestimatesareindicatedasfollows:
TheCompanyandsubsidiariesaremainlyengagedinhighwayinvestmentandoperationmanagement.TheCompanyformulatesthespecificaccountingpoliciesandaccountingestimatesforrevenuerecognitionandothertransactionsandeventsinaccordancewiththeactualbusinessoperationcharacteristicsoftheCompanyandsubsidiaries,andprovisionsoftherelevantaccountingstandardforbusinessenterprises,pleaseseeNote5.24“Revenue”fordetails.Thedescriptionofsignificantaccountjudgmentandestimatesmadebymanagement,pleaseseeNote5.28“Significantaccountingjudgmentandestimates.”
1.StatementofCompliancewiththeAccountingStandardsforBusinessEnterprisesThefinancialstatementsoftheCompanyarerecognizedandmeasuredinaccordancewiththeregulationsintheChineseAccountingStandardsforBusinessEnterprisesandtheygiveatrueandfairviewofthefinancialposition,businessresultandcashflowoftheCompanyasofJune30,2019.Inaddition,thefinancialstatementsoftheCompanycomply,inallmaterialrespects,withthereviseddisclosingrequirementsforfinancialstatementsandtheCompilationRulesforInformationDisclosurebyCompaniesOfferingSecuritiestothePublicNo.15—GeneralProvisionsonFinancialReports(2014Revision)issuedbyChinaSecuritiesRegulatoryCommission(CSRC)in2014.
2.AccountingperiodTheaccountingperiodoftheCompanyisclassifiedasinterimperiodandannualperiod.Interimperiodreferstothereportingperiodshorterthanacompleteannualperiod.TheaccountingperiodoftheCompanyisthecalendaryearfromJanuary1toDecember31.
3.OperatingcycleThenormalbusinesscyclereferstotheperiodfromthepurchaseofassetsforprocessingtotherealizationofcashorcashequivalents.TheCompanytakes12monthsasabusinesscycleandusesitasacriterionforliquidityclassificationofassetsandliabilities.
4.StandardcurrencyforbookkeepingYuan(CNY)isthecurrencyoftheprimaryeconomicenvironmentinwhichtheCompanyanditsdomesticsubsidiariesoperate.Therefore,theCompanyanditsdomesticsubsidiarieschooseCNYastheirfunctionalcurrency.TheCompanyadoptsCNYtoprepareitsfunctionalstatements.
5.AccountingsforBusinessCombinationsundertheSameControl&BusinessCombinationsnotundertheSameControlAbusinesscombinationisatransactionoreventthatbringstogethertwoormoreseparateentitiesintoonereportingentity.Businesscombinationsareclassifiedintobusinesscombinationsinvolvingenterprisesundercommoncontrolandbusinesscombinationsnotinvolvingenterprisesundercommoncontrol.
1.BusinessCombinationsundertheSameControlAbusinesscombinationinvolvingenterprisesundercommoncontrolisabusinesscombinationinwhichallofthecombiningenterprisesareultimatelycontrolledbythesamepartyorpartiesbothbeforeandafterthecombination,andthatcontrolisnottransitory.
Forabusinesscombinationinvolvingenterprisesundercommoncontrol,thepartythat,onthecombinationdate,obtainscontrolofanotherenterpriseparticipatinginthecombinationistheabsorbingparty,whilethatotherenterpriseparticipatinginthecombinationisapartybeingabsorbed.Combinationdateisthedateonwhichtheabsorbingpartyeffectivelyobtainscontrolofthepartybeingabsorbed.
Theassetsandliabilitiesobtainedaremeasuredatthecarryingamountsasrecordedbytheenterprisebeingcombinedatthecombinationdate.Thedifferencebetweenthecarryingamountofthenetassetsobtainedandthecarryingamountofconsiderationpaidforthecombination(orthetotalfacevalueofsharesissued)isadjustedtothecapitalpremium(orsharepremium)inthecapitalreserve.Ifthebalanceofthecapitalpremium(orsharepremium)isinsufficient,anyexcessisadjustedtoretainedearnings.
Thecostofacombinationincurredbytheabsorbingpartyincludesanycostsdirectlyattributabletothecombinationshallberecognizedasanexpensethroughprofitorlossforthecurrentperiodwhenincurred.
2.BusinessCombinationsnotundertheSameControlAbusinesscombinationinvolvingenterprisesnotundercommoncontrolisabusinesscombinationinwhichallofthecombiningenterprisesarenotultimatelycontrolledbythesamepartyorpartiesbothbeforeandafterthebusinesscombination.
Forabusinesscombinationnotinvolvingenterprisesundercommoncontrol,thepartythat,ontheacquisitiondate,obtainscontrolofanotherenterpriseparticipatinginthecombinationistheacquirer,whilethatotherenterpriseparticipatinginthecombinationistheacquiree.Acquisitiondateisthedateonwhichtheacquirereffectivelyobtainscontroloftheacquiree.
Forabusinesscombinationnotinvolvingenterpriseundercommoncontrol,thecombinedcostincludingthesumoffairvalue,attheacquisitiondate,oftheassetsgiven,liabilitiesincurredorassumed,andequitysecuritiesissuedbytheacquirer.Theintermediaryexpensesincurredbytheacquirerinrespectofauditing,legalservices,valuationandconsultancyservices,etc.andotherassociatedadministrativeexpensesattributabletothebusinesscombinationarerecognizedinprofitorlosswhentheyareincurred.
Thetransactioncostarosefromissuingofequitysecurities,orliabilitysecuritiesshallbeinitiallyrecognizedasequitysecuritiesorliabilitysecurities.Thecontingentconsiderationrelatedtothecombinationshallbebookedascombinationcostatthefairvalueattheacquisitiondate.Ifwithinthe12monthsaftertheacquisition,additionalinformationcanprovetheexistenceofrelatedinformationattheacquisitiondateandthecontingentconsiderationneedtobeadjusted,goodwillcanbeadjusted.
Combinationcostoftheacquirer’sinterestandidentifiablenetassetsoftheacquireracquiredthroughthebusinesscombinationshallbemeasuredbythefairvalueattheacquisitiondate.Wherethecostofcombinationexceedstheacquirer’sinterestinthefairvalueoftheacquiree’sidentifiablenetassets,thedifferenceshallberecognizedasgoodwill.Wherethecostofcombinationislessthantheacquirer’sinterestinthefairvalueoftheacquiree’sidentifiablenetassets,thedifferenceshallbeaccountedforaccordingtothefollowingrequirements:(i)theacquirershallreassessthemeasurementofthefairvaluesoftheacquiree’sidentifiableassets,liabilitiesandcontingentliabilitiesandmeasurementofthecostofcombination;(ii)ifafterthatreassessment,thecostofcombinationisstilllessthantheacquirer’sinterestinthefairvaluesoftheacquiree’sidentifiablenetassets,theacquirershallrecognizetheremainingdifferenceimmediatelyinprofitorlossforthecurrentperiod.
Wherethetemporarydifferenceobtainedbytheacquirerwasnotrecognizedduetoconformitywiththeconditionsappliedforrecognitionofdeferredincometax,if,withinthe12monthsafteracquisition,additional
informationcanprovetheexistenceofrelatedinformationatacquisitiondateandtheexpectedeconomicbenefitsontheacquisitiondatearosefromtemporarydeductibledifferencebytheacquireecanbeachieved,relevantincometaxassetscanberecognized,andgoodwilloffset.Ifthegoodwillisnotsufficient,thedifferenceshallberecognizedastheprofitofthecurrentperiod.
Apartfromabove,thedifferencesshallbetakenintoprofitorlossofthecurrentperiodiftherecognitionofdeferredincometaxassetsisrelatedtothecombination.
Forabusinesscombinationnotinvolvingenterpriseundercommoncontrol,whichachievedinstagesthatinvolvesmultipleexchangetransactions,accordingto“ThenoticeoftheMinistryofFinanceontheissuanceofAccountingStandardsInterpretationNo.5”(CaiKuai[2012]No.19)andArticle51of“AccountingStandardsforBusinessEnterprisesNo.33-ConsolidatedFinancialStatements”onthe“packagedeal”criterion(seeNote4.5.2),tojudgethemultipleexchangetransactionswhethertheyarethe"packagedeal".Ifitbelongstothe“packagedeal”inreferencetotheprecedingparagraphsofthissectionandtheNotesdescribedin4.13“long-terminvestment”accountingtreatment,ifitdoesnotbelongtothe“packagedeal”todistinguishtheindividualfinancialstatementsandtheconsolidatedfinancialstatementsrelatedtotheaccountingtreatment:
Intheindividualfinancialstatements,thetotalvalueofthebookvalueoftheacquiree'sequityinvestmentbeforetheacquisitiondateandthecostofnewinvestmentattheacquisitiondate,astheinitialcostoftheinvestment,theacquiree'sequityinvestmentbeforetheacquisitiondateinvolvedinothercomprehensiveincome,inthedisposaloftheinvestmentwillbeinothercomprehensiveincomeassociatedwiththeuseofinfrastructureandtheacquireedirectlyrelatedtothedisposalofassetsorliabilitiesofthesameaccountingtreatment(thatis,exceptinaccordancewiththeequitymethodofaccountinginthedefinedbenefitplanacquireeisremeasurednetchangesinnetassetsorliabilitiesotherthaninthecorrespondingshareofthelead,andtherestintothecurrentinvestmentincome).
Inthecombinationfinancialstatements,theequityinterestintheacquireepreviouslyheldbeforetheacquisitiondatere-assessedatthefairvalueattheacquisitiondate,withanydifferencebetweenitsfairvalueanditscarryingamountisrecordedasinvestmentincome.Thepreviously-heldequityinterestintheacquireeinvolvedinothercomprehensiveincomeandothercomprehensiveincomeassociatedwiththepurchaseofthefoundationshouldbeusedpartydirectlyrelatedtothedisposalofassetsorliabilitiesofthesameaccountingtreatment(thatis,exceptinaccordancewiththeequitymethodofaccountingintheacquireeisremeasureddefinedbenefitplansotherthanchangesinnetliabilitiesornetassetsduetoacorrespondingshareoftherestoftheacquisitiondateintocurrentinvestmentincome).
6.MethodsforPreparingtheConsolidatedFinancialStatements
（1）Thescopeofconsolidation
Thescopeofconsolidationfortheconsolidatedfinancialstatementsisdeterminedonthebasisofcontrol.Controlisthepowertogovernthefinancialandoperatingpoliciesofanenterprisesoastoobtainbenefitsfromitsoperatingactivities.ThescopeofconsolidationincludestheCompanyandallofthesubsidiaries.ThesubsidiaryisanenterpriseorentityunderthecontroloftheCompany.
Oncethechangeintherelevantfactsandcircumstancesleadingtothedefinitionoftherelevantelementsinvolvedinthecontrolofthechange,theCompanywillbere-evaluated.
（2）Preparationoftheconsolidatedfinancialstatements
ThesubsidiaryoftheCompanyisincludedintheconsolidatedfinancialstatementsfromthedatewhenthecontroloverthenetassetsandbusinessdecisionsofthesubsidiaryiseffectivelyobtainedandexcludedfromthedatewhenthecontrolceases.
ForasubsidiarydisposedofbytheCompany,theoperatingresultsandcashflowsbeforethedateofdisposal(thedatewhencontrolislost)areincludedintheconsolidatedincomestatementandconsolidated
statementofcashflows,asappropriate.Forasubsidiarydisposedofduringtheperiod,noadjustmentismadetotheopeningbalanceoftheconsolidatedfinancialstatements.Forasubsidiaryacquiredthroughabusinesscombinationnotundercommoncontrol,theoperatingresultsandcashflowsfromtheacquisition(thedatewhenthecontrolisobtained)areincludedintheconsolidatedincomestatementandconsolidatedstatementofcashflows,asappropriate;noadjustmentismadetotheopeningbalanceandcomparativefiguresintheconsolidatedfinancialstatements.
Whereasubsidiarywasacquiredduringthereportingperiod,throughabusinesscombinationinvolvingenterprisesundercommoncontrol,thefinancialstatementsofthesubsidiaryareincludedintheconsolidatedfinancialstatements.Theresultsofoperationsandcashflowareincludedintheconsolidatedbalancesheetandtheconsolidatedincomestatement,respectively,basedontheircarryingamounts,fromthedatethatcommoncontrolwasestablished,andtheopeningbalancesandthecomparativefiguresoftheconsolidatedfinancialstatementsarerestated.
WhentheaccountingperiodoraccountingpoliciesofasubsidiaryaredifferentfromthoseoftheCompany,theCompanymakesnecessaryadjustmentstothefinancialstatementsofthesubsidiarybasedontheCompany’sownaccountingperiodoraccountingpolicies.Whereasubsidiarywasacquiredduringthereportingperiodthroughabusinesscombinationnotundercommoncontrol,thefinancialstatementswerereconciledonthebasisofthefairvalueofidentifiablenetassetsatthedateofacquisition.Intra-Groupbalancesandtransactionsandanyunrealizedprofitorlossarisingfromintra-Grouptransactionsareeliminatedinpreparingtheconsolidatedfinancialstatements.
MinorityinterestandtheportionofthenetprofitorlossnotattributabletotheCompanyarepresentedseparatelyintheconsolidatedbalancesheetwithinshareholders’/owners’equityandnetprofit.Netprofitorlossattributabletominorityshareholdersinthesubsidiariesispresentedseparatelyasminorityinterestintheconsolidatedincomestatementbelowthenetprofitlineitem.
Whentheamountoflossforthecurrentperiodattributabletotheminorityshareholders.ofasubsidiaryexceedstheminorityshareholders’portionoftheopeningbalanceofshareholders’/equityofthesubsidiary,theexcessisallocatedagainsttheminorityinterests.
WhentheCompanylosescontrolofasubsidiaryduetothedisposalofaportionofanequityinvestmentorotherreasons,theremainingequityinvestmentisre-measuredatitsfairvalueatthedatewhencontrolislost.Thedifferencebetween1)thetotalamountofconsiderationreceivedfromthetransactionthatresultedinthelossofcontrolandthefairvalueoftheremainingequityinvestmentand2)thecarryingamountsoftheinterestintheformersubsidiary’snetassetsimmediatelybeforethelossofthecontrolisrecognizedasinvestmentincomeforthecurrentperiodwhencontrolislost.Othercomprehensiveincomerelatedtotheformersubsidiary'sequityinvestment,usingthefoundationandtheacquireedirectlyrelatedtothedisposalofthesameassetsorliabilitiesareaccountedwhenthecontrolislost(i.e.,inadditiontotheformersubsidiary,whichisremeasuredatthenetdefinedbenefitplanorchangesinnetassetsandliabilitiesresultingfrom,therestsubsidiariesaretransferredtothecurrentinvestmentincome).Theretainedinterestissubsequentlymeasuredaccordingtotherulesstipulatedinthe-“ChineseAccountingStandardsforBusinessEnterprisesNo.2-Long-termequityinvestment”or“ChineseAccountingStandardsforBusinessEnterprisesNo.22-Determinationandmeasurementoffinancialinstruments”.SeeNote5.14Long-termequityinvestmentsandNote5.10Financialinstrumentsfordetails.
Wherelossofcontroloverasubsidiaryresultfrommultipletransactions(agreements),theassessmentshallbemadeastowhetherthemultipleagreementsshallbeviewedasawholeasasingletransaction.Multipleagreementsgivingrisetolossofcontroloverasubsidiaryisgenerallyviewedasawholeasasingletransactioniftheterms,conditionsandeconomicimplicationsofthemultipleagreementssatisfyoneormoreofthefollowing
conditions:1)theagreementsareenteredintosimultaneouslyortakingintoaccounttheimplicationofeachother;
2)thebusinessobjectivecannotbeachievedwithoutsuccessfulcompletionofalltheagreements;3)theoccurrenceofoneagreementisdependentontheresultofatleastanotheroneagreement;and/or4)anyonesingleagreementisnotrecognizedaseconomic,andtheagreementsasawholeiseconomic.Wheremultipleagreementsdonotsatisfytheconditionsofbeingviewedasasingletransaction,eachagreementshallbetreatedandaccountedforinaccordancewiththeprovisionsofdisposaloflong-termequityinvestmentsnotresultinglossofcontrol(seeNote5.14.2.4)orlossofcontrolduetodisposalofsharesorotherevents(seethepreviousparagraph).Wheremultipleagreementssatisfytheconditionsofbeingviewedasasingletransaction,eachagreementshallbetreatedandaccountedforasatransactionwhichresultsinlossofcontrol;differencesbetweentheconsiderationfordisposalspriortolossofcontrolandthenetassetsproportionatetothesharesdisposedpriortolossofcontrolarerecognizedasothercomprehensiveincomeintheconsolidatedfinancialstatementsandtransferredtoprofitorlossatthetimeoflossofcontrol.
7.JointventurearrangementsclassificationandCo-operationaccountingtreatment
Ajointarrangementisanarrangementofwhichtwoormorepartieshavejointcontrol.Ajointarrangementiseitherajointoperationorajointventure,dependingontherightsandobligationoftheCompanyinthejointarrangement.AjointoperationisajointarrangementwherebytheCompanyhasrightstotheassets,andobligationsfortheliabilities,relatingtothearrangement.AjointventureisajointarrangementwherebytheCompanyhasrightstothenetassetsofthearrangement.
TheCompanyaccountsforjointventuresusingtheequitymethod,seeNote5.14.2.2fordetails.
TheCompany,ajointoperator,recognizesinrelationtoitsinterestinajointoperation:(a)itsassets,includingitsshareofanyassetsheldjointly;(b)itsliabilities,includingitsshareofanyliabilitiesincurredjointly;(c)itsrevenuefromthesaleofitsshareoftheoutputarisingfromthejointoperation;(d)itsshareoftherevenuefromthesaleoftheoutputbythejointoperation;and(e)itsexpenses,includingitsshareofanyexpensesincurredjointly.
WhentheCompanyentersintoatransactionwithajointoperationinwhichitisajointoperator,suchasasaleorcontributionofassets,theCompany,priortodisposaloftheassetstoathirdpartybythejointoperation,recognizesgainsandlossesresultingfromsuchatransactiononlytotheextentoftheotherparties'interestsinthejointoperation.Whenthereisevidenceofareductioninthenetrealizablevalueoftheassetstobesoldorcontributedtothejointoperation,orofanimpairmentlossofthoseassetswhichisinlinewithprovisionstipulatedbyCAS8,thoselossesarerecognizedfullybytheCompany.Whenthereisevidenceofareductioninthenetrealizablevalueoftheassetstobepurchasedorofanimpairmentlossofthoseassets,theCompanyshallrecognizeitsshareofthoselosses.
8.RecognitionStandardofCash&CashEquivalents
CashandcashequivalentsoftheCompanyincludecashonhand,readyusabledepositsandinvestmentshavingshortholdingterm(normallywillbeduewithinthreemonthsfromthedayofpurchase),withstrongliquidityandeasytobeexchangedintocertainamountofcashthatcanbemeasuredreliablyandhavelowrisksofchange.
9.ForeignCurrencyTransaction
1Translationinforeignexchangetransactions
Transactionsdenominatedinforeigncurrenciesaretranslatedintothefunctionalcurrencyusingthetransaction-datespotexchangerates.Whereatransactionisconductedpurelyforthepurposeofexchangeonecurrencyintoanothercurrency,theexchangerateusedtotranslatetheforeigncurrencyintothefunctionalcurrencyistheexchangeratethatisactuallyusedforthecurrencyexchange.
2Translationofforeignmonetarycurrencyandnon-monetaryforeigncurrencyAtthebalancesheetdate,foreigncurrencymonetaryitemsaretranslatedusingthespotexchangerateatthebalancesheetdate.Alltheexchangedifferencesthusresultedaretakentoprofitorloss,exceptfor①thoserelatingtoforeigncurrencyborrowingsspecificallyforconstructionandacquisitionofqualifyingassets,whicharecapitalizedinaccordancewiththeprincipleofcapitalizationofborrowingcosts,②hedgingaccounting,theexchangedifferencerelatedtohedginginstrumentsforthepurposeofnetoverseaoperatinginvestmentisrecordedinthecomprehensiveincometillthedateofdisposalandrecognizedinprofitorlossoftheperiod;exchangedifferencefromchangesofotheraccountbalanceofforeigncurrencymonetaryitems,
③available-for-tradeisrecordedintoprofitorlossexceptforamortizedcost.
Non-monetaryforeigncurrencyitemsmeasuredathistoricalcostshallstillbetranslatedatthespotexchangerateprevailingonthetransactiondate,andtheamountdenominatedinthefunctionalcurrencyisnotchanged.Non-monetaryforeigncurrencyitemsmeasuredatfairvaluearetranslatedatthespotexchangerateprevailingatthedatewhenthefairvaluesaredetermined.Theexchangedifferencethusresultedarerecognizedinprofitorlossforthecurrentperiodorascapitalreserve.
（3）ConversionmethodofForeigncurrencyFinancialstatements
Wherethepreparationofconsolidatedfinancialstatementsinvolvesoverseasoperations,ifanyforeigncurrencymonetaryitemconstitutesanetinvestmentinoverseasoperationsinessence,theexchangedifferenceresultingfromthechangeofexchangerateshallberecognizedasothercomprehensivegainsasthe"conversiondifferenceofforeigncurrencystatements";whendealingwithoverseasoperations,itshallbeincludedintheprofitsandlossesofthecurrentperiodofdisposal.
ForeigncurrencyfinancialstatementsoperatedabroadareconvertedintoRMBstatementsbythefollowingmethods:assetsandliabilitiesinthebalancesheetareconvertedatthespotexchangerateonthebalancesheetdate;shareholderequityitemsareconvertedatthespotexchangerateatthetimeofoccurrence,exceptfor"undistributedprofit"items.Therevenuesandexpensesintheincomestatementareconvertedwiththespotexchangerateonthetransactionday.Theundistributedprofitatthebeginningoftheyearistheundistributedprofitattheendoftheyearaftertheconversionofthepreviousyear;theundistributedprofitattheendoftheyeariscalculatedandshownaccordingtotheitemsoftheprofitdistributionaftertheconversion;thedifferencebetweenthetotalamountofassetsandliabilitiesandshareholders'equityaftertheconversionisrecognizedastheconversiondifferenceofforeigncurrencystatementsandasothercomprehensiveincome.Whentheforeignoperationisdisposedandthecontrolrightislost,theconversionbalancewhichispresentedundertheshareholders’equitiesiteminthebalancesheetandarisesfromtheconversionofforeigncurrencyfinancialstatementsrelatedtothisforeignoperationwillbetransferedintothecurrentprofitandlossfullyorintheforeignoperationproportion.
Cashflowofforeigncurrencyshallbeconvertedintospotexchangerateonthedateofoccurrenceofcashflow.TheinfluenceofexchangeratefluctuationoncashwillbeseparatelypresentedasanadjustmentitemintheCashFlowStatement.
Theaccountatthebeginningofcurrentyearandtheactualamountofpreviousyearshallbelistedinaccordancewiththetranslationdifferencesstatementsofthepreviousyear.
Duringthemanagementoftheentireowner'sequityoftheCompany'soperationsabroadorthelossofcontroloveroverseasoperationsduetothedisposalofpartoftheequityinvestmentorotherreasons,theconvertedbalanceoftheforeigncurrencystatementsrelatedtotheoverseasoperations,whichareattributabletotheowner'srightsandinterestsoftheparentCompany,asshownbelowinthebalancesheet,shallbetransferredtothecurrentprofitandloss.
Duringthemanagementofpartoftheequityinvestmentorotherreasonsleadingtothereductionofthe
proportionofholdingoverseasoperatingrightsandinterestsbutnotlosingcontroloveroverseasoperations,thebalanceofforeigncurrencystatementconversionrelatedtothepartofoverseasoperationanddisposalwillbeattributedtotherightsandinterestsofminorityshareholdersandshallnotbetransferredtocurrentprofitsandlosses.Duringthemanagementofpartoftheequityofanoverseasjointventureorjointventure,thedifferenceintheconversionofforeigncurrencystatementsrelatedtotheoverseasoperationshallbetransferredtotheprofitsandlossesofthecurrentperiodaccordingtotheproportionofdisposingoftheoverseasoperation.
10.FinancialinstrumentsTheCompanyrecognizesthefinancialassetsorliabilitieswheninvolvedinfinancialinstruments’agreements.
（1）Classification,recognitionandmeasurementoffinancialassetsInaccordancewiththecharacteristicsofbusinessmodelformanagingfinancialassetsandthecontractualcashflowoffinancialassets,theCompanyclassifiesfinancialassetsinto:financialassetsmeasuredinamortizedcost;financialassetsmeasuredatfairvalueandtheir'schangesareincludedinothercomprehensiveincome;financialassetsmeasuredatfairvalueandtheir'schangesareincludedincurrentprofitsandlosses.
Theinitialmeasurementoffinancialassetsiscalculatedbyusingfairvalue.Forfinancialassetsmeasuredatfairvalue,whosechangesareincludedincurrentprofitsandlosses,relevanttransactioncostsaredirectlyincludedincurrentprofitsandlosses;Forothertypesoffinancialassets,relevanttransactioncostsareincludedintheinitialrecognitionamount.AccountsreceivableornotesreceivablearisingfromthesaleofproductsortheprovisionoflaborservicesthatdonotincludeortakeintoaccountsignificantfinancingcomponentsareinitiallyrecognizedbytheCompanyinaccordancewiththeamountofconsiderationthattheCompanyisexpectedtobeentitledtoreceive.
①Financialassetsmeasuredatamortizedcost
ThebusinessmodeloftheCompany'smanagementoffinancialassetsmeasuredbyamortizedcostisaimedatcollectingthecontractualcashflow,andthecontractualcashflowcharacteristicsofsuchfinancialassetsareconsistentwiththebasiclendingarrangements,thatis,thecashflowgeneratedonaspecificdateisonlythepaymentofprincipalandinterestbasedontheamountofoutstandingprincipal.Forsuchfinancialassets,theCompanyadoptsthemethodofrealinterestrateandmakessubsequentmeasurementaccordingtothecostofamortization.Theprofitsorlossesresultingfromamortizationorimpairmentareincludedincurrentprofitsandlosses.
②Financialassetsmeasuredatfairvalueandchangesincludedinothercomprehensiveincome
TheCompany'sbusinessmodelformanagingsuchfinancialassetsistocollectthecontractualcashflow,andthecontractualcashflowcharacteristicsofsuchfinancialassetsareconsistentwiththebasiclendingarrangements.TheCompanymeasuressuchfinancialassetsatfairvalueandtheirchangesareincludedinothercomprehensivegains,butimpairmentlossesorgains,exchangegainsandlossesandinterestincomecalculatedaccordingtotheactualinterestratemethodareincludedincurrentprofitsandlosses.
Inaddition,theCompanydesignatedsomenon-tradingequityinstrumentinvestmentsasfinancialassetsmeasuredatfairvaluewithchangesincludedinothercomprehensiveincome.TheCompanyincludestherelevantdividendincomeofsuchfinancialassetsincurrentprofitsandlosses,andthechangesinfairvalueinothercomprehensivegains.Whenthefinancialassetceasestoberecognized,theaccumulatedgainsorlossespreviouslyincludedinothercomprehensivegainsshallbetransferredintoretainedincomefromothercomprehensiveincome,andnotbeincludedincurrentprofitandloss.
③Financialassetsmeasuredatfairvalueandchangesincludedincurrentprofitsandlosses
TheCompanyincludestheabove-mentionedfinancialassetsmeasuredatamortizedcostandthosemeasured
atfairvalueandtheir'schangesinfinancialassetsotherthanfinancialassetsofcomprehensiveincomeandclassifiesthemasfinancialassetsmeasuredatfairvalueandtheir'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,relevantfinancialassetsshallberecognizedinaccordancewiththe
degreeforcontinuedinvolvementoffinancialassetstransferredandrelevantliabilitiesshallberecognizedcorrespondingly.westbankTheterm"continuousinvolvementinthetransferredfinancialasset"shallrefertotherisklevelthattheenterprisefacesresultingfromthechangeofthevalueofthefinancialasset.Iftheoveralltransferofthefinancialassetssatisfiesthederecognitioncriteria,thedifferencebetweenthebookvalueofthetransferredfinancialassetsandthesumoftheconsiderationreceivedfromtransferandcumulativechangeinfairvaluepreviouslyrecognizedinothercomprehensiveincomeisaccountedintothecurrentprofitorloss.Incasethatthepartialtransferoffinancialassetsmeetsde-recognitionconditions,thebookvalueoffinancialassetstransferredshallbeallocatedasperrespectivefairvaluebetweende-recognizedornotde-recognizedparts,andthedifferencebetweenthesumoftheconsiderationreceivedduetotransferwiththeaccumulatedamountoffairvaluechangesthatispreviouslyincludedinothercomprehensiveincomeandshallbeallocatedtode-recognizedpartsandtheaforesaidbookamountallocatedshallbeincludedinthecurrentprofitorloss.TheCompanyshalldeterminewhetheralmostalltherisksandrewardsoftheownershipofthefinancialassetssoldbymeansofrecourseorendorsedtotransferthefinancialassetsitholdshavebeentransferred.Ifalmostalltherisksandrewardsintheownershipofthefinancialassethavebeentransferredtothetransferee,theconfirmationofthefinancialassetshallbeterminated;ifalmostalltherisksandrewardsintheownershipofthefinancialassethavebeenretained,theconfirmationofthefinancialassetshallnotbeterminated;ifneitherthetransfernortheretentionofalmostalltherisksandrewardsintheownershipofthefinancialassethasbeenmade.Incaseofremuneration,itshallcontinuetodeterminewhethertheenterprisehasretainedcontrolovertheassetsandconductaccountingtreatmentinaccordancewiththeprinciplesdescribedintheprecedingparagraphs.
(4)TerminationconfirmationoffinancialliabilitiesIfthecurrentobligationofafinancialliability(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,industry
associations,pricingserviceinstitutionsandetc.atafixedterm,andwhichrepresentthepricesatwhichactuallyoccurredmarkettransactionsaremadeunderfairconditions.?¨Incanafinancialinstrumentdoesnotexistinactivemarkets,itsfairvalueshallbedeterminedbytheCompanywithassessmenttechniques.Thevalueappraisaltechniquesmainlyincludethepricesadoptedbytheparties,whoarefamiliarwiththecondition,inthelatestmarkettransactionupontheirownfreewill,thecurrentfairvalueobtainedbyreferringtootherfinancialinstrumentsofthesameessentialnature,thecashflowcapitalizationmethodandtheoptionpricingmodel,etc.Invaluation,theCompanyadoptsvaluationtechniquesthatareapplicableinthecurrentsituationandsupportedbysufficientdataandotherinformationtoselectinputvaluesconsistentwiththecharacteristicsofassetsorliabilitiesconsideredbymarketparticipantsinthetransactionsofrelatedassetsorliabilities,andgiveprioritytotheuseofrelevantobservableinputvaluesasfaraspossible.Unallowablevaluesareusediftherelevantobservableinputvaluesarenotavailableorarenotpracticable.
（7）EquityinstrumentsAnequityinstrumentisanycontractthatevidencesaresidualinterestintheassetsoftheCompanyafterdeductingallofitsliabilities.Theconsiderationreceivedfromissuingequityinstruments,netoftransactioncosts,areaddedtoshareholders’equity.Alltypesofdistribution(excludingstockdividends)madebytheCompanytoholdersofequityinstrumentsaredeductedfromshareholders’equity.
Thedividends(including"interest"generatedbythetoolsclassifiedasequityinstruments)distributedbytheCompany'sequityinstrumentsduringtheperiodoftheirexistenceshallbetreatedasprofitdistribution.
11.Impairmentprovisionforfinancialassets
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,theCompanymay
choosetomeasurethelossreserveaccordingtotheexpectedcreditlossinthenext12monthsforfinancialinstrumentswithlowcreditriskonthebalancesheetdate.
(2)CriteriaforjudgingwhethercreditriskhasincreasedsignificantlysincetheinitialrecognitionIftheprobabilityofdefaultofafinancialassetontheestimateddurationofthebalancesheetissignificantlyhigherthantheprobabilityofdefaultduringtheestimateddurationoftheinitialrecognition,thecreditriskofthefinancialassetissignificantlyincreased.Exceptforspecialcircumstances,theCompanyusesthechangeofdefaultriskinthenext12monthsasareasonableestimateofthechangeofdefaultriskintheentiredurationtodeterminewhetherthecreditriskhasincreasedsignificantlysincetheinitialrecognition.
(3)Aportfolio-basedapproachtoassessingexpectedcreditriskTheCompanyshallevaluatethecreditriskoffinancialassetswithdistinctdifferencesincreditrisk,suchastthereceivablesindisputewiththeotherpartyorinvolvinglitigationandarbitration,andreceivablesthathasbeenprovedthatthedebtormaynotbeabletofulfilltheobligationofrepayment,etc.
Inadditiontothefinancialassetsthatassesscreditriskindividually,theCompanyshalldividefinancialassetsintodifferentgroupsbasedoncommonriskcharacteristics,andassesscreditriskonthebasisofportfolio.
(4)Accountingtreatmentofimpairmentoffinancialassets
Attheendoftheduration,theCompanyshallcalculatetheanticipatedcreditlossesofvariousfinancialassets.Iftheanticipatedcreditlossesaregreaterthanthebookvalueofitscurrentimpairmentprovision,thedifferenceisdeemedasimpairmentloss.Ifthebalanceislessthanthebookvalueofthecurrentimpairmentprovision,thedifferenceisdeemedasimpairmentprofit.
