GuangdongProvincialExpresswayDevelopmentCo.,Ltd.
2023AnnualReport
March2024
I.ImportantNotice,TableofContentsandDefinitionsTheBoardofDirectorsandthedirectors,SupervisoryCommitteeandsupervisorsandSeniorExecutivesoftheCompanyherebywarrantthatattheyear,therearenomisstatement,misleadingrepresentationorimportantomissionsinthisreportandshallassumejointandseveralliabilityfortheauthenticity,accuracyandcompletenessofthecontentshereof.
Mr.MiaoDeshan,TheCompanyleader,Mr.WangChunhua,GeneralManager,Mr.LuMing,ChieffinancialofficerandtheMs.YanXiaohong,thepersoninchargeoftheaccountingdepartment(thepersoninchargeoftheaccounting)herebyconfirmtheauthenticityandcompletenessofthefinancialreportenclosedinthisannualreport.AllthedirectorsattendedtheboardmeetingforreviewingtheAnnualReport.ThetollrevenuesofExpresswayismainsourceofthemajorbusinessincomeofthecompany,Thechargestandardofvehicletollmustbesubmittedtothesamelevelpeople'sgovernmentforreviewandapprovalafterthetransportregulatorydepartmentofprovince,autonomousregionormunicipalitydirectlyunderthecentralgovernmentinconjunctionwiththepriceregulatorydepartmentatthesamelevelconsenteduponexamination.Therefore,theadjustmenttrendofthechargepriceandthechargepriceifhasthecorrespondingadjustmentinthefuturepricelevelwhenthecostofthecompanyrisesstilldependontheapprovalofrelevantnationalpoliciesandgovernmentdepartments,andthecompanyisn'tabletomaketimelyadjustmenttothechargestandardinaccordancewiththeitsownoperationcostorthechangeofmarketsupplydemand.So,thechangeofchargepolicyandtheadjustmentofchargestandardalsohaveinfluenceontheexpresswaysoperatedbythecompanytosomeextent.So,thechargingpolicychangesandchargesadjustmentwillaffectthehighwaysoperationofthecompany.
Theprofitdistributionproposalreviewedandapprovedbytheboardingmeetingwassummarizedasfollows:
2,090,806,126forthebase,theCompanywoulddistributecashdividendtoalltheshareholdersattherateofCNY5.47forevery10shares(withtaxinclusive),0bonusshares（includingtax）andnoreservewouldbeconvertedintosharecapital.
TableofContents
I.ImportantNotice,TableofcontentsandDefinitionsII.CompanyProfile&FinancialHighlights.III.ManagementDiscussion&AnalysisIV.CorporateGovernanceV.Environmental&SocialResponsibilityVI.ImportantEventsVII.ChangeofsharecapitalandshareholdingofPrincipalShareholdersVIII.SituationofthePreferredSharesIX.CorporateBondX.FinancialReport
Documentsavailableforinspection
1.Accountingstatementscarriedwithpersonalsignaturesandsealsoflegalrepresentative,GeneralManager,ChiefFinancialofficer（Chiefaccountant）,thepersoninchargeoftheaccountingdepartment(thepersoninchargeoftheaccounting)FinancialPrincipal.
2.OriginalofAuditors’ReportcarriedwiththesealofCertifiedPublicAccountantsaswellaspersonalsignaturesofcertifiedPublicaccountants.
3.ThetextsofalltheCompany'sdocumentspubliclydisclosedonthenewspapersandperiodicalsdesignatedbyChinaSecuritiesRegulatoryCommissioninthereportperiod.
Definition
TermstobedefinedReferstoDefinitionReportingperiod,Thisyear
ReferstoJanuary1,2023toDecember31,2023ReportingdateRefersto
Theannualreportofthecompanywasapprovedbytheboardofdirectorson2023,thatis1520,2024YOYReferstoComparedwith2022TheCompany,ThisCompany,GuangdongExpressway
ReferstoGuangdongProvincialExpresswayDevelopmentCo.,Ltd.CommunicationGroupReferstoGuangdongCommunicationGroupCo.,Ltd.ProvincialFreewayReferstoGuangdongProvincialFreewayCo.,Ltd.GuangfoCompanyReferstoGuangdongGuangfoExpresswayCo.,Ltd.GuangdongExpresswayCapital
ReferstoYuegaoCapitalInvestment(Guangzhou)Co.,Ltd.GuanghuiCompanyReferstoGuangdongGuanghuiExpresswayCo.,Ltd.GuangzhuEastCompanyReferstoJingzhuExpresswayGuangzhuSectionCo.,Ltd.
II.CompanyProfile&FinancialHighlights.
1.CompanyProfile
Stockabbreviation:
ExpresswayA,ExpresswayB
Stockcode000429,200429StockexchangeforlistingShenzhenStockExchangeNameinChinese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)GPEDLegalRepresentativeMiaoDeshanRegisteredaddress85BaiyunRoad,Guangzhou,GuangdongProvincePostalcodeoftheRegisteredAddress
510100Historicalchangeofthecompany'sregisteredaddress
1992—1999，4/F,DongjianBuilding,No.503,DongfengRoad,Guangzhou;Since1999,85
BaiyunRoad,Guangzhou,GuangdongProvinceOfficeAddress
45-46/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TianheDisrtict,
GuangzhouPostalcodeoftheofficeaddress510623InternetWebSitewww.gpedcl.comE-mailygs@gdcg.cn
2.Contactpersonandcontactmanner
BoardsecretarySecuritiesaffairsRepresentativeNameYangHanmingLiangJirongContactaddress
46/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TianheDistrict,Guangzhou
45/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TianheDistrict,GuangzhouTel020-29004619020-29004523Fax020-38787002020-38787002E-mailHmy69@126.com139221590@qq.com
3.Informationdisclosureandplaced
NewspapersselectedbytheCompanyforinformationdisclosure
SecuritiesTimes,ChinaSecurities,ShanghaiSecuritiesDailyandHongkongCommercialDaily.InternetwebsitedesignatedbyCSRCforpublishingtheAnnualreportoftheCompany
www.cninfo.com.cnTheplacewheretheAnnualreportispreparedandplacedSecuritiesaffairDeptoftheCompany
4.ChangesinRegistration
OrganizationCode91440000190352102MChangesinprincipalbusinessactivitiessincelisting(ifany)
Nochange
ChangesisthecontrollingshareholderintheOnNovember2000,InaccordancewithCaiGuanZi(2008)No.109Documentof
past(isany)
MinistryofFinanceandYueBanHan(2000)No.574DocumentofGeneralOfficeofGuangdongPeople'sGovernment,thestate-ownedsharesofGuangdongExpresswayoriginallyentrustedtoGuangdongExpresswayCompany(nowrenamedas"GuangdongProvincialExpresswayCo.,Ltd.")formanagementweretransferredtoGuangdongCommunicationGroupCo.,Ltd.forholdingandmanagement.Afterthetransferofstate-ownedshares,GuangdongCommunicationGroupCo.,Ltd.becamethelargestshareholderoftheCompany.Thenatureofequitywasdefinedasstate-ownedshares.
5.OtherRelevantInformation
CPAsengaged
NameoftheCPAs
YongTuoCerifiedPublicAccountants(SpecialGeneralPartnership)Officeaddress：
13/F,2Building,No.1NorthStreet,Guandongdian,ChaoyangDistrict,BeijingNamesoftheCertifiedPublicAccountantsasthesignatoriesSunXiuqing,HuangZhiyanThesponsorperformingpersistentsupervisiondutiesengagedbytheCompanyinthereportingperiod.
□Applicable√Notapplicable
TheFinancialadvisorperformingpersistentsupervisiondutiesengagedbytheCompanyinthereportingperiod
□Applicable√Notapplicable
6.SummaryofAccountingdataandFinancialindex
Whetherithasretroactiveadjustmentorre-statementonpreviousaccountingdata
√Yes□No
RetroactiveadjustmentorrestatementofcausesAccountingpolicychange
2023
2022YoY+/-（%）2021BeforeadjustmentAfteradjustmentAfteradjustmentBeforeadjustmentAfteradjustmentOperatingincome（Yuan）4,879,066,948.194,168,634,113.984,168,634,113.9817.04%5,288,057,677.935,288,057,677.93Netprofitattributabletotheshareholdersofthelistedcompany（Yuan）
1,633,811,033.681,277,069,521.901,276,341,322.9828.01%1,700,406,981.991,700,917,099.60Netprofitafterdeductingofnon-recurringgain/lossattributabletotheshareholdersoflistedcompany（Yuan）
1,705,099,801.051,311,599,314.341,310,871,115.4230.07%1,693,091,639.411,693,601,757.02Cashflowgeneratedbybusinessoperation,net（Yuan）
3,831,785,563.472,752,026,558.382,752,026,558.3839.24%3,669,744,721.163,669,744,721.00Basicearningpershare(Yuan/Share)
0.780.610.6127.87%0.810.81Dilutedgainspershare(Yuan/Share)
0.780.610.6127.87%0.810.81WeightedaverageROE(%)
17.30%14.30%14.30%3.00%20.11%20.12%Endof2023
Endof2022
Changedoverlastyear（％）
Endof2021BeforeadjustmentAfteradjustmentAfteradjustmentBeforeadjustmentAfteradjustmentGrossassets（Yuan）21,368,963,167.4120,267,197,153.8820,267,998,963.785.43%18,875,766,799.3118,879,726,789.61Netassetsattributabletoshareholdersofthelistedcompany（Yuan）
9,847,531,855.899,075,877,244.129,075,659,162.818.50%8,982,437,985.178,982,948,102.78
ReasonsforthechangesinaccountingpoliciesandthecorrectionofaccountingerrorsOnNovember30,2022,theMinistryofFinanceissuedtheNoticeonPrintingandDistributingtheNo.16InterpretationofAccountingStandardsforBusinessEnterprises(No.31[2022]CaiHui).AccordingtotherelevantrequirementsoftheNo.16InterpretationofAccountingStandardsforBusinessEnterprises,theCompanyshallmakecorrespondingadjustmentstotherelevantaccountingpoliciesoriginallyadopted.
Thelowerofthecompany’snetprofitbeforeandafterthedeductionofnon-recurringgainsandlossesinthelastthreefiscalyearsisnegative,andtheauditor'sreportofthepreviousyearshowsthattheCompany’sgoingconcernabilityisuncertain.
□Yes√No
Thelowerofthenetprofitbeforeandafterthedeductionofthenon-recurringgainsandlossesisnegative.
□Yes√No
7.Thedifferencesbetweendomesticandinternationalaccountingstandards1．SimultaneouslypursuanttobothChineseaccountingstandardsandinternationalaccountingstandardsdisclosedinthefinancialreportsofdifferencesinnetincomeandnetassets.
□Applicable□√Notapplicable
None
2.DifferencesofnetprofitandnetassetsdisclosedinfinancialreportspreparedunderoverseasandChineseaccountingstandards.
□Applicable√Notapplicable
None
8.MainFinancialIndexbyQuarters
InRMBFirstquarterSecondquarterThirdquarterFourthquarterOperatingincome1,154,573,212.161,185,863,562.921,347,391,508.281,191,238,664.83Netprofitattributabletotheshareholdersofthelistedcompany
409,848,394.33475,795,793.66470,604,350.85277,562,494.84Netprofitafterdeductingofnon-recurringgain/lossattributabletotheshareholdersoflistedcompany
423,250,545.73490,433,079.39489,958,203.15301,457,972.78NetCashflowgeneratedbybusinessoperation980,823,464.231,033,093,727.47979,190,875.40838,677,496.37Whethersignificantvariancesexistbetweentheabovefinancialindexortheindexwithitssumandthefinancialindexofthequarterlyreportaswellassemi-annualreportindexdisclosedbytheCompany.
□Yes√No
9.Itemsandamountofnon-currentgainsandlosses
√Applicable□Notapplicable
InRMB
ItemsAmount(2023)Amount(2022）Amount(2021)NotesNon-currentassetdisposalgain/loss(includingthewrite-offpartforwhichassetsimpairmentprovisionismade)
12,740,003.0362,389.244,350,214.54Governmentsubsidiesrecognizedincurrentgainandloss(excludingthosecloselyrelatedtotheCompany’sbusinessandgrantedunderthestate’spolicies)
10,685,002.6112,414,047.8716,348,006.07Gainandlossfromchangeofthefairvaluearisingfromtransactionalmonetaryassets,transactionalfinancialliabilitiesasheldaswellastheinvestmentincomearisingfromdisposalofthetransactionalmonetaryassets,transactionalfinancialliabilitiesandfinancialassetsavailableforsaleexcludingtheeffectivehedgingtransactioninconnectionwiththeCompany’snormalbusiness
2,456,768.0010,400,000.00
Reverseoftheprovisionforimpairmentofacountsreceivableundergoingimpairmenttestindividually
25,515.00Theimpairmentprovisionfortheadvanceexpensesthathaveoccurredbutneedtobedefinedfromthesourceoffunds
-123,358,138.31-97,749,481.710.00Netamountofnon-operatingincomeandexpenseexcepttheaforesaiditems
-4,515,527.98-1,798,078.90-5,840,734.56
ItemsAmount(2023)Amount(2022）Amount(2021)NotesOthernon-recurringGains/lossitems921,152.9214,877,866.341,252,349.09Less:Influencedamountofincometax988,084.33-5,627,816.964,027,139.54Influencedamountofminorshareholders’equity(aftertax)-30,770,056.69-21,610,132.764,767,353.02Total-71,288,767.37-34,529,792.447,315,342.58--
Detailsofotherprofitandlossitemsthatmeetthenon-recurringprofitandlossdefinition
√Applicable□Notapplicable
DuetothespecialnatureoftheimpairmentprovisionformanagementandmaintenanceexpensesadvancedbytheGuangzhou-FoshanExpresswaytobeclarified,itwillaffectthenormaljudgmentoftheCompany'soperatingperformanceandprofitabilitybytheuserofthereport.FortheCompany’snon-recurringgain/lossitemsasdefinedintheExplanatoryAnnouncementNo.1oninformationdisclosureforCompaniesOfferingtheirSecuritiestothePublic-Non-recurringGainsandLossesanditsnon-recurringgain/lossitemsasillustratedintheExplanatoryAnnouncementNo.1oninformationDisclosureforCompaniesofferingtheirsecuritiestothepublic-non-recurringGainsandlosseswhichhavebeendefinedasrecurringgainsandlosses,itisnecessarytoexplainthereason.
□Applicable√Notapplicable
NoneofNon-recurringgain/lossitemsrecorgnizedasrecurringgain/loss/itemsasdefinedbytheinformationdisclosureexplanatoryAnnouncementNo.1-Non–recurringgain/lossinthereportperiod.
III.ManagementDiscussion&AnalysisI.IndustryinformationoftheCompanyduringthereportingperiodTheCompany'smainbusinessistheinvestment,construction,chargingandmaintenancemanagementoftollhighwaysandbridges,whichshallbeclassifiedintotheroadtransportindustry.Highwayindustryisthebasicandleadingserviceindustryofnationaleconomy,whichcanrationallyallocaterelevantresources,improvethequalityandefficiencyofeconomicoperation,andplayaleadingroleinthetransportationindustry.Asanimportantpartofthehighwayindustry,theexpresswayisanimportantnationalresource,whichischaracterizedbyhighdrivingspeed,largetrafficcapacity,lowtransportationcostandsafedriving,andplaysanimportantroleinpromotingnationaleconomicgrowth,improvingpeople'slivequalityandsafeguardingnationalsecurity.
Withthebasicpenetrationofthe"ten-verticalandten-horizontal"comprehensivetransportationcorridorandthebasiccompletionofthe"71118"nationalexpresswaynetworkplanning,China'sexpresswaynetworkhasbeencontinuouslyextended,withsignificantlyincreasedindustrydevelopment.Accordingtothestatisticaldataofthe2022StatisticalBulletinonDevelopmentofTransportationIndustryissuedbytheMinistryofTransport,bytheendof2023,thetotalmileageofexpresswaysinChinahasreached177,300kilometers,withanincreaseof8,200kilometers.WithChina'seconomicdevelopmentsteppingintoanewnormal,thenationaleconomyisconstantlygrowing,thestrategiessuchascoordinateddevelopmentofBeijing-Tianjin-Hebei,regionalintegrationoftheYangtzeRiverDelta,developmentoftheYangtzeRiverEconomicBelt,andGuangdong-HongKong-MacaoGreaterBayAreaconstructionarefurtheradvanced,thewholesociety'sdemandforsupportingservicesofexpresswaysisexpectedtoincreasecontinuously,andChina'sexpresswayindustrystillwitnessesalargedevelopmentpotentialinthefuture.
Asanimportantinfrastructureindustryforthedevelopmentofnationaleconomy,mostoftheexpresswaytransportationdemandsarerigiddemands,whicharelessaffectedbymacroeconomicfluctuationsandlesscyclical.Astheoperatingincomeofexpresswayenterprisesismainlyincash,andthecashflowisabundant,itensuresthestabilityandsecurityofexpresswayindustryoperationandfinance.Whentheeconomyisbooming,therapidgrowthoftrafficcandrivethedevelopmentoftheindustrytoacertainextent;duringtheperiodofeconomicadjustment,theexpresswayindustrycanbetterresistthemarketimpactcausedbymacroeconomicchangeswithitsuniquerigiddemands.Therefore,theexpresswayindustryischaracterizedbystronganti-riskabilityandstableinvestmentincome.II.MainBusinesstheCompanyisEngagedinDuringtheReportPeriodTheCompany'smainbusinessindevelopingandoperatingexpresswayandbigbridges.ItisoneofthemaininstitutionsofdevelopingexpresswayandbigbridgeinGuangdongExpresswaySystem.Theexpresswayindustryistheindustryhelpedbygovernment.TheCompanyismainlyengagedintollingandmaintenanceofGuangfoExpressway,FokaiExpressway,JingzhuExpresswayGuangzhuSectionandGuanghuiExpresswayinvestmentintechnologicalindustriesandprovisionofrelevantconsultationwhileinvestinginShenzhenHuiyanExpresswayLtd.,GuangdongJifangzhongJiangzhongExpresswayCo.,Ltd.,ZhaoqingYuezhaoExpresswayfCo.,Ltd.,GanzhouKangdaExpressway,GanzhouGankangExpresswayCo.,Ltd.,GuangdongYuekeScienceandTechnologyMicrofinanceCo.,Ltd.,GuangdongGuangleExpresswayCo.,Ltd.,GuoyuanSecuritiesCo.,Ltd.,HunanLianzhiTechnologyCo.,Ltd.,SPICYuetongQiyuanChipPowerTechnologyCo.,Ltd.,andCMSTNanjingIntelligentLogisticsTechnologyCo.,Ltd.Asoftheendofthereportingperiod,thecompany’sshare-controlledexpresswayis306.78km,andtheshare-participationexpresswayis295.88km.
III.AnalysisOncoreCompetitivenessThetollrevenueofexpresswayindustrymainlydependsontheregionaleconomicdevelopment.Theregionaleconomyisthecriticalfactorthatinfluencesthetrafficvolume.TheGuangfoexpresswayandtheFokaiexpressway,controlledbythecompany,arepartoftheNationalExpresswayNetworkPlanning-“Fiveverticalandsevenhorizontal”,JingzhuExpresswayGuangzhuSectionisafastandconvenientexpressway,GuanghuiExpresswayisanimportantsectionofthenationalkeyhighway-the15thHengshanweitoYunnanQingshuiheHighway,Andmanyofthecompany’sequity-participationexpresswaysthatarepartofthemainskeletonoftheGuangdongProvincialExpresswayPlanning-“Tenverticalandfivehorizontal”,whichprovidesastrongguaranteeforstabletrafficvolume.Meanwhile,theregionaleconomyisthecriticalfactorthatinfluencesthetrafficvolume,asGuangdongprovinceistheeconomicallydevelopedregion,withyears’continuoushighgrowthofGDP,sothatprovidesthestablerisingdemandforthecompany.IV.MainbusinessanalysisⅠ.General
(1)Theoverallsituation
In2023,underthecorrectleadershipoftheboardofdirectors,theCompany'smanagementteamadheredtotheguidanceofpartybuilding,continuouslydeepenedthereformofstate-ownedenterprises,promotedtheconstructionofsmarttransportation,accelerateddigitaltransformation,achievedcontinuousimprovementofqualityandefficiency,resolutelyfulfilledpolitical,economicandsocialresponsibilities,andsuccessfullycompletedvariousannualgoalsandtasks.
1)Strengthenedtheinvestmentmanagementofreconstructionandexpansionprojects.Focusedontheconstructionofexpresswayreconstructionandexpansionprojects,andvigorouslyimprovedthelevelofmanagementandeffectiveinvestmentofexpansionproject.Efficientlycompletedthedecision-makingprocessforcapitalincreaseinvestmentandGuangdong-Zhaoqingreconstructionandexpansionproject;ActivelyfolloweduptheprogressoftheupfrontworkofGuanghuireconstructionandexpansion;Activelyguidedthemanagementoftheequity-holdingandparticipating-inprojects,andparticipatedinthework,preliminarydesignreview,constructiondrawingreviewanddesignreviewofvariousmajorchangesofeachreconstructionandexpansionprojectinaccordancewiththearticlesofassociationoftheprojectcompanyandthetermsoftheentrustedconstructionmanagementagreementforreconstructionandexpansion.
2)Promotedthequalityandupgradingoftheconstructionofcharacteristicserviceareas.Withtheimplementationofthespecialactionofimprovingthequalityandupgradingofthecharacteristicserviceareaofthe"MillionsandThousandsofProjects"asthestartingpoint,itpromotedtheconstructionofcharginginfrastructurealongtheline,andfocusedonadjustingtheconstructionofthetraditionalserviceareaofZhishantothenewenergycharacteristicserviceareaoftheterminaltype.
3)Strengthenedtheexploitingandreserveofhigh-qualitymainbusinessprojects.Strengthenedtheanalysisofindustrialbaseandindustrialchainresearch,activelytappedintotheresourcesofexpresswayprojectswithinvestmentvalueinsideandoutsideintheprovinceandoutoftheprovince,strengthenedthereserveandresearchofhigh-qualityprojects,trackedandanalyzedpotentialroadinvestmentprojectsandrelatedindustrialprojectsandinfrastructureprojects,andaccumulateddevelopmentadvantages.
(2)Participateintheholdingoftheexpresswaysituation
Duringthereportingperiod,thedomesticeconomygraduallyrecovered,andthetrafficvolumeoftheequityholdingandparticipating-inexpressways,exceptfortheJiangzhongExpresswayimpactedbythe
expansionprojectandthediversionofthesurroundingroadnetwork,hadsteadilyrebounded,andthetollrevenueincreasedYOY.
