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粤高速B：2022年半年度报告(英文版) （下载公告）
公告日期:2022-08-27

GuangdongProvincialExpresswayDevelopmentCo.,Ltd.

TheSemi-AnnualReport2022

August2022

I.ImportantNotice,TableofContentsandDefinitionsTheBoardofDirectors,theSupervisoryCommitteeaswellasalldirectors,supervisorsandseniormanagementstaffoftheCompanywarrantthatthisReportisfactual,accurateandcompletewithoutanyfalserecord,misleadingstatementormaterialomission.Andtheyshallbejointlyandseverallyliableforthat.Mr.MiaoDeshan,Companyprincipal,Mr.WangChunhua,GeneralManager,Mr.LuMing,Chiefoftheaccountingwork,Ms.ZhouFang,Chiefoftheaccountingorgan(chiefofaccounting)herebyconfirmtheauthenticityandcompletenessofthefinancialreportenclosedinthisSemi-annualreport.Allthedirectorshaveattendedthemeetingoftheboardmeetingatwhichthisreportwasexamined.TheCompanyhasnoplanofcashdividendscarriedout,bonusissuedandcapitalizingofcommonreserveseither.

TableofContents

I.ImportantNotice,TableofcontentsandDefinitionsII.CompanyProfile&FinancialHighlights.III.ManagementDiscussion&AnalysisIV.CorporateGovernanceV.Environmental&SocialResponsibilityVI.ImportantEventsVII.ChangeofsharecapitalandshareholdingofPrincipalShareholdersVIII.SituationofthePreferredSharesIX.CorporateBondX.FinancialReport

Documentsavailableforinspection

1.Accountingstatementscarriedwithpersonalsignaturesandsealsoflegalrepresentative,ChiefFinancialofficerandFinancialPrincipal.

2.OriginalofAuditors’ReportcarriedwiththesealofCertifiedPublicAccountantsaswellaspersonalsignaturesofcertifiedPublicaccountants.

Definition

TermstobedefinedReferstoDefinition
ReportingperiodReferstoJanuary1,2022toJune30,2022
ReportingdateReferstoThesemi-annualreportofthecompanywasapprovedbytheboardofdirectorsof2022,thatis,August26,2022
YOYReferstoComparedwithJanuary-June2021
TheCompany/ThisCompanyReferstoGuangdongProvincialExpresswayDevelopmentCo.,Ltd.
FokaiBranchReferstoGuangdongProvincialExpresswayDevelopmentCo.,Ltd.FokaiBranch
GuangfoCompanyReferstoGuangdongGuangfoExpresswayCo.,Ltd.
GuanghuiCompanyReferstoGuangdongGuanghuiExpresswayCo.,Ltd.

II.CompanyProfile&FinancialHighlights.

1.CompanyProfile

Stockabbreviation:ExpresswayA,ExpresswayBStockcode：000429,200429
StockexchangeforlistingShenzhenStockExchange
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
LegalRepresentativeMiaoDeshan

2.Contactpersonandcontactmanner

BoardsecretarySecuritiesaffairsRepresentative
NameYangHanmingLiangJirong
Contactaddress46/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TianheDistrict,Guangzhou45/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TianheDistrict,Guangzhou
Tel020-29004619020-29004523
Fax020-38787002020-38787002
E-mailHmy69@126.com139221590@qq.com

3.Other

1).WayofcontactWhetherregistrationsaddress,officesaddressandcodesaswellaswebsiteandemailoftheCompanychangedinreportingperiodornot

□Applicable√NotapplicableRegistrationsaddress,officesaddressandcodesaswellaswebsiteandemailoftheCompanyhasnochangeinreportingperiod,foundmoredetailsinannualreport2021.

2).InformationinquiryWhetherinformationdisclosureandpreparationplacechangedinreportingperiodornot

□Applicable√NotapplicableNoneoftheofficialpresses,website,andplaceofenquiryhasbeenchangedinthesemireportperiod.FordetailspleasefindtheAnnualReport2021.

3).OtherrelevantinformationDidanychangeoccurtootherrelevantinformationduringthereportingperiod?

□Applicable√Notapplicable

4.SummaryofAccountingDataandFinancialIndicatorsWhetherithasretroactiveadjustmentorre-statementonpreviousaccountingdata

□Yes√No

ReportingperiodSameperiodoflastyearYoY+/-（%）
Operatingincome（yuan）2,057,420,809.682,488,474,669.81-17.32%
Netprofitattributabletotheshareholdersofthelistedcompany（yuan）773,786,851.68848,860,350.64-8.84%
Netprofitafterdeductingofnon-recurringgain/lossattributabletotheshareholdersoflistedcompany（yuan）743,090,095.19842,743,158.64-11.82%
Cashflowgeneratedbybusinessoperation,net（yuan）1,443,551,266.301,815,293,217.25-20.48%
Basicearningpershare(yuan/Share)0.370.41-9.76%
Dilutedgainspershare(yuan/Share)0.370.41-9.76%
Weightedaverageincome/assetratio（%）8.45%10.16%-1.71%
AsattheendofthereportingperiodAsattheendoflastyearYoY+/-（%）
Grossassets（yuan）19,737,220,017.6418,875,766,799.314.56%
Shareholders’equityattributabletoshareholdersofthelistedcompany（yuan）8,549,301,415.608,982,437,985.17-4.82%

5.Differencesbetweenaccountingdataunderdomesticandoverseasaccountingstandards

1).SimultaneouslypursuanttobothChineseaccountingstandardsandinternationalaccountingstandardsdisclosedinthefinancialreportsofdifferencesinnetincomeandnetassets.

□Applicable□√NotapplicableNone

2).DifferencesofnetprofitandnetassetsdisclosedinfinancialreportspreparedunderoverseasandChineseaccountingstandards.

□Applicable√NotapplicableNone

6.Itemsandamountofnon-currentgainsandlosses

√Applicable□Notapplicable

InRMB

ItemsAmountNote
Non-currentassetdisposalgain/loss(includingthewrite-offpartforwhichassetsimpairmentprovisionismade)447,880.54
Governmentsubsidiesrecognizedincurrentgainandloss(excludingthosecloselyrelatedtotheCompany’sbusinessandgrantedunderthestate’spolicies)7,349,285.08
Netamountofnon-operatingincomeandexpenseexcepttheaforesaiditems2,881,455.61
Othernon-recurringGains/lossitems14,393,329.63
Less:Influencedamountofincometax-8,354,389.12
Influencedamountofminorshareholders’equity(aftertax)2,729,583.49
Total30,696,756.49

Detailsofotherprofitandlossitemsthatmeetthenon-recurringprofitandlossdefinition

□Applicable√NotapplicableNoneFortheCompany’snon-recurringgain/lossitemsasdefinedintheExplanatoryAnnouncementNo.1oninformationdisclosureforCompaniesOfferingtheirSecuritiestothePublic-Non-recurringGainsandLossesanditsnon-recurringgain/lossitemsasillustratedintheExplanatoryAnnouncementNo.1oninformationDisclosureforCompaniesofferingtheirsecuritiestothepublic-non-recurringGainsandlosseswhichhavebeendefinedasrecurringgainsandlosses,itisnecessarytoexplainthereason.

□Applicable√NotapplicableNoneofNon-recurringgain/lossitemsrecorgnizedasrecurringgain/loss/itemsasdefinedbytheinformationdisclosureexplanatoryAnnouncementNo.1-Non–recurringgain/lossinthereportperiod.

III.ManagementDiscussion&AnalysisⅠ.MainBusinesstheCompanyisEngagedinDuringtheReportPeriodTheCompany'smainbusinessindevelopingandoperatingexpresswayandbigbridges.ItisoneofthemaininstitutionsofdevelopingexpresswayandbigbridgeinGuangdongExpresswaySystem.Theexpresswayindustryistheindustryhelpedbygovernment.TheCompanyismainlyengagedintollingandmaintenanceofGuangfoExpressway,FokaiExpressway,JingzhuExpresswayGuangzhuSectionandGuanghuiExpresswayinvestmentintechnologicalindustriesandprovisionofrelevantconsultationwhileinvestinginShenzhenHuiyanExpresswayCo.,Ltd.,GuangdongJiangzhongExpresswayCo.,Ltd.,ZhaoqingYuezhaoExpresswayCo.,Ltd.,GanzhouKangdaExpressway,GanzhouGankangExpresswayCo.,Ltd.,GuangdongYuekeTechnologyPettyLoanCo.,Ltd.,GuangdongGuangleExpresswayCo.,Ltd.,GuoyuanSecuritiesCo.,Ltd.,HunanLianzhiTechnologyCo.,Ltd.,SPICYuetongQiyuanChipPowerTechnologyCo.,Ltd.andCMSTNanjingIntelligentLogisticsTechnologyCo.,Ltd.Asoftheendofthereportingperiod,thecompany’sshare-controlledexpresswayis306.78km,andtheshare-participationexpresswayis295.88km.II.AnalysisOncoreCompetitiveness

Thetollrevenueofexpresswayindustrymainlydependsontheregionaleconomicdevelopment.Theregionaleconomyisthecriticalfactorthatinfluencesthetrafficvolume.TheGuangfoexpresswayandtheFokaiexpressway,controlledbythecompany,arepartoftheNationalExpresswayNetworkPlanning-“Fiveverticalandsevenhorizontal”,JingzhuExpresswayGuangzhuSectionisafastandconvenientexpressway,GuanghuiExpresswayisanimportantsectionofthenationalkeyhighway-the15thHengshanweitoYunnanQingshuihehighway,Andmanyofthecompany’sequity-participationexpresswaysthatarepartofthemainskeletonoftheGuangdongProvincialExpresswayPlanning-“Tenverticalandfivehorizontal”,whichprovidesastrongguaranteeforstabletrafficvolume.Meanwhile,theregionaleconomyisthecriticalfactorthatinfluencesthetrafficvolume,asGuangdongprovinceistheeconomicallydevelopedregion,withyears’continuoushighgrowthofGDP,sothatprovidesthestablerisingdemandforthecompany.III.MainbusinessanalysisⅠ.GeneralWhetherthesameasthemainbusinessdisclosureengagedinthecompanyduringthereportingperiod

□Yes√No

Volumeofvehicletrafficinthefirsthalfyearof2022Tollincomeinthefirsthalfyearof2022Tollincomeinthefirsthalfyearof2022（Tenthousand）Increase/Decrease(%）
GuangfoExpressway36,349,485-4.69%6,478.10-69.88%
FokaiExpressway37,500,754-8.92%63,696.56-7.31%
JingzhuExpresswayGuangzhuEastSection27,536,144-21.64%43,747.12-20.00%
GuanghuiExpressway36,098,312-7.20%88,041.38-11.22%
HuiyanExpressway21,272,389-17.25%9,689.71-16.91%
YuezhaoExpressway16,371,410-11.35%22,496.53-14.39%
Jiangzhong26,079,442-20.08%17,686.08-24.39%
Volumeofvehicletrafficinthefirsthalfyearof2022Tollincomeinthefirsthalfyearof2022Tollincomeinthefirsthalfyearof2022（Tenthousand）Increase/Decrease(%）
Expressway
GuangleExpressway18,846,126-4.96%154,513.17-5.50%
KangdaExpressway590,955-20.49%13,786.32-8.14%
GangkangExpressway1,917,372-21.25%9,019.62-8.89%

Note：GuangfoExpresswaystoppedtollcollectionfrom00:00onMarch3,2022.Duringthereportingperiod,thetrafficflowfromJanuarytoAprildeclinedbyvaryingdegreesduetotheslowdownineconomicgrowth,theepidemicpreventionandcontrolmeasuresinShenzhen,DongguanandZhuhaiinGuangdongProvince,theextremeweatherandotherfactors.ThetrafficvolumeofGuanghuiExpresswayandJingzhuExpresswayGuangzhuSectionthataretheCompany'sholdings-areadjacenttoShenzhenandDongguandecreasedsignificantly.WiththeeffectivecontroltotheepidemicinMay,theDragonBoatFestivalholidayandthecollegeentranceexaminationandtheseniorhighschoolentranceexaminationended,thewillingnessofthemassesfortravelhasincreased,andthetrafficflowofvarioussectionshasshownatrendofrecovery.Year-on-yearchangeofmainfinancialdata

InRMB

ThisreportperiodSameperiodlastyearYOYchange（%）Causechange
Operatingincome2,057,420,809.682,488,474,669.81-17.32%GuangfoExpresswaystoppedtollcollectionfrom00:00onMarch3,2022,andthetollsdecreasedYOY;duetotheimpactoftheepidemic,thetrafficflowontheexpresswaydecreasedYOY,andthetollsdecreasedYOY.
Operatingcost696,143,722.50889,127,742.43-21.70%FokaiExpresswayhadadjustextendedthetollperiodsinceJunelastyear,andinthefirsthalfof2022,thedepreciationofFokaiExpresswayhaddecreasedYOY;thedeclineintollrevenuehadledtoadeclineinroaddepreciation.
Administrativeexpenses85,773,267.0493,357,035.39-8.12%
Financialexpenses87,302,056.62120,868,584.07-27.77%ThedoubleimpactoftheYOYdeclineinborrowingsandthedeclineininterestrates.
Incometaxexpenses290,240,426.63354,025,065.47-18.02%
R&DInvestment1,368,887.22Mainlyduetothelaborcostsandrelatedexpensesofprojectdeveloperssuchas"ResearchontheUnattendedSystemofExpresswaySmartTollStations","ResearchandDevelopmentofKeyTechnologiesforRemixedIn-PlaceHeatRegenerationinExpresswayCoveredandOverpavedRoads",etc.
Cashflowgeneratedbybusinessoperation,net1,443,551,266.301,815,293,217.25-20.48%Mainlyduetothedeclineintollrevenue.
Netcashflowgeneratedbyinvestment-274,972,125.19-158,820,398.94-73.13%Disposeof100%equityofGuangdongExpresswayTechnologyInvestment
Co.,Ltd.,thecashdividendsoftheparticipatingcompaniesaredistributedearlierthanthesameperiodandthenewexternalequityinvestmentinthisperiod.
Netcashflowgeneratedbyfinancing-80,767,682.59-936,574,211.7891.38%Mainlyduetothepaymentoftheremaining21%equitypurchasepaymentofGuangdongGuanghuiExpresswayCo.,Ltd.inthesameperiodlastyear,buttherewasnoneofthisinthisyear.
Netincreasingofcashandcashequivalents1,087,811,458.52719,898,606.5351.11%Thecombinedeffectofoperatingactivities,investmentactivities,andfinancingactivities.

MajorchangestotheprofitstructureorsourcesoftheCompanyinthereportingperiod

□Applicable√NotapplicableNone.ComponentofBusinessIncome

InRMB

ThisreportperiodSameperiodlastyearIncrease/decrease
AmountProportionAmountProportion
Totaloperatingrevenue2,057,420,809.68100%2,488,474,669.81100%-17.32%
Industry
Highwaytransportations2,019,631,631.4198.16%2,440,717,934.7498.08%-17.25%
Other37,789,178.271.84%47,756,735.071.92%-20.87%
Product
Highwaytransportations2,019,631,631.4198.16%2,440,717,934.7498.08%-17.25%
Other37,789,178.271.84%47,756,735.071.92%-20.87%
Area
GuangfoExpressway64,781,007.003.15%215,068,229.348.64%-69.88%
FokaiExpressway636,965,610.5530.96%687,165,042.1227.61%-7.31%
JingzhuExpresswayGuangzhuSection437,471,193.1621.26%546,816,777.6121.98%-20.00%
GuanghuiExpressway880,413,820.7042.79%991,667,885.6739.85%-11.22%
Other37,789,178.271.84%47,756,735.071.92%-20.87%

SituationofIndustry,ProductandDistrictOccupyingtheCompany’sBusinessIncomeandOperatingProfitwithProfitover10%

√Applicable□Notapplicable

InRMB

TurnoverOperationcostGrossprofitrate(%)Increase/decreaseofrevenueinthesameperiodofthepreviousyear(%)Increase/decreaseofbusinesscostoverthesameperiodofpreviousyear(%)Increase/decreaseofgrossprofitrateoverthesameperiodofthepreviousyear(%)
Industry
Highwaytransportations2,019,631,631.41678,568,987.9966.40%-17.25%-21.12%1.65%
Product
Highwaytransportations2,019,631,631.41678,568,987.9966.40%-17.25%-21.12%1.65%
Area
FokaiExpressway636,965,610.55248,227,488.1561.03%-7.31%-31.90%14.07%
JingzhuExpresswayGuangzhuSection437,471,193.16144,124,522.5767.06%-20.00%-1.95%-6.06%
GuanghuiExpressway880,413,820.70269,464,772.3169.39%-11.22%-11.66%0.15%

Undercircumstancesofadjustmentinreportingperiodforstatisticscopeofmainbusinessdata,adjustedmainbusinessbasedonlatestonyear’sscopeofperiod-end.

□Applicable√NotapplicableAnyover30%YoYMovementsinthedataaboveandwhy

√Applicable□Notapplicable

1.AccordingtotheinformalletterNo.24-[2022]YueTransportationOperation-"NoticeoftheDepartmentofTransportationofGuangdongProvinceonIssuesConcerningtheExpirationofTollCollectionofGuangfoExpressway"issuedbyGuangdongProvincialDepartmentofTransportation,GuangfoExpresswayshallstoptollcollectionfrom0:00onMarch3,2022.TheoperatingincomeofGuangfoCompanyhaddroppedby

69.88%YOY.

2.ThetollperiodofFokaiExpresswayhasbeenextendedsinceJunelastyear.Inthefirsthalfof2022,thedepreciationofFokaiExpresswaydecreasedYOY.Meanwhile,thetollrevenuedeclinedandtheroadpropertydepreciationalsodecreased.Tosumup,theoperatingcostofFokaiBranchdecreasedby31.90%YOY.IV.Non-corebusinessanalysis

√Applicable□Notapplicable

InRMB

AmountRatiointotalprofitNoteWhetherbesustainable
InvestmentIncome162,384,354.5312.01%ItisduetotheoperationaccumulationofparticipantcompaniesExceptforthedisposalgainsobtainedfromthedisposalofsubsidiaries,othersweresustainable.
Non-operatingincome5,821,631.650.43%MainlyinsuranceclaimsandroadpropertyclaimsNotsustainable
Non-operatingexpenses2,955,659.390.22%MainlyroadpropertyrepairexpensesNotsustainable
Otherincome8,178,352.380.61%MainlyisamortizationandcancellationofprovincialboundaryTollstationsubsidies.Sustainable

V.ConditionofAssetandLiabilities

1.ConditionofAssetCausingSignificantChange

InRMB

EndofReportingperiodEndofsameperiodoflastyearChangeinpercentage(%)Reasonforsignificantchange
AmountAsapercentageoftotalAmountAsapercentageof
assets(%)totalassets(%)
Monetaryfund4,044,215,849.0720.49%2,956,404,390.5515.66%4.83%
Accountsreceivable125,230,522.840.63%159,053,399.870.84%-0.21%
Contractassets5,286,462.450.03%-0.03%
Inventories640,079.660.00%0.00%
Investmentrealestate2,778,704.170.01%2,889,263.410.02%-0.01%
Long-termequityinvestment2,820,130,077.4014.29%2,627,130,681.2413.92%0.37%
Fixedassets10,148,446,100.4551.42%10,639,272,192.0256.36%-4.94%
Constructioninprocess475,554,879.752.41%351,130,455.061.86%0.55%
Userightassets8,937,861.630.05%14,100,325.010.07%-0.02%
Shore-termloans320,266,666.671.62%1.62%
Contractliabilities22,000.000.00%0.00%
Long-termborrowing4,534,385,100.0022.97%4,572,621,200.0024.22%-1.25%
Leaseliabilities222,305.080.00%2,773,459.760.01%-0.01%

2.Mainassetsoverseas

□Applicable√Notapplicable

3.AssetandLiabilitiesMeasuredbyFairValue

√Applicable□Notapplicable

InRMB

ItemsOpeningamountGain/LossonfairvaluechangeinthereportingperiodCumulativefairvaluechangerecordedintoequityImpairmentprovisionsinthereportingperiodPurchasedamountinthereportingperiodSoldamountinthereportingperiodOtherchangeClosingamount
Financialassets
1.Tradingfinancialassets(excludingderivativefinancialassets91,000,000.0091,000,000.00
4.Otherequityinstrumentinvestment1,577,175,826.05208,999,143.471,524,908,322.00
Subtotaloffinancialassets1,577,175,826.05208,999,143.4791,000,000.001,615,908,322.00
Totaloftheabove1,577,175,826.05208,999,143.4791,000,000.001,615,908,322.00
Financialliabilities0.000.00

OtherchangeDidanysignificantchangeoccurtotheattributeoftheCompany’smainassetmeasurementduringthereportingperiod?

□Yes√No

3.AssetsrightrestrictiontillendofreportingperiodThebalanceofrestrictedbankdepositsattheendoftheperiodwasRMB1,221,200.00,whichwasthelandreclamationfunddepositedintothefundcustodyaccountforthereconstructionandexpansionprojectofsanbaotoshuikousectionofFokaiExpressway.VI.Investmentsituation

1.General

√Applicable□Notapplicable

CurrentInvestmentAmount(Yuan)Sameperiodoflastyear(Yuan)Changerate
250,000,000.000.000.00%

2.ConditionofAcquiringSignificantShareRightInvestmentduringtheReportPeriod

□Applicable√Notapplicable

3.SituationoftheSignificantNon-equityInvestmentUndergoingintheReportPeriod

□Applicable√Notapplicable

4.InvestmentofFinancialAsset

（1）Securitiesinvestment

√Applicable□Notapplicable

InRMB

SecuritycategorySecuritycodeStockAbbreviation:InitialinvestmentcostModeofaccountingmeasurementBookvaluebalanceatthebeginningofthereportingperiodChangesinfairvalueofthethisperiodCumulativefairvaluechangesinequityPurchaseamountinthethisperiodSaleamountinthethisperiodGain/lossofthereportingperiodBookvaluebalanceattheendofthereportingperiodAccountingitemsSourcesoffunds
Domesticandforeignstocks601818EverbrightBank517,560,876.80FVM781,046,414.08190,556,504.6447,286,243.74708,117,381.44OtherequityinstrumentinvestmentsSelf
Total517,560,876.80--781,046,414.080.00190,556,504.640.000.0047,286,243.74708,117,381.44----
DisclosureDateofAnnouncementonSecuritiesInvestmentApprovedbytheBoardofDirectorsJuly22,2009
DisclosureDateofAnnouncementonSecuritiesInvestmentApprovedbytheShareholdersMeeting(Ifany)August7,2009

（2）InvestmentinDerivatives

□Applicable√NotapplicableTheCompanyhadnoinvestmentinderivativesinthereportingperiod.

5.Applicationoftheraisedcapital

□Applicable√NotapplicableTheCompanyhadnoapplicationoftheraisedcapitalinthereportingperiod.VII.Salesofmajorassetsandequity

1.Salesofmajorassets

□Applicable√NotapplicableTheCompanyhadnosalesofmajorassetsinthereportingperiod.

2.Salesofmajorequity

□Applicable√Notapplicable

VIII.AnalysisoftheMainShareHoldingCompaniesandShareParticipatingCompanies

√Applicable□NotapplicableSituationofMainSubsidiariesandtheJoint-stockCompanywithover10%netprofitinfluencingtotheCompany

InRMB

CompanyNameCompanytypeLeadingproductsandservicesRegisteredcapitalTotalassetsNetassetsOperatingIncomeOperatingprofitNetProfit
JingzhuExpresswayGuangzhuSectionCo.,Ltd.SubsidiaryTheoperationandmanagementofGuangzhuExpresswayandprovisionofsupportingservicesincludingfueling,salvageandsupplyofpartsandcomponentsRMB580million2,193,057,129.55850,830,359.39452,938,785.68259,757,572.13193,087,643.23
GuangdongGuanghuiExpresswayCo.,Ltd.SharingcompanyInvestmentinandconstructionofGuanghuiExpresswayCo.,Ltd.andsupportingfacilities,thetollcollectionandmaintenancemanagementofGuanghuiExpressway,TheGuanghuiExpressway'ssupportinggasstation,salvation,vehiclemaintenance,vehicletransport,catering,warehousinginvestmentanddevelopmentRMB2.352billion4,679,611,380.044,138,588,813.90893,298,497.64625,554,983.27469,177,363.59

Subsidiariesobtainedordisposedinthereportingperiod

√Applicable□Notapplicable

CompanynameWayofacquiringanddisposingofsubsidiarycorporationswithinthereportingperiodImpactonthewholeproducingoperationandperformance
GuangdongExpresswayTechnologyInvestmentCo.,Ltd.SalesThistransactiondoesnothaveasignificantimpactontheoverallproductionandoperationofthecompany,andincreasesthecompany'scurrentnetprofitby24.89millionyuan.

ParticularsabouttheMutualholdingcompanies

1.AccordingtotheinformalletterNo.24-[2022]YueTransportationOperation-"NoticeoftheDepartmentofTransportationofGuangdongProvinceonIssuesConcerningtheExpirationofTollCollectionofGuangfoExpressway"issuedbyGuangdongProvincialDepartmentofTransportation,GuangfoExpresswayshallstoptollcollectionfrom0:00onMarch3,2022.Retaintheexistingtollfacilitiesandoperateasusualinazero-ratemanner,exemptvehicletollsforallvehiclespassingthisroadsection,andcollectvehicletollsonbehalfforotherroadsections.Afterthetollcollectionisstopped,GuangfoExpresswayCo.,LtdshallcontinuetoberesponsibleforthemanagementandmaintenanceofGuangfoExpressway.IX．StructuredvehiclecontrolledbytheCompany

□Applicable√NotapplicableX.RisksfacingtheCompanyandcountermeasures

Thecompany’sprofitsmainlycomefromtheexpresswaytollsrevenueandthetollchargingstandardsshallbeexaminedbythetrafficauthorityoftheprovincial,autonomousregionandthedirect-controlledmunicipalitypeople’sgovernmentstogetherwiththesame-levelpricingauthorityandthensubmittedtothesame-levelpeople’sgovernmentforapproval.Therefore,thechargingpriceadjustmenttrendandthepossibilityofthechargingpriceadjustmentuponrisingofthecommoditypriceandthecompanycostinthefuturearestillsubjecttorelevantnationalpoliciesandtheapprovalofthegovernmentaldepartment.Andthecompanycan’tadjustthechargingstandardspromptlybasedonitsownoperationcostorthemarketsupply-demandchanges.Inconclusion,thechargingpolicieschangeandthechargingstandardsadjustmenthavetheinfluenceontheexpresswaybusinessofthecompanytosomeextent.

IV.CorporateGovernanceI.AnnualGeneralMeetingandProvisionalShareholders’MeetingsintheReportingPeriod

1.AnnualGeneralMeeting

MeetingTypeInvestorparticipationratioConveneddateDisclosuredateIndextodisclosedinformation
2021Shareholders’generalmeetingAnnualShareholders’GeneralMeeting66.50%May17,2022May18,20221.ThemeetingexaminedandadoptedtheProposalConcerningFinalAccountingReportfor2021.2.ThemeetingexaminedandadoptedtheProposalConcerningPreplanforProfitDistributionfor2021.3.ThemeetingexaminedandadoptedtheProposalConcerningOverallbudgetreportoftheCompanyfor2022.4.ThemeetingexaminedandadoptedtheWorkReportoftheBoardofDirectorsfor2021.5.ThemeetingexaminedandadoptedtheWorkReportofthesupervisoryCommitteefor2021.6.ThemeetingexaminedandadoptedAnnualReportfor2021anditssummary.7.ThemeetingexaminedandadoptedtheProposalforHiringthe2022AnnualFinancialReportAuditAgency.8.ThemeetingexaminedandadoptedtheProposalforHiringthe2022InternalControlAuditInstitution.9.ThemeetingexaminedandadoptedtheProposalregardingtheelectionofMr.KuangYuasdirectoroftheninthboardofdirectorsoftheCompany.10.ThemeetingexaminedandadoptedtheProposalregardingtheelectionofMs.WangXiaobingasSupervisoroftheninthboardofsupervisorsoftheCompany.

2.PreferredshareholderswiththerestorationofvotingrightsmadearequestfortheSpecialMeetingofShareholders

□Applicable√NotapplicableII.Changeinsharesheldbydirectors,supervisorsandseniorexecutives

√Applicable□Notapplicable

NamePositionsTypesDateReason
HuangHaiDirectorLeftFebruary24,2022Jobchange
ZhengRenfaChairmanLeftApril26,2022Jobchange
ChengRuiDeputyGeneralDismissJune17,2022Jobchange
KuangYuDirectorElectedMay17,2022Electedbytheshareholders'generalmeeting
WangXiaobingSupervisorElectedMay17,2022Electedbytheshareholders'generalmeeting

III.Pre-planforprofitallocationandturningcapitalreserveintosharecapitalforthereportingperiod

□Applicable√NotapplicableTheCompanyplannednottodistributecashdividendandbonusshare,andnottoconvertcapitalreservesintosharecapitalinhalfyear.

IV.Implementationofanyequityincentiveplan,employeestockownershipplanorotherincentivemeasuresforemployees

□Applicable√NotapplicableNone.

V.Environmental&SocialResponsibilityI.SignificantenvironmentalissuesWhethertheCompanyoranyofitssubsidiariesisidentifiedasakeypolluterbytheenvironmentauthorities

□Yes√NoAdministrativepenaltiesforenvironmentalproblemsduringthereportingperiod

CompanyorsubsidiarynameReasonofpunishmentViolationofregulationsPunishmentresultImpactontheproductionandoperationoflistedcompaniesCompany'srectificationmeasures
NoNoNoNoNoNo

OtherenvironmentalinformationthatshouldbedisclosedNoneMeasuresandeffectstakentoreduceitscarbonemissionsduringthereportingperiod

□Applicable√NotapplicableReasonsfornotdisclosingotherenvironmentalinformationNoneII.SocialresponsibilitiesInthefirsthalfof2022,theCompanyactivelyfulfilleditssocialresponsibilities,strivedtoovercometheadverseimpactoftheepidemic,strictlyimplementedtherequirementsoflocalepidemicpreventionandcontrol,anddidagoodjobinensuringthesafetyofroadsections.

1.Inordertodowellinepidemicpreventionandcontrol,theCompany'sparticipationandholdingexpresswaycompaniesactivelyrespondedtohigher-levelpolicies,andtheCompany'spartycommitteeandmanagementteamactivelymobilizedvolunteersfromthepartyandlaborgroupstoparticipateintheepidemicpreventionandcontrolwork,effectivelypromotedthenormalizedepidemicpreventionandcontrolwork.

2.Thepolicyofexemptingtollsforpassengercarswithlessthansevenseatsandbyintermittentfreerelease,andthepreferentialpoliciesforgreenpassageswillcontinuetobeimplementedonmajorholidays,andsoundlyimplementedthat"knowledgeisinplace,personnelareinplace,responsibilitiesareinplace,andmeasuresareinplace"tosuccessfullycompletethevarioustasksofensuringsafetyandsmoothflow.

3.Activelyrespondedtogovernmentpolicies,providedpreferentialreductionandexemptionofvehicletollsinaccordancewithlawsandregulations,forreducingcorporatetransportationcostsandpublictravelcosts.

4.Wellperformedinroadconditiondetection,inquiriesandresponsesfromdriversandpassengers,andsmoothedroadsurfaceprotectionafterthetollcollectionofGuangfoExpresswaywasstopped.

VI.ImportantEventsI.Thefulfilledcommitmentsinthereportingperiodandunder-fulfillmentcommitmentsbytheendofthereportingperiodmadebythecompany,shareholder,actualcontroller,acquirer,director,supervisor,seniormanagementpersonnelandotherrelatedparities.

□Applicable√NotapplicableThereisnocommitmentthathasnotbeenfulfilledbyactualcontroller,shareholders,relatedparties,acquirersoftheCompanyII.Particularsaboutthenon-operatingoccupationoffundsbythecontrollingshareholder

□Applicable√NotapplicableNoneIII.Illegalprovisionofguaranteesforexternalparties

□Applicable√NotapplicableNoneIV.EngagementanddisengagementofCPAsfirmWhetherthesemi-annualfinancialreporthasbeenaudited

□Yes√NoThesemi-annualfinancialreportoftheCompanyhasnotbeenauditedV.Notesfor“non-standardauditreport”ofCPAsfirmduringtheReportingPeriodbyboardofdirectorsandsupervisoryboard

□Applicable√NotapplicableVI.Notesfortherelatedinformationof“non-standardauditreports”lastyearbyboardofdirectors

□Applicable√NotapplicableVII.Bankruptcyandrestructuring

□Applicable√NotapplicableNosuchcasesinthereportingperiod.

VIII.LitigationsandarbitrationsSignificantlitigationsandarbitrations

□Applicable√NotapplicableNosuchcasesinthereportingperiod.Otherlawsuits

□Applicable√NotapplicableIX.Punishmentsandrectifications

□Applicable√NotapplicableX.CreditconditionsoftheCompanyaswellasitscontrollingshareholderandactualcontroller

□Applicable√NotapplicableXI.Materialrelatedtransactions

1.Relatedtransactionsinconnectionwithdailyoperation

□Applicable√NotapplicableNosuchcasesinthereportingperiod.

2.Related-partytransactionsarisingfromassetacquisitionorsold

□Applicable√NotapplicableNosuchcasesinthereportingperiod.

3.Related-partytransitionswithjointinvestments

□Applicable√NotapplicableNosuchcasesinthereportingperiod.

4.Creditsandliabilitieswithrelatedparties

□Applicable√NotapplicableNosuchcasesinthereportingperiod.

5.Transactionswithrelatedfinancecompany,especiallyonethatiscontrolledbytheCompany

√Applicable□NotapplicableDepositbusiness

RelatedpartyRelationshipMaximumdailydepositlimitd（Tenthousandyuan）DepositinterestraterangeBeginningbalance（Tenthousandyuan）TheamountincurredEndingbalance（Tenthousandyuan）
Totaldepositamountofthecurrentperiod（Tenthousandyuan）Totalamountwithdrawninthecurrentperiod（Tenthousandyuan）
GuangdongCommunicationsGroupFinanceCo.,LtdControlledbythesameparentcompany300,0000.35%-2.85%152,100.35113,736.70265,837.05

Loanbusiness

RelatedpartyRelationshipLoanlimit（Tenthousandyuan）LoantinterestraterangeBeginningbalance（Tenthousandyuan）TheamountincurredEndingbalance（Tenthousandyuan）
Totalloanamountforthecurrentperiod（Tenthousandyuan）Totalrepaymentamountofthisperiod（Tenthousandyuan）
GuangdongCommunicationsGroupFinanceCo.,LtdControlledbythesameparentcompany400,0003%-3.75%20,00032,00010051,900

Creditextensionorotherfinancialservices

RelatedpartyRelationshipBusinesstypeTotalamount（Tenthousandyuan）Actualamountincurred（Tenthousandyuan）
GuangdongCommunicationsGroupFinanceCo.,LtdControlledbythesameparentcompanyCreditextension220,00051,900

6.TransactionswithrelatedfinancecompanycontrolledbytheCompany

□Applicable√NotapplicableNosuchcasesinthereportingperiod.

7.Othersignificantrelated-partytransactions

√Applicable□Notapplicable

1.The"ProposalontheTransferof100%EquityoftheWholly-ownedSubsidiary-GuangdongExpresswayTechnologyInvestmentCo.,Ltd”wasreviewedandapprovedinthe27thmeetingoftheninthboardofdirectorsoftheCompany.It’sagreedthattheCompanywilltransfer100%oftheequityofGuangdongExpresswayTechnologyInvestmentCo.,LtdtoGuangdongLitongTechnologyInvestmentCo.,Ltdbymeansofnon-publicagreementtransferbasedontheassetevaluationresultsthathavebeenfiledasthepricingbasis.Thetransferpriceis50,623,900yuan.It’sauthorizedthemanagementteamoftheCompanytohandlemattersrelatedtothisequitytransfer.

2.The"ProposalontheCompany'sExpectedRoutineConnectedTransactionsin2022"wasreviewedandapprovedinthetwenty-seventhmeetingoftheninthboardofdirectorsoftheCompany,andagreedtotheCompany'sheadquarters,branchesandwholly-ownedandcontrolledsubsidiaries’expectedroutineconnectedtransactionsin2022,withthetransactionamounttotaledin69,034,100yuan.Thewebsitetodisclosetheinterimannouncementsonsignificantrelated-partytransactions

DescriptionofprovisionalannouncementDateofdisclosingprovisionalannouncementDescriptionofthewebsitefordisclosingprovisionalannouncements
AnnouncementofResolutionsofthe27th(Provisional)MeetingoftheNinthBoardofDirectorsMarch16,2022www.cninfo.com.cn
EstimatesannouncementoftheDailyRelatedPartyTransactionof2022March16,2022www.cninfo.com.cn
AnnouncementofrelatedpartytransactionMarch16,2022www.cninfo.com.cn

XII.Significantcontractsandexecution

1.Entrustments,contractingandleasing

（1）Entrustment

□Applicable√NotapplicableNosuchcasesinthereportingperiod.

（2）Contracting

□Applicable√NotapplicableNosuchcasesinthereportingperiod.

（3）Leasing

□Applicable√NotapplicableNosuchcasesinthereportingperiod.

2.SignificantGuarantees

□Applicable√NotapplicableNosuchcasesinthereportingperiod.

3.Financemanagementoncommission

□Applicable√NotapplicableNosuchcasesinthereportingperiod.

4.Othersignificantcontract

□Applicable√NotapplicableNosuchcasesinthereportingperiod.XIII.Explanationonothersignificantevents

□Applicable√NotapplicableNosuchcasesinthereportingperiod.XIV.SignificanteventofsubsidiaryoftheCompany

√Applicable□Notapplicable

GuangdongProvincialExpresswayDevelopmentCo.,LtdreceivedtheinformalletterNo.24-[2022]YueTransportationOperation-"NoticeoftheDepartmentofTransportationofGuangdongProvinceonIssuesConcerningtheExpirationofTollCollectionofGuangfoExpressway"issuedbyGuangdongProvincialDepartmentofTransportation",withthemaincontentasfollows:

1.GuangfoExpresswayshallstoptollcollectionfrom0:00onMarch3,2022,retaintheexistingtollfacilitiesandoperateasusualinazero-ratemanner,exemptvehicletollsforallvehiclespassingthisroadsection,andcollectvehicletollsonbehalfforotherroadsections.