(5)Methodofdeterminingcreditlossesofvariousfinancialassets
①Receivable
Inregardtoreceivableswithoutsignificantfinancingcomponents,theCompanyshallmeasurelosspreparationaccordingtotheamountofanticipatedcreditlossequivalenttotheentireduration.
Inregardtoaccountsreceivablewithsignificantfinancingcomponents,theCompanyshallchoosetomeasurelosspreparationaccordingtotheamountequivalenttotheexpectedcreditlosswithinthedurationallthetime.
Inadditiontotheaccountsreceivablethatassessesthecreditriskindividually,receivablesaredividedintodifferentportfoliosbasedontheircreditriskcharacteristics:
| Items | Basisfordeterminingcombination: |
| Protfolio1 | Thisportfolioischaracterizedbytheagingofreceivablesasacreditrisk. |
Fortheaboveportfolio1,themeasurementmethodofbaddebtsreserveistheaginganalysismethod,specificallyasfollows
| Aging | Proportion（%） | Otherreceivableproportion（%） |
| Within1year（Including1year） | 0 | 0 |
| 1-2years | 10 | 10 |
| 2-3years | 30 | 30 |
| 3-4years | 50 | 50 |
| 4-5years | 90 | 90 |
| Over5years | 100 | 100 |
②Otherreceivable
TheCompanyhasmeasuredtheimpairmentlossbasedontheamountofexpectedcreditlossesinthenext12monthsortheentireduration,basedonwhetherthecreditriskofotherreceivableshasincreasedsignificantlysincetheinitialrecognition.Inadditiontotheotheraccountsreceivablewhichassessesthecreditriskindividually,
theyaredividedintodifferentportfoliosbasedontheircreditriskcharacteristics:
| Items | Basisfordeterminingcombination: |
| Protfolio1 | Thisportfolioisacollectionofvariousdeposits,advances,pledgesandotherreceivablesindailyactivities. |
| Protfolio2 | Thisportfolioisareservefundborrowedbyemployeesintheirdailybusinessactivities. |
| Protfolio3 | Otherreceivablesotherthantheaboveportfolio. |
Forportfolios1and2above,noprovisionforbaddebtsisgenerallymadeunlessthereisevidenceoflossofassets.Forportfolio3above,theprovisionforbaddebtsisthesameasportfolio1forreceivables.
③Creditor'srightsinvestment
Creditor'srightsinvestmentmainlyaccountsforbondinvestmentmeasuredbyamortizedcost,etc.TheCompanyhasmeasuredtheimpairmentlossbasedontheamountofexpectedcreditlossesinthenext12monthsortheentireduration,basedonwhetherthecreditriskhasincreasedsignificantlysincetheinitialrecognition.TheCompanyadoptsthemethodofevaluatingcreditriskwithindividualassetsforcreditor'srightsinvestment.
12.Inventory
WhethertheCompanyneedstocomplywiththedisclosurerequirementsforspecificindustrieNo
1.Investoriesclass:Thecompany’sstockscanbeclassifiedas:rawmaterials,etc.
2.Valuationmethodofinventoryissued:Thecompanycalculatesthepricesofitsinventoriesaccordingtotheweightedaveragesmethodorthefirst-infirst-outmethod.
3.Determinationofnetrealizablevalueofinventoriesandimpairmentallowanceforinventories
Netrealizablevalueistheestimatedsellingpriceintheordinarycourseofbusinesslesstheestimatedcostsofcompletion,theestimatedcostsnecessarytomakethesaleandrelevanttaxes.Netrealizablevalueisdeterminedonthebasisofclearevidenceobtainedandtakesintoconsiderationthepurposeofholdinginventoriesandeffectofpostbalancesheetevents.
Atthebalancesheetdate,inventoriesaremeasuredatthelowerofthecostandnetrealizablevalue.Ifthenetrealizablevalueisbelowthecostofinventories,aprovisionfordeclineinvalueofinventoriesismade.Theprovisionforinventoriesdeclineinvalueisnormallydeterminedbythedifferenceofthecostoftheindividualitemlessitsrealizablevalue.Forlargequantityandlow-valueitemsofinventories,provisionfordeclineinvalueismadebasedoncategoriesofinventories.
Foritemsofinventoriesrelatingtoaproductlinethatareproducedandmarketedinthesamegeographicalarea,havethesameorsimilarendusersorpurposes,andcannotbepracticablyevaluatedseparatelyfromotheritemsinthatproductlineprovisionfordeclineinvalueisdeterminedonanaggregatebasis.
Aftertheprovisionfordeclineinvalueofinventoriesismade,ifthecircumstancesthatpreviouslycausedinventoriestobewrittendownbelowcostnolongerexistsothatthenetrealizablevalueofinventoriesishigherthantheircost,theoriginalprovisionfordeclineinvalueisreversedandthereversalisincludedinprofitorlossfortheperiod.
4.Physicalinventoriesaremanagedbytheperpetualinventorytakingsystem.
5.Amortizationoflow-valueconsumablesandpackagingmaterials.
Low-valueconsumablesandpackagingmaterialsarefullyamortizedatthetimeofissuance.
13.Held-for-saleassetsanddisposalgroup
TheCompanyclassifyanon-currentassetordisposalgroupasheldforsaleifitscarryingamountwillberecoveredprincipallythroughasaletransactionratherthanthroughcontinuinguse.Forthistobethecase,thefollowingconditionsshallbemet:a)theasset(ordisposalgroup)mustbeavailableforimmediatesaleinitspresentconditionsubjecttotermsthatareusualandcustomaryforsalesofsuchassetsordisposalgroups;b)theCompanyhasmadetheresolutiononthedisposalplanandmustbecommittedtoaplantoselltheasset(ordisposalgroup);c)thesaleisexpectedtobecompletedwithinoneyearfromthedateofclassification.Adisposalgroupisagroupofassetstobedisposedof,bysaleorotherwise,togetherasagroupinasingletransaction,andliabilitiesdirectlyassociatedwiththoseassetsthatwillbetransferredinthetransaction.Thegroupshallincludegoodwillacquiredinabusinesscombinationifthegroupisacash-generatingunittowhichgoodwillhasbeenallocatedinaccordancewiththerequirementsofAccountingStandardforBusinessEnterprisesNo.8–Impairmentofassets.
TheCompanymeasureanon-currentassetordisposalgroupclassifiedasheldforsaleatthelowerofitscarryingamountandfairvaluelesscoststoselloninitialrecognitionandsubsequentremeasurementonthebalancesheetdate.Animpairmentlossisrecognizedwhenthecarryingamountishigherthanthefairvaluelesscoststosell,andallowanceforimpairmentisrecognizedaccordingly.Forthedisposalgroup,therecognizedimpairmentlossonassetsisoffsetagainstthecarryingamountofthegoodwillinthedisposalgroup,andthenreducedinproportionofthebookvalueofthenon-currentassetsapplicableto"AccountingStandardforBusinessEnterprisesNo.42-Non-currentAssetsHeldforSale,DisposalGroupandDiscontinuedOperations(hereinafterreferredtoas"heldforsaleaccountingprinciple")measurementrequirements.TheCompanyshallrecognizeagainduringtheperiodforanysubsequentincreaseinfairvaluelesscoststosellofanasset,butnotinexcessofthecumulativeimpairmentlossthathasbeenrecognizedafterthereclassificationtonon-currentassetsheldforsale.Thebookvalueofassetsinthedisposalgroupisincreasedproportionatelyaccordingtotheproportionofthebookvalueofeachnon-currentassetexceptforgoodwill.Impairmentlossrecognizedbeforethereclassificationtonon-currentassetsheldforsellshallnotberecovered.
Non-currentassetornon-currentassetinthedisposalgroupclassifiedasheldforsalearenotsubjecttodepreciationoramortization.Theinterestandotherexpensesonliabilitiesheldinthedisposalgroupforsalearecontinuouslyrecognized.
Non-currentassetsordisposalgroupthatnolongermeettheconditionsofnon-currentassetheldforsellshallberemovedfromthecategory,andshallbemeasuredatthelowerofthefollowing:(a)Thecarryingamountbeforeclassificationasheldforsaleafteradjustmentofdepreciation,amortizationorimpairmentthatshouldberecognizedifitisnotclassifiedasnon-currentassetsheldforsell;(b)recoverableamount..14.Long-termequityinvestments
Long-termequityinvestmentsinthissectionrefertothelong-terminvestmentthroughwhichtheCompanyhascontrol,jointcontrol,ormaterialinfluenceontheinvestee.Long-termequityinvestmentsthroughwhichtheCompanydoesnothavecontrol,jointcontrolormaterialinfluenceontheinvesteeshallberecognizedasavailable-for-salefinancialassetsorfinancialassetsmeasuredbyfairvaluewithchangesinfairvaluerecognizedinprofitorloss.See10fordetails.
Jointcontrolisthecontractuallyagreedsharingofcontrolovereconomicactivityandexistswhenthe
strategicfinancialandoperatingdecisionsrelatingtotheactivityrequiretheunanimousconsentofthepartiessharingcontrol.Significantinfluenceisthepowertoparticipateinthefinancialandoperatingpolicydecisionsoftheinvesteebutisnotcontrolorjointcontroloverthosepolicies.
（1）DeterminationofInvestmentcostLong-termequityinvestmentacquiredthroughbusinesscombinationundercommoncontrolaremeasuredattheacquirer'sshareofthecombinationdatebookvalueoftheacquiree'snetequityintheultimatecontroller'sconsolidatedfinancialstatements.Thedifferencebetweentheinitialcostandcashpaid,non-monetaryassetstransferred,andliabilitiesassumedbyisadjustedtocapitalreserves,andtoretainedearningsifcapitalreservesareinsufficient.Iftheconsiderationispaidbyissuingequityinstruments,theinitialcostismeasuredattheacquirer'sshareofthecombinationdatebookvalueoftheacquiree'snetequityintheultimatecontroller'sconsolidatedfinancialstatements,withthefacevalueoftheequityinstrumentsissuedrecognizedassharecapitalandthedifferencebetweentheinitialcostandthefacevalueoftheequityinstrumentsissuedadjustedtocapitalreserves,andtoretainedearningsifcapitalreservesisinsufficient.Forbusinesscombinationinvolvingentitiesundercommoncontrolachievedthroughmultipletransactions(acquisitioninstages),themultipleagreementsareassessedtodeterminewhethertheyshouldbeviewedasalump-sumpurchase.Wheremultipleagreementsofanacquisitioninstagesareviewedasalump-sumpurchase,thetransactionsareviewedasonetransactionthatacquiresthecontrolpower.Wheremultipleagreementsofanacquisitionfailtheconditionsofalump-sumpurchase,long-termequityinvestmentacquiredthroughbusinesscombinationundercommoncontrolaremeasuredattheacquirer'sshareofthecombinationdatebookvalueoftheacquiree'snetequityintheultimatecontroller'sconsolidatedfinancialstatements.Thedifferencebetweentheinitialcost,andthebookvalueofthelong-termequityinvestmentbeforecombinationdateandconsiderationspaidtoacquirenewsharesonthecombinationdate,isadjustedtocapitalreserves,andtoretainedearningsifcapitalreservesareinsufficient.
Long-termequityinvestmentacquiredthroughbusinesscombinationnotundercommoncontrolismeasuredatcombinationcostonthecombinationdate.Thecombinationcostincludesassetscontributedbythepurchaser,liabilitiesincurredorassumedby,andfairvalueoftheequityinstrumentsissuedbytheacquirer.Forbusinesscombinationinvolvingentitiesnotundercommoncontrolachievedthroughmultipletransactions(acquisitioninstages),themultipleagreementsareassessedtodeterminewhethertheyshouldbeviewedasalump-sumpurchase.Wheremultipleagreementsofanacquisitioninstagesareviewedasalump-sumpurchase,thetransactionsareviewedasonetransactionthatacquiresthecontrolpower.Wheremultipleagreementsofanacquisitionfailtheconditionsofalump-sumpurchase,long-termequityinvestmentacquiredthroughbusinesscombinationnotundercommoncontrolaremeasuredatthesumoftheoriginalbookvalueoftheequityinvestmentontheinvesteeandthenewinvestmentcost,whichisregardedasthenewinitialcostofthelong-terminvestmentwhentransferredtocostmethod.Iftheoriginalequityismeasuredbytheequitymethod,notaccountingtreatmentisappliedtorelevantothercomprehensiveincometemporarily.
Theaudit,legalservices,valuation,andotherdirectlyassociatedadministrativeexpensesincurredbytheacquirerarerecognizedinprofitorlossonthetransactiondates.
Long-termequityinvestmentsacquirednotthroughbusinesscombinationaremeasuredatcostonnitialrecognition.Dependingonthewayofacquisition,thecostofacquisitioncanbethetotalcashpaid,thefairvalueofequityinstrumentissued,thecontractprice,thefairvalueorbookvalueoftheassetsgivenawayinthecaseofnon-monetaryassetexchange,orthefairvalueoftherelevantlong-termequityinvestments.Thecostofacquisitionofalong-termequityinvestmentacquirednotthroughbusinesscombinationalsoincludesalldirectlyassociatedexpenses,applicabletaxesandfees,andothernecessaryexpenses.WhentheCompanyincreaseinvestmenttohavematerialinfluenceorjointcontrol,butnotcontrolovertheinvestee,long-terminvestmentsaremeasuredatthesumofthefairvalueofinitialequityinvestmentandcostofnewinvestmentasdefinedin
CAS22-RecognitionandMeasurementofFinancialAssets.
（2）SubsequentmeasurementandrecognitionandmeasurementofgainorlossWherealong-termequityinvestmentgivestheCompanyeitherjointcontrolorsignificantinfluenceovertherespectiveinvestee,theinvestmentissubsequentlymeasuredusingtheequitymethod.Wherealong-termequityinvestmentgivestheCompanycontrolovertherespectiveinvestee,theinvestmentissubsequentlymeasuredatcost.
①Long-termequityinvestmentsmeasuredatcostAlong-termequityinvestmentismeasuredatthecostofinvestment,excludingdeclaredcashdividendsorprofitpendingdistributionincludedintheconsiderationpaid.Investmentincomefortherelevantperiodfromalong-termequityinvestmentmeasuredatcostisrecognizedastheCompany'sshareofthecashdividendsorprofitdeclaredfordistributionbytheinvestee.
②Long-termequityinvestmentsmeasuredusingtheequitymethodWhenthecostofalong-termequityinvestmentmeasuredusingtheequitymethodoninitialrecognitionexceedstheCompany'sshareofthefairvalueoftherespectiveinvestee'snetidentifiableassets,noadjustmentismadetothecostoftheinvestmentfortheexcess.WhentheCompany'sshareofthefairvalueofaninvestee'snetidentifiableassetsexceedsthecostoftherespectivelong-termequityinvestmentmeasuredusingtheequitymethodoninitialrecognition,adjustmentismadetothecostoftheinvestmentforthedifferenceandthedifferenceiscarriedtoprofitorlossfortheperiodduringwhichtheinvestmentisrecognized.
Investmentincomeorlossandothercomprehensiveincomefortherelevantperiodfromalong-termequityinvestmentmeasuredusingtheequitymethodismeasuredattheCompany'sshareofthenetprofitorlossandothercomprehensiveincomeoftherespectiveinvesteefortherelevantperiod,andthebookvalueoflong-termequityinvestmentsisadjustedaccordingly.Iftheinvesteedeclaresprofitdistributionorcashdividends,long-termequityinvestmentsarereducedbytheCompany’sshareofdeclaredprofitdistributionorcashdividendsintheinvestee.Long-termequityinvestmentswillbeadjusted,andcapitalreservesarerecognizedwithvariationsotherthannetprofitorloss,othercomprehensiveincome,andprofitdistribution.WhencomputingtheCompany'sshareofthenetprofitorlossoftheinvesteefortherelevantperiod,netprofitorlossoftheinvesteefortherelevantperiodisadjusted,ifnecessary,forthefairvalueoftheinvestee'sidentifiableassetsandidentifiableliabilitiesonacquisitionandtheCompany'saccountingpoliciesandaccountingperiod.Investmentincomeandothercomprehensiveincomeisrecognizedaccordingly.ThecomputationoftheCompany'sshareofthenetprofitorlossoftheinvesteefortherelevantperiodalsoeliminatesunrealizedprofitandlossarisingfromtransactionsbetweentheCompanyandtheinvestee(ajointventureorassociate,whicheverisapplicable)andcontributingorsellingassetstotheinvesteewhichformsanoperation,totheextentoftheCompany'ssharecalculatedbytheCompany'sshareholdingintheinvesteefortherelevantperiod,exceptfortheunrealizedlossresultedfromimpairmentoftransferredassets.WhencontributingassetstothejointventureorassociatebytheCompanyformsanoperation,andtheinvestoracquiresthelong-termequityinvestmentwithoutcontrol,long-termequityinvestmentsaremeasuredatfairvalueofthecontributedoperations,withthedifferencebetweeninitialinvestmentcostandbookvalueofthecontributedoperationfullyrecognizedinprofitorlossfortheperiod.WhensellingassetstothejointventureorassociatebytheCompanyformsanoperation,thedifferencebetweenconsiderationsreceivedandbookvalueoftheoperationisfullyrecognizedinprofitandlossfortheperiod.WhenpurchasingassetsfromthejointventureorassociatebytheCompanybelongstoanoperation,incomeandlossesarefullyrecognizedasspecifiedinCAS20-BusinessCombination.WhentheCompany'sshareofaninvestee'snetlossexceedsthesumofthecarryingamountoftherespectivelong-termequityinvestmentmeasuredusingtheequitymethodandotherinvestmentsintheinvestee,thecarryingamountofthelong-termequityinvestmentandotherinvestmentsintheinvesteeisreducedtozero.IftheCompanyisobligedtosharelossoftheinvesteeafter
itslong-termequityinvestmentandotherinvestmentshavebeenreducedtozero,aninvestmentlossandprovisionisrecognizedtotheextentoftheestimatedobligation.Iftheinvesteereportsprofitsinsubsequentperiods,theCompanyonlyrecognizesitsshareofprofitafteritsshareofprofitequalstheshareoflossnotrecognized.
Forlong-termequityinvestmentsinassociatesandjointventureswhichhadbeenheldbytheCompanybeforeitsfirsttimeadoptionofnewaccountingstandards,wheretheinitialinvestmentcostofalong-termequityinvestmentexceedstheCompany’sshareintheinvestee’snetassetsatthetimeofacquisition,theexcessisamortizedandisrecognizedinprofitorlossonastraight-linebasisovertheoriginalremaininglife.
③Acquisitionofminorityinterests
IfminorityinterestsinaninvesteeisacquiredbytheCompany,duringtheCompany'spreparationoftheconsolidatedfinancialstatements,thedifferencebetweentheCompany'scumulativeshareoftheinvesteesnetassetscalculatedonthebasisofthenewshareholdingintheinvesteefromtheacquisitiondate(orcombinationdate)andtheCompany'sinvestmentintheinvesteefollowingtheminorityinterestacquisitionisadjustedtocapitalreserves,andtoretainedearningsifcapitalreservesisinsufficient.
④Disposaloflong-termequityinvestments
Ontheconsolidatedfinancialstatements,whenpartlydisposalofalong-termequityinvestmentinasubsidiarywhichdoesnotcauselossofcontroloverthesubsidiary,thedifferencebetweentheconsiderationfordisposalandthenetidentifiableassetgivenawayproportionatetothedisposedsharesinthesubsidiaryisrecognizedinequity;partlydisposalofalong-termequityinvestmentinasubsidiarywhichcauseslossofcontroloverthesubsidiaryisaccountedforinaccordancewithNote5.6.2.
Thedifferencebetweentheconsiderationfordisposaloflong-termequityinvestmentsandthecarryingamountofthelong-termequityinvestmentsdisposedofisrecognizedinprofitorlossfortheperiodduringwhichtheinvestmentsaredisposedof.
Whenalong-termequityinvestmentmeasuredusingtheequitymethodisdisposed,andtheresidualequityafterdisposalisstillmeasuredusingequitymethod,therespectivecumulativeothercomprehensiveincomerecognizedinequityproportionatetothedisposedofinvestmentshalladoptthesameaccountingtreatmentastheinvesteedisposesofrelevantassetsorliabilitiesdirectly.Movementininvestee'sequityotherthanchangesinnetprofitorloss,othercomprehensiveincome,andprofitdistributionisrecognizedinprofitorlossproportionally.
Whenalong-termequityinvestmentmeasuredusingthecostmethodisdisposedandtheresidualequityafterdisposalisstillmeasuredusingcostmethod,othercomprehensiveincome,whichisrecognizedbyequitymethodorrecognitionandmeasurementapplicabletofinancialinstrumentspriortotheCompany'sacquisitionofcontrolovertheinvestee,shalladoptthesameaccountingtreatmentastheinvesteedisposesrelevantassetsorliabilitiesdirectlyonthedateoflossofcontrol,andprofitorlossisrecognizedproportionally.Movementininvestee'sequityotherthanchangesinnetprofitorloss,othercomprehensiveincome,andprofitdistributionisrecognizedinprofitorlossproportionally.WheretheCompany'scontroloveraninvesteeislostduetopartialdisposalofinvestmentintheinvesteeandtheCompanycontinuestohavesignificantinfluenceovertheinvesteeafterthepartialdisposal,theinvestmentismeasuredbyequitymethodintheCompany'sseparatefinancialstatements;wheretheCompany'scontroloveraninvesteeislostduetopartialdisposalofinvestmentintheinvesteeandtheCompanyceasestohavesignificantinfluenceovertheinvesteeafterthepartialdisposal,theinvestmentismeasuredinaccordancewiththerecognitionandmeasurementprinciplesapplicabletofinancialinstrumentsintheCompany'sseparatefinancialstatementsandthedifferencebetweenthefairvalueandbookvalueoftheremaininginvestmentatthedateoflossofcontrolisrecognizedinprofitorloss.Cumulativeothercomprehensiveincomerelevanttotheinvestment,whichisrecognizedbyequitymethodorrecognitionandmeasurementprinciplesapplicabletofinancialinstrumentspriortotheCompany'sacquisitionofcontrolovertheinvestee,shalladoptthesameaccountingtreatmentastheinvesteedisposesrelevantassetsorliabilitiesdirectly
onthedateoflossofcontrol,Theinvestee'sequitymovementotherthanchangesinnetprofitorloss,othercomprehensiveincomeandprofitdistribution,asaresultofaccountingbyequitymethod,isrecognizedinprofitorlosswhencontrolislost.Wheretheremaininginvestmentismeasuredbyequitymethod,theafore-mentionedothercomprehensiveincomeandotherequitymovementarerecognizedinprofitorlossproportionatetothedisposal;Wheretheremaininginvestmentismeasuredinaccordancewiththerecognitionandmeasurementprinciplesapplicabletofinancialinstruments,theafore-mentionedothercomprehensiveincomeandotherequitymovementarefullyrecognizedinprofitorloss.
WheretheCompany'sjointcontrolorsignificantinfluenceoveraninvesteeislostduetopartialdisposalofinvestmentintheinvestee,theremaininginvestmentintheinvesteeismeasuredinaccordancewiththerecognitionandmeasurementprinciplesapplicabletofinancialinstruments,thedifferencebetweenthefairvalueandthebookvalueoftheremaininginvestmentatthedateoflossofjointcontrolorsignificantinfluenceisrecognizedinprofitorloss.Cumulativeothercomprehensiveincomerelevanttotheinvestment,whichisrecognizedbyequitymethodorrecognitionandmeasurementprinciplesapplicabletofinancialinstrumentspriortotheCompany'sacquisitionofcontrolovertheinvestee,shalladoptthesameaccountingtreatmentastheinvesteedisposesrelevantassetsorliabilitiesdirectlyonthedateoflossofcontrol,Theinvestee'sequitymovementotherthanchangesinnetprofitorloss,othercomprehensiveincomeandprofitdistribution,asaresultofaccountingbyequitymethod,isrecognizedinprofitorlosswhencontrolislost.
WheretheCompany'scontroloveraninvesteeislostthroughmultipledisposalsandthemultipledisposalscanbeviewedasalump-sumtransaction,themultipledisposalsareaccountedforonesingletransactionwhichresultsintheCompany'slossofcontrolovertheinvestee.Differencebetweentheconsiderationreceivedandthebookvalueoftheinvestmentdisposedateachtimeofdisposalisrecognizedinothercomprehensiveincomeandreclassifiedinfulltoprofitorlossattheperiodwhencontrolovertheinvesteeislost.
15..InvestmentPropertyThemeasurementmodeofinvestmentpropertyThemeasurementbythecostmethodDepreciationoramortizationmethod
Investmentpropertyisheldtoearnrentalsorforcapitalappreciationorforboth.Investmentpropertyincludesleasedorreadytotransferaftercapitalappreciationlanduserightsandleasedbuildings.Investmentpropertyisinitiallymeasuredatcost.Subsequentexpendituresrelatedtoaninvestmentrealestatearelikelytoflowabouttheeconomicbenefitsoftheasset,anditscostcanbemeasuredreliably,isincludedinthecostofinvestmentrealestate.Othersubsequentexpenditureintheprofitorlosswhenitincurred.
TheGroupusesthecostmodelforsubsequentmeasurementofinvestmentproperty,andinaccordancewiththedepreciationoramortizationofbuildingsorlanduserightspolicy.
InvestmentpropertyimpairmenttestmethodandimpairmentaccrualmethoddescribedinNote20“Non-currentandnon-financialassetsimpairment."
Occupiedrealestateforinvestmentpropertyorinvestmentpropertyistransferredtotheowner-occupiedrealestateorstockconversionastherecordedvalueaftertheconversion,accordingtothebookvaluebeforetheconversion.
InvestmentpropertychangeintotheOwner-occupiedrealestate,sincethechangeofdatefortheinvestmentproperty,istransferredtofixedassetsorintangibleassets.Changetheowner-occupiedpropertyheldtoearnrentalsorforcapitalappreciation,sincethechangeofdate,thefixedassetsorintangibleassetstoinvestmentproperty.Conversionoccurswhenconvertedtoinvestmentpropertyusingthecostmodel,asthebookvalue
beforetheconversionoftherecordedvalueaftertheconversion;convertedtoinvestmentpropertymeasuredatfairvaluemodel,thefairvalueoftheconversiondateastherecordedvalueafterconversion.Derecognized,whentheinvestmentpropertyisdisposedoforpermanentlywithdrawnfromuseandtheexpectedeconomicbenefits,cannotbeobtainedfromthedisposalofinvestmentproperty.Proceedsondisposalofinvestmentpropertyissold,transferred,retiredordamagedthroughprofitorlossafterdeductingthebookvalueandrelatedtaxes.
16.Fixedassets
（1）ConfirmationconditionsoffixedassetsFixedassetsrefertophysicalassetsownedforpurposeofproduction,serviceproviding,leasingormanagement,andoperationwithservicelifeofmorethanoneyear.ThefixedassetsarerecognizedonlyafterrelevanteconomicinterestsprobablyflowintotheCompanyandcostsarereliablymeasured.Theinitialcalculationwillbemadeforthefixedassetsbasedonthecostandtheinfluenceofexpecteddisposalcost.
（2）DepreciationmethodTheCompany'sfixedassetsofhighwaysandbridgesaredepreciatedwithintheapprovedchargingperiodbyworkloadmethodfromthenextmonthafterreachingtheintendedusablestate.Thespecificmethodisasfollows:
calculatethedepreciationamountofeachstandardtrafficflowbasedonthepredictedtotalstandardtrafficfloworbookvalueofroadsandbridgeswithinthetollingperiod,andthencalculateandwithdrawdepreciationamountaccordingtotheactualstandardtrafficflowduringeachaccountingperiod.Fixedassetsotherthanhighwaysandbridgesaredepreciatedwithintheservicelifebythemethodofaveragelifefromthenextmonthwhentheyreachtheintendedusablestate.
ExpectednetresidualvalueoffixedassetsisthebalanceoftheCompanycurrentlyobtainedfromthe
| Type | Depreciationmethod | Expectedusefullife(Year) | Residualrate（%） | Annualdepreciationrate(%) |
| GuangfoExpressway | Workingflowbasis | 28years | 0% | |
| FokaiExpressway-XiebiantoSanbaoSection | Workingflowbasis | 40years | 0% | |
| FokaiExpressway-SanbaotoShuikouSection | Workingflowbasis | 30years | 0% | |
| JingzhuExpresswayGuangzhuSection | Workingflowbasis | 30years | 0% | |
| HouseBuilding | Thestraight-linemethod | 20-30years | 3%-10% | 3%-4.85% |
| MachineEquipment | Thestraight-linemethod | 10years | 3%-10% | 9%-9.7% |
| TransportationEquipment | Thestraight-linemethod | 5-8years | 3%-10% | 11.25%-19.4% |
| ElectricEquipmentandother | Thestraight-linemethod | 5-15years | 3%-10% | 6%-19.4% |
disposaloftheassetlesstheestimatedcostsofdisposalamount,assumingtheassetisoutofusefullifeandstatetheexpectedservicelifeintheend.
(3)TestMethodforFixedAssetImpairmentandCounting&DrawingMethodforFixedAssetImpairmentReservesFortheimpairmenttestmethodandtheimpairmentprovisionwithdrawingmethodoftheFixedassets,pleasereferto“Long-termAssetsImpairmentinArticle21ofImportantAccountingPoliciesandAccountingEstimatesinNotes5ofFinancialStatements”.
（4）Recognitionandmeasurementoffixedassetsheldunderfinanciallease
Afinanceleaseisaleasethattransfersinsubstancealltherisksandrewardsincidenttoownershipofanasset.Thetitlemayormaynoteventuallybetransferred.FixedassetsthatareheldunderfinanceleasesshallbedepreciatedbyapplyingthesamepolicyasthatforthefixedassetsownedbytheCompany.Ifitcanbereasonablydeterminedthattheownershipoftheleasedassetscanbeobtainedattheendoftheleaseperiod,theleasedassetsaredepreciatedovertheirusefullives;otherwise,theleasedassetsaredepreciatedovertheshorteroftheleasetermsandtheusefullivesoftheleasedassets.
（5）Othernotes
AfixedassetisrecognizedonlywhentheeconomicbenefitsassociatedwiththeassetwillprobablyflowtotheCompanyandthecostoftheassetcanbemeasuredreliably.Subsequentexpenditureincurredforafixedassetthatmeetstherecognitioncriteriashallbeincludedinthecostofthefixedasset,andthecarryingamountofthecomponentofthefixedassetthatisreplacedshallbederecognized.Otherwise,suchexpenditureshallberecognizedinprofitorlossintheperiodinwhichtheyareincurred.
Therevenuefromsellingortransferringordisposingofafixedassetisbookedintoprofitandlossafterdeductionofcarryingvalueandrelatedtax.
TheCompanyconductsareviewofusefullife,expectednetrealizablevalueanddepreciationmethodsofthefixedassetatleastonanannualbase.Anychangeisregardedasachangeinaccountingestimates.
17.Construction-inprocessThecostofconstructioninprogressismeasuredattheactualexpenditureincurred,includingconstructionexpenditureandcapitalizationofborrowingcostsandotherapplicablecostsincurredpriortothecompletion.Anitemofconstructioninprogressisreclassifiedtofixedassetuponcompletion.SeeNote5.21fordetailsofassessmentforimpairmentofconstructioninprogressandimpairmentallowanceforconstructioninprogress.
18.Borrowingcost
Borrowingcostsincludeinterestsonloans,amortizationofdiscountorpremium,ancillaryexpenses,andforeignexchangedifferenceonloansdenominatedinforeigncurrencies.Borrowingcostsdirectlyassociatedwiththeacquisitionofconstructionofaqualifyingassetareeligibleforcapitalization.Capitalizationstartswhenexpenditureonthequalifyingassetisincurred,borrowingcostsareincurred,orproductionorconstructionofthequalifyingassetforitsintendeduseorsalesisstarted,whicheverislater.Capitalizationstopswhenthequalifyingassetsreachtheconditionofitsintendeduseorsales.Allotherborrowingcostsarerecognizedinprofitorlossfor
theperiodduringwhichtheyareincurred.Whenaloanistakenoutspecificallyfortheconstructionofaparticularqualifyingasset,theinterestexpensecapitalizedforaparticularperiodistheresidualamountafterdeductinginterestincomefromunusedfacilitiesfortheperiodand/orincomefromtemporaryinvestmentoftheunusedfacilitiesfortheperiodfromtheinterestexpenseincurredfortheperiod.Borrowingcostsongeneralpurposefinancingarecalculatedbymultiplyingtheweightedaverageoftheexcessofcumulativecapitalexpenditureoverthedesignatedfinancingfacilitieswiththecapitalizationrateofgeneralpurposefinancing.Thecapitalisationrateofgeneralpurposefinancingiscalculatedastheweightedaverageoftheinterestratesofgeneralpurposefinancing.
Foreignexchangedifferenceondesignatedfinancingdenominatedinforeigncurrenciesincurredduringthecapitalizationperiodiswhollycapitalized.Foreignexchangedifferenceongeneralpurposefinancingdenominatedinforeigncurrenciesisrecognizedinprofitorlossfortheperiodduringwhichitisincurred.