Volumeofvehicletrafficin2023（Tenthousands
vehicles）
Increase/Decrease(%)Tollincomein2023（Ten
thousands）
Increase/Decrease(%GuangfoExpressway9,493.7121.72%-FokaiExpressway8,966.2517.23%152,144.8617.38%JingzhuExpresswayGuangzhuEastSection
7,328.58
29.18%
115,682.76
28.15%
GuanghuiExpressway9,001.0919.21%213,241.4316.45%HuiyanExpressway5,244.9917.30%21,658.178.56%GuangzhaoExpressway4,179.3023.22%54,603.5817.73%JiangzhongExpressway4,768.92-6.82%31,256.43-8.60%KangdaExpressway152.4531.18%29,168.296.12%GankangExpressway
547.8939.06%24,397.7429.23%GuangleExpressway3,975.705.78%310,552.567.12%
Note.AccordingtotheinformalletterNo.24-[2022]YueTransportationOperation-"NoticeoftheDepartmentofTransportationofGuangdongProvinceonIssuesConcerningtheExpirationofTollCollectionofGuangfoExpressway"issuedbyGuangdongProvincialDepartmentofTransportation,GuangfoExpresswayshallstoptollcollectionfrom0:00onMarch3,2022.
2.Revenueandcost
(1)ComponentofBusinessIncome
InRMB20232022Increase/decreaseAmountProportionAmountProportionTotaloperatingrevenue
4,879,066,948.19100%4,168,634,113.98100%17.04%IndustryHighwaytransportations
4,810,921,181.6598.60%4,095,766,725.5998.25%17.46%Other68,145,766.541.40%72,867,388.391.75%-6.48%ProductHighwaytransportations
4,810,921,181.6598.60%4,095,766,725.5998.25%17.46%Other68,145,766.541.40%72,867,388.391.75%-6.48%AreaGuangfoExpressway
230,723.260.00%65,600,461.661.57%-99.65%FokaiExpressway
1,521,448,612.5931.18%1,296,212,805.5931.09%17.38%JingzhuExpressway
1,156,827,589.2623.71%902,734,286.5521.66%28.15%
GuangzhuSectionGuanghuiExpressway
2,132,414,256.5443.71%1,831,219,171.7943.93%16.45%Other68,145,766.541.40%72,867,388.391.75%-6.48%Sub-salesmodelHighwaytransportations
4,810,921,181.6598.60%4,095,766,725.5998.25%17.46%Other68,145,766.541.40%72,867,388.391.75%-6.48%
(2)SituationofIndustry,ProductandDistrictOccupyingtheCompany’sBusinessIncomeandOperatingProfitwithProfitover10%
√Applicable□Notapplicable
InRMB
TurnoverOperationcost
Grossprofit
rate(%)
Increase/decreaseofrevenueinthesameperiodofthepreviousyear(%)
Increase/decreaseofbusinesscostoverthesameperiodofpreviousyear
(%)
Increase/decrea
seofgrossprofitrateoverthesameperiodoftheprevious
year(%)IndustryHighwaytransportations
4,810,921,181.651,707,788,447.6264.50%17.46%10.15%3.79%ProductHighwaytransportations
4,810,921,181.651,707,788,447.62
64.50%17.46%10.15%3.79%AreaFokaiExpressway
1,521,448,612.59604,227,450.9260.29%17.38%3.65%9.56%JingzhuExpresswayGuangzhuSection
1,156,827,589.26390,529,049.0066.24%28.15%14.02%6.74%GuanghuiExpressway
2,132,414,256.54713,221,643.3066.55%16.45%17.11%-0.29%Sub-salesmodelHighwaytransportations
4,810,921,181.651,707,788,447.6264.50%17.46%10.15%3.79%Undercircumstancesofadjustmentinreportingperiodforstatisticscopeofmainbusinessdata,adjustedmainbusinessbasedonlatestonyear’sscopeofperiod-end.
□Applicable√Notapplicable
(3)WhethertheCompany’sPhysicalSalesIncomeExceededServiceIncome
□Yes√No
(4)DegreeofPerformanceoftheSignificantSalesContractSigneduptothisReportPeriod
□Applicable√Notapplicable
(5)Componentofbusinesscost
Industrycategory
InRMBIndustrycategoryItems
20232022
Increase/Decrease(%)Amount
Proportionintheoperatingcosts(%)
Amount
Proportionintheoperatingcosts(%)Highwaytransportations
DepreciationandAmortized
1,137,727,666.6565.35%1,024,154,288.8364.56%0.79%Highwaytransportations
Outofpocketexpenses
570,060,780.9732.75%526,213,287.6133.17%-0.42%OtherOther33,029,810.551.90%35,981,459.042.27%-0.37%
(6)WhetherChangesOccurredinConsolidationScopeintheReportPeriod
□Yes?No
(7)RelevantSituationofSignificantChangesorAdjustmentoftheBusiness,ProductorServiceintheCompany’sReportPeriod
□Applicable√Notapplicable
(8)SituationofMainCustomersandMainSupplier
MainCustomers
□Applicable√Notapplicable
MainSupplier
□Applicable√Notapplicable
3.Expenses
InRMB20232022
Increase/Decrease(%)
NotesAdministrativeexpenses
189,461,539.01191,426,081.46-1.03%Financialexpenses
121,774,781.75191,071,151.10-36.27%
Theinterestincomeinthecurrentperiodincreasedoverthepreviousperiod.Theinterestexpenseforthecurrentperioddecreasedoverthepreviousperiod.R&Dexpenses
3,245,205.0014,591,773.12-77.76%Inthecurrentperiod,theR&Dprojectshavedecreased
4.ResearchandDevelopment
√Applicable□Notapplicable
NameofmainR&D
project
Projectpurpose
Projectprogress
Goaltobeachieved
Expectedimpactonthefuturedevelopmentof
theCompany
GuideforWaterproofandDrainageDesignofWidePavementofExpressway
Throughon-sitesurvey,modelconstruction,indoorexperimentsandoutdoortests,focusonstudyingthewaterproofanddrainagedesignofwidepavement,constructthecalculationmodelofwaterfilmthicknesssuitableforGuangdongProvince,putforwardthegeometricdesignindexofwidepavement,systematizethewaterproofanddrainagedesignintermsofpavementsurfacedrainage,pavementinternaldrainageandpavementstructure,andatthesametimeimprovethedrainagesystemdesignparametersofexistingwidepavement,andfinallycompiletheGuideforWaterproofandDrainageDesignofWidePavementofExpresswayinGuangdongProvince,providingtechnicalsupportandguidanceforthereconstructionandexpansionofwideexpressway.
Completed
(1)Buildacalculationmodelofwaterfilm
thicknesssuitableforwidepavementinGuangdongProvince.(2)Putforwardtheroadgeometricdesignindexofreconstructionandexpansionofwidepavementwithintheallowablerunofflength.(3)Optimizetherelevantindexparametersandrequirementsofcurrentdrainagesystemdesign,anddetailtheconstructionpointsofdrainagesysteminspecialroads.(4)Putforwardthepavementstructuretype,materialperformanceindexrequirementsandconstructionpointsunderdifferentdrainagerequirements.(5)CompiletheGuideforWaterproofandDrainageDesignofWidePavementofExpressway.
ThestudyresultshavebeenappliedtothewaterproofanddrainagedesignofthewidepavementoftheGroup'sreconstructionandexpansionproject,whicheffectivelyreducestheoccurrenceoftrafficaccidentsincaseofrainfall,improvestrafficsafetyandguaranteeslifeandproperty,andhasextremelyremarkablesocialandeconomicbenefits.
Studyonpost-evaluationtechnologyafterstrengtheningeffectofboxgirderbridgesonin-serviceexpressways
BasedonthebridgecharacteristicsofFoshan–KaipingExpresswayandthemaintenanceprojectsthathavebeencarriedout,studythereinforcementmethodsandeffectsofbridgestructuremaintenanceprojects,andstudytheeffectivenessofreinforcementmeasures,andconstructasetofpost-evaluationmethodsforreinforcementmeasureeffectofbridgestructureconsideringthetimelinessofreinforcementmeasures,andestablishatechnicalguideforpost-evaluationofthereinforcementmeasureeffectofbridgestructure.
Opened
(1)Obtaintheeffectivenessandtime-varying
effectoftypicalreinforcementmeasuresforboxgirderbridgesonin-serviceexpressways.(2)Establishapost-evaluationmethodforreinforcementeffectofboxgirderbridgesonin-serviceexpresswaysbasedonweightedlayeredsynthesismethod.(3)BasedontheevaluationresultsofthereinforcementeffectofthetypicalboxgirderbridgesinFoshan–KaipingExpressway,formulatethemanagementandmaintenancemethodofthetypicalreinforcedboxgirderbridgesonFoshan–KaipingExpressway,andverifyandimprovethepost-evaluationmethodforreinforcementeffectoftheboxgirderbridgesonin-serviceexpressways.
TheProjectcarriesoutpost-evaluationonthereinforcedboxgirderbridgesonFoshan–KaipingExpresswayintermsoftechnology,safety,influenceandreproducibility.Throughthisstudy,formtheevaluationsystemofboxgirderbridge,whichcanguidethemaintenancemanagementdecisionofFoshan–KaipingExpresswayandeventheGroupboxgirderbridgereinforcement,ensurethesafeoperationandsustainabledevelopmentofthereinforcedbridge,andsavemaintenancecosts.Studyonunattendedtollcollection
Constructtheexistingtollstation,installintelligentcardissuingandtollcollection
Completed
(1)Optimizeandimprovetheexistingsystem
functions,andoptimizetheconstructionscheme
ThedigitalandintelligentoperationandmanagementofFoshan–KaipingExpressway
systemtechnologyoftollstation
equipmentandsupportingequipment,equipwithtollcollectionsoftware,whichbreaksthroughthetraditionalfixed-pointrestrictionoftollstationpersonnel,buildsself-servicecardissuingandpaymentsystem,realizeson-siteself-servicecardissuing,self-servicepaymentandautomaticprocessingofspecialcircumstancesattollstation,withmultipleadvantagessuchas"unattended,non-cashtransactionandfastpassage",furtherimprovingtheaccuracy,passageefficiencyandoveralloperationabilityofthepassageroutesfortollstationvehicles.
ofexpresswayreservationserviceplatform.(2)Furthermeettheneedsofusersoffreshagriculturalproducts,trans-regionalcombine-harvesters(ricetransplanters)forcombinedoperationandtransportvehiclesforreservationandinspectionservices.(3)Putforwardtheoptimizationandupgradingschemeforthe"centralizedoptimizationsystem"andtheETCvehiclefeedisplayforspecialcontainers.
willbepromoted,andspecialstudywillbecarriedoutintwoparts:all-weatherintelligentmonitoringofFoshan–KaipingExpresswayandsmartexpresswayconstruction,soastoimprovetheefficiencyofhigh-speedoperationandtransportationsafety,promotethedemonstrationandapplicationofsmartexpressway,andcreateasmartexpresswayroaddemonstrationsitewith"advancedtechnology,moderatecostandfirst-classdomesticstatus".
Technicalstudyonauditandpursuitevasionassistancesystemforroadtollcollection
Integrateandanalyzetheroadtolldata,roadportalanddrivewaysnapshotdata,departmentalandprovincialauditplatformauditdataandBeidouauditsystemdata,andextractthedatacontentsuitableforroaddataanalysis,includinglicenseplate,vehicletype,entranceandexit,portalinformation,timeinformation,stayinformationinserviceareaandotherinformationcontent.Accordingtothecontentoftheintegrateddata,simulateandanalyzethemaintypesofevasionchargesonexpresswaystoinputtheeffectivedata,analyzeincombinationwiththecharacteristicsofvarioustypesofevasioncharges,andoutputtheauditdatalabelsandevidencechainswithhighaccuracy.Basedonthedatacontentandanalysismodel,developthevisual,convenientandeasy-to-usesoftwareoftheauditandpursuitevasionassistancesystemandapplyintheroadtollauditservicedepartment.
Completed
(1)Developadataanalysismodelthatintegrates
roadtolldata,licenseplaterecognitiondata,departmentalandprovincialauditdataandBeidouauditsystemdata.(2)Developaroadauditdatabasecontainingthemaintypesofevasionfees.(3)Developthecharacteristicmodeloftheevasionvehicle'sdrivingroute.(4)Developthesoftwarewithauditdataprocessingandauditpursuitevasionservicefunctions.
TheProjectcaneffectivelyimprovetheefficiencyofroadtollaudit,reducetheworkloadofdataanalysisoftollaudit,andimprovetheefficiencyofpursuitevasionservicebydevelopingthedataauditandaccuratepursuitevasionservicesystemofthemaintypesoftollevasionattheroadlevel.
Company'sresearchanddevelopmentpersonnelsituation
20232022Increase/decreaseNumberofResearchand
Developmentpersons
(persons)
025-100.00%ProportionofResearchandDevelopmentpersons
0.00%0.81%-0.81%AcademicstructureofR&DpersonnelBachelor025-100.00%AgecompositionofR&Dpersonnel30-40yearsold02-100.00%Over40yearsold023-100.00%TheCompany'sR&Dinvestmentsituation
20232022Increase/decreaseAmountofResearchandDevelopment
Investment(RMB)
6,457,084.0014,591,773.12-55.75%ProportionofResearchandDevelopmentInvestmentofOperationRevenue
0.13%0.35%-0.22%AmountofResearchandDevelopmentInvestmentCapitalization(RMB)
3,211,879.000.00ProportionofCapitalizationResearchandDevelopmentInvestmentofResearchand
DevelopmentInvestment
49.74%0.00%ReasonsandinfluenceofsignificantchangesinR&DpersonnelcompositionoftheCompany?Applicable□NotapplicableIn2022,theR&DpersonneloftheCompanyweremainlytheR&DpersonnelofGuangdongGuanghuiExpresswayCo.,Ltd.,aholdingsubsidiary;In2023,theCompanyhasnoR&Dpersonnel.TheReasonoftheProminentChangeinTotalAmountofResearchandDevelopmentInputOccupyingtheBusinessIncomeYearonYear
□Applicable?Notapplicable
ReasonsforthedrasticchangeofcapitalizationrateofR&Dinvestmentanditsrationalityexplanation
?Applicable□NotapplicableSomeresearchanddevelopmentprojectsimplementedthisyearareeligibleforcapitalization.
5.CashFlow
InRMB
Items20232022Increase/Decrease(%)Subtotalofcashinflowreceivedfromoperationactivities
5,514,711,610.624,397,687,883.8025.40%Subtotalofcashoutflowreceivedfromoperationactivities
1,682,926,047.151,645,661,325.422.26%Netcashflowarisingfrom3,831,785,563.472,752,026,558.3839.24%
operatingactivitiesSubtotalofcashinflowreceivedfrominvestingactivities
221,115,093.91198,020,328.7711.66%Subtotalofcashoutflowforinvestmentactivities
1,705,898,439.581,196,520,014.0142.57%Netcashflowarisingfrominvestmentactivities
-1,484,783,345.67-998,499,685.2448.71%Subtotalcashinflowreceivedfromfinancingactivities
850,525,000.002,877,350,200.00-70.44%Subtotalcashoutflowforfinancingactivities
2,779,864,198.303,302,360,155.98-15.82%Netcashflowarisingfromfinancingactivities
-1,929,339,198.30-425,009,955.98353.95%Netincreaseincashandcashequivalents
416,969,202.671,329,505,040.78-68.64%Notestotheyear-on-yearchangeoftherelevantdata
√Applicable□Notapplicable
1.Thetotalofcashinflowfromoperatingactivitiesincreasedby25.40%YOY,whichwasmainlyduetotheincreaseintollrevenuecomparedtothepreviousperiodandthereceiptofgovernmentsubsidiesinthisperiod.
2.Thetotalcashoutflowfrominvestmentactivitiesincreasedby42.57%YOY,whichwasmainlyduetothecontinuouspromotionofthereconstructionandexpansionoftheGuangzhou-ZhuhaisectionoftheBeijing-ZhuhaiExpressway.
3.Thetotalcashinflowoffinancingactivitiesdecreasedby70.44%YOY,whichwasmainlyduetothatChinaDevelopmentBankobtainedaspecialloanfortherenovationandexpansionoftheBeijingZhuhaiExpresswayGuangzhouZhuhaisectionlastyear.
4.Thenetincreaseincashandcashequivalentsdecreasedby68.64%yearonyear,whichwasthecomprehensiveinfluenceofthechangesinnetcashflowfromoperatingactivities,investmentactivitiesandfinancingactivities.ReasonsofmajordifferencebetweenthecashflowofoperationactivityinreportperiodandnetprofitoftheCompany
√Applicable□Notapplicable
InRMBSupplementaryinformationTheamountofthisperiodI.AdjustingnetprofittocashflowfromoperatingactivitiesNetprofit2,262,340,136.06Add:Impairmentlossprovisionofassets10,443,015.96Creditlossprovision123,166,054.97Depreciationoffixedassets,oilandgasassetsandconsumablebiologicalassets1,121,749,435.32
Depreciationoftheuserightassets10,417,949.40Amortizationofintangibleassets
26,628,234.56AmortizationofLong-termdeferredexpenses350,625.00Lossondisposaloffixedassets,intangibleassetsandotherlong-termdeferredassets
Fixedassetsscraploss12,135,983.34Netexposure-hedginglossesLossonfairvaluechanges-2,456,768.00Financialcost
215,055,241.95Lossoninvestment
-312,359,708.13Decreaseofdeferredincometaxassets
89,208,863.35Increasedofdeferredincometaxliabilities
-17,648,006.70LossoninvestmentDecreaseofdeferredincometaxassets
-161,341,092.73Increasedofdeferredincometaxliabilities
452,543,414.34Other1,620,519.90Netcashflowsarisingfromoperatingactivities3,831,853,898.59
V.AnalysisofNon-coreBusiness
√Applicable□Notapplicable
InRMBAmount
Proportionintotal
profit
ExplanationofcauseSustainable(yesorno)InvestmentIncome312,359,708.1310.49%
Operatingaccumulationofshareholdingcompanies
YesLossonfairvaluechanges
2,456,768.000.08%
Changesinfairvalueofequityinvestment
NoAssetimpairment-10,443,015.96-0.35%NoNon-operatingincome
4,745,630.190.16%
Mainlyinsuranceclaimsandroadpropertyclaims
NoNon-operatingexpenses
21,397,141.510.72%
Mainlyroadpropertyrepairexpenditure
NoCreditimpairmentloss
-123,166,054.97-4.14%
MainlytoaccruethecreditlossofGuangzhou-FoshanExpresswaycustodyexpensesreceivablefromDepartmentofTransportofGuangdongProvince
No
VI.ConditionofAssetandLiabilities
1.ConditionofAssetCausingSignificantChange
InRMB
Endof2023Endof2022
Proportionincrease/decrease
NotestothesignificantchangeAmount
Proportioninthetotalassets(%)
Amount
Proportioninthetotalassets(%)Monetaryfund4,718,631,732.2022.08%4,290,581,490.7821.17%0.91%
Accountsreceivable
139,899,420.240.65%108,368,797.560.53%0.12%Investmentreal
estate
2,447,026.450.01%2,668,144.930.01%0.00%Long-termequityinvestment
3,095,578,288.0014.49%2,923,305,042.3014.42%0.07%Fixedassets9,010,168,712.9242.16%10,098,252,638.0749.82%-7.66%Constructioninprocess
1,960,092,562.229.17%753,565,502.123.72%5.45%Userightassets24,967,509.810.12%4,077,555.430.02%0.10%Shore-termloans
110,085,708.330.52%430,387,597.202.12%-1.60%Long-termborrowing
5,944,716,050.0027.82%5,566,595,350.0027.46%0.36%Leaseliabilities13,482,202.970.06%150,984.470.00%0.06%Overseasassetsaccountforarelativelyhighproportion.
□Applicable√Notapplicable
2.AssetandLiabilitiesMeasuredbyFairValue
√Applicable□Notapplicable
InRMBItemsOpeningamount
Gain/Lossonfairvaluechangeinthereportingperiod
Cumulativefairvaluechangerecordedinto
equity
Impairmentprovisionsinthereportingperiod
Purchasedamountinthereporting
period
Soldamountinthereportingperiod
Otherchanges
ClosingamountFinancialassets
1.Tradingfinancial
assets(excludingderivativefinancialassets
101,400,000.002,456,768.0080,000,000.00183,856,768.00
4.Otherequity
instrumentinvestment
1,557,303,730.98218,487,709.101,534,396,887.63Subtotaloffinancialassets
1,658,703,730.982,456,768.00218,487,709.100.0080,000,000.000.000.001,718,253,655.63Totaloftheabove1,658,703,730.982,456,768.00218,487,709.100.0080,000,000.000.000.001,718,253,655.63Financialliabilities
0.000.00
OtherchangeDidanysignificantchangeoccurtotheattributeoftheCompany’smainassetmeasurementduringthereportingperiod?
□Yes√No
3.Assetsrightrestrictiontillendofreportingperiod
ThebalanceofrestrictedbankdepositsattheendoftheperiodwasRMB1,221,200.00,whichwasthelandreclamationfunddepositedintothefundcustodyaccountforthereconstructionandexpansionprojectofsanbaotoshuikousectionofFokaiExpressway.VII.Investmentsituation
1.General
√Applicable□Notapplicable
CurrentInvestmentAmount(Yuan)Sameperiodoflastyear(Yuan)Changerate
1,285,100,576.31857,896,694.3349.80%
2.ConditionofAcquiringSignificantShareRightInvestmentduringtheReportPeriod?Applicable□Notapplicable
InRMBNameoftheCompanyInvested
MainBusiness
InvestmentWay
InvestmentAmount
ShareProportion%
CapitalSource
Partner
InvestmentHorizon
ProductType
ProgressuptoBalanceSheetDate
AnticipatedIncome
GainorLessortheCurrentInvestment
WhethertoInvolveinLawsuit
DateofDisclosure
DisclosureIndex
GuangdongJiangzhongExpresswayCo.,Ltd.
Expressway
Increasecapital
110,250,000.
15.00%
Selffunds
Xinyue(Guangzhou)InvestmentCo.,Ltd.,GuangdongHighwayConstructionCo.,Ltd.
Onthebasisofthetermofoperationapprovedbythegovernment
LimitedCompany
Completed
No
July31,2021
AnnouncementofResolutionsofthe20
th(Provisional)MeetingoftheNinthBoardofDirectorsTotal----
110,250,000.