2.Afterthetollcollectionisstopped,GuangfoExpresswayCo.,LtdshallcontinuetoberesponsibleforthemanagementandmaintenanceofGuangfoExpressway.

GuangfoExpresswayCo.,LtdisaholdingsubsidiarytotheCompany,andtheCompanyholds75%ofitsequity.TheCompanyandGuangfoCompanywillconducttimelyinspection,maintenanceandmanagementofGuangfoExpresswayanditsancillaryfacilities,aswellascommunication,monitoring,networktollcollectionandothersystemsinstrictaccordancewiththenationalandprovincialstandardsandspecifications,thustoensurethattheyareingoodtechnicalconditionsandtoensuretheorderofnetworktollcollectionoperation.It

willdoagoodjobintrafficflowmonitoringandtrafficguidanceafterthetollcollectionofGuangfoExpresswayisstopped,andwillprovidehigh-qualityservicesforpassingvehiclesandpersonnel.

NoticeonIssuesConcerningtheExpirationofTollCollectionofGuangfoExpressway

DescriptionofprovisionalannouncementDateofdisclosingprovisionalannouncementDescriptionofthewebsitefordisclosingprovisionalannouncements
NoticeonIssuesConcerningtheExpirationofTollCollectionofGuangfoExpressway2022-02-23www.cninfo.com.cn

VII.ChangeofsharecapitalandshareholdingofPrincipalShareholdersI.Changesinsharecapital

1.Changesinsharecapital

Inshares

BeforethechangeIncrease/decrease（+，-）AftertheChange
AmountProportionShareallotmentBonussharesCapitalizationofcommonreservefundOtherSubtotalQuantityProportion
1.Shareswithconditionalsubscription439,254,71721.01%-421,322-421,322438,833,39520.98%
1.State-ownedshares410,105,73819.61%00410,105,73819.61%
2.State-ownedlegalpersonshares21,712,7381.04%0021,712,7381.04%
3.Otherdomesticshares7,436,2410.36%-421,322-421,3227,014,9190.33%
Including：DomesticLegalpersonshares6,863,5110.33%-319,575-319,5756,543,9360.31%
Domesticnaturalpersonshares572,7300.03%-101,747-101,747470,9830.02%
4.Foreignshares00.00%0000.00%
Including：Foreignlegalpersonshares00.00%0000.00%
Foreignnaturalpersonshares00.00%0000.00%
II.Shareswithunconditionalsubscription1,651,551,40978.99%421,322421,3221,651,972,73179.02%
1.CommonsharesinRMB1,302,902,73462.32%421,322421,3221,303,324,05662.34%
2.Foreignsharesindomesticmarket348,648,67516.68%00348,648,67516.68%
3.Foreignsharesinforeignmarket00.00%0000.00%
4.Other00.00%0000.00%
III.Totalofcapitalshares2,090,806,126100.00%002,090,806,126100.00%

Reasonsforsharechanged

□Applicable√NotapplicableApprovalofChangeofShares

□Applicable√NotapplicableOwnershiptransferofsharechanges

□Applicable√NotapplicableInfluenceonthebasicEPSanddilutedEPSaswellasotherfinancialindexesofnetassetspershareattributabletocommonshareholdersofCompanyinlatestyearandperiod

□Applicable√NotapplicableOtherinformationnecessarytodiscloseforthecompanyorneedtodisclosedunderrequirementfromsecurityregulators

□Applicable√NotapplicableProgressonanysharerepurchase:

□Applicable√NotapplicableProgressonreducingtherepurchasedsharesbymeansofcentralizedbidding:

□Applicable√NotapplicableInfluenceonthebasicEPSanddilutedEPSaswellasotherfinancialindexesofnetassetspershareattributable

tocommonshareholdersofCompanyinlatestyearandperiod

□Applicable√NotapplicableOtherinformationnecessarytodiscloseforthecompanyorneedtodisclosedunderrequirementfromsecurityregulators

□Applicable√Notapplicable

2.Changeofshareswithlimitedsalescondition

√Applicable□Notapplicable

Inshares

ShareholderNameInitialRestrictedSharesNumberofUnrestrictedSharesThisTermNumberofIncreasedRestrictedSharesThisTermRestrictedSharesintheEndoftheTermReasonforRestrictedSharesDateofRestrictionRemoval
KongLingbinandother35shareholders99,79799,79700SharereformrestrictedshareJanuary19,2022
FoshanShundeYunlongDevelopmentCo.,Ltd.319,575319,57500SharereformrestrictedshareJanuary19,2022
DuJun7,8001,9505,850OutgoingexecutiveslockedupsharesJanuary4,2022
Total427,172421,32205,850----

II.Securitiesissueandlisting

□Applicable√NotapplicableIII.Shareholdersandactualcontrollingshareholder

1.Numberofshareholdersandshareholding

InShares

Totalnumberofcommonshareholdersattheendofthereportingperiod47,944Totalnumberofpreferredshareholdersthathadrestoredthevotingrightattheendofthereportingperiod(ifany)(note8)0
Particularsaboutsharesheldabove5%byshareholdersortoptenshareholders
ShareholdersNatureofshareholderProportionofsharesheld（%）Numberofsharesheldatperiod-endChangesinreportingperiodAmountofrestrictedsharesheldAmountofun-restrictedsharesheldNumberofsharepledged/frozen
StateofshareAmount
GuangdongCommunicationGroupCo.,LtdState-ownedlegalperson24.56%513,485,480410,105,738103,379,742
GuangdongHighwayConstructionCo.,Ltd,State-ownedlegalperson22.30%466,325,020466,325,020
ShangdongExpresswayInvestmentDevelopmentCo.,Ltd.State-ownedlegalperson9.68%202,429,149202,429,149
TibetHetaiEnterpriseManagementCo.,Ltd.State-ownedlegalperson4.84%101,214,574101,214,574
GuangdongState-2.53%52,937,49119,582,22833,355,263
ProvincialFreewayCo.,Ltd.ownedlegalperson
FengWuchuDomesticnaturalpersonshares1.04%21,646,10558,13421,646,105
HKSCCOverseaslegalperson0.87%18,112,455-1,417,17618,112,455
HappylifeinsuranceCo.,Ltd.-DividendOther0.81%16,928,87886,40016,928,878
ChinaLifeInsuranceCo.,Ltd.－Dividend－Personaldividend-005L-FH002ShenOther0.75%15,640,085-222,08015,640,085
XinyueCo.,Ltd.Overseaslegalperson0.63%13,201,08613,201,086
Strategicinvestororgenerallegalpersonbecomingtop-10ordinaryshareholderduetorightsissue(ifany)(seenote3)None
Relatedoracting-in-concertpartiesamongshareholdersaboveGuangdongCommunicationGroupCo.,Ltd.istheparentcompanyofGuangdongHighwayConstructionCo.,Ltd.，GuangdongProvincialFreewayCo.,Ltd.andXinyueCo.,Ltd.,ItisunknownwhetherthereisrelationshipbetweenothershareholdersandwhethertheyarepersonstakingconcertedactionspecifiedintheRegulationsonDisclosureofInformationaboutChangeinShareholdingofShareholdersofListedCompanies.
Aboveshareholdersentrustingorentrustedwithvotingrights,orwaivingvotingrightsNone
Top10shareholdersincludingthespecialaccountforrepurchase(ifany)(seenote10)None
Shareholdingoftop10shareholdersofunrestrictedshares
NameoftheshareholderQuantityofunrestrictedsharesheldattheendofthereportingperiodSharetype
SharetypeQuantity
GuangdongHighwayConstructionCo.,Ltd,466,325,020RMBCommonshares466,325,020
ShangdongExpresswayInvestmentDevelopmentCo.,Ltd.202,429,149RMBCommonshares202,429,149
GuangdongCommunicationGroupCo.,Ltd103,379,742RMBCommonshares103,379,742
TibetHetaiEnterpriseManagementCo.,Ltd.101,214,574RMBCommonshares101,214,574
GuangdongProvincialFreewayCo.,Ltd.33,355,263RMBCommonshares33,355,263
FengWuchu21,646,105RMBCommonshares19,187,242
Foreignsharesplacedindomestic2,458,863
HKSCC18,112,455RMBCommonshares18,112,455
HappylifeinsuranceCo.,Ltd.-Dividend16,928,878RMBCommonshares16,928,878
ChinaLifeInsuranceCo.,Ltd.－Dividend－Personaldividend-005L-FH002Shen15,640,085RMBCommonshares15,640,085
XinyueCo.,Ltd.13,201,086Foreignsharesplacedindomestic13,201,086
Explanationonassociatedrelationshiporconsistentactionamongthetop10shareholdersofnon-restrictednegotiablesharesandthatbetweenthetop10shareholdersofnon-restrictedGuangdongCommunicationGroupCo.,Ltd.istheparentcompanyofGuangdongHighwayConstructionCo.,Ltd.，GuangdongProvincialFreewayCo.,Ltd.andXinyueCo.,Ltd.,ItisunknownwhetherthereisrelationshipbetweenothershareholdersandwhethertheyarepersonstakingconcertedactionspecifiedintheRegulationsonDisclosureofInformationaboutChangeinShareholdingofShareholdersofListedCompanies.
negotiablesharesandtop10shareholders
Top10ordinaryshareholdersconductingsecuritiesmargintrading(ifany)(seenote4)None

Whethertoptencommonshareholdersortoptencommonshareholderswithun-restrictsharesheldhaveabuy-backagreementdealinginreportingperiod.

□Yes√NoThetoptencommonshareholdersortoptencommonshareholderswithun-restrictsharesheldoftheCompanyhavenobuy–backagreementdealinginreportingperiod.IV.Changesinshareholdingsofdirectors,supervisorsandexecutiveofficers

□Applicable√NotapplicableTherewasnochangeinshareholdingofdirectors,supervisorsandseniormanagementstaffs,forthespecificinformationpleaserefertothe2021AnnualReportV.ChangeofthecontrollingshareholderortheactualcontrollerChangeofthecontrollingshareholderinthereportingperiod

□Applicable√NotApplicableTherewasnoanychangeofthecontrollingshareholderoftheCompanyinthereportingperiod.Changeoftheactualcontrollerinthereportingperiod

□Applicable√NotapplicableTherewasnoanychangeoftheactualcontrolleroftheCompanyinthereportingperiod.

VIII.SituationofthePreferredShares

□Applicable√NotapplicableTheCompanyhadnopreferredsharesinthereportingperiod

IX.CorporateBond

√Applicable□NotapplicableI.Enterprisebond

□Applicable√NotapplicableNosuchcasesinthereportingperiod.II.Corporatebond

□Applicable√NotapplicableNosuchcasesinthereportingperiod.

III.Debtfinancinginstrumentsofnon-financialenterprises

√Applicable□Notapplicable

1.Basicinformation

InRMB

BondnameBondshortnameBondcodeIssuedayValuedateDuedayBondbalanceInterestrateServicingwayTrading
GuangdongProvincialExpresswayDevelopmentCo.,Ltd.2019firstphasemedium-termnotes19GuangdongExpresswayMTN001101900252February27,2019March1,2019March1,2024679,249,314.454%Duepaymentsonceayear,Theprincipalandthelastinstalmentinterestarepaidinonelumpsumontheredemptiondate.Interbankmarket
GuangdongProvincialExpresswayDevelopmentCo.,Ltd.2020firstphasemedium-termnotes20GuangdongExpresswayMTN001102000367March13,2020March17,2020March17,2025748,654,443.533%Duepaymentsonceayear,Theprincipalandthelastinstalmentinterestarepaidinonelumpsumontheredemptiondate.Interbankmarket

Overdueandunpaidbonds

□Applicable√Notapplicable

2.Triggerandimplementationofoptionclausesandinvestorprotectionclausesoftheissuerorinvestor

□Applicable√Notapplicable

3.Adjustmentofcreditratingresultsduringthereportingperiod

□Applicable√Notapplicable4Theimplementationandchangesofguarantee,debtrepaymentplanandotherdebtrepaymentguaranteemeasuresduringthereportingperiodandtheirimpactontherightsandinterestsofbondinvestors

□Applicable√Notapplicable

IV.Convertiblebond

□Applicable√NotapplicableNosuchcasesinthereportingperiodV.Thelosswithinthescopeofconsolidatedstatementsinthereportingperiodexceeded10%ofthenetassetsattheendofthepreviousyear

□Applicable√NotapplicableVI.MainaccountingdataandfinancialindicatorsoftheCompanyinrecenttwoyearsbytheendofthereportingperiod

InRMB10,000

ItemsAttheendofthereportingperiodAttheendoflastyearAtthesametimerateofchange
Currentratio1.662.70-38.52%
Debtratio44.89%40.02%4.87%
Quickratio1.662.70-38.52%

Amountofthisperiod

AmountofthisperiodAmountoflastperiodAtthesametimerateofchange
Netprofitafterdeductingnon-recurringprofitandloss74,309.0184,274.32-11.82%
EBITDAtotaldebtratio29.29%30.89%-1.60%
Timeinterestearnedratio11.9411.137.28%
Cashinterestguaranteetimes12.6212.292.69%
EBITDATimeinterestearnedratio15.9615.463.23%
Repaymentofdebt(%)100.00%100.00%——
Paymentofinterest(%)100.00%100.00%——

X.FinancialReportI.AuditreportHasthissemi-annualreportbeenaudited?

□Yes√NoThesemi-annualreportwasnotaudited.II.FinancialstatementsCurrencyunitforthestatementsinthenotestothesefinancialstatements:RMB

1.ConsolidatedbalancesheetPreparedby:GuangdongProvincialExpresswayDevelopmentCo.,Ltd.

June30,2022

InRMB

ItemsJune30,2022January1,2022
Currentasset：
Monetaryfund4,044,215,849.072,956,404,390.55
Settlementprovision
Outgoingcallloan
Transactionalfinancialassets
Derivativefinancialassets
Notesreceivable
Accountreceivable125,230,522.84159,053,399.87
Financingofreceivables
Prepayments5,721,764.075,227,647.09
Insurancereceivable
Reinsurancereceivable
ProvisionsofReinsurancecontractsreceivable
Otheraccountreceivable13,847,533.7013,761,124.23
Including：Interestreceivable
Dividendreceivable1,205,472.901,205,472.90
Otherreceivable12,642,060.8012,555,651.33
Repurchasingoffinancialassets
Inventories640,079.66
Contractassets5,286,462.45
Assetsheldforsales
Non-currentassetduewithin1year3,413,274.502,782,974.53
Othercurrentasset22,047,193.4821,213.96
Totalofcurrentassets4,214,476,137.663,143,177,292.34
Non-currentassets：
Loansandpaymentonother’sbehalfdisbursed
Creditor'srightinvestment
Othercreditor'srightinvestment
Long-termreceivable
Longtermshareequityinvestment2,820,130,077.402,627,130,681.24
ItemsJune30,2022January1,2022
Otherequityinstrumentsinvestment1,524,908,322.001,577,175,826.05
Othernon-currentfinancialassets91,000,000.00
Propertyinvestment2,778,704.172,889,263.41
Fixedassets10,148,446,100.4510,639,272,192.02
Constructioninprogress475,554,879.75351,130,455.06
Productionphysicalassets
Oil&gasassets
Userightassets8,937,861.6314,100,325.01
Intangibleassets256,314,659.97268,504,176.43
Developmentexpenses
Goodwill
Long-germexpensestobeamortized2,103,750.00
Deferredincometaxasset170,626,707.99225,243,885.27
Othernon-currentasset24,046,566.6225,038,952.48
Totalofnon-currentassets15,522,743,879.9815,732,589,506.97
Totalofassets19,737,220,017.6418,875,766,799.31
Currentliabilities
Short-termloans320,266,666.67
LoanfromCentralBank
Borrowingfunds
Transactionalfinancialliabilities
Derivativefinancialliabilities
Notespayable
Accountpayable133,068,489.27264,487,139.44
Advancereceipts3,744,384.2310,660,208.51
Contractliabilities22,000.00
Sellingofrepurchasedfinancialassets
Deposittakingandinterbankdeposit
Entrustedtradingofsecurities
Entrustedsellingofsecurities
Employees’wagepayable19,696,314.6919,213,631.91
Taxpayable136,183,035.82164,612,512.99
Otheraccountpayable1,454,190,361.08177,970,483.76
Including：Interestpayable
Dividendpayable1,312,635,476.5922,941,943.24
Otherpayable141,554,884.49155,028,540.52
Feesandcommissionspayable
Reinsurancefeepayable
Liabilitiesheldforsales
Non-currentliabilityduewithin1year469,749,328.35525,644,368.26
Othercurrentliability1,133,695.05726,336.48
Totalofcurrentliability2,538,032,275.161,163,336,681.35
Non-currentliabilities：
Reservefundforinsurancecontracts
Long-termloan4,534,385,100.004,572,621,200.00
Bondpayable1,427,903,757.981,427,434,086.58
Including：preferredstock
Sustainabledebt
Leaseliability222,305.082,773,459.76
Long-termpayable2,517,493.123,461,832.74
Long-termremunerationpayabletostaff
Expectedliabilities
Deferredincome69,833,092.8469,228,093.11
Deferredincometaxliability286,609,571.34315,922,287.64
Othernon-currentliabilities
ItemsJune30,2022January1,2022
Totalnon-currentliabilities6,321,471,320.366,391,440,959.83
Totalofliability8,859,503,595.527,554,777,641.18
Owners’equity
Sharecapital2,090,806,126.002,090,806,126.00
Otherequityinstruments
Including：preferredstock
Sustainabledebt
Capitalreserves733,168,659.66713,460,518.49
Less：Sharesinstock
Othercomprehensiveincome157,305,395.74192,177,466.34
Specialreserve
Surplusreserves1,225,375,330.561,225,375,330.56
Commonriskprovision
Retainedprofit4,342,645,903.644,760,618,543.78
Totalofowner’sequitybelongtotheparentcompany8,549,301,415.608,982,437,985.17
Minorityshareholders’equity2,328,415,006.522,338,551,172.96
Totalofowners’equity10,877,716,422.1211,320,989,158.13
Totalofliabilitiesandowners’equity19,737,220,017.6418,875,766,799.31

LegalRepresentative:MiaoDeshanGeneralManager:WangChunhuaPersoninchargeofaccounting：LuMingAccountingDeptLeader:ZhouFang

2.ParentCompanyBalanceSheet

InRMB

ItemsJune30,2022January1,2022
Currentasset：
Monetaryfund2,503,652,138.671,860,836,127.30
Transactionalfinancialassets
Derivativefinancialassets
Notesreceivable
Accountreceivable23,382,037.7824,208,692.49
Financingofreceivables
Prepayments1,513,664.004,311,419.00
Otheraccountreceivable109,927,575.036,885,982.60
Including：Interestreceivable
Dividendreceivable103,205,472.901,205,472.90
Otherreceivable6,722,102.135,680,509.70
Inventories
Contractassets
Assetsheldforsales
Non-currentassetduewithin1year279,177,659.24278,562,652.27
Othercurrentasset380,399.4011,067.41
Totalofcurrentassets2,918,033,474.122,174,815,941.07
Non-currentassets：
Creditor'srightinvestment
Othercreditor'srightinvestment
Long-termreceivable
Longtermshareequityinvestment5,973,677,507.665,792,610,802.46
Otherequityinstrumentsinvestment1,524,908,322.001,577,175,826.05
Othernon-currentfinancialassets
Propertyinvestment2,526,565.922,637,125.16
Fixedassets5,502,957,671.605,707,608,552.14
Constructioninprogress71,591,095.3943,594,243.12
Productionphysicalassets
Oil&gasassets
Userightassets7,840,662.2612,611,748.50
Intangibleassets136,752,374.21140,756,147.03
Developmentexpenses
Goodwill
Long-germexpensestobeamortized
Deferredincometaxasset164,802,202.16218,624,401.07
Othernon-currentasset14,434,283.48
Totalofnon-currentassets13,385,056,401.2013,510,053,129.01
Totalofassets16,303,089,875.3215,684,869,070.08
Currentliabilities
Short-termloans
Transactionalfinancialliabilities
Derivativefinancialliabilities
Notespayable
Accountpayable86,315,059.08105,685,908.27
Advancereceipts752,954.28250,984.75
ContractLiabilities
Employees’wagepayable6,798,097.516,825,973.81
Taxpayable5,588,770.607,330,856.79
Otheraccountpayable1,653,510,704.37690,062,820.89
Including：Interestpayable
Dividendpayable
ItemsJune30,2022January1,2022
Liabilitiesheldforsales
Non-currentliabilityduewithin1year401,413,978.99456,996,690.91
Othercurrentliability638,149.4337,299.97
Totalofcurrentliability2,155,017,714.261,267,190,535.39
Non-currentliabilities：
Long-termloan4,053,695,100.004,058,096,200.00
Bondpayable1,427,903,757.981,427,434,086.58
Including：preferredstock
Sustainabledebt
Leaseliability2,445,724.58
Long-termpayable2,517,493.123,461,832.74
Long-termremunerationpayabletostaff
Expectedliabilities
Deferredincome8,479,655.9010,120,879.64
Deferredincometaxliability48,353,580.5566,399,854.20
Othernon-currentliabilities
Totalnon-currentliabilities5,540,949,587.555,567,958,577.74
Totalofliability7,695,967,301.816,835,149,113.13
Owners’equity
Sharecapital2,090,806,126.002,090,806,126.00
Otherequityinstruments
Including：preferredstock
Sustainabledebt
Capitalreserves934,939,522.68934,851,285.51
Less：Sharesinstock
Othercomprehensiveincome157,305,395.74192,177,466.34
Specialreserve
Surplusreserves1,045,403,063.001,045,403,063.00
Retainedprofit4,378,668,466.094,586,482,016.10
Totalofowners’equity8,607,122,573.518,849,719,956.95
Totalofliabilitiesandowners’equity16,303,089,875.3215,684,869,070.08

3.ConsolidatedIncomestatement

InRMB

ItemsThefirsthalfyearof2022Thefirsthalfyearof2021
I.Incomefromthekeybusiness2,057,420,809.682,488,474,669.81
Incl：Businessincome2,057,420,809.682,488,474,669.81
Interestincome
Insurancefeeearned
Feeandcommissionreceived
II.Totalbusinesscost879,520,254.681,114,434,707.99
Incl：Businesscost696,143,722.50889,127,742.43
Interestexpense
Feeandcommissionpaid
Insurancedischargepayment
Netclaimamountpaid
Netamountofwithdrawalofinsurancecontractreserve
Insurancepolicydividendpaid
Reinsuranceexpenses
Businesstaxandsurcharge8,932,321.3011,081,346.10
Salesexpense
Administrativeexpense85,773,267.0493,357,035.39
R&Dcosts1,368,887.22
Financialexpenses87,302,056.62120,868,584.07
Including：Interestexpense123,517,238.10149,343,110.61
Interestincome36,907,508.2729,751,089.44
Add:Otherincome8,178,352.389,922,369.03
Investmentgain（“-”forloss）162,384,354.53172,050,127.56
Incl:investmentgainsfromaffiliates101,624,848.46122,646,589.32
Financialassetsmeasuredatamortizedcostceasetoberecognizedasincome
Gainsfromcurrencyexchange
Netexposurehedgingincome
Changingincomeoffairvalue
Creditimpairmentloss-1,310,999.95
Impairmentlossofassets-2,889,394.16
Assetsdisposalincome463,363.89
III.Operationalprofit（“-”forloss）1,348,926,625.801,551,812,064.30
Add：Non-operationalincome5,821,631.654,011,220.05
Less:Non-operatingexpense2,955,659.391,811,321.13
IV.Totalprofit(“-”forloss)1,351,792,598.061,554,011,963.22
Less：Incometaxexpenses290,240,426.63354,025,065.47
V.Netprofit1,061,552,171.431,199,986,897.75
(I)Classificationbybusinesscontinuity
1.Netcontinuingoperatingprofit1,061,552,171.431,199,986,897.75
2.Terminationofoperatingnetprofit
(II)Classificationbyownership
1.Netprofitattributabletotheownersofparentcompany773,786,851.68848,860,350.64
2.Minorityshareholders’equity287,765,319.75351,126,547.11
VI.Netafter-taxofothercomprehensiveincome-34,872,070.60-35,057,445.36
Netofprofitofothercomprehensiveincomeattributabletoownersoftheparentcompany.-34,872,070.60-35,057,445.36
（I）Othercomprehensiveincomeitemsthatwillnotbereclassifiedintogains/lossesinthesubsequentaccountingperiod-34,035,245.89-37,052,653.68
1.Re-measurementofdefinedbenefitplansofchangesinnetdebtornetassets
2.Othercomprehensiveincomeundertheequitymethodinvesteecannotbereclassifiedintoprofitorloss.
3.Changesinthefairvalueofinvestmentsinotherequityinstruments-34,035,245.89-37,052,653.68
4.Changesinthefairvalueofthecompany’screditrisks
5.Other
（II）Othercomprehensiveincomethatwillbereclassifiedintoprofitorloss.-836,824.711,995,208.32
1.Othercomprehensiveincomeundertheequitymethodinvesteecanbereclassifiedintoprofitorloss.-836,824.711,995,208.32
2.Changesinthefairvalueofinvestmentsinotherdebtobligations
3.Othercomprehensiveincomearisingfromthereclassificationoffinancialassets
4.Allowanceforcreditimpairmentsininvestmentsinotherdebtobligations
5.Reserveforcashflowhedges
6.Translationdifferencesincurrencyfinancialstatements
7.Other
NetofprofitofothercomprehensiveincomeattributabletoMinorityshareholders’equity
VII.Totalcomprehensiveincome1,026,680,100.831,164,929,452.39
Totalcomprehensiveincomeattributabletotheowneroftheparentcompany738,914,781.08813,802,905.28
Totalcomprehensiveincomeattributableminorityshareholders287,765,319.75351,126,547.11
VIII.Earningspershare
（I）Basicearningspershare0.370.41
(II)Dilutedearningspershare0.370.41

Thecurrentbusinesscombinationundercommoncontrol,thenetprofitsofthecombinedpartybeforeachievednetprofitofRMB0.00,lastperiodthecombinedpartyrealizedRMB0.00.LegalRepresentative:MiaoDeshanGeneralManager：WangChunhua,,Personinchargeofaccounting：LuMingAccountingDeptLeader:ZhouFang

4.IncomestatementoftheParentCompany

InRMB

ItemsThefirsthalfyearof2022Thefirsthalfyearof2021
I.Incomefromthekeybusiness642,655,502.74692,634,698.13
Incl：Businesscost251,072,086.53367,240,160.93
Businesstaxandsurcharge3,509,918.913,738,582.05
Salesexpense
Administrativeexpense49,546,552.2947,922,792.66
R&Dexpense
Financialexpenses95,640,651.97127,541,297.15
Including：Interestexpenses115,831,785.91145,100,046.47
Interestincome20,217,007.2417,596,981.65
Add：Otherincome2,295,878.362,125,443.39
Investmentgain（“-”forloss）791,745,612.18844,032,026.57
Including:investmentgainsfromaffiliates98,424,039.92119,611,129.91
Financialassetsmeasuredatamortizedcostceasetoberecognizedasincome
Netexposurehedgingincome
Changingincomeoffairvalue
Creditimpairmentloss
Impairmentlossofassets-2,889,394.16
Assetsdisposalincome463,363.89
II.Operationalprofit（“-”forloss）1,037,391,147.47989,459,941.14
Add：Non-operationalincome562,977.76655,426.85
Less：Non-operationalexpenses22,733.31
III.Totalprofit(“-”forloss)1,037,954,125.23990,092,634.68
Less：Incometaxexpenses54,008,183.4242,194,605.52
IV.Netprofit983,945,941.81947,898,029.16
1.Netcontinuingoperatingprofit983,945,941.81947,898,029.16
2.Terminationofoperatingnetprofit
V.Netafter-taxofothercomprehensiveincome-34,872,070.60-35,057,445.36
（I）Othercomprehensiveincomeitemsthatwillnotbereclassifiedintogains/lossesinthesubsequentaccountingperiod-34,035,245.89-37,052,653.68
1.Re-measurementofdefinedbenefitplansofchangesinnetdebtornetassets
2.Othercomprehensiveincomeundertheequitymethodinvesteecannotbereclassifiedintoprofitorloss.
3.Changesinthefairvalueofinvestmentsinotherequityinstruments-34,035,245.89-37,052,653.68
4.Changesinthefairvalueofthecompany’screditrisks
5.Other
(II)Othercomprehensiveincomethatwillbereclassifiedintoprofitorloss-836,824.711,995,208.32
1.Othercomprehensiveincomeundertheequitymethodinvesteecanbereclassifiedintoprofitorloss.-836,824.711,995,208.32
2.Changesinthefairvalueofinvestmentsinotherdebtobligations
3.Othercomprehensiveincomearisingfromthereclassificationoffinancialassets
4.Allowanceforcreditimpairmentsininvestmentsinotherdebtobligations
5.Reserveforcashflowhedges
6.Translationdifferencesincurrencyfinancialstatements
7.Other
VI.Totalcomprehensiveincome949,073,871.21912,840,583.80
VII.Earningspershare
（I）Basicearningspershare
(II)Dilutedearningspershare

LegalRepresentative:MiaoDeshanGeneralManager:WangChunhuaPersoninchargeofaccounting：LuMingAccountingDeptLeader:ZhouFang

5.ConsolidatedCashflowstatement

InRMB

ItemsThefirsthalfyearof2022Thefirsthalfyearof2021
I.Cashflowsfromoperatingactivities
Cashreceivedfromsalesofgoodsorrendingofservices2,100,682,366.852,575,650,836.44
Netincreaseofcustomerdepositsandcapitalkeptforbrothercompany
Netincreaseofloansfromcentralbank
Netincreaseofinter-bankloansfromotherfinancialbodies
Cashreceivedagainstoriginalinsurancecontract
Netcashreceivedfromreinsurancebusiness
Netincreaseofclientdepositandinvestment
Cashreceivedfrominterest,commissionchargeandcommission
Netincreaseofinter-bankfundreceived
Netincreaseofrepurchasingbusiness
Netcashreceivedbyagentinsecuritiestrading
Taxreturned
Othercashreceivedfrombusinessoperation67,435,536.3962,165,772.17
Sub-totalofcashinflow2,168,117,903.242,637,816,608.61
Cashpaidforpurchasingofmerchandiseandservices131,225,559.09153,110,239.80
Netincreaseofclienttradeandadvance
Netincreaseofsavingsincentralbankandbrothercompany
Cashpaidfororiginalcontractclaim
Netincreaseinfinancialassetsheldfortradingpurposes
NetincreaseforOutgoingcallloan
Cashpaidforinterest,processingfeeandcommission
Cashpaidtostaffsorpaidforstaffs201,663,653.64195,340,890.00
Taxespaid344,543,903.69448,200,872.16
Othercashpaidforbusinessactivities47,133,520.5225,871,389.40
Sub-totalofcashoutflowfrombusinessactivities724,566,636.94822,523,391.36
Netcashgeneratedfrom/usedinoperatingactivities1,443,551,266.301,815,293,217.25
II.Cashflowgeneratedbyinvesting
Cashreceivedfrominvestmentretrieving22,500,000.00
Cashreceivedasinvestmentgains114,163,108.5051,523,258.20
Netcashretrievedfromdisposaloffixedassets,intangibleassets,andotherlong-termassets522,436.849,900.00
Netcashreceivedfromdisposalofsubsidiariesorotheroperationalunits28,514,496.27
Otherinvestment-relatedcashreceived
Sub-totalofcashinflowduetoinvestmentactivities143,200,041.6174,033,158.20
Cashpaidforconstructionoffixedassets,intangibleassetsandotherlong-termassets168,081,166.80232,853,557.14
Cashpaidasinvestment250,091,000.00
Netincreaseofloanagainstpledge
Netcashreceivedfromsubsidiariesandotheroperationalunits
Othercashpaidforinvestmentactivities
Sub-totalofcashoutflowduetoinvestmentactivities418,172,166.80232,853,557.14
Netcashflowgeneratedbyinvestment-274,972,125.19-158,820,398.94
III.Cashflowgeneratedbyfinancing
Cashreceivedasinvestment
Including:Cashreceivedasinvestmentfromminorshareholders
Cashreceivedasloans320,000,000.001,166,930,000.00
Otherfinancing–relatedcashreceived38,470,400.0097,731,650.00
Sub-totalofcashinflowfromfinancingactivities358,470,400.001,264,661,650.00
Cashtorepaydebts65,836,100.00363,908,100.00
Cashpaidasdividend,profit,orinterests367,159,468.70609,553,626.92
Including:Dividendandprofitpaidbysubsidiariestominor218,751,982.19417,577,776.30
ItemsThefirsthalfyearof2022Thefirsthalfyearof2021
shareholders
Othercashpaidforfinancingactivities6,242,513.891,227,774,134.86
Sub-totalofcashoutflowduetofinancingactivities439,238,082.592,201,235,861.78
Netcashflowgeneratedbyfinancing-80,767,682.59-936,574,211.78
IV.Influenceofexchangeratealternationoncashandcashequivalents
V.Netincreaseofcashandcashequivalents1,087,811,458.52719,898,606.53
Add:balanceofcashandcashequivalentsatthebeginningofterm2,955,183,190.552,846,176,803.89
VI..Balanceofcashandcashequivalentsattheendofterm4,042,994,649.073,566,075,410.42

LegalRepresentative:MiaoDeshanGeneralManager:WangChunhuaPersoninchargeofaccounting：LuMingAccountingDeptLeader:ZhouFang

6.CashFlowStatementoftheParentCompany

InRMB

ItemsThefirsthalfyearof2022Thefirsthalfyearof2021
I.Cashflowsfromoperatingactivities
Cashreceivedfromsalesofgoodsorrendingofservices661,912,004.69720,086,995.35
Taxreturned
Othercashreceivedfrombusinessoperation24,521,728.9544,973,397.60
Sub-totalofcashinflow686,433,733.64765,060,392.95
Cashpaidforpurchasingofmerchandiseandservices13,570,674.8717,069,701.31
Cashpaidtostaffsorpaidforstaffs60,633,887.0561,391,499.13
Taxespaid23,470,841.1227,826,685.08
Othercashpaidforbusinessactivities236,627,095.7373,534,284.42
Sub-totalofcashoutflowfrombusinessactivities334,302,498.77179,822,169.94
Netcashgeneratedfrom/usedinoperatingactivities352,131,234.87585,238,223.01
II.Cashflowgeneratedbyinvesting
Cashreceivedfrominvestmentretrieving60,623,900.0037,500,000.00
Cashreceivedasinvestmentgains693,296,160.51707,197,026.42
Netcashretrievedfromdisposaloffixedassets,intangibleassets,andotherlong-termassets517,888.002,600.00
Netcashreceivedfromdisposalofsubsidiariesorotheroperationalunits
Otherinvestment-relatedcashreceived
Sub-totalofcashinflowduetoinvestmentactivities754,437,948.51744,699,626.42
Cashpaidforconstructionoffixedassets,intangibleassetsandotherlong-termassets43,488,728.7894,360,520.74
Cashpaidasinvestment246,000,000.001,246,839,292.00
Netcashreceivedfromsubsidiariesandotheroperationalunits
Othercashpaidforinvestmentactivities
Sub-totalofcashoutflowduetoinvestmentactivities289,488,728.781,341,199,812.74
Netcashflowgeneratedbyinvestment464,949,219.73-596,500,186.32
III.Cashflowgeneratedbyfinancing
Cashreceivedasinvestment
Cashreceivedasloans1,166,930,000.00
Otherfinancing–relatedashreceived
Sub-totalofcashinflowfromfinancingactivities1,166,930,000.00
Cashtorepaydebts32,001,100.00322,573,100.00
Cashpaidasdividend,profit,orinterests136,048,729.34178,730,958.24
Othercashpaidforfinancingactivities6,214,613.895,916,242.86
Sub-totalofcashoutflowduetofinancingactivities174,264,443.23507,220,301.10
Netcashflowgeneratedbyfinancing-174,264,443.23659,709,698.90
IV.Influenceofexchangeratealternationoncashandcashequivalents
V.Netincreaseofcashandcashequivalents642,816,011.37648,447,735.59
Add:balanceofcashandcashequivalentsatthebeginningofterm1,859,614,927.301,780,543,319.09
VI..Balanceofcashandcashequivalentsattheendofterm2,502,430,938.672,428,991,054.68

LegalRepresentative:MiaoDeshanGeneralManager:WangChunhuaPersoninchargeofaccounting：LuMingAccountingDeptLeader:ZhouFang

7.ConsolidatedStatementonChangeinOwners’EquityAmountinthisperiod

InRMB

ItemsThefirsthalfyearof2022
Owner’sequityAttributabletotheParentCompanyMinorshareholders’equityTotalofowners’equity
ShareCapitalOtherEquityinstrumentCapitalreservesLess:SharesinstockOtherComprehensiveIncomeSpecializedreserveSurplusreservesCommonriskprovisionRetainedprofitOtherSubtotal
PreferredstockSustainabledebtOther
I.Balanceattheendoflastyear2,090,806,126.00713,460,518.49192,177,466.341,225,375,330.564,760,618,543.788,982,437,985.172,338,551,172.9611,320,989,158.13
Add:Changeofaccountingpolicy
Correctingofpreviouserrors
Mergerofentitiesundercommoncontrol
Other
II.Balanceatthebeginningofcurrentyear2,090,806,126.00713,460,518.49192,177,466.341,225,375,330.564,760,618,543.788,982,437,985.172,338,551,172.9611,320,989,158.13
III.Changedinthecurrentyear19,708,141.17-34,872,070.60-417,972,640.14-433,136,569.57-10,136,166.44-443,272,736.01
（1）Totalcomprehensiveincome-34,872,070.60773,786,851.68738,914,781.08287,765,319.751,026,680,100.83
（II）Investmentordecreasingofcapitalbyowners
1．OrdinarySharesinvestedbyshareholders
2．Holdersofotherequityinstrume
ItemsThefirsthalfyearof2022
Owner’sequityAttributabletotheParentCompanyMinorshareholders’equityTotalofowners’equity
ShareCapitalOtherEquityinstrumentCapitalreservesLess:SharesinstockOtherComprehensiveIncomeSpecializedreserveSurplusreservesCommonriskprovisionRetainedprofitOtherSubtotal
PreferredstockSustainabledebtOther
ntsinvestedcapital
3．Amountofsharespaidandaccountedasowners’equity
4．Other
（III）Profitallotment-1,191,759,491.82-1,191,759,491.82-316,751,982.19-1,508,511,474.01
1.Providingofsurplusreserves
2.Providingofcommonriskprovisions
3．Allotmenttotheowners(orshareholders)-1,191,759,491.82-1,191,759,491.82-316,751,982.19-1,508,511,474.01
4．Other
(IV)Internaltransferringofowners’equity
1.Capitalizingofcapitalreserves(ortocapitalshares)
2.Capitalizingofsurplusreserves(ortocapitalshares)
3．Makinguplossesbysurplusreserves.
ItemsThefirsthalfyearof2022
Owner’sequityAttributabletotheParentCompanyMinorshareholders’equityTotalofowners’equity
ShareCapitalOtherEquityinstrumentCapitalreservesLess:SharesinstockOtherComprehensiveIncomeSpecializedreserveSurplusreservesCommonriskprovisionRetainedprofitOtherSubtotal
PreferredstockSustainabledebtOther
4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings
5．Othercomprehensiveincomecarry-overretainedearnings
6．Other
(V).Specialreserves
1.Providedthisyear
2．Usedthisterm
（VI）Other19,708,141.1719,708,141.1718,850,496.0038,558,637.17
IV.Balanceattheendofthisterm2,090,806,126.00733,168,659.66157,305,395.741,225,375,330.564,342,645,903.648,549,301,415.602,328,415,006.5210,877,716,422.12