Aqualifyingassetisanitemoffixedassets,investmentproperty,inventories,etc.whichrequiresasubstantialperiodoftimefortheconstructionorproductionforitsintendeduseofsales.
Iftheconstructionorproductionofaqualifyingassetstopsforaperiodlongerthanthreemonths,capitalizationofborrowingcostsissuspendeduntiltheconstructionorproductionisresumed.
19.Intangibleassets
(1)Pricingmethod,usefullifeandimpairmenttest
Anintangibleassetisanidentifiablenon-monetaryassetwithoutaphysicalformwhichisownedorcontrolbytheCompany.Intangibleassetsaremeasuredatcostoninitialrecognition.IfitisprobablethateconomicbenefitsassociatedwithexpendituredirectlyassociatedwithanitemofintangibleassetswillflowtotheCompanyandthecostoftheexpenditurecanbereliablymeasured,theexpenditureismeasuredaspartoftheintangibleasset'sinitialcost;allotherexpenditureisrecognizedinprofitorlossfortheperiodduringwhichitisincurred.
Landuserightsacquiredaregenerallyrecognizedasintangibleassets.Inthecaseofaself-constructedbuilding,thecostsofacquiringtherespectivelanduseright(s)andthecostsofbuildingconstructionareseparatelyrecognizedandmeasuredasintangibleassetsandfixedassetsrespectively.Inthecaseofapurchasedbuilding,thecostsofacquisitionareallocatedtolanduseright(s)andbuilding;ifthereasonableallocationisimpossible,thecostsofacquisitionasawholearerecognizedandmeasuredasfixedassets.Foranitemofintangibleassetswhichiswithafiniteusefullife,theresidualamountafterdeductingitsestimatedresidualvalueandpreviouslyrecognizedimpairmentfromitscostisamortizedoveritsestimatedremainingusefullifeusingthestraight-linemethodstartingfromthemonthinwhichitreachestheconditionsofitsintendeduseofsales.Intangibleassetswithinfiniteusefullifearenotamortized.
Usefullivesofintangibleassetsareareviewoneachbalancesheetdate.Ifcircumstancesindicatethatthereisachangeintheusefullifeofanitemofintangibleassetswithafiniteusefullife,achangeinaccountingestimatesiscarriedout.Ifcircumstancesindicatethattheusefullifeofanitemofintangibleassetswithinfiniteusefullifebecomesfinite,theusefullifeoftheintangibleassetisestimated,andtheintangibleassetisamortizedaccordingly.
SeeNote5.21fordetailsofassessmentforimpairmentofintangibleassetsandimpairmentallowanceforintangibleassets.
（2）Researchanddevelopmentexpenditure
Aresearchanddevelopmentprojectisdividedintoresearchstageanddevelopmentstage.Expenditure
incurredduringtheresearchstageisrecognizedinprofitorlossfortheperiodduringwhichitisincurred.
Expenditureincurredduringthedevelopmentstageisrecognizedasintangibleassetsifallofthefollowingconditionsaresatisfied:
a.itistechnicallyfeasibletocompletetheintangibleassetsothatitcanbeusedorsold;
andb.theCompanyhasclearintentiontocompletetheintangibleassetandtouseitorsellit;andc.itisevidentialthattheintangibleassetwillgenerateeconomicbenefitseitherbysellingtheintangibleassetitselforthegoodsproducedbytheintangibleassetorbyusingitinternally;
andd.therearesufficienttechnical,financialandotherresourcestocompletetheintangibleassetandtheCompanyisabletouseitorsellit,
ande.expenditureincurredinthedevelopmentstageoftheintangibleassetcanbereliablymeasured.
Wherearesearchanddevelopmentprojectcannotbeseparatedintotheresearchstageanddevelopmentstage,allexpenditureincurredfortheprojectisrecognizedinprofitorlossfortheperiodduringwhichitisincurred.
20.Long-termamortizableexpenses
AnitemofdeferredchargesisanexpenseincurredwhichbringseconomicbenefitstotheCompanyforaperiodexceedingoneyearstartingfromthetransactiondate.Anitemofdeferredchargesisamortizedoveritsestimatedusefullifeusingthestraight-linemethod.
21.ImpairmentofLong-termassets
Non-currentnon-monetaryassets,suchasfixedassets,constructioninprogress,intangibleassetswithfiniteusefullife,investmentpropertymeasuredbycost,andlong-termequityinvestmentsinsubsidiaries,jointventures,andassociates,areassessedforimpairmentoneachbalancesheetdate.Ifcircumstancesonabalance-sheetdateindicatethatanon-currentnon-monetaryassetisimpaired,therecoverableamountoftheassetisestimated.Therecoverableamountsofgoodwill,intangibleassetswithinfiniteusefulliveandintangibleassetswhichhavenotyetreachedtheconditionsoftheirintendeduseorsalesareestimatedatleastonceayearregardlessofwhetherthereisanindicationofimpairment.
Ifthecarryingamountofanon-currentnon-monetaryassetexceedsitsestimatedrecoverableamount,theexcessofthecarryingamountovertheestimatedrecoverableamountisrecognizedasimpairmentallowance,andanimpairmentlossofthesameamountisrecognized.Theestimatedrecoverableamountofanassetisthehigheroftheresidualamountafterdeductingdisposalexpenseoftheassetfromitsfairvalueandthepresentvalueofitsfuturecashflows.Wherethereisasalescontractforanasset,andthecontractisenteredintoforanarm'slengthtransaction,thefairvalueoftheassetisthecontractprice;wherethereisn'tasalescontractforanasset,butthereisanactivemarketforit,thefairvalueoftheassetispriceofferedbythebuyer;wherethereisneitherasalescontractnoranactivemarketforanasset,thefairvalueoftheassetisthebestestimatebasedonallavailableinformation.Thedisposalcostofanassetincludeslegalexpenses,applicabletaxesandfeesandtransportationcostsdirectlyassociatedwiththeasset'sdisposalandalldirectcostsnecessarytobringtheassettoitssellablecondition.Thepresentvalueofanasset'sfuturecashflowsiscalculatedbymultiplyingthecashflowsarisingfromthecontinualuseoftheassetanditsdisposalatanappropriatediscountrate.Animpairmentallowanceisgenerallycalculatedonthebasisofindividualassets.Ifitisnotpossibletoestimatetherecoverableamountofanindividualasset,therecoverableamountofacash-generatingunittowhichtheassetbelongsisestimated.Acash-generatingunitisthesmallestcombinationofassetsthatarecapableofcashflowgeneration.Goodwillseparatelypresentedonthe(consolidated)financialstatementsisallocatedtocash-generatingunitsorgroupsofunitsthatareexpectedtobenefitfromthesynergyofbusinesscombinationforimpairmenttesting.Wheretherecoverableamountacash-generatingunit(orgroupofunits)islowerthanitscarryingamount,animpairment
lossisrecognized.
Theimpairmentlossisfirstlyallocatedtothegoodwillallocatedtotheunit(orgroupofunits)andthentoindividualassetsprorataonthebasisofthecarryingamountofeachassetintheunit(orgroupofunits)Theimpairmentlossrecognizedinaccordancewiththissectionisirreversibleinsubsequentperiods.
22.EmployeeBenefits
（1）Accountingmethodsofshort-termbenefits
Short-termemployeebenefitsincludewages,bonuses,allowancesandsubsidies,welfare,healthinsurance,maternityinsurance,workinjuryinsurance,housingfunds,laborunionfunds,employeeeducationfunds,non-monetarybenefitsetc.Short-termemployeebenefitsarerecognizedasliabilitiesandprofitorlossaccountorthecostsassociatedwiththeassetduringtheaccountingperiodwhenemployeesactuallyprovideservices.Thenon-monetarybenefitsaremeasuredatfairvalue.
(2)Accountingmethodsforpost-employmentbenefitsPost-employmentbenefitsincludedefinedcontributionplansanddefinedbenefitplans.Definedcontributionplanwhichincludesthebasicpension,unemploymentinsuranceandannuitiesshallberecognizedascostofrelatedassetsorprofitorloss.
(3)AccountingTreatmentMethodofDemissionWelfare
WhentheCompanyterminatesthelaborrelationshipwithemployeespriortotheemploymentcontracts,orencouragesemployeestoacceptvoluntaryredundancycompensationproposalsinthiscompany,aprovisionshallberecognizedforthecompensationarisingfromtheterminationofemploymentrelationshipwithemployeesatthetimewhentheCompanycannotunilaterallywithdrawlayoffproposalterminationbenefitsprovidedduetoterminationofemploymentortheCompanyensuresthecostsrelatedtothepaymentforterminationbenefitsrelatedtotherestructuring,whichoneisearlytoconfirmemployeebenefitsliabilities,andrecordedasprofitorloss.However,ifterminationbenefitscannotbefullypaidwithintwelvemonthsofthereportingdatetheliabilityshallbeprocessedinaccordancewithotherlong-termemployeebenefits.
Retirementplanadoptsthesameprinciplesastheterminationbenefits.Thesalariesandinsurancetobepaidfromthedatewhenemployeesstopprovidingservicestothedateofnormalretirementshallberecognizedinprofitorloss(terminationbenefits)whensatisfyingtherequirementsofaprovision.
（4）Otherlong-termemployeebenefitsOtherlong-termemployeebenefitsprovidedbytheCompanytoemployeesthatareinlinewithdefinedcontributionplansshalladopttheaccountingtreatmentinaccordancewithdefinedcontributionplans,otherwisetheaccountingtreatmentofdefinedbenefitplans.
23.EstimatedliabilitiesAcontingentliabilityisrecognizedasprovisionifallorthefollowingconditionsaresatisfied:
a.itisapresentobligationassumedbytheCompany;andb.itisprobablethatthefulfillmentoftheobligationwillcauseeconomicbenefitflowsfromtheCompany;andc.theamountoftheobligationcanbereliablymeasured.Aprovisionismeasuredonabalance-sheetdateasthebestestimateoftheamountthatisrequiredforthe
fulfillmentofthepresentobligationafterconsideringoftherisksanduncertaintyassociatedwiththerespectivecontingenteventsandthetimevalueofmoney.Iftheamountrequiredforsettlementofaprovisioniswhollyorpartlyreimbursedbyathirdparty,thereimbursementisrecognizedseparatelyasanassettotheextentofthecarryingamountoftheprovisionifitisprobablethatthereimbursementbecomesreceivable.
(1)LosscontractLosscontractisacontractinwhichthecostofperformingcontractualobligationsinevitablyexceedstheexpectedeconomicbenefits.Wherethependingcontractbecomesalosscontract,andtheobligationsarisingfromthelosscontractmeettherecognitionconditionsoftheabove-mentionedexpectedliabilities,thepartoftheexpectedlossofthecontractexceedingtherecognizedimpairmentlossoftheunderlyingassetofthecontract(ifany)shallberecognizedastheexpectedliability.
(2)RestructuringobligationsForarestructuringplanwithdetailed,formalandpublicannouncement,theamountoftheestimatedliabilitiesisdeterminedaccordingtothedirectexpenditurerelatedtotherestructuring,subjecttotheaboveconditionsforconfirmationoftheestimatedliabilities.
24.RevenuesWhethertheCompanyneedstocomplywiththedisclosurerequirementsforspecificindustriesNoWhetherimplementednewrevenueguidelines?
□Yes√NoThecompany’sincomesmainlyincludethetollservicerevenuesandtheservicesprovision.
(1)TollservicefeeincomeThetollincomeofroadsandbridgesisdeterminedaccordingtotheamountcollectedandreceivablebyvehicleswhenpassingthrough.
(2)ProvisionoflaborserviceIncomesfromlaborsservicesthatstartandcompletewithinthesamefiscalyearshallberecognizedwhentheservicesarefinished.Ifthebeginningandcompletionoflaborservicesbelongtodifferentfiscalyears,theCompanyshall,onthebalancesheetdate,recognizetherelatedlaborincomebythepercentageofcompletionmethod,providedthattheresultofthelaborservicetransactioncanbereliablyestimated.Whenthefollowingconditionscanbesatisfied,theresultsofthetransactioncanbereliablyestimated:①thetotalincomeandtotalcostoflaborservicescanbereliablymeasured;②theeconomicbenefitsrelatedtothetransactioncanflowintotheenterprise;③thedegreeofcompletionoflaborservicescanbereliablydetermined.
TheincomefromprovisionoflaborservicesshallbedeterminedasfollowsincasetheresultoftheprovidedlaborservicetransactioncannotbereliablyestimatedonthedateoftheBalanceSheet:
①Ifthelaborcostalreadyincurredisexpectedtobecompensated,theincomefromtheserviceshallberecognizedaccordingtotheamountofthelaborcostalreadyincurred,andthelaborcostshallbecarriedoveratthesameamount.
Iftheincurredlaborcostisnotexpectedtobecompensated,theincurredlaborcostshallbeincludedintheprofitsandlossesofthecurrentperiod,andtheincomefromtheprovisionoflaborserviceshallnotberecognized.
IfacontractenteredintobytheCompanyandacounterpartyinvolvesbothsalesofgoodsandrenderingofservicesandrevenuearisingfromgoodssoldandservicesrenderedcanbedistinguished,revenuefromsalesof
goodsandrenderingofservicesareseparatelyaccountedfor;if,however,revenuearisingfromgoodssoldandservicesrenderedcannotbedistinguishedorcanbedistinguishedbutcannotbeseparatelymeasured,allrevenueisaccountedforasrevenuearisingfromsalesofgoods.
25.GovernmentGrants
Agovernmentgrantisatransferofmonetaryandnon-monetaryassetsfromthegovernmenttotheCompanyfornoconsideration,excludingresourcestransferredtotheCompanybythegovernmentinthecapacityoftheshareholder.Governmentgrantsincludegrantsrelatedtoassetsandgrantsrelatedtoincome.GovernmentgrantsobtainedbytheCompanywhichisrelevanttoconstructionoracquisitionoflong-termassetsareclassifiedasasset-relatedgovernmentgrants;allothergovernmentgrantsareclassifiedasrevenue-relatedgovernmentgrants.Forgovernmentgrantswithoutaspecifiedbeneficiary,theCompanyperformsclassificationinaccordancewiththefollowingcriteria.a.Whereagrantisobtainedforaspecifiedproject,thegrantisspatintoasset-relatedandrevenuerelatedportionsproportionatetotheproject'sinvestmenttoexpenseratio;theclassificationisreviewedoneachbalancesheetdateandrevisedifnecessary.
b.Whereagrantisobtainedforgeneralpurpose,thegrantasawholeisclassifiedasarevenue-relatedgovernmentgrant.Ifagovernmentgrantisintheformofmonetaryassets,itismeasuredattheamountreceivedorreceivable.
Ifagovernmentgrantisintheformofnon-monetaryassets,itismeasuredbythefairvalueoftheassets;ifthefairvalueoftheassetsgrantedcannotbereliablymeasured,thegrantismeasuredbythenominalvalueoftheassetsandisrecognizedimmediatelyinprofitorlossfortherelevantperiod.
Ingeneral,theCompanyrecognizesagovernmentgrantwhenitisactuallyreceived,andmeasuresattheamountactuallyreceived.However,agovernmentgrantmayberecognizedasreceivableifitisobjectivelyevidentialonthereportingdatethatconditionsforthegrantreceiptaresatisfiedandthatthegrantisreceivable.Agovernmentgrantisrecognizedasreceivableifallfollowingconditionsaresatisfied:
a.theamountofthegrantisexpresslystipulatedinanofficialpublicationbytheauthorizedgovernmentalagencyorcanbereasonablyestimatedinaccordancewithfiscalpronouncementissuedbytheauthorizedgovernmentalagency,andtheestimateisnotsubjecttosignificantuncertainty;
b.thegrantisofficiallydisclosedaspartofpubliclydisclosedfiscalsubsidizedprojectsbythelocalfiscalgovernmentbodiesinaccordancewiththeGovernmentInformationDisclosureDirectivesandismanagedinaccordancewiththefiscalplanpublishedandthemanagementofthegrantifnotentity-specific,i.e.,everyeligibleentityisentitledtoapply;
c.thetermforpaymentisexpresslystipulatedintheofficialpronouncement,andthepaymentisbackedbyfiscalplanningsothatitisreasonabletoexpectreceiptwithinthetermofthepayment;
andd.otherconditions(inapplicable)needtobesatisfiedtakingintoaccounttheCompany'scircumstances.Grantsrelatedtoassetsarerecognizedasdeferredincomeandamortizedovertheusefullifeoftherelevantassetsusingthestraight-linemethod.Agrantrelatedtoincomeisrecognizedasdeferredincomeifitisrelatedtoexpensesorlosstobeincurredinthefutureandiscarriedtoprofitorlossfortheperiodduringwhichtherelevantexpensesorlossarerecognized;itisrecognizedinprofitorlossfortheperiodduringwhichitisreceivedorbecomesreceivableifitisrelatedtoexpensesorlossalreadyincurred.Whenassetsaresold,transferred,disposedorscrapedbeforetheendofusefullife,theremainingdifferedincomewillbetransferredtoprofitorlossinthecurrentperiodofassetdisposal.
ThegovernmentgrantsrelatedtothedailyactivitiesoftheCompanyareincludedinotherincomeoroffsettingtherelatedcostsaccordingtothesubstanceoftheeconomicbusiness.Thegovernmentgrantsunrelated
tothedailyactivitiesareincludedinthenon-operatingincomeandexpenses.Wherearecognizedgrantbecomesrepayable,theamountrepayableisfirstlychargedtotheremainingdeferredincome(ifany);theremainingamountafterchargetodeferredincomeisrecognizedinprofitorlossfortheperiodduringwhichitbecomesrepayable
26.Deferredincometaxassetsanddeferredincometaxliabilities
（1）CurrentincometaxThecurrentincometaxliability(asset)onabalance-sheetdateismeasuredattheamountofcurrentincometaxpayable(receivable)computedinaccordancewiththerelevanttaxlaw.Currentincometaxexpenseiscomputedonthebasisoftaxableprofit(loss)whichistheamountaftertheadjustmentoftherelevantaccountingprofit(loss)inaccordancewiththerelevanttaxlaw.
（2）DeferredtaxassetsanddeferredtaxliabilitiesDeferredtaxassetsanddeferredtaxliabilitiesarerecognizedonanaccrualbasisforthetemporarydifferencebetweenthecarryingamountsofassetsandliabilitiesandtheirtaxbasesandthetemporarydifferencearisingfromthedifferenceinrecognitioncriteriaforassetsandliabilitiesbetweenCASandrelevanttaxprovisions.Nodeferredtaxliabilityisrecognizedforthetemporarytaxabledifferencearisingfromtheinitialrecognitionofgoodwillandtheinitialrecognitionofassetsandliabilitiesacquiredorassumedresultingfromtransactionswhicharenotbusinesscombination,andwhichdonothaveimpactonbothaccountingprofitandtaxableprofit(deductibletaxloss)atthetimeoftheiroccurrence.Similarly,thedeferredtaxliabilityisnotrecognizedfortemporarytaxabledifferenceassociatedwithinvestmentsinsubsidiaries,associates,andjointventuresiftheCompanycancontrolthereverseofthetemporarydifferenceanditisprobablethatthetemporarydifferenceisnotexpectedtoreverseintheforeseeablefuture.Exceptforthecircumstancesdescribedhereabove,thedeferredtaxliabilityisrecognizedforallothertaxabletemporarydifference.
Nodeferredtaxassetisrecognizedforthetemporarydeductibledifferencearisingfromtheinitialrecognitionofassetsandliabilitiesacquiredorassumedresultingfromtransactionswhicharenotabusinesscombination,andwhichdonothaveanimpactonbothaccountingprofitandtaxableprofit(deductibletaxloss)atthetimeoftheiroccurrence.Similarly,deferredtaxassetisnotrecognizedfortemporarydeductibledifferenceassociatedwithinvestmentsinsubsidiaries,associates,andjointventuresiftheCompanycancontrolthereverseofthetemporarydifferenceanditisprobablethatthetemporarydifferenceisnotexpectedtoreverseintheforeseeablefuture.Exceptforthecircumstancesdescribedhereabove,deferredtaxassetisrecognizedforallotherdeductibletemporarydifferencetotheextentthatitisprobablethattaxableprofitwillbeavailableagainstwhichthetemporarydeductibledifferencecanbeutilized.
Deferredtaxassetisrecognizedfordeductibletaxlossandtaxcreditcarryingforwardtotheextentthatitisprobablethattaxableprofitwillbeavailableagainstwhichthedeductibletaxlossandtaxcreditcarryforwardcanbeutilized.
Deferredtaxassetsanddeferredtaxliabilitiesaremeasuredonabalance-sheetdateonthebasisoftaxratesexpectedtobeapplicableinaccordancewithrelevanttaxlawatthetimewhentherelevantassetsarerecovered,orrelevantliabilitiessettled.
Thecarryingamountofdeferredtaxassetsisreviewedoneachbalancesheetdate.Ifitisprobablethatinsufficienttaxableprofitisavailabletoutilizethedeferredtaxassets,thecarryingamountofdeferredtaxassetsisreduced.Whenitisprobablethatsufficienttaxableprofitbecomesavailableafterthecarryingamountofdeferredtaxassetshasbeenreduced,thereductionisreversed.
（3）Incometaxexpenses
Incometaxexpensesincludecurrentincometaxexpensesanddeferredincometaxexpenses.Allcurrentincometaxexpenses(credit)anddeferredincometaxexpenses(gains)arerecognizedinprofitorlossfortherelevantperiodexceptfora.currentincometaxanddeferredincometaxontransactionsandeventswhichareaccountedforinothercomprehensiveincomeordirectlyinequity,whichareincludedinothercomprehensiveincomeordirectlyrecognizedinequitydependingonthetreatmentofitsunderlyingtransactionsandevents,andb.deferredincometaxarisingfrombusinesscombination,whichisaccountedforasanadjustmenttothecarryingamountoftherespectivegoodwill.
（4）OffsettingofincometaxAcurrentincometaxliabilityandcurrentincometaxassetarepresentedon(consolidated)financialstatementsafternettingonlyiftheCompanyispermittedbylawtosettletheassetandliabilitynetincashandisplanningtodosoortorecovertheassetandsettletheliabilitysimultaneously.
Adeferredtaxassetanddeferredtaxliabilityarepresentedon(consolidated)financialstatementsafternettingonlyifallofthefollowingconditionsaresatisfied:theCompanyispermittedbylawtosettlethecurrentassetandliabilityrelatedtoanincometaxnetincash;andthedeferredtaxassetanddeferredtaxliabilityarisingfromthatincometaxisleviedbythesametaxauthorityonthesameentityorondifferententitiesbuttherelevantentitiesareplanningtosettletheunderlyingincometaxnetincashorsimultaneouslyrecovertherelevantassetsandsettletherelevantliabilitiesduringeachfutureperiodduringwhichsignificantdeferredtaxassetsanddeferredtaxliabilitiesarereversed.
27.Changeofmainaccountingpoliciesandestimations
⑴Changeofaccountingpolicies
√Applicable□Notapplicable
①Changesinaccountingpoliciesresultingfromtheimplementationofthenewfinancialinstrumentguidelines
TheAccountingStandardsforEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments(Revisedin2017),theAccountingStandardsforEnterprisesNo.23-TransferofFinancialAssets(Revisedin2017),andtheAccountingStandardsforEnterprisesNo.24-HedgeAccountingStandardsforEnterprises(Revisedin2017)(Accounting[2017]No.9)promulgatedbytheMinistryofFinanceonMarch31,2017,aswellastheAccountingStandardsforEnterprisesNo.37-FinancialInstrumentsPresentation(Revisedin2017)(Accounting[2017]No.14)(collectivelyreferredtoas"NewFinancialInstrumentsStandards")issuedonMay2,2017requiresdomesticlistedenterprisestoimplementthenewstandardsfromJanuary1,2019.Guidelinesforfinancialinstruments.
Throughtheresolutionofthe25th(provisional)meetingoftheeighthboardofdirectorsoftheCompanyonApril26,2019,theCompanybegantoimplementtheaforementionednewfinancialinstrumentguidelinesonJanuary1,2019.
Allrecognizedfinancialassetsunderthenewfinancialinstrumentstandardsaresubsequentlymeasuredattheamortizedcostorfairvalue.Onthedateofimplementationofthenewfinancialinstrumentstandards,thebusinessmodelofmanagingfinancialassetsisevaluatedonthebasisoftheexistingfactsandcircumstancesoftheCompanyonthatday,andthecharacteristicsofcontractualcashflowonthefinancialassetsareevaluatedonthebasisoffactsandcircumstancesatthetimeofinitialrecognitionoffinancialassets.Thefinancialassetsaredividedintothreecategories:measuredaccordingtotheamortizedcostandmeasuredaccordingtothepublicvalue.Valueismeasuredanditschangesareincludedinothercomprehensiveincomeandfairvalue,andits
changesareincludedincurrentprofitsandlosses.Amongthem,whenthefinancialassetterminatesrecognition,theaccumulatedgainsorlossespreviouslyincludedinothercomprehensivegainswillbetransferredfromothercomprehensivegainstoretainedgains,notintocurrentprofitsandlosses.Underthenewfinancialinstrumentstandards,basedontheexpectedcreditloss,theCompanymakesprovisionforimpairmentoffinancialassetsmeasuredbyamortizedcost,investmentindebtinstrumentsmeasuredbyfairvalueanditschangesincludedinothercomprehensivegains,leasereceivables,contractualassetsandfinancialguaranteecontracts,andconfirmsthelossofcreditimpairment.
TheCompanyretrospectivelyappliesthenewfinancialinstrumentstandards,butforclassificationandmeasurement(includingimpairment)involvingtheinconsistencybetweenthepreviouscomparativefinancialstatementdataandthenewfinancialinstrumentstandards,theCompanychoosesnottorepeat.Therefore,forthecumulativeimpactofthefirstimplementationofthisstandard,theCompanyadjustedtheretainedearningsorothercomprehensiveearningsatthebeginningof2019andtheamountofotherrelateditemsinthefinancialstatements,whichwerenotrestatedinthefinancialstatementsof2018.
ThemainchangesandimpactsoftheimplementationofthenewfinancialinstrumentguidelinesonourCompanyareasfollows:
-OnJanuary1,2019andbeyond,theCompanydesignatedsomenon-tradableequityinvestmentsheldasfinancialassetsmeasuredatfairvalueandincludedtheirchangesinothercomprehensiveincome,andreportedthemasinvestmentsinotherequityinstruments.
-Forthelong-termequityinvestmentofassociates,theCompanyre-classifiedandmeasuredthefinancialinstrumentsaccordingtothenewfinancialinstrumentstandards,andtheCompanyadjustedaccordinglyaccordingtotheequitymethod.
-TheCompanyholdspartofthedebtinstruments,whosecashflowgeneratedonaspecificdateisonlythepaymentofprincipalandinterestbasedontheamountofunpaidprincipal,andthebusinessmodeloftheCompany'smanagementofthefinancialassetsistocollectthecashflowofthecontract.TheCompanywilltakeitfromothersourcesonJanuary1,2019andbeyond.Non-currentassetsarereclassifiedtocreditor'srightsinvestment.
A.Comparisonoffinancialassetsclassificationandmeasurementbeforeandafterthefirstimplementationdate
a.Impactontheconsolidatedfinancialstatements
| December31,2018(beforechange) | January1,2019(afterthechange) | ||||
| Items | Measurementcategory | Bookvalue | Items | Measurementcategory | Bookvalue |
| Available-for-salesfinancialassets | Measuredatfairvalueandincludedinothercomprehensivebenefits(equityinstruments) | 1,668,791,594.53 | Investmentinotherequityinstruments | Measuredatfairvalueandincludedinothercomprehensiveearnings | 1,668,791,594.53 |
| long-termequityinvestments | Costmethod/equitymethod | 3,145,644,970.07 | long-termequityinvestments | Costmethod/equitymethod | 3,145,355,906.88 |
b.Impactonthefinancialstatement
| December31,2018(beforechange) | January1,2019(afterthechange) | ||||
| Items | Measurementcategory | Bookvalue | Items | Measurementcategory | Bookvalue |
| Available-for-salesfinancialassets | Measuredatfairvalueandincludedin | 1,668,791,594.53 | Investmentinotherequity | Measuredatfairvalueandincludedinother | 1,668,791,594.53 |
| othercomprehensivebenefits(equityinstruments) | instruments | comprehensiveearnings | |||
| long-termequityinvestments | Costmethod/equitymethod | 4,679,309,978.88 | long-termequityinvestments | Costmethod/equitymethod | 4,679,020,915.69 |
| Othernon-currentassets | amortizedcost | 692,903,684.98 | Creditor'srightinvestment | amortizedcost | 692,903,684.98 |
B.Onthefirstexecutiondate,thebookvalueoftheoriginalfinancialassetsshallbeadjustedtoanewadjustmenttableforthebookvalueofthefinancialassetsclassifiedandmeasuredinaccordancewiththeprovisionsofthenewfinancialinstrumentstandards.