------------0.000.00------
3.SituationoftheSignificantNon-equityInvestmentUndergoingintheReportPeriod?Applicable□Notapplicable
InRMBProjectname
Investmen
tmethod
Fixedinvestment
Industryinvolvedin
Investmentamountinthis
AccruedActualInvestment
Capital
Project
schedule
Anticipatedincome
AccruedRealized
Reasonsfornot
Disclosur
edate
Disclosure
Index
sornotinvestment
projects
reportingperiodAmountupto
theEndofReportingPeriod
SourceIncome
uptotheEndofReportingPeriod
ReachingthePlannedScheduleandAnticipatedIncomeNansha-ZhuhaiSectionofGuangzhou-MacaoExpresswayWasrebuiltandExpanded
Self-builtYes
Expressway
1,094,850,576.3
1,648,394,518.4
SelfandLoan
12.00%No
October22,2022
AnnouncementofResolutionoftheSecond(Provisional)MeetingtheTenthBoardofDirectorsTotal------
1,094,850,576.3
1,648,394,518.4
----0.000.00------
4.InvestmentofFinancialAsset
（1）Securitiesinvestment
√Applicable□Notapplicable
InRMB
Securitycategory
Securitycode
StockAbbreviatio
n:
Initialinvestmentcost
Modeofaccountingmeasurement
Bookvaluebalanceatthebeginningofthereportingperiod
Changesinfairvalueofthethisperiod
Cumulativefairvaluechangesinequity
Purchaseamountinthethisperiod
Saleamountinthethisperiod
Gain/lossofthereportingperiod
Bookvaluebalanceattheendofthereportingperiod
Accountingitems
SourcesoffundsDomesticandforeignstocks
601818
EverbrightBank
517,560,876.8
FVM
722,232,678.0
-39,993,340.4
164,678,460.8
682,239,337.6
Otherequityinstrumentinvestment
Self
Total
517,560,876.8
--
722,232,678.0
-39,993,340.4
164,678,460.8
0.000.000.00
682,239,337.6
----DisclosureDateofAnnouncementonSecuritiesInvestmentApprovedbytheBoardofDirectors
July22,2009DisclosureDateofAnnouncementonSecuritiesInvestmentApprovedbytheShareholdersMeeting(Ifany)
August7,2009
2）InvestmentinDerivatives
□Applicable√Notapplicable
TheCompanyhadnoinvestmentinderivativesinthereportingperiod.
5.Applicationoftheraisedcapital
□Applicable√Notapplicable
TheCompanyhadnoapplicationoftheraisedcapitalinthereportingperiod.VIII.Salesofmajorassetsandequity
1.Salesofmajorassets
□Applicable√Notapplicable
TheCompanyhadnosalesofmajorassetsinthereportingperiod.
2.Salesofmajorequity
□Applicable√Notapplicable
IX.AnalysisoftheMainShareHoldingCompaniesandShareParticipatingCompanies
√Applicable□Notapplicable
SituationofMainSubsidiariesandtheJoint-stockCompanywithover10%netprofitinfluencingtotheCompany
InRMB
CompanyName
Company
type
Leadingproductsandservices
Registered
capital
TotalassetsNetassets
Operating
Income
OperatingprofitNetProfitJingzhuExpresswayGuangzhuSectionCo.,Ltd.
Subsidiary
TheoperationandmanagementofGuangzhuExpressway
RMB
2.8557
billion
4,099,184,581.711,882,977,400.081,191,507,531.28704,103,868.66521,658,129.01
GuangdongGuanghuiExpresswayCo.,Ltd.
Sharingcompany
InvestmentinandconstructionofGuanghuiExpresswayCo.,Ltd.andsupportingfacilities,thetollcollectionandmaintenancemanagementofGuanghuiExpressway,TheGuanghuiExpressway'ssupportinggasstation,salvation,vehiclemaintenance,vehicletransport,catering,warehousinginvestmentanddevelopment
RMB
2.351678
billion
4,540,105,326.144,196,307,942.552,151,996,795.831,464,522,107.471,077,811,437.35
Subsidiariesobtainedordisposedinthereportingperiod
□Applicable√Notapplicable
ParticularsabouttheMutualholdingcompaniesNone.
X.Structuredsubjectsituationcontrolledbythecompany
□Applicable√Notapplicable
XI.ProspectforfuturedevelopmentoftheCompanyIn2024,theCompanywilldoasolidjobintheinvestment,construction,operationandmanagementofexpressways,acceleratethelayoutofemergingindustriesinthefieldoftransportation,promotetheconstructionofsmarttransportation,strengthenthequalityinternallyandshapetheimageexternally,seizetheopportunitiesofthetimeswithenterprisingcourageandprofessionalattitude,createvalueforthegroupandwindevelopmentfortheCompany.Theoverallgoalfor2024istoachieveoperatingincomeof4.714billionyuanwiththeoperatingcostscontrolledwithin1.791billionyuan.
1.Strengtheningthetop-leveldesignandgraspingtheimplementationofstrategies.TheCompanywillpromotetheimplementationofthemid-termadjustmentplanoftheCompany's"14thFive-YearPlan"developmentplan,strengthentheclosed-loopmanagementsystemofstrategicmanagementandcontrolincombinationwiththeCompany's"14thFive-YearPlan"developmentplan,andstrengthentheassessmentandaccountabilitymechanismofstrategicmanagementthroughtheimplementationofstrategicmanagementlinkedtobudget,assessment,salary,etc.;Strengthenimplementationassessmentanddynamicadjustment,andformulatestrategicimplementationpathways,resourceallocationplans,andsupportingsafeguardmeasuresbasedonvalueenhancement.
2.Promotingtheinvestmentandconstructionofreconstructionandexpansionprojects.AccordingtotheprogressoftheGuanghuireconstructionandexpansionproject,itwillcarryoutprojectinvestmentandfinancinganalysisinatimelymanner;promotetheconstructionprojectsinGuangzhou-Zhuhai-eastandJiangzhongandensurethecapitalneedsofprojectconstruction.Meanwhile,wewillcontinuetotapintothesourceofexpresswayprojects,increasethereserveofhigh-qualityprojects,doagoodjobintheanalysisandevaluationofexistedprojects,andstrivetoseekinvestmentopportunities.
3.Theserviceofthe"MillionsandThousandsofProjects"istoachieveeffectiveresults.Thequalityandupgradingofthecharacteristicserviceareaofinnovativebusinessformatswillbeaccelerated,andtheconstructionofZhishanServiceArea(NorthDistrict)andthe"Microtransformation"projectofYayaoServiceAreawillbeaccelerated.Itwillincreasetheinvestmentandmergersandacquisitionsinhigh-qualityexpresswayprojectstopromotethereasonablegrowthofinvestmentscale.TheCompanywillfocusontheinvestmentlayoutofstrategicemergingindustriessuchasinfrastructureconstructionandsmarttransportation,aswellascontinuetoplaytheroleofGuangdong'shigh-techcapitalmarketinvestmentplatform,deepenresourcedevelopment,quantifytaskindicators,andexpandrevenuespace.
4.Improvingthelevelofpost-investmentempowermentprojects.Wewillcontinuetofocusonnewenergyequityparticipationprojects,focusonpost-investmentempowermentandvaluecreation,assisttheinvestedcompaniestoexpandtheirbusiness,improvemanagement,carryoutcooperation,activelyserveandintegrateintothenationaldevelopmentstrategy,centerongreenempowermenttopromotetheupgradingofindustrialbase,andactivelygraspinvestmentandcooperationopportunitiesintransportationinfrastructureandgreenandlow-carbonfields.
XII.Structuredsubjectsituationcontrolledbythecompany
□Applicable√Notapplicable
Reception
time
Placeofreception
Wayofreception
Typesofvisitors
Visitorsreceived
Maincontentsdiscussedand
informationprovided
Basicindex
February2,2023
MeetingRoomoftheCompany
Fieldresearch
Organization
CICCResearchDepartment:ZhangWenjie,GuYuanfan;CICC'sfixed-incomedivision:ZiaLuchan,WangYuyan;EFund:LinShanshan,LiangYuyin;FirstBeijingInvestment:
ChhenHua；CCBWealthManagement:CuPengzhan
ThediscussionmainlyincludestheCompany'soperation,themainworkcompleted,theprogressoftheinvestedreconstructionandexpansionprojects,andtheCompany'sdevelopmentplanandworkpriorities.
1.Themaincontentof
research:1.thedailyoperation;
2.thecompany'sfinancialdata
analysis;3.developmentstrategy;4.analysisontheindustry.2.Primarydatainvestigation:Publicinformationcompanyregularlyreports
March21,2023
MeetingRoomoftheCompany
ByPhoneOrganization
IndustralSecurities:WangChunhuan,ChenGang；CapitalDynamicsAssetManagement(HK)PteLtdWuXiongwei；ShanghaiHoushanInvestmentManagementCo.,LtdSanDan；NEUBERGERBERMANASIALIMITEDWuXinger；HappyLifeLiuYong；ChangjiangSecuritiesHuJunwen；Ernst&YoungLuJingwen；GuolianSecutieiesLiWei；AIAHuangWenjing；GuotaiJunanZhuChenxi；ZheshangFundZhangZeyue；HuataiSecuritiesLinXiaying；BosiFundChenMuhan；ChinaSecuritiesHanJun；EverbrightSecuritiesChengXinxing；ChutianExpresswayYuZhongxing；ShaanziInternationalZhangShichao；GuotaiJunanassetManagementZhongjinCompanyGuYunfan;SheshangSecuritiesFengSiqi；JPMAssetMgmtVivianTao；ChongjingInvestmentLiuJingwen
ThediscussionmainlyincludestheCompany'soperation,themainworkcompleted,theprogressoftheinvestedreconstructionandexpansionprojects,andtheCompany'sdevelopmentplanandworkpriorities.
1.Themaincontentof
research:1.thedailyoperation;
2.thecompany'sfinancialdata
analysis;3.developmentstrategy;4.analysisontheindustry.2.Primarydatainvestigation:Publicinformationcompanyregularlyreports
August29,2023
MeetingRoomoftheCompany
ByPhoneOrganization
IndustralSecuritiesZhangXiaoyun,WangChunhuan；BankofChinaInvestmentManagementZhangBin；ChinaSecurutiesHanJun,LiChen；ZhongOuAMCXieYuzhuo；CICCGuYunfan；ZheshangSecuritiesChenYihan,HuangAn,FengSiqi;ChinaMerchantsFinancialManagementCo.,LtdZhaoJie;ChangjiangSecuties（Shanghai）AssetManagementCo.,Ltd.YangJie；GreatWallSecturitesXiaoXinyi；YingdaInsuranceAssetManagementCo.,Ltd.JiangSiyuan；EfundYangKang；SunshineInsuranceZhuangYan；XinhuaFundManagementZhengYi；WanjiaFund
ThediscussionmainlyincludestheCompany'soperation,themainworkcompleted,theprogressoftheinvestedreconstructionandexpansionprojects,andtheCompany'sdevelopmentplan
1.Themaincontentof
research:1.thedailyoperation;
2.thecompany'sfinancialdata
analysis;3.developmentstrategy;4.analysisontheindustry.2.Primarydatainvestigation:Publicinformationcompanyregularlyreports
Receptiontime
Placeofreception
Wayofreception
Typesofvisitors
Visitorsreceived
Maincontentsdiscussedandinformationprovided
BasicindexManagementSongXiaoxiun;TianfenngSecuritiesLiYunpeng；BOSCASSETlUOXiangtian;；ShanghaiSecuritiesShaoYafei；ShanghaiTulingAssetManagementZhaoZifeng；ShanghaiShanghaiPrivateFundManagementPartnership(Limitedpartnership)ChenHao;ShanghaiEverbrightSecuritiesAssetManagementCo.,LtdCaoBinjia；QianheCapitalManagementZouTianye；MinshengRoyalFundLiangXin；LongyunInvestmentLiShengnong；ChinaUniversalAssetManagementYanYongqing；HuataiSecuritiesLinXiaying,LiYanguang；HotlandInnovationFundYangYi,WangYaqian;HengyuanCapitalBianDali;UnitedviasionassetmanagementZhangDuo;GuoxinSecuritiesZengFanji
andworkpriorities.
September18,2023
MeetingRoomoftheCompany
ByPhoneOrganization
ZhongtaiSecuritiesResearchInstituteDuChong,Shaomeiling;；inshengBankfinancialmanagementZhangZhuoxing;EverbrightPrudentialFundLinXaofeng;QingliInvestmentLiShu；ZhongtaiWangYanqian,TangChao;TruvalueAssetManagementLiHAN;ShanghaiCaitongAssetMangementChenJinxin;JumingInvestmentHuibowen;DepponFundManagementDingHanyi；ChinaPostLifeInsuranceCompanyCo.,LtdZhaoYang;AgricultureBankofChinaLiRong;HotlandInnovationFundYangYi;TaikangFundMaDuichao;Orientalself-runZhangKaiyuan;YuanchengInvestmentMaLina;HexuZhiyuanZhangDuo;PinanAssetManagementWangJiacheng;JiashiFundGongChu;WesternProfitsFundManagementCo.,LtdWenZhenyu;DanshuiquanInvestmentManagementLiuXiaoyu;FengLanAssetCaiRongzhuan;HuitianfufundLaoJienan;XinhuaAssetManagementShuLiang;YuanxinInvestmentZhouYang;AIAHuangWenjing,ZheshangFundZhangZeyue;NuoanFundManagementLiDi;HuameiInternationalInvestmentYanBing;PuxinInvestmentZhuBingbing;ChinaPostLifeInsuranceCompanyCo.,LtdWangDong；HuataiSecuritiesLiuRui;TaikangFundSongRenjie；MorganhuaxinSiWei；HSBCJintrustFundManagementCompanyLimited.XuBen;ShanghaiYudeInvestmentManagement
ThediscussionmainlyincludestheCompany'soperation,themainworkcompleted,theprogressoftheinvestedreconstructionandexpansionprojects,andtheCompany'sdevelopmentplanandworkpriorities.
1.Themaincontentof
research:1.thedailyoperation;
2.thecompany'sfinancialdata
analysis;3.developmentstrategy;4.analysisontheindustry.2.Primarydatainvestigation:Publicinformationcompanyregularlyreports
Receptiontime
Placeofreception
Wayofreception
Typesofvisitors
Visitorsreceived
Maincontentsdiscussedand
informationprovided
BasicindexChangYue；verbrightPramericaFundManagementCo.,Ltd.HuangYaru;oberweisAMfangwenzhou；IndustrialFundManagementCo.,LtdGaoSheng;NuoanFundManagementHuangYouwen;ChinaLifeInsuranceAssetManagementCo.,LtdDunSha;TipingAssetManagementZhaoYang;ChinaMerchantsFundManagementCo.,Ltd.XuShang;JingshunGreatWallLuYan;ShanghaiZhengxinguInvestmentMangementLiAnning
September27,2023
MeetingRoomoftheCompany
ByPhoneOrganization
PICCAssetManagementCo.,LtdZhangXianning;Aegon-IndistrialFundZhangXiaofeng；BeijingKaisiboInvestmentManagementLinXiaowen;HezhongAssetManagementDuRuochen;ShanghaiNaturalPickingupBayInvestmentManagementPartnership(LimitedPartnership)ZhuangXiaoyang;ICBCCreditSuisseAssetManagementCo.,Ltd.GuHeng;GuangdongHaihuiHuashengSecuritiesInvestmentManagementPanYongli;CCBWealthManagementWuJieben;HongdeFundManagementLiuFei;FullgoalFundZhangZeyue;HainanSiruiPrivateFundManagementMaJin;Danshuiquan(Beijing)InvestmentManagementLinShenglan;ZhuhaiHengqinChanglehuiCapitalManagementZhangChenquan;GoldmanSachsAsiaWenShuhan;CICShoushanInternationalAssetManagementCo.,LtdYeZhigang;ChinaPostLifeInsuranceCo.,LtdYangChen;ZhuhaiLezhongInvestmentManagementYangHunlun;ShanghaiGuozanPrivateEquityFundManagementPartnership(Limitedpartnership)GuoYulei;ShanghaiXiashengAssetManagementPartnership(limitedpartnership)HongLinxiang;ShanghaiBaixiaInvestmentManagementCenter(limitedpartnership)GuZhiye;ShanghaiOrientSecuritiesAssetManagementCo.,LtdChenZhizhen;ShanghaiHundunInvestment(Group)Co.,Ltd.LiXiaonan;ShanghaiYaozhiAssetManagement(limitedpartnership)ZhangYiling;GuotaiLifeInsuranceLiuBangjia;GuotaiInvestmentZhengZongjie;AnxinSectritiesChenJiamin;
ThediscussionmainlyincludestheCompany'soperation,themainworkcompleted,theprogressoftheinvestedreconstructionandexpansionprojects,andtheCompany'sdevelopmentplanandworkpriorities.
1.Themaincontentof
research:1.thedailyoperation;
2.thecompany'sfinancialdata
analysis;3.developmentstrategy;4.analysisontheindustry.2.Primarydatainvestigation:Publicinformationcompanyregularlyreports
Receptiontime
Placeofreception
Wayofreception
Typesofvisitors
Visitorsreceived
Maincontentsdiscussedandinformationprovided
BasicindexICBCInternationalHoldingsLimitedWuYawen,TuopuFundZhangXiao;TaikangAssetManagementQianJiajia;ShenzhenZhongtianHuifuFundManagementCo.,LtdXuGaofei;ShenzhenSihaiYuantongInvestmentCo.,Ltd.WuGuanghua;ShenzhenShangchengAssetMangementHuangXiangqian;ZhuhaiHengqinChenglehuiCapitalManagementZhangXiaoren;SuzhouLongyuanInvestmentManagementLiShengnong,QingdaoJinguangZijinVentureInvestmentmanagementleiJing;IGWTInvestmentLiaoKeming
October30,2023
MeetingRoomoftheCompany
ByPhoneOrganization
CITICAssetManagementLiuJiangchao;HuaxiaLifeXuHaiyan;ShanghaiDuchengInvestmentManagementZhangXun；ShanghaiMingshiPrivateFundManagementCo.,LtdDingKe;QingliInvestmentZhaoDong;XinzhifengInvestmentZhouWenjia;LuDijinchuangTechnologyGroupCo.,Ltd.ZhengZhuopu;TelligentCapitalManagementIvanYim；JingshunGreatWallFundManagementSunJingxi；YongyingFundManagementHungRun;HongdeFundManagementLiuYunchang；ShanghaiRuiyiInvestmentDevelopmentGenter(limitedpartnership)WangLuqing;HuaxialifeHuangBo；CPEYuanfengLiRuomu；UnifiedInvestmentZhengZongjie;BoshiFundChenMuhan;Orientalself-runZhangKaiyuan;ChinaPostSecuritiesCo.,LtdChenLiang;KunlunHealthinsuranceXuSai；Huataiself-runLiYanguang;CITICSECURITIESYuanzi;SifanInvestmenttulataska；ShengzhenQianhaiYingfengCapitalManagementMaoWentaol;GuoxinInvestmentZhangYao;XuanyuanInvestmentHeJiyao,；HotlandInnovationFundWangYaqian,FuguoFundZhangZeyue;SDICUBSYuanYe
ThediscussionmainlyincludestheCompany'soperation,themainworkcompleted,theprogressoftheinvestedreconstructionandexpansionprojects,andtheCompany'sdevelopmentplanandworkpriorities.
1.Themaincontentof
research:1.thedailyoperation;
2.thecompany'sfinancialdata
analysis;3.developmentstrategy;4.analysisontheindustry.2.Primarydatainvestigation:Publicinformationcompanyregularlyreports
IV.CorporateGovernanceI.GeneralsituationTheCompanystrictlyfollowedtherequirementoflawsandregulationsin<companylaw>,<theSecuritiesLaw>,<CodeofCorporateGovernanceforListedCompaniesinChina>,<StockListingRules>etc.andkeptonimprovingcorporategovernancestructures,improvingnormativeoperationlevel.Companyhadstipulatedrulessuchas<articlesofassociation>,rulesofproceduresinthreemeetings,workingguideofspecialcommitteeinboardofdirectors,workingguideofgeneralmanageretc.andinternalcontrolsystembasicallycoveringalloperatingmanagementsuchascompanyfinancialmanagement,investmentmanagement,informationdisclosure,relatedtransaction,externalguarantee,fundraisingetc.Allrulesarewellimplemented.Inthereportperiod,strictlyfollowingtherelevantprovisionsof“CompanyLaw”and“Regulations”,theshareholder’smeetingofourbankeffectivelyperformedthefunctions.Theboardofdirectorsistoberesponsiblefortheshareholder’smeeting,totaketheultimateresponsibilityforthebank’soperationandmanagementandtoconveneameetingaswellasperformingthefunctionandpoweraccordingtolegalprocedure.Inlinewiththeattitudewhichisresponsibleforallshareholdersandkeepinginclosecontactandcommunicationwiththeboardofdirectorsandthemanagement,theboardofsupervisorscarriesouttheassessmentworkondutyexercisingfortheboardofdirectorsandtheboardofsupervisors,effectivelyperformingfunctionsandobligationsofsupervision.Doesthereexistanydifferenceincompliancewiththecorporategovernance,thePRCCompanyLawandtherelevantprovisionsofCSRC,
□Yes√No
Thereexistnodifferenceincompliancewiththecorporategovernance,thePRCCompanyLawandtherelevantprovisionsofCSRC.II.IndependenceandCompletenessinbusiness,personnel,assets,organizationandfinance
1.Independentbusiness
TheCompanyismainlyengagedintollingandmaintenanceofGuangfoExpressway,FokaiExpressway,JingzhuExpresswayGuangzhuSectionandGuanghuiExpresswayinvestmentintechnologicalindustriesandprovisionofrelevantconsultaionwhileinvestinginShenzhenHuiyanExpresswayCo.,Ltd.,GuangdongJiangzhongExpresswayCo.Ltd.,ZhaoqingYuezhaoExpresswayCo.,Ltd.,GanzhouKangdaExpressway,GanzhouGankangExpresswayCo.,Ltd.,GuangdongYuekeScienceandTechnologyMicrofinanceCo.,Ltd.,GuangdongGuangleExpresswayCo.,Ltd.,GuoyuanSecuritiesCo.,Ltd,HunanLianzhiTechnologyCo.,Ltd.,SPICYuetongQiyuanChipPowerTechnologyCo.,Ltd.andCMSTNanjingIntelligentLogisticsTechnologyCo.,Ltd.TheCompanyhasoutstandingmainoperation,independentandcompletebusinessandtheabilityofindependentoperation.AllbusinessdecisionsoftheCompanyweremadeindependently,beingcompletelyseparatedfromtheshareholderwithactualcontrol.Relatedtransactionswerecarriedoutinlightoftheprincipleoffairtransaction,whichdidnotharmtheinterestsoftheCompanyandothershareholdersoftheCompany.Thecontentofrelatedtransactionswasfully,timelyandaccuratelydisclosed,whichdidnothavenegativeinfluenceontheCompany.
2.Completeassets
TherelationshipoftheCompany'spropertyrightisclear.TheassetsinjectedbyshareholdersintheCompanyareindependentandcompleteandhaveclearpropertyright.Allcapitalwaspaidupandrelevantformalitiesofpropertyrightchangeweresettled.
3.Independentpersonnel
Asforpersonnelrelationship,thegeneralmanager,deputygeneralmanagers,thesecretarytotheboardofdirectorsandfinancialcontrolleroftheCompanywerefull-timeemployeesandreceivedsalaryfromtheCompany,whodidnotconcurrentlyholdpositionsattheparentcompany.AlldirectorsandsupervisorsoftheCompanywereelectedthroughlegalprocedure.Thegeneralmanager,deputygeneralmanagers,chiefaccountant,chiefeconomicengineerandchiefengineerweredirectlyappointedbytheboardofdirectors.Othermanagerialpersonnelofalllevelsweredirectlyappointedbythegeneralmanager.TheCompanyownsindependentpowerofpersonnelappointmentandremoval.