LegalRepresentative:MiaoDeshanGeneralManager:WangChunhuaPersoninchargeofaccounting：LuMingAccountingDeptLeader:ZhouFang

Amountinlastyear

InRMB

ItemsThefirsthalfyearof2021
Owner’sequityAttributabletotheParentCompanyMinorshareholders’equityTotalofowners’equity
ShareCapitalOtherEquityinstrumentCapitalreservesLess:SharesinstockOtherComprehensiveIncomeSpecializedreserveSurplusreservesCommonriskprovisionRetainedprofitOtherSubtotal
PreferredstockSustainabledebtOther
I.Balanceattheendoflastyear2,090,806,126.00645,969,210.48302,895,877.651,167,785,965.633,725,679,319.357,933,136,499.112,299,180,085.1710,232,316,584.28
Add:Changeofaccountingpolicy-433,859.42-433,859.42-433,859.42
Correctingofpreviouserrors
Mergerofentitiesundercommoncontrol
Other
II.Balanceatthebeginningofcurrentyear2,090,806,126.00645,969,210.48302,895,877.651,167,785,965.633,725,245,459.937,932,702,639.692,299,180,085.1710,231,882,724.86
III.Changedinthecurrentyear46,064,922.25-35,057,445.36240,435,767.97251,443,244.86-18,562,720.69232,880,524.17
（1）Totalcomprehensiveincome-35,057,445.36848,860,350.64813,802,905.28351,126,547.111,164,929,452.39
（II）Investmentordecreasingofcapitalbyowners
1．OrdinarySharesinvestedbyshareholders
2．Holdersof
ItemsThefirsthalfyearof2021
Owner’sequityAttributabletotheParentCompanyMinorshareholders’equityTotalofowners’equity
ShareCapitalOtherEquityinstrumentCapitalreservesLess:SharesinstockOtherComprehensiveIncomeSpecializedreserveSurplusreservesCommonriskprovisionRetainedprofitOtherSubtotal
PreferredstockSustainabledebtOther
otherequityinstrumentsinvestedcapital
3．Amountofsharespaidandaccountedasowners’equity
4．Other
（III）Profitallotment-608,424,582.67-608,424,582.67-417,577,776.30-1,026,002,358.97
1.Providingofsurplusreserves
2.Providingofcommonriskprovisions
3．Allotmenttotheowners(orshareholders)-608,424,582.67-608,424,582.67-417,577,776.30-1,026,002,358.97
4．Other
(IV)Internaltransferringofowners’equity
1.Capitalizingofcapitalreserves(ortocapitalshares)
2.Capitalizingofsurplusreserves(ortocapitalshares)
3．Makinguplossesby
ItemsThefirsthalfyearof2021
Owner’sequityAttributabletotheParentCompanyMinorshareholders’equityTotalofowners’equity
ShareCapitalOtherEquityinstrumentCapitalreservesLess:SharesinstockOtherComprehensiveIncomeSpecializedreserveSurplusreservesCommonriskprovisionRetainedprofitOtherSubtotal
PreferredstockSustainabledebtOther
surplusreserves.
4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings
5．Othercomprehensiveincomecarry-overretainedearnings
6．Other
(V).Specialreserves
1.Providedthisyear
2．Usedthisterm
（VI）Other46,064,922.2546,064,922.2547,888,508.5093,953,430.75
IV.Balanceattheendofthisterm2,090,806,126.00692,034,132.73267,838,432.291,167,785,965.633,965,681,227.908,184,145,884.552,280,617,364.4810,464,763,249.03

LegalRepresentative:MiaoDeshanGeneralManager:WangChunhuaPersoninchargeofaccounting：LuMingAccountingDeptLeader:ZhouFang

8.Statementofchangeinowner’sEquityoftheParentCompanyAmountinthisperiod

InRMB

ItemsThefirsthalfyearof2022
SharecapitalOtherEquityinstrumentCapitalreservesLess:SharesinstockOtherComprehensiveIncomeSpecializedreserveSurplusreservesRetainedprofitOtherTotalofowners’equity
PreferredstockSustainabledebtOther
I.Balanceattheendoflastyear2,090,806,126.00934,851,285.51192,177,466.341,045,403,063.004,586,482,016.108,849,719,956.95
Add:Changeofaccountingpolicy
Correctingofpreviouserrors
Other
II.Balanceatthebeginningofcurrentyear2,090,806,126.00934,851,285.51192,177,466.341,045,403,063.004,586,482,016.108,849,719,956.95
III.Changedinthecurrentyear88,237.17-34,872,070.60-207,813,550.01-242,597,383.44
（I）Totalcomprehensiveincome-34,872,070.60983,945,941.81949,073,871.21
(II)Investmentordecreasingofcapitalbyowners
1．OrdinarySharesinvestedbyshareholders
2．Holdersofotherequityinstrumentsinvestedcapital
3.Amountofsharespaidandaccountedasowners’equity
4．Other
ItemsThefirsthalfyearof2022
SharecapitalOtherEquityinstrumentCapitalreservesLess:SharesinstockOtherComprehensiveIncomeSpecializedreserveSurplusreservesRetainedprofitOtherTotalofowners’equity
PreferredstockSustainabledebtOther
（III）Profitallotment-1,191,759,491.82-1,191,759,491.82
1.Providingofsurplusreserves
2．Allotmenttotheowners(orshareholders)-1,191,759,491.82-1,191,759,491.82
3．Other
(IV)Internaltransferringofowners’equity
1.Capitalizingofcapitalreserves(ortocapitalshares)
2.Capitalizingofsurplusreserves(ortocapitalshares)
3．Makinguplossesbysurplusreserves.
4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings
5．Othercomprehensiveincomecarry-overretainedearnings
6．Other
(V)Specialreserves
1.Providedthisyear
2．Usedthisterm
（VI）Other88,237.1788,237.17
IV.Balanceattheendofthisterm2,090,806,126.00934,939,522.68157,305,395.741,045,403,063.004,378,668,466.098,607,122,573.51

LegalRepresentative:MiaoDeshanGeneralManager:WangChunhuaPersoninchargeofaccounting：LuMingAccountingDeptLeader:ZhouFang

Amountinlastyear

InRMB

ItemsThefirsthalfyearof2021
ShareCapitalOtherEquityinstrumentCapitalreservesLess:SharesinstockOtherComprehensiveIncomeSpecializedreserveSurplusreservesRetainedprofitOtherTotalofowners’equity
PreferredstockSustainabledebtOther
I.Balanceattheendoflastyear2,090,806,126.00938,969,546.79302,895,877.65987,813,698.073,667,543,163.367,988,028,411.87
Add:Changeofaccountingpolicy-433,859.42-433,859.42
Correctingofpreviouserrors
Other
II.Balanceatthebeginningofcurrentyear2,090,806,126.00938,969,546.79302,895,877.65987,813,698.073,667,109,303.947,987,594,552.45
III.Changedinthecurrentyear-3,778,219.25-35,057,445.36339,473,446.49300,637,781.88
（I）Totalcomprehensiveincome-35,057,445.36947,898,029.16912,840,583.80
(II)Investmentordecreasingofcapitalbyowners
1．OrdinarySharesinvestedbyshareholders
2．Holdersofotherequityinstrumentsinvestedcapital
3.Amountofsharespaidandaccountedasowners’equity
4．Other
（III）Profitallotment-608,424,582.67-608,424,582.67
1.Providingofsurplusreserves
2．Allotmenttotheowners(orshareholders)-608,424,582.67-608,424,582.67
3．Other
(IV)Internaltransferringofowners’equity
1.Capitalizingofcapitalreserves(ortocapitalshares)
2.Capitalizingofsurplusreserves(ortocapitalshares)
ItemsThefirsthalfyearof2021
ShareCapitalOtherEquityinstrumentCapitalreservesLess:SharesinstockOtherComprehensiveIncomeSpecializedreserveSurplusreservesRetainedprofitOtherTotalofowners’equity
PreferredstockSustainabledebtOther
3．Makinguplossesbysurplusreserves.
4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings
5．Othercomprehensiveincomecarry-overretainedearnings
6．Other
(V)Specialreserves
1.Providedthisyear
2．Usedthisterm
（VI）Other-3,778,219.25-3,778,219.25
IV.Balanceattheendofthisterm2,090,806,126.00935,191,327.54267,838,432.29987,813,698.074,006,582,750.438,288,232,334.33

LegalRepresentative:MiaoDeshanGeneralManager:WangChunhuaPersoninchargeofaccounting：LuMingAccountingDeptLeader:ZhouFang

III.CompanyProfile

1.BasicinformationoftheIPOandsharecapitalofthecompany

1.TheCompanywasestablishedinFebruary1993,whichwasoriginallynamedasGuangdongFokaiExpresswayCo.,Ltd.OnJune30,1993,itwasrenamedasGuangdongProvincialExpresswayDevelopmentCo.,Ltd.afterreorganizationpursuanttotheapprovaloftheOfficeofJointExaminationGroupofExperimentalUnitsofShareHoldingSystemwithYLSB(1993)No.68document.Thesharecapitalstructureafterreorganizationisasfollows:

Compositionofstate-ownedshares:Theappraisednetvalueofstate-ownedassetsofGuangdongJiujiangBridgeCo.andGuangfoExpresswayCo.,Ltd.asofJanuary31,1993confirmedbyGuangdongState-ownedAssetManagementDept.,i.e.,RMB418.2136million,wasconvertedinto155.025millionshares.GuangdongExpresswayCo.investedcashofRMB115milliontosubscribefor35.9375millionshares.OtherlegalpersonsinvestedcashofRMB286.992milliontosubscribefor89.685millionshares.StaffoftheCompanyinvestedRMB87.008milliontosubscribefor27.19millionshares.ThetotalisRMB307.8375millionshares.2．PursuanttotheapprovalofGuangdongEconomicSystemReformCommitteeandGuangdongSecuritiesRegulatoryCommissionwithYTG(1996)No.67document,partoftheshareholdersofnon-state-ownedlegalpersonsharestransferred20millionnon-state-ownedlegalpersonsharestoMalaysiaYibaoEngineeringCo.,Ltd.inJune1996.

3.PursuanttotheapprovalofSecuritiesCommissionundertheStateCouncilwithWF(1996)No.24approvaldocumentandthatofGuangdongEconomicSystemReformCommitteewithYTG(1996)No.68document,theCompanyissued135milliondomesticallylistedforeigninvestmentshares(Bshares)tooverseasinvestorsatthepriceofHKD3.54(equivalenttoRMB3.8)withtheparvalueofeachsharebeingRMB1duringJunetoJuly1996.

4.PursuanttothereplyoftheMinistryofForeignTradeandEconomicCooperationofthePeople’sRepublicofChinawith(1996)WJMZYHZNo.606document,theCompanywasapprovedtobeaforeign-investedjointstockcompanylimited.5．TheCompanydistributeddividendsandcapitalizedcapitalcommonreservefortheyear1996inthefollowingmanner:TheCompanypaid1.7bonussharesforeach10sharesandcapitalizedcapitalcommonreserveon3.3-for-10basis.

6.PursuanttotheapprovalofChinaSecuritiesRegulatoryCommittee(CSRC)withZJFZ(1997)No.486andNo.487document,theCompanyissued100millionpublicshares(Ashares)atthepriceofRMB5.41intermof“payableinfullonapplication,pro-rateplacingandsubjecttorefund”withtheparvalueofeachsharebeingRMB1inJanuary1998.7．InaccordancewiththeResolutionsofthe1999Shareholders’GeneralMeetingoftheCompanyandpursuanttotheapprovalofGuangzhouSecuritiesRegulatoryOfficeunderCSRCwithGZZJH(2000)No.99andthatofCSRCwithZJGSZ(2000)No.98,theCompanyoffered3Rightsforevery10sharesof764.256249millionsharesatthepriceofRMB11perRight.73,822,250ordinaryshareswereactuallyplacedtoall.

8.PursuanttothereplyoftheGeneralOfficeofthePeople’sGovernmentofGuangdongProvincewithYBH(2000)No.574document,thestate-ownedsharesweretransferredtoGuangdongCommunicationGroupCo.,Ltd.(GroupCo.)forholdingandmanagementwithoutcompensation.

9.PursuanttotheapprovalofShenzhenStockExchange,53.0205millionstaffsharesoftheCompany(132,722sharesheldbydirectors,supervisorsandseniorexecutivesaretemporarilyfrozen)werelistedonFebruary5,2001.

10.Inaccordancewiththeresolutionsof2000annualshareholders’generalmeeting,theCompanycapitalizedcapitalcommonreserveinto419,039,249shareson5-for-10basiswiththetotalsharecapitalasoftheendof2000,i.e.,838,078,499sharesasbase.ThedateofstockrightregistrationwasMay21,2001.Theex-rightdatewasMay22,2001.11．OnMarch8,2004,AsapprovedbyChinaSecuritiesRegulatoryCommissionbydocumentZheng-Jian-Gong-Si-Zi[2003]No.3,the45,000,000non-negotiableforeignshareswereplacedinShenzhenStock

12.OnDecember21,2005,theCompany'splanforshareholdingstructurereformwasvotedthroughattheshareholders'meetingconcerningAshares.OnJanuary262006,TheMinistryofCommerceofPRCissued“TheapprovalonshareconvertingofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.”toapprovetheshareequityrelocationandtransformation.OnOctober92006,accordingtothe“Circularaboutimplementingofshareequityrelocationandrelativetrading”issuedbyShenzhenStockExchange,theabbreviationIDoftheCompany’sAshareswasrestoredfrom“G-Expressway”“ExpresswayA”.UpontheapprovaldocumentofCSRCNo.230-2016ZhengJianXuke-ApprovaloftheShare-IssuingtoPartiessuchasGuangdongProvincialExpresswayCo.,LtdtoPurchaseAssetsandRaiseMatchingFundsbyGuangdongProvincialExpresswayDevelopmentCo.,Ltd,inJune2016thecompanyissued33,355,263sharesandpaidRMB

803.50milliontoGuangdongProvincialExpresswayCo.,Ltdforpurchasingthe25%stakeofGuangdongProvincialFokaiExpresswayCo.,LtdheldbyGuangdongProvincialExpresswayCo.,Ltd;andissued466,325,020sharestoGuangdongProvincialHighwayConstructionCo.,Ltdforpurchasingthe100%stakeofGuangzhouGuangzhuTrafficInvestmentManagementCo.,LtdheldbyGuangdongProvincialHighwayConstructionCo.,Ltd.OnJune21,2016,thecompanydirectionallyissued334,008,095A-sharestoYadongFuxingYalianInvestmentCo.,Ltd,TibetYinyueInvestmentManagementCo.,LtdandGuangfaSecuritiesCo.,Ltd.TheissuanceofshareshavebeenregisteredonJuly7,2016,thenewshareswillbelistedonJuly8,2016.

1.Company'sregisteredplaceandheadquartersaddressCompanyname：GuangdongProvincialExpresswayDevelopmentCo.,Ltd.RegistrationplaceNo.85,BaiyunRoad,YuexiuDistrict,Guangzhou.

HeadquartersOffice：45-46/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TiheDisrtict,Guangzhou

2.BusinessnatureandmainbusinessactivitiesIndustryandmainproductsofthecompany:highwaymanagementandmaintenance.

Generalbusinessitems:investment,construction,charging,maintenanceandservicemanagementofexpressways,graderoadsandbridges;Automobilerescueservice,maintenanceandcleaning;Parkinglotcharges;Design,production,releaseandagencyofallkindsofadvertisementsathomeandabroad;Landdevelopmentalongthehighway;Warehousingbusiness;Intelligenttransportationtechnologyresearchanddevelopmentandservice;Equityinvestment,managementandconsultation.(Projectsthatmustbeapprovedaccordingtolawcanbeoperatedonlyafterbeingapprovedbyrelevantdepartments).TheCompanyismainlyengagedintollingandmaintenanceofGuangfoExpressway,FokaiExpressway,JingzhuExpresswayGuangzhuSectionandGuanghuiExpresswayinvestmentintechnologicalindustriesandprovisionofrelevantconsultaionwhileinvestinginShenzhenHuiyanExpresswayCo.,Ltd.,GuangzhouGuanghuiExpresswayCo.,Ltd..,GuangdongJiangzhongExpresswayCo.Ltd.,ZhaoqingYuezhaoExpresswayCo.,Ltd.,GanzhouKangdaExpressway,GanzhouGankangExpresswayCo.,Ltd.,GuangdongYuekeTechnology

PettyLoanCo.,Ltd.,GuangdongGuangleExpresswayCo.,Ltd.,GuoyuanSecuritiesCo.,Ltd,HunanLianzhiTechnologyCo.,Ltd.,SPICYuetongQiyuanChipPowerTechnologyCo.,Ltd.andShenzhenGarageElectricPileTechnologyCo.,Ltd.

3.Scopeandchangesofconsolidatedfinancialstatementsinthecurrentperiod

(1)Scopeofcurrentconsolidatedfinancialstatements

TheconsolidatedscopeofthecurrentfinancialstatementsinvovlesGuangdongExpresswayTechnologyInvestmentCo.,Ltd.,YuegaoCapitalHolding(Guangzhou)Co.,Ltd.,itsholdingsubsidiariesGuangfoExpresswayCo.,Ltd.,JingzhuExpresswayGuangzhuSectionCo.,Ltd.andGuanghuiExpresswayCo.,Ltd..

(2)Changesinthescopeofconsolidatedfinancialstatementsinthecurrentperiod

Inthecurrentperiod,the100%equityofGuangdongExpresswayTechnologyInvestmentCo.,Ltd-awholly-ownedsubsidiary-wastransferredtoGuangdongLitongTechnologyInvestmentCo.,Ltd,andtheequitydeliverydatewasMarch29,2022.Therefore,itwillnolongerbeincludedinthescopeoftheconsolidatedfinancialstatementsattheendofthecurrentperiod.

4.ApprovalandsubmissiondateoffinancialreportThefinancialstatementshavebeenauthorizedforissuancebythe32th(Provisional)meetingoftheNinthBoardofDirectorsoftheGrouponAugust26,2022.

(1)Scopeofcurrentconsolidatedfinancialstatements

TheconsolidatedscopeofthecurrentfinancialstatementsinvovlesGuangdongExpresswayTechnologyInvestmentCo.,Ltd.,YuegaoCapitalHolding(Guangzhou)Co.,Ltd.,itsholdingsubsidiariesGuangfoExpresswayCo.,Ltd.,JingzhuExpresswayGuangzhuSectionCo.,Ltd.andGuanghuiExpresswayCo.,Ltd..

(2)Changesinthescopeofconsolidatedfinancialstatementsinthecurrentperiod

Inthecurrentperiod,the100%equityofGuangdongExpresswayTechnologyInvestmentCo.,Ltd-awholly-ownedsubsidiary-wastransferredtoGuangdongLitongTechnologyInvestmentCo.,Ltd,andtheequitydeliverydatewasMarch29,2022.Therefore,itwillnolongerbeincludedinthescopeoftheconsolidatedfinancialstatementsattheendofthecurrentperiod.IV.Basisforthepreparationoffinancialstatements

1.Preparationbasis

ThefinancialstatementsoftheCompanyhavebeenpreparedonbasisofgoingconcerninconformitywithChineseAccountingStandardsforBusinessEnterprisesandtheAccountingSystemsforBusinessEnterprisesissuedbytheMinistryofFinanceofPeople’sRepublicofChina(MinistryofFinanceissuedorderNo.33,theMinistryofFinancerevisedorderNo.76)onFebruary15,2006,andrevisedAccountingStandards(order42oftheMinistryofFinance)andCompilationRulesforInformationDisclosurebyCompaniesOfferingSecuritiestothePublicNo.15–GeneralProvisionsonFinancialReports(2014Revision)issuedbytheChinaSecuritiesRegulatoryCommission(CSRC).

AccordingtotherelevantaccountingregulationsinChineseAccountingStandardsforBusinessEnterprises,theCompanyhasadoptedtheaccrualbasisofaccounting.Held-for-salenon-currentassetsaremeasuredatthelowerofitsbookvalueatitsclassificationdateandfairvalueminusexpecteddisposalcosts.Whereassetsareimpaired,provisionsforassetimpairmentaremadeinaccordancewithrelevantrequirements

2.ContinuationTherewillbenosucheventsorsituationsinthe12monthsfromtheendofthereportingperiodthatwillcausematerialdoubtsastothecontinuationcapabilityoftheCompany.

V.SignificantAccountingPoliciesandAccountingEstimatesSpecificaccountingpoliciesandaccountingestimatesareindicatedasfollows:

None

1.StatementofCompliancewiththeAccountingStandardsforBusinessEnterprises

ThefinancialstatementsoftheCompanyarerecognizedandmeasuredinaccordancewiththeregulationsintheChineseAccountingStandardsforBusinessEnterprisesandtheygiveatrueandfairviewofthefinancialposition,businessresultandcashflowoftheCompany,.Inaddition,thefinancialstatementsoftheCompanycomply,inallmaterialrespects,withthereviseddisclosingrequirementsforfinancialstatementsandtheCompilationRulesforInformationDisclosurebyCompaniesOfferingSecuritiestothePublicNo.15—GeneralProvisionsonFinancialReports(2014Revision)issuedbyChinaSecuritiesRegulatoryCommission(CSRC)in2014.

2.Accountingperiod

TheaccountingperiodoftheCompanyisclassifiedasinterimperiodandannualperiod.Interimperiodreferstothereportingperiodshorterthanacompleteannualperiod.TheaccountingperiodoftheCompanyisthecalendaryearfromJanuary1toDecember31.

3.Operatingcycle

ThenormaloperatingcyclereferstotheperiodfromthetimewhentheGrouppurchasesassetsforprocessingtothetimewhencashorcashequivalentsarerealized.TheCompanytakes12monthsasabusinesscycleandusesitasacriterionforliquidityclassificationofassetsandliabilities.

4.Standardcurrencyforbookkeeping

TheCompanyadoptsCNYtoprepareitsfunctionalstatements.

5.AccountingsforBusinessCombinationsundertheSameControl&BusinessCombinationsnotundertheSameControl

1.BusinessCombinationsundertheSameControl

Ifbusinessparticipatinginthecombinationareultimatelycontrolledbythesamepartyorpartiesbeforeandafterthecombination,andthecontrolisnottemporary,itisanbusinesscombinationunderthesamecontrol.Usually,businesscombinationunderthesamecontrolreferstothecombinationbetweenbusinesswithinthesamebusiness,exceptwhichitisgenerallynotregardedasbusinesscombinationunderthesamecontrol.TheassetsandliabilitiesobtainedbytheCompanyasthecombiningpartyinthebusinesscombinationshallbemeasuredaccordingtothebookvalueofthecombinedpartyintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyonthecombinationdate.Forthelong-termequityinvestmentformedbyholdingcombinationunderthesamecontrol,thecompanytakestheshareofthebookowner'sequityofthecombinedpartyonthecombinationdateastheinitialinvestmentcostforformingthelong-termequityinvestment.Seethelong-termequityinvestmentforrelevantaccountingtreatment;TheassetsandliabilitiesobtainedbyabsorptionandcombinationunderthesamecontrolshallberecordedbytheCompanyaccordingtotheoriginalbookvalueoftherelatedassetsandliabilitiesinthecombinedparty.Thecompanyadjuststhecapitalreserveaccordingtothedifferencebetweenthebookvalueofthenetassetsobtainedandthebookvalueofthecombinationconsiderationpaid(orthetotalparvalueoftheissuedshares);Ifthecapitalreserveisinsufficienttooffset,theretainedearningsshallbeadjusted.

AlldirectlyrelatedexpensesincurredbytheCompanyasacombiningpartyforbusinesscombination,includingauditfees,evaluationfees,legalservicefees,etc.,areincludedinthecurrentprofitsandlosseswhen

incurred.

Feesandcommissionspaidforbondsissuedbyenterprisesorotherdebtsshallbeincludedintheinitialmeasurementamountofbondsandotherdebtsissued.Fees,commissionsandotherexpensesincurredinissuingequitysecuritiesinbusinesscombinationshallbeoffsetagainstthepremiumincomeofequitysecurities,andifthepremiumincomeisinsufficienttooffset,theretainedearningsshallbeoffset.

Iftheholdingunderthesamecontroliscombinedtoformaparent-subsidiaryrelationship,theparentcompanyshallprepareconsolidatedfinancialstatementsontheconsolidationdate,includingconsolidatedbalancesheet,consolidatedincomestatementandconsolidatedcashflowstatement.

Fortheconsolidatedbalancesheet,thebookvalueofthecombinedpartyintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyshallbeincorporatedintotheconsolidatedfinancialstatements,andthetransactionsbetweenthecombiningpartyandthecombinedpartyontheconsolidationdateandthepreviousperiodshallberegardedasinternaltransactionsandoffsetaccordingtotherelevantprinciplesof"ConsolidatedFinancialStatements";Theconsolidatedincomestatementandcashflowstatementincludethenetprofitandcashflowrealizedbythecombiningpartyandthecombinedpartyfromthebeginningofthecurrentconsolidationperiodtotheconsolidationdate,andinvolvethecashflowgeneratedbythetransactionsandinternaltransactionsbetweenthetwopartiesinthecurrentperiod,whichshallbeoffsetaccordingtotherelevantprinciplesoftheconsolidatedfinancialstatements.

2.Ifthepartiesinvolvedinthecombinationarenotultimatelycontrolledbythesamepartyorpartiesbeforeandafterthecombination,itisabusinesscombinationnotunderthesamecontrol.BusinessCombinationsnotundertheSameControl

Determinethecostofbusinesscombination:thecostofbusinesscombinationincludesthefairvalueofcashornon-cashassetspaidbythepurchaserforbusinesscombination,debtsissuedorassumed,andequitysecuritiesissuedonthepurchasedate.

Inthebusinesscombinationnotunderthesamecontrol,theintermediaryexpensessuchasauditing,legalservices,evaluationandconsultationandotherrelatedmanagementexpensesincurredbythepurchaserforthebusinesscombinationshallbeincludedinthecurrentprofitsandlosseswhentheyoccur;Transactioncostsofequitysecuritiesordebtsecuritiesissuedbythepurchaserascombinationconsiderationshallbeincludedintheinitialrecognizedamountofequitysecuritiesordebtsecurities.

Forthelong-termequityinvestmentobtainedbyholdingcombinationnotunderthesamecontrol,thecompanytakesthecombinationcostdeterminedonthepurchasedate(excludingcashdividendsandprofitsthatshouldbecollectedfromtheinvestee)astheinitialinvestmentcostforthelong-termequityinvestmentofthepurchaser;Allidentifiableassetsandliabilitiesobtainedbyabsorptionandcombinationunderdifferentcontrolthatmeettherecognitionconditionsshallberecognizedasassetsandliabilitiesoftheenterpriseatfairvalueonthedateofpurchase.IftheCompanytakesnon-monetaryassetsasconsiderationtoobtainthecontrolrightofthepurchaserorvariousidentifiableassetsandliabilities,thedifferencebetweenthefairvalueoftherelevantnon-monetaryassetsonthepurchasedateandtheirbookvalueshallbetakenasthedisposalprofitandlossoftheassetsandrecordedintheincomestatementofthecurrentconsolidationperiod.

Inabusinesscombinationnotunderthesamecontrol,thedifferencebetweenthecostofbusinesscombinationandthefairvalueshareofidentifiablenetassetsofthepurchaserobtainedinthecombinationisrecognizedasgoodwill;Inthecaseofabsorptionandcombination,thedifferenceisrecognizedasgoodwillintheindividualfinancialstatementsoftheparentcompany;Inthecaseofholdingcombination,thedifferenceislistedasgoodwillintheconsolidatedfinancialstatements.

Thecostofbusinesscombinationislessthanthedifferencebetweenthefairvalueshareofidentifiablenetassetsacquiredduringthecombination,whichisincludedintheprofitsandlosses(non-operatingincome)ofthe

currentcombinationperiodafterreviewbytheCompany.Inthecaseofabsorptionandcombination,thedifferenceisincludedintheindividualincomestatementoftheparentcompanyinthecurrentcombinationperiod;Inthecaseofholdingcombination,thedifferenceisincludedintheconsolidatedincomestatementofthecurrentcombinationperiod.

Ifthebusinesscombinationnotunderthesamecontrolrealizedstepbystepthroughmultipleexchangetransactionsisapackagetransaction,eachtransactionwillbetreatedasatransactiontoobtaincontrolrights;Ifitisnotapackagetransaction,theequityofthepurchasedpartyheldbeforethepurchasedateshallbere-measuredaccordingtothefairvalueoftheequityonthepurchasedate,andthedifferencebetweenthefairvalueanditsbookvalueshallbeincludedinthecurrentinvestmentincome;Iftheequityofthepurchasedpartyheldbeforethepurchasedateinvolvesothercomprehensiveincome,othercomprehensiveincomerelatedtoitshallbeconvertedintotheinvestmentincomeofthecurrentperiodonthepurchasedate,exceptforothercomprehensiveincomearisingfromthere-measurementofnetliabilitiesorchangesinnetassetsofthedefinedbenefitplansbytheinvestedparty.

6.Compilationmethodofconsolidatedfinancialstatements

(1)Consolidationscope

Theconsolidationscopeofconsolidatedfinancialstatementsisdeterminedonthebasisofcontrol.ControlmeansthattheCompanyhasthepowerovertheinvestee,isentitledtovariablereturnsbyparticipatingintherelatedactivitiesoftheinvestee,andhastheabilitytousethepowerovertheinvesteetoinfluenceitsreturnamount.SubsidiariesrefertosubjectscontrolledbytheCompany(includingenterprises,divisiblepartsofinvestee(s),structuredsubjects,etc.).

(2)Compilationmethodofconsolidatedfinancialstatements

TheconsolidatedfinancialstatementsoftheCompanyarebasedonthefinancialstatementsoftheparentcompanyanditssubsidiaries,andarepreparedaccordingtootherrelevantinformation.Whencompiling,theimportantinternaltransactionsbetweentheparentcompanyanditssubsidiaries,suchasinvestment,transactions,purchaseandsaleofinventoriesandtheirunrealizedprofits,areoffsetandcombineditembyitem,andtheminorityshareholders'rightsandinterestsandthecurrentincomeofminorityshareholdersarecalculated.Iftheaccountingpoliciesandaccountingperiodsofsubsidiariesareinconsistentwiththoseoftheparentcompany,theaccountingstatementsofsubsidiariesshallbeadjustedaccordingtotheaccountingpoliciesandaccountingperiodsoftheparentcompanybeforecombination.

(3)Increaseanddecreasetheconsolidatedreportprocessingofsubsidiariesduringthereportingperiod

Duringthereportingperiod,whenpreparingtheconsolidatedbalancesheet,thebalanceatthebeginningoftheconsolidatedbalancesheetisadjustedforthesubsidiariesaddedduetobusinesscombinationunderthesamecontrol.Whenpreparingtheconsolidatedbalancesheet,thebalanceatthebeginningoftheyearoftheconsolidatedbalancesheetisnotadjustedforthesubsidiariesaddedduetobusinesscombinationnotunderthesamecontrol.Duringthereportingperiod,thesubsidiariesaredisposedofandthebalanceatthebeginningoftheconsolidatedbalancesheetisnotadjustedwhentheconsolidatedbalancesheetisprepared.

Duringthereportingperiod,theincome,expensesandprofitsofsubsidiariesaddedbybusinesscombinationunderthesamecontrolfromthebeginningtotheendofthereportingperiodareincludedintheconsolidatedincomestatement,andthecashflowsfromthebeginningtotheendofthereportingperiodareincludedintheconsolidatedcashflowstatement.Forsubsidiariesaddedduetobusinesscombinationnotunderthesamecontrol,theincome,expensesandprofitsofsuchsubsidiariesfromthepurchasedatetotheendofthereportingperiodareincludedintheconsolidatedincomestatement,andtheircashflowfromthepurchasedatetotheendofthereportingperiodisincludedintheconsolidatedcashflowstatement.Duringthereportingperiod,thesubsidiaryisdisposedof,andtheincome,expensesandprofitsfromthebeginningoftheperiodtothedisposaldateare

includedintheconsolidatedincomestatement,andthecashflowfromthebeginningoftheperiodtothedisposaldateisincludedintheconsolidatedcashflowstatement.Whenthecontrolrightoftheoriginalsubsidiaryislostduetothedisposalofpartoftheequityinvestmentorotherreasons,theremainingequityinvestmentafterdisposalshallbere-measuredaccordingtoitsfairvalueonthedateoflossofcontrolright.Thesumoftheconsiderationobtainedfromthedisposalofequityandthefairvalueoftheremainingequity,minusthedifferencebetweentheshareoftheoriginalsubsidiary'snetassetscalculatedcontinuouslyfromthepurchasedateandthesumofgoodwillcalculatedaccordingtotheoriginalshareholdingratio,isincludedintheinvestmentincomeinthecurrentperiodwhenthecontrolrightislost.Othercomprehensiveincomerelatedtotheoriginalsubsidiary'sequityinvestmentisconvertedintocurrentinvestmentincomewhenthecontrolrightislost,exceptforothercomprehensiveincomegeneratedbytheinvestee'sre-measurementofnetliabilitiesorchangesinnetassetsofthesetincomeplan.

Thedifferencebetweenthenewlyacquiredlong-termequityinvestmentduetothepurchaseofminoritysharesandtheidentifiablenetassetsshareofsubsidiariescalculatedaccordingtotheincreasedshareholdingratio,andthedifferencebetweenthedisposalpriceobtainedfrompartialdisposalofequityinvestmentinsubsidiariesandthenetassetsshareofsubsidiariescorrespondingtothedisposaloflong-termequityinvestmentareusedtoadjusttheequitypremiuminthecapitalreserveintheconsolidatedbalancesheet.Iftheequitypremiuminthecapitalreserveisinsufficienttooffset,theretainedearningswillbeadjusted.

(4)Processingofconsolidatedstatementsfromstep-by-stepdisposalofequitytolossofcontrolrights

Ifthetransactionsthatdisposeoftheequityinvestmentinsubsidiariesuntilthelossofcontrolrightsareofapackagetransaction,thetransactionsshallbetreatedastransactionsthatdisposeofsubsidiariesandlosecontrolrights;However,thedifferencebetweenthedisposalpriceandtheshareofthesubsidiary'snetassetsrelatedtothedisposalinvestmentbeforethelossofcontrolrightisrecognizedasothercomprehensiveincomeintheconsolidatedfinancialstatements,whichwillbetransferredtothecurrentprofitandlosswhenthecontrolrightislost,exceptforothercomprehensiveincomearisingfromthere-measurementofthenetliabilitiesorchangesinnetassetsofthesetincomeplanbytheinvestee.Ifitisnotapackagetransaction,beforethelossofcontrol,thedifferencebetweenthedisposalpriceandthecorrespondingnetassetscontinuouslycalculatedbythesubsidiaryfromthepurchasedatewillbeadjustedtothecapitalreserve,andifthecapitalreserveisinsufficienttooffset,theretainedearningswillbeadjusted;Incaseoflossofcontrolright,theaccountingtreatmentshallbecarriedoutaccordingtotheaboveaccountingpolicywhenthecontrolrightovertheoriginalsubsidiaryislost.

7.RecognitionStandardofCash&CashEquivalents

CashandcashequivalentsoftheCompanyincludecashonhand,readyusabledepositsandinvestmentshavingshortholdingterm(normallywillbeduewithinthreemonthsfromthedayofpurchase),withstrongliquidityandeasytobeexchangedintocertainamountofcashthatcanbemeasuredreliablyandhavelowrisksofchange.

8.ForeignCurrencyTransaction

(1)Foreigncurrencybusiness

ForeigncurrencytransactionsoftheCompanyareconvertedintotheamountofbookkeepingbasecurrencyaccordingtothespotrateonthetransactiondate.

Onthebalancesheetdate,foreigncurrencymonetaryitemsandforeigncurrencynon-monetaryitemsshallbetreatedaccordingtothefollowingprovisions:foreigncurrencymonetaryitemsshallbeconvertedatthespotrateonthebalancesheetdate.Exchangedifferencesarisingfromthedifferencebetweenthespotrateonthebalancesheetdateandthespotrateatthetimeofinitialrecognitionorthepreviousbalancesheetdateare

includedinthecurrentprofitsandlosses;Foreigncurrencynon-monetaryitemsmeasuredathistoricalcostarestillconvertedatthespotrateonthetransactiondate,withoutchangingtheirbookkeepingbasecurrencyamount;Foreigncurrencynon-monetaryitemsmeasuredatfairvalueshallbeconvertedatthespotrateonthefairvaluedeterminationdate,andthedifferencebetweentheconvertedbookkeepingbasecurrencyamountandtheoriginalbookkeepingbasecurrencyamountshallbetreatedaschangesinfairvalue(includingexchangeratechanges)andincludedinthecurrentprofitsandlosses;Duringthecapitalizationperiod,theexchangedifferencebetweentheprincipalandinterestofforeigncurrencyspecialloansiscapitalizedandincludedinthecostofassetsthatmeetthecapitalizationconditions.