a.Impactonconsolidatedstatements
| Items | December31,2018(beforechange) | Re-Class | Re-measurement | January1,2019(afterchange) |
| Measuredatfairvalueandincludedinothercomprehensiveearnings: | ||||
| Available-for-salefinancialassets(originalguidelines) | 1,668,791,594.53 | |||
| Lesstransfertoothercreditor'srightsinvestment | ||||
| Less:transfertoothernon-currentfinancialassets | ||||
| Less:transfertootherequityinstruments | 1,668,791,594.53 | |||
| Balancesshowninaccordancewiththenewfinancialinstrumentguidelines | ||||
| Investmentinotherequityinstruments | ||||
| Add:transferfromavailable-for-salefinancialassets(originalcriteria) | 1,668,791,594.53 | |||
| Re-measurement:re-measurementatfairvalue | ||||
| Balancesshowninaccordancewiththenewfinancialinstrumentguidelines | 1,668,791,594.53 |
b.ImpactontheCompany'sfinancialstatements
| Items | December31,2018(beforechange) | Re-Class | Re-measurement | January1,2019(afterchange) |
| Amortizedcost | ||||
| Othernon-currentassets(originalcriteria) | 692,903,684.98 | |||
| Less:transfertocreditor'srightsinvestment | 692,903,684.98 | |||
| Balancesshowninaccordancewiththenewfinancialinstrumentguidelines | ||||
| Creditor'srightsinvestment | ||||
| Add:transferfromothernon-currentassets(originalcriteria) | 692,903,684.98 | |||
| Re-measurement:expectedcreditlosspreparation | ||||
| Balancesshowninaccordancewiththenewfinancialinstrumentguidelines | 692,903,684.98 | |||
| Measuredatfairvalueandincludedinother |
| comprehensiveearnings: | ||||
| Available-for-salefinancialassets(originalguidelines) | 1,668,791,594.53 | |||
| Less:transfertoothercreditor'srightsinvestment | ||||
| Less:transfertoothernon-currentfinancialassets | ||||
| Less:transfertootherequityinstruments | 1,668,791,594.53 | |||
| Balancesshowninaccordancewiththenewfinancialinstrumentguidelines | ||||
| Investmentinotherequityinstruments | ||||
| Add：transferfromavailable-for-salefinancialassets(originalcriteria) | 1,668,791,594.53 | |||
| Re-measurement:re-measurementatfairvalue | ||||
| Balancesshowninaccordancewiththenewfinancialinstrumentguidelines | 1,668,791,594.53 |
C.Financialassetsimpairmentprovisionadjustmenttableonthefirstimplementationdatea.Impactonconsolidatedstatements
| Measurementcategory | December31,2018(beforechange) | Re-Class | Re-measurement | January1,2019(afterchange) |
| Measuredatfairvalueandincludedinothercomprehensivebenefits(debtinstruments) | ||||
| Provisionforimpairmentofavailable-for-salefinancialassets | 37,020,000.00 | 37,020,000.00 | ||
| Investmentinotherequityinstruments | 37,020,000.00 | 37,020,000.00 |
b.ImpactontheCompany'sfinancialstatements
| Measurementcategory | December31,2018(beforechange) | Re-Class | Re-measurement | January1,2019(afterchange) |
| Measuredatfairvalueandincludedinothercomprehensivebenefits(debtinstruments) | ||||
| Provisionforimpairmentofavailable-for-salefinancialassets | 7,020,000.00 | 7,020,000.00 | ||
| Investmentinotherequityinstruments | 7,020,000.00 | 7,020,000.00 |
D.ImpactonretainedearningsandothercomprehensiveearningsasofJanuary1,2019
| December31,2018 | Consolidatedretainedearnings | Consolidatedsurplusreserve | Consolidationofothercomprehensivebenefits |
| December31,2018 | 3,938,609,136.59 | 245,109,114.81 | |
| 1.Re-measurementoflong-termequityinvestment | -11,353,413.48 | 11,064,350.29 | |
| January1,2019 | 3,927,255,723.11 | 256,173,465.10 |
②OtheraccountingpolicychangesE.OnApril30,2019,theNoticeoftheMinistryofFinanceonRevisingandIssuingtheFormatofFinancial
StatementsofGeneralEnterprises(No.6FinanceandAccounting[2019])issuedbytheMinistryofFinanceadjuststheformatoffinancialstatementsofenterprisesaccordingly,andregulatesthatthedetaileditemsof"managementexpenses"and"R&Dexpenses"shouldbeseparatedfromtheitemsof"managementexpenses"intheprofitstatement;italsoindicatesthattheactualgovernmentsubsidiesreceivedshouldbelistedintheitem"cashreceivedfromotherbusinessactivities".Inresponsetosuchchangeofaccountingpolicy,theCompanyadoptstheretroactiveadjustmentmethodtoretroactivelyadjusttheitemsreportedinthefinancialstatementsfromJanuarytoJunein2018,asfollows:
a.Impactonconsolidatedstatements
| January-June2018 | Beforeadjustment | AfterAdjustment | Change |
| AdministrativeFees | 75,594,633.97 | 73,109,460.94 | -2,485,173.03 |
| R&Dexpense | 2,485,173.03 | 2,485,173.03 | |
| Othercashreceiptsrelatingtooperatingactivities | 39,446,329.98 | 41,946,329.98 | 2,500,000.00 |
| Receiptofothercashrelatedtofund-raisingactivities | 2,500,000.00 | -2,500,000.00 |
b.ImpactontheCompany'sfinancialstatements
| January-June2018 | Beforeadjustment | AfterAdjustment | Change |
| Othercashreceiptsrelatingtooperatingactivities | 46,329,459.08 | 48,829,459.08 | 2,500,000.00 |
| Receiptofothercashrelatedtofund-raisingactivities | 293,500,000.00 | 291,000,000.00 | -2,500,000.00 |
⑵Changeofaccountingestimations
□Applicable√Notapplicable
（3）AdjustmentstotheFinancialStatementsattheBeginningoftheFirstExecutionYearofanyNewStandardsGoverningFinancialInstruments,RevenueorLeases
√Applicable□Notapplicable
| Items | December31,2018 | Jan1,2019 | Adjustment |
| Currentasset： | |||
| Monetaryfund | 2,124,524,996.32 | 2,124,524,996.32 | |
| Settlementprovision | |||
| Outgoingcallloan | |||
| Transactionalfinancialassets | |||
| Financialassetsmeasuredatfairvaluewithvariationsaccountedintocurrentincomeaccount | |||
| Derivativefinancialassets | |||
| Notesreceivable | |||
| Accountreceivable | 91,076,995.07 | 91,076,995.07 |
| Items | December31,2018 | Jan1,2019 | Adjustment |
| Financingofreceivables | |||
| Prepayments | 1,912,943.40 | 1,912,943.40 | |
| Insurancereceivable | |||
| Reinsurancereceivable | |||
| ProvisionsofReinsurancecontractsreceivable | |||
| Otheraccountreceivable | 16,487,256.02 | 16,487,256.02 | |
| Including：Interestreceivable | |||
| Dividendreceivable | 1,205,472.90 | 1,205,472.90 | |
| Repurchasingoffinancialassets | |||
| Inventories | 81,017.91 | 81,017.91 | |
| Contractassets | |||
| Assetsheldforsales | |||
| Non-currentassetduewithin1year | 51,745.32 | 51,745.32 | |
| Othercurrentasset | |||
| Totalofcurrentassets | 2,234,134,954.04 | 2,234,134,954.04 | |
| Non-currentassets： | |||
| Loansandpaymentonother’sbehalfdisbursed | |||
| Debtinvestment | |||
| Availableforsaleoffinancialassets | 1,668,791,594.53 | -1,668,791,594.53 | |
| Otherinvestmentonbonds | |||
| Expiredinvestmentinpossess | |||
| Long-termreceivable | |||
| Longtermshareequityinvestment | 3,145,644,970.07 | 3,145,355,906.88 | -289,063.19 |
| Otherequityinstrumentsinvestment | 1,668,791,594.53 | 1,668,791,594.53 | |
| Othernon-currentfinancialassets | |||
| Propertyinvestment | 3,579,007.54 | 3,579,007.54 | |
| Fixedassets | 7,600,046,319.91 | 7,600,046,319.91 | |
| Constructioninprogress | 1,089,473,425.63 | 1,089,473,425.63 | |
| Productionphysicalassets | |||
| Oil&gasassets | |||
| Userightassets | |||
| Intangibleassets | 5,739,020.48 | 5,739,020.48 |
| Items | December31,2018 | Jan1,2019 | Adjustment |
| Developmentexpenses | |||
| Goodwill | |||
| Long-germexpensestobeamortized | 1,221,781.88 | 1,221,781.88 | |
| Deferredincometaxasset | 447,485,034.79 | 447,485,034.79 | |
| Othernon-currentasset | 99,794,665.58 | 99,794,665.58 | |
| Totalofnon-currentassets | 14,061,775,820.41 | 14,061,486,757.22 | -289,063.19 |
| Totalofassets | 16,295,910,774.45 | 16,295,621,711.26 | -289,063.19 |
| Currentliabilities | |||
| Short-termloans | |||
| LoanfromCentralBank | |||
| Borrowingfunds | |||
| Transactionalfinancialliabilities | |||
| Financialliabilitiesmeasuredatfairvaluewithvariationsaccountedintocurrentincomeaccount | |||
| Derivativefinancialliabilities | |||
| Notespayable | |||
| Accountpayable | 203,779,190.74 | 203,779,190.74 | |
| Advancereceipts | 12,039,708.01 | 12,039,708.01 | |
| Sellingofrepurchasedfinancialassets | |||
| Deposittakingandinterbankdeposit | |||
| Entrustedtradingofsecurities | |||
| Entrustedsellingofsecurities | |||
| Employees’wagepayable | 13,122,437.17 | 13,122,437.17 | |
| Taxpayable | 104,198,746.06 | 104,198,746.06 | |
| Otheraccountpayable | 191,254,464.84 | 191,254,464.84 | |
| Including：Interestpayable | 8,971,576.57 | 8,971,576.57 | |
| Dividendpayable | 17,191,142.23 | 17,191,142.23 | |
| Feesandcommissionspayable | |||
| Reinsurancefeepayable | |||
| ContractLiabilities | |||
| Liabilitiesheldforsales | |||
| Non-currentliabilityduewithin1year | 2,498,480,000.00 | 2,498,480,000.00 | |
| Othercurrentliability |
| Items | December31,2018 | Jan1,2019 | Adjustment |
| Totalofcurrentliability | 3,022,874,546.82 | 3,022,874,546.82 | |
| Non-currentliabilities： | |||
| Reservefundforinsurancecontracts | |||
| Long-termloan | 2,983,040,000.00 | 2,983,040,000.00 | |
| Bondpayable | |||
| Including：preferredstock | |||
| Sustainabledebt | |||
| Leaseliability | |||
| Long-termpayable | 38,022,210.11 | 38,022,210.11 | |
| Long-termremunerationpayabletostaff | |||
| Expectedliabilities | |||
| Deferredincome | |||
| Deferredincometaxliability | 205,672,389.59 | 205,672,389.59 | |
| Othernon-currentliabilities | |||
| Totalnon-currentliabilities | 3,226,734,599.70 | 3,226,734,599.70 | |
| Totalofliability | 6,249,609,146.52 | 6,249,609,146.52 | |
| Owners’equity | |||
| Sharecapital | 2,090,806,126.00 | 2,090,806,126.00 | |
| Otherequityinstruments | |||
| Including：preferredstock | |||
| Sustainabledebt | |||
| Capitalreserves | 2,536,774,965.31 | 2,536,774,965.31 | |
| Less：Sharesinstock | |||
| Othercomprehensiveincome | 245,109,114.81 | 256,173,465.10 | 11,064,350.29 |
| Specialreserve | |||
| Surplusreserves | 775,402,561.35 | 775,402,561.35 | |
| Commonriskprovision | |||
| Retainedprofit | 3,938,609,136.59 | 3,927,255,723.11 | -11,353,413.48 |
| Totalofowner’sequitybelongtotheparentcompany | 9,586,701,904.06 | 9,586,412,840.87 | -289,063.19 |
| Minorityshareholders’equity | 459,599,723.87 | 459,599,723.87 | |
| Totalofowners’equity | 10,046,301,627.93 | 10,046,012,564.74 | -289,063.19 |
| Totalofliabilitiesandowners’equity | 16,295,910,774.45 | 16,295,621,711.26 | -289,063.19 |
Statementofadjustment
Balancesheetofparentcompany
InRMB
| Items | December31,2018 | Jan1,2019 | Adjustment |
| Currentasset： | |||
| Monetaryfund | 2,096,597,568.04 | 2,096,597,568.04 | |
| Transactionalfinancialassets | |||
| Financialassetsmeasuredatfairvaluewithvariationsaccountedintocurrentincomeaccount | |||
| Derivativefinancialassets | |||
| Notesreceivable | |||
| Accountreceivable | 18,405,847.15 | 18,405,847.15 | |
| Financingofreceivables | |||
| Prepayments | 1,532,057.82 | 1,532,057.82 | |
| Otheraccountreceivable | 9,323,782.66 | 9,323,782.66 | |
| Including:Interestreceivable | 1,880,148.12 | 1,880,148.12 | |
| Dividendreceivable | 1,205,472.90 | 1,205,472.90 | |
| Inventories | |||
| Contractassets | |||
| Assetsheldforsales | |||
| Non-currentassetduewithin1year | 100,000,000.00 | 100,000,000.00 | |
| Othercurrentasset | |||
| Totalofcurrentassets | 2,225,859,255.67 | 2,225,859,255.67 | |
| Non-currentassets： | |||
| Debtinvestment | 692,903,684.98 | 692,903,684.98 | |
| Availableforsaleoffinancialassets | 1,668,791,594.53 | -1,668,791,594.53 | |
| Otherinvestmentonbonds | |||
| Expiredinvestmentinpossess | |||
| Long-termreceivable | |||
| Longtermshareequityinvestment | 4,679,309,978.88 | 4,679,020,915.69 | -289,063.19 |
| Otherequityinstrumentsinvestment | 1,668,791,594.53 | 1,668,791,594.53 | |
| Othernon-currentfinancialassets | |||
| Propertyinvestment | 3,326,869.29 | 3,326,869.29 | |
| Fixedassets | 5,292,898,635.00 | 5,292,898,635.00 | |
| Constructioninprogress | 1,060,230,773.10 | 1,060,230,773.10 |
| Productionphysicalassets | |||
| Oil&gasassets | |||
| Userightassets | |||
| Intangibleassets | 1,741,277.53 | 1,741,277.53 | |
| Developmentexpenses | |||
| Goodwill | |||
| Long-germexpensestobeamortized | |||
| Deferredincometaxasset | 447,328,530.77 | 447,328,530.77 | |
| Othernon-currentasset | 790,720,727.48 | 97,817,042.50 | -692,903,684.98 |
| Totalofnon-currentassets | 13,944,348,386.58 | 13,944,059,323.39 | -289,063.19 |
| Totalofassets | 16,170,207,642.25 | 16,169,918,579.06 | -289,063.19 |
| Currentliabilities | |||
| Short-termloans | |||
| Transactionalfinancialliabilities | |||
| Financialliabilitiesmeasuredatfairvaluewithvariationsaccountedintocurrentincomeaccount | |||
| Derivativefinancialliabilities | |||
| Notespayable | |||
| Accountpayable | 124,833,335.72 | 124,833,335.72 | |
| Advancereceipts | |||
| ContractLiabilities | |||
| Employees’wagepayable | 5,669,203.37 | 5,669,203.37 | |
| Taxpayable | 10,297,144.52 | 10,297,144.52 | |
| Otheraccountpayable | 142,457,135.79 | 142,457,135.79 | |
| Including:Interestpayable | 8,373,096.36 | 8,373,096.36 | |
| Dividendpayable | 17,191,142.23 | 17,191,142.23 | |
| Liabilitiesheldforsales | |||
| Non-currentliabilityduewithin1year | 2,327,180,000.00 | 2,327,180,000.00 | |
| Othercurrentliability | 977,236,252.44 | 977,236,252.44 | |
| Totalofcurrentliability | 3,587,673,071.84 | 3,587,673,071.84 | |
| Non-currentliabilities： | |||
| Long-termloan | 2,731,990,000.00 | 2,731,990,000.00 | |
| Bondpayable | |||
| Including：preferredstock |
| Sustainabledebt | |||
| Leaseliability | |||
| Long-termpayable | 38,022,210.11 | 38,022,210.11 | |
| Long-termremunerationpayabletostaff | |||
| Expectedliabilities | |||
| Deferredincome | |||
| Deferredincometaxliability | 88,220,604.00 | 88,220,604.00 | |
| Othernon-currentliabilities | |||
| Totalnon-currentliabilities | 2,858,232,814.11 | 2,858,232,814.11 | |
| Totalofliability | 6,445,905,885.95 | 6,445,905,885.95 | |
| Owners’equity | |||
| Sharecapital | 2,090,806,126.00 | 2,090,806,126.00 | |
| Otherequityinstruments | |||
| Including：preferredstock | |||
| Sustainabledebt | |||
| Capitalreserves | 2,948,663,196.93 | 2,948,663,196.93 | |
| Less：Sharesinstock | |||
| Othercomprehensiveincome | 245,109,114.81 | 256,173,465.10 | 11,064,350.29 |
| Specialreserve | |||
| Surplusreserves | 759,558,277.70 | 759,558,277.70 | |
| Retainedprofit | 3,680,165,040.86 | 3,668,811,627.38 | -11,353,413.48 |
| Totalofowners’equity | 9,724,301,756.30 | 9,724,012,693.11 | -289,063.19 |
| Totalofliabilitiesandowners’equity | 16,170,207,642.25 | 16,169,918,579.06 | -289,063.19 |
Statementofadjustment
（4）RetrospectiveRestatementofPreviousComparativeDataduetotheFirstExecutionofanyNewStandardsGoverningFinancialInstrumentsorLeases
□Applicable√Notapplicable
28.SignificantaccountjudgmentandestimatesDuringtheapplicationofaccountingpolicies,judgements,estimates,andpresumptionneedtobemadeforelementsoffinancialstatements,whichcannotbepreciselymeasuredduetoinherentuncertaintyexistinginoperatingactivities.Thejudgments,estimates,andpresumptionaremadeonthebasisoftheCompany'spastexperienceandotherrelevantfactors.Theexerciseofjudgements,estimates,andpresumptionhasanimpactonthemeasurementofrevenue,expenses,assetsandliabilitiesandthedisclosureofcontingentliabilitiesonthebalancesheetdate.However,theinherentuncertaintyofthejudgments,estimates,andpresumptionmayresultin
futuresignificantadjustmentstobemadetothemeasurementoftheaffectedassetsandliabilities.Thejudgments,estimates,andpresumptionareregularlyreviewedonthebasisofgoingconcern.Whereachangeinaccountingestimatesisapplicable,itsimpactonfinancialstatementsisrecognizedintheperiodduringwhichthechangeoccursifthechangehasanimpactonthefinancialstatementsforthatperiodonly;andinsubsequentperiodsifthechangealsohasanimpactonthefinancialstatementsforsubsequentperiods.Significantelementsoffinancialstatementsandareasthataresubjecttojudgements,estimatesandpresumptiononthebalance-sheetdateincludethefollowing.
（1）ImpairmentoffinancialassetsTheCompanyadoptstheanticipatedcreditlossmodeltoevaluatetheimpairmentoffinancialinstruments,whichrequiresthatsignificantjudgmentsandestimatesshouldbemadeandallreasonableandreliableinformation,includingforward-lookinginformationshouldbetakenintoaccount.Inmakingsuchjudgmentandestimate,theCompanydeducestheexpectedchangeofdebtor'screditriskbasedonhistoricaldataandmacroeconomicindicatorsofeconomicpolicies,industrialrisks,externalmarketenvironment,technicalenvironment,changesofcustomerconditionsandotherfactors.
（2）Provisionforimpairmentoflong-termassets.Non-currentassetsareassessedforindicatorsofimpairmentoneachbalancesheetdate.Inaddition,intangibleassetswithinfiniteusefullifearesubjecttoimpairmenttestingoneachbalance-sheetdateandwheneverthereisevidenceindicatingimpairment;othernon-financialnon-currentassetsaresubjecttoimpairmenttestingonlyiftheirevidenceindicatingthatthecarryingamountbecomesnon-collectible.
Impairmentexistswhenthecarryingamountofanassetorcash-generatingunitexceedsitsrecoverableamount,whichishigheroftheresidualamountafterdeductingnecessaryexpensesfordisposalfromitsfairvalueandthepresentvalueofitsfuturecashflows.Anasset'sresidualamountafterdeductingnecessaryexpensesfordisposalisdeterminedbyreferencetotheresidualamountafterdeductingtheincrementalcoststodisposetheassetfromthesellingpriceprovidedbycontractsforsalesofsimilarassetsortheobservablemarketpriceofsimilarassets.
Whenestimatingthepresentvalueoffuturecashflowsofanassetorcash-generatingunit,significantjudgmentsmustbemaderegardingtheproductioncapacity,sellingprice,relevantoperatingcostsoftheassetorcash-generatingunitandrelevantdiscountratesfordiscountingthecashflows.TheCompanyconsidersallavailablerelevantinformationwhendeterminingtherecoverableamount,includingestimatesregardingfutureproductioncapacity,sellingpriceandrelevantoperatingcostsmadeonthebasisofreasonableandsupportivepresumption.
Goodwillisassessedforimpairmentatleastannually.Theassessmentinvolvesanestimateofthepresentvalueofthefuturecashflowsassociatedwiththeassetsorgroupsofassetstowhichgoodwillhasbeenallocated.Theestimateconsidersthefuturecashflowsassociatedwiththeassetsorgroupsofassetstowhichgoodwillhasbeenallocatedandtheapplicablediscountratesforcashflowdiscounting.
（3）DepreciationandamortizationInvestmentproperty,fixedassets,andintangibleassetsaredepreciated(amortized)overtheirusefullivesusingthestraight-linemethodafterconsideringoftheirresidualvalue.Usefullivesoftheseassetsareregularlyreviewedforthepurposeofdeterminingthedepreciationandamortizationrecognizedforeachperiod.UsefullivesaredeterminedonthebasisoftheCompany'spastexperienceonsimilarassetsandexpectednewtechnologydevelopment.Ifexistingestimateschangesignificantly,theadjustmentismadetothedepreciationandamortizationforfutureperiods.
（4）DeferredtaxassetsAllunutilizedtaxlossisrecognizedasdeferredtaxassetstotheextentitisprobablethattaxableprofitwill
beavailableagainstwhichthedeductibletaxlosscanbeutilized.Significantjudgmentsarerequiredtoestimatethetimingandamountoffuturetaxableprofitandtoconsidertaxplanningstrategysoastodeterminethenumberofdeferredtaxassetstoberecognized.VI.Taxation
1.Majorcategoryoftaxesandtaxrates
| Taxcategory | Taxbasis | Taxrate |
| VAT | SalesbySalesofGoodsorTaxServices | 3%、5%、6%、9%、10%、11%、13% |
| Citymaintenanceandconstructiontax | Theactualpaymentofturnovertax | 5%、7% |
| Enterpriseincometax | Taxableincome | 25% |
TheapplicabletaxratesforVATsalesorimportedgoodsinourcompanyduringtheperiodfromJanuarytoMarch2019are16%and10%.AccordingtotheAnnouncementoftheMinistryofFinance,theStateAdministrationofTaxationandtheGeneralAdministrationofCustomsonthePoliciesforDeepeningtheReformofVAT(Announcement[2019]No.39oftheMinistryofFinance,theStateAdministrationofTaxationandtheGeneralAdministrationofCustoms),theapplicabletaxratehasbeenadjustedto13%and9%sinceApril1,1919.Wheretherearetaxpayersofdifferententerpriseincometaxrates,thedisclosureinformationindicatesthatthereisnotaxpayer.
2.Preferentialtax
Nil
3.OtherNilVII.Notestothemajoritemsofconsolidatedfinancialstatement
1.MonetaryCapital
InRMB
| Items | Amountinyear-end | BalanceYear-beginning |
| Cash | 91,690.76 | 53,211.49 |
| Bankdeposit | 2,037,418,254.12 | 2,123,807,010.07 |
| Other | 515,006.17 | 664,774.76 |
| Total | 2,038,024,951.05 | 2,124,524,996.32 |
OthernoteOnJune30,2019,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(%) | |||
| Accrualofbaddebtprovisionbysingleitem | ||||||||||
| Ofwhich： | ||||||||||
| Accrualofbaddebtprovisionbyportfolio | 104,294,640.84 | 100.00% | 1,176,879.99 | 1.13% | 103,117,760.85 | 92,253,875.06 | 100.00% | 1,176,879.99 | 1.28% | 91,076,995.07 |
| Ofwhich： | ||||||||||
| Portfolio | 104,294,640.84 | 100.00% | 1,176,879.99 | 1.13% | 103,117,760.85 | 92,253,875.06 | 100.00% | 1,176,879.99 | 1.28% | 91,076,995.07 |
| Total | 104,294,640.84 | 100.00% | 1,176,879.99 | 103,117,760.85 | 92,253,875.06 | 100.00% | 1,176,879.99 | 91,076,995.07 | ||
Accrualofbaddebtprovisionbysingleitem:NilAccrualofbaddebtprovisionbysingleitem:NilAccrualofbaddebtprovisionbyportfolio:
InRMB
| Name | Balanceinyear-end | ||
| Receivableaccounts | Baddebtprovision | Withdrawalproportion | |
| Within1year | 101,225,645.16 | ||
| 1-2years | 752,716.49 | 75,087.85 | 9.98% |
| 2-3years | 849,193.27 | 254,757.98 | 30.00% |
| 3-4years | 1,128,781.92 | 564,390.96 | 50.00% |
| 4-5years | 278,304.00 | 222,643.20 | 80.00% |
| Over5years | 60,000.00 | 60,000.00 | 100.00% |
| Total | 104,294,640.84 | 1,176,879.99 | -- |
Notesofthebasisofrecognizingtheportfolio:
ProvisionforbaddebtsaccordingtotheageportfolioNotesofthebasisofrecognizingthegroup:
Relevantinformationoftheprovisionforbaddebtswillbedisclosedwithreferencetothedisclosuremethodofotherreceivablesiftheprovisionforbaddebtsofbillsreceivableisaccruedaccordingtothegeneralmodelofexpectedcreditloss:
□Applicable√NotapplicableDisclosurebyaging
InRMB
| Aging | Closingbalance |
| Within1year（Including1year） | 101,225,645.16 |
| Within1year | 101,225,645.16 |
| 1-2years | 752,716.49 |
| 2-3years | 849,193.27 |
| Over3years | 1,467,085.92 |
| 3-4years | 1,128,781.92 |
| 4-5years | 278,304.00 |
| Over5years | 60,000.00 |
| Total | 104,294,640.84 |
(2)Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodThewithdrawalamountofthebaddebtprovision：
InRMB
| Category | Openingbalance | Amountofchangeinthecurrentperiod | Closingbalance | ||
| Accrual | Reversedorcollectedamount | Write-off | |||
| Portfolio1 | 1,176,879.99 | 1,176,879.99 | |||
| Total | 1,176,879.99 | 1,176,879.99 | |||
Ofwhichthesignificantamountofthereversedorcollectedpartduringthereportingperiod:Nil
（3）Thecurrentaccountsreceivablewrite-offssituation
Nil
（4）Theendingbalanceofotherreceivablesowedbytheimputationofthetopfiveparties
| Name | Amount | Proportion(%) | Baddebtprovision |
| GuangdongUnionElectronicServicesCo.,Ltd. | 47,675,526.05 | 45.71 | |
| GuangdongHumenBridgeCo.,Ltd. | 23,560,330.99 | 22.59 | |
| ShandongBoanIntelligentTechnologyCo.,Ltd | 7,409,966.25 | 7.10 | |
| GuangdongJingzhuExpresswayGuangzhuNorthSectionCo.,Ltd. | 4,819,475.01 | 4.62 | |
| ZhongyuanShippingTechnologyCo.,Ltd. | 3,932,168.05 | 3.77 | |
| Total | 87,397,466.35 | 83.79 |
（5）AccountreceivablewhichterminatetherecognitionowningtothetransferofthefinancialassetsNil
(6)TheamountoftheassetsandliabilitiesformedbythetransferandthecontinuesinvolvementofaccountsreceivableNil
3.Prepayments
（1）Ageanalysis
InRMB
| Age | Balanceinyear-end | BalanceYear-beginning | ||
| Amount | Proportion（%） | Amount | Proportion（%） | |
| Within1year | 2,658,527.25 | 92.85% | 1,708,205.40 | 89.30% |
| Over3years | 204,738.00 | 7.15% | 204,738.00 | 10.70% |
| Total | 2,863,265.25 | -- | 1,912,943.40 | -- |
Notesofthereasonsoftheprepaymentagesover1yearwithsignificantamountbutfailedsettledintime:
Nil
(2)Top5oftheclosingbalanceoftheprepaymentcollectedaccordingtotheprepaymenttarget
| Name | Amount | Aging | Proportion(%) |
| GuangdongLitongRealestateInvestmentCo.,Ltd. | 735,092.38 | Within1year | 25.67 |
| Guangdongpowertransmission&transformationengineeringcompany | 235,695.00 | Within1year | 8.23 |
| Guangdongsoutheducationalscienceandtechnologyresearchinstitute | 152,800.00 | Within1year | 5.34 |
| TianjingKechangHuitongInformationTechnologyCo.,Ltd. | 134,339.62 | Within1year | 4.69 |
| FoshanYingyaAdvertisingCo.,Ltd. | 35,000.00 | Over3years | 1.22 |
| Total | 1,292,927.00 | 45.15 |
Othernotes:Nil
4.Otheraccountsreceivable
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| Dividendreceivable | 34,145,770.80 | 1,205,472.90 |
| Otherreceivable | 18,630,191.48 | 15,281,783.12 |
| Total | 52,775,962.28 | 16,487,256.02 |
（1）Interestreceivable
Nil
（2）Dividendreceivable
1)Dividendreceivable
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise | 1,205,472.90 | 1,205,472.90 |
| GanzhouKangdaExpresswayCo.,Ltd. | 21,000,000.00 |
| GluoyuanSecuritiesCo.,Ltd. | 11,940,297.90 | |
| Total | 34,145,770.80 | 1,205,472.90 |
（2）Significantdividendreceivableagedover1year
Nil3）Bad-debtprovision
□Applicable√NotapplicableOthernotes：
Nil
（3）Otheraccountsreceivable
1)Otheraccountsreceivableclassifiedbythenatureofaccounts
InRMB
| Nature | Closingbookbalance | Openingbookbalance |
| Balanceofsettlementfundsforsecuritiestransactions | 47,528,056.18 | 47,528,056.18 |
| Cashdeposit | 8,230,858.96 | 7,813,222.94 |
| GelinEnzeAccount | 4,007,679.91 | 4,007,679.91 |
| Pettycash | 4,554,632.19 | 3,800,100.00 |
| Advertisingandlaborcosts | 1,023,421.29 | 924,266.65 |
| Other | 4,837,508.03 | 2,760,422.52 |
| Total | 70,182,156.56 | 66,833,748.20 |
2）Bad-debtprovision
InRMB
| BadDebtReserves | Stage1 | Stage2 | Stage3 | Total |
| Expectedcreditlossesoverthenext12months | Expectedcreditlossoverlife(nocreditimpairment) | Expectedcreditlossesfortheentireduration(creditimpairmentoccurred) | ||
| BalanceasatJanuary1,2019 | 16,228.99 | 51,535,736.09 | 51,551,965.08 | |
| BalanceasatJanuary1,2019incurrent | —— | —— | —— | —— |
| BalanceasatJune30,2019 | 16,228.99 | 51,535,736.09 | 51,551,965.08 |
Lossprovisionchangesincurrentperiod,changeinbookbalancewithsignificantamount□Applicable√Notapplicable
Disclosurebyaging
InRMB
| Aging | Closingbalance |
| Within1year(Including1year） | 10,683,833.96 |
| Within1year | 10,683,833.96 |
| 1-2years | 3,143,087.25 |
| 2-3years | 1,534,307.90 |
| Over3years | 54,820,927.45 |
| 3-4years | 579,262.98 |
| 4-5years | 772,029.18 |
| Over5years | 53,469,635.29 |
| Total | 70,182,156.56 |
3)Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodThewithdrawalamountofthebaddebtprovision：
InRMB
| Category | Openingbalance | Amountofchangeinthecurrentperiod | Closingbalance | |
| Accrual | Reversedorcollectedamount | |||
| Financialassetswithsignificantlydifferentcreditrisks | 51,535,736.09 | 51,535,736.09 | ||
| Portfolio3 | 16,228.99 | 16,228.99 | ||
| Total | 51,551,965.08 | 51,551,965.08 | ||
Notes1：Theparentcompanyoncepaid33,683,774.79yuanintoKunlunSecuritiesCo.,Ltd,GuangdongExpresswaytechnologyinvestmentCo.,Ltdoncepaid18,000,000.00yuanintoKunlunSecuritiesCo.,Ltd.QinghaiProvinceXiningCity’sintermediatepeople’scourtmadeaadjudicationunderlawdeclaredthatKunlunSecuritiesCo.,LtdwentbankruptandrepaiddebtinNovember11,2006.OnMarch2007,TheCompanyandGuangdongExpresswayTechnologyInvestmentCo.,LtdhadswitchedthemoneythatpaidintoKunlunSecuritiesCo.,Ltdtootheraccountreceivable,andfollowthecarefulprincipletodoubtfuldebtsprovision.The710,349.92yuanCreditwasRecoveredin2008,The977,527.77yuancreditwasrecoveredin2011,The652,012.00yuanCreditwasrecoveredin2014,The1,815,828.92yuanCreditwasrecoveredin2018,andtheprovisionforhaddeb
Notes2：GuangdongExpresswayTechnologyinvestmentCo.,Ltd.shouldchargeBeijingGelinEnzeOrganicFertilizerCo.,Ltd.for12,220,079.91yuan.Eightmillionsofitwasentrustloan,threemillionwastemporaryborrowing12,400.00yuanisthecommissionloaninterest,therestofitwasadvancemoneyforanother,BeijingGelinEnzeOrganicFertilizerCo.,Ltd’soperatingstatuswashadandhadalreadyceasedproducing,Accordingly,thecontrollingsubsidiaryofthecompanyGuangdongExpresswayInvestmentCo.,Ltd.accountedfullprovisionforBaddebt12,220,079.91yuanprovision.Thecompanyin2014recoveredarrearsof8,000,000.00yuan,rushedbacktotheprovisionforbaddebtsandwriteoffuncollectedinterestentrustedloansaccordingtotTh
esettlementagreementof212,400.00yuan.Wherethecurrentbaddebtsbackorrecoversignificantamounts:Nil
4)Theactualwrite-offotheraccountsreceivable:Nil
5)Top5oftheclosingbalanceoftheotheraccountsreceivablecolletedaccordingtothearrearsparty
InRMB
| Name | Nature | Closingbalance | Aging | Proportionofthetotalyearendbalanceoftheaccountsreceivable(%) | Closingbalanceofbaddebtprovision |
| KunlunSecuritiesCo.,Ltd | Securitiestradingsettlementfunds | 47,528,056.18 | Over5years | 67.72% | 47,528,056.18 |
| BeijingGelinEnze | Currentaccount | 4,007,679.91 | Over5years | 5.71% | 4,007,679.91 |
| ShandongBoanIntelligentTechnologyCo.,Ltd. | Deposit | 1,725,155.40 | Within1year | 2.46% | |
| GuangdongLitongRealEstatesInvestmentCo.,Ltd. | Deposit | 1,515,077.22 | 2-3years | 2.16% | |
| GuangdongGuanghuiExpresswayCo.,Ltd. | Deposit | 1,462,587.90 | Over4years | 2.08% | |
| Total | -- | 56,238,556.61 | -- | 80.13% | 51,535,736.09 |
(6)AccountsreceivableinvolvedwithgovernmentsubsidiesNil
(7)OtheraccountreceivablewhichterminatetherecognitionowningtothetransferofthefinancialassetsNil
(8)TheamountoftheassetsandliabilitiesformedbythetransferandthecontinuesinvolvementofotheraccountsreceivableNil
9.InventoriesWhetherimplementednewrevenueguidelines?