4.Independentfinance
TheCompany,includingsubsidiariesestablishedindependentaccountingdepartment，independentaccountingsystemandregulationsonfinancialmanagement.
TheCompanyindependentlyopenedbankaccountanddidnotdepositfundsintheaccountsofthefinancecompanyorsettlementcenterofthemajorityshareholder.TheCompanyindependentlypaidtax.TheCompany'sfinancialdecisionswereindependentlymade.Themajorityshareholderdidnotinterferewiththeuseoffundsbylistedcompanies.
5.Independentorganization
Theboardofdirectors,thesupervisorycommitteeandotherinternalorgansoftheCompanyoperatedindependently.Itsorgansarecompleteandindependent.III.HorizontalCompetitions
□Applicable√Notapplicable
IV.AnnualGeneralMeetingandExtraordinaryShareholders’MeetingsintheReportingPeriod
1.AnnualGeneralMeeting
Sessions
Typeofmeeting
Investorparticipationratio
MeetingDate
Disclosuredate
Disclosureindex
2022Shareholders’generalmeeting
AnnualShareholders’GeneralMeeting
66.79%
June28,2023
June29,2023
ThemeetingexaminedtheProposalConcerningFinalAccountingReportfor2022,ThemeetingexaminedtheProposalConcerningplanforProfitDistributionfor2022,ThemeetingexaminedtheProposalConcerningOverallbudgetreportoftheCompanyfor2023,ThemeetingexaminedtheWorkReportoftheBoardofDirectorsfor2022,ThemeetingexaminedtheWorkReportofthesupervisoryCommitteefor2022,ThemeetingexaminedAnnualReportfor2022anditssummary,ThemeetingexaminedtheProposalforHiringthe2023AnnualFinancialReportAuditAgency,ThemeetingexaminedtheProposalforHiringthe2023InternalControlAuditInstitution,ThemeetingexaminedtheProposalontheInvestmentPlanfor2023;ThemeetingexaminedtheProposalonAmendingPartoftheArticlesofAssociation
oftheCompany.TheFirstprovisionalshareholders’Generalmeetingof2023
Provisionalshareholders’Generalmeeting
64.41%
August23,2023
August24,2023
ThemeetingexaminedtheProposal
onchangeoftheperformancecommitmentof
themajorassetrestructuringprojectin2020and
signingthesupplementaryagreementtothe
profitcompensationagreementTheSecondprovisionalshareholders’Generalmeetingof2023
Provisionalshareholders’Generalmeeting
40.71%
November6,2023
November7,2023
ThemeetingexaminedtheProposal
onIncreasingCapitaltoZhaoqingYuezhao
HighwayCo.,Ltd.toInvestinthe
ReconstructionandExpansionProjectofthe
YuejingHengjiangtoMa'anSectionoftheG80
Guangzhou-KunmingExpressway
TheThirdprovisionalshareholders’Generalmeetingof2023
Provisionalshareholders’Generalmeeting
65.27%
December5,2023
December6,2023
ThemeetingexaminedtheProposalonAmendingtheIndependentDirectorSystem
oftheCompany,Themeetingexaminedthe
ProposalonAmendingtheArticlesof
AssociationoftheCompany,Themeeting
examinedtheProposalonRenewalofthe
FinancialServicesAgreementwithGuangdong
CommunicationsGroupFinanceCo.,Ltd,.The
meetingexaminedtheProposal
ontheelectionofMr.ZhangRenshouandMr.
LiuHengasindependentdirectorsofthe10th
boardofdirectorsoftheCompany
2.Requestforextraordinarygeneralmeetingbypreferredstockholderswhosevotingrightsrestore
□Applicable√Notapplicable
V.InformationaboutDirectors,SupervisorsandSeniorExecutives
1.Basicsituation
NamePositions
Officestatus
SexAge
Startingdateoftenure
Expirydateof
tenure
Sharesheldattheyear-begin(share)
Thenumberofsharesheldinthecurrentperiod(shares)
Numberof
sharesreducedinthe
currentperiod(shares)
Otherchanges(shares)
Numberofsharesheldattheendoftheperiod(shares)
Reasons
forincrease
ordecreaseofsharesMiaoDeshan
BoardChairman
InofficeMale
August19,2022
September20,2025WangChunhua
Director,
GeneralManager
InofficeMale59April16,2013
September20,2025
135,100135,100LuMing
Director,Chiefaccountant
InofficeMale
December25,2020
September20,2025ZuoJiang
Director,DeputyGeneralManager
InofficeFemale
October19,2015
September20,2025ChengRui
DirectorInofficeMale
September20,2022
September20,2025ZengZhijun
DirectorInofficeMale
December4,2017
September20,2025YaoXuechang
DirectorInofficeMale
November2,2020
September20,2025YaoXuechang
DirectorInofficeMale
September20,2022
September20,2025WuHaoDirectorInofficeFemale51
November2,2020
September20,2025KuangYu
DirectorInofficeMale38May17,2022
September20,2025
NamePositions
Officestatus
SexAge
Startingdate
oftenure
Expirydateof
tenure
Sharesheldattheyear-begin(share)
Thenumberofsharesheldinthecurrentperiod(shares)
Numberofsharesreducedinthe
currentperiod(shares)
Otherchanges(shares)
Numberofsharesheldattheendoftheperiod(shares)
ReasonsforincreaseordecreaseofsharesZengXiaoqing
Independentdirector
InofficeFemale54May20,2019
September20,2025YouDewei
Independentdirector
InofficeMale
September20,2022
September20,2025YuMingyuan
Independentdirector
InofficeMale
September20,2022
September20,2025ZhangRenshou
Independentdirector
InofficeMale
December5,2023
September20,2025LiuHeng
Independentdirector
InofficeMale
December5,2023
September20,2025HeSen
ChairmanoftheSupervisoryCommittee
InofficeMale
August19,2022
September20,2025WangXiaobing
SupervisorInofficeFemale52May17,2022
September20,2025KeLinSupervisorInofficeFemale
September15,2017
September20,2025DengYunfeng
SupervisorInofficeMale
December23,2021
September20,2025ZhouDong
SupervisorInofficeFemale
September9,2022
September20,2025LuoBaoguo
DeputyGeneralManager
InofficeMale
December25,2020
September20,2025ZhuDeputyInofficeMale41April27,2023September
NamePositions
Officestatus
SexAge
Startingdate
oftenure
Expirydateof
tenure
Sharesheldattheyear-begin(share)
Thenumberofsharesheldinthecurrentperiod(shares)
Numberof
sharesreducedinthe
currentperiod(shares)
Otherchanges(shares)
Numberofsharesheldattheendoftheperiod(shares)
ReasonsforincreaseordecreaseofsharesQijunGeneral
Manager
20,2025YangHanming
SecretarytotheBoard
InofficeMale
August28,2017
September
20,2025ZhouYisan
legalcounselInofficeMale43
September20,2022
September
20,2025ZhangHua
Independentdirector
DimissionMale
December4,2017
December
4,2023LiuZhonghua
Independentdirector
DimissionMale
December4,2017
December
4,2023Total------------135,100000135,100--Duringthereportingperiod,whetherthereisdismissalofdirectorsandsupervisorsanddecruitmentofseniormanagers
□Yes
?NoChangesofdirectors,supervisorsandseniorexecutives
√Applicable□Notapplicable
NamePositionsTypesDateReasonLiuZhonghuaIndependentdirectorDimissionDecember4,2023LeftfortermexpirationZhangHuaIndependentdirectorDimissionDecember4,2023Leftfortermexpiration
2.Postsholding
Professionalbackgrounds,majorworkexperienceandcurrentdutiesintheCompanyoftheincumbentdirectors,supervisorsandseniormanagement:
Mr.MiaoDeshan，HeservedasChairman,withbachelordegree.BachelorofEngineeringdegree,seniorengineer.FromJune2011toJuly2022,heservedsuccessivelyasDeputyGeneralManager,ChiefEngineer,DeputySecretaryofthePartyCommittee,DirectorandGeneralManagerofGuangdongCommunicationsIndustrialInvestmentCo.,Ltd.hasbeentheChairmanoftheCompanysinceAugust19,2022.HeisalsotheDirectorofSPICYuetongQiyuanxinPowerTechnologyCo.,Ltd.,theCompany'sshareholdingcompany,andtheLegalRepresentativeandExecutiveDirectorofYuegaoCapitalHoldings(Guangzhou)Co.,Ltd.Mr.WangChunhua,HeservedasDirectorandGeneralManageroftheCompany,MasterDegree,seniorengineerandsenioreconomicengineer,SinceSeptember2006,heservedasDeputyGeneralManageroftheCompany.FromMarch2013toOctober2015,HeservedasdirectorandDeputyGeneralManageroftheCompany,SinceOctober2015,HeservedasDirectorandGeneraldirectoroftheCompany,andholdaconcurrentpostofvicechairmanofShenzhenHuiyanExpresswayCo.,Ltd.andChairmanandLegalrepresentativeofGuangfoExpressway.
Mr.LuMing,HeservedasDirectorandChiefaccountantoftheCompany,Graduatedegree,MBA,senioraccountant,fromMarch2009toDecember2020,servedastheManager,DeputyBusinessDirectorandBusinessDirectoroftheFinancialManagementDepartmentofGuangdongCommunicationsGroupCo.,Ltd.,andfromDecember2018toDecember2019,heservedasthefirstsecretaryofthePartyBranchofYinghuaiManagementOfficeofGuangdongNanyueCommunicationsLonghuaiExpresswayManagementCenter.SinceDecember25,2020,hehasservedastheChiefAccountantoftheCompany,andsinceFebruary3,2021,hehasservedasaDirectoroftheCompany.HealsoservesastheViceChairmanofGanzhouNankang–DayuExpresswayCo.,Ltd.,theCompany'sshareholdingcompany,theDirectorofGuangdongYuekeScienceandTechnologyMicrofinanceCo.,Ltd.,theChairmanofBeijing-ZhuhaiExpresswayGuangzhou-ZhuhaiSectionCo.,Ltd.andGuangdongGuangzhou-HuizhouExpresswayCo.,Ltd.Ms.ZuoJiang,DeputyGeneralManageroftheCompany,Graduatedegree，MasterofEconomics,SeniorEconomist,QualifiedasLegalAdviseroftheEnterprise,SecretaryoftheBoardofDirectors.HehasbeenworkingintheCompanysince1994.HehasbeentheMinisterofSecuritiesAffairsoftheCompanysince1999.HehasbeentheSecretaryoftheBoardofDirectorsandDirectorofSecuritiesAffairsDepartmentsinceMarch2006.FromOctober2015toJuly2016,hewastheDeputyGeneralManagerandSecretaryoftheBoardofDirectorsAndMinisterofSecuritiesAffairs.SinceOctober2015,hehasbeentheDeputyGeneralManageroftheCompany,andholdaconcurrentpostofDirectorofGuangdongYuekeScienceandTechnologyMicrofinanceCo.,Ltd.,directorofGuoyuanSecuritiesCo.,Ltd.andGeneralManager,PartybranchsecretaryofYuegaoCapitallnvestment(Guangzhou)Co.,Ltd.
Mr.ChengRui,DirectoroftheCompany,holdsamaster'sdegreeinbusinessadministration,aneconomist,withtheCorporateLegalAdviserandLawyerqualification.FromAugust2017toMay2022,heservedasDeputyGeneralManagerofGuangdongExpresswayDevelopmentCo.,Ltd.,duringwhich,fromMay2019toAugust2021,hewasappointedastheFirstSecretaryofthePartyOrganizationinShanhuVillage,JinheTown,JiexiCounty,JieyangCity.SinceMay2022tillnow,hehasservedastheDirectorofLegalAffairsDepartmentofGuangdongCommunicationsGroupCo.,Ltd.HehasbeenthedirectoroftheCompanysinceSeptember20,2022.
Mr.ZengZhijun,economist,isadirectoroftheCompany,withmasterdegree.SinceJune2010,hehasservedasthedeputychiefeconomistofGuangdongProvincialExpresswayCo.,Ltd.FromJanuary2015toSeptember2015,heservedasMinisterofInvestmentPlanningDepartmentofGuangdongProvincialExpresswayCo.,Ltd;
sinceSeptember2015,hehasservedasMinisterofLegalAffairsDepartmentofGuangdongProvincialExpresswayCo.,Ltd.，SinceSeptember2020,HeservesasMinisterofpersonnelresourcedepartment，SinceDecember4,2017,heservesasDirectoroftheCompany.Mr.YouXiaocong,senioraccountant,isthedirectoroftheCompany,withbachelordegree.FromMay2015toDecember2021,heservedasthedirectorandchiefaccountantofGuangdongProvincialHighwayConstructionCo.,Ltd.,andsinceDecember2021,hehasservedasthedirector,chiefaccountant,andmemberofthepartycommitteeofGuangdongProvincialHighwayConstructionCo.,Ltd.HehasservedasdirectoroftheCompanysinceNovember2,2020.Mr.YaoXuechang,DirectoroftheCompany,BachelorDegree,MBA,SeniorEngineerofroadandbridge,servedastheDirectorandDeputySecretaryofthePartyBranchoftheReconstructionandExpansionProjectManagementOfficeoftheSouthernSectionofFoshan-KaipingExpresswayfromOctober2015toFebruary2020.FromFebruary2020toOctober2021,hesuccessivelyservedastheDirectorandDeputySecretaryofthePartyBranchofZhongshan-JiangmenExpresswayReconstructionandExpansionManagementOffice,DeputySecretaryandDirectorofthePartyBranchoftheReconstructionandExpansionProjectManagementOfficeoftheSouthernSectionofFoshan-KaipingExpressway,directoranddeputysecretaryofthePartybranchoftheGuangzhou-ZhuhaiExpresswayReconstructionandExpansionManagementOffice.SinceOctober2021,hehasservedastheDeputySecretaryandDirectorofthePartyBranchoftheReconstructionandExpansionManagementOfficeoftheGuangzhou-ZhuhaisectionofBeijing-ZhuhaiExpresswayandtheDirectoroftheReconstructionandExpansionProjectManagementOfficeoftheSouthernSectionofFoshan-KaipingExpressway.HehasbeentheDirectoroftheCompanysinceSeptember20,2022.
Ms.WuHao,SheisthedirectoroftheCompany,withbachelordegree.FromFebruary2012toMay2020,Shesuccessivelyservedasdeputymanagerofthefinancedepartment,deputymanageroftheinvestmentbusinessdepartment,andmanageroftheinvestmentbusinessdepartmentofShandongExpresswayInvestmentDevelopmentCo.,Ltd.ShehasservedasthedeputygeneralmanagerandmemberofpartycommitteeofShandongExpresswayInvestmentDevelopmentCo.,LtdsinceMay2020.FromNovember2,2020,hehasservedasdirectoroftheCompany.
MrKuangYu,DirectoroftheCompany,holdsamaster'sdegreeineconomics.Hestartedworkingin2011andiscurrentlythesecuritiesaffairsrepresentativeofPolyDevelopmentHoldingGroupCo.,Ltd.andtheDepartmentManageroftheCapitalOperationDepartmentoftheBoardOffice.HehasbeentheDirectoroftheCompanysinceMay17,2022.
Ms.ZengXiaoqing,anindependentdirectoroftheCompany,withbachelor's,master'sanddoctor'sdegreesfromTongjiUniversity.Since1993,sheconductedtrainingandstudyatTsinghuaUniversityandGermanDarmstadtUniversityofTechnology.FromMay20,2019,sheservedastheindependentdirectoroftheCompany.
Mr.YouDewei,theindependentdirectoroftheCompanywithamaster'sdegreeinlaw,servedastheSeniorPartnerandLawyerofGuangdongZonghengTianzhengLawFirmfromJune1997toJanuary2019,andastheSupervisor,SeniorPartnerandLawyerofGuangdongETRLawFirmsinceJanuary2019.Meanwhile,heisalsoapart-timeExternalDirectorofthesupervisionenterpriseofGuangdongState-ownedAssetsSupervisionandAdministrationCommission,part-timeExternalDirectorofGuangdongPortandShippingGroup,IndependentDirectorofGuangzhouAcademyofBuildingResearchCo.,Ltd.,IndependentDirectorofGuangshengNonferrousMetalsCo.,Ltd.,andoneofthefirstbatchof35mediatorsintheMediationCenterofGuangdongLawyersAssociation,DeputyDirectorofthe11thState-ownedAssetsLawCommitteeofGuangdongLawyersAssociation,DeputyDirectorofthe12thComplianceandRiskControlLawCommitteeofGuangdongLawyersAssociation,ExecutiveDirectorofChinaHealthLawSociety,ExecutiveDirectorofGuangdongHealthLawSociety,DirectorofGuangdongLawSociety'sCorporateComplianceResearchSociety,DirectorofGuangdong
LawSociety'sMedicineandFoodLawResearchSociety,DeputyDirectorofGuangzhouLawyersAssociation'sMedicineandHealthBusinessLegalCommittee,anArbitratorofShenzhenCourtofInternationalArbitration,ArbitratorofQingyuanArbitrationCommittee,MemberofGuangdongProvince'sEighthFive-YearPlanLawPopularizationLecturerGroup,andMemberofGuangzhouMunicipalBureauofJustice's"WarmEnterpriseAction"100-expertLawyerLegalServiceGroup.HehasbeenanindependentdirectoroftheCompanysinceSeptember20,2022.Mr.YuMingyuan,anIndependentDirectoroftheCompany,BachelorofEngineering,second-classresearcher,andExpertenjoyingspecialgovernmentallowancefromtheStateCouncil,onceservedastheDirectoroftheHighwayandComprehensiveTransportationDevelopmentResearchCenteroftheResearchInstituteofHighway,MinistryofTransport.SinceJuly2021,hehasalsoservedasanIndependentDirectorofJiangsuShanghai-NanjingExpresswayCo.,Ltd.,sinceDecember2022,asanIndependentDirectorofHubeiChutianIntelligentTransportationCo.,Ltd.,andsinceSeptember20,2022,asanIndependentDirectoroftheCompany.Mr.ZhangRenshouisanindependentdirectoroftheCompany.Heisadoctoralsupervisor,apostdoctoralcooperativesupervisor,anMPACCmaster'ssupervisor,andanMBAsupervisor.HeusedtobethedeanoftheCollegeofModernIndustryofGuangzhouUniversityandthedeanoftheSino-CanadianSchoolofInternationalEducationofGuangzhouUniversity.HeiscurrentlyaprofessoroftheDepartmentofAccountingofSchoolofManagementofGuangzhouUniversity,thedeanoftheInstituteofPerformanceandStrategicManagementofGuangzhouUniversity,thedeanoftheSouthChinaInstituteofBigDataintheGuangdong-HongKong-MacaoGreaterBayArea,andthedeputydeanoftheGuangdongNewEraCareerDevelopmentResearchInstitute.HehasbeenanindependentdirectoroftheCompanysinceDecember5,2023.Mr.LiuHeng,Ph.D.,doctoralsupervisor,projectexpertoftheNationalFoundationandProvincialDepartmentofScienceandTechnology,isstrategicconsultantofmanyenterprises,etc.FromJune2015toJune2023,heservedasanassociateprofessoratSunYat-senUniversity,andsinceJune2023,hehasbeenaprofessoratSunYat-senUniversity.SinceAugust2022,hehasservedasanindependentdirectorofGuangdongZhaoqingXinghuBiotechnologyCo.,Ltd.HehasbeenanindependentdirectoroftheCompanysinceDecember5,2023.
Mr.HeSen,ChairmanoftheBoardofSupervisorsoftheCompany,BachelorDegree,MBA,SeniorAccountant,hasbeenappointedChairmanoftheBoardofSupervisorsofGuangdongCommunicationsGroupCo.,Ltd.sinceMarch2016.SinceAugust19,2022,hehasservedasChairmanoftheBoardofSupervisorsoftheCompany.
Ms.WangXiaobing,SupervisoroftheCompany,BachelorofArts,SeniorEconomistandAccountant,hasbeenanexpatriatesupervisorofGuangdongCommunicationsGroupCo.,Ltd.sinceAugust2008.SinceMay17,2022,hehasservedasaSupervisoroftheBoardofSupervisorsoftheCompany.Ms.KeLin,SupervisoroftheCompany,bachelordegree,BachelorofScience,assistantresearcher.FromAugust2017toDecember2020,,shehasservedasChairmanofthelaborunionofthecompany,FromAugusttoNew,Shehasservedaspartycommitteemember,disciplineinspectioncommissionsecretary.SinceSeptember15,2017,SheservedassupervisorofBoardofsupervisoroftheCompany.
Mr.DengYunfeng,supervisoroftheCompany,bachelordegree,MBA,seniorengineer.HeservedasPartySecretaryofGuangzhou-FoshanExpresswayCo.,Ltd.fromFebruary2014toJuly2018;MinisterofPartyandMassWorkDepartmentoftheCompanyfromJuly2018tothepresent,andalsovicechairmanofthetradeunionoftheCompanyandchairmanofthetradeunionofitsheadquartersfromMarch2021tothepresent.HehasservedastheemployeesupervisoroftheninthboardofsupervisorsoftheCompanysinceDecember23,2021.
Ms.ZhouDong,SupervisoroftheCompany,BachelorofEconomics,andSeniorAccountant.FromApril2003toJanuary2018,sheservedasDeputyDirectoroftheFinancialManagementDepartmentoftheCompany.SinceJanuary2018,shehasservedasDeputySecretaryoftheDisciplineInspectionCommitteeoftheCompanyandDirectoroftheDisciplineInspectionandAuditDepartmentoftheCompany.SinceSeptember2022,ShehasservedasEmployeeSupervisoroftheBoardofSupervisorsoftheCompany.SheisalsotheChairmanoftheBoardofSupervisorsofGanzhouGankangExpresswayCo.,Ltd.,ashareholdingcompanyoftheCompany,SupervisorofGuangdongLechang-GuangzhouExpresswayCo.,Ltd.andSupervisorofShenzhenHuizhou-ShenzhenExpresswayCo.,Ltd.andYuegaoCapitalHoldings(Guangzhou)Co.,Ltd.Mr.LuoBaoguo,DeputyGeneralManageroftheCompany,MasterofEngineering,SeniorEngineer.FromAugust2017toDecember2020,heservedastheGeneralManager(personincharge)andDeputySecretaryofthePartyCommitteeofFoshan-KaipingBranchofGuangdongExpresswayDevelopmentCo.,Ltd.SinceDecember25,2020,hehasservedastheDeputyGeneralManageroftheCompany.HeisalsotheChairmanofZhaoqingYuezhaoHighwayCo.,Ltd.,ashareholdingcompanyoftheCompany,theViceChairmanofGuangdongZhongshan–JiangmenExpresswayCo.,Ltd.andtheDirectorofGuangdongGuangzhou-HuizhouExpresswayCo.,Ltd.