(2)TranslationofforeigncurrencyfinancialstatementsWhenconvertingforeigncurrencyfinancialstatements,theCompanyshallcomplywiththefollowingregulations:assetsandliabilitiesinthebalancesheetshallbeconvertedatthespotrateonthebalancesheetdate,andotheritemsofowner'sequityexcept"undistributedprofits"shallbeconvertedatthespotrateatthetimeofoccurrence;Theincomeandexpenseitemsintheincomestatementshallbeconvertedatthespotrateonthetransactiondate(orattheexchangeratedeterminedbyasystematicandreasonablemethodandsimilartothespotrateonthetransactiondate).Thetranslationdifferenceofforeigncurrencyfinancialstatementsgeneratedaccordingtotheabovetranslationisrecognizedasothercomprehensiveincome.Theconversionofcomparativefinancialstatementsshallbehandledaccordingtotheaboveprovisions.

9.Financialinstruments

TheCompanyrecognizesthefinancialassetsorliabilitieswheninvolvedinfinancialinstruments’agreements.

（1）Classification,recognitionandmeasurementoffinancialassets

Inaccordancewiththecharacteristicsofbusinessmodelformanagingfinancialassetsandthecontractualcashflowoffinancialassets,theCompanyclassifiesfinancialassetsinto:financialassetsmeasuredinamortizedcost;financialassetsmeasuredatfairvalueandtheir'schangesareincludedinothercomprehensiveincome;financialassetsmeasuredatfairvalueandtheir'schangesareincludedincurrentprofitsandlosses.

Theinitialmeasurementoffinancialassetsiscalculatedbyusingfairvalue.Forfinancialassetsmeasuredatfairvalue,whosechangesareincludedincurrentprofitsandlosses,relevanttransactioncostsaredirectlyincludedincurrentprofitsandlosses;Forothertypesoffinancialassets,relevanttransactioncostsareincludedintheinitialrecognitionamount.

①FinancialassetsmeasuredatamortizedcostThebusinessmodeloftheCompany'smanagementoffinancialassetsmeasuredbyamortizedcostisaimedatcollectingthecontractualcashflow,andthecontractualcashflowcharacteristicsofsuchfinancialassetsareconsistentwiththebasiclendingarrangements,thatis,thecashflowgeneratedonaspecificdateisonlythepaymentofprincipalandinterestbasedontheamountofoutstandingprincipal.Forsuchfinancialassets,theCompanyadoptsthemethodofrealinterestrateandmakessubsequentmeasurementaccordingtothecostofamortization.Theprofitsorlossesresultingfromamortizationorimpairmentareincludedincurrentprofitsandlosses.

②FinancialassetsmeasuredatfairvalueandchangesincludedinothercomprehensiveincomeTheCompany'sbusinessmodelformanagingsuchfinancialassetsistocollectthecontractualcashflow,andthecontractualcashflowcharacteristicsofsuchfinancialassetsareconsistentwiththebasiclendingarrangements.TheCompanymeasuressuchfinancialassetsatfairvalueandtheirchangesareincludedinothercomprehensivegains,butimpairmentlossesorgains,exchangegainsandlossesandinterestincomecalculatedaccordingtotheactualinterestratemethodareincludedincurrentprofitsandlosses.

Inaddition,theCompanydesignatedsomenon-tradingequityinstrumentinvestmentsasfinancialassetsmeasuredatfairvaluewithchangesincludedinothercomprehensiveincome.TheCompanyincludestherelevantdividendincomeofsuchfinancialassetsincurrentprofitsandlosses,andthechangesinfairvalueinothercomprehensivegains.Whenthefinancialassetceasestoberecognized,theaccumulatedgainsorlossespreviouslyincludedinothercomprehensivegainsshallbetransferredintoretainedincomefromothercomprehensiveincome,andnotbeincludedincurrentprofitandloss.

③Financialassetsmeasuredatfairvalueandchangesincludedincurrentprofitsandlosses

TheCompanyincludestheabove-mentionedfinancialassetsmeasuredatamortizedcostandthosemeasuredatfairvalueandtheir'schangesinfinancialassetsotherthanfinancialassetsofcomprehensiveincomeandclassifiesthemasfinancialassetsmeasuredatfairvalueandtheir'schangesthatareincludedincurrentprofitsandlosses.Inaddition,theCompanydesignatessomefinancialassetsasfinancialassetsmeasuredatfairvalueandincludestheirchangesincurrentprofitsandlossesinordertoeliminateorsignificantlyreduceaccountingmismatchesduringinitialrecognition.Inregardwithsuchfinancialassets,theCompanyadoptsfairvalueforsubsequentmeasurement,andincludeschangesinfairvalueintocurrentprofitsandlosses.

（2）Classification,recognitionandmeasurementoffinancialliabilities

TheGroup’sfinancialliabilitiesare,oninitialrecognition,classifiedintofinancialliabilitiesatfairvaluethroughprofitorlossandotherfinancialliabilities.Forfinancialliabilitiesatfairvaluethroughprofitorloss,relevanttransactioncostsareimmediatelyrecognizedinprofitorlossforthecurrentperiod,andtransactioncostsrelatingtootherfinancialliabilitiesareincludedintheinitialrecognitionamounts.

①Financialliabilitiesmeasuredbythefairvalueandthechangesrecordedinprofitorloss

Theclassificationbywhichfinancialliabilitiesheld-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,relevantfinancialassetsshallberecognizedinaccordancewiththedegreeforcontinuedinvolvementoffinancialassetstransferredandrelevantliabilitiesshallberecognizedcorrespondingly.westbankTheterm"continuousinvolvementinthetransferredfinancialasset"shallrefertotherisklevelthattheenterprisefacesresultingfromthechangeofthevalueofthefinancialasset.

Iftheoveralltransferofthefinancialassetssatisfiesthederecognitioncriteria,thedifferencebetweenthebookvalueofthetransferredfinancialassetsandthesumoftheconsiderationreceivedfromtransferandcumulativechangeinfairvaluepreviouslyrecognizedinothercomprehensiveincomeisaccountedintothecurrentprofitorloss.

Incasethatthepartialtransferoffinancialassetsmeetsde-recognitionconditions,thebookvalueoffinancialassetstransferredshallbeallocatedasperrespectivefairvaluebetweende-recognizedornotde-recognizedparts,andthedifferencebetweenthesumoftheconsiderationreceivedduetotransferwiththeaccumulatedamountoffairvaluechangesthatispreviouslyincludedinothercomprehensiveincomeandshallbeallocatedtode-recognizedpartsandtheaforesaidbookamountallocatedshallbeincludedinthecurrentprofitorloss.

TheCompanyshalldeterminewhetheralmostalltherisksandrewardsoftheownershipofthefinancialassetssoldbymeansofrecourseorendorsedtotransferthefinancialassetsitholdshavebeentransferred.Ifalmostalltherisksandrewardsintheownershipofthefinancialassethavebeentransferredtothetransferee,theconfirmationofthefinancialassetshallbeterminated;ifalmostalltherisksandrewardsintheownershipofthefinancialassethavebeenretained,theconfirmationofthefinancialassetshallnotbeterminated;ifneitherthetransfernortheretentionofalmostalltherisksandrewardsintheownershipofthefinancialassethasbeenmade.Incaseofremuneration,itshallcontinuetodeterminewhethertheenterprisehasretainedcontrolovertheassetsandconductaccountingtreatmentinaccordancewiththeprinciplesdescribedintheprecedingparagraphs.

(4)Terminationconfirmationoffinancialliabilities

Ifthecurrentobligationofafinancialliability(orpartthereof)hasbeendischarged,theCompanyshallterminatetherecognitionofthefinancialliability(orpartthereof).IftheCompany(thedebtor)signsanagreementwiththelendertoreplacetheoriginalfinancialliabilitiesbyassumingnewfinancialliabilities,andthecontracttermsofthenewfinancialliabilitiesaresubstantiallydifferentfromthoseoftheoriginalfinancialliabilities,itshallterminatetherecognitionoftheoriginalfinancialliabilitiesandatthesametimeconfirmanewfinancialliabilities.IftheCompanysubstantiallyamendsthecontracttermsoftheoriginalfinancialliabilities(orpartthereof),itshallterminatetheconfirmationoftheoriginalfinancialliabilitiesandatthesametimeconfirmanewfinancialliabilitiesinaccordancewiththerevisedterms.

Ifthefinancialliabilities(orpartthereof)areterminated,thedifferencebetweentheirbookvalueandtheconsiderationpaid(includingthetransferrednon-cashassetsorliabilitiesassumed)shallbeincludedintheprofitsandlossesofthecurrentperiod.

（5）Offsettingfinancialassetsandfinancialliabilities

WhentheCompanyhasalegalrightthatiscurrentlyenforceabletosetofftherecognizedfinancialassetsandfinancialliabilities,andintendseithertosettleonanetbasis,ortorealizethefinancialassetandsettlethe

financialliabilitysimultaneously,afinancialassetandafinancialliabilityshallbeoffsetandthenetamountispresentedinthebalancesheet.Exceptfortheabovecircumstances,financialassetsandfinancialliabilitiesshallbepresentedseparatelyinthebalancesheetandshallnotbeoffset.

(6)MethodfordeterminingthefairvalueoffinancialassetsandfinancialliabilitiesFairvaluereferstothepricethatamarketparticipantmustpaytosellortransferaliabilityinanorderlytransactionthatoccursonthemeasurementdate.ThefairvalueoffinancialinstrumentsexistinginanactivemarketisdeterminedbytheCompanyaccordingtoitsquotedpriceinthismarket.westbankThequotedpricesintheactivemarketrefertotheprices,whichareeasilyavailablefromthestockexchanges,brokers,industryassociations,pricingserviceinstitutionsandetc.atafixedterm,andwhichrepresentthepricesatwhichactuallyoccurredmarkettransactionsaremadeunderfairconditions.?¨Incanafinancialinstrumentdoesnotexistinactivemarkets,itsfairvalueshallbedeterminedbytheCompanywithassessmenttechniques.Thevalueappraisaltechniquesmainlyincludethepricesadoptedbytheparties,whoarefamiliarwiththecondition,inthelatestmarkettransactionupontheirownfreewill,thecurrentfairvalueobtainedbyreferringtootherfinancialinstrumentsofthesameessentialnature,thecashflowcapitalizationmethodandtheoptionpricingmodel,etc.Invaluation,theCompanyadoptsvaluationtechniquesthatareapplicableinthecurrentsituationandsupportedbysufficientdataandotherinformationtoselectinputvaluesconsistentwiththecharacteristicsofassetsorliabilitiesconsideredbymarketparticipantsinthetransactionsofrelatedassetsorliabilities,andgiveprioritytotheuseofrelevantobservableinputvaluesasfaraspossible.Unallowablevaluesareusediftherelevantobservableinputvaluesarenotavailableorarenotpracticable.

（7）EquityinstrumentsAnequityinstrumentisanycontractthatevidencesaresidualinterestintheassetsoftheCompanyafterdeductingallofitsliabilities.Theconsiderationreceivedfromissuingequityinstruments,netoftransactioncosts,areaddedtoshareholders’equity.Alltypesofdistribution(excludingstockdividends)madebytheCompanytoholdersofequityinstrumentsaredeductedfromshareholders’equity.Thedividends(including"interest"generatedbythetoolsclassifiedasequityinstruments)distributedbytheCompany'sequityinstrumentsduringtheperiodoftheirexistenceshallbetreatedasprofitdistribution.

10.ImpairmentoffinancialinstrumentsTheCompanyrequirestoconfirmthatthefinancialassetslostbyimpairmentarefinancialassetsmeasuredbyamortizedcost,investmentindebtinstrumentsandleasereceivableswhicharemeasuredatfairvalueandwhosechangesareincludedinothercomprehensivegains,mainlyincludingnotesreceivable,accountsreceivable,otherreceivables,creditor'srightsinvestment,othercreditor'srightsinvestmentandlong-termreceivablesandetc.Inaddition,provisionforimpairmentandconfirmationofcreditimpairmentlossesarealsomadeforcontractassetsandsomefinancialguaranteecontractsinaccordancewiththeaccountingpoliciesdescribedinthissection.

(1)MethodofconfirmingimpairmentprovisionBasedonanticipatedcreditloss,theCompanycalculatesimpairmentpreparationandconfirmscreditimpairmentlossaccordingtotheapplicableanticipatedcreditlossmeasurementmethod(generalmethodorsimplifiedmethod).Creditlossreferstothedifferencebetweenthecashflowofallcontractsdiscountedaccordingtotheoriginalrealinterestrateandtheexpectedcashflowofallcontractsreceivableaccordingtothecontract,thatis,thepresentvalueofallcashshortages.Amongthem,theCompanydiscountsthefinancialassetspurchasedororiginatedwithcreditimpairmentattheactualinterestrateadjustedbycredit.ThegeneralmethodofmeasuringanticipatedcreditlossiswhetherthecreditriskoftheCompany'sfinancialassets(includingotherapplicableitemssuchascontractassets,similarlyhereinafter)hasincreased

significantlysincetheinitialrecognitiononeachbalancesheetday.Ifthecreditriskhasincreasedsignificantlysincetheinitialrecognition,theCompanyshallmeasurethelosspreparationaccordingtotheamountequivalenttotheexpectedcreditlossinthewholeduration.Ifthecreditriskhasnotincreasedsignificantlysincetheinitialrecognition,theCompanyshallmeasurethelosspreparationaccordingtotheamountequivalenttotheexpectedcreditlossinthenext12months.TheCompanyshallconsiderallreasonableandevidencedinformation,includingforward-lookinginformation,whenevaluatingexpectedcreditlosses.Assumingthattheircreditriskhasnotincreasedsignificantlysincetheinitialrecognition,theCompanymaychoosetomeasurethelossreserveaccordingtotheexpectedcreditlossinthenext12monthsforfinancialinstrumentswithlowcreditriskonthebalancesheetdate.

(2)CriteriaforjudgingwhethercreditriskhasincreasedsignificantlysincetheinitialrecognitionIftheprobabilityofdefaultofafinancialassetontheestimateddurationofthebalancesheetissignificantlyhigherthantheprobabilityofdefaultduringtheestimateddurationoftheinitialrecognition,thecreditriskofthefinancialassetissignificantlyincreased.Exceptforspecialcircumstances,theCompanyusesthechangeofdefaultriskinthenext12monthsasareasonableestimateofthechangeofdefaultriskintheentiredurationtodeterminewhetherthecreditriskhasincreasedsignificantlysincetheinitialrecognition.

(3)Aportfolio-basedapproachtoassessingexpectedcreditriskTheCompanyshallevaluatethecreditriskoffinancialassetswithdistinctdifferencesincreditrisk,suchastherelatedparty'sreceivables,thereceivablesindisputewiththeotherpartyorinvolvinglitigationandarbitration,andreceivablesthathasbeenprovedthatthedebtormaynotbeabletofulfilltheobligationofrepayment,etc.Inadditiontothefinancialassetsthatassesscreditriskindividually,theCompanyshalldividefinancialassetsintodifferentgroupsbasedoncommonriskcharacteristics,andassesscreditriskonthebasisofportfolio.

(4)AccountingtreatmentofimpairmentoffinancialassetsAttheendoftheduration,theCompanyshallcalculatetheanticipatedcreditlossesofvariousfinancialassets.Iftheanticipatedcreditlossesaregreaterthanthebookvalueofitscurrentimpairmentprovision,thedifferenceisdeemedasimpairmentloss.Ifthebalanceislessthanthebookvalueofthecurrentimpairmentprovision,thedifferenceisdeemedasimpairmentprofit.

(5)Methodofdeterminingcreditlossesofvariousfinancialassets

①ReceivableAccountandContractassetsInregardtoreceivableswithoutsignificantfinancingcomponents,theCompanyshallmeasurelosspreparationaccordingtotheamountofanticipatedcreditlossequivalenttotheentireduration.Inregardtoaccountsreceivablewithsignificantfinancingcomponents,theCompanyshallchoosetomeasurelosspreparationaccordingtotheamountequivalenttotheexpectedcreditlosswithinthedurationallthetime.

Inadditiontotheaccountsreceivablethatassessesthecreditriskindividually,receivablesaredividedintodifferentportfoliosbasedontheircreditriskcharacteristics:

ItemsBasisfordeterminingcombination:
Protfolio1：AgingprotfolioThisportfolioischaracterizedbytheagingofreceivablesasacreditrisk.
Portfolio2：QualityGuaranteeportfolioThisportfolioisthecontractqualityguaranteefundandotherfunds

Fortheaboveportfolio1,themeasurementmethodofbaddebtsreserveistheaginganalysismethod,specificallyasfollows：

AgingProportion（%）
Within1year（Including1year）0
1-2years10
2-3years30
3-4years50
4-5years90
Over5years100

Fortheguaranteefundportfolioofportfolio2,noprovisionforbaddebtsshallbemadeunlessthereisobjectiveevidencethatthemoneycannotberecoveredaccordingtotheoriginaltermsofaccountsreceivableandcontractassets.

②OtherreceivableTheCompanyhasmeasuredtheimpairmentlossbasedontheamountofexpectedcreditlossesinthenext12monthsortheentireduration,basedonwhetherthecreditriskofotherreceivableshasincreasedsignificantlysincetheinitialrecognition.Inadditiontotheotheraccountsreceivablewhichassessesthecreditriskindividually,theyaredividedintodifferentportfoliosbasedontheircreditriskcharacteristics:

ItemsBasisfordeterminingcombination:
Protfolio1Thisportfolioisacollectionofvariousdeposits,advances,pledgesandotherreceivablesindailyactivities.
Protfolio2Thisportfolioisareservefundborrowedbyemployeesintheirdailybusinessactivities.
Protfolio3Otherreceivablesotherthantheaboveportfolio.

Combinationofdeposit,qualityassurancefundanddepositandreservefundcombinationexceptforobjectiveevidencethattheGroupwillnotbeabletorecovertheamountaccordingtotheoriginaltermsofreceivables,willnotnormallybeaccruedforbaddebtreserves.Themeasurementmethodofbaddebtreservesforothercombinationsisaginganalysis,andtheaccrualproportionisthesameasaccountsreceivable.

③Creditor'srightsinvestment

Creditor'srightsinvestmentmainlyaccountsforbondinvestmentmeasuredbyamortizedcost,etc.TheCompanyhasmeasuredtheimpairmentlossbasedontheamountofexpectedcreditlossesinthenext12monthsortheentireduration,basedonwhetherthecreditriskhasincreasedsignificantlysincetheinitialrecognition.TheCompanyadoptsthemethodofevaluatingcreditriskwithindividualassetsforcreditor'srightsinvestment.

11.Inventory

1.Investoriesclass:

Thecompany’sstockscanbeclassifiedas:rawmaterials,etc.

2.Valuationmethodofinventoryissued:Thecompanycalculatesthepricesofitsinventoriesaccordingtotheweightedaveragesmethodorthefirst-infirst-outmethod.3Measurementofendinginventory

Onthebalancesheetdate,inventoryshallbemeasuredatthelowerofcostandnetrealizablevalue.Ifthecostofinventoryishigherthanitsnetrealizablevalue,provisionforinventorydepreciationshallbeaccruedandrecordedintothecurrentprofitsandlosses.

Ifthedifferencebetweenthecostcalculatedbyasingleinventoryitemanditsnetrealizablevalueishigher,theinventorydepreciationreserveshallbeaccruedandrecordedintothecurrentprofitsandlosses.Netrealizablevaluereferstotheestimatedsellingpriceofinventoryindailyactivitiesminustheestimatedcoststobeincurreduponcompletion,estimatedsalesexpensesandrelatedtaxesandfees.

4.Physicalinventoriesaremanagedbytheperpetualinventorytakingsystem.

12.ContractassetsandContractliabilities

InthecontractbetweentheCompanyandcustomers,theCompanyhastherighttochargethecontractpriceforthegoodsandrelatedservicesthathavebeentransferredtocustomers,andmeanwhileundertaketheperformanceobligationoftransferringthegoodsorservicestocustomers.Whenthecustomeractuallypaysthe

contractconsiderationortheenterprisehastransferredthegoodsorservicestothecustomerbeforetheconsiderationbecomesdueandpayable,therighttoreceivetheconsiderationduetothetransferredgoodsorservicesshallbelistedascontractassets,andrecognizedasaccountsreceivableorlong-termreceivableswhentheunconditionalrightofcollectionisobtained.`

13.Long-termequityinvestments

(1)InitialmeasurementTheCompanymakesinitialmeasurementoflong-termequityinvestmentinthefollowingtwosituations:

①Theinitialinvestmentcostoflong-termequityinvestmentformedbybusinesscombinationshallbedeterminedinaccordancewiththefollowingprovisions:

A.Inabusinesscombinationunderthesamecontrol,ifthecombiningpartypayscash,transfersnon-cashassetsorassumesdebtsasthecombinationconsideration,theshareofthebookvalueoftheowner'sequityofthemergedpartyintheconsolidatedfinancialstatementsofthefinalcontrollingpartyshallbetakenastheinitialinvestmentcostoflong-termequityinvestmentonthecombinationdate.Thedifferencebetweentheinitialinvestmentcostoflong-termequityinvestmentandthecashpaid,thetransferrednon-cashassetsandthebookvalueofthedebtsundertakenisadoptedtoadjustthecapitalreserve;Ifthecapitalreserveisinsufficienttooffset,theretainedearningsshallbeadjusted.Alldirectlyrelatedexpensesincurredforbusinesscombination,includingauditfees,evaluationfees,legalservicefees,etc.,areincludedinthecurrentprofitsandlosseswhentheyoccur.

B.Inthebusinesscombinationnotunderthesamecontrol,theCompanydeterminesthecombinationcostbydistinguishingthefollowingsituations:

a)Forbusinesscombinationrealizedbyoneexchangetransaction,thecostofcombinationisthefairvalueofassetspaid,liabilitiesincurredorassumedinordertogaincontroloverthepurchasedpartyonthepurchasedate;

b)Forbusinesscombinationrealizedstepbystepthroughmultipleexchangetransactions,thesumofthebookvalueoftheequityinvestmentofthepurchasedpartyheldbeforethepurchasedateandthenewinvestmentcostonthepurchasedateshallbetakenastheinitialinvestmentcostoftheinvestment;

c)Intermediaryexpensessuchasauditing,legalservices,evaluationandconsultation,andotherrelatedmanagementexpensesincurredforbusinesscombinationareincludedinthecurrentprofitsandlosseswhentheyoccur;

d)Iffutureeventsthatmayaffectthecombinationcostareagreedinthecombinationcontractoragreement,ifitisestimatedthatthefutureeventsarelikelytooccuronthepurchasedateandtheamountofimpactonthecombinationcostcanbereliablymeasured,theywillbeincludedinthecombinationcost.

②Exceptforthelong-termequityinvestmentformedbybusinesscombination,theinitialinvestmentcostoflong-termequityinvestmentobtainedbyothermeansshallbedeterminedinaccordancewiththefollowingprovisions:

A.Forthelong-termequityinvestmentobtainedbycashpayment,theactualpurchasepriceshallbetakenastheinitialinvestmentcost.Initialinvestmentcostincludesexpenses,taxesandothernecessaryexpendituresdirectlyrelatedtoobtaininglong-termequityinvestment.

B.Forlong-termequityinvestmentobtainedthroughexchangeofnon-monetaryassets,theinitialinvestmentcostshallbedeterminedaccordingtoAccountingStandardsforBusinessEnterprisesNo.7-ExchangeofNon-monetaryAssets.

C.Forlong-termequityinvestmentobtainedthroughdebtrestructuring,theinitialinvestmentcostshallbedeterminedaccordingtoAccountingStandardsforBusinessEnterprisesNo.12-DebtRestructuring.

③Nomatterhowthelong-termequityinvestmentisobtained,whentheinvestmentisobtained,thecashdividendsorprofitsincludedinthepaidconsiderationthathavebeendeclaredbutnotyetissuedbytheinvesteeareseparatelyaccountedasreceivableitems,whichdoesnotconstitutetheinitialinvestmentcostofobtainingthe

long-termequityinvestment.

(2)SubsequentmeasurementLong-termequityinvestmentthatcanbecontrolledbytheinvesteeshallbeaccountedbythecostmethodinindividualfinancialstatements.Long-termequityinvestmentsthathavejointcontrolorsignificantinfluenceontheinvesteeshallbeaccountedbyequitymethod.

①Long-termequityinvestmentaccountedbycostmethodispricedaccordingtotheinitialinvestmentcost。Adjustthecostoflong-termequityinvestmentbyaddingorrecoveringinvestment.Cashdividendsorprofitsdeclaredanddistributedbytheinvesteeshallberecognizedascurrentinvestmentincome.

Iftheinitialinvestmentcostoflong-termequityinvestmentaccountedbyequitymethodisgreaterthanthefairvalueshareofidentifiablenetassetsoftheinvestee,theinitialinvestmentcostoflong-termequityinvestmentshallnotbeadjusted;Iftheinitialinvestmentcostoflong-termequityinvestmentislessthanthefairvalueshareoftheidentifiablenetassetsoftheinvesteeatthetimeofinvestment,thedifferenceshallbeincludedinthecurrentprofitsandlosses,andthecostoflong-termequityinvestmentshallbeadjustedatthesametime.

Afterobtainingthelong-termequityinvestment,theinvestmentincomeandothercomprehensiveincomeshallberecognizedrespectivelyaccordingtotheshareofthenetprofitandlossandothercomprehensiveincomerealizedbytheinvestedunit,andthebookvalueofthelong-termequityinvestmentshallbeadjustedatthesametime;Accordingtotheprofitorcashdividenddeclaredanddistributedbytheinvestee,thebookvalueoflong-termequityinvestmentshallbereducedaccordingly;Thebookvalueofthelong-termequityinvestmentisadjustedandincludedintheowner'sequityforotherchangesintheowner'sequityoftheinvesteeexceptnetprofitandloss,othercomprehensiveincomeandprofitdistribution.Whenrecognizingtheshareofthenetprofitandlossoftheinvestee,thenetprofitoftheinvesteeisrecognizedafteradjustmentbasedonthefairvalueoftheidentifiablenetassetsoftheinvesteeatthetimeofobtainingtheinvestment.IftheaccountingpoliciesandaccountingperiodsadoptedbytheinvesteeareinconsistentwiththoseoftheCompany,thefinancialstatementsoftheinvesteeshallbeadjustedaccordingtotheaccountingpoliciesandaccountingperiodsoftheCompany,andtheinvestmentincomeandothercomprehensiveincomeshallberecognizedaccordingly.Thenetlossincurredbytheinvesteeisrecognizedtobewrittendowntozerobythebookvalueoflong-termequityinvestmentandotherlong-termintereststhatsubstantiallyconstitutethenetinvestmentoftheinvestee,unlesstheCompanyisobligatedtobearadditionallosses.Iftheinvesteeachievesnetprofitinthefuture,theCompanywillresumetherecognitionoftherevenuesharingamountafteritsrevenuesharingamountcompensatesfortheunrecognizedlosssharingamount.

Whencalculatingandrecognizingthenetprofitandlossthatshouldbeenjoyedorsharedbytheinvestee,theunrealizedinternaltransactionprofitandlosswiththeaffiliatedenterpriseandthejointventureshallbecalculatedaccordingtotheproportionthatshouldbeenjoyed,andthepartattributabletotheCompanyshallbeoffset,andtheinvestmentincomeshallberecognizedonthisbasis.UnrealizedinternaltransactionlossesbetweentheCompanyandtheinvesteeareassetimpairmentlosses,whichshallbefullyrecognized.

Partofthecompany'sequityinvestmentinaffiliatedenterprisesisindirectlyheldthroughventurecapitalinstitutions,mutualfunds,trustcompaniesorsimilarentitiesincludinginvestment-linkedinsurancefunds.Regardlessofwhethertheaboveentitieshaveasignificantimpactonthispartofinvestment,theCompanychoosestomeasurethispartofindirectinvestmentatfairvalueanditschangeisincludedinprofitorlossinaccordancewiththerelevantprovisionsofAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments,andtherestisaccountedforbyequitymethod.

②WhentheCompanydisposesoflong-termequityinvestment,thedifferencebetweenitsbookvalueandtheactualpurchasepriceshallbeincludedinthecurrentprofitsandlosses.Forlong-termequityinvestmentaccountedbyequitymethod,whendisposingoftheinvestment,itadoptsthesamebasisastheinvestee'sdirect

disposalofrelatedassetsorliabilities,andaccountsforthepartoriginallyincludedinothercomprehensiveincomeaccordingtothecorrespondingproportion.

(3)BasistodeterminejointcontroloverandsignificantinfluenceontheinvesteeJointcontrolreferstothecommoncontrolofanarrangementinaccordancewiththerelevantagreement,andtherelevantactivitiesofsucharrangementmustbeunanimouslyagreedbytheparticipantswhosharethecontrolrightsbeforemakingdecisions.Significantinfluencemeansthattheinvestorhastherighttoparticipateinthedecision-makingonthefinancialandoperatingpoliciesoftheinvestee,butcannotcontrolorjointlycontroltheformulationofthesepolicieswithotherparties.Whendeterminingwhethertheinvesteecanbecontrolledorexertsignificantinfluence,thepotentialvotingrightsfactorssuchascurrentconvertiblebondsandcurrentexecutablewarrantsoftheinvesteeheldbytheCompanyandotherpartiesshallbeconsideredatthesametime.

14.InvestmentPropertyThemeasurementmodeofinvestmentpropertyThemeasurementbythecostmethodDepreciationoramortizationmethod

Investmentpropertyisheldtoearnrentalsorforcapitalappreciationorforboth.Investmentpropertyincludesleasedorreadytotransferaftercapitalappreciationlanduserightsandleasedbuildings.

（1）Themeasurementmodeofinvestmentproperty

①Depreciationoramortizationmethod

Theestimatedservicelife,netsalvagevaluerateandannualdepreciation(amortization)rateofinvestmentrealestatearelistedasfollows:

TypeEstimatedservicelife(years)EstimatednetsalvagevaluerateAnnualdepreciation(amortization)rate
LanduserightRemainingusefullife
Housesandbuildings20-30years3%-10%3%-4.85%

②Impairmenttestmethodandaccountingtreatmentmethod

See"30.AssetImpairment"fordetailsofimpairmenttestmethodsandimpairmentprovisionaccrualmethodsofinvestmentrealestate.

(2)Conversionofinvestmentrealestate

TheCompanyhasconclusiveevidencethattheuseofrealestatehaschanged.Whenconvertinginvestmentrealestateintoself-userealestateorinventory,thefairvalueonthedayofconversionistakenasthebookvalueofself-userealestate,andthedifferencebetweenfairvalueandoriginalbookvalueisincludedincurrentprofitsandlosses.Whenself-userealestateorinventoryisconvertedintoinvestmentrealestatemeasuredbyfairvaluemodel,theinvestmentrealestateispricedaccordingtothefairvalueontheconversionday.Ifthefairvalueontheconversiondayislessthantheoriginalbookvalue,thedifferenceisincludedinthecurrentprofitsandlosses;Ifthefairvalueontheconversiondateisgreaterthantheoriginalbookvalue,thedifferenceshallbeincludedinothercomprehensiveincome.

15.Fixedassets

（1）Confirmationconditions

TheCompany'sfixedassetsrefertotangibleassetsheldfortheproductionofcommodities,provisionoflaborservices,leasingoroperationmanagement,whichhaveaservicelifeofmorethanoneyear,andwhoseeconomicbenefitsarelikelytobeincludedintotheCompanyandwhosecostscanbereliablymeasured.

（2）Depreciationmethod

TypeDepreciationExpectedusefulResidualAnnualdepreciation
methodlife(Year)rate（%）rate(%)
GuangfoExpresswayWorkingflowbasis28years0%
FokaiExpressway-XiebiantoSanbaoSectionWorkingflowbasis40years0%
FokaiExpressway-SanbaotoShuikouSectionWorkingflowbasis47.5years0%
JingzhuExpresswayGuangzhuSectionWorkingflowbasis30years0%
GuanghuiExpresswayCo.,Ltd.Workingflowbasis23years0%
HouseBuildingThestraight-linemethod20-30years3%-5%3.17%-4.85%
MachineEquipmentThestraight-linemethod3-10years3%-5%9.50%-32.33%
TransportationEquipmentThestraight-linemethod5-8years3%-5%11.88%-19.40%
OtherThestraight-linemethod5years3%-5%19.00%-19.40%

①TheCompany'sfixedassetsincluderoadsandbridges,housesandbuildings,machineryandequipment,electronicequipment,transportationtoolsandotherequipment.

②Forthefixedassetsformedbyspecialreserveexpenditure,thespecialreserveshallbeoffsetaccordingtothecosttoformthefixedassets,andtheaccumulateddepreciationofthesameamountshallberecognized.Thefixedassetswillnotbedepreciatedinfutureperiods.

Accordingtothenatureandusageoffixedassets,theCompanydeterminestheservicelifeandestimatednetsalvagevalueoffixedassets.Attheendoftheyear,theservicelife,estimatednetsalvagevalueanddepreciationmethodoffixedassetsshallberechecked,andifthereisanydifferencewiththeoriginalestimate,correspondingadjustmentsshallbemade.

16.Construction-inprocess

TheconstructioninprogressoftheCompanyreferstotheplant,equipmentandotherfixedassetsunderconstruction,whichareaccountedforindetailaccordingtotheprojectandrecordedaccordingtotheactualcost,includingdirectconstructionandinstallationcostsandborrowingcoststhatmeetthecapitalizationconditions.Whentheconstructioninprogressreachesthescheduledusablestate,itwillbecarriedovertofixedassetsbytemporaryestimation,stopinterestcapitalization,andstarttoaccruedepreciationaccordingtothedetermineddepreciationmethodoffixedassets.Aftertheprojectiscompletedandfinalaccountsaremade,theoriginalestimatedamountwillbeadjustedaccordingtotheamountoffinalaccounts,buttheoriginalaccrueddepreciationamountwillnotbeadjusted.

17.Borrowingcost

(1)Recognitionprincipleandcapitalizationperiodofborrowingcostcapitalization

BorrowingcostsincurredbytheCompanycanbedirectlyattributedtothepurchase,constructionorproductionofassetsthatmeetthecapitalizationconditions,andshallbecapitalizedwhenthefollowingconditionsaremetatthesametimeandincludedintherelevantassetcosts:

①Productionandexpenditurehaveoccurred;

②Borrowingcostshavealreadyoccurred;

③Thepurchase,constructionorproductionactivitiesrequiredtomaketheassetsreachtheintendedusableorsaleablestatehavestarted.

Capitalizationofborrowingcostsshallbesuspendediftheassetsthatmeetthecapitalizationconditionsareabnormallyinterruptedintheprocessofpurchase,constructionorproduction,andtheinterruptiontimecontinuouslyexceeds3months.Borrowingcostsincurredduringtheinterruptionperiodarerecognizedas

expensesandincludedinthecurrentprofitsandlossesuntilthepurchaseandconstructionofassetsortheresumptionofproductionactivities.Iftheinterruptionisanecessaryprocedureforthepurchased,builtorproducedassetsthatmeetthecapitalizationconditionstoreachtheintendedusableorsaleablestate,thecapitalizationofborrowingcostswillcontinue.Capitalizationofborrowingcostsshallbestoppedwhenassetseligibleforcapitalizationarepurchased,builtorproducedtotheintendedusableorsaleablestate.Borrowingcostsincurredinthefuturearerecognizedasexpensesinthecurrentperiod.

(2)CalculationmethodofcapitalizationamountofborrowingcostsWhereaspecialloanisborrowedforthepurposeofpurchasing,buildingorproducingassetsthatmeetthecapitalizationconditions,itshallbedeterminedbydeductingtheinterestincomeobtainedbydepositingunusedloanfundsintothebankfromtheinterestexpensesactuallyincurredinthecurrentperiodofspecialloanorbytheinvestmentincomeobtainedbytemporaryinvestment.Ifthegeneralloanisoccupiedforthepurposeofpurchasing,buildingorproducingassetsthatmeetthecapitalizationconditions,theinterestamountofthegeneralloanthatshouldbecapitalizedshallbecalculatedanddeterminedaccordingtotheweightedaverageoftheaccumulatedassetexpenditureexceedingthespecialloanportionmultipliedbythecapitalizationrateoftheoccupiedgeneralloan.Capitalizationrateiscalculatedanddeterminedaccordingtotheweightedaverageinterestrateofgeneralborrowings.

18.Intangibleassets

(1)Pricingmethod,usefullifeandimpairmenttestTheCompanyrecognizestheidentifiablenon-monetaryassetsownedorcontrolledbytheenterpriseasintangibleassets,whichhavenophysicalform,andtheestimatedfutureeconomicbenefitsrelatedtotheassetsarelikelytoflowintotheenterpriseandthecostoftheassetscanbereliablymeasured.TheintangibleassetsoftheCompanyarerecordedaccordingtotheamountactuallypaidorthedeterminedvalue.

(2)Ifthepurchasepriceofintangibleassetsexceedsthenormalcreditconditions,whichisoffinancingnatureinessence,thecostofintangibleassetsisdeterminedbasedonthepresentvalueofthepurchaseprice.Thedifferencebetweentheactualpaidpriceandthepresentvalueofthepurchasepriceshallbeincludedinthecurrentprofitsandlosseswithinthecreditperiod,exceptthatitshouldbecapitalizedaccordingtotheregulations.

(3)Theintangibleassetsinvestedbyinvestorsshallbetakenasthecostaccordingtothevalueagreedintheinvestmentcontractoragreement,unlessthevalueagreedinthecontractoragreementisunfair.

(4)TheexpenditureofinternalresearchanddevelopmentprojectsoftheCompanyisdividedintoresearchstageexpenditureanddevelopmentstageexpenditure.Researchreferstoanoriginalandplannedinvestigationtoacquireandunderstandnewscientificortechnicalknowledge.Developmentreferstotheapplicationofresearchresultsorotherknowledgetoaplanordesigntoproduceneworsubstantiallyimprovedmaterials,devicesandproductsbeforecommercialproductionoruse.