□Yes√No
（1）CategoryofInventory
InRMB
| Items | Closingbookbalance | Openingbookbalance |
| Bookbalance | Provisionforinventoryimpairment | Bookvalue | Bookbalance | Provisionforinventoryimpairment | Bookvalue | |
| Rawmaterials | 110,142.49 | 110,142.49 | 81,017.91 | 81,017.91 | ||
| Total | 110,142.49 | 110,142.49 | 81,017.91 | 81,017.91 |
Whetherthecompanyisrequiredtocomplywiththe"ShenzhenStockExchangeIndustryInformationDisclosureGuidelinesNo.4-listedcompaniesengagedinseedindustry,plantingbusiness"disclosurerequirementsNo
(2)InventorydepreciationreserveNil
(3)DescriptionofTheclosingbalanceofinventoriescontaintheamountofborrowingcostscapitalizedNil
6.Non-currentassetduewithin1year
InRMB
| Items | Year-endbalance | Year-beginningbalance |
| Advancebusinesstax | 51,745.32 | 51,745.32 |
| Total | 51,745.32 | 51,745.32 |
Othernote：
Debtinvestmentsandotherdebtinvestmentsduewithinoneimportantyearoftheendoftheperiod：Nil
7.Available-for-salefinancialassets
| Items | Amountinyear-end | ||
| Bookbalance | Baddebtprovision | Bookvalue | |
| Available-for-saledebtInstruments | |||
| Available-for-saleequityInstruments | 1,705,811,594.53 | 37,020,000.00 | 1,668,791,594.53 |
| Measuredbyfairvalue | 870,443,292.80 | 870,443,292.80 | |
| Measuredbycost | 835,368,301.73 | 37,020,000.00 | 798,348,301.73 |
| Other | |||
| Total | 1,705,811,594.53 | 37,020,000.00 | 1,668,791,594.53 |
8.Long-termequityinvestment
InRMB
| Investees | Openingbalance | Increase/decrease | Closingbalance | Closingbalanceofimpairmentprovision | |||||||
| Additionalinvestment | Negativeinvestment | Investmentprofitandlossrecognizedundertheequitymethod | Adjustmentofothercomprehensiveincome | Changesofotherequity | Cashbonusorprofitsannouncedtoissue | Withdrawalofimpairmentprovision | Other | ||||
| I.Jointventure | |||||||||||
| GuangdongGuanghuiExpresswayCo.,Ltd. | 992,521,223.58 | 143,481,952.02 | 25,795,500.00 | 84,638,655.14 | 1,077,160,020.46 | ||||||
| ZhaoqingYuezhaoHighwayCo.,Ltd. | 307,172,338.10 | 27,819,228.16 | 53,207,865.41 | 281,783,700.85 | |||||||
| Subtotal | 1,299,693,561.68 | 171,301,180.18 | 25,795,500.00 | 137,846,520.55 | 1,358,943,721.31 | ||||||
| 2.AffiliatedCompany | |||||||||||
| ShenzhenHuiyanExpressway | 230,553,756.87 | 16,104,358.08 | 246,658,114.95 | ||||||||
| GuangdongJiangzhongExpresswayCo.,.Ltd. | 175,324,643.76 | 10,932,203.70 | 186,256,847.46 | ||||||||
| GanzhouKangdaExpressway | 219,985,018.52 | 17,339,428.35 | 21,000,000.00 | 216,324,446.87 | |||||||
| GanGanzhouGankangExpressway | 209,995,910.71 | 4,937,249.59 | 214,933,160.30 | ||||||||
| GuangdongYuekeTechnologyPettyLoanCo.,Ltd. | 219,693,558.27 | 7,188,376.76 | 226,881,935.03 | ||||||||
| GuoyuanSecuritiesCo.,Ltd. | 790,109,457.07 | 9,910,201.43 | -470,449.14 | 11,940,297.90 | 787,608,911.46 | |||
| Subtotal | 1,845,662,345.20 | 66,411,817.91 | -470,449.14 | 32,940,297.90 | 1,878,663,416.07 | |||
| Total | 3,145,355,906.88 | 237,712,998.09 | -470,449.14 | 25,795,500.00 | 170,786,818.45 | 3,237,607,137.38 |
9.OtherEquityinstrumentinvestment
InRMB
| Items | Closingbalance | Openingbalance |
| GuangleExpresswayCo.,Ltd. | 748,348,301.73 | 748,348,301.73 |
| GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise | 50,000,000.00 | 50,000,000.00 |
| ChinaEverbrightBankCo.,Ltd. | 896,321,336.64 | 870,443,292.80 |
| HuaxiaSecuritiesCo.,Ltd.（Notes1） | 0.00 | 0.00 |
| HuazhengAssetManagementCo.,Ltd.（Notes2） | 0.00 | 0.00 |
| KunlunSecuritiesCo.,Ltd.（Notes3） | 0.00 | 0.00 |
| Total | 1,694,669,638.37 | 1,668,791,594.53 |
Note1:Theowner'sequityofHuaxiaSecuritiesCo.,Ltd.wasnegativeanditenteredliquidationprocedureinDecember2005.TheCompanymadefullprovisionforimpairmentinrespectofthislong-termequityinvestmentofRMB5.4million.Note2:AccordingtoDeWeiPingGuZi2005No.88AppraisalReportissuedbyBeijingDeweiAppraisalCo.,Ltd.AstheJune30,2005,theamountofnetassetsofHuazhengAssetManagementCo.,Ltd.inbookwas
279.132millionyuanandtheappraisedvaluewas-2299.5486millionyuan,OnOctober14,2005,JianyinCITICAssetManagementCo.,Ltd.issuedtheLetterofSolicitingOpinionsonEquityAssignmenttotheCompany.JianyinCITICAssetManagementCo.,Ltd.waswillingtopaythepriceofnotmorethan42millionyuantoacquire100%equityofHuazhengAssetManagementCo.,Ltd.andsolicitedtheCompany'sopinions.TheCompanyrepliedonDecember5,2005,abandoningthepreemptiverightunderthesameconditions.TheCompanymadeprovisionof1.3932millionyuanforimpairmentinrespectofthislong-termequityinvestmentof
1.62millionyuan.Note3.Theowner'sequityofKunlunSecuritiesCo.,Ltd.wasnegativeanditenteredliquidationprocedureinOctober2005.AwhollyownedsubsidiaryofGuangdongExpresswayTechnologyInvestmentCo.,Ltd.WillinvestKunlunSecuritiesCo.,Ltd.'sfullprovisionforimpairmentof30millionyuan.Breakdowndisclosureofinvestmentinnon-tradableequityinstrumentsinthecurrentperiod
InRMB
| Items | Dividendincomerecognized | Cumulativegain | Cumulativeloss | Amountofotherconsolidatedincometransferredtoretainedearnings | Reasonsfordesignationasmeasuredatfairvalueandchangesincludedinothercomprehensiveincome | Reasonsforotherconsolidatedincometransferredtoretainedearnings |
| GuangleExpresswayCo.,Ltd. | Non-transactionalpurposefor |
| shareholding | ||||
| GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise | 652,822.25 | Non-transactionalpurposeforshareholding | ||
| ChinaEverbrightBankCo.,Ltd. | 37,876,045.98 | 378,760,459.84 | Non-transactionalpurposeforshareholding | |
| HuaxiaSecuritiesCo.,Ltd. | Non-transactionalpurposeforshareholding | |||
| HuazhengAssetManagementCo.,Ltd. | Non-transactionalpurposeforshareholding | |||
| KunlunSecuritiesCo.,Ltd. | Non-transactionalpurposeforshareholding |
Othernotes：
Nil
10.Investmentproperty
(1)Investmentpropertyadoptedthecostmeasurementmode
√Applicable□Notapplicable
InRMB
| Items | Housesandbuildings | Landuseright | Constructioninprogress | 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)Enterpriseconsolidation |
| 3.Decreasedamountoftheperiod |
| （1）Disposal |
| （2）OtherOut |
| 4.Closingbalance | 12,664,698.25 | 2,971,831.10 | 15,636,529.35 | |
| II.Accumulateddepreciationaccumulatedamortization | ||||
| 1.Openingbalance | 10,373,153.97 | 1,684,367.84 | 12,057,521.81 | |
| 2.Increasedamountoftheperiod | 100,163.25 | 36,784.68 | 136,947.93 | |
| (1)Withdrawaloramortization | 100,163.25 | 36,784.68 | 136,947.93 |
| 3.Decreasedamountoftheperiod |
| （1）Disposal |
| （2）OtherOut |
| 4.Closingbalance | 10,473,317.22 | 1,721,152.52 | 12,194,469.74 | |
| III.Impairmentprovision | ||||
| 1.Openingbalance | ||||
| 2.Increasedamountoftheperiod | ||||
| （1）Withdrawal |
| （1）Disposal |
| （2）OtherOut |
| 4.Closingbalance | ||||
| IV.Bookvalue | ||||
| 1.Closingbookvalue | 2,191,381.03 | 1,250,678.58 | 3,442,059.61 | |
| 2.Openingbook | 2,291,544.28 | 1,287,463.26 | 3,579,007.54 |
(2)Investmentpropertyadoptedfairvaluemeasurementmode
□Applicable√Notapplicable
(3)Detailsofinvestmentpropertyfailedtoaccomplishcertificationofproperty
InRMB
| Items | Bookbalance | Reason |
| Transportationandotherancillaryfacilities | 1,514,070.42 | Transportationandotherancillaryfacilities,Notaccreditation |
(4)Realestateconversion:
Nil.
11.Fixedassets
InRMB
| Items | Year-endbalance | Year-beginningbalance |
| Fixedassets | 7,911,422,302.11 | 7,600,046,319.91 |
| liquidationoffixedassets | 11,338.86 | |
| Total | 7,911,433,640.97 | 7,600,046,319.91 |
(1)Listoffixedassets
InRMB
| Items | GuangfoExpressway | FokaiExpressway | JingzhuExpresswayGuangzhusection | Houseandbuildings | Machineryequipment | Transportationequipment | Electricityequipmentandother | Total |
| I.Originalprice | ||||||||
| 1.Openingbalance | 1,460,270,190.66 | 8,988,726,518.80 | 4,798,270,209.11 | 342,597,957.59 | 122,698,641.11 | 48,745,472.07 | 659,423,683.35 | 16,420,732,672.69 |
| 2.Increasedamountoftheperiod | 677,371,219.45 | 453,016.00 | 24,456,055.29 | 606,062.20 | 13,570,262.33 | 716,456,615.27 | ||
| （1）Purchase | 606,062.20 | 472,154.38 | 1,078,216.58 | |||||
| （2）Transferofprojectunderconstruction | 677,371,219.45 | 453,016.00 | 24,456,055.29 | 13,098,107.95 | 715,378,398.69 | |||
| (3)IncreasedofEnterpriseconsolidation |
| 3.Decreasedamountof | 1,241,560.00 | 558,232.00 | 25,704,639.81 | 27,504,431.81 |
| Items | GuangfoExpressway | FokaiExpressway | JingzhuExpresswayGuangzhusection | Houseandbuildings | Machineryequipment | Transportationequipment | Electricityequipmentandother | Total |
| theperiod | ||||||||
| （1）Disposalorscrap | 1,241,560.00 | 558,232.00 | 25,704,639.81 | 27,504,431.81 |
| 4.Closingbalance | 1,460,270,190.66 | 9,666,097,738.25 | 4,798,270,209.11 | 343,050,973.59 | 145,913,136.40 | 48,793,302.27 | 647,289,305.87 | 17,109,684,856.15 |
| II.Accumulateddepreciation | ||||||||
| 1.Openingbalance | 1,460,270,190.66 | 3,940,158,837.04 | 2,625,645,410.16 | 232,333,164.38 | 71,147,743.72 | 38,419,504.01 | 452,711,502.81 | 8,820,686,352.78 |
| 2.Increasedamountoftheperiod | 258,648,669.85 | 110,175,156.27 | 6,740,911.11 | 6,561,004.35 | 1,343,196.17 | 18,970,099.01 | 402,439,036.76 | |
| （1）Withdrawal | 258,648,669.85 | 110,175,156.27 | 6,740,911.11 | 6,561,004.35 | 1,343,196.17 | 18,970,099.01 | 402,439,036.76 |
| 3.Decreasedamountoftheperiod | 1,179,482.00 | 502,408.80 | 23,180,944.70 | 24,862,835.50 | |
| （1）Disposalorscrap | 1,179,482.00 | 502,408.80 | 23,180,944.70 | 24,862,835.50 |
| 4.Closingbalance | 1,460,270,190.66 | 4,198,807,506.89 | 2,735,820,566.43 | 239,074,075.49 | 76,529,266.07 | 39,260,291.38 | 448,500,657.12 | 9,198,262,554.04 |
| II.Accumulateddepreciation | ||||||||
| 1.Openingbalance | ||||||||
| 2.Increasedamountof |
| Items | GuangfoExpressway | FokaiExpressway | JingzhuExpresswayGuangzhusection | Houseandbuildings | Machineryequipment | Transportationequipment | Electricityequipmentandother | Total |
| theperiod | ||||||||
| （1）Withdrawal |
| 3.Decreasedamountoftheperiod |
| （1）Disposalorscrap |
| 4.Closingbalance | ||||||||
| IV.Bookvalue | ||||||||
| 1.Closingbookvalue | 5,467,290,231.36 | 2,062,449,642.68 | 103,976,898.10 | 69,383,870.33 | 9,533,010.89 | 198,788,648.75 | 7,911,422,302.11 | |
| 2.Openingbook | 5,048,567,681.76 | 2,172,624,798.95 | 110,264,793.21 | 51,550,897.39 | 10,325,968.06 | 206,712,180.54 | 7,600,046,319.91 |
⑵Temporarilyidlefixedassets
Nil⑶Fixedassetsthroughfinancialleasing
Nil
⑷Tenancyoffixedassetsthroughoperatinglease
Nil
⑸Detailsoffixedassetsfailedtoaccomplishcertificationofproperty
InRMB
| Items | Bookvalue | Reason |
| Houseandbuildings | 78,592,579.67 | Transportationandotherancillaryfacilities,Notaccreditation |
（6）Liquidationoffixedassets
InRMB
| Items | Year-endbalance | Year-beginningbalance |
| Otherequipmentscrapcleaning | 11,338.86 | |
| Total | 11,338.86 |
Othernotes
12.Projectunderconstruction
InRMB
| Items | Year-endbalance | Year-beginningbalance |
| Projectunderconstruction | 834,325,807.36 | 1,087,923,869.63 |
| Engineeringmaterial | 1,549,556.00 | 1,549,556.00 |
| Total | 835,875,363.36 | 1,089,473,425.63 |
（1）Projectunderconstruction
InRMB
| Items | Year-endbalance | Year-beginningbalance | ||||
| Bookbalance | Provisionfordevaluation | Bookvalue | Bookbalance | Provisionfordevaluation | Bookvalue | |
| Sanbao-ShuikouExpansionproject | 788,231,558.91 | 788,231,558.91 | 1,052,834,193.16 | 1,052,834,193.16 | ||
| BridgedeckpavementprojectofhailongBridge | 1,382,928.49 | 1,382,928.49 | 1,382,928.49 | 1,382,928.49 | ||
| MinzhongServiceareareconstructionproject | 29,178,686.23 | 29,178,686.23 | 18,210,698.73 | 18,210,698.73 | ||
| Urbantollstationproject | 5,053,672.53 | 5,053,672.53 | 5,008,642.53 | 5,008,642.53 | ||
| Oddproject | 10,478,961.20 | 10,478,961.20 | 10,487,406.72 | 10,487,406.72 | ||
| Total | 834,325,807.36 | 834,325,807.36 | 1,087,923,869.63 | 1,087,923,869.63 | ||
(2)Changesofsignificantconstructioninprogress
InRMB
| Nameofproject | Budget | Openingbalance | Increase | Transferredtofixedassets | Otherdecrease | Endbalance | Proportion% | Projectprocess | Capitalizationofinterest | Including:capitalizationofInterestthisperiod | Capitalizationofinterestrate(%) | Sourceoffunding |
| Sanbao-ShuikouExpansionproject | 3,426,206,700.00 | 1,052,834,193.16 | 450,266,164.45 | 714,868,798.70 | 788,231,558.91 | 58.87% | 58.87 | 56,941,383.47 | 12,717,031.46 | 2.75% | Self-financingandLoansfromfinancialinstitutions | |
| Total | 3,426,206,700.00 | 1,052,834,193.16 | 450,266,164.45 | 714,868,798.70 | 788,231,558.91 | -- | -- | 56,941,383.47 | 12,717,031.46 | 2.75% | -- |
(3)ProvisionforimpairmentofconstructionprojectsinthecurrentperiodNil
（4）Engineeringmaterial
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning | ||||
| Bookbalance | Provisionfordevaluation | Bookvalue | Bookbalance | Provisionfordevaluation | Bookvalue | |
| Signpost | 1,549,556.00 | 1,549,556.00 | 1,549,556.00 | 1,549,556.00 | ||
| Total | 1,549,556.00 | 1,549,556.00 | 1,549,556.00 | 1,549,556.00 | ||
13.Intangibleassets
(1)Listofintangibleassets
InRMB
| Items | Landuseright | Patentright | Non-patentright | Software | Total |
| I.Originalprice | |||||
| 1.Openingbalance | 1,311,658.00 | 28,619,133.57 | 29,930,791.57 | ||
| 2.Increasedamountoftheperiod | |||||
| (1)Purchase | |||||
| (2)InternalDevelopment | |||||
| (3)IncreasedofEnterpriseCombination |
| 3.Decreasedamountoftheperiod |
| （1）Disposal |
| 4.Closingbalance | 1,311,658.00 | 28,619,133.57 | 29,930,791.57 | |
| II.Accumulatedamortization | ||||
| 1.Openingbalance | 1,311,658.00 | 22,880,113.09 | 24,191,771.09 | |
| 2.Increasedamountoftheperiod | 1,184,929.43 | 1,184,929.43 | ||
| (1)Withdrawal | 1,184,929.43 | 1,184,929.43 |
| 3.Decreasedamountoftheperiod |
| （1）Disposal |
| 4.Closingbalance | 1,311,658.00 | 24,065,042.52 | 25,376,700.52 |
| Items | Landuseright | Patentright | Non-patentright | Software | Total |
| III.Impairmentprovision | |||||
| 1.Openingbalance | |||||
| 2.Increasedamountoftheperiod | |||||
| (1)Withdrawal |
| 3.Decreasedamountoftheperiod |
| （1）Disposal |
| 4.Closingbalance | |||
| IV.Bookvalue | |||
| 1.Closingbookvalue | 4,554,091.05 | 4,554,091.05 | |
| 2.Openingbookvalue | 5,739,020.48 | 5,739,020.48 |
Theintangibleassetsbytheendoftheformationofthecompany'sinternalR&Daccountedoftheproportionofthebalanceofintangibleassets⑵DetailsofLanduserightfailedtoaccomplishcertificationofpropertyNil
(3)intangibleassetswithuncertainservicelifeNil
(4)ImportantindividualintangibleassetsNil
(5)ConditionsofintangibleassetssubjecttorestrictionsonownershiporrightofuseNil
14.Long-termamortizeexpenses
InRMB
| Items | Balanceinyear-begin | Increaseinthisperiod | Amortizedexpenses | Otherloss | Balanceinyear-end |
| RentalfeeforGuangzhuNorthSectionsportground | 1,221,781.88 | 53,508.72 | 1,168,273.16 | ||
| Total | 1,221,781.88 | 53,508.72 | 1,168,273.16 |
15.Deferredincometaxassets/deferredincometaxliabilities
(1)Deferredincometaxassetshadnotbeenoff-set
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning | ||
| Deductibletemporarydifference | Deferredincometaxassets | Deductibletemporarydifference | Deferredincometaxassets | |
| Deductibleloss | 1,126,696,090.04 | 281,674,022.51 | 1,281,389,685.73 | 320,347,421.43 |
| Fixedassets | 486,210,744.68 | 121,552,686.17 | 506,674,347.73 | 126,668,586.93 |
| Intangibleassets | 561,287.20 | 140,321.80 | 1,876,105.71 | 469,026.43 |
| Total | 1,613,468,121.92 | 403,367,030.48 | 1,789,940,139.17 | 447,485,034.79 |
(2)Deferredincometaxliabilitieshadnotbeenoff-set
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning | ||
| Deductibletemporarydifference | Deferredincometaxliabilities | Deductibletemporarydifference | Deferredincometaxliabilities | |
| Changesinthefairvalueofotherequityinstruments | 378,760,459.84 | 94,690,114.96 | 352,882,416.00 | 88,220,604.00 |
| Fixedassets | 433,956,737.96 | 108,489,184.49 | 469,807,142.34 | 117,451,785.59 |
| Total | 812,717,197.80 | 203,179,299.45 | 822,689,558.34 | 205,672,389.59 |
（3）DeferredtaxassetsofLiabilitiesthatarepresentedatthenetamountafteroffsetting
Nil
（4）Detailsofunrecognizeddeferredtaxassets
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| Deductibletemporarydifferences | 89,748,845.07 | 89,748,845.07 |
| Deductiblelosses | 5,781,345.15 | 8,796,952.44 |
| Total | 95,530,190.22 | 98,545,797.51 |
（5）Deductiblelossesoftheun-recognizeddeferredincometaxassetwillexpireinthefollowingyears
InRMB
| Year | Balanceinyear-end | BalanceYear-beginning | Remark |
| 2019 | 3,456,570.30 | ||
| 2020 | |||
| 2021 | |||
| 2022 | 1,133,109.04 | 2,121,083.91 | |
| 2023 | 3,137,842.72 | 3,219,298.23 | |
| 2024 | 1,510,393.39 | ||
| Total | 5,781,345.15 | 8,796,952.44 | -- |
Othernotes：
16.OtherNon-currentassetsWhetherimplementednewrevenueguidelines?
□Yes√No
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| PrepaidProjectfee | 29,790,591.16 | 49,890,408.41 |
| Prepaidbusinesstax | 492,900.42 | 518,773.08 |
| Deductibleimporttax | 85,425,596.24 | 49,385,484.09 |
| Less：Partduewithin1year | ||
| Total | 115,709,087.82 | 99,794,665.58 |
Othernotes：
17.Accountpayable
（1）Listofaccountpayable
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| Within1year（Including1year） | 79,648,896.66 | 84,200,629.90 |
| 1-2years（including2years） | 18,724,164.80 | 8,911,247.40 |
| 2-3years（including3years） | 7,471,269.20 | 84,119,053.06 |
| Over3years | 109,595,484.17 | 26,548,260.38 |
| Total | 215,439,814.83 | 203,779,190.74 |
（2）Significantpayableagingmorethan1year
InRMB
| Items | Balanceinyear-end | Reason |
| HeshanLandandresourcesBureau | 38,186,893.60 | Unsettled |
| FoshanLandandresourcesBureau.ChanchengBranch | 13,700,178.00 | Unsettled |
| FoshanLandandresourcesBureau. | 11,335,478.40 | Unsettled |
| GuangdongHighwayConstructionCo.,Ltd. | 25,630,651.00 | Unsettled |
| GuangdongExpresswayCo.,Ltd. | 8,746,491.18 | Unsettled |
| GuangdongXinyueTrafficInvestmentCo.,Ltd. | 1,829,141.32 | Unsettled |
| ThethirdResearchInstituteoftheMinistryofPublicSecurity | 6,424,475.20 | Unsettled |
| DongguanYongyaoPhotoelectricityTechnologyCo.,Ltd. | 2,388,817.70 | Unsettled |
| Total | 108,242,126.40 | -- |
Othernotes：
18.PrepaymentreceivedWhetherimplementednewrevenueguidelines?
□Yes√No
(1)ListofPrepaymentreceived
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| Within1year（Including1year） | 215,840.47 | 516,610.46 |
| 1-2years（Including2years） | ||
| 2-3years（Including3years） | 419,601.44 | |
| Over3years | 11,509,298.49 | 11,103,496.11 |
| Total | 11,725,138.96 | 12,039,708.01 |
(2)Significantadvancefromcustomersagingoveroneyear
InRMB
| Items | Balanceinyear-end | Unpaid/Uncarryoverreason |
| GuangzhouHuanlongExpresswayCo., | 9,229,313.18 | Landrentisnotinthesettlementperiod |
| Ltd. | ||
| GuanghdongXinleTechnologyDevelopmentCo.,Ltd. | 1,757,170.13 | TheRentalisnotinthesettlementperiod |
| Total | 10,986,483.31 | -- |
19.PayableEmployeewage
（1）PayableEmployeewage
InRMB
| Items | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance |
| I.Short-termcompensation | 13,122,437.17 | 131,540,765.12 | 127,852,673.86 | 16,810,528.43 |
| II.Post-employmentbenefits-definedcontributionplans | 20,234,926.19 | 18,922,057.52 | 1,312,868.67 | |
| Total | 13,122,437.17 | 151,775,691.31 | 146,774,731.38 | 18,123,397.10 |
（2）Short-termRemuneration
InRMB
| Items | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance |
| 1.Wages,bonuses,allowancesandsubsidies | 628,563.49 | 96,560,819.61 | 92,603,286.95 | 4,586,096.15 |
| 2.Employeewelfare | 8,294,025.59 | 8,268,433.50 | 25,592.09 | |
| 3.Socialinsurancepremiums | 9,030,523.22 | 9,024,732.34 | 5,790.88 | |
| Including：Medicalinsurance | 5,950,272.65 | 5,945,195.29 | 5,077.36 | |
| Workinjuryinsurance | 151,140.26 | 151,079.52 | 60.74 | |
| Maternityinsurance | 823,534.50 | 822,881.72 | 652.78 | |
| Supplementarymedicalinsurance | 2,105,575.81 | 2,105,575.81 | ||
| 4.Publicreservesforhousing | 13,332,834.00 | 13,322,552.00 | 10,282.00 | |
| 5.Unionfundsandstaffeducationfee | 11,817,868.74 | 3,248,185.04 | 3,560,531.41 | 11,505,522.37 |
| 6.OtherShort-termremuneration | 3,600.00 | 3,600.00 | ||
| 8.Other | 676,004.94 | 1,070,777.66 | 1,069,537.66 | 677,244.94 |
| Total | 13,122,437.17 | 131,540,765.12 | 127,852,673.86 | 16,810,528.43 |
（3）Definedcontributionplanslisted
InRMB
| Items | BalanceYear-beginning | Increaseinthisperiod | Payableinthisperiod | Balanceinyear-end |
| 1.Basicold-ageinsurancepremiums | 11,350,594.44 | 11,341,888.96 | 8,705.48 | |
| 2.Unemploymentinsurance | 433,378.99 | 433,010.35 | 368.64 | |
| 3.Enterpriseannuitypayment | 8,450,952.76 | 7,147,158.21 | 1,303,794.55 | |
| Total | 20,234,926.19 | 18,922,057.52 | 1,312,868.67 |
Othernotes：
20.TaxPayable
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| VAT | 9,558,893.25 | 13,473,944.70 |
| EnterpriseIncometax | 83,409,953.90 | 85,375,209.49 |
| IndividualIncometax | 95,911.15 | 3,551,727.77 |
| CityConstructiontax | 510,507.83 | 793,960.96 |
| Landusetax | 607,742.40 | 200,454.00 |
| Propertytax | 619,943.82 | 155,413.34 |
| Educationsubjoin | 247,654.02 | 371,885.57 |
| LocalityEducationsubjoin | 151,087.55 | 233,892.04 |
| Stamptax | 3,744.73 | 26,304.47 |
| Other | 2,460.00 | 15,953.72 |
| Total | 95,207,898.65 | 104,198,746.06 |
Othernotes：
21.Otheraccountspayable
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| Interestpayable | 17,157,289.56 | 8,971,576.57 |
| Dividendpayable | 21,150,413.70 | 17,191,142.23 |
| Otheraccountpayable | 246,255,948.01 | 165,091,746.04 |
| Total | 284,563,651.27 | 191,254,464.84 |
（1）Interestpayable
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| Paytheinterestforlong-termloansbyinstallments. | 6,702,057.71 | 7,832,311.57 |
| Interestonmedium-termbills | 9,091,506.85 | |
| Interestpayableonentrustedloans | 1,363,725.00 | 1,139,265.00 |
| Total | 17,157,289.56 | 8,971,576.57 |
-ParticularsofsignificantoverdueunpaidinterestNil
（2）Dividendspayable
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| Commonstockdividends | 21,150,413.70 | 17,191,142.23 |
| Total | 21,150,413.70 | 17,191,142.23 |
Note:Includingsignificantunpaiddividendspayableoveroneyear,theunpaidreasonshallbedisclosed:
Finaldividendpayable16,962,838.73yuanformorethanayearinunpaiddividendstoshareholdersovertheyearwasmainlyduetonon-paymentofshareholderdividendsdidnotprovideinformationoninterest-bearingbank,didnotsharereformofshareholderstoreceivedividendsorprovideapplicationtoreceivedividendsthebankinformationisincorrect,resultinginfailuretopayadividendorrefund.
（3）Otheraccountspayable
(1)Otheraccountspayablelistedbynatureoftheaccount
InRMB
| Items | Year-endbalance | Year-Beginningbalance |
| Qualityguaranteefund | 69,503,074.61 | 67,696,625.43 |
| Deposit | 3,598,824.65 | 1,876,467.00 |
| Other | 38,154,048.75 | 50,518,653.61 |
| Borrowing | 135,000,000.00 | 45,000,000.00 |
| Total | 246,255,948.01 | 165,091,746.04 |
(2)Othersignificantaccountspayablewithagingoveroneyear
InRMB
| Items | Closingbalance | Unpaid/un-carryoverreason |
| ChinaRailwayTunnelGroupCo.,Ltd. | 5,514,979.86 | ProjectQualityguarantees |
| ChinaRailway18BureauGroupCo.,Ltd. | 7,134,981.40 | ProjectQualityGuarantees,Contractualpenalty,Wagedeposit |
| BaoliChangdaHighwayEngineeringCo.,Ltd. | 8,106,409.63 | ProjectQualityGuarantees,Projectperformancefund |
| DongguanYueyuOptoelectronicTechnologyCo.,Ltd. | 1,534,850.00 | ProjectQualityguarantee |
| Total | 22,291,220.89 | -- |
Othernotes
22.Non-currentliabilitiesduewithin1year
InRMB
| Items | Balanceyear-end | Year-beginningbalance |
| Long-termloansduewithin1year | 2,041,365,000.00 | 2,498,480,000.00 |
| Total | 2,041,365,000.00 | 2,498,480,000.00 |
Othernotes
23.Long-termloan
(1)Categoryoflong-termloan
InRMB
| Items | Balanceyear-end | Year-beginningbalance |
| Pledgeloan | 386,700,000.00 | 422,350,000.00 |
| Guaranteedloan | 750,000,000.00 | 1,125,000,000.00 |
| Creditloan | 4,186,390,000.00 | 3,934,170,000.00 |
| Long-termloansduewithinoneyear | -2,041,365,000.00 | -2,498,480,000.00 |
| Total | 3,281,725,000.00 | 2,983,040,000.00 |
Othernotesincludinginterestraterange：
ThePledgeloanrateis4.41%;theguaranteedloaninterestrateis5.6%;thecreditinterestrateis4.20%-4.41%.
Notes：
SeeSectionVII,48forthetypesandamountsofmortgagedassetsofpledgedloans.