Mr.ZhuQijun,DeputyGeneralManageroftheCompany,holdsamaster'sdegreeinartsandisapoliticalengineer.FromAugust2016toFebruary2022,hesuccessivelyservedasthesecretaryofthePartybranch,thedeputygeneralmanagerandthechairmanofthelaborunionofthecommercialoperationandmanagementbranchofGuangdongLitongRealEstateInvestmentCo.,Ltd.(afterupgrading),duringwhichheconcurrentlyservedasthedeputygeneralmanagerofGuangdongGaodaPropertyDevelopmentCo.,Ltd.andthedeputygeneralmanagerofGuangdongLitongPropertyDevelopmentCo.,Ltd.FromFebruary2022toMay2022,heservedasthedirectoroftheplanningandmarketingcenterofGuangdongLitongDevelopmentandInvestmentCo.,Ltd.FromMay2022toMarch2023,heservedasthedirectorofthebusinessplanningdepartmentofGuangdongUrbanTransportationInvestmentCo.,Ltd.andGuangdongLitongDevelopmentandInvestmentCo.,Ltd.,andconcurrentlyservedasadirectorofGuangdongTrafficEngineeringCo.,Ltd.duringtheperiod.HehasbeentheDeputyGeneralManageroftheCompanysinceApril27,2023.
Mr.ZhouYisan,GeneralCounseloftheCompany,MasterofLaw,corporatelawyer,second-classlegaladviserofstate-ownedenterprises,hasthequalificationsofsecretaryoftheboardofdirectors,securities,futuresandfunds.FromApril2016toOctober2017,heservedasDeputyDirectorofInvestmentDevelopmentDepartmentandLegalAffairsDepartmentoftheCompany;fromOctober2017tonow,heservedasDirectorofLegalAffairsoftheCompany;fromSeptember2019toSeptember2022,heservedasEmployeeSupervisoroftheNinthBoardofSupervisorsoftheCompany;andfromSeptember20,2022,heservedasGeneralCounseloftheCompany.Meanwhile,healsoservesastheDirectorofBeijing-ZhuhaiExpresswayGuangzhou-ZhuhaiSectionCo.,Ltd.,theholdingcompanyoftheCompany,SupervisorofGuangdongYuekeScienceandTechnologyMicrofinanceCo.,Ltd.andDirectorofGuangdongGuangzhou-HuizhouExpresswayCo.,Ltd.
Mr.YangHanming,hehasbeentheSecretaryoftheBoard，bachelor'sdegree,senioreconomist,corporatelegaladviser,withtheboardsecretaryqualifications.SinceAugust2017,hehasbeentheSecretaryoftheBoardoftheCompany,viceChairmanofGanzhouGankangExpresswayCo.,Ltd.,DirectorofGuangdongJiangzhongExpresswayCo.,ltd.andsupervisorofGuangdongYuekeScienceandTechnologyMicrofinanceCo.,Ltd.,SinceSeptember2019,heservedasMinisterofDevelopmentDeptoftheCompany.HealsoservesastheviceChairmanofGangzhouGankangExpresswayCo.,Ltd.,ajointstockcompanyoftheCompany.andDirectorofJingzhuExpresswayGuangzhuSectionCo.,Ltd.Officetakinginshareholdercompanies
√Applicable□Notapplicable
Namesofthepersonsinoffice
Namesoftheshareholders
Titlesengagedinthe
shareholders
Sharingdateofofficeterm
Expirydateofofficeterm
Doeshe/shereceiveremunerationorallowancefromtheshareholderChengRui
GuangdongCommunicationGroup
MinisterofLegalAffairs.May1,2022YesYouXiaocong
GuangdongCommunicationGroupFinanceCo.,Ltd.
DeputyPartycommitteemember,GeneralManager
April12,2023YesYaoXuechang
Beijing-ZhuhaiExpresswayGuangzhou-ZhuhaisectionreconstructionandexpansionmanagementOffice
Deputysecretaryanddirector
October1,2021YesZengZhijun
GuangdongProvincialFreewayCo.,Ltd.
GeneralCounsel,MinisterofHumanResources
September1,2015YesHeSen
GuangdongCommunicationGroupCo.,Ltd.
Dispatchedchairmanofthesupervisorycommittee
March1,2016YesWangXiaobing
GuangdongCommunicationGroupCo.,Ltd.
SupervisorAugust1,2008YesOfficestakeninotherorganizations
√Applicable□Notapplicable
Nameofthepersonsinoffice
Nameofotherorganizations
Titlesengagedintheotherorganizations
Startingdateofoffice
term
Expirydateofoffice
term
Doeshe/shereceiveremunerationorallowancefromotherorganizationZengXiaoqing
TongjiUniversity'sSchoolofTransportationEngineering
Professoranddoctoralsupervisor
June1,2007YesTongjiUniversity'sJointExperimentalCenterforTrafficInformationControl
DirectorJune30,2003No
YouDewei
GuangdongETRLawFirm
Seniorpartner,lawyer
January1,2019YesGuangdongETRLawFirmChiefSupervisorJune1,2022June1,2023YesGuangdongProvinceSASACsupervisesenterprises
ExternaldirectorJuly1,2019YesGuangdongGanghangGroup
ExternaldirectorJuly1,2019YesGuangdongProvincialAcademyofBuildingResearchGroupCo.,Ltd.
Independentdirector
August1,2022YesRisingNonferrousMetalsShareCo.,ltd.
Independentdirector
August1,2022YesChinaSouthernAirlinesGeneralAviationCo.,Ltd
Independentdirector
December1,2022YesZhuhaiRuralCommercialExecutiveJune1,2023Yes
Nameofthepersonsinoffice
Nameofotherorganizations
Titlesengagedin
theotherorganizations
Startingdateofoffice
term
Expirydateofoffice
term
Doeshe/shereceiveremunerationorallowance
fromotherorganizationBankCo.,LtdsupervisorTheCounciloftheHealthLawResearchAssociationoftheGuangdongProvincialLawSociety
VicechairmanMay1,2023NoGuangdongEnterpriseFederation,GuangdongEntrepreneursAssociation
VicechairmanMarch1,2023NoThe11thState-ownedAssetsLawProfessionalCommitteeofGuangdongLawyersAssociation
VicedirectorMarch1,2017NoThe12thComplianceRiskControlLegalProfessionalCommitteeofGuangdongLawyersAssociation
VicedirectorApril1,2022NoChinaHealthLawSocietyExecutivedirectorJune1,2019NoGuangdongHealthLawSociety
ExecutivedirectorDecember1,2021NoGuangdongProvincialLawSocietyofMedicineandFoodLawResearchAssociatio
DirectorDecember1,2020NoPharmaceuticalandHealthBusinessLegalProfessionalCommitteeofGuangzhouLawAssociation
VicedirectorSeptember1,2020NoShenzhenCourtofInternationalArbitration
ArbitratorFebruary1,2019NoQingyuanArbitrationCommission
ArbitratorFebruary1,2016NoGuangzhouMunicipalBureauofJustice"warmenterpriseaction"100expertslawyerslegalservice
MemberSeptember1,2016No
YuMingyuan
ResearchInstituteofHighwayMinistryofTransport
Second-level
researcher
October1,2022YesChinaHighwaySocietyInvestmentBranch
ExecutivedirectorJuly1,2022NoChinaHighwaySocietyTransportationandLogisticBranch
ExecutivedirectorJuly1,2018NoJiangsuNinghuExpresswayCo.,Ltd.
Independentdirector
July1,2021YesHubeiChutianSmartCommunicationCo.,Ltd.
Independentdirector
December1,2022YesLiuHengGuangdongZhaoqingIndependentAugust1,2022Yes
Nameofthepersonsinoffice
Nameofotherorganizations
Titlesengagedin
theotherorganizations
Startingdateofoffice
term
Expirydateofoffice
term
Doeshe/shereceiveremunerationorallowancefromotherorganizationXinghuBiotechnologyCo.,Ltd
directorWuHao
ShandongExpresswayInvestmentDevelopmentCo.,Ltd.
MemberofParty
committee,deputy
generalmanager
May29,2020Yes
KuangYu
PolyDevelopmentGroupCo.,Ltd.
Securities
Representativeand
Department
Managerof
CapitalOperations
Departmentofthe
BoardofDirectors
YesPunishmentstothecurrentandleavingboarddirectors,supervisorsandseniormanagersduringthereportperiodbysecuritiesregulatorsintherecentthreeyears
□Applicable√Notapplicable
3.Remunerationtodirectors,supervisorsandseniorexecutives
Decision-makingprocedures,basisfordeterminationandactualpaymentoftheremunerationtodirectors,supervisorsandseniorexecutivesTheremunerationofmembersoftheTenthboardofdirectorsandsupervisorycommitteewasexaminedanddeterminedatthesecondprovisionalshareholders’generalmeetingin2022.Non-independentdirectorsarenotentitledtodirectors'remuneration.
1.Independentdirectorsareentitledtodirectors'remuneration，DirectorswhohavenotheldotherpositionsintheCompanyandthecontrollingshareholderoftheCompanyanditsrelatedpartiesareremuneratedbythedirectorsoftheCompany,andthestandardisRMB8,000(taxincluded)perpersonpermonth.Inaddition,theexpensesincurredbytheindependentdirectorsattheboardofdirectorsandtheshareholders'generalmeetingandtheexpensesincurredinexercisingtheirfunctionsandpowersinaccordancewiththearticlesofassociationmaybereimbursedinthecompany.Remunerationtodirectors,supervisorsandseniorexecutivesinthereportingperiod
InRMB10,000
NamePositionsSexAge
Officestatus
TotalremunerationreceivedfromtheCompany
WhethertogetpaidinthecompanyrelatedpartyMiaoDeshanBoardChairmanMale
InOffice
66.71No
WangChunhua
Director,GeneralManager
Male
InOffice
73.25No
LuMing
Director,ChiefAccountant
Male
InOffice
61.86No
ZuoJiang
Director,DeputyGeneralManager
Female
InOffice
61.74No
ChengRuiDirectorMale
InOffice
5.98Yes
ZengZhijunDirectorMale
InOfficeYes
NamePositionsSexAge
Officestatus
TotalremunerationreceivedfromtheCompany
WhethertogetpaidinthecompanyrelatedpartyYouXiaocongDirectorMale
InOfficeYesYaoXuechangDirectorMale
InOfficeYesWuHaoDirectorFemale
InOfficeYesKuangYuDirectorMale
InOfficeNoZengXiaoqing
Independentdirector
Female
InOffice
9.6No
YouDewei
Independentdirector
Male
InOffice
9.6No
YuMingyuan
Independentdirector
Male
InOffice
9.6No
ZhangRenshou
Independentdirector
Male
InOffice
0.8No
LiuHeng
Independentdirector
Male
InOffice
0.8No
HeSen
ChairmanoftheSupervisoryCommittee
Male
InOfficeYesWangXiaobing
SupervisorFemale52InOfficeYesKeLinSupervisorFemale54InOffice
60.88No
DengYunfengSupervisorMale48InOffice
58.08No
ZhouDongSupervisorFemale53InOffice
58.19No
LuoBaoguo
DeputyGeneralManager
Male
InOffice
60.93No
ZhuQijun
DeputyGeneralManager
Male
InOffice
41.84No
ZhouYisan
Chieflegaladviser
Male43InOffice
61.32No
YangHanming
SecretarytotheBoard
Male
InOffice
60.15No
ZhangHua
Independentdirector
Male58Dimission8.8NoLiuZhonghua
Independentdirector
Male58Dimission8.8NoTotal--------718.92--
Other
□Applicable?Notapplicable
VI.Performanceofdirectors'dutiesduringthereportingperiod
1.Informationoftheboardmeetingsduringthereportingperiod
SessionConveningdateDisclosuredateMeetingresolution
The7th(Provisional)meetingoftheTenthBoardofDirectors
March20,2023March21,2023
ThemeetingexaminedandadoptedoftheProposalonChangesinAccountingPolicies,ThemeetingexaminedandadoptedtheProposalConcerningFinalAccountingReportfor2022,ThemeetingexaminedandadoptedtheProposalConcerningPreplanforProfitDistributionfor2022,ThemeetingexaminedandadoptedtheProposalConcerningOverallbudgetreportoftheCompanyfor2023,ThemeetingexaminedandadoptedtheWorkReportoftheBoardofDirectorsfor2022,ThemeetingexaminedandadoptedtheBusinessReportoftheGeneralManagerfor2022,.ThemeetingexaminedandadoptedAnnualReportfor2022anditssummary,ThemeetingexaminedandadoptedtheProposalthereportonevaluationoftheCompany'sinternalcontrolin2022,ThemeetingexaminedandadoptedtheProposalforHiringthe2023AnnualFinancialReportAuditAgency,ThemeetingexaminedandadoptedtheProposalforHiringthe2023InternalControlAuditInstitution,ThemeetingExaminedandadoptedoftheProposalonConfirmingtheContinuousRiskAssessmentReportofGuangdongCommunicationGroupFinanceCo.,Ltd.,ThemeetingExaminedandadoptedoftheProposalontheReportontheControlofDebtRiskof2022,ThemeetingExaminedandadoptedoftheProposalontheReportontheanalysisofDebtRiskof2022,ThemeetingExaminedandadoptedoftheProposalonthe2022Environmental,SocialandGovernance(ESG)ReportoftheCompany,ThemeetingexaminedandadoptedtheProposalonSigningtheOfficePropertyLeaseContractofthe45thandthe46thFloorsofLitongPlaza,,ThemeetingexaminedandadoptedtheProposalontheDifferencebetweenActualProfitandProfitForecastofGuanghuiExpressway,ThemeetingexaminedandadoptedtheProposalonDeliberatingthe2023ManagementTargetResponsibilityLetterforMembersoftheCompany'sManagementLevel,ThemeetingexaminedandadoptedtheProposalonthe2022GrossSalaryDistributionPlanoftheCompany,ThemeetingexaminedandadoptedtheProposalonthe2022GrossSalaryDistributionResultsoftheCompany'sLeadershipTeam.The8th(Provisional)meetingoftheTenthBoardofDirectors
April27,2023April28,2023ThemeetingexaminedandadoptedtheProposalconcerningtheFirstQuarterof2023,The
SessionConveningdateDisclosuredateMeetingresolution
meetingexaminedandadoptedtheProposalonAmendingtheArticlesofAssociation,ThemeetingexaminedandadoptedtheProposalonAppointingtheDeputyGeneralManageroftheCompany.The9th(Provisional)meetingoftheTenthBoardofDirectors
June7,2023June8,2023
ThemeetingexaminedandadoptedtheProposalforHolding2022Shareholders'GeneralMeeting.The10th(Provisional)meetingoftheTenthBoardofDirectors
August7,2023August8,2023
1.ThemeetingexaminedandadoptedtheProposalonchangeoftheperformancecommitmentofthemajorassetrestructuringprojectin2020andsigningthesupplementaryagreementtotheprofitcompensationagreement,ThemeetingexaminedandadoptedtheProposalforHolding2023FirstProvisionalShareholders'GeneralMeeting
The11th(Provisional)meetingoftheTenthBoardofDirectors
August28,2023August29,2023
ThemeetingexaminedandadoptedtheProposalforsemi-annualreport2023anditssummary,ThemeetingexaminedandadoptedtheProposalonConfirmingtheContinuousRiskAssessmentReportofGuangdongCommunicationGroupFinanceCo.,Ltd.,ThemeetingexaminedandadoptedtheProposalonsigningthe"Twolettersandlettersandonecontract"ofDeputyGeneralManagerZhuQijun,ThemeetingexaminedandadoptedtheProposalonchangingtheassessmentindicatorsofthe"Annualandtermmanagementtargetresponsibilityletter"ofsomemanagementmembersof2023The12th(Provisional)meetingoftheTenthBoardofDirectors
September26,2023September27,2023
Themeetingexaminedandadoptedtheproposal"OnthepublictransferofGarageElectricPileHolding(Shenzhen)Co.,Ltd.byYuegaoCapital",Themeetingexaminedandadoptedthe"ProposalontheEstablishmentofGarageElectricPileHolding(Shenzhen)Co.,Ltd.byParticipatinginEquityInvestment"
The13th(Provisional)meetingoftheTenthBoardofDirectors
October20,October21,2023
Themeetingexaminedandadoptedthe"ProposalonIncreasingCapitaltoZhaoqingYuezhaoHighwayCo.,Ltd.toInvestintheReconstructionandExpansionProjectoftheYuejingHengjiangtoMa'anSectionoftheG80Guangzhou-KunmingExpressway",ThemeetingexaminedandadoptedtheProposalforHolding2023SecondProvisionalShareholders'GeneralMeetingThe14th(Provisional)meetingoftheTenthBoardofDirectors
October27,2023October28,2023ThemeetingexaminedandadoptedtheProposalconcerningtheThirdQuarterof2023
SessionConveningdateDisclosuredateMeetingresolution
The15th(Provisional)meetingoftheTenthBoardofDirectors
November27,2023November18,2023
Themeetingexaminedandadoptedthe"ProposalonAmendingtheArticlesofAssociationoftheCompany”,Themeetingexaminedandadoptedthe"ProposalonAmendingtheIndependentDirectorSystemoftheCompany",Themeetingexaminedandadoptedthe"ProposalonRenewaloftheFinancialServicesAgreementwithGuangdongCommunicationsGroupFinanceCo.,Ltd".,Themeetingexaminedandadoptedthe"ProposalonWritingofftheCreditor'sRightsofKunlunSecuritiesCo.,Ltd.HeldbytheCompany",.Themeetingexaminedandadoptedthe"ProposalonAddingtheCandidatesforIndependentDirectorsofthe10thBoardofDirectors",Themeetingexaminedandadoptedthe"ProposalonReviewingtheContractualAssessmentResultsoftheTenureSystemoftheCompany'sManagersin2022",ThemeetingexaminedandadoptedtheProposalforHolding2023ThirdProvisionalShareholders'GeneralMeeting.
The16th(Provisional)meetingoftheTenthBoardofDirectors
December26,2023December27,2023
ThemeetingexaminedandadoptedtheProposalontheBy-electionofMemberoftheAuditCommitteeofthe10thBoardofDirectors,ThemeetingexaminedandadoptedtheProposalontheBy-electionofMemberoftheStrategyCommitteeofthe10thBoardofDirectors,ThemeetingexaminedandadoptedtheProposalontheBy-electionofMembersoftheRemunerationandAssessmentCommitteeofthe10thBoardofDirectors,ThemeetingexaminedandadoptedtheProposalonBy-electionofMembersoftheRiskManagementCommitteeofthe10thBoardofDirectors",ThemeetingexaminedandadoptedtheProposalontheMid-termAssessmentandOptimizationandAdjustmentReportontheImplementationofthe14thFive-YearPlanoftheGuangdongExpressway,ThemeetingexaminedandadoptedtheProposalontheGuangdongExpressway2023TotalSalaryBudgetAllocationPlan,ThemeetingexaminedandadoptedtheProposalontheScrappingandDisposalofPartofFixedAssetsofFokaiBranchCompanyofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.,ThemeetingexaminedandadoptedtheProposalonAmendmenttoMeasuresfortheManagementofInternalAuditofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.,
2.Attendanceofdirectorsattheboardmeetingsandthegeneralmeetingofshareholders
Attendanceofdirectorsattheboardmeetingsandthegeneralmeetingofshareholders
Nameofdirector
Numberof
boardmeetingsattendedduringthereporting
period
Numberofboardmeetingsattendedinperson
Numberofboardmeetingsattendedby
meansofcommunicati
on
Numberof
boardmeetingsattendedby
proxy
Numberof
boardmeetingsabsentfrom
Whethertoattendthe
boardmeetinginpersontwice
inarow
GeneralmeetingsofshareholdersattendedMiaoDeshan105500No
WangChunhua
102800No
LuMing106400No
ZuoJiang105500No
ChengRui106400No
ZengZhijun101900No
YouXiaocong
105500No
YaoXuechang
101900No
WuHao1001000No
KuangYu101900No
ZengXiaoqing
1001000No
YouDewei102800No
YuMingyuan
102800No
ZhangRenshou
11000No
LiuHeng11000No
LiuZhonghua
90900No
ZhangHua91800No3ExplanationoffailuretoattendtheboardmeetinginpersontwiceinarowNone
3.Directors'objectionstorelatedmattersoftheCompany
WhetherthedirectorraisesanyobjectiontotherelevantmattersoftheCompany
□Yes√No
Duringthereportingperiod,thedirectorsdidnotraiseanyobjectiontotherelevantmattersoftheCompany.
4.Otherdescriptionsofdirectors'performanceofduties
Whetherthedirectors'suggestionsontheCompanyhavebeenadopted
√Yes□No
Thedirector'sstatementonwhethertherelevantsuggestionsoftheCompanyhavebeenadoptedornotDuringthereportingperiod,allthedirectorsoftheCompanydiligentlyperformedthedutiesentrustedbythegeneralmeetingofshareholders,carefullyevaluatedandconsideredtheCompany'soperationmanagement,investment,corporategovernanceandothermatters,activelyproposed,scientificallydiscussedandcollectively
madedecisionsintheboardmeeting,andputforwardmultiplesuggestionsthatmeettheCompany'sdevelopmentneedsatthepresentstage,whichwereadoptedbytheCompanyintheformofresolutionsoftheBoardofDirectors.
VII.SituationofspecialcommitteesundertheBoardofDirectorsduringthereportingperiodCommitteename
Memberinformation
Number
ofmeetingsconvened
Convening
date
MeetingcontentPutforwardimportantopinionsandsuggestions
Otherinformationofdutyperformance
Detailsofobjections(ifany)
AuditCommittee
Chairmanofthecommittee:
LiuZhonghua,Member:
ZhangHua,LuMing
January12,2023
1.Reviewedthe2022financialreport
preparedbytheCompany;2.CertifiedPublicAccountantHuangZhiyanreportedtheauditplanofthe2022financialreporttotheAuditCommittee.
TheAuditCommitteereviewedthe2022financialreportpreparedbytheCompany,andreachedconsensus:1.TheCompany'saccountingpolicieswereproperlyselected,accountingestimateswerereasonable,andnomaterialmisstatementoromissionwasfound;2.NomajorshareholderswerefoundoccupyingtheCompany'sfunds;
3.Noexternalviolationguaranteeorabnormalrelatedparty
transactionswerefound;4.TheCompany'sfinancialstatementscouldbesubmittedtotheCPAfirmforannualaudit.