Expendituresduringtheresearchphaseofinternalresearchanddevelopmentprojectsareincludedinthecurrentprofitsandlosseswhentheyoccur.Expendituresinthedevelopmentstageofinternalresearchanddevelopmentprojectsthatmeetthefollowingconditionsarerecognizedasintangibleassets:itistechnicallyfeasibletocompletetheintangibleassetssothattheycanbeusedorsold;Havetheintentiontocompletetheintangibleassetsanduseorsellthem;Thewaysinwhichintangibleassetsgenerateeconomicbenefits,includingthosethatcanprovethatthereisamarketforproductsproducedbyusingtheintangibleassetsorthattheintangibleassetsthemselvesexistinthemarket,andthattheintangibleassetswillbeusedinternally,shouldprovetheirusefulness;Havesufficienttechnical,financialandotherresourcestocompletethedevelopmentofthe

intangibleassetsandhavetheabilitytouseorselltheintangibleassets;Expendituresattributabletothedevelopmentstageoftheintangibleassetscanbemeasuredreliably.IntangibleassetswithlimitedservicelifeoftheCompanyshallbeamortizedonaveragewithintheservicelifesincetheintangibleassetsareavailableforuse.Intangibleassetswithuncertainservicelifearenotamortized.Theamortizationamountofintangibleassetsistheamountafterdeductingtheestimatedsalvagevaluefromitscost.Forintangibleassetsforwhichimpairmentprovisionhasbeenmade,theaccumulatedamountofimpairmentprovisionforintangibleassetshastobededucted.

Theamortizationperiodofintangibleassetswithlimitedservicelifeisasfollows:

TypeAmortizationperiod
LanduserightRemainingusefullife
Software3-5years
TollroadfranchisesOperatingperiodforresidualcharges

19.Long-termamortizableexpenses

Long-termdeferredexpensesarerecordedaccordingtotheactualamountincurred,andareamortizedequallyininstallmentsduringthebenefitperiodorwithintheprescribedperiod.Ifthelong-termprepaidexpenseitemcannotbenefitthefutureaccountingperiod,theamortizedvalueoftheitemthathasnotbeenamortizedwillbetransferredtothecurrentprofitsandlosses.

20.EmployeeBenefitsEmployeecompensationreferstovariousformsofremunerationorcompensationgivenbytheCompanyforobtainingservicesprovidedbyemployeesordissolvinglaborrelations.Employeecompensationincludesshort-termsalary,post-employmentbenefits,dismissalbenefitsandotherlong-termemployeebenefits.BenefitsprovidedbytheCompanytospouses,children,dependents,survivorsofdeceasedemployeesandotherbeneficiariesofemployeesarealsoemployeecompensation.

（1）Accountingmethodsofshort-termbenefitsDuringtheaccountingperiodwhenemployeesprovideservices,theCompanyrecognizestheactualshort-termsalaryasaliability,whichisincludedinthecurrentprofitsandlosses,exceptthatotheraccountingstandardsrequireorallowittobeincludedinthecostofassets.

(2)Accountingmethodsforpost-employmentbenefits

TheCompanyclassifiesthepost-employmentbenefitplanintodefinedcontributionplananddefinedbenefitplans.Post-employmentbenefitplanreferstotheagreementreachedbetweentheCompanyandemployeesonpost-employmentbenefits,ortherulesormeasuresformulatedbytheCompanytoprovidepost-employmentbenefitstoemployees,amongwhichthesetdepositplanreferstothepost-employmentwelfareplaninwhichtheCompanynolongerundertakesfurtherpaymentobligationsafterpayingafixedfeetoanindependentfund;Definedbenefitplansreferstothepost-employmentbenefitplanexcepttheset-updepositplan.

(3)AccountingTreatmentMethodofDemissionWelfare

IftheCompanyprovidesdismissalbenefitstoemployees,theemployeecompensationliabilitiesarisingfromthedismissalbenefitsshallberecognizedassoonaspossibleandincludedinthecurrentprofitsandlosses:whenthecompanycannotunnaturallywithdrawthedismissalbenefitsprovidedbytheterminationoflaborrelationsplanorreductionproposal;whentheCompanyrecognizesthecostsorexpensesrelatedtothereorganizationinvolvingthepaymentofdismissalbenefits.

（4）Otherlong-termemployeebenefits

Ifotherlong-termemployeebenefitsprovidedbytheCompanytoemployeesmeettheconditionsofthesetdepositplan,theyshallbehandledaccordingtotheaccountingpoliciesofthesetdepositplanmentionedabove;

Otherwise,thenetliabilitiesornetassetsofotherlong-termemployeebenefitsshallberecognizedandmeasuredinaccordancewiththeaccountingpoliciesofdefinedbenefitplansmentionedabove.

21.Estimatedliabilities

(1)RecognitioncriteriaofestimatedliabilitiesIftheobligationsrelatedtocontingenciesstipulatedbytheCompanymeetthefollowingconditionsatthesametime,theyarerecognizedasestimatedliabilities:

①Theobligationsarethecurrentobligationsundertakenbytheenterprise;

②Fulfillingtheobligationsislikelytocauseeconomicbenefitstoflowoutoftheenterprise;

③Theamountoftheobligationscanbemeasuredreliably.

(2)MeasurementmethodofestimatedliabilitiesEstimatedliabilitiesareinitiallymeasuredaccordingtothebestestimateofexpenditurerequiredtofulfillrelevantcurrentobligations.Thereisacontinuousrangeofrequiredexpenditure,andthepossibilityofoccurrenceofvariousresultsinthisrangeisthesame,andthebestestimateisdeterminedaccordingtotheintermediatevalueinthisrange.Inothercases,thebestestimatesaretreatedasfollows:

①Contingenciesinvolvingasingleitemshallbedeterminedaccordingtothemostprobableamount.

②Contingenciesinvolvingmultipleitemsshallbecalculatedanddeterminedaccordingtovariouspossibleresultsandrelevantprobabilities.

Whendeterminingthebestestimate,therisk,uncertaintyandtimevalueofmoneyrelatedtocontingenciesshallbeconsideredcomprehensively.Ifthetimevalueofmoneyhasgreatinfluence,thebestestimateisdeterminedbydiscountingtherelatedfuturecashoutflow.

IfallorpartoftheexpensesrequiredbytheCompanytopayofftheestimatedliabilitiesareexpectedtobecompensatedbyathirdparty,thecompensationamountcanberecognizedasanassetonlywhenitisbasicallyconfirmedthatitcanbereceived.Therecognizedcompensationamountshallnotexceedthebookvalueoftheestimatedliabilities.

TheCompanyrechecksthebookvalueoftheestimatedliabilitiesonthebalancesheetdate.Ifthereisconclusiveevidencethatthebookvaluecannottrulyreflectthecurrentbestestimate,thebookvalueshallbeadjustedaccordingtothecurrentbestestimate.

22.RevenuesAccountingpoliciesadoptedforincomerecognitionandmeasurement

(1)Revenuerecognitionprinciple

Sincethestartingdateofthecontract,thecompanyshallevaluatethecontract,identifieseachindividualperformanceobligationcontainedin,anddetermineswhethereachindividualperformanceobligationisperformedwithinacertainperiodoftimeoratacertainpointoftime.

Theperformanceobligationisdefinedasfulfillmentwithinacertainperiodoftimeifoneofthefollowingconditionsismet,otherwise,itisdefinedasfulfilledatacertainpointintime:①Thecustomerobtainsandconsumestheeconomicbenefitsbroughtbythecompany'sperformancewhilethecompanyperformsthecontract;

②Thecustomercancontrolthegoodsundermanufacturingorservicesduringthecompany'sperformance;③Thegoodsorservicesproducedduringthecompany'sperformancehaveirreplaceableuses,andthecompanyhastherighttoaccumulateforthecompletedperformancesduringtheentirecontractperiod.

Forobligationsperformedwithinacertainperiodoftime,thecompanyrecognizesrevenueinaccordancewiththeperformanceprogressinthatperiod.Iftheperformanceprogresscannotbereasonablydetermined,and

thecostincurredisexpectedtobecompensated,therevenueshallberecognizedaccordingtotheamountofthecostincurreduntiltheperformanceprogresscanbereasonablydetermined.Forobligationsperformedatacertainpointintime,revenueshallberecognizedatthepointwhenthecustomerobtainscontroloftherelevantgoodsorservices.Whenjudgingwhetherthecustomerhasobtainedcontroloftheproduct,thecompanyshallconsiderthefollowingpoints:①Thecompanyhasthecurrentrighttoreceivepaymentfortheproduct,thatis,thecustomerhasthecurrentpaymentobligationfortheproduct;②Thecompanyhastransferredthelegalownershipoftheproducttothecustomer,thatis,thecustomerhasthelegalownershipoftheproduct;③Thecompanyhastransferredthephysicalproducttothecustomer,thatis,thecustomerhasphysicallytakenpossessionoftheproduct;④Thecompanyhastransferredthemainrisksandrewardsontheownershipoftheproducttothecustomer,thatis,thecustomerhasobtainedthemainrisksandrewardsontheownershipoftheproduct;⑤Thecustomerhasacceptedtheproduct;⑥Othersignsthatthecustomerhasobtainedcontroloftheproduct.

(2)Principleofrevenuemeasurement

①Thecompanyshallmeasurerevenuebasedonthetransactionpriceallocatedtoeachindividualperformanceobligation.Thetransactionpriceistheamountofconsiderationthatthecompanyexpectstobeentitledtoreceiveduetothetransferofgoodsorservicestocustomers,whiledoesnotincludepaymentsreceivedonbehalfofthirdpartiesandpaymentsexpectedtobereturnedtocustomers.

②Ifthereisvariableconsiderationinthecontract,thecompanyshalldetermineitsbestestimateaccordingtotheexpectedvalueorthemostlikelyamount,butthetransactionpriceincludingthevariableconsiderationshallnotexceedtheaccumulatedamountthat,ifrelevantuncertaintyiseliminated,willmostlikelyhavenosignificantreversal.

③Ifthereisanysignificantfinancingcomponentinthecontract,thecompanyshalldeterminethetransactionpricebasedontheamountpayableincashwhenthecustomerassumescontrolofthegoodsorservices.Thedifferencebetweentransactionpriceandcontractconsiderationshallbeamortizedthrougheffectiveinterestmethodduringthecontractperiod.Onthestartingdateofcontract,ifthecompanyexpectsthatthecustomerwillobtaincontrolofthegoodsorservicesandpaysthepricewithinoneyear,thesignificantfinancingcomponentincontractshallnotbeconsidered.

④Ifthecontractcontainstwoormoreperformanceobligations,thecompanyshall,ondateofthecontract,allocatethetransactionpricetoeachindividualobligationiteminaccordancewiththerelativeproportionoftheseparatesellingpriceofpromisedgoods.

Theadoptionofdifferentbusinessmodelsinsimilarbusinessesleadstodifferencesinaccountingpoliciesforrevenuerecognition

(3)Specificmethodsofrevenuerecognition

①Tollservicefeeincome

Thetollincomeofroadsandbridgesisdeterminedaccordingtotheamountcollectedandreceivablebyvehicleswhenpassingthrough.

②Incomefromprovidinglaborservices

Forservicesstartedandcompletedinthesamefiscalyear,incomeisrecognizedwhentheservicesarecompleted.Ifthebeginningandcompletionoflaborservicesbelongtodifferentfiscalyears,theCompanyshall,onthebalancesheetdate,recognizetherelatedlaborincomebythepercentageofcompletionmethod,providedthattheresultofthelaborservicetransactioncanbereliablyestimated.Whenthefollowingconditionscanbesatisfied,theresultsofthetransactioncanbereliablyestimated:①thetotalincomeandtotalcostoflaborservicescanbereliablymeasured;②theeconomicbenefitsrelatedtothetransactioncanflowintotheenterprise;

③thedegreeofcompletionoflaborservicescanbereliablydetermined.

Forservicesstartedandcompletedinthesamefiscalyear,incomeisrecognizedwhentheservicesare

completed.Ifthebeginningandcompletionoflaborservicesbelongtodifferentfiscalyears,theCompanyshall,onthebalancesheetdate,recognizetherelatedlaborincomebythepercentageofcompletionmethod,providedthattheresultofthelaborservicetransactioncanbereliablyestimated.Whenthefollowingconditionscanbesatisfied,theresultsofthetransactioncanbereliablyestimated:①thetotalincomeandtotalcostoflaborservicescanbereliablymeasured;②theeconomicbenefitsrelatedtothetransactioncanflowintotheenterprise;

Ifthetransactionresultofprovidinglaborservicesonthebalancesheetdatecannotbeestimatedreliably,thefollowingsituationsshallbedealtwithrespectively:

④Ifthelaborcostalreadyincurredisexpectedtobecompensated,theincomefromtheserviceshallberecognizedaccordingtotheamountofthelaborcostalreadyincurred,andthelaborcostshallbecarriedoveratthesameamount.

⑤Iftheincurredlaborcostisnotexpectedtobecompensated,theincurredlaborcostshallbeincludedintheprofitsandlossesofthecurrentperiod,andtheincomefromtheprovisionoflaborserviceshallnotberecognized.

WhenthecontractsoragreementssignedbetweentheCompanyandotherenterprisesincludesellinggoodsandprovidingservices,ifthepartforsellinggoodsandthepartforprovidingservicescanbedistinguishedandmeasuredseparately,thepartforsellinggoodswillbetreatedasgoodssalesandthepartforprovidingserviceswillbetreatedasserviceprovision.Salesofgoodsandservicescannotbedistinguished,oralthoughtheycanbedistinguished,theycannotbemeasuredseparately.Allpartsforthesellinggoodsandprovidingserviceswillbetreatedassalesofgoods.Theadoptionofdifferentbusinessmodelsinsimilarbusinessesleadstodifferencesinaccountingpoliciesforincomerecognition

23.GovernmentGrants

Governmentsubsidiesarerecognizedwhentheymeettheconditionsattachedtogovernmentsubsidiesandcanbereceived.

Governmentsubsidiesformonetaryassetsshallbemeasuredaccordingtotheamountreceivedorreceivable.Governmentsubsidiesfornon-monetaryassetsaremeasuredatfairvalue;Ifthefairvaluecannotbeobtainedreliably,itshallbemeasuredaccordingtothenominalamountof1yuan.

GovernmentsubsidiesrelatedtoassetsrefertogovernmentsubsidiesobtainedbytheCompanyforpurchasingandbuildingorforminglong-termassetsinotherways;Otherwise,asagovernmentsubsidyrelatedtoincome.

Wherethegovernmentdocumentsdonotspecifytheobjectofthesubsidy,andthesubsidycanformlong-termassets,thepartofthegovernmentsubsidycorrespondingtothevalueoftheassetsshallberegardedasthegovernmentsubsidyrelatedtotheassets,andtherestshallberegardedasthegovernmentsubsidyrelatedtotheincome;Whereitisdifficulttobedistinguished,governmentsubsidiesasawholearetreatedasincome-relatedgovernmentsubsidies.

Governmentsubsidiesrelatedtoassetsoffsetthebookvalueofrelatedassets,orarerecognizedasdeferredrevenueandincludedinprofitsandlossesbystagesaccordingtoareasonableandsystematicmethodwithintheservicelifeofrelatedassets.Governmentsubsidiesrelatedtoincome,whichareusedtocompensaterelatedcostsorlossesthathaveoccurred,shallbeincludedincurrentprofitsandlossesoroffsetrelatedcosts;Iftheyareusedtocompensaterelatedcostsorlossesinlaterperiods,theywillbeincludedinthedeferredrevenue,andtheywillbeincludedinthecurrentprofitsandlossesoroffsetrelatedcostsduringtherecognitionperiodofrelatedcostsorlosses.Governmentsubsidiesmeasuredinnominalamountaredirectlyincludedincurrentprofitsandlosses.TheCompanyadoptsaconsistentapproachtothesameorsimilargovernmentsubsidybusiness.

Governmentsubsidiesrelatedtodailyactivities,accordingtotheessenceofeconomicbusiness,areincluded

inotherincomeoroffsetrelatedcosts.Governmentsubsidiesirrelevanttoroutineactivitiesshallbeincludedintothenon-operatingreceiptanddisbursement.

Whentherecognizedgovernmentsubsidyneedstobereturned,ifthebookvalueofrelatedassetsisoffsetduringinitialrecognition,thebookvalueofassetswillbeadjusted;Ifthereisarelevantdeferredrevenuebalance,thebookbalanceoftherelevantdeferredrevenuewillbeoffset,andtheexcesswillbeincludedinthecurrentprofitsandlosses;Inothercases,itisdirectlyincludedinthecurrentprofitsandlosses.

24.Deferredincometaxassetsanddeferredincometaxliabilities

TheCompanyadoptsthebalancesheetliabilitymethodforincometaxaccountingtreatment.

(1)Deferredtaxassets

①Ifthereisadeductibletemporarydifferencebetweenthebookvalueofanassetorliabilityanditstaxbasis,thedeferredincometaxassetsgeneratedbythedeductibletemporarydifferenceshallbecalculatedandconfirmedaccordingtotheapplicabletaxrateduringtheexpectedperiodofrecoveringtheassetorpayingofftheliability.

②Onthebalancesheetdate,ifthereisconclusiveevidencethatsufficienttaxableincomeislikelytobeobtainedinthefutureperiodtooffsetthedeductibletemporarydifference,theunrecognizeddeferredincometaxassetsinthepreviousperiodshallberecognized.

③Onthebalancesheetdate,thebookvalueofdeferredincometaxassetsshallbereviewed.Ifitisunlikelythatenoughtaxableincomewillbeobtainedinthefutureperiodtooffsetthebenefitsofdeferredincometaxassets,thebookvalueofdeferredincometaxassetswillbewrittendown.Whensufficienttaxableincomeislikelytobeobtained,thewritten-downamountwillbereversed.

(2)Deferredincometaxliabilities

Ifthereisataxabletemporarydifferencebetweenthebookvalueofassetsandliabilitiesandtheirtaxbasis,thedeferredincometaxliabilitiesarisingfromthetaxabletemporarydifferenceshallberecognizedaccordingtotheapplicabletaxrateduringtheexpectedperiodofrecoveringtheassetsorpayingofftheliabilities.

25.Lease

(1)Identificationoflease

Onthecommencementdateofthecontract,theCompany,asthelesseeorlessor,evaluateswhetherthecustomersinthecontracthavetherighttoobtainalmostalleconomicbenefitsarisingfromtheuseoftheidentifiedassetsduringtheuseperiod,andhastherighttoleadtheuseoftheidentifiedassetsduringtheuseperiod.Ifonepartytothecontracttransferstherighttocontroltheuseofoneormultipleidentifiedassetswithinacertainperiodoftimeinexchangeforconsideration,theCompanywillconsiderthecontractasleaseorlease-included.

（2）TheCompanyasthelessee

Onthestartdateoftheleaseterm,theCompanyrecognizestheright-to-useassetsandleaseliabilitiesforallleases,exceptforshort-termleasesandlow-valueassetleasesthataresimplified.Theaccountingpolicyoftheright-to-useassetsisshowninNoteV.26.

Leaseliabilitiesareinitiallymeasuredaccordingtotheunpaidleasepaymentamountonthestartdateoftheleasetermandthepresentvaluecalculatedaccordingtotheimpliedinterestrateoftheleaseortheincrementalborrowinginterestrate.Theleasepaymentamountincludes:fixedpaymentamountandsubstantialfixedpaymentamount.Ifthereisleaseincentive,therelatedamountofleaseincentiveshallbededucted;variableleasepaymentsdependingonindexorratio;theexercisepriceoftheoption,providedthatthelesseereasonablydeterminesthattheoptionwillbeexercised;paymentforexercisingtheoptiontoterminatethelease,provided

thattheleaseperiodreflectsthatthelesseewillexercisetheoptiontoterminatethelease;andtheamountexpectedtobepaidaccordingtotheresidualguaranteevalueprovidedbythelessee.Theinterestexpenseoftheleaseliabilityineachperiodoftheleasetermshallbecalculatedsubsequentlyaccordingtothefixedperiodicinterestrate,andincludedinthecurrentprofitandloss.Variableleasepaymentsthatarenotincludedinthemeasurementofleaseliabilitiesareincludedinthecurrentprofitsandlosseswhenactuallyincurred.Short-termleaseShort-termleasereferstotheleasewithaleasetermofnomorethan12monthsonthestartdateoftheleaseterm,exceptfortheleasewithpurchaseoption.TheCompanyincludestheleasepaymentofshort-termleaseintotherelatedassetcostorcurrentprofitandlossaccordingtothestraight-linemethodineachperiodoftheleaseterm.

Low-valueassetleaseLow-valueassetleasereferstotheleaseinwhichthevalueofasingleleasedassetislessthanRMB100,000whenitisbrandnew.

TheCompanyincludestheleasepaymentoflow-valueassetsintotherelatedassetcostorcurrentprofitandlossaccordingtothestraight-linemethodineachperiodoftheleaseterm.Fortheleaseoflow-valueassets,theCompanychoosestoadoptthesimplifiedtreatmentmethodmentionedaboveaccordingtothespecificconditionsofeachlease.

(3)TheCompanyservesasthelessor

TheCompany,whenasthelessor,recognizestheleasesthathavesubstantiallytransferredallrisksandrewardsrelatedtoassetownershipasfinancialleases,andotherleasesexceptfinancialleasesasoperatingleases.

Accountingmethodsforoperatingleases

Fortherentintheoperatinglease,theCompanyrecognizesthecurrentprofitsandlossesaccordingtothestraight-linemethodineachperiodoftheleaseterm.Theinitialdirectexpensesincurredinconnectionwiththeoperatingleaseshallbecapitalized,allocatedonthesamebasisastherentalincomerecognitionduringtheleaseterm,andincludedinthecurrentprofitsandlossesbystages.Thevariableleasepaymentsobtainedrelatedtooperatingleasesthatarenotincludedintheleasereceiptsareincludedinthecurrentprofitsandlosseswhentheyactuallyoccur.

Accountingtreatmentmethodofleasing

Infinancinglease,atthebeginningoftheleaseterm,Japanesecompaniestakethenetinvestmentinleasingastherecordedvalueofthefinancingleasereceivable,andthenetinvestmentinleasingisthesumoftheunsecuredresidualvalueandthepresentvalueoftheleaseproceedsthathavenotyetbeenreceivedonthestartdateoftheleasetermdiscountedaccordingtotheimpliedinterestrateofthelease.Asthelessor,theCompanycalculatesandrecognizestheinterestincomeofeachperiodintheleasetermaccordingtothefixedperiodicinterestrate.ThevariableleasepaymentsobtainedbytheCompanyasthelessorthatarenotincludedinthemeasurementofnetleaseinvestmentarerecordedintothecurrentprofitsandlosseswhentheyactuallyoccur.

ThederecognitionandimpairmentoffinancialleasereceivablesshallbetreatedaccordingtotheprovisionsofAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstrumentsandAccountingStandardsforBusinessEnterprisesNo.23-TransferofFinancialAssets.

26.Therighttouseassets

(1)Conditionsforrecognitionoftheright-to-useassets

TheCompany'sright-to-useassetsreferstotherightoftheCompanyasthelesseetousetheleasedassetsduringtheleaseterm.

Onthestartdateoftheleaseterm,theright-to-useassetsareinitiallymeasuredatcost.Thecostincludes:

Theinitialmeasurementamountofleaseliabilities;ifthereisleaseincentivefortheleasepaymentissuedonorbeforethestartdateoftheleaseterm,theamountrelatedtotheleaseincentiveenjoyedshallbededucted;initialdirectexpensesincurredbytheCompanyasthelessee;theestimatedcoststhattheCompanyasthelesseewillincurfordismantlingandremovingtheleasedassets,restoringtheleasedassets'siteorrestoringtheleasedassetstothestateagreedintheleaseterms.TheCompany,asthelessee,recognizesandmeasuresthedemolitionandrestorationcostsinaccordancewiththeAccountingStandardsforBusinessEnterprisesNo.13-Contingencies.Itmakessubsequentadjustmentstoanyremeasurementofleaseliabilities.

(2)Depreciationmethodofright-to-useassetsTheCompanyadoptsthestraight-linemethodtoaccruedepreciation.IftheCompanyasthelesseecanbereasonablydeterminedthattheownershipoftheleasedassetisacquiredattheexpirationoftheleaseterm,itshallaccruedepreciationwithintheremainingservicelifeoftheleasedasset.Ifitisimpossibletoreasonablydeterminethattheownershipoftheleasedassetcanbeacquiredattheexpirationoftheleaseterm,itshallaccruedepreciationwithintheshorteroftheleasetermandtheremainingservicelifeoftheleasedasset.

(3)See"27.ImpairmentofAssets"in"SectionVImportantAccountingPoliciesandAccountingEstimates"fortheimpairmenttestmethodandtheprovisionmethodforimpairmentofright-to-useassets.

27.Impairmentofassets

Thefollowingsignsindicatethattheassetsmaybeimpaired:

(1)Themarketpriceofassetsfellsharplyinthecurrentperiod,whichwassignificantlyhigherthantheexpecteddeclineduetothepassageoftimeornormaluse.

(2)Theeconomic,technicalorlegalenvironmentinwhichtheCompanyoperatesandthemarketinwhichtheassetsarelocatedhaveundergonemajorchangesinthecurrentperiodorinthenearfuture,whichwillhaveadverseeffectsontheCompany.

(3)Themarketinterestrateorothermarketreturnoninvestmenthasincreasedinthecurrentperiod,whichaffectsthediscountrateusedbyenterprisestocalculatethepresentvalueoftheestimatedfuturecashflowofassets,resultinginasignificantdecreaseintherecoverableamountofassets.

(4)Thereisevidencethattheassetsareoutdatedortheirentitieshavebeendamaged.

(5)Assetshavebeenorwillbeidle,terminatedorplannedtobedisposedofinadvance.

(6)Theevidencereportedbythecompanyshowsthattheeconomicperformanceofassetshasbeenorwillbelowerthanexpected,suchasthenetcashflowcreatedbyassetsortherealizedoperatingprofit(orloss)isfarlowerthantheexpectedamount.

(7)Otherindicationsthatassetsmayhavebeenimpaired.

Onthebalancesheetdate,theCompanyjudgesvariousassetsthatareapplicabletotheAccountingStandardsforBusinessEnterprisesNo.8-ImpairmentofAssets,suchaslong-termequityinvestment,fixedassets,engineeringmaterials,constructioninprogress,intangibleassets(exceptthosewithuncertainservicelife),andconductsimpairmenttestwhentherearesignsofimpairment-estimatingtheirrecoverableamount.Therecoverableamountisdeterminedbythehigherofthenetamountofthefairvalueoftheassetminusthedisposalexpensesandthepresentvalueoftheestimatedfuturecashflowoftheasset.Iftherecoverableamountofanassetislowerthanitsbookvalue,thebookvalueoftheassetshallbewrittendowntotherecoverableamount,andthewritten-downamountshallberecognizedastheassetimpairmentloss,whichshallbeincludedinthecurrentprofitsandlosses,andthecorrespondingassetimpairmentreserveshallbeaccruedatthesametime.

Iftherearesignsthatanassetmaybeimpaired,theCompanyusuallyestimatesitsrecoverableamountonthebasisofindividualassets.Whenitisdifficulttoestimatetherecoverableamountofasingleasset,therecoverableamountoftheassetgroupisdeterminedbasedontheassetgrouptowhichtheassetbelongs.

AssetgroupisthesmallestassetportfoliothatcanberecognizedbytheCompany,anditscashinflowisbasicallyindependentofotherassetsorassetgroups.Theassetgroupconsistsofassetsrelatedtocashinflow.Theidentificationofassetgroupisbasedonwhetherthemaincashinflowgeneratedbyassetgroupisindependentofotherassetsorcashinflowofassetgroup.TheCompanyconductsimpairmenttesteveryyearforintangibleassetswithuncertaingoodwillandservicelifeformedbybusinesscombinationandnotyetinserviceablecondition,regardlessofwhetherthereisanysignofimpairment.Theimpairmenttestofgoodwilliscarriedoutincombinationwithitsrelatedassetgrouporcombinationofassetgroups.Oncetheassetimpairmentlossisconfirmed,itwillnotbereversedinthefollowingaccountingperiod.

28.Fairvaluemeasurement

Fairvaluereferstothepricethatamarketparticipantmustpaytosellortransferaliabilityinanorderlytransactionthatoccursonthemeasurementdate.

TheCompanymeasuresrelatedassetsorliabilitiesatfairvalue,assumingthattheorderlytransactionofsellingassetsortransferringliabilitiesisconductedinthemainmarketofrelatedassetsorliabilities;Ifthereisnomajormarket,theCompanyassumesthatthetransactionwillbeconductedinthemostfavorablemarketofrelatedassetsorliabilities.Themainmarket(orthemostfavorablemarket)isthetradingmarketthattheCompanycanenteronthemeasurementday.TheCompanyadoptstheassumptionsusedbymarketparticipantstomaximizetheireconomicbenefitswhenpricingtheassetsorliabilities.

Whenmeasuringnon-financialassetsatfairvalue,theabilityofmarketparticipantstousetheassetsforthebestpurposetogenerateeconomicbenefitsortheabilitytoselltheassetstoothermarketparticipantsforthebestpurposetogenerateeconomicbenefitsshallbeconsidered.

TheCompanyadoptsthevaluationtechnologywhichisapplicableinthecurrentsituationandsupportedbysufficientavailabledataandotherinformation,andgivesprioritytotherelevantobservableinputvalues,andonlyusestheunobservableinputvalueswhentheobservableinputvaluesareunavailableorimpractical.

Forassetsandliabilitiesmeasuredordisclosedatfairvalueinfinancialstatements,itshalldeterminethefairvaluelevelaccordingtothelowestlevelinputvaluewhichisofgreatsignificancetofairvaluemeasurementasawhole:thefirst-levelinputvalueistheunadjustedquotationofthesameassetsorliabilitiesthatcanbeobtainedonthemeasurementdateinanactivemarket;Thesecond-levelinputvalueisdirectlyorindirectlyobservableinputvaluesofrelatedassetsorliabilitiesexceptthefirst-levelinputvalue;Thethirdlevelinputvalueistheunobservableinputvalueofrelatedassetsorliabilities.

Oneachbalancesheetdate,theCompanyreassessestheassetsandliabilitiesrecognizedinthefinancialstatementsthatarecontinuouslymeasuredatfairvaluetodeterminewhetherthereisaconversionbetweenthefairvaluemeasurementlevels.

29.Changeofmainaccountingpoliciesandestimations

(1)Changeofmainaccountingpolicies

□Applicable√Notapplicable

（2）Significantestimateschanges

□Applicable√Notapplicable

VI.Taxation

1.Majorcategoryoftaxesandtaxrates

TaxcategoryTaxbasisTaxrate
VATTaxableincome3%,5%,6%,9%,13%
CitymaintenanceandconstructiontaxTheactualpaymentofturnovertax5%,7%
EnterpriseincometaxTaxableincome25%
EducationFeeSurchargeTheactualpaymentofturnovertax3%
LocaleducationsurchargeTheactualpaymentofturnovertax2%

2.PreferentialtaxNoneVII.Notestothemajoritemsofconsolidatedfinancialstatement

1.MonetaryCapital

InRMB

ItemsAmountinyear-endBalanceYear-beginning
Cash48,820.8138,214.02
Bankdeposit3,996,364,772.142,955,850,944.81
Including：MoneydepositedwithafinanceCompany2,658,370,523.011,521,003,542.69
Other47,802,256.12515,231.72
Total4,044,215,849.072,956,404,390.55

OthernoteAsofJune30,2022,Thebalanceofrestrictedbankdepositsattheendoftheperiodwas1,221,200.00yuan,whichwasthelandreclamationfunddepositedintothefundcustodyaccountforthereconstructionandexpansionprojectofSanbaotoShuikousectionofFokaiExpressway.

2.Accountreceivable

1.Classificationaccountreceivables.

InRMB

CategoryAmountinyear-endBalanceYear-beginning
BookBalanceBaddebtprovisionBookvalueBookBalanceBaddebtprovisionBookvalue
AmountProportion(%)AmountProportion(%)AmountProportion(%)AmountProportion(%)
Accrualofbaddebtprovisionbysingle6,259,752.004.88%3,143,664.0050.22%3,116,088.0012,268,880.607.44%3,143,664.0025.62%9,125,216.60
Including：
Otherreceivablesforbaddebtprovisionaccordingtothecombinationofcreditriskcharacteristics122,114,434.8495.12%122,114,434.84152,527,300.1792.56%2,599,116.901.70%149,928,183.27
Including：
Total128,374,186.843,143,664.00125,230,522.84164,796,180.775,742,780.90159,053,399.87

(1)Accrualofbaddebtprovisionbysingle：

InRMB

NameBalanceinyear-end
BookbalanceBaddebtprovisionWithdrawalproportionReason
GuangdongTaihengExpresswayDevelopmentCo.,Ltd.6,259,752.003,143,664.0050.22Thereisadispute,inthesecondinstanceoflitigation
Total6,259,752.003,143,664.00/

Accountsreceivableswithbaddebtprovisionarerecognisedbyportfoliobyage

InRMB

AgingBalanceinyear-end
AccountreceivableBaddebtprovisionExpectedcreditlossrate(%
Within1year122,114,434.84
Total122,114,434.84

Wherethecurrentbaddebtsbackorrecoversignificantamounts:NoneDisclosurebyaging

InRMB

AgingBalanceinyear-end
Within1year123,153,130.84
1-2years2,077,392.00
2-3years2,077,392.00
3-4years1,066,272.00
Subtotal128,374,186.84
Baddebtprovision3,143,664.00
Total125,230,522.84

(2)Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiod

TheprovisionforbaddebtsinthecurrentperiodisRMB0.60;andtheamountofbaddebtreserverecoveredorreversedinthecurrentperiodisRMB0.