24.Bondpayable
（1）Bondpayable
InRMB
| Items | Balanceyear-end | Year-beginningbalance |
| Medium-termnote | 677,902,761.25 | |
| Total | 677,902,761.25 |
（2）Changesofbondspayable(Notincludingtheotherfinancialinstrumentofpreferredstockandperpetualcapitalsecuritiesthatclassifyasfinancialliability
InRMB
| Nameofthebond | Bookvalue | Issuedate | Period | Issueamount | Openingbalance | Thecurrentissue | Withdrawinterestatpar | Overflowdiscountamount | Payincurrentperiod | Closingbalance |
| GuangdongExpresswayMTN001 | 680,000,000.00 | 2019.3.1 | 2019.3.1-2024.3.1 | 680,000,000.00 | 680,000,000.00 | -2,097,238.75 | 677,902,761.25 |
(3)Notetoconditionsandtimeofsharetransferofconvertiblebonds
Nil
（4）Otherfinancialinstrumentsthatareclassifiedasfinancialliabilities
Nil
25.Long-termpayable
InRMB
| Items | Balanceyear-end | Year-beginningbalance |
| Long-termpayable | 39,625,983.68 | 38,022,210.11 |
| Total | 39,625,983.68 | 38,022,210.11 |
(1)Long-termpayablelistedbynatureoftheaccount
InRMB
| Items | Balanceyear-end | Year-beginningbalance |
| Non-operatingassetpayable | 2,022,210.11 | 2,022,210.11 |
| GuangdongJiangzhongExpresswayCo.,Ltd.Entrustedloan | 36,000,000.00 | 36,000,000.00 |
| Mediumtermbillunderwritingfee | 1,603,773.57 | |
| Partduewithinayear |
Othernotes：
（2）Specialpayable
Nil
26.Deferredincome
InRMB
| Items | Openingbalance | Increase | Decrease | Closingbalance | Cause |
| Governmentsubsidy | 2,500,000.00 | 2,500,000.00 | |||
| Total | 2,500,000.00 | 2,500,000.00 | -- |
Detailsofgovernmentsubsidies：
InRMB
| Items | Beginningofterm | Newsubsidyincurrentperiod | Amounttransferredtonon-operationalincome | Otherincomerecordedinthecurrentperiod | Amountofcostdeductedinthecurrentperiod | Otherchanges | Endofterm | Asset-relatedorincome-related |
| Financialdiscount | 2,500,000.00 | 2,500,000.00 | Relatedtoincome |
27.Stockcapital
InRMB
| BalanceYear-beginning | Changed（+，-） | Balanceinyear-end | |||||
| Issuanceofnewshare | Bonusshares | Capitalizationofpublicreserve | Other | Subtotal | |||
| Totalofcapitalshares | 2,090,806,126.00 | 2,090,806,126.00 | |||||
28.Capitalreserves
InRMB
| Items | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance |
| Sharepremium | 2,508,408,342.99 | 2,508,408,342.99 | ||
| Othercapitalreserves | 28,366,622.32 | 25,795,500.00 | 54,162,122.32 | |
| Total | 2,536,774,965.31 | 25,795,500.00 | 2,562,570,465.31 |
-Thesituationofchangeinthecurrentcapitalreserveisasfollows:
Thecapitalreserveinthisperiodwasincreased25,795,500.00yuanduetothechangeoftheowner'sequityofthejoint-stockcompany
29.Othercomprehensiveincome
InRMB
| Items | Year-beginningbalance | Amountofcurrentperiod | Year-endbalance | |||||
| Amountincurredbeforeincometax | Less：Amounttransferredintoprofitandlossinthecurrentperiodthatrecogniedintoothercomprehensiveincomeinpriorperiod | Less：Priorperiodincludedinothercompositeincometransfertoretainedincomeinthecurrentperiod | Less：Incometaxexpenses | After-taxattributetotheparentcompany | After-taxattributetominorityshareholder | |||
| Othercomprehensiveincomewillbereclassifiedintoincomeorlossinthefuture | 264,661,812.00 | 25,878,043.84 | 6,469,510.96 | 19,408,532.88 | 284,070,344.88 | |||
| Including:Shareofothercomprehensiveincomeoftheinvesteethatcannotbetransferredtoprofitorlossaccountedforusingtheequitymethod | 264,661,812.00 | 25,878,043.84 | 6,469,510.96 | 19,408,532.88 | 284,070,344.88 | |||
| Othercomprehensiveincomereclassifiabletoprofitorlossinsubsequentperiods | -8,488,346.90 | -470,449.14 | -470,449.14 | -8,958,796.04 | ||||
| Including：Shareofothercomprehensiveincomeoftheinvesteethatcannotbetransferredtoprofitorlossaccountedforusingtheequitymethod | -8,488,346.90 | -470,449.14 | -470,449.14 | -8,958,796.04 | ||||
| Totalofothercomprehensiveincome | 256,173,465.10 | 25,407,594.70 | 6,469,510.96 | 18,938,083.74 | 275,111,548.84 | |||
Othernotes,includingtheadjustmentoftherecognitionofinitialamountofeffectivepartofthecashflowhedginggainsandlossestransferintoarbitrageditems:
Nil
30.Surplusreserve
InRMB
| Items | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance |
| Statutorysurplusreserve | 775,402,561.35 | 775,402,561.35 | ||
| Total | 775,402,561.35 | 775,402,561.35 |
Notes:Nil
31.Retainedprofits
InRMB
| Items | Amountofthisperiod | Amountoflastperiod |
| Beforeadjustments:Retainedprofitsinlastperiodend | 3,938,609,136.59 | 3,550,110,288.49 |
| Adjustthetotalundistributedprofitsatthebeginningoftheperiod | -11,353,413.48 | |
| Afteradjustments:Retainedprofitsattheperiodbeginning | 3,927,255,723.11 | 3,550,110,288.49 |
| Add：Netprofitbelongingtotheowneroftheparentcompany | 736,486,112.30 | 1,677,028,179.18 |
| Less:Statutorysurplusreserve | 230,581,431.32 | |
| Commonstockdividendpayable | 1,175,033,042.81 | 1,057,947,899.76 |
| Retainedprofitattheendofthisterm | 3,488,708,792.60 | 3,938,609,136.59 |
Asregardsthedetailsofadjustedthebeginningundistributedprofits
(1)AstheretroactiveadjustmentonEnterpriseAccountingStandardsanditsrelatednewregulations,theaffectedbeginningundistributedprofitsareRMB-11,353,413.48
(2)Asthechangeoftheaccountingpolicy,theaffectedbeginningundistributedprofitsareRMB-11,353,413.48
(3)Asthecorrectionofsignificantaccountingerror,theaffectedbeginningundistributedprofitsareRMB0.00.
(4)Asthechangeofconsolidationscopecausedbythesamecontrol,theaffectedbeginningundistributedprofitsareRMB0.00.
(5)OtheradjustmentofthetotalaffectedbeginningundistributedprofitsareRMB0.00.
32.Operationincomeandoperationcost
InRMB
| Items | Amountofthisperiod | Amountoflastperiod | ||
| Income | Cost | Income | Cost | |
| Mainoperation | 1,465,140,817.31 | 536,808,262.05 | 1,518,875,852.56 | 522,317,994.54 |
| Otheroperation | 18,532,427.90 | 12,815,548.44 | 16,988,292.58 | 11,418,571.81 |
| Total | 1,483,673,245.21 | 549,623,810.49 | 1,535,864,145.14 | 533,736,566.35 |
Whetherimplementednewrevenueguidelines?
□Yes√NoOthernotes
33.Businesstaxandsubjoin
InRMB
| Items | Amountofthisperiod | Amountoflastperiod |
| Urbanconstructiontax | 2,826,207.50 | 2,938,753.34 |
| Educationsurcharge | 1,334,286.59 | 1,380,805.75 |
| Propertytax | 653,603.50 | 661,486.13 |
| Landusetax | 607,742.40 | 603,977.11 |
| Vehicleusetax | 27,413.99 | 38,698.53 |
| Stamptax | 151,645.56 | 242,575.38 |
| Businesstax | 25,872.66 | 25,872.66 |
| LocalityEducationsurcharge | 889,523.37 | 920,536.09 |
| Other | 40,728.40 | 40,410.00 |
| Total | 6,557,023.97 | 6,853,114.99 |
Othernotes：
ThevarioustaxesandadditionalpaymentcriteriaaredetailedintheSectionVI,tax.
34.Administrativeexpenses
InRMB
| Items | Amountofthisperiod | Amountoflastperiod |
| Wage | 51,876,703.42 | 49,712,683.56 |
| DepreciationandAmortization | 5,426,970.90 | 5,428,661.13 |
| Lowconsumablesamortization | 270,716.05 | 279,304.70 |
| Travelexpenses | 425,060.93 | 384,417.28 |
| Officeexpenses | 4,046,634.57 | 2,828,218.57 |
| Leasedexpenses | 5,621,607.68 | 5,606,396.14 |
| Thefeeforhiringagency | 4,459,697.91 | 2,202,760.36 |
| Consultationexpenses | 1,186,300.00 | 853,466.98 |
| Listingfee | 11,320.75 | 11,320.76 |
| Informationcostandmaintenancefee | 180,975.14 | 48,300.00 |
| Other | 3,469,223.12 | 5,753,931.46 |
| Total | 76,975,210.47 | 73,109,460.94 |
35.R&Dcost
InRMB
| Items | Amountofthisperiod | Amountoflastperiod |
| Laborcost | 2,306,179.75 | |
| Depreciationexpenses | 52,214.75 | |
| Other | 126,778.53 | |
| Total | 2,485,173.03 |
36.Financialexpenses
InRMB
| Items | Amountofthisperiod | Amountoflastperiod |
| Interestexpenses | 115,040,857.71 | 125,752,286.60 |
| Depositinterestincome（-） | -15,761,707.69 | -18,076,236.30 |
| ExchangeIncomeandloss（Gain-） | 1,590,432.88 | 2,348,188.17 |
| Bankcommissioncharge | 904,728.33 | 2,755,977.00 |
| Other | 1,755,451.17 | |
| Total | 103,529,762.40 | 112,780,215.47 |
37.Othergains
InRMB
| Items | Amountofthisperiod | Amountoflastperiod |
| Maternityallowance | 377,218.29 | |
| Returnofincometaxprocedures | 40,043.40 |
| A10%deductionforinputtax | 2,965.93 |
| Total | 420,227.62 |
38.Investmentincome
InRMB
| Items | Amountofthisperiod | Amountoflastperiod |
| Long-termequityinvestmentincomebyequitymethod | 237,712,998.09 | 216,777,157.34 |
| Dividendseamedduringtheholdingperiodoninvestmentsinotherequityinstrument | 38,528,868.23 | |
| Holdtheinvestmentincomeduringfromavailable-for-salefinancialassets | 42,581,144.86 | |
| Total | 276,241,866.32 | 259,358,302.20 |
39.AssetimpairmentlossWhetherimplementednewrevenueguidelines?
□Yes√No
InRMB
| Items | Amountofthisperiod | Amountoflastperiod |
| I.Baddebtloss | 57,890.35 | |
| Total | 57,890.35 |
Othernote：
40.Assetsdisposalincome
InRMB
| Source | Amountofthisperiod | Amountoflastperiod |
| IncomefromdisposalofFixedassets | 44,860,186.67 | |
| IncomefromdisposalofIntellectualpropertyright | 13,129,094.29 |
Notes：AccordingtotheoverallplanofupgradingandrenovationofGuangdongexpresswaytollcollectionsystem.InApril2019,GuangdongGaosuScienceandTechnologyInvestmentCo.,Ltd.transferredtherelatedrightsof"BlueChannel"whichhadnotbeencompletedasanassetgrouptotherelatedparty,GuangdongUnitollCollectionInc.ThetransactionwasbasedontheevaluationvalueoftheunderlyingassetgroupofChinaFederationInternationalAssessmentConsultingCo.,Ltd.(AssessmentReportNo.WIGPD0664,CIFICInternationalCommentary[2018]).
41.Non-Operationincome
InRMB
| Items | Amountofthisperiod | Amountoflastperiod | Recordedintheamountofthenon-recurringgainsandlosses |
| Loss&abandonmentofnon-currentassets | 110,018.02 | ||
| Roadpropertyclaimincome | 543,754.07 | 736,148.53 | 543,754.07 |
| Otherincome | 191,605.69 | 1,841,394.03 | 191,605.69 |
| Total | 735,359.76 | 2,687,560.58 | 735,359.76 |
-Governmentsubsidyreckonedintocurrentgains/losses:Nil
42.Non-Operationexpense
InRMB
| Items | Amountofcurrentperiod | Amountofpreviousperiod | Theamountofnon-operatinggains&losses |
| Loss&abandonmentofnon-currentassets | 2,591,350.52 | 505,483.87 | 2,591,350.52 |
| Fine | 207.98 | 357,855.32 | 207.98 |
| Other | 1,639,849.45 | 1,144,628.24 | 1,639,849.45 |
| Total | 4,231,407.95 | 2,007,967.43 | 4,231,407.95 |
43.Incometaxexpense
(1)Listsofincometaxexpense
InRMB
| Items | Amountofcurrentperiod | Amountofpreviousperiod |
| Currentincometaxexpense | 154,541,370.84 | 179,094,084.83 |
| Deferredincometaxexpense | 35,155,403.21 | 34,127,634.02 |
| Total | 189,696,774.05 | 213,221,718.85 |
(2)Adjustmentprocessofaccountingprofitandincometaxexpense
InRMB
| Items | Amountofcurrentperiod |
| Totalprofits | 1,033,282,577.92 |
| Currentincometaxexpenseaccountedbytaxandrelevantregulations | 258,320,644.48 |
| Influenceofnontaxableincome | -69,151,826.00 |
| Impactofnon-deductiblecosts,expensesandlosses | 1,297,869.31 |
| Affecttheuseofdeferredtaxassetsearlyunconfirmeddeductiblelosses | -1,111,136.29 |
| Thecurrentperioddoesnotaffectthedeferredtaxassetsrecognizeddeductibletemporarydifferencesordeductibleloss | 387,306.91 |
| other | -46,084.36 |
| Incometaxexpense | 189,696,774.05 |
44.OthercomprehensiveincomeRefertothenotes7.29
45.ItemsofCashflowstatement
（1）Othercashreceivedfrombusinessoperation
InRMB
| Items | Amountofcurrentperiod | Amountofpreviousperiod |
| Interestincome | 15,761,707.69 | 18,076,236.30 |
| Unitcurrentaccount | 9,857,010.59 | 23,870,093.68 |
| Total | 25,618,718.28 | 41,946,329.98 |
（2）Othercashpaidrelatedtooperatingactivities
InRMB
| Items | Amountofcurrentperiod | Amountofpreviousperiod |
| Managementexpense | 16,677,364.01 | 18,068,478.74 |
| Networkreceivedtollincome | 6,999,980.83 | 3,803,254.03 |
| Unitcurrentaccount | 14,244,441.25 | |
| Total | 37,921,786.09 | 21,871,732.77 |
(3)CashreceivedrelatedtootherinvestmentactivitiesNil
(4)Cashpaidrelatedtootherinvestmentactivities
Nil
（5）Othercashreceivedinrelationtofinancingactivities
Nil
（6）Cashpaidrelatedwithfinancingactivities
InRMB
| Items | Amountofcurrentperiod | Amountofpreviousperiod |
| Medium-termbillissuancefee | 791,384.00 | |
| Total | 791,384.00 |
46.SupplementInformationforcashflowstatement
（1）SupplementInformationforcashflowstatement
InRMB
| SupplementInformation | Amountofcurrentperiod | Amountofpreviousperiod |
| I.Adjustingnetprofittocashflowfromoperatingactivities | -- | -- |
| Netprofit | 843,585,803.87 | 898,633,867.88 |
| Add:Impairmentlossprovisionofassets | -57,890.35 | |
| Depreciationoffixedassets,oilandgasassetsandconsumablebiologicalassets | 402,575,984.69 | 398,876,127.65 |
| Amortizationofintangibleassets | 1,184,929.43 | 1,318,922.34 |
| AmortizationofLong-termdeferredexpenses | 53,508.72 | 55,661.40 |
| Lossondisposaloffixedassets,intangibleassetsandotherlong-termdeferredassets | -13,129,094.29 | -44,860,186.67 |
| Fixedassetsscraploss | 2,591,350.52 | 395,465.85 |
| Financialcost | 116,631,290.59 | 130,600,474.77 |
| SupplementInformation | Amountofcurrentperiod | Amountofpreviousperiod |
| Lossoninvestment | -276,241,866.32 | -259,358,302.20 |
| Decreaseofdeferredincometaxassets | 44,118,004.31 | 54,102,320.89 |
| Increasedofdeferredincometaxliabilities | -8,962,601.10 | -42,912,043.91 |
| Decreaseofinventories | -29,124.58 | -139,076.49 |
| Deceaseofoperatingreceivables | -16,566,898.76 | -4,522,183.33 |
| IncreasedofoperatingPayable | -45,000,189.85 | -312,353,569.73 |
| Netcashflowsarisingfromoperatingactivities | 1,050,811,097.23 | 819,779,588.10 |
| II.Significantinvestmentandfinancingactivitiesthatwithoutcashflows: | -- | -- |
| 3．Movementofcashandcashequivalents： | -- | -- |
| Endingbalanceofcash | 2,036,803,751.05 | 1,821,466,139.37 |
| Less:Beginningbalanceofcashequivalents | 2,123,303,796.32 | 2,363,042,700.42 |
| Netincreaseofcashandcashequivalents | -86,500,045.27 | -541,576,561.05 |
(2)NetCashpaidofobtainingthesubsidiary
Nil
(3)NetCashreceiveofdisposalofthesubsidiary
Nil
（4）Compositionofcashandcashequivalents
InRMB
| Items | Balanceinyear-end | Balanceinyear-Beginning |
| Cash | 2,036,803,751.05 | 2,123,303,796.32 |
| Ofwhich:Cashinstock | 91,690.76 | 53,211.49 |
| Banksavingscouldbeusedatanytime | 2,036,197,054.12 | 2,122,585,810.07 |
| Othermonetarycapitalcouldbeusedatanytime | 515,006.17 | 664,774.76 |
| Balanceofcashandcashequivalentsattheperiodend | 2,036,803,751.05 | 2,123,303,796.32 |
Othernote：
Cashandcashequivalentsexcluderestrictedcashandcashequivalentsusedbyparentcompaniesorsubsidiarieswithinagroup.
47.Noteofstatementofchangesintheowner'sequity
Explain"other"projectnameandadjustmentamountoftheadjustmentofclosingbalanceinpreviousyear,etc.:
Nil
48.Theassetswiththeownershiporuserightrestricted
InRMB
| Items | Bookvalueattheendoftheperiod | Restrictedreason |
| Monetaryfund | 1,221,200.00 | Landreclamationfundsinthefundescrowaccount |
| Total | 1,221,200.00 | -- |
Othernotes：
UptoJune30,2019,JingzhuExpresswayGuangzhuSectionCo.,Ltd.,thecontrollinggrandchildrencompanyoftheCompany,withthetollcollectionright19.20%ofPanyuTangkeng-ZhuhaiJindingsectionprojectinJingzhuexpressway,askedfor386,700,000.00yuanofloanfromGuangzhouWuyangBranchofICBCtoprovidepledgeguarantee(ofwhichthenon-currentdebtbalancewith1-yearexpirationwas38,680,000.00yuanandthelong-termloanbalancewas348,020,000.00yuan).
49.ForeigncurrencymonetaryitemsNil
50.HedgingNil
51.Governmentsubsidies
（1）Governmentsubsidiesconfirmedincurrentperiod
InRMB
| Items | Amount | Project | Amountincludedincurrentprofitandloss |
| Financialdiscount | 2,500,000.00 | Financialexpenses | 2,500,000.00 |
| Maternityallowance | 377,218.29 | Otherincome | 377,218.29 |
| Returnofincometaxprocedures | 40,043.40 | Otherincome | 40,043.40 |
| A10%deductionforinputtax | 2,965.93 | Otherincome | 2,965.93 |
（2）Governmentsubsidyreturn
Nil
52.Other
NilVIII.Changesofmergescope
1.Businessmergernotundersamecontrol
Nil
2.BusinesscombinationunderthesamecontrolNil
3.Counterpurchase
Nil
4.ThedisposalofsubsidiaryWhetherthereisasingledisposaloftheinvestmenttosubsidiaryandlostcontrol
□Yes√No
Whethertherearemultipletransactionsstepbystepdisposetheinvestmenttosubsidiaryandlostcontrolinreportingperiod
□Yes√No
5.OtherreasonsforthechangesincombinationscopeNotestoreasonsforthechangesincombinationscope(Newlyestablishedsubsidiaryandsubsidiaryofliquidation)andrelevantinformation
InAugust2018,GuangdongFokaiExpresswayCo.,Ltd.completedtheindustrialandcommercialcancellation,andobtainedthe“NoticeofApprovalforCancellationRegistration”andthe“NoticeofPermitforCancellationRegistration”.FromAugust2018,GuangdongFokaiExpresswayCo.,Ltd.wasnolongerincludedinthescopeofconsolidatedstatements.IX.Equityinotherentities
1.Equityinsubsidiary
(1)Thestructureoftheenterprisegroup
| NameofSubsidiary | MainPlacesofOperation | RegistrationPlace | NatureofBusiness | ShareholdingRatio(%) | ObtainingMethod | |
| direct | indirect | |||||
| GuangfoExpresswayCo.,Ltd. | Guangzhou | Guangzhou | ExpresswayManagement | 75.00% | Underthesamecontrolbusinesscombination | |
| GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | Guangzhou | Guangzhou | Investmentintechnicalindustriesandprovisionofrelevant | 100.00% | Investment | |
| GuangzhuoGuangzhuTrafficInvestmentManagementCo.,Ltd. | Guangzhou | Guangzhou | Investmentmanagement | 100.00% | Underthesamecontrolbusinesscombination | |
| JingzhuExpresswayGuangzhuSectionCo.,Ltd.（Notes） | Zhongshan | Guangzhou | ExpresswayManagement | 20.00% | 55.00% | Underthesamecontrolbusinesscombination |
| YuegaoCapitalInvestment(Hengqin)Co.,Ltd. | Guangzhou | Zhuhai | Investmentmanagement | 100.00% | Investment | |
Notes:holdingproportioninsubsidiarydifferentfromvotingproportion:NilBasisofholdinghalforlessvotingrightsbutstillbeencontrolledinvesteeandholdingmorethanhalfofthevotingrightsnotbeencontrolledinvestee:NilSignificantstructureentitiesandcontrollingbasisinthescopeofcombination:NilBasisofdeterminewhethertheCompanyistheagentortheprincipal:NilOthernotes：
JingzhuExpresswayGuangzhuSectionCo.,Ltd.isanon-whollyownedsubsidiaryofGuangzhouGuangzhuTrafficInvestmentManagementCo.,Ltd.
GuangzhouGuangzhuTrafficInvestmentManagementCo.,Ltd.holds55%equityinGuangzhuSectionCo.,Ltd.ofBeijing-ZhuhaiExpressway.
(2)ImportantNon-wholly-ownedSubsidiary
InRMB
| NameofSubsidiary | ShareholdingRatioofMinorityShareholders(%) | ProfitorLossOwnedbytheMinorityShareholdersintheCurrentPeriod | DividendsDistributedtotheMinorityShareholdersintheCurrentPeriod | EquityBalanceoftheMinorityShareholdersintheEndofthePeriod |
| GuangfoExpresswayCo.,Ltd. | 25.00% | 35,631,805.76 | 64,914,807.35 | 110,721,305.45 |
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 25.00% | 71,467,885.81 | 158,471,897.94 | 232,591,404.70 |
Holdingproportionofminorityshareholderinsubsidiarydifferentfromvotingproportion
Nil
(3)Themainfinancialinformationofsignificantnotwhollyownedsubsidiary
InRMB
| Name | Year-endbalance | Year-beginningbalance | ||||||||||
| Currentassets | Non-currentassets | Totalassets | CurrentLiabilities | Non-currentliabilities | Totalliabilities | Currentassets | Non-currentassets | Totalassets | CurrentLiabilities | Non-currentliabilities | Totalliabilities | |
| GuangfoExpresswayCo.,Ltd. | 478,939,446.36 | 24,093,537.24 | 503,032,983.60 | 60,147,761.80 | 60,147,761.80 | 590,663,709.13 | 27,675,485.80 | 618,339,194.93 | 58,321,966.77 | 58,321,966.77 | ||
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 144,135,264.47 | 2,191,608,535.63 | 2,335,743,800.10 | 280,965,311.82 | 1,124,412,869.47 | 1,405,378,181.29 | 432,281,073.29 | 2,301,876,076.48 | 2,734,157,149.77 | 419,370,011.85 | 1,036,405,470.57 | 1,455,775,482.42 |
InRMB
| Name | Amountofcurrentperiod | Amountofpreviousperiod | ||||||
| Businessincome | Netprofit | TotalComprehensiveincome | Cashflowsfromoperatingactivities | Businessincome | Netprofit | TotalComprehensiveincome | Cashflowsfromoperatingactivities | |
| GuangfoExpresswayCo.,Ltd. | 231,359,875.86 | 142,527,223.05 | 142,527,223.05 | 146,829,390.44 | 226,325,833.32 | 142,435,343.71 | 142,435,343.71 | 145,431,353.01 |
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 613,528,787.18 | 285,871,543.23 | 285,871,543.23 | 390,248,834.50 | 645,871,184.09 | 336,091,139.89 | 336,091,139.89 | 433,240,710.71 |
Othernotes：
(4)SignificantrestrictionsofusingenterprisegroupassetsandpayoffenterprisegroupdebtNil
(5)ProvidefinancialsupportorothersupportforstructureentitiesincorporateintothescopeofconsolidatedfinancialstatementsNil
2.ThetransactionoftheCompanywithitsowner’sequitysharechangedbutstillcontrollingthesubsidiaryNil
3.Equityinjointventurearrangementorassociatedenterprise
(1)Significantjointventurearrangementorassociatedenterprise
| Name | Mainoperatingplace | Registrationplace | Businessnature | Proportion | Accountingtreatmentoftheinvestmentofjointventureorassociatedenterprise | |
| Directly | Indirectly | |||||
| GuangdongGuanghuiExpresswayCo.,Ltd. | Guangzhou,Guangdong | Guangzhou,Guangdong | ExpresswayManagement | 30.00% | Equitymethod | |
| ZhaoqingYuezhaoHighwayCo.,Ltd. | Zhaoqing,Guangdong | Zhaoqing,Guangdong | ExpresswayManagement | 25.00% | Equitymethod | |
| ShenzhenHuiyanExpresswayCo.,Ltd. | ShenzhenGuangdong | ShenzhenGuangdong | ExpresswayManagement | 33.33% | Equitymethod | |
| GuangdongJiangzhongExpresswayCo.,Ltd. | Zhongshan,Guangdong | Guangzhou,Guangdong | ExpresswayManagement | 15.00% | Equitymethod | |
| GanzhoukangdaExpresswayCo.,Ltd. | Gangzhou,Jiangxi | Gangzhou,Jiangxi | ExpresswayManagement | 30.00% | Equitymethod | |
| GanzhouGankangExpressway | Gangzhou,Jiangxi | Gangzhou,Jiangxi | ExpresswayManagement | 30.00% | Equitymethod | |
| Co.,Ltd. | ||||||
| GuangdongYuekeTechnologyPettyLoanCo.,Ltd. | Guangzhou,Guangdong | Guangzhou,Guangdong | Handeallkindsofsmallloans | 20.00% | Equitymethod | |
| GuangyuanSecuritiesCo.,Ltd. | Hefei,Anhui | Hefei,Anhui | Securitybusiness | 2.37% | Equitymethod |
Notestoholdingproportionofjointventureorassociatedenterprisedifferentfromvotingproportion:
NilBasisofholdinglessthan20%ofthevotingrightsbuthasasignificantimpactorholding20%ormorevotingrightsbutdoesnothaveasignificantimpact:
Guangdong,JiangzhongExpresswayCo.,LtdandGuangyuanSecuritiesCo.,
Ltd...holds20%ofthevotingrights,buthasthepowertoparticipateinmakingdecisionsontheirfinancialandop
eratingdecisions,andthereforedeemedtobeabletoexertsignificantinfluenceovertheinvestee.
(2)Mainfinancialinformationofsignificantjointventure
InRMB
| Year-endbalance/Amountofcurrentperiod | Year-beginningbalance/Amountofpreviousperiod | |||
| GuangdongGuanghuiExpresswayCo.,Ltd. | ZhaoqingYuezhaoHighwayCo.,Ltd. | GuangdongGuanghuiExpresswayCo.,Ltd. | ZhaoqingYuezhaoHighwayCo.,Ltd. | |
| Currentassets | 1,037,374,944.35 | 223,190,616.84 | 886,631,849.70 | 196,254,075.84 |
| Including：Cashandcashequivalent | 649,776,493.58 | 203,757,595.19 | 621,540,000.54 | 180,784,827.23 |
| Non-currentassets | 3,684,003,696.57 | 1,503,858,440.11 | 3,813,612,927.86 | 1,565,557,770.89 |
| Totalassets | 4,721,378,640.92 | 1,727,049,056.95 | 4,700,244,777.56 | 1,761,811,846.73 |
| Currentliabilities | 380,259,354.55 | 170,743,108.11 | 544,082,765.04 | 151,065,956.20 |
| Non-currentliabilities | 750,585,884.83 | 429,171,145.43 | 847,757,933.94 | 382,056,538.13 |
| Totalliabilities | 1,130,845,239.38 | 599,914,253.54 | 1,391,840,698.98 | 533,122,494.33 |
| Attributabletoshareholdersoftheparentcompany | 3,590,533,401.54 | 1,127,134,803.41 | 3,308,404,078.58 | 1,228,689,352.40 |
| Shareofnetassetscalculatedbystake | 1,077,160,020.46 | 281,783,700.85 | 992,521,223.58 | 307,172,338.10 |
| Bookvalueofequityinvestmentinjoint | 1,077,160,020.46 | 281,783,700.85 | 992,521,223.58 | 307,172,338.10 |
| ventures | ||||
| Operatingincome | 917,898,192.73 | 271,809,006.27 | 878,931,209.54 | 264,667,911.36 |
| Financialexpenses | 10,890,126.55 | 8,018,895.83 | 18,892,654.01 | 11,944,947.35 |
| Incometaxexpenses | 159,573,250.38 | 36,249,025.63 | 152,535,401.50 | 39,485,100.11 |
| Netprofit | 478,273,173.41 | 111,276,912.65 | 447,126,957.50 | 114,543,781.53 |
| Totalcomprehensiveincome | 478,273,173.41 | 111,276,912.65 | 447,126,957.50 | 114,543,781.53 |
| Dividendsreceivedfromjointventuresthisyear | 84,638,655.14 | 53,207,865.41 | 37,805,847.20 | 43,088,859.48 |
Othernotes
(3)Mainfinancialinformationofsignificantassociatedenterprise
InRMB
| Year-endbalance/Amountofcurrentperiod | Year-beginningbalance/Amountofpreviousperiod | |||||||||||
| ShenzhenHuiyanExpresswayCo.,Ltd. | GuangdongJiangzhongExpresswayCo.,Ltd. | GanzhouKangdaExpressway | GanzhouGankangExpresswayCo.,Ltd. | GuangdongYuekeTechnologyPettyLoanCo.,Ltd | GuoyuanSecuritiesCo.,Ltd. | ShenzhenHuiyanExpresswayCo.,Ltd. | GuangdongJiangzhongExpresswayCo.,Ltd. | GanzhouKangdaExpressway | GanzhouGankangExpresswayCo.,Ltd. | GuangdongYuekeTechnologyPettyLoanCo.,Ltd | GuoyuanSecuritiesCo.,Ltd. | |
| Currentassets | 203,740,250.60 | 197,428,062.33 | 55,202,301.36 | 291,779,329.73 | 1,435,055,907.93 | 61,855,277,205.05 | 153,631,998.00 | 86,313,236.14 | 35,495,996.32 | 270,093,954.27 | 1,394,967,072.45 | 42,721,180,653.50 |
| Non-currentassets | 579,942,539.84 | 1,616,367,531.02 | 1,442,449,120.81 | 1,326,869,593.48 | 8,497,468.27 | 23,466,136,337.81 | 569,633,252.71 | 1,701,322,494.90 | 1,463,543,288.08 | 1,372,121,014.40 | 8,047,674.82 | 35,374,232,070.51 |
| Totalassets | 783,682,790.44 | 1,813,795,593.35 | 1,497,651,422.17 | 1,618,648,923.21 | 1,443,553,376.20 | 85,321,413,542.86 | 723,265,250.71 | 1,787,635,731.04 | 1,499,039,284.40 | 1,642,214,968.67 | 1,403,014,747.27 | 78,095,412,724.01 |
| Currentliabilities | 31,708,445.60 | 210,083,276.93 | 112,133,062.29 | 81,897,874.17 | 73,463,278.19 | 47,675,073,040.50 | 31,603,980.10 | 170,304,772.67 | 72,629,731.89 | 109,921,418.26 | 40,797,858.70 | 46,417,460,063.63 |
| Non-currentLiabilities | 12,000,000.00 | 362,000,000.00 | 664,436,870.32 | 820,307,181.39 | 553,525.66 | 13,076,057,576.44 | 448,500,000.00 | 693,126,157.44 | 832,307,181.39 | 636,518.58 | 6,989,817,868.77 | |
| Totalliabilities | 43,708,445.60 | 572,083,276.93 | 776,569,932.61 | 902,205,055.56 | 74,016,803.85 | 60,751,130,616.94 | 31,603,980.10 | 618,804,772.67 | 765,755,889.33 | 942,228,599.65 | 41,434,377.28 | 53,407,277,932.40 |
| Year-endbalance/Amountofcurrentperiod | Year-beginningbalance/Amountofpreviousperiod | |||||||||||
| ShenzhenHuiyanExpresswayCo.,Ltd. | GuangdongJiangzhongExpresswayCo.,Ltd. | GanzhouKangdaExpressway | GanzhouGankangExpresswayCo.,Ltd. | GuangdongYuekeTechnologyPettyLoanCo.,Ltd | GuoyuanSecuritiesCo.,Ltd. | ShenzhenHuiyanExpresswayCo.,Ltd. | GuangdongJiangzhongExpresswayCo.,Ltd. | GanzhouKangdaExpressway | GanzhouGankangExpresswayCo.,Ltd. | GuangdongYuekeTechnologyPettyLoanCo.,Ltd | GuoyuanSecuritiesCo.,Ltd. | |
| MinorityShareholders’Equity | 235,126,897.17 | 11,457,327.58 | 263,112,578.63 | 11,368,910.62 | ||||||||
| Shareholders’equityattributabletoshareholdersoftheparent | 739,974,344.84 | 1,241,712,316.42 | 721,081,489.56 | 716,443,867.65 | 1,134,409,675.18 | 24,558,825,598.34 | 691,661,270.61 | 1,168,830,958.37 | 733,283,395.07 | 699,986,369.02 | 1,098,467,791.36 | 24,676,765,880.99 |
| Proratashareofthenetassetscalculated | 246,658,114.95 | 186,256,847.46 | 216,324,446.87 | 214,933,160.30 | 226,881,935.03 | 580,883,093.44 | 230,553,756.87 | 175,324,643.76 | 219,985,018.52 | 209,995,910.71 | 219,693,558.27 | 583,672,702.24 |
| --Good | 206,725,818.02 | 206,725,818.02 | ||||||||||
| Year-endbalance/Amountofcurrentperiod | Year-beginningbalance/Amountofpreviousperiod | |||||||||||
| ShenzhenHuiyanExpresswayCo.,Ltd. | GuangdongJiangzhongExpresswayCo.,Ltd. | GanzhouKangdaExpressway | GanzhouGankangExpresswayCo.,Ltd. | GuangdongYuekeTechnologyPettyLoanCo.,Ltd | GuoyuanSecuritiesCo.,Ltd. | ShenzhenHuiyanExpresswayCo.,Ltd. | GuangdongJiangzhongExpresswayCo.,Ltd. | GanzhouKangdaExpressway | GanzhouGankangExpresswayCo.,Ltd. | GuangdongYuekeTechnologyPettyLoanCo.,Ltd | GuoyuanSecuritiesCo.,Ltd. | |
| will | ||||||||||||
| Thebookvalueofequityinvestmentsinjointventures | 246,658,114.95 | 186,256,847.46 | 216,324,446.87 | 214,933,160.30 | 226,881,935.03 | 787,608,911.46 | 230,553,756.87 | 175,324,643.76 | 219,985,018.52 | 209,995,910.71 | 219,693,558.27 | 790,398,520.26 |
| Fairvalueofequityinvestmentofassociatedenterpriseswithopenquotation | 896,321,336.64 | 555,621,862.28 | ||||||||||
| Buinses | 117,304,8 | 242,978,582.04 | 120,016,044.66 | 86,684,080.43 | 71,544,176.43 | 1,616,521,271.21 | 121,958,669.64 | 238,655,329.27 | 113,055,381.54 | 78,967,126.91 | 91,160,960.52 | 1,109,717,564.95 |
| Year-endbalance/Amountofcurrentperiod | Year-beginningbalance/Amountofpreviousperiod | |||||||||||
| ShenzhenHuiyanExpresswayCo.,Ltd. | GuangdongJiangzhongExpresswayCo.,Ltd. | GanzhouKangdaExpressway | GanzhouGankangExpresswayCo.,Ltd. | GuangdongYuekeTechnologyPettyLoanCo.,Ltd | GuoyuanSecuritiesCo.,Ltd. | ShenzhenHuiyanExpresswayCo.,Ltd. | GuangdongJiangzhongExpresswayCo.,Ltd. | GanzhouKangdaExpressway | GanzhouGankangExpresswayCo.,Ltd. | GuangdongYuekeTechnologyPettyLoanCo.,Ltd | GuoyuanSecuritiesCo.,Ltd. | |
| sincme | 47.55 | |||||||||||
| Netprofit | 48,313,074.35 | 72,881,358.05 | 57,798,094.49 | 16,457,498.63 | 43,992,902.36 | 432,745,658.33 | 53,441,605.08 | 45,984,003.63 | 46,129,129.35 | 10,167,378.44 | 36,989,232.30 | 211,597,500.90 |
| Othercomprehensiveincome | 6,888,669.24 | -210,693,647.23 | ||||||||||
| Totalcomprehensiveincome | 48,313,074.35 | 72,881,358.05 | 57,798,094.49 | 16,457,498.63 | 43,992,902.36 | 439,634,327.57 | 53,441,605.08 | 45,984,003.63 | 46,129,129.35 | 10,167,378.44 | 36,989,232.30 | 903,853.67 |
| Dividendsreceivedfromassociatesduringtheyear | 3,789,200.79 | 11,940,297.90 | ||||||||||
Othernotes
(4)SummaryfinancialinformationofinsignificantjointventureorassociatedenterpriseNil
(5)NotetothesignificantrestrictionsoftheabilityofjointventureorassociatedenterprisetransferfundstotheCompanyNil
（6）Theexcesslossofjointventureorassociatedenterprise
(7)Theunrecognizedcommitmentrelatedtojointventureinvestment
Nil
(8)ContingentliabilitiesrelatedtojointventureorassociatedenterpriseinvestmentNil
4.Significantcommonoperation
Nil
5.EquityofstructureentitynotincludinginthescopeofconsolidatedfinancialstatementsNotes：
Nil
X.RisksRelatedtoFinancialInstruments
ThemainfinancialinstrumentsoftheCompanyincludeequityinvestments,financialproducts,trustinvestments,accountsreceivable,accountspayableetc.,pleaserefertoNote6fordetailofrelateditems.Theriskassociatedwithfinancialinstruments,andriskmanagementpolicieswhichtheCompanyusestoreducetheserisksaredescribedbelow.ThemanagementoftheCompanymanagesandsupervisestheriskstoensurethattheriskscanbecontrolledwithinalimitedrange.TheCompanyusessensitivityanalysistechniquestoanalyzetheimpactofreasonableandpossiblechangesinriskvariablesoncurrentprofitandlossorshareholders'equity.Sinceanyriskvariableseldomchangesinisolation,andthecorrelationbetweenvariableswillhaveasignificantimpactonthefinalamountofchangeinariskvariable,thefollowingisassumedtobeindependentofeachvariable.