AuditCommittee
Chairmanofthecommittee:
LiuZhonghua,Member:
ZhangHua,LuMing
March7,2023
1.Reviewedthe2022annualfinancial
reportsubmittedbytheCompany'sFinanceDepartmentandissuedbycertifiedpublicaccountantswithpreliminaryauditopinions;2.ReviewedandapprovedtheProposalonReviewingthe2022InternalControlEvaluationReportofGuangdongExpresswayDevelopmentCo.,Ltd.；3.ListenedtothereportsoftheProposalonHiringFinancialReportAuditInstitutionin2023andtheProposalonHiringInternalControlAuditInstitutionin2023,andreviewedrelevantinformation;4.ReviewedandapprovedtheCompany's2022InternalAuditWorkSummaryand2023InternalAuditWorkPlan;5.ReviewedandapprovedtheProposalonReviewingtheCompany's2023InternalControlEvaluationWorkPlan
1.TheAuditCommitteereviewedthe2022financialreport
submittedbytheCompany'sFinanceDepartmentandissuedbythecertifiedpublicaccountantforannualreviewwithpreliminaryauditopinions,andreachedconsensusasfollows:(1)TheauditoftheCompany's2022financialreportbythecertifiedpublicaccountantforannualreviewwasconductedinstrictaccordancewiththerelevantnormsofauditbusiness;
(2)Duringpreparationoftheannualreport,theannual
certifiedpublicaccountantscommunicatedwiththeAuditCommitteeeffectively,andfullylistenedtotheopinionsoftheAuditCommittee,andconsensuswasreachedonallmajoraspectsintheannualreview;(3)Theannualfinancialreportissuedbycertifiedpublicaccountantswithpreliminaryauditopinionswasrelativelycomplete,withnomajoromissions,anditfairlyreflectedtheCompany'sfinancialpositionasofDecember31,2022,andthe
Committeename
Memberinformation
Number
ofmeetingsconvened
Conveningdate
MeetingcontentPutforwardimportantopinionsandsuggestions
Otherinformationofdutyperformance
Detailsofobjections
(ifany)productionandoperationresultsandcashflowin2022inallmajoraspects.2.TheAuditCommitteehaslistenedtothereportoftheProposalonDeliberatingthe"EvaluationReportforInternalControlofGuangdongExpresswayDevelopmentCo.,Ltd.in2023"submittedbytheDisciplineInspectionandAuditDepartmentoftheCompany,andthecertifiedpublicaccountanthasalsoissuedapreliminaryauditopinionontheinternalcontroloftheCompanyin2023.ThecertifiedpublicaccountantbelievedthatGuangdongExpresswaymaintainedeffectiveinternalcontroloffinancialreportsinallmajoraspectsonDecember31,2022inaccordancewiththeBasicStandardsforInternalControlofEnterprisesandrelevantregulations.TheAuditCommitteedeliberatedandapprovedtheEvaluationReportforInternalControlofGuangdongExpresswayDevelopmentCo.,Ltd.in2022andagreedtosubmittheproposaltotheBoardofDirectorsfordeliberation.TheAuditCommitteelistenedtothereportsoftheProposalonHiringAuditInstitutionsforFinancialReportingin2023andtheProposalonHiringAuditInstitutionsforInternalControlin2023,andreviewedrelevantmaterials.ItisconsideredthatYongtuoCertifiedPublicAccountantsLLP(SpecialGeneralPartnership),withrelevantqualificationstoengageintheauditbusinessoflistedcompanies,inaccordancewiththeindependent,objectiveandfairpracticestandards,andwiththe
Committeename
Memberinformation
Numberofmeetingsconvened
Conveningdate
MeetingcontentPutforwardimportantopinionsandsuggestions
Otherinformation
ofdutyperformance
Detailsofobjections(ifany)experienceandabilitytoprovideauditservicesforlistedcompanies,canmeettheneedsoftheCompany's2023annualfinancialreportandinternalcontrolaudit,andcanindependentlyaudittheCompany'sfinancialstatus,andtherefore,itisagreedthattheCompanywillcontinuetohireYongtuoCertifiedPublicAccountantsLLP(SpecialGeneralPartnership)astheCompany'sannualfinancialreportauditinstitutionandinternalcontrolauditinstitutionin2023,anditisagreedtosubmittheabovetwoproposalstotheBoardofDirectorsandtheGeneralMeetingofShareholdersfordeliberation.4.ItdeliberatedandapprovedtheCompany'sInternalAuditWorkSummaryin2022andInternalAuditWorkPlanin2023,andagreedtosubmittheaboveproposalstotheBoardofDirectorsfordeliberation.
5.ItdeliberatedandapprovedtheProposalonReviewing
theCompany's"WorkPlanforInternalControlEvaluationin2023"andagreedtotheCompany'sWorkPlanforInternalControlEvaluationin2023.
AuditCommittee
Chairmanofthecommittee:
LiuZhonghua,Member:
ZhangHua,LuMing
March20,2023
Itreviewedthestandardandunqualified2022financialreportsubmittedbytheCompany'sFinancialManagementDepartmentandissuedbytheaccountantforannualaudit
TheAuditCommitteereviewedthestandardandunqualified2022financialreportsubmittedbytheCompany'sFinancialManagementDepartmentandissuedbythecertifiedpublicaccountantforannualreview,andconcludedthattheCompany'sfinancialreporttruly,accuratelyandcompletelyreflectedtheoverallsituationoftheCompany,andagreedtosubmitthe2022financialreportpreparedbytheCompanyandauditedbythecertifiedpublicaccountantforannualreviewtotheBoardofDirectorsfordeliberation.
AuditChairmanof1AugustItreviewedthe2023semiannualTheAuditCommitteereviewedthe2023semiannual
Committee
name
Memberinformation
Numberofmeetingsconvened
Convening
date
MeetingcontentPutforwardimportantopinionsandsuggestions
Otherinformationofdutyperformance
Detailsofobjections(ifany)Committeethecommittee:
LiuZhonghua,Member:
ZhangHua,LuMing
23,2023financialreportandsubmittedbythe
Company'sFinancialinformationintheannualsemiannualreportof2023
financialreportandsubmittedbytheCompany'sFinancialFinancialinformationintheannualsemiannualreportof2023，hethreecommitteemembersallagreedthat:accuratelyandcompletelyreflectedtheoverallsituationoftheCompany,andagreedtosubmitthe2023semiannualfinancialreportpreparedbytheCompanyandauditedbythecertifiedpublicaccountantforannualreviewtotheBoardofDirectorsfordeliberation.Remuneration
andAssessmentCommittee
ChairmanoftheCommittee：
YouDewei，Member:ZhangHua,KuangYu
March20,2023
Itreviewedthe2022AnnualReport.
TheCommitteebelievedthatin2022,theCompany'sdirectorsandseniormanagementpersonnelperformedtheirdutiesdiligentlyandconscientiously,andagreedtotheremunerationofdirectorsandseniormanagementpersonneldeterminedbytheCompanyinaccordancewithrelevantsystemsandregulationsin2022RemunerationandAssessmentCommittee
ChairmanoftheCommittee：
YouDewei，Member:
KuangYu
December22,2023
Reviewedandapprovedthe"Proposalonthe2023TotalSalaryBudgetAllocationPlanofGuangdongExpressway"
ThecommitteedeliberatedandapprovedtheproposalandagreedtosubmitittotheboardofdirectorsoftheCompanyforconsideration.
StrategyCommittee
ChairmanoftheCommittee：
MiaoDeshan,Member:
WangChunhua,YuMingyuan,ZhangHua,ZengXiaoqing
March20,2023
ReviewedtheimplementationoftheCompany's2022developmentstrategyandplanandthe2023WorkPlan.
Thecommitteeunanimouslyagreedthat:theimplementationoftheCompany's2022developmentstrategyandplanandthe2023WorkPlanobjectivelyreflectstheimplementationoftheCompany'sdevelopmentplanin2022.
Committee
name
Memberinformation
Number
ofmeetingsconvened
Conveningdate
MeetingcontentPutforwardimportantopinionsandsuggestions
Otherinformation
ofdutyperformance
Detailsofobjections
(ifany)
StrategyCommittee
ChairmanoftheCommittee：
MiaoDeshan,Member:
WangChunhua,YuMingyuan,ZengXiaoqing
December22,2023
Reviewedthe"ProposalontheMid-termEvaluationandOptimizationandAdjustmentReportontheImplementationofthe14thFive-YearPlanofGuangdongExpressway"
Thecommitteereviewedtheproposalonthemid-termevaluationandoptimizationandadjustmentreportoftheimplementationofthe14thFive-YearPlanoftheGuangdongExpresswayandagreedtosubmitittotheboardofdirectorsoftheCompanyfordeliberation.
RiskManagementCommittee
ChairmanoftheCommittee：
LiuZhonghua,Member：
MiaoDeshan,YouDewei
January18,2023
Reviewedthe2022SummaryReportonComprehensiveRiskManagementandInternalControlSystemofGuangdongExpresswayDevelopmentCo.,Ltd.
ThecommitteeunanimouslyagreedthatthereportobjectivelyreflectstheCompany'soverallriskandinternalcontrolmanagementin2022.
RiskManagementCommittee
ChairmanoftheCommittee：
ZhangRenshou,Member,MiaoDeshan,YouDewei
December26,2023
ReviewedtheProposalontheResultsofthe2023RiskAssessment.
AgreedthattheevaluationresultsobjectivelyreflecttheCompany'sriskstatus.
ComplianceCommittee
ChairmanoftheCommittee：
YouDewei,Member：
YuMingyuan,WuHao
January16,2023
Reviewedthe2022ComplianceManagementReportofGuangdongExpresswayDevelopmentCo.,Ltd.
ThereportobjectivelyreflectstheCompany'scompliancemanagementin2022.ComplianceCommittee
ChairmanoftheCommittee：
December26,2023
Reviewedthe2023ComplianceManagementReportofGuangdongExpresswayDevelopmentCo.,Ltd.
ThereportobjectivelyreflectstheCompany'scompliancemanagementin2023.
Committee
name
Memberinformation
Numberofmeetingsconvened
Conveningdate
MeetingcontentPutforwardimportantopinionsandsuggestions
Otherinformation
ofdutyperformance
Detailsofobjections(ifany)YouDewei,Member：YuMingyuan,WuHao
VIII.TheworkingstatusoftheboardofsupervisorsTheboardofsupervisorsfindsoutwhetherthecompanyhasrisksduringthemonitoringactivitiesduringthereportingperiod
□Yes√No
TheSupervisoryCommitteehasnoobjectiontothesupervisionmattersduringthereportingperiod.IX.Particularsaboutemployees.
1.Numberofstaff,professionalstructureandeducationalbackgroundNumberofin-servicestaffoftheparentcompany(person)
Numberofin-servicestaffofthemainsubsidiaries(person)2,907Thetotalnumberofthein-servicestaff(person)3,006Thetotalnumberofstaffreceivingremunerationinthecurrentperiod(person)
3,006Retiredstaffwithchargespaidbytheparentcompanyandmainsubsidiaries(person)
ProfessionalCategoryNumberofpersons（person）Operatingpersonnel2,457Salepersonnel
TechnologyPersonnel
Financialpersonnel
Managementpersonnel
Total3,006EducationCategoryNumberofpersons（person）Holdersofmaster’sdegreeorabove
Graduatesofregularuniversity
Graduatesofjuniorcolleges1,699Other
Total3,006
2.Remunerationpolicies
GuangdongExpresswayfollowstheprincipleofadheringtothebenefitorientation,takingintoaccountofefficiencyandfairness,andcombiningincentiveswithconstraints,providesactiveencouragementandpaidattentiontothelong-term.Accordingtonationallaws,regulationsandpolicies,itestablishestheannualsalarysystemforthepersoninchargeoftheenterpriseandtheperformancesalarysystemformanagementposts,adoptsthetotalsalarybudgettobeincludedintheoverallbudgetmanagement,andmakesemployees'salarycloselylinkedwithindividualperformanceandenterprisebenefitsaccordingtotheinterrelatedperformancecontributionsoflabor,managementandskills.
TheCompanyprovidesvariousbenefitsincompliancewithlawsandregulations,andemployeesenjoyvariousbenefitssuchassocialinsurance,enterpriseannuity,supplementarymedicalcare,tradeunionmutualinsurance,etc.,soastoensurethatemployeescansharedevelopmentachievementsandtherebyarousetheirworkingpassion.
3.Trainingplan
Eachbusinessdepartmentorganizesemployeestoparticipateinthebusinessposttrainingorganizedbythe
competentdepartmentofindustryandsocialprofessionaltraininginstitutionsaccordingtotheemployeejobcharacteristics,employeejobperformanceandindustrydevelopmenttrendofthedepartment.Inordertohelpenterprisesdevelopwithhighqualityandefficientlycompletethetaskofstate-ownedenterprisereform,itisplannedtocarryoutspecialtrainingonstate-ownedenterprisereform;inordertoimproveemployees'workingsatisfaction,itisplannedtocarryoutspecialtrainingonemployees'mentalhealthandphysicalhealthcare.Carryoutcontinuingeducationandtrainingforprofessionalandtechnicalpersonnel.Carryoutvarioustrainingactivitiessuchasspecialeducationandincorruptioneducationincooperationwiththepartyandthemasses,supervisionandexamination,etc.
4.Outsourcingsituation
□Applicable√NoApplicable
X.SpecificationofprofitdistributionandcapitalizingofcommonreservesFormulation,implementationoradjustmentoftheprofitdistributionpolicy,especiallythecashdividendpolicyduringthereportingperiod
□Applicable√Notapplicable
Duringthereportingperiod,theCompanymadeaprofitandtheprofitavailabletoshareholdersoftheparentcompanywaspositive,butnocashdividenddistributionplanwasputforward.
□Applicable√Notapplicable
Profitdistributionandcapitalizationofcapitalreserveduringthereportingperiod
√Applicable□Notapplicable
Bonussharesforeverytenshares(Shares)
Cashdividendforeverytenshares(Yuan)(Tax-included)
5.47
Atotalnumberofsharesasthedistributionbasis(shares)2,090,806,126Cashdividendamount(yuan,includingtax1,143,670,950.92Othermeans(suchasrepurchaseofshares)cashdividendamount(yuan)
0.00
Totalcashdividend(yuan,includingtax)1,143,670,950.92Distributableprofit(yuan)5,156,907,046.00Theproportionofthetotalcashdividend(includingothermeans)inthetotalprofitdistribution
100%ProportionofcashdividendinthedistributableprofitTheCompanyisinafastgrowthstage,thereforthecashdividendwillreach80%oftheprofitdistributionatleast.Cashdividenddistributionpolicy.
DetailsofprofitdistributionorreservecapitalizationPreplan
1.Limitedto10%oftheregisteredcapitaloftheParentcompany,thenetprofitofthecompany,i.e.147,570,987.32yuan,istobeallocatedforstatutorycommonreservefund；
2.Theprofitfor2023istobedistributedasfollows:1,143,670,950.92yuan.istobeallocatedasthefundfordividenddistributionfor2023.withthetotalsharesattheendof2023,i.e.,2,090,806,126shares,asthebase,cashdividendof5.47yuan(includingtax)istobedistributedforevery10shares.Theremainingundistributedprofitsaretobecarriedforwardtothenextyear.TheforeignexchangetranslationofthecashdividendsforshareholdersholdingBshareandoverseascorporateshareswillbedeterminedaccordingtoHKD:RMBbank’sMiddleratequotedbyPeople’sBankofChinaonthefirstworkingdayafter2023annualshareholders’generalmeetingmakesresolutionondividenddistribution.XI.ImplementationSituationofStockIncentivePlanoftheCompany,EmployeeStockOwnershipPlanorOtherEmployeeIncentiveMeasures
□Applicable√Notapplicable
NoneXII.Constructionandimplementationofinternalcontrolsystemduringthereportingperiod
1.Constructionandimplementationofinternalcontrol
TheCompanyhasestablishedasoundcorporategovernancestructure,withclearresponsibilitiesofgeneralmeetingofshareholders,BoardofDirectors,BoardofSupervisorsandmanagement,establishedcorporategovernancerulescenteredbytheArticlesofAssociation,rulesofprocedureofgeneralmeetingofshareholders,BoardofSupervisors,BoardofDirectorsandspecializedcommitteesthereunder,standardizedoperationofgeneralmeetingofshareholders,BoardofDirectorsandBoardofSupervisors,heldandconvenedrelevantmeetingsinaccordancewiththeprovisionsoftheCompanyLawandtheArticlesofAssociation,andreachedlegalandvalidresolutions.ThegeneralmeetingofshareholdersisthehighestauthorityoftheCompany;theBoardofSupervisorsisresponsibleforthegeneralmeetingofshareholders,andthesupervisionofdirectorsandmanagementtoperformtheirdutiesaccordingtolawissoundandeffective.TheBoardofDirectorsshallberesponsibletothegeneralmeetingofshareholdersandexercisethebusinessdecision-makingpoweraccordingtolaw.ItisprovidedwithanAuditCommittee,theindependentdirectorsmeetthequorum,andthedecision-makingproceduresandmanagementrulesofprocedureoftheBoardofDirectorsarescientificandtransparent;themanagementisefficientandrigorousinimplementingtheresolutionsoftheBoardofDirectors.TheCompanyhassetup10functionaldepartments,includingInvestmentDevelopmentDepartment,HumanResourcesDepartment,FinancialManagementDepartment,InfrastructureManagementDepartment,OperationandManagementDepartment,DisciplineInspectionandAuditDepartment,SecuritiesAffairsDepartment,ComprehensiveAffairsDepartment,LegalAffairsDepartmentandPartyandMassWorkDepartment.Thedistributionofpowersandresponsibilitiesandbusinessprocessesofallfunctionaldepartmentsareclearandreasonable,formingaworkingmechanismofdutyperformance,responsibilityshouldering,mutualrestrictionandcoordination.TheCompanyhasestablishedaperfectcontrolsystemforparent-subsidiarycompanies,andformedasoundinternalcontrolsystemforeachsubsidiarycompany.Meanwhile,theCompanyhasestablishedandimprovedrulesandregulationsrelatedtoriskassessment,fraudriskcontrol,informationandcommunication,andmaintainedeffectiveinternalcontrol.
TheCompanyhassetupanAuditCommitteeundertheBoardofDirectorstosupervisetheeffectiveimplementationoftheCompany'sinternalcontrolandself-evaluationofinternalcontrol.TheCompanyhassetuptheDisciplineInspectionandAuditDepartment,whichisresponsibleforsupervisingtheestablishmentandoperationoftheCompany'sinternalcontrolsystem,evaluatingtheCompany'sriskcontrolandevaluatingtheeffectivenessoftheCompany'sinternalcontrol.Ithasdefinedthestandardsofinternalcontroldefectidentification,rectificationproceduresandinternalcontrolself-evaluationprocedures,andformedaneffectiveinternalcontrolsupervisionsystem.
2.Detailsofmajorinternalcontroldefectsfoundduringthereportingperiod
□Yes√No
XIII.ManagementandcontroloftheCompany'ssubsidiariesduringthereportingperiod
□Applicable√Notapplicable
XIV.Internalcontrolself-evaluationreportorinternalcontrolauditreport
1.Self-evaluationreportoninternalcontrol
Disclosuredateofappraisalreportoninternalcontrol
March16,2024
Disclosureindexofappraisalreportoninternalcontrol
www.cninfo.com.cnTheratioofthetotalassetsofunitsincludedinthescopeofevaluationaccountingforthetotalassetsonthecompany'sconsolidatedfinancialstatements
100.00%
Theratiooftheoperatingincomeofunitsincludedinthescopeofevaluationaccountingfortheoperatingincomeonthecompany'sconsolidatedfinancialstatements
100.00%
StandardsofDefectsEvaluationTypeFinancialReportNon-financialReport
Qualitativestandard
ThequalitativecriteriafortheevaluationofinternalcontroldeficienciesinfinancialreportsconfirmedbytheCompanyisasfollows:Thefollowingsituations(includingbutnotlimitedto)shallbedeemedas“materialdeficiencies”intheinternalcontrolofthefinancialreport.(1)Therearemajorfraudsmadebythedirectors,orsupervisors,orseniormanagementpersonnelinthecompany’smanagementactivities;(2)Therearematerialmisstatementsinthecurrentfinancialreportbuttheinternalcontrolfailedtofindthemisstatementsduringitsoperation;(3)Thesupervisionsmadebythecompany'sauditcommitteeandtheinternalauditorganizationontheinternalcontrolareinvalid;(4)Thecontrolenvironmentisinvalid;(5)Thematerialdeficienciesfoundandreportedtothemanagementbutarenotcorrectedwithinareasonabletime;(6)Thereisanadministrativepunishmentfromthesecuritiesregulatoryinstitutionduetoaccountingerrors.Thefollowingsituations(includingbutnotlimitedto)shallbedeemedas“significantdeficiencies”intheinternalcontrolofthefinancialreportandthereareintensesignsforthesituationsbecoming“materialdeficiencies”:(1)
Thequalitativecriteriafortheevaluationofinternalcontroldeficienciesinnon-financialreportsconfirmedbytheCompanyisasfollows:Materialdeficiencies:seriousviolationsandbeingsentencedtoheavyfinesorneedtakingcriminalresponsibility;utterlydisregardtherulesoflaw,illegalbehaviorsintheoperationandmanagementareparticularlysevereandthecircumstanceisverybad,whichleadstothesuspensionorcessationtothecompany'sdailyoperationandmanagementactivities,andleadstotheauditreportwithadisclaimerofopinionoranegativeopinionissuedbytheCPA;thenegativenewsspreadalloverthecountry,whichcausedseveredamagetothecompany’sreputation;resultedindeceaseofanumberofworkersorcitizens,orresultedindamagesthatareunabletorecovertoworkersorcitizens;reachedthecircumstance(gradeII)ofmajorenvironmentalevent.Significantdeficiencies:illegalandbeingpunished;disregardtherequirementsofthecompany’smanagementsystemandtherelevantrulesoflaw,thereareillegalactsofusingtheauthoritytoseekillegalinterestsinthework,whichsignificantlyaffecttheefficiencyandtheresultofdailyoperationandmanagement
Fraudsmadebystaffinkeypositions;
(2)Thesupervisoryfunctionon
complianceisinvalid,andtheviolationsofregulationsmayhaveasignificantimpactonthereliabilityofthefinancialreport;(3)Thesignificantdeficienciesreportedtothemanagementbutarenotcorrectedwithinareasonableperiod.Thefollowingsituations(includingbutnotlimitedto)shallbedeemedas“generaldeficiencies”intheinternalcontrolofthefinancialreport.(1)Fraudsmadebystaffinnonkeypositions,orbusinessoperatorsexecutetheimplementationproceduresnotstrictlyconformingtothecompany’spolicybutresultedinnosignificantimpactonthereliabilityofthefinancialreport.(2)Thesupervisoryfunctiononcomplianceisinvalid,andtheviolationsofregulationsmaynothaveasignificantimpactonthereliabilityofthefinancialreport;(3)Thegeneraldeficienciesreportedtothemanagementbutarenotcorrectedwithinareasonableperiod.
activitiesandleadtotheauditreportwithqualifiedopinionissuedbytheCPA;thenegativenewsspreadinaregion,whichcausedthelarge-extentdamagetothecompany’sreputation;resultedindeceaseofaworkeroracitizen,orresultedindamagesthatneedlongtimetorecovertoworkersorcitizens;reachedthecircumstance(gradeⅢ)ofbigenvironmentalevent.Generaldeficiencies:minorviolations;theawarenessofmanagementunderincompliancewithlawsandregulationsisweak,lackingofbusinessandmanagementknowledge,andtherearephenomenasuchasbeingslackinperformingmanagementduties,beingpassiveandpoorlyexecutetheinstitutioninthework,whichshallaffecttheefficiencyandtheresultofdailyoperationandmanagementactivitiesandleadtosmalleffectstothecompany’smanagementgoal;thenegativenewsspreadwithinthecompany,whichcausedthelittle-extentdamagetothecompany’sreputation;shortlyaffectedthehealthoftheworkersorcitizensandtheworkersorcitizenscanberecoveredinashorttime;reachedthecircumstance(gradeⅣ)ofgeneralenvironmentalevent.