（3）Thecurrentaccountsreceivablewrite-offssituationNone

（4）Theendingbalanceofotherreceivablesowedbytheimputationofthetopfiveparties

InRMB

NameAmountAgingProportion(%)Baddebtprovision
GuangdongUnionElectronic74,737,143.16Within1year58.22%
ServicesCo.,Ltd.
GuangdongHumenBridgeCo.,Ltd.20,346,943.38Within1year15.85%
GuangdongLulutongTrafficDevelopmentCo.,Ltd.19,458,333.31Within1year15.16%
GuangdongTaihengExpresswayDevelopmentCo.,Ltd.1,038,696.00Within1year0.81%
2,077,392.001-2years1.62%
2,077,392.002-3years1.62%2,077,392.00
1,066,272.003-4years0.83%1,066,272.00
GuangdongJingzhuExpresswayGuangzhuNorthSectionCo.,Ltd.5,484,999.99Within1year4.27%
Total126,287,171.8498.38%

（5）Accountreceivablewhichterminatetherecognitionowningtothetransferofthefinancialassets

None

(6)TheamountoftheassetsandliabilitiesformedbythetransferandthecontinuesinvolvementofaccountsreceivableNone

3.Prepayments

（1）Aginganalysis

InRMB

AgingBalanceinyear-endBalanceYear-beginning
AmountProportion（%）AmountProportion（%）
Within1year5,581,764.0797.55%5,087,647.0997.32%
1-2years140,000.002.45%140,000.002.68%
Total5,721,764.075,227,647.09

Notesofthereasonsoftheprepaymentagesover1yearwithsignificantamountbutfailedsettledintime:

None

(2)Top5oftheclosingbalanceoftheprepaymentcollectedaccordingtotheprepaymenttarget

InRMB

NameRelationswiththeCompanyAmountAgingReasonsfornon-settlementProportion%
GuangdongLulutongCo.,Ltd.Relatedparty1,775,852.40Within1yearNosettlementconditionshavebeenreached31.04
ChinaPingAnPropertyInsuranceCo.Ltd.GuangdongBranchNon-Relatedparty1,695,053.75Within1yearNosettlementconditionshavebeenreached29.62
GuangzhouAutomobileTradingCo.,Ltd.Non-Relatedparty675,288.00Within1yearNosettlementconditionshavebeenreached11.80
ChinaInsuranceGuangdongBranchNon-Relatedparty640,454.00Within1yearNosettlementconditionshavebeenreached11.19
GuangzhouPeakGridPowerEquipmentCo.,Ltd.Non-Relatedparty523,717.92Within1yearNosettlementconditionshavebeenreached9.15
Total5,310,366.0792.80

4.Otheraccountsreceivable

InRMB

ItemsBalanceinyear-endBalanceYear-beginning
Dividendreceivable1,205,472.901,205,472.90
Otherreceivable12,642,060.8012,555,651.33
Total13,847,533.7013,761,124.23

（1）Interestreceivable：None

（2）Dividendreceivable

1)Dividendreceivable

InRMB

ItemsBalanceinyear-endBalanceYear-beginning
GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise1,205,472.901,205,472.90
Total1,205,472.901,205,472.90

2）Significantdividendreceivableagedover1year

InRMB

ItemsBalanceinyear-endAgingReasonsfornon-recoveryWhetherwithimpairmentandthejudgmentbasis
GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise1,205,472.903-4yearsThepartnershipagreementexpiresandcanberecoveredaftertheextensionproceduresarecompletedNo,itcanberecoveredinthefuture
Total1,205,472.90

3）Thebaddebtprovision

□Applicable√Notapplicable

（3）Otheraccountsreceivable

1)Otheraccountsreceivableclassified

InRMB

CategoryBalanceinyear-endBalanceYear-beginning
BookbalanceBaddebtprovisionBookvalueBookbalanceBaddebtprovisionBookvalue
AmountProportion(%)AmountProportion(%)AmountProportion(%)AmountProportion(%)
Otherreceivablesforindividualbaddebtprovision30,844,110.4370.9330,844,110.43100.000.0051,535,736.0980.3751,535,736.09100.000.00
Otherreceivablesforbaddebtprovisionaccordingtothecombinationofcreditriskcharacteristics12,642,060.8029.0712,642,060.8012,588,109.3119.6332,457.980.2612,555,651.33
Total43,486,171.2330,844,110.4312,642,060.8064,123,845.4051,568,194.0712,555,651.33

Disclosurebyaging

InRMB

AgingBalanceinyear-end
OtherreceivableBaddebtprovisionExpectedcreditlossrate(%)
Within1year4,932,468.66
1-2years2,761,370.09
2-3years3,465,247.71
3-4years29,980.70
4-5years575,651.76
Over5years31,721,452.3130,844,110.4397.23%
Total43,486,171.2330,844,110.43

Accrualofbaddebtprovisionbysingle：

InRMB

BadDebtReservesClosingbookbalance
BookbalanceBaddebtprovisionExpectedcreditlossrate(%)Reason
KunlunSecuritiesCo.,Ltd（Note1）30,844,110.4330,844,110.43100.00%Baddebtshavebeenfullywithdrawninbankruptcy
Total30,844,110.4330,844,110.43100.00%

Disclosurebyaging

InRMB

AgingBalanceinyear-endBalanceYear-beginning
BookbalanceBaddebtprovisionBookbalanceBaddebtprovision
AmountProportion（%）AmountProportion（%）
Within1year3,829,032.21100.00%2,959,338.2298.92%
1-2years
2-3years
3-4years
4-5years
Over5years32,457.981.08%32,457.98
Total3,829,032.212,991,796.2032,457.98

Intheportfolio,otherreceivableswithbaddebtprovisionbyothermethods:

InRMB

NameBalanceinyear-endBalanceYear-beginning
BookbalanceBaddebtprovisionExpectedcreditlossrate(%)BookbalanceBaddebtprovisionExpectedcreditlossrate(%)
Depositmoneyandqualityguaranteefundcombination7,493,571.638,815,245.54
Other1,319,456.96781,067.57
Total8,813,028.599,596,313.11

2）Thewithdrawalamountofthebaddebtprovision：

InRMB

BadDebtReservesStage1Stage2Stage3Total
Expectedcreditlossesoverthenext12monthsExpectedcreditlossoverlife(nocreditimpairment)Expectedcreditlossesfortheentireduration(creditimpairment
occurred)
BalanceasatJanuary1,202232,457.9851,535,736.0951,568,194.07
BalanceasatJanuary1,2022incurrent
Otherchange-32,457.98-20,691,625.66-20,724,083.64
BalanceasatJune30,202230,844,110.4330,844,110.43

Note1：Theparentcompanyoncepaid33,683,774.79yuanintoKunlunSecuritiesCo.,Ltd,GuangdongExpresswaytechnologyinvestmentCo.,Ltdoncepaid18,000,000.00yuanintoKunlunSecuritiesCo.,Ltd.QinghaiProvinceXiningCity’sintermediatepeople’scourtmadeaadjudicationunderlawdeclaredthatKunlunSecuritiesCo.,LtdwentbankruptandrepaiddebtinNovember11,2006.OnMarch2007,TheCompanyandGuangdongExpresswayTechnologyInvestmentCo.,LtdhadswitchedthemoneythatpaidintoKunlunSecuritiesCo.,Ltdtootheraccountreceivable,andfollowthecarefulprincipletodoubtfuldebtsprovision.AsofJune30,2022,The2,839,664.36yuanCreditwasrecovered,andtheprovisionforhaddeb.3）Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodThewithdrawalamountofthebaddebtprovision：

TheprovisionforbaddebtsinthecurrentperiodisRMB0.00;andtheamountofbaddebtreserverecoveredorreversedinthecurrentperiodisRMB0.00.4）Theactualwrite-offotheraccountsreceivable:None5）Otherreceivablesareclassifiedaccordingtothenature

InRMB

NatureClosingbalanceBalanceYear-beginning
Securitiestradingsettlementfunds30,844,110.4347,528,056.18
Pettycash5,069,923.894,538,885.93
Currentaccount4,007,679.91
Deposit2,772,847.743,469,880.18
Other4,799,289.174,579,343.20
Subtotal43,486,171.2364,123,845.40
Less：Baddebtprovision30,844,110.4351,568,194.07
Total12,642,060.8012,555,651.33

6）Top5oftheclosingbalanceoftheotheraccountsreceivablecollatedaccordingtothearrearsparty

InRMB

NameNatureClosingbalanceAgingProportionofthetotalyearendbalanceoftheaccountsreceivable(%)Closingbalanceofbaddebtprovision
KunlunSecuritiesCo.,LtdSecuritiestradingsettlementfunds30,844,110.43Over5years69.02%30,844,110.43
GuangdongLitongRealEstatesInvestmentCo.,Ltd.Vehicleparkingdeposit22,980.001-2years3.70%
1,630,467.362-3years
ChinaRailwayNo.18BureauGroupCo.,Ltd.Surrogatepayment1,099,991.00Within1year2.46%
ChinaRailwayTunnelGroupSurrogatepayment559,388.80Within1year1.25%
GuangdongCurrentaccount463,491.88Over5years1.04%
ProvincialFreewayCo.,Ltd.
Total34,620,429.4777.47%30,844,110.43

7）AccountsreceivableinvolvedwithgovernmentsubsidiesNone8）OtheraccountreceivablewhichterminatetherecognitionowningtothetransferofthefinancialassetsNone9）TheamountoftheassetsandliabilitiesformedbythetransferandthecontinuesinvolvementofotheraccountsreceivableNone

5.InventoriesWhetherthecompanyneedtocomplywiththedisclosurerequirementsoftherealestateindustryNo

（1）CategoryofInventory

InRMB

ItemsClosingbookbalanceOpeningbookbalance
BookbalanceProvisionforinventoryimpairmentBookvalueBookbalanceProvisionforinventoryimpairmentBookvalue
Rawmaterials257,831.85257,831.85
Stockgoods382,247.81382,247.81
Total640,079.66640,079.66

(2)InventorydepreciationreserveNone

(3)DescriptionofTheclosingbalanceofinventoriescontaintheamountofborrowingcostscapitalizedNone

（4）DescriptionofamortizationamountofcontractperformancecostinthecurrentperiodNone

6.Contractassets

（1）Situation

InRMB

ItemsYear-endbalanceYear-beginningbalance
BookbalanceBaddebtprovisionBookvalueBookbalanceBaddebtprovisionBookvalue
Qualityguarantee5,286,462.455,286,462.45
Total5,286,462.455,286,462.45

Amountandreasonofmaterialchangeofbookvalueofcontractassetsinthecurrentperiod::NoneTheimpairmentprovisionofthecontractassetsinthecurrentperiod

None

7.Non-currentassetduewithin1year

InRMB

ItemsYear-endbalanceYear-beginningbalance
Pre-paymentofbusinesstaxbeforereplacingbusinesstaxwithVAT402,370.3251,745.32
7daysnoticeofdepositinterest3,010,904.182,731,229.21
Total3,413,274.502,782,974.53

8.Othercurrentassets

InRMB

ItemsYear-endbalanceYear-beginningbalance
Inputtaxtobecertified62,672.8621,213.96
VATretentiontaxcredits326,647.68
Contractacquisitioncost20,706,348.52
Advancepaymentofenterpriseincometax943,590.79
Payothertaxesinadvance7,933.63
Total22,047,193.4821,213.96

9.Long-termequityinvestment

InRMB

InvesteesOpeningbalanceIncrease/decreaseClosingbalanceClosingbalanceofimpairmentprovision
AdditionalinvestmentNegativeinvestmentInvestmentprofitandlossrecognizedundertheequitymethodAdjustmentofothercomprehensiveincomeChangesofotherequityCashbonusorprofitsannouncedtoissueWithdrawalofimpairmentprovisionOther
I.Jointventure
2.AffiliatedCompany
ZhaoqingYuezhaoHighwayCo.,Ltd.315,837,951.3524,596,394.7048,250,000.00292,184,346.05
GuangdongJiangzhongExpresswayCo.,Ltd.318,091,639.2960,000,000.007,786,931.7131,228.99385,909,799.99
GanzhouGankangExpresswayCo.,Ltd.154,118,397.125,447,568.74159,565,965.86
GanzhouKangdaExpresswayCo.,Ltd.238,101,017.6918,635,759.71256,736,777.40
ShenzhenHuiyanExpresswayCo.,Ltd.320,966,384.1718,574,112.50339,540,496.67
GuoyuanSecuritiesCo.,Ltd.972,089,465.7218,673,979.80-836,824.7118,626,864.76971,299,756.05
GuangdongYuepuSmallRefinancingCo.,Ltd(Note)216,343,601.274,709,292.7657,008.18221,109,902.21
HunnanLianzhiTechnologyCo.,.Ltd.90,617,427.282,547,901.1593,165,328.43
SPICYuetongQiyuanChipPowerTechnologyCo.,Ltd.964,797.354,000,000.00-221,892.644,742,904.71
ShenzhenGarageElectricPileTechnologyCo.,Ltd95,000,000.00874,800.0395,874,800.03
Subtotal2,627,130,681.24159,000,000.00101,624,848.46-836,824.7188,237.1766,876,864.762,820,130,077.40
Total2,627,130,681.24159,000,000.00101,624,848.46-836,824.7188,237.1766,876,864.762,820,130,077.40

Othernote

10.OtherEquityinstrumentinvestment

InRMB

ItemsClosingbalanceOpeningbalance
GuangleExpresswayCo.,Ltd.766,790,940.56746,129,411.97
GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise50,000,000.0050,000,000.00
ChinaEverbrightBankCo.,Ltd.708,117,381.44781,046,414.08
HuaxiaSecuritiesCo.,Ltd.（Notes1）
HuazhengAssetManagementCo.,Ltd.（Notes2）
Total1,524,908,322.001,577,175,826.05

Breakdowndisclosureofinvestmentinnon-tradableequityinstrumentsinthecurrentperiod

InRMB

ItemsDividendincomerecognizedCumulativegainCumulativelossAmountofotherconsolidatedincometransferredtoretainedearningsReasonsfordesignationasmeasuredatfairvalueandchangesincludedinothercomprehensiveincomeReasonsforotherconsolidatedincometransferredtoretainedearnings
GuangleExpresswayCo.,Ltd.18,442,638.83Non-transactionalpurposeforshareholding
GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise8,455,606.40Non-transactionalpurposeforshareholding
ChinaEverbrightBankCo.,Ltd.47,286,243.74190,556,504.64Non-transactionalpurposeforshareholding
HuaxiaSecuritiesCo.,Ltd.5,400,000.00Non-transactionalpurposeforshareholding
HuazhengAssetManagementCo.,Ltd.1,620,000.00Non-transactionalpurposeforshareholding
Total47,286,243.74217,454,749.877,020,000.00

Note1:Theowner'sequityofHuaxiaSecuritiesCo.,Ltd.wasnegativeanditenteredliquidationprocedureinDecember2005.TheCompanymadefullprovisionforimpairmentinrespectofthislong-termequityinvestmentofRMB5.4million.Note2:AccordingtoDeWeiPingGuZi2005No.88AppraisalReportissuedbyBeijingDeweiAppraisalCo.,Ltd.AstheJune30,2005,theamountofnetassetsofHuazhengAssetManagementCo.,Ltd.inbookwas279.132millionyuanandtheappraisedvaluewas-2299.5486millionyuan,OnOctober14,2005,JianyinCITICAssetManagementCo.,Ltd.issuedtheLetterofSolicitingOpinionsonEquityAssignmenttotheCompany.JianyinCITICAssetManagementCo.,Ltd.waswillingtopaythepriceofnotmorethan42millionyuantoacquire100%equityofHuazhengAssetManagementCo.,Ltd.andsolicitedtheCompany'sopinions.TheCompanyrepliedonDecember5,2005,abandoningthepreemptiverightunderthesameconditions.TheCompanymadeprovisionof1.62millionyuanforimpairmentinrespectofthislong-termequityinvestmentof1.62millionyuan.

11.Othernon-currentfinancialassets

InRMB

ItemsClosingbalanceOpeningbalance
Classifiedasfinancialassetsmeasuredatfairvalueandwhosechangesareincludedinthecurrentprofitandloss91,000,000.00
Total91,000,000.00

Othernote：

12.Investmentproperty

(1)Investmentpropertyadoptedthecostmeasurementmode

√Applicable□Notapplicable

InRMB

ItemsHousesandbuildingsLanduserightTotal
I.Originalvalue
1.Openingbalance12,664,698.252,971,831.1015,636,529.35
2.Increasedamountoftheperiod
（1）Outsourcing
(2)Inventory,FixedassetsandConstructionprojectinto
(3))IncreasedofEnterpriseconsolidation

3.Decreasedamountoftheperiod

3.Decreasedamountoftheperiod
（1）Disposal
（2）OtherOut

4.Closingbalance

4.Closingbalance12,664,698.252,971,831.1015,636,529.35
II.Accumulateddepreciationaccumulatedamortization
1.Openingbalance10,842,190.021,905,075.9212,747,265.94
2.Increasedamountoftheperiod73,774.5636,784.68110,559.24
(1)Withdrawaloramortization73,774.5636,784.68110,559.24

3.Decreasedamountoftheperiod

3.Decreasedamountoftheperiod
（1）Disposal
（2）OtherOut

4.Closingbalance

4.Closingbalance10,915,964.581,941,860.6012,857,825.18
III.Impairmentprovision
1.Openingbalance
2.Increasedamountoftheperiod
（1）Withdrawal

3.Decreasedamountoftheperiod

3.Decreasedamountoftheperiod
（1）Disposal
（2）OtherOut

4.Closingbalance

4.Closingbalance
IV.Bookvalue
1.Closingbookvalue1,748,733.671,029,970.502,778,704.17
2.Openingbook1,822,508.231,066,755.182,889,263.41

(2)Investmentpropertyadoptedfairvaluemeasurementmode

□Applicable√Notapplicable

(3)Detailsofinvestmentpropertyfailedtoaccomplishcertificationofproperty

InRMB

ItemsBookbalanceReason
HousesandBuilding1,071,423.06Transportationandotherancillaryfacilities,Notaccreditation
Total1,071,423.06

Othernote

13.Fixedassets

InRMB

ItemsYear-endbalanceYear-beginningbalance
Fixedassets10,148,415,374.0310,639,272,192.02
liquidationoffixedassets30,726.42
Total10,148,446,100.4510,639,272,192.02

(1)Listoffixedassets

InRMB

ItemsGuangfoExpresswayFokaiExpresswayGuanghuiExpresswayJingzhuExpresswayGuangzhusectionHouseandbuildingsMachineryequipmentTransportationequipmentElectricityequipmentandotherTotal
I.Originalprice
1.Openingbalance1,460,270,190.6610,892,817,927.306,477,849,977.485,135,987,691.45669,836,729.921,782,537,704.1662,110,614.95133,644,602.5826,615,055,438.50
2.Increasedamountoftheperiod483,543.00383,593.001,556,245.00507,923.491,608,988.104,540,292.59
（1）Purchase991,499.00507,923.491,608,988.103,108,410.59
（2）Transferofprojectunderconstruction383,593.00590,000.00973,593.00
(3)IncreasedofEnterpriseconsolidation
（4）Other483,543.00-25,254.00458,289.00
3.Decreasedamountoftheperiod147,662.9719,524,138.5822,418,321.271,685,667.762,704,496.1246,480,286.70
（1）Disposalorscrap147,662.97249,936.00869,052.961,266,651.93
（2）Dispositionsubsidiary19,274,202.5822,418,321.271,685,667.761,835,443.1645,213,634.77
4.Closingbalance1,460,270,190.6610,892,670,264.336,477,849,977.485,136,471,234.45650,696,184.341,761,675,627.8960,932,870.68132,549,094.5626,573,115,444.39
II.Accumulateddepreciation
1.Openingbalance1,460,270,190.665,486,082,815.593,950,515,659.853,164,580,817.91461,466,902.631,313,881,686.2649,780,181.8685,083,678.6215,971,661,933.38
2.Increasedamountoftheperiod172,016,724.19154,616,928.0575,065,187.7814,621,404.4656,968,816.161,031,062.025,676,372.23479,996,494.89
（1）Withdrawal172,016,724.19154,616,928.0575,065,187.7814,621,404.4656,968,816.161,031,062.025,676,372.23479,996,494.89
（2）Other
3.Decreasedamountoftheperiod98,638.8610,020,897.4117,513,652.871,601,384.371,845,097.5031,079,671.01
(1)Disposalorscrap98,638.869,220.96825,724.31933,584.13
（2）Dispositionsubsidiary10,011,676.4517,513,652.871,601,384.371,019,373.1930,146,086.88
4.Closingbalance1,460,270,190.665,658,000,900.924,105,132,587.903,239,646,005.69466,067,409.681,353,336,849.5549,209,859.5188,914,953.3516,420,578,757.26
III.Impairmentprovision
1.Openingbalance2,889,394.161,231,918.944,121,313.10
2.Increasedamountoftheperiod
（1）Withdrawal
（2）Other
3.Decreasedamountoftheperiod
(1)Disposalorscrap
（2）Dispositionsubsidiary
4.Closingbalance2,889,394.161,231,918.944,121,313.10
IV.Bookvalue
1.Closingbookvalue5,234,669,363.412,372,717,389.581,896,825,228.76181,739,380.50407,106,859.4011,723,011.1743,634,141.2110,148,415,374.03
2.Openingbook5,406,735,111.712,527,334,317.631,971,406,873.54205,480,433.13467,424,098.9612,330,433.0948,560,923.9610,639,272,192.02

(2)Temporarilyidlefixedassets

InRMB

ItemsOriginalpriceAccumulateddepreciationImpairmentprovisionBookvalueRemark
Houseandbuildings6,176,339.214,523,128.501,653,210.71
Machineryequipment2,322,167.001,090,248.061,231,918.94

(3)Fixedassetsleasedoutfromoperationlease

None

（4）Detailsoffixedassetsfailedtoaccomplishcertificationofproperty

InRMB

ItemsBookbalanceReason
Houseandbuildings174,825,065.82Transportationandotherancillaryfacilities，Notaccreditation.

OthernoteNote

（5）liquidationoffixedassets

InRMB

ItemsYear-endbalanceYear-beginningbalance
Officeequipmentandother30,726.42
Total30,726.42

OthernoteNone

14.Projectunderconstruction

InRMB

ItemsYear-endbalanceYear-beginningbalance
Projectunderconstruction475,554,879.75351,130,455.06
Total475,554,879.75351,130,455.06

（1）Projectunderconstruction

InRMB

ItemsYear-endbalanceYear-beginningbalance
BookbalanceProvisionfordevaluationBookvalueBookbalanceProvisionfordevaluationBookvalue
GualvhuInterchangeproject173,515,217.94173,515,217.94160,502,763.61160,502,763.61
HuizhouNorthInterchangeProject164,750,114.70164,750,114.70105,046,556.00105,046,556.00
ReconstructionandExpansionofSanbaotoShuikou70,055,555.3970,055,555.3942,058,703.1242,058,703.12
Jiangxi-Shenzhenhigh-speedrailwaycross-sectionexpansionproject14,800,073.9814,800,073.9814,470,943.9814,470,943.98
TanweiBridgeShipCollisionPreventionProject1,749,246.001,749,246.001,749,246.001,749,246.00
IntelligentTransformationProjectforMonitoringSystemofFoshan-KaipingExpressway(PhaseII)1,535,540.001,535,540.001,535,540.001,535,540.00
Guangzhou-ShantouRailwayCrossingproject10,573,552.4310,573,552.43700,943.43700,943.43
Other38,575,579.3138,575,579.3125,065,758.9225,065,758.92
Total475,554,879.75475,554,879.75351,130,455.06351,130,455.06

(2)Changesofsignificantconstructioninprogress

InRMB

NameofprojectBudgetOpeningbalanceIncreaseTransferredtofixedassetsOtherdecreaseEndbalanceProportion%ProjectprocessCapitalizationofinterestIncluding:capitalizationofinterestthisperiodCapitalizationofinterestrate(%)Sourceoffunding
ReconstructionandExpansionofSanbaotoShuikou3,426,210,000.0042,058,703.1227,996,852.2770,055,555.3976.95%83.0172,779,504.82Other
GualuhuInterchangeproject203,460,000.00160,502,763.6113,012,454.33173,515,217.9485.28%85.28Other
Guangzhou-ShantouRailwayCrossingproject18,811,100.00700,943.439,872,609.0010,573,552.4356.21%56.21Other
Jiangxi-Shenzhenhigh-speedrailwaycross-sectionexpansionproject15,730,000.0014,470,943.98329,130.0014,800,073.9894.09%94.09Other
HuizhouNorthInterchangeProject239,170,000.00105,046,556.0059,703,558.70164,750,114.7068.88%68.88Other
TanweiBridgeShipCollisionPreventionProject50,000,000.001,749,246.001,749,246.003.50%3.50Other
Total3,953,381,100.00324,529,156.14110,914,604.30435,443,760.4472,779,504.82

(3)ProvisionforimpairmentofconstructionprojectsinthecurrentperiodNone

（4）EngineeringMaterials：None

15.Userightassets

InRMB

ItemsHouseandbuildingsMachineryequipmentTransportationequipmentOtherTotal
I.Originalprice
1.Openingbalance21,487,031.29357,112.191,163,391.051,007,747.0024,015,281.53
2.Increasedamountoftheperiod

3.Decreasedamountoftheperiod

3.Decreasedamountoftheperiod496,501.35496,501.35
（1）Transferorholdforsale
（2）Disposalsubsidiary496,501.35496,501.35
4.Closingbalance21,487,031.29357,112.19666,889.701,007,747.0023,518,780.18
II.Accumulateddepreciation
1.Openingbalance9,208,727.6571,422.44527,788.99107,017.449,914,956.52
2.Increasedamountoftheperiod4,604,363.8235,711.22217,233.6953,508.724,910,817.45
（1）Withdrawal4,604,363.8235,711.22217,233.6953,508.724,910,817.45

3.Decreasedamountoftheperiod

3.Decreasedamountoftheperiod244,855.42244,855.42
（1）Disposition
（2）Disposalsubsidiary244,855.42244,855.42
4.Closingbalance13,813,091.47107,133.66500,167.26160,526.1614,580,918.55
III.Impairmentprovision
1.Openingbalance
2.Increasedamountoftheperiod
（1）Withdrawal

3.Decreasedamountoftheperiod

3.Decreasedamountoftheperiod
（1）Disposition

4.Closingbalance

4.Closingbalance
IV.Bookvalue
1.Closingbookvalue7,673,939.82249,978.53166,722.44847,220.848,937,861.63
2.Openingbookvalue12,278,303.64285,689.75635,602.06900,729.5614,100,325.01

16.Intangibleassets

(1)Listofintangibleassets

InRMB

ItemsLanduserightSoftwareTheTurnpikefranchiseTotal
I.Originalprice
1.Openingbalance1,311,658.0042,063,790.16318,348,741.86361,724,190.02
2.Increasedamountoftheperiod5,760.005,760.00
(1)Purchase5,760.005,760.00
(2)InternalDevelopment
(3)IncreasedofEnterpriseCombination

3.Decreasedamountoftheperiod

3.Decreasedamountoftheperiod1,537,371.231,537,371.23
（1）Disposal58,000.0058,000.00
（2）Governmentsubsidiescut
（3）Disposalsubsidiary1,479,371.231,479,371.23
4.Closingbalance1,311,658.0040,532,178.93318,348,741.86360,192,578.79
II.Accumulatedamortization
1.Openingbalance1,311,658.0034,803,392.3857,104,963.2193,220,013.59
2.Increasedamountoftheperiod1,346,606.8010,041,478.1811,388,084.98
(1)Withdrawal1,346,606.8010,041,478.1811,388,084.98

3.Decreasedamountoftheperiod

3.Decreasedamountoftheperiod730,179.75730,179.75
（1）Disposal58,000.0058,000.00
（2）Disposalsubsidiary672,179.75672,179.75
4.Closingbalance1,311,658.0035,419,819.4367,146,441.39103,877,918.82
III.Impairmentprovision
1.Openingbalance
2.Increasedamountoftheperiod
(1)Withdrawal

3.Decreasedamountoftheperiod

3.Decreasedamountoftheperiod
（1）Disposal

4.Closingbalance

4.Closingbalance
IV.Bookvalue
1.Closingbookvalue5,112,359.50251,202,300.47256,314,659.97
2.Openingbookvalue7,260,397.78261,243,778.65268,504,176.43

Theintangibleassetsbytheendoftheformationofthecompany'sinternalR&Daccounted0.00%oftheproportionofthebalanceofintangibleassets

⑵DetailsofLanduserightfailedtoaccomplishcertificationofpropertyNone

17.Long-termamortizeexpenses

InRMB

ItemsBalanceinyear-beginIncreaseinthisperiodAmortizedexpensesOtherlossBalanceinyear-end
Prepaidbusinesstaxandsurchargesbeforereplacementofbusinesstaxwithvalue-addedtax2,103,750.002,103,750.00
Total2,103,750.002,103,750.00

18.Deferredincometaxassets/deferredincometaxliabilities

(1)Deferredincometaxassetshadnotbeenoff-set

InRMB

ItemsBalanceinyear-endBalanceYear-beginning
DeductibletemporarydifferenceDeferredincometaxassetsDeductibletemporarydifferenceDeferredincometaxassets
Assetsimpairmentprovisions7,264,977.101,816,244.287,264,977.101,816,244.28
Deductibleloss506,439,537.12126,609,884.28671,918,486.05167,979,621.51
Amortizationofintangibleassets142,847,699.2435,711,924.81190,813,984.6047,703,496.15
Deferredincome25,954,618.496,488,654.6230,978,093.117,744,523.33
Total682,506,831.95170,626,707.99900,975,540.86225,243,885.27

(2)Deferredincometaxliabilitieshadnotbeenoff-set

InRMB

ItemsBalanceinyear-endBalanceYear-beginning
DeductibletemporarydifferenceDeferredincometaxliabilitiesDeductibletemporarydifferenceDeferredincometaxliabilities
Changesinthefairvalueofotherequityinstruments190,556,504.6447,639,126.16263,485,537.2865,871,384.32
Deductibletemporarydifferencesintheformationofassetimpairment948,354,397.89237,088,599.48995,623,507.00248,905,876.75
Differenceofamortizationmethodoffranchiseoftollroad7,527,382.781,881,845.704,580,106.281,145,026.57
Total1,146,438,285.31286,609,571.341,263,689,150.56315,922,287.64

（3）Deferredincometaxassetsorliabilitieslistedasnetafteroffset：None

（4）Detailsofunrecognizeddeferredtaxassets

InRMB

ItemsBalanceinyear-endBalanceYear-beginning
Deductibletemporarydifference37,864,110.4393,406,200.73
Deductibleloss16,491,381.2715,342,382.11
Total54,355,491.70108,748,582.84

（5）Deductiblelossesoftheun-recognizeddeferredincometaxassetwillexpireinthefollowingyears

InRMB

YearBalanceinyear-endBalanceYear-beginningRemark
20221,133,109.04
20233,129,535.723,129,535.72
20243,618,779.073,618,779.07
20253,571,100.293,571,100.29
20263,889,857.993,889,857.99
20272,282,108.20
Total16,491,381.2715,342,382.11

Othernote

19.OtherNon-currentassets

InRMB

ItemsBalanceinyear-endBalanceYear-beginning
BookbalanceProvisionfordevaluationBookvalueBookbalanceProvisionfordevaluationBookvalue
Prepaidfixedassetsengineeringfees8,763,006.338,763,006.3324,675,415.3624,675,415.36
Prepaidbusinesstax2,317,847.282,317,847.28415,282.44415,282.44
Fixeddepositinterest13,368,083.3313,368,083.33
Less：Partduewithin1year402,370.32402,370.3251,745.3251,745.32
Total24,046,566.6224,046,566.6225,038,952.4825,038,952.48

20.Short-termBorrowing

（1）Short-termBorrowing

InRMB

TotalBalanceinyear-endBalanceYear-beginning
CreditBorrowing320,000,000.00
Interestaccruedonshort-termborrowing266,666.67
Total320,266,666.67

（2）Overdueshort-termborrowings

None

21.Accountpayable

（1）Listofaccountpayable

InRMB

ItemsBalanceinyear-endBalanceYear-beginning
Within1year（Including1year）49,349,432.03137,346,075.15
1-2years（including2years）22,596,734.5332,260,718.56
2-3years（including3years）2,470,428.8430,239,953.68
Over3years58,651,893.8764,640,392.05
Total133,068,489.27264,487,139.44

（2）Significantpayableagingmorethan1year

InRMB

ItemsBalanceinyear-endReason
FoshanLandandresourcesBureau.30,507,598.21Unsettled
GuangZhongjiangExpresswayprojectManagementDept17,466,700.00Unsettled
HeshanLandandresourcesBureau9,186,893.60Unsettled
PolyChangdaEngineeringCo.,Ltd.5,914,675.30Unsettled
FoshanChanchengDistrict,ZhangChaSub-districtOffice4,626,817.32Unsettled
Total67,702,684.43

22.Prepaymentreceived

(1)ListofPrepaymentreceived

InRMB

ItemsBalanceinyear-endBalanceYear-beginning
Within1year（Including1year）3,744,384.231,937,127.54
1-2years（Including2years）2,777.78
2-3years（Including3years）
Over3years8,720,303.19
Total3,744,384.2310,660,208.51

(2)SignificantadvancefromcustomersagingoveroneyearNone

23.Contractliabilities

InRMB

ItemsBalanceinyear-endBalanceYear-beginning
Advancesonsales22,000.00
Total22,000.00

24.PayableEmployeewage

（1）PayableEmployeewage

InRMB

ItemsYear-beginningbalanceIncreaseinthecurrentperiodDecreaseinthecurrentperiodYear-endbalance
I.Short-termcompensation19,213,631.91179,052,323.99180,498,035.0217,767,920.88
II.Post-employmentbenefits-definedcontributionplans32,990,072.1831,061,678.371,928,393.81
III.Dismissalbenefits319,422.79319,422.79
Total19,213,631.91212,361,818.96211,879,136.1819,696,314.69

（2）Short-termRemuneration

InRMB

ItemsYear-beginningbalanceIncreaseinthecurrentperiodDecreaseinthecurrentperiodYear-endbalance
1.Wages,bonuses,allowancesandsubsidies505,563.47131,722,644.01131,763,143.99465,063.49
2.Employeewelfare10,930,352.4210,930,352.42
3.Socialinsurancepremiums13,198,412.7613,198,412.76
Including：Medicalinsurance8,684,902.558,684,902.55
Workinjuryinsurance391,109.89391,109.89
Maternityinsurance858,405.91858,405.91
Other3,263,994.413,263,994.41
4.Publicreservesforhousing18,335,320.0818,335,320.08
5.Unionfundsandstaffeducationfee16,483,121.804,123,622.205,528,833.2515,077,910.75
6.Other2,224,946.64741,972.52741,972.522,224,946.64
Total19,213,631.91179,052,323.99180,498,035.0217,767,920.88

（3）Definedcontributionplanslisted

InRMB

ItemsBalanceYear-beginningIncreaseinthisperiodPayableinthisperiodBalanceinyear-end
1.Basicold-ageinsurancepremiums19,423,171.0719,423,171.07
2.Unemploymentinsurance545,032.26545,032.26
3.Enterpriseannuitypayment13,021,868.8511,093,475.041,928,393.81
Total32,990,072.1831,061,678.371,928,393.81

25.TaxPayable

InRMB

ItemsBalanceinyear-endBalanceYear-beginning
VAT11,690,299.9115,734,725.35
EnterpriseIncometax121,481,902.80143,478,849.99
IndividualIncometax382,458.233,202,322.06
CityConstructiontax758,949.201,044,325.22
Educationsubjoin367,292.89492,391.84
LocalityEducationsubjoin226,426.42308,823.69
Vehicleandvesseltax
Landusetax523,762.40
Propertytax724,952.77110,493.45
Stamptax26,991.20240,581.39
Total136,183,035.82164,612,512.99

26.Otheraccountspayable

InRMB

ItemsBalanceinyear-endBalanceYear-beginning
Dividendpayable1,312,635,476.5922,941,943.24
Otheraccountpayable141,554,884.49155,028,540.52
Total1,454,190,361.08177,970,483.76

（1）Interestpayable：None

（2）Dividendspayable

InRMB

ItemsBalanceinyear-endBalanceYear-beginning
Commonstockdividends1,214,635,476.5922,941,943.24
Dividendspayable-GuangdongProvincialFreewayCo.,Ltd.33,000,000.00
Dividendspayable-GuangdongZhujiangHighwayandBridgeInvestmentCo.,Ltd60,000,000.00
Dividendspayable-HZCI5,000,000.00
Total1,312,635,476.5922,941,943.24

Note:Includingsignificantunpaiddividendspayableoveroneyear,theunpaidreasonshallbedisclosed:

Finaldividendpayable22,875,984.77

yuanformorethanayearinunpaiddividendstoshareholdersovertheyearwasmainlyduetonon-paymentofshareholderdividendsdidnotprovideinformationoninterest-bearingbank,didnotsharereformofshareholderstoreceivedividendsorprovideapplicationtoreceivedividendsthebankinformationisincorrect,resultinginfailuretopayadividendorrefund.

（3）Otheraccountspayable

(1)Otheraccountspayablelistedbynatureoftheaccount

InRMB

ItemsYear-endbalanceYear-Beginningbalance
Estimatedprojectcost42,437,693.4142,394,262.23
Deposit,warrantyandsecuritydeposit66,199,711.1777,685,535.90
Other32,917,479.9134,948,742.39
Total141,554,884.49155,028,540.52

(2)Othersignificantaccountspayablewithagingoveroneyear

InRMB

ItemsClosingbalanceUnpaid/un-carryoverreason
YayaotoXiebianextension12,499,448.48Thesettlementconditionsarenotmet
PolyChangdaHighwayEngineeringCo.,Ltd.11,148,264.73Thesettlementconditionsarenotmet
GuangdongGuanyueRoad&BridgeCo.,Ltd.7,334,064.80Thesettlementconditionsarenotmet
GuangdongNengdaHighGradeHighwayMaintenanceCo.,Ltd.3,911,297.10Thesettlementconditionsarenotmet
GuangdongXinyueTrafficInvestmentCo.,Ltd.3,664,337.93Thesettlementconditionsarenotmet
Total38,557,413.04

27.Non-currentliabilitiesduewithin1year

InRMB

ItemsBalanceyear-endYear-beginningbalance
Long-termloansduewithin1year437,976,600.00465,576,600.00
Long-termpayableduewithin1year944,339.62944,339.62
Leaseliabilitiesduewithin1year9,973,785.5212,474,474.87
Payableinterestduewithin1year20,854,603.2146,648,953.77
Total469,749,328.35525,644,368.26

28.Othercurrentliabilities

InRMB

ItemsBalanceyear-endYear-beginningbalance
Taxtoberewritten1,133,695.05726,336.48
Total1,133,695.05726,336.48

29.Long-termloan

(1)Categoryoflong-termloan

InRMB

ItemsBalanceyear-endYear-beginningbalance
Pledgeloan548,360,000.00582,195,000.00
Creditloan4,424,001,700.004,456,002,800.00
Less:Long-termloansduewithinoneyear-437,976,600.00-465,576,600.00
Total4,534,385,100.004,572,621,200.00

Othernotes，includinginterestraterange：Theinterestrateofpledgeloanis3.8%--3.95%;theinterestrateofcreditloanis3.35%--4.1%.

30.Bondpayable

（1）Bondpayable

InRMB

ItemsBalanceyear-endYear-beginningbalance
Medium-termnote1,427,903,757.981,427,434,086.58
Total1,427,903,757.981,427,434,086.58

（2）Changesofbondspayable(Notincludingtheotherfinancialinstrumentofpreferredstockandperpetualcapitalsecuritiesthatclassifyasfinancialliability

InRMB

NameofthebondBookvalueIssuedatePeriodIssueamountOpeningbalanceThecurrentissueWithdrawinterestatparOverflowdiscountamountPayincurrentperiodClosingbalance
19GuangdongExpresswayMTN001680,000,000.002019.2.272019.3.1-2024.3.1680,000,000.00679,025,866.59-223,447.86679,249,314.45
20GuangdongExpresswayMTN001750,000,000.002020.3.132020.3.17-2025.3.17750,000,000.00748,408,219.99-246,223.54748,654,443.53
Total——1,430,000,000.001,427,434,086.58-469,671.401,427,903,757.98

(3)NotetoconditionsandtimeofsharetransferofconvertiblebondsNone

（4）OtherfinancialinstrumentsthatareclassifiedasfinancialliabilitiesNone

31.Leaseliabilities

InRMB

ItemsBalanceyear-endYear-beginningbalance
Long-termleaseliabilities10,196,090.6015,247,934.63
Including：Financingcostsarenotrecognized180,417.29423,662.82
Less：Leaseliabilitiesduewithin1year9,973,785.5212,474,474.87
Total222,305.082,773,459.76

32.Long-termpayable

InRMB

ItemsBalanceyear-endYear-beginningbalance
Long-termpayable2,517,493.123,461,832.74
Total2,517,493.123,461,832.74

(1)Long-termpayablelistedbynatureoftheaccount

InRMB

ItemsBalanceyear-endYear-beginningbalance
Non-operatingassetpayable2,022,210.112,022,210.11
Mediumtermbillunderwritingfee1,439,622.632,383,962.25
Less：Partduewithin1year944,339.62944,339.62
Total2,517,493.123,461,832.74

33.Deferredincome

InRMB

ItemsOpeningbalanceIncreaseDecreaseClosingbalanceCause
Governmentsubsidy30,978,093.115,023,474.6225,954,618.49
Leaseincome38,250,000.009,094,873.883,466,399.5343,878,474.35
Total69,228,093.119,094,873.888,489,874.1569,833,092.84

Detailsofgovernmentsubsidies：

InRMB

ItemsBeginningoftermNewsubsidyincurrentperiodAmounttransferredtonon-operationalincomeOtherincomerecordedinthecurrentperiodAmountofcostdeductedinthecurrentperiodOtherchangesEndoftermAsset-relatedorincome-related
CancellationofExpresswayProvincialTollStationProject30,978,093.115,023,474.6225,954,618.49Relatedtoassets

34.Stockcapital

InRMB

BalanceYear-beginningChanged（+，-）Balanceinyear-end
IssuanceofnewshareBonusCapitalizatioOtherSubtotal
sharesnofpublicreserve
Totalofcapitalshares2,090,806,126.002,090,806,126.00

35.Capitalreserves

InRMB

ItemsYear-beginningbalanceIncreaseinthecurrentperiodDecreaseinthecurrentperiodYear-endbalance
Sharepremium508,711,146.99508,711,146.99
(1)Capitalinvestedbyinvestors2,508,408,342.992,508,408,342.99
(2)Influenceofbusinesscombinationunderthesamecontrol-1,999,697,196.00-1,999,697,196.00
Othercapitalreserves204,749,371.5019,708,141.17224,457,512.67
(1)Changesinotherequityoftheinvesteeundertheequityaccounting(Note1,2)-3,457,667.2088,237.17-3,369,430.03
（2）Other（Note3）208,207,038.7019,619,904.00227,826,942.70
Total713,460,518.4919,708,141.17733,168,659.66

-Thesituationofchangeinthecurrentcapitalreserveisasfollows:

Note1:GuangdongYuepuSmallRefinancingCo.,Ltd-anassociatecompany-adjustedthestatementnumbers.TheCompanyadjustedthebookvalueoflong-termequityinvestmentbeforeequitydilutionaccordingtotheshareholdingratio,resultinginanincreaseincapitalreserveofRMB57,008.18duetochangesinequitydilutedequity.