(I)Thetargetsandpoliciesofriskmanagement
Thetargetofriskmanagementistoobtaintheproperbalancebetweentheriskandbenefit,toreducethenegativeimpactthatiscausedbytheriskoftheCompanytothelowestlevel,andtomaximizethebenefitsofshareholdersandotherequityinvestors.Basedonthetargetsofriskmanagement,thebasicstrategyoftheCompany’sriskmanagementistoidentifyandanalyzetheriskswhicharefacedbytheCompany,establishsuitablerisktolerancebaselineandproceedtheriskmanagement,andsuperviseavarietyofriskstimelyandreliably,andcontroltheriskswithinalimitedrange.
1.Marketrisk
（1）ForeignexchangeriskForeignexchangeriskreferstotheriskoflossduetoexchangeratefluctuationsgenerally.Ourforeignexchangeriskis
mainlyrelatedtoHongKongDollar.BesidesannualdistributionofB-shareshareholderdividends,othermajorbusinessactivitiesofourCompanyaresettledinRMB.Duringthereportingperiod,duetotheshortcreditperiodoftheCompany'sincomeandexpenditurerelatedtoforeigncurrency,itwasnotaffectedbyforeignexchangerisk.
（2）InterestrateriskTheCompany'sriskofcashflowchangesinfinancialinstrumentscausedbyinterestratechangesismainlyrelatedtofloatingratebankborrowings(seethisSectionVII23).TheCompany'spolicyistomaintainthefloatinginterestrateoftheseborrowings,andatthesametimetoreasonablyreducetheriskofinterestratefluctuationbyshorteningthetermofasingleloanandspecificallyagreeingonprepaymentterms.
（3）Otherpricerisk
TheinvestmentsheldbytheCompanyareclassifiedasfinancialassetsmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincome(financialassetsavailableforsaleonorbeforeDecember31,2018)andaremeasuredatfairvalueonthebalancesheetdate.Therefore,theCompanybearstheriskofchangesinthesecuritiesmarket.
2.Creditrisk
OnJune30,2019,thelargestcreditriskexposurethatmaycausefinanciallossesoftheCompanymainlycomesfromthelossoffinancialassetsoftheCompanycausedbythefailureoftheotherpartytoperformitsobligations.
Inordertoreducecreditrisk,theCompanyonlydealswithrecognizedandreputablecustomers.Inaddition,theCompanyreviewstherecoveryofeachsinglereceivablesoneachbalancesheetdatetoensurethatadequatebaddebtprovisionsaremadeforunrecoverableamounts.Consequently,theCompany'smanagementbelievesthattheCompany'screditriskhasbeengreatlyreduced.
3.Liquidityrisk
Whenmanagingliquidityrisks,theCompanymaintainssufficientcashandcashequivalentsasdeemedbythemanagementandmonitorthemtomeettheCompany'soperationalneedsandreducetheimpactofcashflowfluctuations.ThemanagementoftheCompanymonitorstheuseofbankloansandensurescompliancewiththeloanagreement.
(II)Transferoffinancialassets
Nil
(III)Offsettingoffinancialassetsandfinancialliabilities
Nil
XI.Thedisclosureofthefairvalue
1.Closingfairvalueofassetsandliabilitiescalculatedbyfairvalue
InRMB
| Items | Closingfairvalue | |||
| Firvaluemeasurementitemsatlevel1 | Firvaluemeasurementitemsatlevel2 | Firvaluemeasurementitemsatlevel3 | Total | |
| I.Consistentfairvalue | -- | -- | -- | -- |
| measurement | ||||
| （3）Otherequityinstrumentinvestment | 896,321,336.64 | 896,321,336.64 | ||
| Totalassetscontinuouslymeasuredatfairvalue | 896,321,336.64 | 896,321,336.64 | ||
| II.Non–persistentmeasure | -- | -- | -- | -- |
2.Marketpricerecognitionbasisforconsistentandinconsistentfairvaluemeasurementitemsatlevel1.Asattheendoftheperiod,thecompanyholdsshares235,254,944sharesofChinaEverbrightBankAccordingtotheclosingpriceofJune30,2019of3.81yuan,thefinalcalculationoffairvaluewas896,321,336.64yuan.
3.Valuationtechniqueadoptedandnatureandamountdeterminationofimportantparametersforconsistentandinconsistentfairvaluemeasurementitemsatlevel2.Nil
4.Sensitivenessanalysisonunobservableparametersandadjustmentinformationbetweenopeningandclosingbookvalueofconsistentfairvaluemeasurementitemsatlevel3.Nil
5.Sensitivenessanalysisonunobservableparametersandadjustmentinformationbetweenopeningandclosingbookvalueofconsistentfairvaluemeasurementitemsatlevel3.Nil
6.ExplainthereasonforconversionandthepolicygoverningwhentheconversionhappensifconversionhappensamongconsistentfairvaluemeasurementitemsatdifferentlevelsNil
7.ChangesinthevaluationtechniqueinthecurrentperiodandthereasonforchangeNil
8.Fairvalueoffinancialassetsandliabilitiesnotmeasuredatfairvalue
Attheendoftheperiod,thefairvalueoffinancialassetsandfinancialliabilitiesheldbytheCompanythatarenotmeasuredatfairvalueisasfollows:
| Items | Bookvalue | Fairvalues | Remark | ||
| BalanceatBeginningoftheYear | Endingamount | Affiliatedhierarchy | |||
| Financialassetsnotmeasuredatfairvalue | 798,348,301.73 | 798,348,301.73 | 798,348,301.73 |
| Investmentinotherequityinstruments | 798,348,301.73 | 798,348,301.73 | 798,348,301.73 |
9.Thevaluationmethodandrelevantinformationdescriptionofthefairvaluechangecausedbytheenterprise'sowncreditriskoffinancialassetsandfinancialliabilitiesdesignatedasfairvaluemeasurementandwhosechangesareincludedincurrentprofitsandlossesNil
XII.Relatedpartiesandrelated-partytransactions
1.Parentcompanyinformationoftheenterprise
Financialliabilitiesnotmeasuredatfairvalue
Name
| Name | Registeredaddress | Nature | Redistrictedcapital | TheparentcompanyoftheCompany'sshareholdingratio | TheparentcompanyoftheCompany’svoteratio |
| GuangdongcommunicationGroupCo.,Ltd | Guangzhou | Equitymanagement,trafficinfrastructureconstructionandrailwayprojectoperation | 26.8billion | 24.55% | 50.12% |
Notes：
GuangdongCommunicationGroupCo.,Ltd.isthelargestshareholderoftheCompany.legalrepresentative:DengXiaohua.Dateofestablishment:June23,2000.AsofJune30,2019,Registeredcapital:26.8billionyuan.Itisasolelystate-ownedlimitedcompany.Businessscope：equitymanagement,organizationofassetreorganizationandoptimizedallocation,raisingfundsbymeansincludingmortgage,transferofpropertyrightsandjointstocksystemtransformation,projectinvestment,operationandmanagement,trafficinfrastructureconstruction,highwayandrailwayprojectoperationandrelevantindustries,technologicaldevelopment,application,consultationandservices,highwayandrailwaypassengerandcargotransport,shipindustry,relevantoverseasbusinesses;Thevalue-addedcommunicationbusiness.ThefinialcontroloftheCompanywasStateownedassetssupervisionandAdministrationCommissionofGuangdongProvincialPeople'sGovernment.
2.SubsidiariesoftheCompanySubsidiariesofthisenterprise,seeNoteIX(1)therightsofotherentity
3.InformationonthejointventuresandassociatedenterprisesoftheCompany
Informationonotherjointventureandassociatedenterpriseofoccurringrelatedpartytransactionswiththe
Companyinreportingperiod,orformbalanceduetorelatedpartytransactionsinpreviousperiod:
Nil
4.OtherRelatedparties
| Name | RelationwiththeCompany |
| GuangdongLitongRealEstateInvestmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongHighwayConstructionCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongGuanghuiExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongGuangleExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongJiangzhongExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongUnionElectronServiceCo.,ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongHumenBridgeCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongXinyueTrafficInvestmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongLitongTechnologyInvestmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongTongyiExpresswayServiceAreaCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongExpresswayMediaCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongHualuTrafficTechnologyCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongGaodaPropertyDevelopmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongTwoGuangExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongHehuiExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongJiangzhaoExpresswayManagementCenter | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongKaiyangExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongLluoyangExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongMaozhanExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongMeiheExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongNinghuaExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongShanfenExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongYangmaoExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongYuedongExpresswayIndustryDevelopmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangshenzhuExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| HeyuanHelongExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| Name | RelationwiththeCompany |
| YunfuGuangyunExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongBodaExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongTrafficIndustryInvestmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongRoad&BridgeConstructionDevelopmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongZhaoyangExpresswayCo.,ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongBaomaoExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongYueyunTrafficCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongTaishanCoastalExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongLulutongCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongChaohuiExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongGuangfoExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongPingxingExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangzhouXinyueAsphaltCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongYueyunTrafficCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongJingzhuExpresswayGuangzhuNorthSectionCo.,Ltd. | Controlledbythesameparentcompanyandequityparticipationunit |
| GuangdongGuangzhuWestLineExpresswayCo.,Ltd. | Controlledbythesameparentcompanyandequityparticipationunit |
| BaoliChangdaEngineeringCo.,Ltd. | Shareholdingunitofparentcompany |
| GuangdongShenshanExpresswayCo.,Ltd. | Controlledbythesameparentcompanyandequityparticipationunit |
| GuangzhongjiangExpresswayProjectManagementCenter | Managedbytheparentcompany |
| Hongkong-Zhuhai-MacaoConnectionlinemanagementcenter | Managedbytheparentcompany |
| GuangdongNanyueTrafficRenboExpresswayManagementCenter | Managedbytheparentcompany |
| GuangdongNanyueTrafficShaoganExpresswayManagementCenter | Managedbytheparentcompany |
| GuangdongNanyueTrafficYunzhangExpresswayManagementCenter | Managedbytheparentcompany |
| GuangdongNanyueTrafficRenhuiExpresswayManagementCenter | Managedbytheparentcompany |
5.Listofrelated-partytransactions
(1)InformationonacquisitionofgoodsandreceptionoflaborserviceAcquisitionofgoodsandreceptionoflaborservice
InRMB
| Relatedparties | Contentofrelatedtransaction | Amountofcurrentperiod | Amountofpreviousperiod | Overthetradinglimitornot | Amountoflastperiod |
| BaoliChangdaEngineeringCo.,Ltd. | Servicecharge | 2,440.62 | |||
| GuangdongLitongTechnologyInvestmentCo.,Ltd. | Projectfund | 784,739.50 | |||
| GuangdongHumenBridgeCo.,Ltd. | Projectfund,service | 539,307.09 | |||
| GuangdongTongyiExpresswayServiceAreaCo.,Ltd | Service | 103,076.37 | 259,399.97 | ||
| GuangdongLulutongCo.,Ltd. | Maintenancecharges | 715,406.99 | 25,393.54 | ||
| GuangdongUnionelectronicservicesco.,Ltd. | Service | 3,767,825.78 | 8,075,494.51 | ||
| GuangdongExpresswayMediaCo.,Ltd. | Electriccharge | 6,431.59 | |||
| GuangdongGuanghuiExpresswayCo.,Ltd. | Interest | 2,014,593.75 | 1,349,043.75 | ||
| GuangdongJiangzhongExpresswayCo.,Ltd. | Interest | 708,615.00 | |||
| GanzhouGankangExpresswayCo.,Ltd. | Interest | 765,623.34 | |||
| GuangdongExpresswayMediaCo.,Ltd. | Service | 606,132.08 | |||
| GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | Service | 60,000.00 | 60,000.00 | ||
| BaoliChangdaEngineeringCo.,Ltd. | Purchaseassets | 183,277,074.35 | 34,838,755.49 | ||
| uangdongHualuTrafficTechnologyCo.,Ltd. | Purchaseassets | 459,346.00 | 1,548,686.53 | ||
| GuangdongXinyuetrafficInvestmentCo.,Ltd. | Purchaseassets | 6,688,119.43 |
Relatedtransactionsonsalegoodsandreceivingservices
InRMB
| Relatedparty | Content | Amountofcurrentperiod | Amountofpreviousperiod |
| JingzhuExpresswayGuangzhuNorthsectionCo.,Ltd. | Commissionmanagementfee | 9,516,226.40 | 8,092,547.17 |
| GuangdongExpresswayCo.,Ltd. | Projectfund | 2,052,036.80 | 2,192,131.13 |
| Relatedparty | Content | Amountofcurrentperiod | Amountofpreviousperiod |
| GuangdongHighwayConstructionCo.,Ltd. | Projectfund | 603,570.34 | 212,264.16 |
| GuangdongRoad&BridgeConstructionDevelopmentCo.,Ltd. | Projectfund | 120,550.07 | 267,452.83 |
| GuangshenzhuExpresswayCo.,Ltd. | Projectfund | 114,655.17 | |
| GuangdongBodaExpresswayCo.,Ltd. | Projectfund | 107,547.17 | 117,452.83 |
| GuangdongKaiyangExpresswayCo.,Ltd. | Projectfund | 89,142.85 | 134,035.68 |
| YunfuGuangyunExpresswayCo.,Ltd. | Projectfund | 69,535.81 | 35,377.36 |
| GuangdongTrafficIndustryInvestmentCo.,Ltd. | Projectfund | 59,433.96 | |
| GuangdongXinyueTrafficInvestmentCo.,Ltd. | Projectfund | 32,212.39 | |
| GuangdongWestLineExpresswayCo.,Ltd. | Projectfund | 234,905.66 | |
| GuangdongHumenBridgeCo.,Ltd. | Projectfund | 29,716.98 | 26,886.79 |
| GuangdongChaohuiExpresswayCo.,Ltd. | Projectfund | 192,452.83 | |
| GuangdongGuangfoExpresswayCo.,Ltd. | Projectfund | 154,245.28 | |
| GuangdongGuanghuiExpresswayCo.,Ltd. | Projectfund | 144,339.62 | |
| GuangdongGuangleExpresswayCo.,Ltd. | Projectfund | 142,924.53 | |
| ZhaoqingYuezhaoHighwayCo.,Ltd. | Projectfund | 123,113.21 | 101,886.79 |
| GuangdongZhongjiangExpresswayProjectManagementDept | Projectfund | 89,622.64 | |
| GuangdongJiangzhongExpresswayCo.,Ltd. | Projectfund | 169,001.14 | 82,075.47 |
| GuangdongTaishanCoastalExpresswayCo.,Ltd. | Projectfund | 59,433.96 | |
| GuangdongLitongTechnologyInvestmentCo.,Ltd. | Projectfund | 35,384.62 | |
| ShezhenHuiyanExpresswayCo.,Ltd. | Projectfund | 663,319.81 | 26,886.79 |
| GuangdongYueyunTrifficCo.,Ltd. | Projectfund | 21,226.42 |
Notes
（2）Relatedtrusteeship/contract
Nil
(3)InformationofrelatedleaseTheCompanywaslessor：
InRMB
| Nameoflessee | Categoryofleaseassets | Theleaseincomeconfirmedinthisyear | Theleaseincomeconfirmedinlastyear |
| GuangdongExpresswayMediaCo.,Ltd. | Advertisinglease | 195,542.86 | 1,748.41 |
-Thecompanywaslessee：
InRMB
| Lessor | Categoryofleasedassets | Theleaseincomeconfirmedinthisyear | Categoryofleasedassets |
| GuangdongLitongRealEatateInvestmentCo.,Ltd | Officespace | 4,469,957.38 | 4,406,113.37 |
| GuangdongGuanghuiExpresswayCo.,Ltd. | Advertisingcolumnlease | 884,200.00 | |
| ZhaoqingYuezhaoHighwayCo.,Ltd. | Advertisingcolumnlease | 124,031.25 | |
| GuangzhouYueyunTrafficCo.,Ltd. | Carrentalfee | 42,400.00 | 97,530.00 |
| GuangdongGaodaPropertyDevelopmentCo.,Ltd. | Officespace | 52,686.57 | 7,230.00 |
Notes
（4）Related-partyguaranteeTheCompanywasGuarantorNilTheCompanywassecuredparty
InRMB
| Guarantor | Guaranteeamount | Startdate | Enddate | Executionaccomplishedornot |
| GuangdongCommunicationGroupCo.,Ltd. | 1,725,000,000.00 | September25,2012 | March25,2020 | No |
(5)Inter-banklendingofcapitalofrelatedparties
InRMB
| Relatedparty | Amountborrowedandloaned | Initialdate | Duedate | Notes |
| Borrowed | ||||
| GuangdongGuanghuiExpresswayCo.,Ltd. | 30,000,000.00 | April1,2019 | March31,2020 | |
| GuangdongGuanghuiExpresswayCo.,Ltd. | 105,000,000.00 | April2,2019 | April1,2020 | |
| GuangdongGuanghuiExpresswayCo.,Ltd. | 45,000,000.00 | May22,2018 | May21,2019 | |
| GuangdongJiangzhongExpresswayCoLoaned.,Ltd. | 36,000,000.00 | November14,2018 | November13,2023 | |
| Loaned | ||||
(6)Relatedpartyassettransferanddebtrestructuring
Nil
(7)Rewardsforthekeymanagementpersonnel
InRMB
| Items | Amountofcurrentperiod | Amountofpreviousperiod |
| Rewardsforthekeymanagementpersonnel | 2,417,800.00 | 2,415,100.00 |
(8)Otherrelated-partytransactions
-CapitalDepositSituationofGuangdongProvincialCommunicationGroupFinanceCo.,Ltd.
| Items | Amountofcurrentperiod | Amountofpreviousperiod |
| BalanceofDeposit | 189,879,309.18 | 381,881,836.28 |
| InterestIncome | 6,226,669.02 | 3,752,689.53 |
| PricingPrinciple | Referencetothedepositrateofthepeople'sBankofChinaforthesameperiod | |
OnDecember25,2017andDecember22,2017,theCompanysignedtheCashManagementBusinessCooperationAgreementwithGuangdongCommunicationsGroupFinanceCo.,Ltd.andIndustrialandCommercialBankofChinaGuangdongBranchandsignedtheCashManagementBusinessCooperationAgreementwithGuangdongCommunicationsGroupFinanceCo.,Ltd.andChinaConstructionBankCorporation.GuangdongBranchrespectively,tojoininthecashpoolofGuangdongCommunicationsGroupFinanceCo.,Ltd.
-OnJune15,2016,Thecompany’s29thmeeting(Provisional)oftheseventhboardofdirectorswasconvened.TheProposalonEntrustmentofConstructionManagementoftheRenovationandExpansionProjectofSanbao-to-ShuikouSectionofShengyang-to-HaikouNationalExpresswaywasdeliberatedinthemeeting,agreed
thatGuangdongProvincialFokaiExpresswayCo.,LtdentrustsGuangdongProvincialHighwayConstructionCo.,LtdwiththeconstructionmanagementoftherenovationandexpansionprojectofSanbao-to-ShuikouSectionofShengyang-to-HaikouNationalExpressway,andhandlingtherelatedmattersoftheentrustmentoftheconstructionmanagement.
③ThesubsidiaryGuangdongGaosuScienceandTechnologyInvestmentCo.,Ltd.signedtheBlueChannelRelatedAssetTransferContractwiththeaffiliatedpartyGuangdongUnitollCollectionInc,transferringtherightsrelatedtotheBlueChannelthathavenotbeendevelopedandcompletedasanassetgrouptotheaffiliatedpartyGuangdongUnitollCollectionIncatatransferpriceofRMB19,881,200.00,seeNoteVII,40fordetails.
6.Receivablesandpayablesofrelatedparties
（1）Receivables
InRMB
| Name | Relatedparty | Amountatyearend | Amountatyearbeginning | ||
| BalanceofBook | BaddebtProvision | BalanceofBook | BaddebtProvision | ||
| Accountreceivable | GuangdongHumenBridgeCo.,Ltd. | 23,560,330.99 | 12,579,159.31 | ||
| Accountreceivable | GuangdongUnionelectronServiceCo.,Ltd. | 47,675,526.05 | 45,159,424.41 | ||
| Accountreceivable | JingzhuExpresswayGuangzhuNorthSectionCo.,Ltd. | 4,819,475.01 | 5,280,850.02 | ||
| Accountreceivable | GuangdongExpresswayCo.,Ltd. | 2,579,058.00 | 873,408.00 | ||
| Accountreceivable | GuangdongHighwayConstructionCo.,Ltd. | 699,980.00 | 358,484.00 | 109,152.00 | |
| Accountreceivable | GuangdongXinyueTrafficInvestmentCo.,Ltd. | 532,703.53 | 188,155.61 | 1,828,273.53 | 202,508.01 |
| Accountreceivable | GuangdongKaiyangExpresswayCo.,Ltd. | 267,300.00 | 178,157.15 | ||
| Accountreceivable | GuangdongBodaExpresswayCo.,Ltd. | 114,000.00 | |||
| Accountreceivable | GuangdongRoad&BridgeConstructionDevelopmentCo.,Ltd. | 108,000.00 | |||
| Accountreceivable | GuangdongZhongjiangExpresswayPrijectManagementDept | 95,000.00 | 95,000.00 | ||
| Name | Relatedparty | Amountatyearend | Amountatyearbeginning | ||
| BalanceofBook | BaddebtProvision | BalanceofBook | BaddebtProvision | ||
| Accountreceivable | GuangdongJiangzhaoExpresswayManagementCenter | 78,000.00 | 156,000.00 | ||
| Accountreceivable | YunfuGuangyunExpresswayCo.,Ltd. | 76,000.00 | |||
| Accountreceivable | GuangdongLitongTechnologyInvestmentCo.,Ltd. | 68,542.00 | 6,854.20 | ||
| Accountreceivable | TuangdongTaishanCoastalExpresswayCo.,Ltd. | 63,000.00 | 63,000.00 | ||
| Accountreceivable | GuangdongTrafficIndustryInvestmentCo.,Ltd. | 63,000.00 | |||
| Accountreceivable | GuangdongGuanghuiExpresswayCo.,Ltd. | 21,125.65 | 901,822.65 | ||
| Accountreceivable | GuangdongGuangzhuWestLineExpresswayCo.,Ltd. | 294,260.00 | |||
| Accountreceivable | GuangdongYueyunTrafficCo.,Ltd. | 45,000.00 | |||
| Accountreceivable | ZhaoqingYuezhaoHighwayCo.,Ltd. | 135,329.98 | 4,829.98 | ||
| Advancedpayment | GuangdongLitongRealEstateInvestmentCo.,Ltd. | 735,092.38 | 735,092.38 | ||
| Advancedpayment | ZhaoqingYuezhaoHighwayCo.,Ltd. | 20,671.75 | 144,702.50 | ||
| OtherAccountreceivable | GuangdongLitongRealEstateInvestmentCo.,Ltd. | 1,515,077.22 | 1,505,864.00 | ||
| OtherAccountreceivable | GuangdongGuanghuiExpresswayCo.,Ltd. | 1,462,587.90 | 1,478,904.68 | ||
| OtherAccountreceivable | GuangdongExpresswayCo.,Ltd. | 607,620.98 | 630,778.47 | ||
| OtherAccountreceivable | ZhaoqingYuezhaoHighwayCo.,Ltd. | 429,558.65 | 437,463.87 | ||
| OtherAccountreceivable | GuangdongXinyueTrafficInvestmentCo.,Ltd. | 423,767.60 | 415,442.60 | ||
| OtherAccountreceivable | GuangshenzhuExpresswayCo.,Ltd. | 185,014.40 | 187,533.46 | ||
| OtherAccount | GuangdongTongyiExpresswayService | 160,191.20 | |||
| Name | Relatedparty | Amountatyearend | Amountatyearbeginning | ||
| BalanceofBook | BaddebtProvision | BalanceofBook | BaddebtProvision | ||
| receivable | AreaCo.,Ltd. | ||||
| OtherAccountreceivable | GuangdongGuangzhuWestLineExpresswayCo.,Ltd. | 104,727.60 | 186,371.32 | ||
| OtherAccountreceivable | GuangdongExpresswayMediaCo.,Ltd. | 126,660.80 | 275,166.57 | ||
| OtherAccountreceivable | GuangdongHighwayConstructionCo.,Ltd. | 133,083.25 | 129,529.29 | ||
| OtherAccountreceivable | GuangdongRoad&BridgeConstructionDevelopmentCo.,Ltd. | 73,773.60 | 121,948.14 | ||
| OtherAccountreceivable | GuangdongBodaExpresswayCo.,Ltd. | 51,808.80 | 52,467.45 | ||
| OtherAccountreceivable | GuangdongJiangzhongExpresswayCo.,Ltd. | 28,120.00 | 28,474.26 | ||
| OtherAccountreceivable | GuangdongGaodaPropertyDevelopmentCo.,Ltd. | 15,906.00 | 11,748.00 | ||
| OtherAccountreceivable | GuangdongShenshanExpresswayEastSectionCo.,Ltd. | 12,000.00 | 12,081.56 | ||
| OtherAccountreceivable | GuangdongHumenBridgeCo.,Ltd. | 11,306.50 | 9,141.89 | ||
| OtherAccountreceivable | GuangdongMaozhanExpresswayCo.,Ltd. | 8,747.20 | 14,074.11 | ||
| OtherAccountreceivable | GuangdongShanfenExpresswayCo.,Ltd. | 8,028.80 | 8,028.80 | ||
| OtherAccountreceivable | GuangdongBaomaoExpresswayCo.,Ltd. | 7,633.60 | 7,633.60 | ||
| OtherAccountreceivable | GuangdongYuedongExpresswayIndustryDevelopmentCo.,Ltd. | 7,367.20 | 7,367.20 | ||
| OtherAccountreceivable | GuangdongGuangleExpresswayCo.,Ltd. | 7,248.00 | 29,832.90 | ||
| OtherAccountreceivable | GuangdongYangmaoExpresswayCo.,Ltd. | 6,004.80 | 29,265.49 | ||
| OtherAccountreceivable | GuangdongZhaoyangExpresswayCo.,Ltd. | 4,304.00 | 4,304.00 | ||
| OtherAccountreceivable | GuangdongYueyunTrafficCo.,Ltd. | 3,032.00 | 3,032.00 | ||
| Name | Relatedparty | Amountatyearend | Amountatyearbeginning | ||
| BalanceofBook | BaddebtProvision | BalanceofBook | BaddebtProvision | ||
| OtherAccountreceivable | GuangdongKaiyangExpresswayCo.,Ltd. | 45,999.77 | |||
| OtherAccountreceivable | GuangdongJingzhuExpresswayGuangzhuSectionCo.,Ltd. | 6,064.00 | 6,202.46 | ||
| OtherAccountreceivable | YunfuGuangyunExpresswayCo.,Ltd. | 5,831.32 | |||
| OtherAccountreceivable | GuangdongLitongTechnologyInvestmentCo.,Ltd. | 5,273.00 | 5,273.00 | ||
| OtherAccountreceivable | GuangdongGuangfoExpresswayCo.,Ltd. | 3,619.10 | |||
| OtherAccountreceivable | HongkongZhuhaiMacaoBridgeConnectionlinemanagementcenter | 3,000.00 | 3,000.00 | ||
| OtherAccountreceivable | GuangdongChaohuiExpresswayCo.,Ltd. | 2,819.90 | |||
| OtherAccountreceivable | GuangdongTwoGuangExpresswayCo.,Ltd. | 1,656.69 | |||
| OtherAccountreceivable | GuangdongMeiheExpresswayCo.,Ltd. | 574.17 | |||
| OtherAccountreceivable | HeyuanHelongExpresswayCo.,Ltd. | 467.14 | |||
| OtherAccountreceivable | GuangdongNinghuaExpresswayCo.,Ltd. | 271.81 | |||
| OtherAccountreceivable | GuangdongHehuiExpresswayCo.,Ltd. | 90.20 | |||
| Dividendreceivable | GanzhouKangdaExpresswayCo.,Ltd. | 21,000,000.00 | |||
| Dividendreceivable | GuiyuanSecuritiesCo.,Ltd. | 11,940,297.90 | |||
| OtherNon-CurrentAssets | BaoliChangdaEngineeringCo.,Ltd. | 18,380,900.94 | 4,216,292.57 | ||
| OtherNon-CurrentAssets | GuangdongXinyueTrafficInvestmentCo.,Ltd. | 823,423.25 | |||
| Other | GuangdongHualuTrafficTechnology | 796,711.00 | |||
| Name | Relatedparty | Amountatyearend | Amountatyearbeginning | ||
| BalanceofBook | BaddebtProvision | BalanceofBook | BaddebtProvision | ||
| Non-CurrentAssets | Co.,Ltd. | ||||
| Long-termamortizationcosts | GuangdongJingzhuExpresswayGuangzhuNorthSectionCo.,Ltd. | 1,168,273.16 | 1,221,781.88 | ||
（2）Payables
InRMB
| Name | Relatedparty | Amountatyearend | Amountatyearbeginning |
| Accountpayable | BaoliChangdaEngineeringCo.,Ltd. | 25,350,090.00 | 12,166,883.00 |
| Accountpayable | GuangdongHighwayConstructionCo.,Ltd. | 25,630,651.00 | 25,630,651.00 |
| Accountpayable | GuangdongExpresswayCo.,Ltd. | 8,746,491.18 | 8,746,491.18 |
| Accountpayable | GuangdongXinyueTrafficInvestmentCo.,Ltd. | 1,829,141.32 | 1,829,141.32 |
| Accountpayable | GuangdongUnionElectronServiceCo.,Ltd. | 914,439.52 | |
| Accountpayable | GuangdongLitongTechnologyInvestmentCo.,Ltd. | 772,350.00 | 1,631,800.00 |
| Accountpayable | GuangdongGuanghuiExpresswayCo.,ltd. | 551,400.00 | 551,400.00 |
| Accountpayable | GuangdongHualuTrafficTechnologyCo.,Ltd. | 89,540.00 | 2,913,206.00 |
| Accountpayable | GuangzhouXinyueAsphaltCo.,Ltd. | 2,537,848.10 | |
| Accountpayable | GuangdongMaozhenExpresswayCo.,Ltd. | 124,012.02 | 120,000.00 |
| Interestpayable | GuangdongGuanghuiExpresswayCo.,Ltd. | 1,324,575.00 | 1,096,200.00 |
| Interestpayable | GuangdongJiangzhongExpresswayCo.,Ltd. | 39,150.00 | 43,065.00 |
| OtherPayableaccount | GuangdongGuanghuiExpresswayCo.,Ltd. | 134,979,941.98 | 45,000,000.00 |
| OtherPayableaccount | GuangdongZhongjiangExpresswayProjectManagementDept | 28,200,000.00 | 200,491.55 |
| OtherPayableaccount | BaoliChangdaEngineeringCo.,Ltd. | 14,612,208.16 | 11,346,061.22 |
| OtherPayableaccount | GuangdongUnionElectronServiceCo.,Ltd. | 5,033,004.70 | 3,800,226.36 |
| OtherPayableaccount | GuangdongXinyueTrafficInvestmentCo.,Ltd. | 1,679,918.51 | 1,779,918.51 |
| OtherPayableaccount | GuangdongLHualuTrafficTechnologyCo.,Ltd. | 370,887.88 | 786,185.88 |
| OtherPayableaccount | GuangdongKaiyangExpresswayCo.,Ltd. | 264,132.19 | |
| OtherPayableaccount | GuangdongLitongTechnologyInvestmentCo.,Ltd. | 232,127.70 | 203,655.20 |
| OtherPayableaccount | GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | 210,188.00 | 531,573.69 |
| Name | Relatedparty | Amountatyearend | Amountatyearbeginning |
| OtherPayableaccount | GuangdongJiangzhongExpresswayCo.,Ltd. | 149,269.03 | |
| OtherPayableaccount | GuangdongMaozhanExpresswayCo.,Ltd. | 124,012.02 | |
| OtherPayableaccount | GuangdongXintaiExpresswayCo.,Ltd. | 122,659.13 | |
| OtherPayableaccount | GuangdongTongyiExpresswayServiceAreaCo.,Ltd. | 120,000.00 | 120,000.00 |
| OtherPayableaccount | GuangdongExpresswayMediaCo.,Ltd. | 70,000.00 | 70,000.00 |
| OtherPayableaccount | GuangdongJingzhuExpresswayGuangzhuNorthSectionCo.,Ltd. | 68,454.90 | 9,327.00 |
| OtherPayableaccount | GuangdongJiangzhaoExpresswayManagementCenter | 59,092.11 | 7,217.12 |
| OtherPayableaccount | GuangdongLulutongCo.,Ltd. | 48,000.00 | 165,249.80 |
| OtherPayableaccount | GuangdongZhaoyangExpresswayCo.,Ltd. | 32,513.24 | 2,145.78 |
| OtherPayableaccount | GuangdongTrafficIndustryInvestmentCo.,Ltd. | 23,026.67 | 2,347.68 |
| OtherPayableaccount | GuangdongYangmaoExpresswayCo.,Ltd. | 21,402.56 | |
| OtherPayableaccount | GuangdongGuangzhuWestLineExpresswayCo.,Ltd. | 16,226.72 | |
| OtherPayableaccount | GuangdongExpresswayCo.,Ltd. | 257,336.62 | 15,342.09 |
| OtherPayableaccount | GuangdongShenfenExpresswayCo.,Ltd. | 2,660.62 | 751.35 |
| OtherPayableaccount | GuangshenzhuExpresswayCo.,Ltd. | 2,395.56 | |
| OtherPayableaccount | GuangdongYuedongExpresswayIndustryDevelopmentCo.,Ltd. | 1,838.56 | 1,018.37 |
| OtherPayableaccount | GuangdongYunwuExpresswayCo.,Ltd. | 1,497.93 | |
| OtherPayableaccount | GuangdongTianshanExpresswayCo.,Ltd. | 640.96 | |
| OtherPayableaccount | GuangdongLluoyangExpresswayCo.,Ltd. | 500.75 | 319.21 |
| OtherPayableaccount | HeyuanHelongExpresswayCo.,Ltd. | 352.54 | |
| OtherPayableaccount | GuangdongBodaExpresswayCo.,Ltd. | 219.13 | 100.97 |
| OtherPayableaccount | GuangdongHehuiExpresswayCo.,Ltd. | 32.93 | |
| OtherPayableaccount | GuangdongRoad&BridgeConstructionDevelopmentCo.,Ltd. | 5,572.94 | 551.99 |
| OtherPayableaccount | GuangdongHighwayConstructionCo.,Ltd. | 20,973.36 | 689.83 |
| OtherPayableaccount | GuangdongBaomaoExpresswayCo.,Ltd. | 3,206.11 | |
| OtherPayableaccount | GuangdongNanyueTrafficYunzhanExpresswayManagementCenter | 821.38 | |
| OtherPayableaccount | GuangdongNanyueTrafficShaoganExpresswayManagementCenter | 546.89 | |
| OtherPayableaccount | ShenzhenHuiyanExpresswayCo.,Ltd. | 391.36 |
| Name | Relatedparty | Amountatyearend | Amountatyearbeginning |
| OtherPayableaccount | GuangdongNanyueTrafficChaozhangExpresswayManagementCenter | 282.67 | |
| OtherPayableaccount | GuangdongNanyueTrafficRenboExpresswayManagementCenter | 225.79 | |
| OtherPayableaccount | GuangdongPingxingExpresswayCo.,LTD. | 45.41 | |
| OtherPayableaccount | GuangdongJiangzhongExpresswayCo.,Ltd. | 36,000,000.00 | 36,000,000.00 |
7.RelatedpartycommitmentNilXIII.Stockpayment
1.TheStockpaymentoverallsituation
□Applicable√Notapplicable
2.TheStockpaymentsettledbyequity
□Applicable√Notapplicable
3.TheStockpaymentsettledbycash
□Applicable√Notapplicable
4.ModificationandterminationofthestockpaymentNil
5.OtherXIV.Commitments
1.SignificantcommitmentsSignificantcommitmentsatbalancesheetdateOnJune15,2016,theCompany’s29thmeeting(Provisional)oftheseventhboardofdirectorswasconvened.Inthemeeting,theProposalonIncreasingFundingforGuangdongFokaiExpresswayCo.,LtdpertainingtotheRenovationandExpansionProjectofSanbao-to-ShuikouSectionofShengyang-to-HaikouNationalExpresswaywasexaminedandapproved,agreedthatbasedontheapprovedtotalinvestmentamountbyrelevantgovernmentdepartment,thenthecompany’ssubsidiary-GuangdongFokaiExpresswayCo.,Ltdcarriesouttheinvestment
andconstructionoftherenovationandexpansionprojectofSanbao-to-ShuikouSectionofShengyang-to-HaikouNationalExpressway;thecompanyincreasesfundingforGuangdongProvincialFokaiExpresswayCo.,LtdpertainingtotherenovationandexpansionprojectofSanbao-to-ShuikouSectionofShengyang-to-HaikouNationalExpressway,withthecontributedfundsasaproportionof35%ofthetotalinvestmentamountapprovedbyrelevantgovernmentdepartment.Theafore-saiditemhadbeenexaminedandapprovedinthefirstextraordinarygeneralshareholdermeeting,TheCompanyhadreceivedtheapprovaloftheNationalDevelopmentandReformcomissionabouttheuandongProvincialSantbao-ShuikouExpresswaySectionRebubuildingandExpansionProject(NO.1874-2016-NDRCInfrastructureDocument)fromGuangdongProvincelDevelopmentandreformCommissionOnOctober11,2016,agreedwiththeimplementationoftheGuangdongProvincialSanbao-ShuikouExpresswaySectionRebuildingandExpansionProject.It’sestimatedthatthetotalinvestmentofthisprojectisabout3.513billionyuan(thestaticinvestmentisabout3.289billionyuan),ofwhichtheprojectcapitalis1.23billionyuanthataccountsfor35%ofthetotalinvestmentandsuchamountoftheprojectcapitalwillbeprovidedbyGuangdongProvincialFokaiExpresswayCo.,Ltd,andtherestamountof2,283billionyuanwillbesolvedbyusingbankloans.Accordingtothe"OfficialReplytothepreliminarydesignofreconstructionandextensionprojectofGuangdongSanbaotoShuikouRoadbyMinistryofTransport"(No.73-2017TransportRoadDocument)issuedbyGuangdongProvincialDepartmentofTransport,theMinistryofTransportcheckedandratifiedthatthegeneralestimateofthepreliminarydesignofreconstructionandextensionprojectofGuangdongSanbaotoShuikouRoadisRMB3.426billion.AsofJune30,2019,TheaccumulatedexpensesoccurredofSanbotoShuikouHighwayextensionprojectwas1.945billionyuan.