StandardsofQuantization
ThequalitativecriteriafortheevaluationofinternalcontroldeficienciesinfinancialreportsconfirmedbytheCompanyisasfollows:Materialdeficiencies:potentialmisstatement≧1%ofthetotalamountoftheowner’sequityorRMB200million;significantdeficiencies:0.5%ofthetotalamountoftheowner’sequityorRMB100million≤potentialmisstatement＜1%ofthetotalamountoftheowner’sequityorRMB200million;general
ThequalitativecriteriafortheevaluationofinternalcontroldeficienciesinfinancialreportsconfirmedbytheCompanyisasfollows:Materialdeficiencies:potentialmisstatement≧1%ofthetotalamountoftheowner’sequityorRMB200million;significantdeficiencies:0.5%ofthetotalamountoftheowner’sequityorRMB100million≤potentialmisstatement＜1%ofthetotalamountoftheowner’sequityorRMB200million;general
deficiencies:potentialmisstatement＜
0.5%ofthetotalamountoftheowner’s
equityorRMB100millionStandardsofQuantization
deficiencies:potentialmisstatement＜
0.5%ofthetotalamountoftheowner’s
equityorRMB100millionStandardsofQuantizationNumberofmajordefectsinfinancialreporting（a）
Numberofmajordefectsinnonfinancialreporting(a)
Numberofimportantdefectsinfinancialreporting（a）
Numberofimportantdefectsinnonfinancialreporting（a）
2.InternalControlauditreport
√Applicable□Notapplicable
ReviewopinionsintheinternalcontrolauditreportInouropinion,GuangdongExpresswayhasmaintainedeffectivefinancialreportinternalcontrolinallmaterialaspectsaccordingtothebasicstandardsforEnterpriseinternalcontrolandrelevantregulationsendedDecember31,2023.DisclosureofinternalauditreportDisclosureDisclosuredateofauditreportofinternalcontrol
March16,2024Disclosureindexofauditreportofinternalcontrol(full-text)
www.cninfo.com.cnInternalauditreport’sopinionUnqualifiedauditopinionNon-financialreportinghasmaterialdeficienciesNo
HastheCPAsissuedaqualifiedauditor’sreportofinternalcontrol.
□Yes√No
DoestheinternalcontrolauditreportissuedbytheCPAsagreewiththeself-assessmentreportoftheBoardofDirectors
√Yes□No
XV.Rectificationofself-examinationproblemsinspecialgovernanceactionsoflistedcompaniesNone.
V.Environmental&SocialResponsibilityI.SignificantenvironmentalissuesWhethertheCompanyoranyofitssubsidiariesisidentifiedasakeypolluterbytheenvironmentauthorities
□Yes√No
AdministrativepenaltiesforenvironmentalproblemsduringthereportingperiodNone.
Measuresandeffectstakentoreduceitscarbonemissionsduringthereportingperiod
□Applicable√Notapplicable
ReasonsfornotdisclosingotherenvironmentalinformationNoneII.SocialresponsibilitiesFordetailsofCSRwork,pleaserefertothe"2023Environmental,SocialandGovernance(ESG)ReportofGuangdongProvincialExpresswayDevelopmentCo.,Ltd"disclosedonCninfoInformationNetwork(www.cninfo.com.cn)onMarch16,2024III.ConsolidateandexpandtheachievementsofpovertyalleviationandruralrevitalizationNone
VI.ImportantEvents
I.Commitmentstofulfillthesituation
1.Thefulfilledcommitmentsinthereportingperiodandunder-fulfillmentcommitmentsbytheendofthereportingperiodmadebythecompany,shareholder,actualcontroller,acquirer,director,supervisor,seniormanagementpersonnelandotherrelatedparities.
√Applicable□Notapplicable
CommitmentCommitmentmakerTypeContents
Timeofmakingcommitment
PeriodofcommitmentFulfillment
Commitmentonsharereform
GuangdongExpressway
Commitmentonauthenticity,accuracyandcompletenessoftheinformationprovided
1.Theexplanations,commitmentand
informationprovidedbytheCompanyforthistransactionareauthentic,accurateandcomplete,andtherearenofalserecords,misleadingstatementsormajoromissions.2.TheinformationprovidedbytheCompanytotheintermediariesthatprovideprofessionalservicessuchasauditing,evaluation,legalandfinancialconsultingforthistransactionisauthentic,accurateandcompleteoriginalwritteninformationorduplicateinformation,andtheduplicateorphotocopyoftheinformationisconsistentwithitsoriginalinformationororiginalcopy;Thesignaturesandsealsofalldocumentsareauthentic,andthelegalproceduresrequiredforsigningandsealinghave
November25,2020
Permanentlyeffective
Normalperformance
CommitmentCommitmentmakerTypeContents
Timeofmakingcommitment
PeriodofcommitmentFulfillment
beenfulfilledandlegalauthorizationhasbeenobtained;Therearenofalserecords,misleadingstatementsormajoromissions.3.TheCompanyguaranteesthatitwillprovidetimelyinformationaboutthistransactioninaccordancewithrelevantlawsandregulations,relevantregulationsofChinaSecuritiesRegulatoryCommissionandShenzhenStockExchange,ensuretheauthenticity,accuracyandcompletenessofsuchinformation,andguaranteethattherearenofalserecords,misleadingstatementsormajoromissions.4.TheCompanyshallbearindividualandjointlegalresponsibilitiesfortheauthenticity,accuracyandcompletenessoftheinformationprovidedordisclosedforthisexchange.Incaseofanylosscausedtoinvestorsduetoviolationoftheabovecommitments,theCompanywillbearcorrespondingliabilityforcompensationaccordingtolaw.Alldirectors,supervisorsandseniormanagementpersonnelofGuangdong
Commitmentonauthenticity,accuracyandcompletenessoftheinformation
1.Theexplanations,commitmentand
informationprovidedbythePromiseeforthistransactionareauthentic,accurateandcomplete,andtherearenofalserecords,misleadingstatementsormajoromissions.2.The
November25,2020
Permanentlyeffective
Normalperformance
CommitmentCommitmentmakerTypeContents
Timeofmakingcommitment
PeriodofcommitmentFulfillment
ExpresswayprovidedinformationprovidedbythePromiseetothe
intermediariesthatprovideprofessionalservicessuchasauditing,evaluation,legalandfinancialconsultingforthistransactionisauthentic,accurateandcompleteoriginalwritteninformationorduplicateinformation,andtheduplicateorphotocopyoftheinformationisconsistentwithitsoriginalinformationororiginalcopy;Thesignaturesandsealsofalldocumentsareauthentic,andthelegalproceduresrequiredforsigningandsealinghavebeenfulfilledandlegalauthorizationhasbeenobtained;Therearenofalserecords,misleadingstatementsormajoromissions.3.ThePromiseeguaranteesthatitwillprovidetimelyinformationaboutthistransactioninaccordancewithrelevantlawsandregulations,relevantregulationsofChinaSecuritiesRegulatoryCommissionandShenzhenStockExchange,ensuretheauthenticity,accuracyandcompletenessofsuchinformation,andguaranteethattherearenofalserecords,misleadingstatementsormajoromissions.4.Ifthistransactionissuspectedoffalserecords,misleadingstatementsormajoromissionsinthe
CommitmentCommitmentmakerTypeContents
Timeofmakingcommitment
PeriodofcommitmentFulfillment
informationprovidedordisclosed,andisputonfileforinvestigationbyjudicialorgansorbyChinaSecuritiesRegulatoryCommission,thetransferofitsshareswithinterestsinthelistedcompanywillbesuspendeduntiltheinvestigationconclusionofthecaseisobtained.
5.ThePromiseeshallbearindividualandjoint
legalresponsibilitiesfortheauthenticity,accuracyandcompletenessoftheinformationprovidedordisclosedforthisexchange.Incaseofanylosscausedtoinvestorsduetoviolationoftheabovecommitments,thePromiseewillbearcorrespondingliabilityforcompensationaccordingtolaw.
Alldirectors,supervisorsandseniormanagementpersonnelofGuangdongExpressway
Commitmentonfillingmeasurestodiluteimmediatereward
1.Ipromisenottotransferbenefitstoother
unitsorindividualswithoutcompensationorunderunfairconditions,nortodamagetheinterestsoftheCompanybyothermeans.2.Ipromisetorestrainmyjobconsumptionbehavior.3.IpromisenottousetheassetsoftheCompanytoengageinanyinvestmentandconsumptionactivitiesunrelatedtomyduties.4.IpromisethatthesalarysystemformulatedbytheBoardofDirectorsortheRemunerationCommitteeofGuangdongExpresswaywillbe
November25,2020
Permanentlyeffective
Normalperformance
CommitmentCommitmentmakerTypeContents
Timeofmakingcommitment
PeriodofcommitmentFulfillment
linkedwiththeimplementationoftherewardfillingmeasuresofGuangdongExpressway.5.IfGuangdongExpresswayplanstoimplementequityincentive,IpromisethattheexerciseconditionsofequityincentiveofGuangdongExpresswaytobeannouncedwillbelinkedwiththeimplementationoftherewardfillingmeasures.6.IncaseofanylosscausedtoGuangdongExpresswayoritsshareholdersduetoviolationoftheabovecommitmentsorrefusaltoperformtheabovecommitments,Iwillbearcorrespondingcompensationresponsibilitiesaccordingtolaw.
GuangdongProvincialFreewayCo.,Ltd.
Commitmentonavoidinghorizontalcompetition
1.TheCompanyanditsholdingsubsidiaries
willnotusethecontrollingshareholder'sholdingrelationshipwithGuangdongExpresswaytoconductbusinessactivitiesthatharmthelegitimaterightsandinterestsofGuangdongExpressway,itsminorityshareholdersanditsholdingsubsidiaries.2.TheCompanyanditsholdingsubsidiarieswillnotusetheinformationobtainedfromGuangdongExpresswayanditsholdingsubsidiariestoengageinthemainbusinesscompetingwithGuangdongExpresswayoritsholding
June26,2015
ThisletterofcommitmentisvalidfromthedateofsigningtothedatewhentheProvincialExpresswayisnolongercontrolledbythecontrollingshareholderofGuangdongExpressway
Normalperformance
CommitmentCommitmentmakerTypeContents
Timeofmakingcommitment
PeriodofcommitmentFulfillment
subsidiaries,andwillnotengageinanyactsoractivitiesthatdamageormaydamagethelegitimaterightsandinterestsofGuangdongExpressway,itsminorityshareholdersanditsholdingsubsidiaries.3.IftheCompanyanditsholdingsubsidiariestransferanytollroads,bridges,tunnelsandrelatedancillaryfacilitiesorrightsinvestedormanagedbytheCompanytoacompanyotherthanGuangdongCommunicationsGroupCo.,Ltd.andthecompanydirectlyorindirectlycontrolledbyit,GuangdongExpresswaywillbeentitledtothepreemptiverightunderthesameconditions,unlessthetransfereeisexplicitlydesignatedbytherelevantgovernmentauthoritiesunderthepremisepermittedbyrelevantlawsandregulations.4.Inthefuture,iftheCompanyanditsholdingsubsidiariesinvestintheconstructionofexpresswaysparalleltoorinthesamedirectionwithin20kmfromeachsideoftheexpresswaycontrolledbyGuangdongExpressway,GuangdongExpresswaywillenjoythepriorityofinvestmentoverGuangdongCommunicationsGroupCo.,Ltd.anditsdirectlyorindirectlycontrolledcompanies
CommitmentCommitmentmakerTypeContents
Timeofmakingcommitment
PeriodofcommitmentFulfillment
exceptGuangdongExpresswayanditsholdingsubsidiaries,exceptfortheprojectswhoseinvestmententitiesareclearlydesignatedbytherelevantgovernmentauthoritiesunderthepremisepermittedbyrelevantlawsandregulations.
GuangdongProvincialFreewayCo.,Ltd.
Commitmentonmaintainingtheindependenceoflistedcompanies
TheCompanywillnotdamagetheindependenceofGuangdongExpresswayduetotheincreaseofsharesheldbytheCompanyafterthecompletionofthismajorassetrestructuring,andwillcontinuetomaintaintheprincipleofseparationfromGuangdongExpresswayintermsofassets,personnel,finance,organizationandbusiness,andstrictlyabidebytherelevantregulationsofChinaSecuritiesRegulatoryCommissionontheindependenceoflistedcompanies,andwillnotuseGuangdongExpresswaytoprovideguarantees,noroccupyGuangdongExpresswayfundsillegally,soastomaintainandprotecttheindependenceofGuangdongExpresswayandprotectthelegitimaterightsandinterestsofothershareholdersofGuangdongExpressway.
June26,2015
ThisletterofcommitmentisvalidfromthedateofsigningtothedatewhentheProvincialExpresswayisnolongercontrolledbythecontrollingshareholderofGuangdongExpressway
Normalperformance
GuangdongProvincialFreeway
Commitmentonreducingand
1.Afterthecompletionofthismajorasset
restructuring,theCompanyandthecompanies
June26,2015
Thisletterofcommitmentisvalidfromthedateofsigningtothedatewhenthe
Normalperformance
CommitmentCommitmentmakerTypeContents
Timeofmakingcommitment
PeriodofcommitmentFulfillment
Co.,Ltd.standardizing
relatedtransactions
directlyorindirectlycontrolledbytheCompanyandotherrelatedpartieswilltrytoavoidrelatedtransactionswithGuangdongExpresswayanditsholdingsubsidiaries;Relatedtransactionsthatarereallynecessaryandunavoidablearecarriedoutinaccordancewiththeprinciplesoffairness,equityandcompensationofequalvalue.Thetransactionpriceisdeterminedatareasonablepricerecognizedbythemarket.Thetransactionapprovalproceduresandinformationdisclosureobligationsareperformedinaccordancewithrelevantlaws,regulationsandnormativedocuments,andtheinterestsofGuangdongExpresswayanditsminorityshareholdersareeffectivelyprotected.2.TheCompanyguaranteestoexerciseshareholders'rightsandfulfillshareholders'obligationsinstrictaccordancewithrelevantlawsandregulations,rulesandnormativedocumentspromulgatedbyChinaSecuritiesRegulatoryCommission,businessrulespromulgatedbyShenzhenStockExchangeandArticlesofAssociationofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.,anditwillnotusethecontrollingpositionofGuangdong
ProvincialExpresswayisnolongercontrolledbythecontrollingshareholderofGuangdongExpressway
CommitmentCommitmentmakerTypeContents
Timeofmakingcommitment
PeriodofcommitmentFulfillment
Expressway'scontrollingshareholderstoseekimproperbenefitsordamagethelegitimaterightsandinterestsofGuangdongExpresswayanditsminorityshareholders.
GuangdongProvincialFreewayCo.,Ltd.
Commitmentonauthenticity,accuracyandcompletenessoftheinformationprovided
1.Theinformationinvolvedintheexplanations
andcommitmentprovidedbytheCompanyforthistransactionareauthentic,accurateandcomplete,andtherearenofalserecords,misleadingstatementsormajoromissions.2.TheinformationprovidedbytheCompanytotheintermediariesthatprovideprofessionalservicessuchasauditing,evaluation,legalandfinancialconsultingforthistransactionisauthentic,accurateandcompleteoriginalwritteninformationorduplicateinformation,andtheduplicateorphotocopyoftheinformationisconsistentwithitsoriginalinformationororiginalcopy;Thesignaturesandsealsofalldocumentsareauthentic,andthelegalproceduresrequiredforsigningandsealinghavebeenfulfilledandlegalauthorizationhasbeenobtained;Therearenofalserecords,misleadingstatementsormajoromissions.3.TheCompanyguaranteesthatitwillprovidetimelyinformationaboutthis
November25,2020
Permanentlyeffective
Normalperformance
CommitmentCommitmentmakerTypeContents
Timeofmakingcommitment
PeriodofcommitmentFulfillment
transactioninaccordancewithrelevantlawsandregulations,relevantregulationsofChinaSecuritiesRegulatoryCommissionandShenzhenStockExchange,ensuretheauthenticity,accuracyandcompletenessofsuchinformation,andguaranteethattherearenofalserecords,misleadingstatementsormajoromissions.
GuangdongCommunicationsGroup
Commitmentonmaintainingtheindependenceoflistedcompanies
TheCompanyandthecompaniesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiarieswillnotdamagetheindependenceofGuangdongExpresswayduetotheincreaseinthesharesofGuangdongExpresswayheldbytheCompanyandthecompaniesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiariesafterthecompletionofthismajorassetrestructuring,andwillcontinuetomaintaintheprincipleofseparationfromGuangdongExpresswayintermsofassets,personnel,finance,organizationandbusiness,andstrictlyabidebytherelevantregulationsofChinaSecuritiesRegulatoryCommissionontheindependenceoflistedcompanies,andwillnot
June18,2015
ThisletterofcommitmentisvalidfromthedateofsigningtothedatewhentheProvincialExpresswayisnolongercontrolledbythecontrollingshareholderofGuangdongExpressway
Normalperformance
CommitmentCommitmentmakerTypeContents
Timeofmakingcommitment
PeriodofcommitmentFulfillment
useGuangdongExpresswaytoprovideguarantees,noroccupyGuangdongExpresswayfundsillegally,soastomaintainandprotecttheindependenceofGuangdongExpresswayandprotectthelegitimaterightsandinterestsofothershareholdersofGuangdongExpressway.
GuangdongCommunicationsGroup
Commitmentonavoidinghorizontalcompetition
1.TheCompanyandthecompaniesdirectlyor
indirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiarieswillnotusethecontrollingshareholder'sholdingrelationshipwithGuangdongExpresswaytoconductbusinessactivitiesthatharmthelegitimaterightsandinterestsofGuangdongExpressway,itsminorityshareholdersanditsholdingsubsidiaries.2.TheCompanyandthecompaniesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiarieswillnotusetheinformationobtainedfromGuangdongExpresswayanditsholdingsubsidiariestoengageinthemainbusinesscompetingwithGuangdongExpresswayoritsholdingsubsidiaries,andwillnotengageinanyactsoractivitiesthatdamageormaydamagethe
June26,2015
ThisletterofcommitmentisvalidfromthedateofsigningtothedatewhentheProvincialExpresswayisnolongercontrolledbythecontrollingshareholderofGuangdongExpressway
Normalperformance
CommitmentCommitmentmakerTypeContents
Timeofmakingcommitment
PeriodofcommitmentFulfillment
legitimaterightsandinterestsofGuangdongExpressway,itsminorityshareholdersanditsholdingsubsidiaries.3.IftheCompanyandothercompaniesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiariestransferanytollroads,bridges,tunnelsandrelatedancillaryfacilitiesorinterestsinvestedormanagedbytheCompanytocompaniesotherthantheCompanydirectlyorindirectlycontrolledbytheCompany,GuangdongExpresswayshallbeentitledtothepreemptiverightunderthesameconditions,unlessthetransfereeisexplicitlydesignatedbytherelevantgovernmentauthoritiesunderthepremisepermittedbyrelevantlawsandregulations.4.Inthefuture,iftheCompanyandthecompaniesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiariesinvestintheconstructionofexpresswaysparalleltoorinthesamedirectionwithin20kmfromeachsideoftheexpresswaycontrolledbyGuangdongExpressway,GuangdongExpresswaywillbeentitledtothepriorityinvestmentrightcomparedwiththe
CommitmentCommitmentmakerTypeContents
Timeofmakingcommitment
PeriodofcommitmentFulfillment
CompanyandthecompaniesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiaries,exceptfortheprojectswhoseinvestmententitiesareclearlydesignatedbytherelevantgovernmentauthoritiesunderthepremisepermittedbyrelevantlawsandregulations.
GuangdongCommunicationsGroup
Commitmentonreducingandstandardizingrelatedtransactions
1.Afterthecompletionofthismajorasset
restructuring,theCompanyandothercompaniesandotherrelatedpartiesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiarieswilltrytoavoidrelatedtransactionswithGuangdongExpresswayanditsholdingsubsidiaries;Relatedtransactionsthatarereallynecessaryandunavoidablearecarriedoutinaccordancewiththeprinciplesoffairness,equityandcompensationofequalvalue.Thetransactionpriceisdeterminedatareasonablepricerecognizedbythemarket.Thetransactionapprovalproceduresandinformationdisclosureobligationsareperformedinaccordancewithrelevantlaws,regulationsandnormativedocuments,andtheinterestsofGuangdong
June18,2015
ThisletterofcommitmentisvalidfromthedateofsigningtothedatewhentheProvincialExpresswayisnolongercontrolledbythecontrollingshareholderofGuangdongExpressway
Normalperformance
CommitmentCommitmentmakerTypeContents
Timeofmakingcommitment
PeriodofcommitmentFulfillment
Expresswayanditsminorityshareholdersareeffectivelyprotected.2.TheCompanyguaranteestoexerciseshareholders'rightsandfulfillshareholders'obligationsinstrictaccordancewithrelevantlawsandregulations,rulesandnormativedocumentspromulgatedbyChinaSecuritiesRegulatoryCommission,businessrulespromulgatedbyShenzhenStockExchangeandArticlesofAssociationofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.,anditwillnotusethecontrollingpositionofcontrollingshareholderstoseekimproperbenefitsordamagethelegitimaterightsandinterestsofGuangdongExpresswayanditsminorityshareholders.