Note2:GuangdongJiangzhongExpresswayCo.,Ltd-anassociatecompany-madeprovisionforspecialreserves,andtheCompanyadjustedthebookvalueoflong-termequityinvestmentaccordingtotheshareholdingratio,resultinginanincreaseofcapitalreserveofRMB31,228.99.

Note3.TheagreementsignedbyGuangzhou-HuizhouCompanyandZengchengDistrictGovernmenttoaddZengchengRoadInterchangeonGuangzhou-HuizhouExpressway,whichstipulatesthatGuangzhou-HuizhouCompanywillbuildShaningInterchangeandXinchengRoadInterchange,andalltheexpensesincurredintheconstructionofInterchangewillbebornebyZengchengDistrictGovernment.

TheagreementsignedbyGuangzhou-HuizhouCompanyandHuizhouTransportationBureautoaddChangkengInterchange(tentativename)onGuangzhou-HuizhouExpressway,whichstipulatesthatGuangzhou-HuizhouCompanywillbuildChangkengInterchange(renamedHuizhouNorthInterchange),andalltheexpensesincurredintheconstructionofInterchangewillbebornebyGuangzhou-HuizhouCompany.HuizhouMunicipalTransportationBureauwillgiveGuanghuiCompanyafinancialsubsidyforthisagreedproject.TheHuizhouMunicipalTransportationBureauwillgiveGuanghuiCompanyafinancialsubsidyfortheprojectunderthisagreement.

Aftertheaboveprojectiscompleted,itwillbemanagedbyGuangzhou-HuizhouCompany.AtotalofRMB408,249,095.50wasreceivedfromGovernmentatthebeginningoftheperiod,ofwhichtheopeningbalanceofcapitalreserveattributabletotheparentcompany-othercapitalreservewasRMB208,207,038.70,andRMB38,470,400.00wasnewlyreceivedinthisperiod,ofwhichcapitalreserveattributabletotheparentcompany-othercapitalreserveincreasedbyRMB19,619,904.00inthisperiod.

36.Othercomprehensiveincome

InRMB

ItemsYear-beginningbalanceAmountofcurrentperiodYear-endbalance
AmountincurredbeforeincometaxLess：AmounttransferredintoprofitandlossinthecurrentperiodthatrecogniedintoothercomprehensiveincomeinpriorperiodLess：PriorperiodincludedinothercompositeincometransfertoretainedincomeinthecurrentperiodLess：IncometaxexpensesAfter-taxattributetotheparentcompanyAfter-taxattributetominorityshareholder
1.Othercomprehensiveincomewillbereclassifiedintoincomeorlossinthefuture195,395,263.20-52,267,504.05-18,232,258.16-34,035,245.89161,360,017.31
Changesinfairvalueofinvestmentsinotherequityinstruments195,395,263.20-52,267,504.05-18,232,258.16-34,035,245.89161,360,017.31
2.Othercomprehensiveincomereclassifiabletoprofitorlossinsubsequentperiods-3,217,796.86-836,824.71-836,824.71-4,054,621.57
Including：Shareofothercomprehensiveincomeoftheinvesteethatcannotbetransferredtoprofitorlossaccountedforusingtheequitymethod-3,217,796.86-836,824.71-836,824.71-4,054,621.57
Totalofothercomprehensiveincome192,177,466.34-53,104,328.76-18,232,258.16-34,872,070.60157,305,395.74

37.Surplusreserve

InRMB

ItemsYear-beginningbalanceIncreaseinthecurrentperiodDecreaseinthecurrentperiodYear-endbalance
Statutorysurplusreserve1,225,375,330.561,225,375,330.56
Total1,225,375,330.561,225,375,330.56

38.Retainedprofits

InRMB

ItemsAmountofthisperiodAmountoflastperiod
Beforeadjustments:Retainedprofitsinlastperiodend4,760,618,543.783,725,679,319.35
Adjustthetotalundistributedprofitsatthebeginningoftheperiod546,190.04
Afteradjustments:Retainedprofitsattheperiodbeginning4,760,618,543.783,726,225,509.39
Add：Netprofitbelongingtotheowneroftheparentcompany773,786,851.681,700,406,981.99
Less:Statutorysurplusreserve57,589,364.93
Commonstockdividendpayable1,191,759,491.82608,424,582.67
Retainedprofitattheendofthisterm4,342,645,903.644,760,618,543.78

Note:ThelastissuereferstoJanuary-December2021.Asregardsthedetailsofadjustedthebeginningundistributedprofits

(1)AstheretroactiveadjustmentonEnterpriseAccountingStandardsanditsrelatednewregulations,theaffectedbeginningundistributedprofitsareRMB0.00.

(2)Asthechangeoftheaccountingpolicy,theaffectedbeginningundistributedprofitsareRMB0.00.

(3)Asthecorrectionofsignificantaccountingerror,theaffectedbeginningundistributedprofitsareRMB0.00.

(4)Asthechangeofconsolidationscopecausedbythesamecontrol,theaffectedbeginningundistributedprofitsareRMB0.00.

(5)OtheradjustmentofthetotalaffectedbeginningundistributedprofitsareRMB0.00.

39.Operationincomeandoperationcost

InRMB

ItemsAmountofthisperiodAmountoflastperiod
IncomeCostIncomeCost
Mainoperation2,022,637,008.32682,014,744.352,448,927,494.46868,560,892.48
Otheroperation34,783,801.3614,128,978.1539,547,175.3520,566,849.95
Total2,057,420,809.68696,143,722.502,488,474,669.81889,127,742.43

40.Businesstaxandsubjoin

InRMB

ItemsAmountofthisperiodAmountoflastperiod
Urbanconstructiontax3,906,433.434,707,823.03
Educationsurcharge1,870,308.462,248,134.09
Propertytax1,026,637.791,328,788.22
Landusetax523,762.40875,697.88
Vehicleusetax43,285.0743,697.47
Stamptax132,962.51196,890.20
Businesstax185,247.66185,247.66
LocalityEducationsurcharge1,243,683.981,495,067.55
Total8,932,321.3011,081,346.10

Othernote：

41.Administrativeexpenses

InRMB

ItemsAmountofthisperiodAmountoflastperiod
Wage58,799,341.1966,423,609.15
DepreciationandAmortization6,814,076.615,724,413.26
Intangibleassetsamortization953,099.241,081,305.76
Lowconsumablesamortization259,600.97324,317.77
Rentalfee6,027,123.066,032,852.02
Businessfee282,100.73372,403.60
Officeexpenses4,275,751.244,187,689.42
Travelexpenses114,358.72325,420.94
Consultationexpenses100,000.00117,000.00
Thefeeforhiringagency3,376,068.013,076,580.06
Repairscost189,544.16342,887.00
Vehiclefee1,304,983.311,504,032.85
Listingfee11,320.7511,320.75
Informationcostandmaintenancefee961,765.47507,982.88
Other2,304,133.583,325,219.93
Total85,773,267.0493,357,035.39

Othernote

42.R&Dexpenses

InRMB

ItemsAmountofthisperiodAmountoflastperiod
Wage945,204.60
Materialcost412,566.35
Depreciation5,521.90
Lowconsumablesamortization885.00
Officeexpenses4,318.22
Repairscost391.15
Total1,368,887.22

Othernote

43.Financialexpenses

InRMB

ItemsAmountofthisperiodAmountoflastperiod
Interestexpenses123,517,238.10149,343,110.61
Depositinterestincome（-）-36,907,508.27-29,751,089.44
Bankcommissioncharge84,179.2393,344.30
Other608,147.561,183,218.60
Total87,302,056.62120,868,584.07

44.Othergains

InRMB

ItemsAmountofthisAmountoflastAsset-relatedorincome-
periodperiodrelated
GovernmentSubsidy-CanceltheSpecialSubsidyforProvincialTollStationProjectofExpressway5,023,474.626,783,738.24Relatedtoassets
Governmentsubsidy-Stablejobsubsidies1,250,935.46932,076.28Relatetoincome
Governmentsubsidy-Enterprisessubsidies1,074,875.001,243,500.00Relatetoincome
Governmentsubsidy--Enterpriseswithindustrialtrainingsubsidies339,000.00Relatetoincome
Maternityallowance435,454.91149,069.16Relatetoincome
Veterans'VATreductionandexemption156,133.38136,670.84Relatetoincome
Withholdingandremittingenterpriseprepaidincometaxfees159,544.67322,529.07Relatetoincome
Veterans'VATreductionandexemption15,009.8115,785.44Relatetoincome
Withholdandpaytheadvanceofenterpriseincometaxhandlingfeerefund62,924.53Relatetoincome
Total8,178,352.389,922,369.03

45.Investmentincome

InRMB

ItemsAmountofthisperiodAmountoflastperiod
Long-termequityinvestmentincomebyequitymethod101,624,848.46122,646,589.32
Dividendsearnedduringtheholdingperiodoninvestmentsinotherequityinstrument47,286,243.7449,403,538.24
Theinvestmentincomegeneratedbythedisposalofthesubsidiaries13,564,262.33
Other-91,000.00
Total162,384,354.53172,050,127.56

46.Creditimpairmentlosses

InRMB

ItemsAmountofthisperiodAmountoflastperiod
Impairmentlossesonotherreceivable-1,310,999.95
Total-1,310,999.95

47.Assetimpairmentloss

InRMB

ItemsAmountofthisperiodAmountoflastperiod
Lossonimpairmentoffixedassets-2,889,394.16
Total-2,889,394.16

48.Assetsdisposalincome

InRMB

ItemsAmountofcurrentperiodAmountofpreviousperiodTheamountofnon-operatinggains&losses
Non-currentassetsdisposalgains463,363.89463,363.89
Including：IncomefromdisposalofFixedassets463,363.89463,363.89
Total463,363.89463,363.89

49.Non-Operationincome

InRMB

ItemsAmountofcurrentperiodAmountofpreviousperiodTheamountofnon-operatinggains&losses
Non-currentassetsare237,412.50237,412.50
damagedandscrappedforprofit
Including：Fixedassets237,412.50237,412.50
Insuranceclaimincome4,141,948.492,494,015.564,141,948.49
Roadpropertyclaimincome1,419,966.311,436,421.011,419,966.31
Other22,304.3580,783.4822,304.35
Total5,821,631.654,011,220.055,821,631.65

50.Non-Operationexpense

InRMB

ItemsAmountofcurrentperiodAmountofpreviousperiodTheamountofnon-operatinggains&losses
Non-currentassetsaredamagedandscrappedforprofit252,895.85135,447.06252,895.85
Including：Fixedassets252,895.85135,447.06252,895.85
Roadrehabilitationexpenditure2,624,379.661,567,847.872,624,379.66
Fine2,254.33153.622,254.33
Other76,129.55107,872.5876,129.55
Total2,955,659.391,811,321.132,955,659.39

51.Incometaxexpense

(1)Listsofincometaxexpense

InRMB

ItemsAmountofcurrentperiodAmountofpreviousperiod
Currentincometaxexpense246,703,707.49323,321,325.12
Deferredincometaxexpense43,536,719.1430,703,740.35
Total290,240,426.63354,025,065.47

(2)Adjustmentprocessofaccountingprofitandincometaxexpense

InRMB

ItemsAmountofcurrentperiod
Total1,351,792,598.06
Currentincometaxexpenseaccountedbytaxandrelevantregulations337,948,149.52
Influenceofincometaxbeforeadjustment85,070.05
Influenceofnontaxableincome-51,942,863.64
Impactofnon-deductiblecosts,expensesandlosses4,741,431.37
Effectofdeductiblelossesfromusingpreviouslyunrecognizeddeferredincometaxassets-591,360.67
Incometaxexpense290,240,426.63

52.ItemsofCashflowstatement

（1）Othercashreceivedfrombusinessoperation

InRMB

ItemsAmountofcurrentperiodAmountofpreviousperiod
Interestincome20,528,520.7623,613,918.60
Unitcurrentaccount46,907,015.6338,551,853.57
Total67,435,536.3962,165,772.17

（2）Othercashpaidrelatedtooperatingactivities

InRMB

ItemsAmountofcurrentperiodAmountofpreviousperiod
Managementexpense14,342,965.2114,914,357.27
Unitcurrentaccount32,790,555.3110,957,032.13
Total47,133,520.5225,871,389.40

(3).CashreceivablerelatedtootherFinancingactivities

InRMB

ItemsAmountofcurrentperiodAmountofpreviousperiod
Governmentinfrastructureinvestmentsubsidies38,470,400.0097,731,650.00
Total38,470,400.0097,731,650.00

（4）CashpaidrelatedtootherFinancingactivities

InRMB

ItemsAmountofcurrentperiodAmountofpreviousperiod
Issuancefeeofmedium-termnotes1,001,869.75776,869.75
Purchaseof21%equityconsiderationofGuanghui1,221,839,292.00
Cashpaidfortheleaseliabilities5,240,644.145,157,973.11
Total6,242,513.891,227,774,134.86

53.SupplementInformationforcashflowstatement

（1）SupplementInformationforcashflowstatement

InRMB

SupplementInformationAmountofcurrentperiodAmountofpreviousperiod
I.Adjustingnetprofittocashflowfromoperatingactivities
Netprofit1,061,552,171.431,199,986,897.75
Add：Creditlosspreparation2,889,394.16
Depreciationoffixedassets,oilandgasassetsandconsumablebiologicalassets479,906,745.78640,158,205.26
DepreciationofUserightassets4,910,817.454,917,916.58
Amortizationofintangibleassets11,410,277.6618,687,606.48
AmortizationofLong-termdeferredexpenses175,312.50
Lossondisposaloffixedassets,intangibleassetsandotherlong-termdeferredassets-463,363.89
Fixedassetsscraploss15,483.35135,447.06
Lossonfairvaluechanges
Financialcost123,517,238.10149,343,110.61
Lossoninvestment-162,384,354.53-172,050,127.56
Decreaseofdeferredincometaxassets54,617,177.2843,283,161.23
Increasedofdeferredincometaxliabilities-11,080,458.14-12,579,420.88
Decreaseofinventories-321,592.91
Deceaseofoperatingreceivables-46,196,406.7119,900,483.49
IncreasedofoperatingPayable-72,254,061.48-80,544,176.47
Creditimpairmentloss1,310,999.95
Netcashflowsarisingfromoperatingactivities1,443,551,266.301,815,293,217.25
II.Significantinvestmentandfinancingactivitiesthatwithoutcashflows:
Conversionofdebtintocapital
Convertiblecorporatebondsmaturingwithinoneyear
Financingoffixedassetsleased
3．Movementofcashandcashequivalents：
Endingbalanceofcash4,042,994,649.073,566,075,410.42
Less:Beginningbalanceofcashequivalents2,955,183,190.552,846,176,803.89
Add：Endbalanceofcashequivalents
Less:Beginningbalanceofcashequivalents
Netincreaseofcashandcashequivalent1,087,811,458.52719,898,606.53

（2）Compositionofcashandcashequivalents

InRMB

ItemsBalanceinyear-endBalanceinyear-Beginning
Cash4,042,994,649.072,955,183,190.55
Ofwhich:Cashinstock48,820.8138,214.02
Banksavingscouldbeusedatanytime3,995,143,572.142,954,629,744.81
Othermonetarycapitalcouldbeusedatanytime47,802,256.12515,231.72
Balanceofcashandcashequivalentsattheperiodend4,042,994,649.072,955,183,190.55

54.Theassetswiththeownershiporuserightrestricted

InRMB

ItemsBookvalueattheendoftheperiodRestrictedreason
Monetaryfund1,221,200.00Landreclamationfundsinthefundescrowaccount
Total1,221,200.00--

Othernote：

AsofJune30,2022,theCompany'ssubsidiaryJingzhuExpresswayGuangzhuSectionCo.,Ltdborrowed548,360,000.00yuanfromWuyangSub-branchofIndustrialandCommercialBankofChina(including67,670,000.00yuaninnon-currentliabilitiesduewithinoneyearand480,690,000.00yuaninlong-termloans),andprovidedapledgeguaranteeof19.2%oftheproject'stollinterest(therighttocollecttollsforvehiclestravelingontheGuangzhusectionofJingzhuExpresswayandtherevenuegeneratedbyowningsuchright).

VIII.Changesofmergescope

1.ThedisposalofsubsidiaryWhetherthereisasingledisposaloftheinvestmenttosubsidiaryandlostcontrol

√Yes□No

InRMB

SubsidiarynameEquitydisposalpriceEquitydisposalratioEquitydisposalmethodpointoflossofcontrolDeterminationbasisforthepointoflossofcontrolThedifferencebetweenthedisposalpriceandtheshareofthesubsidiary'snetassetsattheconsolidatedfinancialstatementlevelcorrespondingtothedisposalinvestmentPercentageofremainingequityatthedateoflossofcontrolBookvalueofremainingequityonthedateoflossofcontrolFairvalueofremainingequityatthedateoflossofcontrolGainorlossfromremeasurementofremainingequityatfairvalueDeterminationmethodandmainassumptionsoffairvalueofremainingequityonthedateoflossofcontrolAmounttransferredfromothercomprehensiveincomerelatedtoequityinvestmentinatomiccompanytoinvestmentprofitandloss
GuangdongExpresswayTechnologyInvestmentCo.,Ltd.50,623,900.00100.00%SaleofsharesundercommoncontrolMarch29,2022Completedtheequitytransfer,thetransferofcontrolright13,564,262.330.00%0.000.000.000.00

Othernote：

Whethertherearemultipletransactionsstepbystepdisposetheinvestmenttosubsidiaryandlostcontrolinreportingperiod

□Yes√No

IX.Equityinotherentities

1.Equityinsubsidiary

(1)Thestructureoftheenterprisegroup

NameofSubsidiaryMainPlacesofOperationRegistrationPlaceNatureofBusinessShareholdingRatio(%)ObtainingMethod
directindirect
GuangfoExpresswayCo.,Ltd.GuangzhouGuangzhouExpresswayManagement75.00%Underthesamecontrolbusinesscombination
GuanghuiExpresswayCo.,Ltd.GuangzhouGuangzhouExpresswayManagement51.00%Underthesamecontrolbusinesscombination
JingzhuExpresswayGuangzhuSectionCo.,Ltd.ZhongshanGuangzhouExpresswayManagement75.00%Underthesamecontrolbusinesscombination
YuegaoCapitalInvestment(Guangzhou)Co.,Ltd.GuangzhouGuangzhouInvestmentmanagement100.00%Investment

Notes:holdingproportioninsubsidiarydifferentfromvotingproportion:NoneBasisofholdinghalforlessvotingrightsbutstillbeencontrolledinvesteeandholdingmorethanhalfofthevotingrightsnotbeencontrolledinvestee:NoneSignificantstructureentitiesandcontrollingbasisinthescopeofcombination:NoneBasisofdeterminewhethertheCompanyistheagentortheprincipal:None

(2)ImportantNon-wholly-ownedSubsidiary

InRMB

NameofSubsidiaryShareholdingRatioofMinorityShareholders(%)ProfitorLossOwnedbytheMinorityShareholdersintheCurrentPeriodDividendsDistributedtotheMinorityShareholdersintheCurrentPeriodEquityBalanceoftheMinorityShareholdersintheEndofthePeriod
GuangfoExpresswayCo.,Ltd.25.00%9,596,500.7853,112,309.9587,798,897.85
GuangdongGuanghuiExpresswayCo.,Ltd.49.00%229,896,908.16137,399,965.712,027,908,518.81
JingzhuExpresswayGuangzhuSectionCo.,Ltd.25.00%48,271,910.81126,239,706.53212,707,589.86

HoldingproportionofminorityshareholderinsubsidiarydifferentfromvotingproportionNone

(3)Themainfinancialinformationofsignificantnotwhollyownedsubsidiary

InRMB

NameYear-endbalance
CurrentassetsNon-currentassetsTotalassetsCurrentLiabilitiesNon-currentliabilitiesTotalliabilities
GuangfoExpresswayCo.,Ltd.363,399,371.1516,241,271.51379,640,642.6628,445,051.2728,445,051.27
GuangdongGuanghuiExpresswayCo.,Ltd.1,574,142,897.113,105,468,482.934,679,611,380.04355,809,782.98185,212,783.16541,022,566.14
JingzhuExpresswayGuangzhuSectionCo.,Ltd.100,405,966.862,092,651,162.692,193,057,129.55746,917,820.51595,308,949.651,342,226,770.16

Name

NameYear-beginningbalance
CurrentassetsNon-currentassetsTotalassetsCurrentLiabilitiesNon-currentliabilitiesTotalliabilities
GuangfoExpresswayCo.,Ltd.539,508,987.5517,935,998.96557,444,986.5132,186,158.4532,186,158.45
GuangdongGuanghuiExpresswayCo.,Ltd.1,106,203,367.943,200,915,171.314,307,118,539.25199,770,257.66195,999,137.99395,769,395.65
JingzhuExpresswayGuangzhuSectionCo.,Ltd.78,321,084.792,167,316,422.402,245,637,507.19455,558,150.91627,377,814.001,082,935,964.91

InRMB

NameAmountofcurrentperiodAmountofpreviousperiod
BusinessincomeNetprofitTotalComprehensiveincomeCashflowsfromoperatingactivitiesBusinessincomeNetprofitTotalComprehensiveincomeCashflowsfromoperatingactivities
GuangfoExpresswayCo.,Ltd.66,566,527.4538,386,003.1238,386,003.12200,857,877.57223,491,338.35125,126,708.37125,126,708.37156,814,439.07
GuangdongGuanghuiExpresswayCo.,Ltd.893,298,497.64469,177,363.59469,177,363.59591,588,578.501,004,523,049.04516,820,409.74516,820,409.74680,781,673.26
JingzhuExpresswayGuangzhuSectionCo.,Ltd.452,938,785.68193,087,643.23193,087,643.23271,398,716.46560,521,671.83266,411,477.01266,411,477.01409,250,398.13

Othernote：

(4)SignificantrestrictionsofusingenterprisegroupassetsandpayoffenterprisegroupdebtNone

(5)ProvidefinancialsupportorothersupportforstructureentitiesincorporateintothescopeofconsolidatedfinancialstatementsNone

2.ThetransactionoftheCompanywithitsowner’sequitysharechangedbutstillcontrollingthesubsidiary

(1)SignificantjointventurearrangementorassociatedenterpriseNone

（2）Affectofthetransactionontheminorityequityandowner'sequityattributabletotheparentcompanyNone

3.Equityinjointventurearrangementorassociatedenterprise

(1)Significantjointventurearrangementorassociatedenterprise

NameMainoperatingplaceRegistrationplaceBusinessnatureProportionAccountingtreatmentoftheinvestmentofjointventureorassociatedenterprise
DirectlyIndirectly
ZhaoqingYuezhaoHighwayCo.,Ltd.Zhaoqing,GuangdongZhaoqing,GuangdongExpresswayManagement25.00%Equitymethod
ShenzhenHuiyanExpresswayCo.,Ltd.ShenzhenShenzhenExpresswayManagement33.33%Equitymethod
GuangdongJiangzhongExpresswayCo.,Ltd.Zhongshan,Zhongshan,ExpresswayManagement15.00%Equitymethod
GanzhoukangdaExpresswayCo.,Ltd.GangzhouGanzhouExpresswayManagement30.00%Equitymethod
GanzhouGankangExpresswayCo.,Ltd.GangzhouGanzhouExpresswayManagement30.00%Equitymethod
GuangdongYuepuSmallRefinancingCo.,LtdGuangzhouGuangzhouHandallkindsofsmallloans15.48%Equitymethod
GuangyuanSecuritiesCo.,Ltd.HefeiHefeiSecuritybusiness2.37%Equitymethod
HunanLianzhiTechnologyCo.,Ltd.ChangshaChangshaResearchandexperimentaldevelopment10.10%Equitymethod
SPICYuetongQiyuanChipPowerTechnologyCo.,LtdGuangzhouGuangzhouNewEnergyservice5.00%Equitymethod
ShenzhenGarageElectricPileTechnologyCo.,LtdShenzhenShenzhenSoftwareandInformationtechnology17.40%Equitymethod

Notestoholdingproportionofjointventureorassociatedenterprisedifferentfromvotingproportion:

NoneBasisofholdinglessthan20%ofthevotingrightsbuthasasignificantimpactorholding20%ormorevotingrightsbutdoesnothaveasignificantimpact:

Guangdong,JiangzhongExpresswayCo.,Ltd.,GuangyuanSecuritiesCo.,Ltd.，YuepuSmallRefinancingCo.,Ltd.andHunanLianzhiTechnologyCo.,Ltd.SPICYuetongQiyuanChipPowerTechnologyCo.,Ltd.andShenzhenGarageElectricPileTechnologyCo.,Ltd.holds20%ofthevotingrights,buthasthepowertoparticipateinmakingdecisionsontheirfinancialandoperatingdecisions,andthereforedeemedtobeabletoexertsignificantinfluenceovertheinvestee.

(2)MainfinancialinformationofsignificantjointventureNone

(3)Mainfinancialinformationofsignificantassociatedenterprise

InRMB

Year-endbalance/AmountofcurrentperiodYear-beginningbalance/Amountofpreviousperiod
GuoyuanSecuritiesCo.,Ltd.GuoyuanSecuritiesCo.,Ltd.
Currentassets
Non-currentassets
Totalassets131,830,386,370.82114,683,858,604.22
Currentliabilities
Non-currentLiabilities
Totalliabilities

MinorityShareholders’Equity

MinorityShareholders’Equity
Shareholders’equityattributabletoshareholdersoftheparent32,225,877,958.6032,259,179,385.22
Proratashareofthenetassetscalculated764,204,123.51764,993,833.19
Adjustmentitems
--Goodwill207,095,632.54207,095,632.54
--Internaltransactionsdidnotachieveprofits
--Other
Thebookvalueofequityinvestmentsinjointventures971,299,756.05972,089,465.73
Fairvalueofequityinvestmentofassociatedenterpriseswithopenquotation643,661,660.04796,815,881.40
Buinsessincme2,474,031,036.382,275,384,578.36
Netprofit749,499,017.55846,756,168.54
Netprofitfromterminatedoperations
Othercomprehensiveincome-35,288,230.2684,942,800.98
Totalcomprehensiveincome714,210,787.29931,698,969.52

Dividendsreceivedfromassociatesduringtheyear

Dividendsreceivedfromassociatesduringtheyear18,626,864.7610,348,258.20

(4)Summaryfinancialinformationofinsignificantjointventureorassociatedenterprise

InRMB

Year-endbalance/AmountofcurrentperiodYear-beginningbalance/Amountofpreviousperiod
Jointventure：
Totalamountoftheproratacalculationofthefollowingitems
Associatedenterprise：
Totalbookvalueoftheinvestment1,848,830,321.351,655,041,215.52
Totalamountoftheproratacalculationofthefollowing--Netprofitms
-Nitprofit82,950,868.66102,343,851.05
--Totalcomprehensiveincome82,950,868.66102,343,851.05

Othernote

(5)NotetothesignificantrestrictionsoftheabilityofjointventureorassociatedenterprisetransferfundstotheCompany

None

(6)TheexcesslossofjointventureorassociatedenterpriseNone

(7)TheunrecognizedcommitmentrelatedtojointventureinvestmentNone

(8)ContingentliabilitiesrelatedtojointventureorassociatedenterpriseinvestmentNone

4.SignificantcommonoperationNone

5.EquityofstructureentitynotincludinginthescopeofconsolidatedfinancialstatementsNone

6.Other

NoneX.RisksRelatedtoFinancialInstrumentsThecompanyhasthemainfinancialinstruments,suchasbankdeposits,receivablesandpayables,investments,loansandsoon.PleaserefertotherelevantdisclosureinNotesforthedetails.Therisksassociatedwiththesefinancialinstrumentsmainlyincludecreditrisk,marketriskandliquidityrisk.Thecompany’smanagementshallmanageandmonitortheserisksandensureaboveriskstobecontrolledwithincertainscope.

ThetargetsandpoliciesofriskmanagementThetargetofriskmanagementistoobtaintheproperbalancebetweentheriskandbenefit,toreducethenegativeimpactthatiscausedbytheriskoftheCompanytothelowestlevel,andtomaximizethebenefitsofshareholdersandotherequityinvestors.Basedonthetargetsofriskmanagement,thebasicstrategyoftheCompany’sriskmanagementistoidentifyandanalyzetheriskswhicharefacedbytheCompany,establishsuitablerisktolerancebaselineandproceedtheriskmanagement,andsuperviseavarietyofriskstimelyandreliably,andcontroltheriskswithinalimitedrange.

1.Marketrisk

（1）ForeignexchangeriskForeignexchangeriskreferstotheriskoflossduetoexchangeratefluctuationsgenerally.OurforeignexchangeriskismainlyrelatedtoHongKongDollar.BesidesannualdistributionofB-shareshareholderdividends,othermajorbusinessactivitiesofourCompanyaresettledinRMB.Duringthereportingperiod,duetotheshortcreditperiodoftheCompany'sincomeandexpenditurerelatedtoforeigncurrency,itwasnotaffectedbyforeignexchangerisk.

（2）InterestrateriskTheCompany'sriskofcashflowchangesinfinancialinstrumentscausedbyinterestratechangesismainlyrelatedtofloatingratebankborrowings.TheCompany'spolicyistomaintainthefloatinginterestrateoftheseborrowings,andatthesametimetoreasonablyreducetheriskofinterestratefluctuationbyshorteningthetermofasingleloanandspecificallyagreeingonprepaymentterms.

（3）OtherpriceriskTheinvestmentsheldbytheCompanyareclassifiedasfinancialassetsmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincomeandaremeasuredatfairvalueonthebalancesheetdate.Therefore,theCompanybearstheriskofchangesinthesecuritiesmarket.

2.CreditriskAsofJune30,2022,thelargestcreditriskexposurethatmaycausefinanciallossesoftheCompanymainly

comesfromthelossoffinancialassetsoftheCompanycausedbythefailureoftheotherpartytoperformitsobligations.Inordertoreducecreditrisk,theCompanyonlydealswithrecognizedandreputablecustomers.Inaddition,theCompanyreviewstherecoveryofeachsinglereceivablesoneachbalancesheetdatetoensurethatadequatebaddebtprovisionsaremadeforunrecoverableamounts.Consequently,theCompany'smanagementbelievesthattheCompany'screditriskhasbeengreatlyreduced.TheGroup'sworkingcapitalisdepositedinbankswithhighercreditrating,sothecreditriskofworkingcapitalisrelativelylow.Financialassetsoverdueorimpaired;

(1)Aginganalysisoffinancialassetswithoverdueimpairment:Notexisted

(2)Analysisoffinancialassetsthathavesufferedsingleimpairment:Referto"4,OtherReceivables"inVIIand"10,InvestmentinOtherEquityInstruments"inVIIofthissectionfordetails.

3.LiquidityriskWhenmanagingliquidityrisks,theCompanymaintainssufficientcashandcashequivalentsasdeemedbythemanagementandmonitorthemtomeettheCompany'soperationalneedsandreducetheimpactofcashflowfluctuations.ThemanagementoftheCompanymonitorstheuseofbankloansandensurescompliancewiththeloanagreement.XI.Thedisclosureofthefairvalue

1.Closingfairvalueofassetsandliabilitiescalculatedbyfairvalue

InRMB

ItemsClosingfairvalue
Firvaluemeasurementitemsatlevel1Firvaluemeasurementitemsatlevel2Firvaluemeasurementitemsatlevel3Total
I.Consistentfairvaluemeasurement--------
(I)Tradingfinancialassets91,000,000.0091,000,000.00
（2）Equityinstrumentinvestment91,000,000.0091,000,000.00
（II）Otherequityinstrumentinvestment708,117,381.44766,790,940.561,474,908,322.00
Totalassetscontinuouslymeasuredatfairvalue708,117,381.44857,790,940.561,565,908,322.00
II.Non–persistentmeasure--------

2.Marketpricerecognitionbasisforconsistentandinconsistentfairvaluemeasurementitemsatlevel1.Asattheendoftheperiod,thecompanyholdsshares235,254,944sharesofChinaEverbrightBankAccordingtotheclosingpriceofJune30,2022of3.01yuan,thefinalcalculationoffairvaluewas

708,117,381.44yuan.

3.Fairvalueoffinancialassetsandliabilitiesnotmeasuredatfairvalue,Thevaluationtechniquesadoptedandthequalitativeandquantitativeinformationofimportantparametersforcontinuousandnon-continuouslevel2fairvaluemeasurementitems

ItemsFairvalueasofJune30,2022ValuationtechnologyUnobservableinputvalue
Unlistedequity857,790,940.56Hireathirdpartyforevaluationorenjoythe
investmentshareofthenetbookassetsoftheinvesteebasedontheshareholdingratio

4.Fairvalueoffinancialassetsandliabilitiesnotmeasuredatfairvalue

TheCompany'sfinancialassetsandliabilitiesmeasuredinamortizedcostmainlyinclude:accountsreceivable,otherreceivables,contractassets,short-termloans,accountspayable,otherpayables,non-currentliabilitiesduewithinoneyear,long-termloans,bondspayableandlong-termpayables.