| No | ContractCounterparty | EconomicContent | ContractAmount | FulfilledasofJune30,2019 |
| 1 | ChinaRailwayTunnelGroupCo.,Ltd. | CivilEngineering | 251,026,485.00 | 220,694,631.00 |
| 2 | BoliChangdaEngineeringCo.,Ltd. | CivilEngineering | 624,878,240.00 | 422,197,236.40 |
| 3 | ChinaRailway18thBureauGroupCo.,Ltd. | CivilEngineering | 219,974,609.00 | 174,338,854.20 |
| 4 | CCCCFirstNavigationEngineeringBureauCo.,Ltd | CivilEngineering | 355,014,108.00 | 256,524,868.12 |
2.Contingency
(1)SignificantcontingencyatbalancesheetdateNil
(2)TheCompanyhavenosignificantcontingencytodisclose,alsoshouldbestatedNil
(3)Contingentliabilitiesrelatingtoinvestmentsinjointventuresorassociatedenterprises
SeeSection9,RightsandInterestsinOtherSubjects.
(4)OthercontingentliabilitiesandtheirfinancialimpactAsofJune30,2019,Thecompanydoesnotdisclosethepensionplanundisclosedmattershouldexist.
XV.Eventsafterbalancesheetdate
1.Significanteventshadnotadjusted
Nil
2.Profitdistribution
Nil
3.Salesreturn
Nil
4.NotesofothersignificanteventafterbalancesheetdateNil
XVI.Othersignificantevents
1.TheaccountingerrorscorrectioninpreviousperiodNil
2.DebtrestructuringNil
3.ReplacementofassetsNil
4.PensionplanNil
5.DiscontinuingoperationNil
6.SegmentinformationThecompany'sbusinessfortheGuangfoExpressway,theFokaiExpresswayandJingzhuExpresswayGuangzhuSectiontollcollectionandmaintenancework,thetechnologyindustryandprovideinvestmentadvice,noother
natureofthebusiness,noreportablesegment.
7.Otherimportanttransactionsandeventshaveanimpactoninvestorsdecision-making
8.Other
(1)June15,2007earlyinthemorning,The325JiujiangBridgecollapsedon#23pierfor―Nanguijii035#collisionownedbythecontrollingsubsidiaryofthecompanyGuangdongFokaiExpresswayCompanyleadsthecollapseandthetrafficjamof200meterslongoftheJiujiangBridge.OnJune10,2009,JiujiangBridgeopenedtotraffichasbeenrestored.OnJune19,2007，TheMinistryofCommunications,theStateProductionSafetySupervisionandAdministrationCommissionissuedtheJiaoAnWeimingFile[2007]No.8"NotificationontheGuangdong"6.15"JiujiangBridgeCollisionAccident",initiallydeterminedthecausesoftheaccidentare:theincidentshipsuddenlymetheavyfogonthewayfromFoshanGaomingtoSunde,thecaptainneglectedlookingout,didnottakepropermeasuresanddeviatedfromthemainchannel,touchedthe325NationalRoadJiujiangBridgethenon-navigationbridgepierandcausedthecollapsionofpartoftheJiujiangbridge.Theaccidentwasanunilateral
OnJuly19,2007，FokaiCompanyappliedpreservationofpropertytoGuangzhouMaritimeCourt.OnAugust22,2007，FokaiCompanyofficiallyprosecutedtoGuangzhouMaritimeCourt,askingFoshanSouthSeaShippingCompanyLimitedandYangXiongtoundertakethecompensation25,587,684yuanforthelosscausedbycollapsingofJiujiangBridge.OnAugust28,2007,GuangzhouMaritimeCourtacceptedthecase.Accordingtothe(2007)-CantonHaifaNo.332rulingbookissuedbyGuangzhouMaritimeCourt,theproceedingofthecasewassuspended.Afterthecourtacceptedthecase,theincidentinvestigationteamofGuangdongProvincialGovernmenthadnotmadethefinalreportofJiujiangBridgeaccident.TheCourt,onNovember5,2007,decidedtosuspendtheproceeding.InSeptember2008,JiujiangBridgeaccidentinvestigationreportwasofficiallyreportedandresumedtheproceedings.OnDecember5,2008,GuangzhouMarineCourtopenedacourttrialtoprocceededthecase.Currently,GuangzhouHaizhuprosecutorialofficewasintendtoprosecutetheaccidentcaptainShiGuide,therefore,onJanuary5,2009,GuangzhouMaritimeCourtruledthesuspensionofthecase.OnSeptember17,2013,theGuangzhouMaritimeCourtissuedanoticeofcivilandeliminatethecauseofsuspensionofproceedings,thecourtdecidedtoresumethetrial.OnDecember19,2013,theGuangzhouMaritimeCourtopenedacourtsession,hasnotyetmadethefirst-instancejudgment.OnMarch7,2014theCourtmadethefirstinstanceverdict:
thedefendantFoshanNanhaiYuhangshipServicesCo.,Ltd.andYangXiongcompensatedtheplaintiffFokaiExpresswayCo.,Ltd.tollrevenuelossesof19,357,500.96yuan;thecourtdismissedtheplaintiffotheraspirations.ThedefendantappealedtotheHigherPeople'sCourtofGuangdongProvince,theGuangdongProvincialHigherPeople'sCourtruledonJune5,2014,thecasediscontinuedproceedings.Bytheendofthereportperiod,theabatementofactioncausesarealreadyremovedandtheprovincialhighercourtrestoresthehearingandconductstheinvestigationonApril21,2017.
(2)The26th(Provisional)MeetingofthesixthboardofdirectorsofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.washeldofMay10,2012.ThemeetingexaminedandadoptedtheproposalConcerningtheCompany’sAcceptingtheinsuranceBondInvestmentPlanofPacificAssetManagementCo.,Ltd.TheCompanywasapprovedtoaccepttheinsurancebondinvestmentplanmadebyPacificAssetManagementCo.,Ltd.Theamountofproceedstoberaisedisnotmorethan1.5billionyuan.Floatinginterestrateplusguaranteed
baseinterestrateappliesastheinterestrate.TheFloainginterestrateshallnotexceedthebasicinterestrateofRMBloanwithatermofoverfiveyearsonthedaywhentheinvestmentfundoftheinsureancecompanyistransferredintotheCompany’saccountandthecorrespondingdaysofthefutureyears,whichshallbeadjustedonceeachyear.Theguaranteedbaseinterestrateis5.6%.TheconcreteamountofraisedproceedsshallbewithinmaximumlimitofinvestmentfundfiledwithCIRC.TheactualamountwhollytransferredtotheCompanyshallapply.ThefinalinterestrateissubjecttoinvestmentContractforBondInvestmentPlanbetweenPacificandGuangdongExpresswayFiledwithCIRC.ItwasapprovedtoauthorizethemanagementoftheCompanytoimplementtheabove-mentionedmatters.TheCompanywasapprovedtoprovidecounterguaranteetoGuangdongCommunicationGroupCo.,Ltd.with75%equityofGuangdongFokaiExpresswayCo.,Ltd.Heldbyit.asofDecember31,2016,thecompanyhasborrowed1.5billionyuan.
（3）The19th(Provisional)MeetingoftheEighthboardofdirectorsofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.washeldofAugust7,2018.ThemeetingexaminedandapprovedtheProposalonIssuingMedium-TermNotes，AgreethatthecompanyintendstoregisterintheChinaInterbankMarketDealersAssociationwithaquotaofnotmorethan3.4billionyuan(inclusive),whichiswithin40%ofthecompany'slatestauditednetassets.Applyforaone-timeorinstallmentinatimelymanner,withatermofnolessthan5years(including5years),andraisefundstorepaytheloanandreplenishworkingcapital;Thematterhasbeenpassedbytheresolutionofthefirstinterimshareholders'meetingin2018.OnJanuary4,2019,thedealersassociationissuedaNoticeofAcceptanceofRegistration(ZSXZ[2019]MTN9).Theamountofacceptanceofthecompany'smedium-termnotesis3.4billionyuan,andtheamountofregistrationisvalidfor2yearsfromthedateofreceiptofthenoticeofacceptance,anditisjointlyunderwrittenbyIndustrialandCommercialBankofChinaLimitedandChinaConstructionBankLimited.Thecompanyborrowed680millionyuanonMarch1,2019.
(4)AccordingtotheImplementationPlanforAcceleratingtheElectronicNon-stopQuickTollApplicationServicesonExpressways(DevelopmentandReformFoundation[2019]No.935)issuedbytheNationalDevelopmentandReformCommissionandtheMinistryofTransportandtheNoticeonVigorouslyPromotingtheDevelopmentandApplicationofETConExpresswaysissuedbytheGeneralOfficeoftheMinistryofTransport,ETCusersofexpresswaytrafficvehiclesshallstrictlyimplementthebasicpreferentialpoliciesofnotlessthan5%ofthevehicletollssinceJuly1,2019,andatthesametime,fromJanuary1,2020,adjustthemodeoffreighttollcharging,anduniformlychargebyvehicle(axle)type.TheabovepoliciesareexpectedtohaveanadverseimpactontheCompany'soperatingincome,butthespecificimpacthasnotyetdetermined.
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(%) | |||
| Accrualofbaddebtprovisionbysingleitem | ||||||||||
| Ofwhich： | ||||||||||
| Accrualofbaddebtprovisionbyportfolio | 17,585,263.17 | 17,585,263.17 | 18,405,847.15 | 100.00% | 18,405,847.15 | |||||
| Ofwhich： | ||||||||||
| Total | 17,585,263.17 | 17,585,263.17 | 18,405,847.15 | 100.00% | 18,405,847.15 | |||||
Accrualofbaddebtprovisionbysingleitem:NilAccrualofbaddebtprovisionbyportfolio:
Accountreceivableonwhichbaddebtprovisionsareprovidedonagebasisinthegroup：
InRMB
| Name | Balanceinyear-end | ||
| Receivableaccounts | Baddebtprovision | Withdrawalproportion | |
| Within1year | 17,585,263.17 | ||
| Total | 17,585,263.17 | - | |
Notesofthebasisofrecognizingtheportfolio:
Provisionforbaddebtsaccordingtotheageportfolio.Relevantinformationoftheprovisionforbaddebtswillbedisclosedwithreferencetothedisclosuremethodofotherreceivablesiftheprovisionforbaddebtsofbillsreceivableisaccruedaccordingtothegeneralmodelofexpectedcreditloss:
□Applicable√NotapplicableDisclosurebyaging
InRMB
| Aging | Closingbalance |
| Within1year（Including1year） | 17,585,263.17 |
| Within1year | 17,585,263.17 |
| Total | 17,585,263.17 |
(2)Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiod
Nil
（3）Thecurrentaccountsreceivablewrite-offssituationNil
（4）Theendingbalanceofotherreceivablesowedbytheimputationofthetopfiveparties
| Name | Amount | Proportion(%) | Baddebtprovision |
| GuangdongUnionElectronicServicesCo.,Ltd. | 17,585,263.17 | 100.00 | |
| Total | 17,585,263.17 | 100.00 |
（5）AccountreceivablewhichterminatetherecognitionowningtothetransferofthefinancialassetsNil
(6)TheamountoftheassetsandliabilitiesformedbythetransferandthecontinuesinvolvementofaccountsreceivableNil
2.Otheraccountsreceivable
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| Interestreceivable | 32,460,868.78 | 1,880,148.12 |
| Dividendreceivable | 34,145,770.80 | 1,205,472.90 |
| Otherreceivable | 6,077,481.50 | 6,238,161.64 |
| Total | 72,684,121.08 | 9,323,782.66 |
（1）Interestreceivable
）Interestreceivable
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| Entrustedloan | 32,460,868.78 | 1,880,148.12 |
| Total | 32,460,868.78 | 1,880,148.12 |
2）Significantdividendreceivableagedover1year
Nil
3）Bad-debtprovision
□Applicable√Notapplicable
（2）Dividendreceivable
1)Dividendreceivable
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise | 1,205,472.90 | 1,205,472.90 |
| GanzhouKangdaExpresswayCo.,Ltd. | 21,000,000.00 | |
| GluoyuanSecuritiesCo.,Ltd. | 11,940,297.90 | |
| Total | 34,145,770.80 | 1,205,472.90 |
（2）Significantdividendreceivableagedover1year
Nil3）Bad-debtprovision
□Applicable√Notapplicable
（3）Otheraccountsreceivable
1)Otheraccountsreceivableclassifiedbythenatureofaccounts
InRMB
| Nature | Closingbookbalance | Openingbookbalance |
| Balanceofsettlementfundsforsecuritiestransactions | 30,844,110.43 | 30,844,110.43 |
| Cashdeposit | 1,953,995.00 | 1,930,943.00 |
| Pettycash | 1,581,352.00 | 1,605,100.00 |
| Other | 2,542,134.50 | 2,051,718.64 |
| Currentaccount | 650,400.00 | |
| Total | 36,921,591.93 | 37,082,272.07 |
2）Bad-debtprovision
InRMB
| BadDebtReserves | Stage1 | Stage2 | Stage3 | Total |
| Expectedcreditlossesoverthenext12months | Expectedcreditlossoverlife(nocreditimpairment) | Expectedcreditlossesfortheentireduration(creditimpairmentoccurred) | ||
| BalanceasatJanuary1,2019 | 30,844,110.43 | 30,844,110.43 | ||
| BalanceasatJanuary1,2019incurrent | —— | —— | —— | —— |
| BanlanceasatJune30,2019 | 30,844,110.43 | 30,844,110.43 |
Lossprovisionchangesincurrentperiod,changeinbookbalancewithsignificantamount
□Applicable√NotapplicableDisclosurebyaging
InRMB
| Aging | Closingbalance |
| Within1year(Including1year） | 3,277,275.23 |
| Within1year | 3,277,275.23 |
| 1-2years | 1,045,544.39 |
| 2-3years | 897,839.00 |
| Over3years | 31,700,933.31 |
| 4-5years | 463,491.88 |
| Over5years | 31,237,441.43 |
| Total | 36,921,591.93 |
3)Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodThewithdrawalamountofthebaddebtprovision：
InRMB
| Category | Openingbalance | Amountofchangeinthecurrentperiod | Closingbalance | |
| Accrual | Reversedorcollectedamount | |||
| Accountreceivablewithsinglemajoramountandwithdrawalbaddebtprovisionforsingleitem | 30,844,110.43 | 30,844,110.43 | ||
| Total | 30,844,110.43 | 30,844,110.43 | ||
Ofwhichthesignificantamountofthereversedorcollectedpartduringthereportingperiod:Nil
4)Theactualwrite-offotheraccountsreceivable:Nil
5)Top5oftheclosingbalanceoftheotheraccountsreceivablecollectedaccordingtothearrearsparty
InRMB
| Name | Nature | Closingbalance | Aging | Proportionofthetotalyearendbalanceoftheaccountsreceivable(%) | Closingbalanceofbaddebtprovision |
| KunlunSecuritiesCo.,Ltd | Securitiestradingsettlementfunds | 30,844,110.43 | Over5years | 83.54% | 30,844,110.43 |
| GuangdongLitongRealEstatesInvestmentCo.,Ltd. | Deposit | 1,505,864.00 | 2-3years | 4.08% | |
| Pettycash | Pettycash | 1,340,000.00 | Within1 | 3.63% |
| year | |||||
| GuangdongExpresswayCo.,Ltd. | Entrustmentmanagementfee | 463,491.88 | 4-5years | 1.26% | |
| BeijingShibangWeilishiPropertyManagementServiceCo.,Ltd.GuangzhouBranch | Deposit | 393,331.00 | Over5years | 1.07% | |
| Total | -- | 34,546,797.31 | -- | 93.57% | 30,844,110.43 |
(6)AccountsreceivableinvolvedwithgovernmentsubsidiesNil
(7)OtheraccountreceivablewhichterminatetherecognitionowningtothetransferofthefinancialassetsNil
(8)TheamountoftheassetsandliabilitiesformedbythetransferandthecontinuesinvolvementofotheraccountsreceivableNilOthernotes：
3.Long-termequityinvestment
InRMB
| Items | Endofterm | Beginningofterm | ||||
| BookBalance | Impairmentprovision | Bookvalue | BookBalance | Impairmentprovision | Bookvalue | |
| Investmentinsubsidiaries | 1,533,665,008.81 | 1,533,665,008.81 | 1,533,665,008.81 | 1,533,665,008.81 | ||
| Investmentinjointventuresandassociates | 3,237,607,137.38 | 3,237,607,137.38 | 3,145,355,906.88 | 3,145,355,906.88 | ||
| Total | 4,771,272,146.19 | 4,771,272,146.19 | 4,679,020,915.69 | 4,679,020,915.69 | ||
（1）Investmenttothesubsidiary
InRMB
| Name | Openingbalance | Increase | Decrease | Closingbalance | Withdrawnimpairmentprovisioninthereportingperiod | Closingbalanceofimpairmentprovision |
| GuangfoExpresswayCo.,ltd. | 154,982,475.25 | 154,982,475.25 | ||||
| GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | 95,731,882.42 | 95,731,882.42 | ||||
| GuangzhouGuangzhuTrafficInvestmentManagementCo.,Ltd. | 859,345,204.26 | 859,345,204.26 | ||||
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 419,105,446.88 | 419,105,446.88 | ||||
| YuegaoCapitalInvestment(Hengqin)Co.,Ltd. | 4,500,000.00 | 4,500,000.00 | ||||
| Total | 1,533,665,008.81 | 1,533,665,008.81 |
（2）Investmenttojointventuresandassociatedenterprises
InRMB
| Name | Openingbalance | Increase/decreaseinreportingperiod | Closingbalance | Closingbalanceofimpairmentprovision | |||||||
| Addinvestment | Decreasedinvestment | Gain/lossofInvestment | Adjustmentofothercomprehensiveincome | Otherequitychanges | Declarationofcashdividendsorprofit | Withdrawnimpairmentprovision | Other | ||||
| I.Jointventures | |||||||||||
| GuangdongGuanghuiExpresswayCo.,Ltd. | 992,521,223.58 | 143,481,952.02 | 25,795,500.00 | 84,638,655.14 | 1,077,160,020.46 | ||||||
| ZhaoqingYuezhaoHighwayCo.,Ltd. | 307,172,338.10 | 27,819,228.16 | 53,207,865.41 | 281,783,700.85 | |||||||
| Subtotal | 1,299,693,561.68 | 171,301,180.18 | 25,795,500.00 | 137,846,520.55 | 1,358,943,721.31 | ||||||
| II.Associatedenterprises | |||||||||||
| ShenzhenHuiyanExpresswayCo.,Ltd. | 230,553,756.87 | 16,104,358.08 | 246,658,114.95 | ||||||||
| GuangdongJiangzhongExpresswayCo.,Ltd. | 175,324,643.76 | 10,932,203.70 | 186,256,847.46 | ||||||||
| GanzhouKangdaExpresswayCo.,Ltd. | 219,985,018.52 | 17,339,428.35 | 21,000,000.00 | 216,324,446.87 | |||||||
| GanzhouGankangExpresswayCo.,Ltd. | 209,995,910.71 | 4,937,249.59 | 214,933,160.30 | ||||||||
| GuangdongYuekeTechnologyPettyLoanCo.,Ltd. | 219,693,558.27 | 7,188,376.76 | 226,881,935.03 | ||||||||
| GuoyuanSecuritiesCo.,Ltd. | 790,109,457.07 | 9,910,201.43 | -470,449.14 | 11,940,297.90 | 787,608,911.46 | ||||||
| Subtotal | 1,845,662,345.20 | 66,411,817.91 | -470,449.14 | 32,940,297.90 | 1,878,663,416.07 | ||||||
| Total | 3,145,355,906.88 | 237,712,998.09 | -470,449.14 | 25,795,500.00 | 170,786,818.45 | 3,237,607,137.38 | |||||
4.BusinessincomeandBusinesscost
InRMB
| Items | Amountofcurrentperiod | Amountofpreviousperiod | ||
| Revenue | Cost | Revenue | Cost | |
| Mainbusiness | 617,314,121.48 | 325,665,097.11 | 638,591,636.62 | 306,898,726.06 |
| Other | 5,812,395.87 | 3,525,577.41 | 37,302,631.12 | 3,411,961.26 |
| Total | 623,126,517.35 | 329,190,674.52 | 675,894,267.74 | 310,310,687.32 |
Whetherimplementednewrevenueguidelines?
□Yes√NoOthernotes：
5.Investmentincome
InRMB
| Items | Amountofcurrentperiod | Amountofpreviousperiod |
| Long-termequityinvestmentincomeaccountedbycostmethod | 670,160,115.89 | 621,221,266.51 |
| Long-termequityinvestmentincomeaccountedbyequitymethod | 237,712,998.09 | 216,777,157.34 |
| Dividendincomefrominvestmentsinotherequityinstrumentsduringtheholdingperiod | 38,528,868.23 | |
| Investmentreturnoninvestmentsheldtomaturityduringtheholdingperiod | 42,581,144.86 | |
| Interestincomefromdebtinvestmentduringholdingperiod. | 29,257,519.49 | |
| Total | 975,659,501.70 | 880,579,568.71 |
XVIII.SupplementaryInformation
1.Currentnon-recurringgains/losses
√Applicable□Notapplicable
InRMB
| Items | Amount | Notes |
| Gains/Lossesonthedisposalofnon-currentassets | 10,537,743.77 | |
| Governmentgrantsrecognizedinthecurrentperiod,exceptforthoseacquiredintheordinarycourseofbusinessorgrantedatcertainquotasoramountsaccordingtothecountry’sunifiedstandards | 420,227.62 |
| Netamountofnon-operatingincomeandexpenseexcepttheaforesaiditems | -904,697.67 | |
| Less:.Amountofinfluenceofincometax | -796,580.71 | |
| Amountofinfluenceofminorityinterests | -597,222.81 | |
| Total | 11,447,077.24 | -- |
FortheCompany’snon-recurringgain/lossitemsasdefinedintheExplanatoryAnnouncementNo.1oninformationdisclosureforCompaniesOfferingtheirSecuritiestothePublic-Non-recurringGainsandLossesanditsnon-recurringgain/lossitemsasillustratedintheExplanatoryAnnouncementNo.1oninformationDisclosureforCompaniesofferingtheirsecuritiestothepublic-non-recurringGainsandlosseswhichhavebeendefinedasrecurringgainsandlosses,itisnecessarytoexplainthereason.
□Applicable√Notapplicable
2.Returnonequity(ROE)andearningspershare(EPS)
| Profitasofreportingperiod | WeightedaverageROE(%) | EPS（Yuan/share） | |
| EPS-basic | EPS-diluted | ||
| NetprofitattributabletocommonshareholdersoftheCompany | 7.53% | 0.35 | 0.35 |
| NetprofitattributabletocommonshareholdersoftheCompanyafterdeductionofnon-recurringprofitandloss | 7.41% | 0.35 | 0.35 |
3.Differencesbetweenaccountingdataunderdomesticandoverseasaccountingstandards
(1)DifferencesofnetprofitandnetassetsdisclosedinfinancialreportspreparedunderinternationalandChineseaccountingstandards
□Applicable√Notapplicable
(2)DifferencesofnetprofitandnetassetsdisclosedinfinancialreportspreparedunderoverseasandChineseaccountingstandards
□Applicable√Notapplicable
XII.DocumentsAvailableforInspection
1.Accountingstatementscarriedwithpersonalsignaturesandsealsoflegalrepresentative,ChiefFinancialofficerandFinancialPrincipal.
2.OriginalofAuditors’ReportcarriedwiththesealofCertifiedPublicAccountantsaswellaspersonalsignaturesofcertifiedPublicaccountants.
3.ThetextsofalltheCompany'sdocumentspubliclydisclosedonthenewspapersandperiodicalsdesignatedbyChinaSecuritiesRegulatoryCommissioninthereportperiod.