Thereisnosignificantdifferencebetweenthebookvalueoffinancialassetsandliabilitiesnotmeasuredatfairvalueandthefairvalue.XII.Relatedpartiesandrelated-partytransactions

1.Parentcompanyinformationoftheenterprise

NameRegisteredaddressNatureRedistrictedcapitalTheparentcompanyoftheCompany'sshareholdingratioTheparentcompanyoftheCompany’svoteratio
GuangdongcommunicationGroupCo.,LtdGuangzhouEquitymanagement,trafficinfrastructureconstructionandrailwayprojectoperation26.8billionyuan24.56%50.12%

Notes：

GuangdongCommunicationGroupCo.,Ltd.isthelargestshareholderoftheCompany.legalrepresentative:

DengXiaohua.Dateofestablishment:June23,2000.AsofJune30,2022,Registeredcapital:26.8billionyuan.Itisasolelystate-ownedlimitedcompany.Businessscope：equitymanagement,organizationofassetreorganizationandoptimizedallocation,raisingfundsbymeansincludingmortgage,transferofpropertyrightsandjointstocksystemtransformation,projectinvestment,operationandmanagement,trafficinfrastructureconstruction,highwayandrailwayprojectoperationandrelevantindustries,technologicaldevelopment,application,consultationandservices,highwayandrailwaypassengerandcargotransport,shipindustry,relevantoverseasbusinesses;Thevalue-addedcommunicationbusiness.ThefinialcontroloftheCompanywasStateownedassetssupervisionandAdministrationCommissionofGuangdongProvincialPeople'sGovernment.Othernote：

2.SubsidiariesoftheCompanySubsidiariesofthisenterprise,seeIX(1)therightsofotherentity

3.InformationonthejointventuresandassociatedenterprisesoftheCompany

DetailsrefertotheIX-3,InterestsinjointventuresorassociatesInformationonotherjointventureandassociatedenterpriseofoccurringrelatedpartytransactionswiththeCompanyinreportingperiod,orformbalanceduetorelatedpartytransactionsinpreviousperiod:

NameRelationwiththeCompany
ShenzhenHuiyanExpresswayCo.,Ltd.AssociatedenterprisesoftheCompany
ZhaoqingYuezhaoHighwayCo.,Ltd.AssociatedenterprisesoftheCompany
GanzhouKangdaExpresswayCo.,Ltd.AssociatedenterprisesoftheCompany
GanzhouGankangExpresswayCo.,Ltd.AssociatedenterprisesoftheCompany
GuangdongJiangzhongExpresswayCo.,Ltd.AssociatedenterprisesoftheCompany
HunanLiankeTechnologyCo.,Ltd.AssociatedenterprisesoftheCompany

4.OtherRelatedparties

NameRelationwiththeCompany
GuangdongBodaExpresswayCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongChaohuiExpresswayCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongLitongPropertyInvestmentCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongExpresswayMediaCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongGuangzhuWestLineExpresswayCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongHumenBridgeCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongHualuTrafficTechnologyCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongLitongTechnologyInvestmentCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongLitongDevelopmentInvestmentCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongUnionElectronServiceInformationtechnologyCo.,ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongLulutongCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongLuoyangExpresswayCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongProvincialFreewayCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongHighwayConstructionCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongCommunicationGroupFinanceCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongRead&BridgeConstructionDevelopmentCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongTongyiExpresswayServiceAreaCo.,LtdFullyownedsubsidiaryoftheparentcompany
GuangdongXinyueTrafficInvestmentCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongYueyunTrafficCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongYueyunTrafficRescueCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangshenzhuExpresswayCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangzhouXinyueTrafficTechnologyCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangzhouXinyueAsphaltCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangzhouYueyunTrafficCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
XinyueCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd.Sharesofparentcompany
GuangzhongjiangExpresswayProjectManagementDeptManagedbytheparentcompany
GuangzhouAitesiCommunicationequipmentCo.,Ltd.Associatedenterprisescontrolledbythesameparentcompany
GuangdongJingzhuExpresswayGuangzhuNorthSectionCo.,Ltd.Associatedenterprisescontrolledbythesameparentcompany
GuangdongFeidaTrafficEngineeringCo.,Ltd.Associatedenterprisescontrolledbythesameparentcompany
PolyChangdaEngineeringCo.,Ltd.Sharesofparentcompany
GuangdongChangdaRoadConservationCo.,Ltd.Sharesofparentcompany
GuangdongRoadNetworkDigitalMediaInformationTechnologyCo.LtdFullyownedsubsidiaryoftheparentcompany
GuangdongXiangfeiHighwayEngineeringSupervisionCo.,LtdSubsidiaryoftheparentcompany
GuangdongExpresswayTechnologyCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
HunanLianzhiTechnologyCo.,Ltd.AwhollyownedsubsidiaryoftheCompany
GuangdongZhujiangRoadbridgeInvestmentCo.,Ltd.Ithasasignificantimpactonimportantsubsidiaries
GuangdongXinyueTrafficQingyunExpresswayManagementOfficeManagedbytheparentcompany

5.Listofrelated-partytransactions

(1)InformationonacquisitionofgoodsandreceptionoflaborserviceAcquisitionofgoodsandreceptionoflaborservice

InRMB

RelatedpartiesContentofrelatedtransactionAmountofcurrentperiodAmountofpreviousperiod
1.Businesscost
GuangdongUnionelectronicservicesco.,Ltd.Service12,021,733.9514,427,549.75
BolyChangdaEngineeringCo.,Ltd.Service11,772,757.004,459,339.00
GuangdongFeidaTrafficEngineeringCo.,Ltd.Mechanicalandelectricaldailymaintenancepayment2,003,201.042,066,264.07
GuangdongYueyunTrafficRescueCo.,Ltd.Rescueservicefee494,700.00
GuangdongHumenBridgeCo.,Ltd.Service310,411.02
GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd.Projectlabourservice178,243.00
GuangdongLulutongCo.,Ltd.Maintenance,Projectfunds52,598.00
GuangdongTongyiExpresswayServiceAreaCo.,LtdService40,808.70
GuangdongJingzhuExpresswayGuangzhuNorthSectionCo.,Ltd.Service8,551.20
GuangzhouAitesiCommunicationEquipmentCo.,Ltd.Maintenanceofchargingfacilities2,400.00
GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd.Service30,000.00
Subtotal26,885,403.9120,983,152.82
2.Financialcost
GuangdongCommunicationGroupFinanceCo.,Ltd.Depositinterestincome-24,475,843.25-15,349,444.97
GuangdongCommunicationGroupFinanceCo.,Ltd.BorrowingInterestexpresses5,112,347.243,167,500.00
GuangdongCommunicationGroupFinanceCo.,Ltd.Commissioncharge920.00
GuangdongJiangzhongExpresswayCo.,Ltd.Interest27,405.00
Subtotal-19,362,576.01-12,154,539.97
3.Administrativeexpenses
GuangdongUnionelectronicservicesco.,Ltd.Informationcostandmaintenancefee288,500.00
GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd.OAMaintenance，Service10,000.0060,000.00
Subtotal298,500.0060,000.00
4.Non-Operatingexpensess
BolyChangdaEngineeringCo.,Ltd.Damfordamagedrepairofcivilfacilities1,009,397.00
Subtotal1,009,397.00
5.Constructioninprocess
GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd.Purchaseassets5,973,981.007,455,615.00
PolyChangdaEngineeringCo.,Ltd.Purchaseassets26,630,344.47141,402,869.60
GuangdongXinyueTrafficInvestmentCo.,Ltd.Purchaseassets6,127,813.56584,557.32
GuangdongHighwayConstructionCo.,Ltd.Purchaseassets9,089,990.48
GuangdongHualuTrafficTechnologyCo.,Ltd.Purchaseassets907,894.50
GuangdongXiangfeiHighwayEngineeringSupervisionCo.,LtdPurchaseassets208,829.00
Subtotal48,730,024.01149,651,870.92
6.Fixedassets
GuangdongExpresswayTechnologyInvestmentCo.,Ltd.Purchaseassets82,895.00
GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd.Purchaseassets483,543.00
Subtotal566,438.00
7.Othercurrentassets
GuangdongFeidaTrafficEngineeringCo.,Ltd.Contractacquisitioncost182,274.01
Subtotal182,274.01

Relatedtransactionsonsalegoodsandreceivingservices

InRMB

RelatedpartyContentAmountofcurrentperiodAmountofpreviousperiod
1.Businessincome
JingzhuExpresswayGuangzhuNorthsectionCo.,Ltd.Commissionmanagementfee10,603,632.049,622,924.52
GuangdongProvincialFreewayCo.,Ltd.Projectfund886,950.001,773,900.00
GanzhouGankangExpresswayCo.,Ltd.Salariesofexpatriatestaff525,660.83450,262.64
ZhaoqingYuezhaoHighwayCo.,Ltd.Salariesofexpatriatestaff512,977.97514,314.09
GuangdongTongyiExpresswayServiceAreaCo.,Ltdwaterandelectricity486,716.96577,014.73
GuangdongTrafficDevelopmentCo.,Ltd.electricity336,290.97
ShenzhenHuiyanExpresswayCo.,Ltd.Salariesofexpatriatestaff260,849.89254,219.25
GanzhouKangdaExpresswayCo.,Ltd.Salariesofexpatriatestaff138,547.02162,691.45
GuangdongJiangzhongExpresswayCo.,Ltd.Salariesofexpatriatestaff176,119.4181,447.20
GuangdongLuoyangExpresswayCo.,Ltd.Test58,490.57
PolyChangdaEngineeringCo.,Ltd.Biddingdocumentsincome,waterandelectricitybills1,000.00103,082.55
GuangdongFeidaTrafficEngineeringCo.,LtdCPCcardsalesrevenue56,991.15
GuangdongXinyueTrafficInvestmentCo.,Ltd.Project52,187.72
GuangdongExpresswayMediaCo.,Ltd.Waterandelectricity49,750.19
GuangdongYueyunTrafficRescueCo.,Ltd.Waterandelectricity18,905.54
Subtotal13,987,235.6613,717,691.03

(2)InformationofrelatedleaseTheCompanywaslessor：

InRMB

NameoflesseeCategoryofleaseassetsTheleaseincomeconfirmedinthisyearTheleaseincomeconfirmedinlastyear
GuangdongExpresswayMediaCo.,Ltd.Advertisinglease1,379,412.57842,169.89
PolyChangdaEngineeringCo.,Ltd.Rentalincome555,557.14
GuangdongLitongTechnologyInvestmentCo.,Ltd.CommunicationPiping522,034.27819,439.23
GuangdongTrafficDevelopmentCo.,Ltd.Rentalincomeofchargingpile149,850.34
GuangdongRoadNeworkDigitalMediaInformationTechnologyCo.,Advertising2,777.78
Ltd.
Total2,609,632.101,661,609.12

-Thecompanywaslessee：

InRMB

LessorCategoryofleasedassetsRentalchargesforshort-termandlow-valueassets(ifany)Variableleasepaymentsnotincludedinleaseliabilitiesmeasurement(ifany)RentpaidInterestexpensesonleaseliabilitiesassumedIncreaseduserightassets
AmountofcurrentperiodAmountofpreviousperiodAmountofcurrentperiodAmountofpreviousperiodAmountofcurrentperiodAmountofpreviousperiodAmountofcurrentperiodAmountofpreviousperiodAmountofcurrentperiodAmountofpreviousperiod
GuangdongLitongDecelopmentInvestmentCo.,LtdOfficespace4,604,363.824,604,363.83
JingzhuExpresswayGuangzhuNorthsectionCo.,Ltd.Activityplace53,508.7253,508.72
GuangdongLitongPropertyDevelopmentCo.,Ltd.Officespace27,586.0050,321.3727,586.0050,321.37
Total27,586.0050,321.374,685,458.544,708,193.92

(3）Rewardsforthekeymanagementpersonnel

InRMB

ItemsAmountofcurrentperiodAmountofpreviousperiod
Rewardsforthekeymanagementpersonnel2,834,900.002,935,600.00

（4）Othersignificantrelated-partytransactions

√Applicable□Notapplicable

（1）Depositbusiness

RelatedpartyRelationshipMaximumdailydepositlimit（Tenthousandyuan）DepositinterestraterangeBeginningbalance（Tenthousandyuan）TheamountofthisperiodEndingbalance（Tenthousandyuan）
Totalamountforthisperiod（Tenthousandyuan）Totalamountiswithdrawnforthisperiod（Tenthousandyuan）
GuangdongCommunicationsGroupFinanceCo.,LtdControlledbythesameparentcompany300,000.000.35%-2.85%152,100.35113,736.70265,837.05

（2）Loanbusiness

RelatedpartyRelationshipLoanlimit（Tenthousandyuan）LoantinterestraterangeBeginningbalance（Tenthousandyuan）TheamountofthisperiodEndingbalance（Tenthousandyuan）
Totalloanamountofthecurrent（Tenthousandyuan）Totalrepaymentamountofthecurrentperiod（Tenthousandyuan）
GuangdongCommunicationsGroupFinanceCo.,LtdControlledbythesameparentcompany400,000.003.00%-3.75%20,000.0032,000.00100.0051,900.00

(3)Creditextensionorotherfinancialservices

RelatedpartyRelationshipBusinesstypeTotalamount（10，000）Actualamountincurred（10，000)
GuangdongCommunicationsGroupFinanceCo.,LtdControlledbythesameparentcompanyCreditextension220,000.0051,900.00

TheCompanyrespectivelysignedthe"CashManagementBusinessCooperationAgreement"withGuangdongCommunicationsGroupFinanceCo.,LtdandtheGuangdongBranchofIndustrialandCommercialBankofChinaonDecember25,2017;andsignedthe"CashManagementBusinessCooperationAgreement"withGuangdongCommunicationsGroupFinanceCo.,LtdandtheGuangdongBranchofIndustrialandCommercialBankofChinaonDecember22,2017respectively,joinedthecashpoolofGuangdongCommunicationsGroupFinanceCo.,Ltd.GuangdongGuanghuiExpresswayCo.,Ltdrespectivelysignedthe"CashManagementBusinessCooperationAgreement"withGuangdongCommunicationsGroupFinanceCo.,LtdandAgriculturalBankofChinaCo.,LtdGuangdongBranchonMay19,2020,joinedthecashpoolofGuangdongCommunicationsGroupFinanceCo.,Ltd.

（5）Assettransferanddebtrestructuringofrelatedparties

RelatedpartyContentAmountofcurrentperiodAmountofpreviousperiod
GuangdongLitongTechnologyI\investmentCo.,Ltd.Sellequityinvestments50,623,900.00

Upondeliberationandapprovalatthe27thmeetingoftheninthboardofdirectorsofthecompany,thecompanytransferred100%equityofitswholly-ownedsubsidiary,GuandongExpresswayTechnologyInvestmentCo.,Ltd.,toGuandongLitongTechnologyInvestmentCo.,Ltd.

(6)Otherrelated-partytransactions

-OnJune15,2016,Thecompany’s29thmeeting(Provisional)oftheseventhboardofdirectorswasconvened.TheProposalonEntrustmentofConstructionManagementoftheRenovationandExpansionProjectofSanbao-to-ShuikouSectionofShengyang-to-HaikouNationalExpresswaywasdeliberatedinthemeeting,agreedthatGuangdongProvincialFokaiExpresswayCo.,LtdentrustsGuangdongProvincialHighwayConstructionCo.,LtdwiththeconstructionmanagementoftherenovationandexpansionprojectofSanbao-to-ShuikouSectionofShengyang-to-HaikouNationalExpressway,andhandlingtherelatedmattersoftheentrustmentoftheconstructionmanagement.

OnMarch25,2021,theSixteenthMeetingoftheNinthBoardofDirectorsoftheCompanyheldandreviewedtheProposalontheCompany'sEstimatedDailyRelatedPartyTransactionsin2021.ItisestimatedthatthedailyrelatedpartytransactionsincludetheAgreementontheEntrustedManagementofthePreliminaryWorkoftheReconstructionandExpansionProjectofNansha-ZhuhaiSectionofGuangzhou-MacaoExpresswaysignedbyBeijing-ZhuhaiExpresswayGuangzhou-ZhuhaiSectionCo.,Ltd.andGuangdongHighwayConstructionCo.,Ltd.,inwhichthelatterisresponsibleforthemainmanagementresponsibilitiesandallthepreliminaryworkbeforetheapprovalofthereconstructionandexpansionproject.

6.Receivablesandpayablesofrelatedparties

（1）Receivables

InRMB

NameRelatedpartyAmountatyearendAmountatyearbeginning
BalanceofBookBaddebtProvisionBalanceofBookBaddebtProvision
ContractassetsGuangdongXinyueTrafficInvestmentCo.,Ltd.113,642.50
ContractassetsGuangdongFeidaTrafficEngineeringCo.,Ltd.48,230.00
ContractassetsGuangdongJiangzhongExpresswayCo.,Ltd.8,412.00
ContractassetsGuangdongNanyueTrafficQingyunExpresswayManagementCenter6,900.00
Total177,184.50
AccountreceivableGuangdongUnionelectronServiceCo.,Ltd.74,737,143.1678,368,502.10
AccountreceivableGuangdongHumenBridgeCo.,20,346,943.382,083,918.33
Ltd.
AccountreceivableJingzhuExpresswayGuangzhuNorthSectionCo.,Ltd.5,484,999.997,783,650.00
AccountreceivableGuangdongLitongTechnologyInvestmentCo.,Ltd.533,136.00338,298.13
AccountreceivablePolyChangdaEngineeringCo.,Ltd.503,879.00265,054.16
AccountreceivableGuangdongFeidaTrafficEngineeringCo.,Ltd.5,531,000.00
AccountreceivableGuangdongExpresswayMediaCo.,Ltd.1,854,769.00
AccountreceivableGuangdongProvincialFreewayCo.,Ltd.203,632.00
AccountreceivableGuangdongXinyueTrafficInvestmentCo.,Ltd.94,301.60
AccountreceivableGuangdongRoadConstructionDevelopmentCo.,Ltd.54,256.00
AccountreceivableShenzhenHuiyanExpresswayCo.,Ltd.51,000.00
AccountreceivableGuangdongRoadBridgeConstructionDevelopmentCo.,Ltd.29,025.15
AccountreceivableGuangzhenzhuExpresswayCo.,ltd.18,192.00
AccountreceivableGuangdongBodaExpresswayCo.,Ltd.4,530.99
Total101,606,101.5396,680,129.46
AdvancedpaymentZhaoqingYuezhaoHighwayCo.,Ltd.216,750.00
AdvancedpaymentGuangdongLulutongCo.,Ltd.1,775,852.40
Total1,775,852.40216,750.00
OtherAccountreceivableGuangdongLitongDevelopmentInvestmentCo.,Ltd.1,653,447.361,653,447.36
OtherAccountreceivableGuangdongProvincialFreewayCo.,Ltd.463,491.88463,491.88
OtherAccountreceivableGuangdongTrafficDevelopmentCo.,Ltd.380,008.80
OtherAccountreceivableGuangdongExpresswayTechnologyInvestmentCo.,Ltd.366,334.32
OtherAccountreceivableGuangdongExpresswayMediaCo.,Ltd.295,499.08649,386.62
OtherAccountreceivableGuangdongUnionelectronServiceCo.,Ltd.50,000.0050,000.00
OtherAccountreceivableGuangdongLitongPropertyDevelpmentCo.,Ltd.16,268.0030,004.00
OtherAccountreceivableZhaoqingYuezhaoHighwayCo.,Ltd.350,000.00
Total3,225,049.443,196,329.86
Non-currentassetsduewithinoneyearGuangdongCommunicationGroupFinanceCo.,ltd.3,010,904.182,731,229.21
Total3,010,904.182,731,229.21
OtherNon-CurrentAssetsGuangdongCommunicationGroupFinanceCo.,ltd.13,368,083.33
OtherNon-CurrentAssetsGuangdongCommunicationPlanning&DesignInstituteCo.,Ltd.2,929,687.00
OtherNon-CurrentGuangdongTrafficDevelopment333,398.00333,398.00
AssetsCo.,Ltd.
OtherNon-CurrentAssetsGuangdongRoadConstructionCo.,Ltd.7,089,990.48
Total16,631,168.337,423,388.48

（2）Payables

InRMB

NameRelatedpartyAmountatyearendAmountatyearbeginning
Short-termloanGuangdongCommunicationGroupFinanceCo.,ltd.320,266,666.67
Total320,266,666.67
AccountpayableGuangzhongjiangExpresswayProjectManagementDept17,466,700.0028,000,000.00
AccountpayablePolyChangdaEngineeringCo.,Ltd.10,842,016.3029,736,553.34
AccountpayableGuangdongExpresswayTechnologyInvestmentCo.,Ltd.6,567,531.19
AccountpayableGuangdongFeidaTrafficEngineeringCo.,Ltd.2,919,499.005,035,975.88
AccountpayableGuangdongHualuTrafficTechnologyCo.,Ltd.2,556,180.044,960,992.02
AccountpayableGuangdongUnionElectronServiceCo.,Ltd.2,500,322.9750,286.78
AccountpayableGuangdongXinyueTrafficInvestmentCo.,Ltd1,630,179.7110,405,248.06
AccountpayableGuangdongProvincialFreewayCo.,Ltd.1,245,443.501,245,443.50
AccountpayableHunanLianzhiTechnologyCo.,Ltd.850,700.00850,700.00
AccountpayableGuangdongCommunicationPlanning&DesignInstituteCo.,Ltd.585,379.101,759,707.90
AccountpayableGuangdongYueyunTrafficRescueCo.,Ltd.360,741.00
AccountpayableGuangdongLitongTechnologyInvestmentCo.,Ltd.336,789.951,291,067.95
AccountpayableGuangdongChangdaRoadMaintenanceCo.Ltd.309,101.00309,101.00
AccountpayableGuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd.90,630.002,331,700.01
AccountpayableGuangzhouXinyueAsphaltCo.,Ltd.46,779.002,773,825.00
AccountpayableGuangzhouAitesiCommunicationEquipmentCo.,Ltd.25,194.002,547,594.00
AccountpayableGuangdongLulutongCo.,Ltd.13,971.402,525,256.06
AccountpayableGuangdongHumenBridgeCo.,Ltd.2,596,817.45
AccountpayableGuangdongYueyunTrafficCo.,Ltd.168,277.20
Total48,347,158.1696,588,546.15
AdvancereceivedGuangdongUnionelectronicservicesco.,Ltd.1,845,607.86
Total1,845,607.86
DividendpayableGuangdongCommunicationGroupCo.,ltd292,686,723.60
DividendpayableGuangdongHighwayConstructionCo.,Ltd.265,805,261.40
DividendpayableGuangdongProvincialFreewayCo.,Ltd.63,174,369.87
DividendpayableGuangdongZhujiangRoadHighwayInvestmentCo.,Ltd.60,000,000.00
DividendpayableXinyueCo.,Ltd.7,488,112.93
DividendpayableGuangdongTrafficDevelopmentCo.,Ltd.1,214,390.70
Total690,368,858.50
OtherPayableaccountPolyChangdaEngineeringCo.,Ltd.20,742,924.4817,126,203.40
OtherPayableaccountGuangdongXinyueTrafficInvestmentCo.,Ltd.4,198,077.884,272,693.60
OtherPayableaccountGuangdongExpresswayTechnologyInvestmentCo.,Ltd.2,541,116.00
OtherPayableaccountGuangdongHighwayConstructionCo.,Ltd.2,013,409.6040,459.66
OtherPayableaccountGuangdongHualuTrafficTechnologyCo.,Ltd.1,959,227.532,084,177.53
OtherPayableaccountGuangdongFeidaTrafficEngineeringCo.,Ltd.1,515,652.651,628,931.87
OtherPayableaccountGuangdongChangdaRoadMaintenanceCo.Ltd.1,630,765.001,630,765.00
OtherPayableaccountGuangdongXinyueTrafficInvestmentCo.,Ltd.1,380,379.201,380,379.20
OtherPayableaccountGuangdongUnionElectronServiceCo.,Ltd.1,134,574.32
OtherPayableaccountGuangdongLulutongCo.,Ltd.1,127,575.621,127,575.62
OtherPayableaccountGuangzhouXinyueAsphaltCo.,Ltd.1,054,919.001,054,919.00
OtherPayableaccountGuangzhongjiangExpresswayProjectManagementDept200,000.00200,000.00
OtherPayableaccountGuangdongCommunicationPlanning&DesignInstituteCo.,Ltd.120,422.00120,422.00
OtherPayableaccountGuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd.171,899.29191,674.29
OtherPayableaccountGuangdongTongyiExpresswayServiceAreaCo.,Ltd.120,000.00120,000.00
OtherPayableaccountGuangdongLitongTechnologyInvestmentCo.,Ltd.99,217.00135,772.00
OtherPayableaccountGuangdongExpresswayMediaCo.,Ltd.50,000.0050,000.00
OtherPayableaccountGuangdongYueyunTrafficRescueCo.Ltd.2,900.002,900.00
Total40,063,059.5731,166,873.17
ContractliabilitiesGuangdongFeidaTrafficEngineeringCo.,Ltd.22,000.00
Total22,000.00
Non-currentliabilitiesdue1yearGuangdongLitongRealestateInvestmentCo.,Ltd.9,733,189.0811,862,198.24
Non-currentliabilitiesdue1yearGuangdongCommunicationGroupFinanceCo.,ltd.2,196,236.132,229,166.68
Non-currentliabilitiesdue1yearZhaoqingYuezhaoHighwayCo.,Ltd.111,862.55
Total11,929,425.2114,203,227.47
LeaseLiabilitiesGuangdongLitongDevelopmentInvestmentCo.,Ltd.2,445,724.58
Total2,445,724.58
Long-termloansGuangdongCommunicationGroupFinanceCo.,ltd.197,000,000.00198,000,000.00
Total197,000,000.00198,000,000.00

7.RelatedpartycommitmentNoneXIII.Stockpayment

1.TheStockpaymentoverallsituation

□Applicable√Notapplicable

2.TheStockpaymentsettledbyequity

□Applicable√Notapplicable

3.TheStockpaymentsettledbycash

□Applicable√Notapplicable

4.ModificationandterminationofthestockpaymentNone

5.OtherNoneXIV.Commitments

1.SignificantcommitmentsSignificantcommitmentsatbalancesheetdateNone

2.Contingency

(1)SignificantcontingencyatbalancesheetdateAsofJune30,2022,theCompanydidnotneedtodiscloseimportantcommitments.

3.Contingency

(1)SignificantcontingencyatbalancesheetdateAsofJune30,2022,theCompanydidnotneedtodiscloseimportantcommitments.XV.Eventsafterbalancesheetdate

1.NotesofothersignificanteventsNoneXVI.Othersignificantevents

1.SegmentinformationThecompany'sbusinessfortheGuangfoExpressway,theFokaiExpressway,GuanghuiExpresswayandJingzhuExpresswayGuangzhuSectiontollcollectionandmaintenancework,thetechnologyindustryandprovideinvestmentadvice,noothernatureofthebusiness,noreportablesegment.

2.GovernmentSubsidy

(1)Governmentsubsidiesincludedindeferredrevenuearesubsequentlymeasuredbythetotalamountmethod

InRMB

SubsidyitemCategoryOpeningbalanceNewsubsidyamountincurrentperiodThecarry-overincurrentperiodisincludedinprofitandlossamountOtherchangesClosingbalancePresentationitemscarriedoverintoprofitorlossinthecurrentperiodAsset-related/revenue-related
CancelthespecialsubsidyfortheexpresswayprovincialtollstationprojectFinancialappropriation30,978,093.115,023,474.6225,954,618.49OtherincomeAssetsrelated

(2)Governmentsubsidiesincludedincurrentprofitsandlossesusingthetotalamountmethod

InRMB

SubsidyitemCategoryAmountincludedinprofitorlossinthecurrentperiodPresentationitemsincludedinprofitorlossinthecurrentperiodAsset-related/revenue-related
SubsidyforpoststabilizationFinancialappropriation1,250,935.46OtherincomeIncomerelated
WorkwithtraininginsteadoftrainingsubsidiesFinancialappropriation1,074,875.00OtherincomeIncomerelated

3.Otherimportanttransactionsandeventshaveanimpactoninvestorsdecision-making

（1）TheCompany'splantopurchase21%equityofGuangdongGuanghuiExpresswayCo.,Ltd.(hereinafterreferredtoas"Guanghui")heldbyGuangdongExpresswayCo.,Ltd.(hereinafterreferredtoas"GuangdongExpressway")bypaymentincashandrelatedmattershavebeenadoptedbytheresolutionofthethirdextraordinarygeneralmeetingofshareholdersin2020.AccordingtotheProfitCompensationAgreementsignedbyGuangdongExpresswayandtheCompany,itisagreedthatGuangdongExpresswayshallundertakethecompensationobligationwhentheactualnetprofitofGuanghuiislessthanthepredictednetprofitwithinthecompensationperiod.Thecompensationperiodistheyearwhenthetransactioniscompletedandthenexttwoyearsthereafter,namely2020,2021and2022.AfternegotiationbetweentheCompanyandGuangdongExpressway,thepredictednetprofitofGuanghuiafterdeductingnon-recurringgainsandlossesin2020,2021and2022isRMB652,477,500,RMB1,112,587,300andRMB1,234,200,900respectively.Withinthecompensationperiod,iftheaccumulatedrealizednetprofitattheendofanyfiscalyearofGuanghuidoesnotreachtheaccumulatedpredictednetprofit,GuangdongExpresswaywillcompensatethecompanyincash,andthespecificcompensationamountpaidbyGuangdongExpresswayinthatyearwillbecalculatedanddeterminedaccordingtothefollowingformula:currentcompensationamountpromisedforperformance=(accumulatedpredictednetprofitasoftheendofthecurrentperiod-accumulatedrealizednetprofitasoftheendofthecurrentperiod)÷sumofpredictednetprofitsofeachyearwithinthecompensationperiod×transactionpriceoftheunderlyingassets-accumulatedcompensatedamountofGuangdongExpressway.WhenthecompensationamountcalculatedineachyearislessthantheRMB0,thevalueshallbetakenasRMB0,andthecompensatedamountshallnotbereversed.

ThenetprofitofGuangzhou-HuizhouCompany(excludingnon-recurringgainsandlosses)in2020wasRMB769,232,600,RMB116,755,100morethanthepromisedamount;thenetprofitofGuangzhou-HuizhouCompany(excludingnon-recurringgainsandlosses)in2021wasRMB1,105,444,400,RMB7,142,900lessthanthepromisedamount;bytheendof2021,theaccumulatednetprofit(excludingnon-recurringgainsandlosses)wasRMB1,874,677,000,RMB109,612,200morethanthepromisedamount.TheCompanyintendstotransfer100%equityofGuangdongExpresswayTechnologyInvestmentCo.,Ltd.toGuangdongLeatopTechnologyInvestmentCo.,Ltd.,andthetransaction-relatedworkisbeingcarriedoutinanorderlymanner.

XVII..Notesofmainitemsinfinancialreportsofparentcompany

1.Accountreceivable

(1).Classificationaccountreceivables.

InRMB

CategoryAmountinyear-endBalanceYear-beginning
BookBalanceBaddebtprovisionBookvalueBookBalanceBaddebtprovisionBookvalue
AmountProportion(%)AmountProportion(%)AmountProportion(%)AmountProportion(%)
Accrualofbaddebtprovisionbyportfolio23,382,037.78100.00%23,382,037.7824,208,692.49100.00%24,208,692.49
Total23,382,037.78100.00%23,382,037.7824,208,692.49100.00%24,208,692.49

Accrualofbaddebtprovisionbysingleitem:None

Accountsreceivableswithbaddebtprovisionarerecognisedbyportfoliobyage

InRMB

AgingBalanceinyear-end
AccountreceivableBaddebtprovisionExpectedcreditlossrate(%)
Within1year23,382,037.78
Total23,382,037.78

Wherethecurrentbaddebtsbackorrecoversignificantamounts:None

(2)Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodNone

（3）Thecurrentaccountsreceivablewrite-offssituationNone

（4）Theendingbalanceofotherreceivablesowedbytheimputationofthetopfiveparties

InRMB

NameAmountProportion(%)Baddebtprovision
GuangdongUnionElectronicServicesCo.,Ltd.23,382,037.78100.00%
Total23,382,037.78100.00%

2.Otheraccountsreceivable

InRMB

ItemsBalanceinyear-endBalanceYear-beginning
Dividendreceivable103,205,472.901,205,472.90
Otherreceivable6,722,102.135,680,509.70
Total109,927,575.036,885,982.60

（1）Interestreceivable：None

（2）Dividendreceivable

1)Dividendreceivable

InRMB

ItemsBalanceinyear-endBalanceYear-beginning
GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise1,205,472.901,205,472.90
GuangdongGuanghuiExpresswayCo.,Ltd.102,000,000.00
Total103,205,472.901,205,472.90

2）Significantdividendreceivableagedover1year

InRMB

ItemsBalanceinyear-endAgingReasonsfornon-recoveryWhetherornottheimpairmentandthebasisforitsdetermination
GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise1,205,472.903-4yearsThepartnershipagreementexpiresandcanberecoveredaftertheextensionproceduresarecompletedNo,itcanberecoveredinthefuture
Total1,205,472.90

（3）Otheraccountsreceivable

1)Otheraccountsreceivableclassifiedbythenatureofaccounts

InRMB

CategoryBalanceinyear-endBalanceYear-beginning
BookbalanceBaddebtprovisionBookvalueBookbalanceBaddebtprovisionBookvalue
AmountProportion(%)AmountProportion(%)AmountProportion(%)AmountProportion(%)
Otherreceivablesforindividualbaddebtprovision30,844,110.4382.11%30,844,110.43100.00%30,844,110.4384.45%30,844,110.43100.00%
Otherreceivablesforbaddebtprovisionaccordingtothecombinationofcreditriskcharacteristics6,722,102.1317.89%6,722,102.135,680,509.7015.55%5,680,509.70
Total37,566,212.5630,844,110.436,722,102.1336,524,620.1330,844,110.43/5,680,509.70

Accrualofbaddebtprovisionbysingle：

Closingbookbalance
BadDebtReservesBookbalanceBaddebtprovisionExpectedcreditlossrate(%)Reason
KunlunSecuritiesCo.,Ltd30,844,110.4330,844,110.43100.00%Baddebtswerewithdrawninfullinbankruptcy
Total30,844,110.4330,844,110.43

Intheportfolio,Disclosurebyaging

InRMB

AgingBalanceinyear-end
OtherreceivableBaddebtprovisionExpectedcreditlossrate(%)
Within1year1,938,165.80
Total1,938,165.80

Intheportfolio,otherreceivableswithbaddebtprovisionbyothermethods:

NameBalanceinyear-endBalanceYear-beginning
Depositmoneyandqualityguaranteefundcombination2,217,540.362,102,176.36
Other2,566,395.972,615,033.34
Subtotal4,783,936.334,717,209.70
Less：Baddebtprovision
Total4,783,936.334,717,209.70

2）Thewithdrawalamountofthebaddebtprovision：

InRMB

BadDebtReservesStage1Stage2Stage3Total
Expectedcreditlossesoverthenext12monthsExpectedcreditlossoverlife(nocreditimpairment)Expectedcreditlossesfortheentireduration(creditimpairmentoccurred)
BalanceasatJune30,202230,844,110.4330,844,110.43
BalanceasatJune30,2022incurrent
BalanceasatJune30,202230,844,110.4330,844,110.43

3）Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodNone

4)Theactualwrite-offotheraccountsreceivable:None

5)Otherreceivablesareclassifiedbythenature

InRMB

NatureClosingbookbalanceOpeningbookbalance
Securitiestradingsettlementfunds30,844,110.4330,844,110.43
Deposit2,217,540.362,102,176.36
Pettycash1,671,130.231,519,593.22
Other2,833,431.542,058,740.12
Less：Baddebtprovision-30,844,110.43-30,844,110.43
Total6,722,102.135,680,509.70

6)Top5oftheclosingbalanceoftheotheraccountsreceivablecollatedaccordingtothearrearsparty

InRMB

NameNatureClosingbalanceAgingProportionofthetotalyearendbalanceoftheaccountsreceivable(%)Closingbalanceofbaddebtprovision
KunlunSecuritiesCo.,LtdSecuritiestradingsettlementfunds30,844,110.43Over5years82.11%30,844,110.43
GuangdongLitongRealEstatesInvestmentCo.,Ltd.Deposit22,980.001-2years4.40%
1,630,467.362-3years
ChinaRailwayNo.18BureauGroupCo.,Ltd.Surrogatepayment1,099,991.00Within1year2.93%
ChinaRailwayTunnelGroupCo.,LtdSurrogatepayment559,388.80Within1year1.49%
GuangdongProvincialFreewayCo.,Ltd.Currentaccount463,491.88Over5years1.23%
Total34,620,429.4792.16%30,844,110.43

(7)AccountsreceivableinvolvedwithgovernmentsubsidiesNone

(8)OtheraccountreceivablewhichterminatetherecognitionowningtothetransferofthefinancialassetsNone

(9)TheamountoftheassetsandliabilitiesformedbythetransferandthecontinuesinvolvementofotheraccountsreceivableNone

3.Long-termequityinvestment

InRMB

ItemsEndoftermBeginningofterm
BookBalanceImpairmentprovisionBookvalueBookBalanceImpairmentprovisionBookvalue
Investmentinsubsidiaries3,347,330,463.433,347,330,463.433,257,062,345.853,257,062,345.85
Investmentinjointventuresandassociates2,626,347,044.232,626,347,044.232,535,548,456.612,535,548,456.61
Total5,973,677,507.665,973,677,507.665,792,610,802.465,792,610,802.46

（1）Investmenttothesubsidiary

InRMB

NameOpeningbalanceIncrease/decreaseinreportingperiodClosingbalanceClosingbalanceofimpairmentprovision
AddinvestmentDecreasedinvestmentWithdrawnimpairmentprovisionOther
JingzhuExpresswayGuangzhuSectionCo.,Ltd.871,171,883.08871,171,883.08
GuangfoExpressway154,982,475.25154,982,475.25
Co.,ltd.
GuangdongExpresswayTechnologyInvestmentCo.,Ltd.95,731,882.4295,731,882.42
YuegaoCapitalInvestment(Guangzhou)Co.,Ltd.109,500,000.00186,000,000.00295,500,000.00
GuanghuiExpresswayCo.,Ltd.2,025,676,105.102,025,676,105.10
Total3,257,062,345.85186,000,000.0095,731,882.423,347,330,463.43

（2）Investmenttojointventuresandassociatedenterprises

InRMB

NameOpeningbalanceIncrease/decreaseinreportingperiodClosingbalanceClosingbalanceofimpairmentprovision
IncreaseininvestmentDecreaseininvestmentInvestmentincomeunderequitymethodOthercomprehensiveincomeOtherchangesinequityAnnouncedfordistributingcashdividendorprofitProvisionforimpairmentOther
I.Jointventures
II.Associatedenterprises
GuangdongJiangzhongExpresswayCo.,Ltd.318,091,639.2960,000,000.007,786,931.7131,228.99385,909,799.99
GanzhouGankangExpresswayCo.,Ltd.154,118,397.125,447,568.74159,565,965.86
GanzhouKangdaExpresswayCo.,Ltd.238,101,017.6918,635,759.71256,736,777.40
ShenzhenHuiyanExpresswayCo.,Ltd.320,966,384.1718,574,112.50339,540,496.67
ZhaoqingYuezhaoHighwayCo.,Ltd.315,837,951.3524,596,394.7048,250,000.00292,184,346.05
GuoyuanSecuritiesCo.,Ltd.972,089,465.7218,673,979.80-836,824.7118,626,864.76971,299,756.05
GuangdongYuepuSmallRefinancingCo.,Ltd216,343,601.274,709,292.7657,008.18221,109,902.21
Subtotal2,535,548,456.6160,000,000.0098,424,039.92-836,824.7188,237.1766,876,864.762,626,347,044.23
Total2,535,548,456.6160,000,000.0098,424,039.92-836,824.7188,237.1766,876,864.762,626,347,044.23

4.BusinessincomeandBusinesscost

InRMB

ItemsAmountofcurrentperiodAmountofpreviousperiod
RevenueCostRevenueCost
Mainbusiness636,965,610.55249,145,875.83687,165,042.12365,511,604.40
Other5,689,892.191,926,210.705,469,656.011,728,556.53
Total642,655,502.74251,072,086.53692,634,698.13367,240,160.93

5.Investmentincome

InRMB

ItemsAmountofcurrentperiodAmountofpreviousperiod
Long-termequityinvestmentincomeaccountedbycostmethod681,064,177.01655,349,778.63
Long-termequityinvestmentincomeaccountedbyequitymethod98,424,039.92119,611,129.91
InvestmentincomefromdisposalofLong-termequityinvestment-45,107,982.42
Dividendincomefromotherequityinstrumentinvestmentsduringtheholdingperiod47,286,243.7449,403,538.24
Interestincomefromdebtinvestmentduringholdingperiod.10,079,133.9319,667,579.79
Total791,745,612.18844,032,026.57

XVIII.SupplementaryInformation

1.Currentnon-recurringgains/losses

√Applicable□Notapplicable

InRMB

ItemsAmountNotes
Gains/Lossesonthedisposalofnon-currentassets447,880.54
Governmentgrantsrecognizedinthecurrentperiod,exceptforthoseacquiredintheordinarycourseofbusinessorgrantedatcertainquotasoramountsaccordingtothecountry’sunifiedstandards7,349,285.08
Netamountofnon-operatingincomeandexpenseexcepttheaforesaiditems2,881,455.61
Othernon-recurringGains/lossitems14,393,329.63
Less:Influencedamountofincometax-8,354,389.12
Influencedamountofminorshareholders’equity(aftertax)2,729,583.49
Total30,696,756.49--

Detailsofotherprofitandlossitemsthatmeetthenon-recurringprofitandlossdefinition

□Applicable√NotapplicableNoneFortheCompany’snon-recurringgain/lossitemsasdefinedintheExplanatoryAnnouncementNo.1oninformationdisclosureforCompaniesOfferingtheirSecuritiestothePublic-Non-recurringGainsandLossesanditsnon-recurringgain/lossitemsasillustratedintheExplanatoryAnnouncementNo.1oninformation

DisclosureforCompaniesofferingtheirsecuritiestothepublic-non-recurringGainsandlosseswhichhavebeendefinedasrecurringgainsandlosses,itisnecessarytoexplainthereason.

□Applicable√Notapplicable

2.Returnonequity(ROE)andearningspershare(EPS)

ProfitasofreportingperiodWeightedaverageROE(%)EPS（Yuan/share）
EPS-basicEPS-diluted
NetprofitattributabletocommonshareholdersoftheCompany8.45%0.370.37
NetprofitattributabletocommonshareholdersoftheCompanyafterdeductionofnon-recurringprofitandloss8.11%0.360.36

3.Differencesbetweenaccountingdataunderdomesticandoverseasaccountingstandards

（1）．SimultaneouslypursuanttobothChineseaccountingstandardsandinternationalaccountingstandardsdisclosedinthefinancialreportsofdifferencesinnetincomeandnetassets.

□Applicable□√Notapplicable

（2）.DifferencesofnetprofitandnetassetsdisclosedinfinancialreportspreparedunderoverseasandChineseaccountingstandards.

□Applicable□√Notapplicable

(3).Explanationofthereasonsforthedifferencesinaccountingdataunderdomesticandforeignaccountingstandards.Ifthedatathathasbeenauditedbyanoverseasauditinstitutionisadjustedfordifferences,thenameoftheoverseasinstitutionshouldbeindicatedNone
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