GuangdongCommunicationsGroup
Commitmentonauthenticity,accuracyandcompletenessoftheinformationprovided
1.Theexplanations,commitmentand
informationprovidedbytheCompanyforthistransactionareauthentic,accurateandcomplete,andtherearenofalserecords,misleadingstatementsormajoromissions.2.TheinformationprovidedbytheCompanytotheintermediariesthatprovideprofessionalservicessuchasauditing,evaluation,legalandfinancialconsultingforthistransactionisauthentic,
November25,2020
Permanentlyeffective
Normalperformance
CommitmentCommitmentmakerTypeContents
Timeofmakingcommitment
PeriodofcommitmentFulfillment
accurateandcompleteoriginalwritteninformationorduplicateinformation,andtheduplicateorphotocopyoftheinformationisconsistentwithitsoriginalinformationororiginalcopy;Thesignaturesandsealsofalldocumentsareauthentic,andthelegalproceduresrequiredforsigningandsealinghavebeenfulfilledandlegalauthorizationhasbeenobtained;Thevalidityoftheoriginalsofeachdocumenthasnotbeenrevokedwithinitsvalidityperiod,andsuchoriginalsareheldbytheirrespectivelegalholdersuptonow;Therearenofalserecords,misleadingstatementsormajoromissions.3.TheCompanyguaranteesthatiftherearefalserecords,misleadingstatementsormajoromissionsintheinformationprovidedordisclosedforthistransaction,whicharefiledforinvestigationbyjudicialorgansorfiledforinvestigationbyChinaSecuritiesRegulatoryCommission,beforetheinvestigationconclusionisrevealed,theCompanypromisestosuspendthetransferofshareswithinterestsinGuangdongExpressway,andsubmitthewrittenapplicationforsuspensionoftransferandthestockaccount
CommitmentCommitmentmakerTypeContents
Timeofmakingcommitment
PeriodofcommitmentFulfillment
totheBoardofDirectorsofGuangdongExpresswaywithintwotradingdaysafterreceivingthenoticeoffilinginspection,andtheBoardofDirectorsofGuangdongExpresswaywillapplyforlockingonbehalfoftheCompanytothestockexchangeandtheregistrationandclearingcompany;Iftheapplicationforlockingisnotsubmittedwithintwotradingdays,theBoardofDirectorsofGuangdongExpresswayisauthorizedtodirectlysubmittheidentityinformationandaccountinformationoftheCompanytothestockexchangeandtheregistrationandclearingcompanyafterverificationandapplyforlocking;IftheBoardofDirectorsofGuangdongExpresswayfailstosubmittheCompany'sidentityinformationandaccountinformationtothestockexchangeandtheregistrationandclearingcompany,thestockexchangeandtheregistrationandclearingcompanyareauthorizedtodirectlylocktherelevantshares.Iftheinvestigationresultsshowthatthereareviolationsoflawsandregulations,theCompanypromisestolockinsharesandusethemvoluntarilyforcompensationarrangementsofrelevantinvestors.4.TheCompanyshallbear
CommitmentCommitmentmakerTypeContents
Timeofmakingcommitment
PeriodofcommitmentFulfillment
individualandjointlegalresponsibilitiesfortheauthenticity,accuracyandcompletenessoftheinformationprovidedordisclosedforthisexchange.IncaseofanylosscausedtoGuangdongExpresswayorinvestorsduetoviolationoftheabovecommitments,theCompanywillbearcorrespondingliabilityforcompensationaccordingtolaw.
GuangdongCommunicationsGroup
Commitmentonfulfillingfillingmeasurestodiluteimmediatereward
1.Itwillnotinterferewiththebusiness
activitiesofGuangdongExpresswaybeyondauthority,andwillnotencroachontheinterestsofGuangdongExpressway.2.IncaseofanylosscausedtoGuangdongExpresswayorinvestorsduetoviolationoftheabovecommitments,theCompanywillbearcorrespondingliabilityforcompensationaccordingtolaw.
November25,2020
Permanentlyeffective
Normalperformance
GuangdongCommunicationsGroup
CommitmentonlandandrealestateofGuanghuiExpressway
1.ThelandoccupiedandusedbyGuangzhou-
HuizhouExpresswaywithatotalareaof3,732,185.08squaremetershasnotyetobtainedtheownershipcertificate.TheCompanyundertakesthat:(1)Theownershipofthelanduserightoftheabove-mentionedlandisclearwithnodispute,andGuangzhou-HuizhouExpresswaycanlegallyoccupyandusethe
November25,2020
Permanentlyeffective
Normalperformance
CommitmentCommitmentmakerTypeContents
Timeofmakingcommitment
PeriodofcommitmentFulfillment
above-mentionedland;(2)Guangzhou-HuizhouExpresswaywillcontinuetoeffectivelyoccupyandusetherelevantlandbeforetheownershipcertificateisobtained,andwillnotbemateriallyadverselyaffectedthereby;(3)Afterthecompletionofthistransaction,ifGuangdongExpresswaysufferslossesasashareholderofGuangzhou-HuizhouExpressway,forlossessufferedbecauseGuangzhou-HuizhouExpresswayoccupiesandusestheabove-mentionedlandwithoutownershipcertificate,orengagesinengineeringconstructiononsuchland,theCompanywillbeartheactuallossessufferedbyGuangdongExpressway.2.ThelandoccupiedandusedbyGuangzhou-HuizhouExpresswaywithatotalareaof12,324,867.92squaremetersiscurrentlyregisteredunderthenameofGuangdongChangdaHighwayEngineeringCo.,Ltd.(nowrenamedas"PolyChangdaEngineeringCo.,Ltd.",hereinafterreferredtoas"ChangdaCompany"),ofwhich8,799,336.79squaremetersoflandhasobtainedtheownershipcertificate,andtheother3,525,531.13squaremetersoflandhasnotyetobtainedtheownershipcertificate.The
CommitmentCommitmentmakerTypeContents
Timeofmakingcommitment
PeriodofcommitmentFulfillment
Companypromisesthatafterthecompletionofthistransaction,ifGuangdongExpresswaysufferslossesasashareholderofGuangzhou-HuizhouExpresswayandbecauseGuanghuiExpresswayoccupiesandusesthelandregisteredunderthenameofChangdaCompany,theCompanywillbeartheactuallossessufferedbyGuangdongExpressway.3.Thepropertyownershipcertificatehasnotbeenobtainedforthepropertywithatotalareaof72,364.655squaremetersoccupiedandusedbyGuangzhou-HuizhouExpressway.TheCompanypromisesthat:(1)Theownershipoftheabove-mentionedpropertywithoutownershipcertificatecurrentlyusedbyGuanghuiExpresswayisclearwithnodispute,andGuangzhou-HuizhouExpresswaycanlegallyoccupyandusetheabove-mentionedproperty;(2)Guangzhou-HuizhouExpresswaywillcontinuetoeffectivelyoccupyandusetheabove-mentionedpropertybeforethepropertyownershipcertificateisobtained,andwillnotbemateriallyadverselyaffected;(3)Afterthecompletionofthistransaction,ifGuangdongExpresswaysufferslossesasashareholderof
CommitmentCommitmentmakerTypeContents
Timeofmakingcommitment
PeriodofcommitmentFulfillment
Guangzhou-HuizhouExpresswayandbecauseGuangzhou-HuizhouExpresswayoccupiesandusestheabove-mentionedpropertywithoutrelevantpropertyownershipcertificate,theCompanywillbeartheactuallossessufferedbyGuangdongExpressway.
GuangdongGuanghuiExpresswayCo.,Ltd.
Commitmentonauthenticity,accuracyandcompletenessoftheinformationprovided
1.Theexplanations,commitmentand
informationprovidedbytheCompanyforthistransactionareauthentic,accurateandcomplete,andtherearenofalserecords,misleadingstatementsormajoromissions.2.TheinformationprovidedbytheCompanytotheintermediariesthatprovideprofessionalservicessuchasauditing,evaluation,legalandfinancialconsultingforthistransactionisauthentic,accurateandcompleteoriginalwritteninformationorduplicateinformation,andtheduplicateorphotocopyoftheinformationisconsistentwithitsoriginalinformationororiginalcopy;Thesignaturesandsealsofalldocumentsareauthentic,andthelegalproceduresrequiredforsigningandsealinghavebeenfulfilledandlegalauthorizationhasbeenobtained;Therearenofalserecords,misleadingstatementsormajoromissions.3.TheCompany
November25,2020
Permanentlyeffective
Normalperformance
CommitmentCommitmentmakerTypeContents
Timeofmakingcommitment
PeriodofcommitmentFulfillment
guaranteesthatitwillprovidetimelyinformationaboutthistransactioninaccordancewithrelevantlawsandregulations,relevantregulationsofChinaSecuritiesRegulatoryCommissionandShenzhenStockExchange,ensuretheauthenticity,accuracyandcompletenessofsuchinformation,andguaranteethattherearenofalserecords,misleadingstatementsormajoromissions.4.TheCompanyshallbearindividualandjointlegalresponsibilitiesfortheauthenticity,accuracyandcompletenessoftheinformationprovidedordisclosedforthisexchange.Incaseofanylosscausedtoinvestorsduetoviolationoftheabovecommitments,theCompanywillbearcorrespondingliabilityforcompensationaccordingtolaw.
GuangdongCommunicationGroupCo.,Ltd
Othercommitment
Inordertopromotethesmoothprogressoftheissueofshares,thecashpurchaseofassetsandtheraisingofmatchingfunds(hereinafterreferredtoas"themajorassetrestructuring")approvedbyGuangdongExpresswayDevelopmentCo.,Ltd.atitssecondextraordinaryshareholders'meetingin2015,withregardtoallthelandandrealestate
April27,2019
Itcontinuedtopushforwardtheprogressofaccreditation,andcompletedtheregistrationproceduresofrelevantlandandrealestateownershipwithinthreeyearsaftertherelevantpolicieswereclearandtherelevantlandandrealestatemettheconditionsforhandlingtheregistrationproceduresofownership,inaccordancewiththerelevant
Normalperformance
CommitmentCommitmentmakerTypeContents
Timeofmakingcommitment
PeriodofcommitmentFulfillment
(hereinafterreferredtoas"relevantlandandrealestate")ownedbyGuangdongFokaiExpresswayCo.,Ltd.(hereinafterreferredtoas"FokaiCompany")andJingzhuExpresswayGuangzhuSectionCo.,Ltd.(hereinafterreferredtoas"GuangzhuEastCompany")withoutownershipcertificates(hereinafterreferredtoas"relevantlandandrealestate")disclosedinthereportofGuangdongExpresswayDevelopmentCo.,Ltd.onissuingsharesandpayingcashtopurchaseassetsandraisingmatchingfundsandrelatedtransactions,thecompanyundertooktourgeFokaiCompanyandGuangzhuEastCompanytogothroughtheownershipregistrationformalitiesaccordingtothefollowingplanundertheconditionthatitisconducivetosafeguardingtherightsandinterestsoflistedcompanies;Continuedtopushforwardtheprogressofaccreditation,andcompletedtheregistrationproceduresofrelevantlandandrealestateownershipwithinthreeyearsaftertherelevantpolicieswereclearandtherelevantlandandrealestatemettheconditionsforhandlingtheregistrationproceduresofownership,inaccordancewiththe
lawsandregulationsandtherequirementsofthecompetentgovernmentdepartments
CommitmentCommitmentmakerTypeContents
Timeofmakingcommitment
PeriodofcommitmentFulfillment
relevantlawsandregulationsandtherequirementsofthecompetentgovernmentdepartments.
GuangdongProvincialFreewayCo.,Ltd.
Performancecommitment
ThepredictednetprofitofGuangdongGuanghuiExpresswayCo.,Ltd.afterdeductingnon-recurringgainsandlossesin2020,2021and2022(hereinafterreferredtoas"predictednetprofit")isRMB652,477,500,RMB1,112,587,300andRMB1,234,200,900respectively.Accordingtothespecialauditopinionissuedbytheaccountingfirm,iftheaccumulatedrealizednetprofitofGuangdongGuangzhou-HuizhouExpresswayCo.,Ltd.attheendofanyfiscalyeardoesnotreachtheaccumulatedpredictednetprofitwithinthecompensationperiod,GuangdongProvincial
FreewayCo.,Ltd.willcompensateincashas
agreed.
November25,2020
2020-2022
Normalperformance
GuangdongProvincialFreewayCo.,Ltd.
Performancecommitment
Theproposalonchangeofperformancecommitmentofthemajorassetrestructuringprojectin2020andsigningthesupplementaryagreementtotheprofitcompensationagreementwasreviewedinapprovedintheCompany'sfirstextraordinarygeneralmeetingofshareholdersin2023,agreedtochangetheperformance
August23,2023
2020,2021,2023
Normalperformance
CommitmentCommitmentmakerTypeContents
Timeofmakingcommitment
PeriodofcommitmentFulfillment
commitmentofthemajorassetrestructuringprojectin2020,andagreedtheCompanytosignthe"SupplementaryAgreementtotheProfitCompensationAgreement"withtheProvincialExpressway.Theperformancecompensationperiodfortheassetrestructuringwasadjustedto2020,2021,and2023.TheprovincialexpresswaypromisedthatthenetprofitaccumulatedbyGuanghuiExpresswayin2020,2021and2023afterdeductingnon-recurringprofitsandlosseswillnotbelessthan2,999,265,700yuan.Completedontime(Y/N)
Yes
2.Theexistenceofthecompany'sassetsorprojectsearningsforecastsandearningsreportingperiodisstillintheforecastperiod,thecompanyhasassetsorprojectsmeettheoriginalprofitforecastmadeandthereasonsexplained
√Applicable□Notapplicable
Earningsforecastassetorprojectname
Forecaststarttime
Forecastend
time
Currentforecastperformance(RMB'00000）
CurrentActualperformance(RMB'00000）
Reasonsfornotmeetingtheforecast(ifapplicable)
Originalforecastdisclosuredate
Originalforecastdisclosureindex
GuanghuiExpresswayCo.,Ltd.
January1,2020
December31,2023
299,926.57295,104.16
Theyearof2023isthefirstyearofeconomicrecoveryanddevelopmentafterthetransitionofpreventionandcontrol,anditisinaperiodofdomesticmacroeconomicfluctuationsandeconomicrecovery.Aftertherestorationofsocialorder,thepublic'swillingnesstotravelbycarhasincreased,andthenumberofpassengercartripshasreboundedsteadily,butthe
December29,2020
http://www.cninfo.com.cn
continuousrecoveryanddevelopmentoftheeconomyislessthanexpected,andthegrowthrateoffreighttrafficonGuanghuiExpresswayhassloweddown,resultinginGuanghuiCompanynotcompletedtheexpectedperformance.Commitmentsmadebythecompany’sshareholdersandcounterpartiesinthereportingyear’soperatingperformance?Applicable□Notapplicable
OnAugust8,2023,the"ProposalonChangingthePerformanceCommitmentoftheMajorAssetRestructuringProjectin2020andSigningtheSupplementaryAgreementtotheProfitCompensationAgreement"wasdeliberatedandapprovedinthe10thprovisionalmeetingofthe10thboardofdirectorsoftheCompany.OnAugust23,2023,the"ProposalonChangingthePerformanceCommitmentoftheMajorAssetRestructuringProjectin2020andSigningtheSupplementaryAgreementtotheProfitCompensationAgreement"wasdeliberatedandapprovedintheCompany'sfirstprovisionalgeneralmeetingofshareholdersin2023.
SinceGuanghuiExpresswaywasmostseriouslyaffectedbydomesticmacroeconomicfluctuationsin2022,theCompanyandProvincialExpresswayagreedthattheyearof2022wasnotincludedintheperformancecompensationperiodoftherestructuringundertheoriginalprofitcompensationagreement,andtheperformancecompensationperiodofthisrestructuringwasadjustedto2020,2021and2023.TheprovincialexpresswaypromisedthatthenetprofitaccumulatedbyGuanghuiExpresswayin2020,2021and2023afterdeductingnon-recurringprofitsandlosseswillnotbelessthan2,999,265,700yuan.IfthecumulativenetprofitofGuanghuiCompanydoesnotreachtheafore-mentionedcumulativepromisednetprofitduringtheabove-mentionedadjustedcompensationperiod,theProvincialExpresswayshallcompensatetheCompanyincashinaccordancewiththeProfitCompensationAgreementandtheprovisionsofthisAgreement.Thefulfillmentofperformancecommitmentanditsimpactongoodwillimpairmenttesting
In2023,GuanghuiCompanyachievedanetprofitof1,077,811,400yuan,withthenetprofitof1,076,364,600yuanafterdeductingnon-recurringgainsandlosses,andtheactualprofitwas157,836,300yuanlessthanthepromisedamountof1,234,200,900yuan,withacompletionrateof87.21%.
For2020,2021and2023,GuanghuiCompany'scumulativenetprofitachievedafterdeductingnon-recurringprofitsandlosseswas2,951,041,600yuan.Basedonthepromisednetprofitafterdeductingnon-recurringprofitsandlossesin2020,2021and2023was2,999,265,700yuan,thecumulativeactualprofitwas48,224,100yuanlessthanthepromised,withthecompletionrateof98.39%.Thismajorassetreorganizationisabusinesscombinationunderthesamecontrol,andnobusinessreputationisrecognized.InaccordancewiththerelevantprovisionsoftheAdministrativeMeasuresfortheMajorAssetRestructuringofListedCompaniesandtherelevantrequirementsoftheAgreementonPayingCashtoPurchase21%EquityofGuangdongGuanghuiExpresswayCo.,Ltd.,theProfitCompensationAgreementandtheSupplementaryAgreementtotheProfitCompensationAgreementsignedbetweentheCompanyandtheProvincialExpressway,theCompanyhaspreparedtheImpairmentTestReportontheSubjectAssetsofMajorAssetRestructuring.Andtheassetsoftherestructuringwerenotimpairedreviewedbyanaccountingfirm.II.Particularsaboutthenon-operatingoccupationoffundsbythecontrollingshareholder
□Applicable√Notapplicable
NoneIII.Illegalprovisionofguaranteesforexternalparties
□Applicable√Notapplicable
NoneIV.ExplanationoftheBoardofDirectorsonthelatest"Non-standardAuditReport"
□Applicable√Notapplicable
V.Notesfor“non-standardauditreport”ofCPAsfirmduringtheReportingPeriodbyboardofdirectorsandsupervisoryboard
□Applicable√Notapplicable
VI.Explainchangeoftheaccountingpolicy,accountingestimateandmeasurementmethodsascomparedwiththefinancialreportingoflastyear.?Applicable□ApplicableArisingfromIndividualTransactions"inInterpretationNo.16ofAccountingStandardsforBusinessEnterprises.
OnNovember30,2022,theMinistryofFinanceissuedtheInterpretationNo.16ofAccountingStandardsforBusinessEnterprises(CK[2022]No.31)(hereinafterreferredtoas"InterpretationNo.16").WiththeresolutionoftheSeventhMeetingoftheTenthBoardofDirectorsoftheCompanyonMarch20,2023,theCompanyimplementedtherelevantprovisionsoftheInterpretationNo.16onJanuary1,2023.
AccordingtoInterpretationNo.16,forthetaxabletemporarydifferencesanddeductibletemporarydifferencescausedbytheinitialrecognitionofassetsandliabilitiesinasingletransactionthatisnotabusinessmerger,doesnotaffectaccountingprofitsortaxableincome(ordeductiblelosses)atthetimeoftransaction,andtheinitialrecognitionofassetsandliabilitiesleadstoequaltaxabletemporarydifferencesanddeductibletemporarydifferences,theCompanyrespectivelyrecognizesthecorrespondingdeferredincometaxliabilitiesanddeferredincometaxassetsatthetimeoftransactionaccordingtotheAccountingStandardsforBusinessEnterprisesNo.18-IncomeTaxandotherrelevantprovisions.
VII.Explainchangeoftheconsolidationscopeascomparedwiththefinancialreportingoflastyear.
□Applicable√Notapplicable
NoneVIII.Engagement/DisengagementofCPAsCPAscurrentlyengagedNameofthedomesticCPAs
YongTuoCertifiedPublicAccountants(SpecialGeneralPartnership)Remunerationfordomesticaccountingfirm(Tenthousandsyuan)132SuccessiveyearsofthedomesticCPAsofferingauditingservices4yearsNameofCPASunXiuqing,HuangZhiyanContinuousyearsofauditservicesofcertifiedpublicaccountantsofdomesticpublicaccountingfirms
NameoftheOverseasCPAs（IfanyNoneRemumerationforoverseasaccountingfirm(Tenthousandsyuan)（Ifany）
SuccessiveyearsoftheoverseasCPAsofferingauditingservices（Ifany）
NoneNameofCPA（Ifany）NoneContinuousyearsofauditservicesofcertifiedpublicaccountantsofoverseaspublicaccountingfirms（ifany）
None
HastheCPAsbeenchangedinthecurrentperiod
□Yes√No
Adetailedexplanationofthechangeofemploymentandaccountingfirm
√Applicable□Notapplicable
OnMarch20,2023,the"ProposalonHiringtheInternalControlAuditAgencyfor2023"wasapprovedinthe7thmeetingoftheTenthsessionoftheboardofdirectors,anditagreedthattheCompanywillcontinuetohireYongtuoAccountingFirm(LLP)astheinternalcontrolauditorfor2023.OnJune28,2023,the"ProposalonHiringtheInternalControlAuditAgencyfor2023"wasapprovedintheCompany's2022AnnualGeneralMeetingofShareholders.IX.SituationofFacingListingSuspensionandListingTerminationaftertheDisclosureoftheYearlyReport
□Applicable√Notapplicable
X.RelevantMattersofBankruptcyReorganization
□Applicable√Notapplicable
NoneXI.MattersofImportantLawsuitandArbitration
□Applicable√Notapplicable
NoneXII.SituationofPunishmentandRectification
□Applicable√Notapplicable
NoneXIII.CreditConditionoftheCompanyanditsControllingShareholdersandActualControllers
□Applicable√Notapplicable
XIV.Materialrelatedtransactions
1.Relatedtransactionsinconnectionwithdailyoperation
□Applicable√Notapplicable
None
2.Related-partytransactionsarisingfromassetacquisitionorsale
□Applicable√Notapplicable
None
3.Related-partytransitionswithjointinvestments
□Applicable√Notapplicable
None
4.Creditsandliabilitieswithrelatedparties
□Applicable√Notapplicable
None
5.Transactionswithrelatedfinancecompany,especiallyonethatiscontrolledbytheCompany
√Applicable□Notapplicable
DepositbusinessRelatedpartyRelationshipMaximum
dailydepositlimit(RMB'00000）
Depositinterestraterange
Beginningbalance(RMB'00000）
Theamountofthisperiod
Endingbalance(RMB'00000）Totaldepositamount(RMB'00000）
Totalamountiswithdrawnforthisperiod(RMB'00000）GuangdongCommunicationsGroupFinanceCo.,Ltd
Controlledbythesameparentcompany
300,000.000.35%-2.85%239,396.61813,666.48785,248.27267,814.82LoanbusinessRelatedpartyRelationship
Loanlimit(RMB'00000）
Loantinterestraterange
Beginningbalance(RMB'00000）
Theamountofthisperiod
Endingbalance(RMB'00000）Totalloanamountofthecurrentperiod(RMB'00000）
Totalrepaymentamountofthecurrentperiod(RMB'00000）GuangdongCommunicationsGroupFinanceCo.,Ltd
Controlledbythesameparentcompany
400,000.002.95%-3.40%62,859.3322,020.3644,246.7740,632.92CreditextensionorotherfinancialservicesRelatedpartyRelationshipBusinesstypeTotal
amount(RMB'00000）
Actualamountincurred(RMB'00000
）GuangdongCommunicationsGroupFinanceCo.,Ltd
Controlledbythesameparentcompany
Creditextension400,000.0040,000.00
6.TransactionsbetweenthefinancialcompanycontrolledbytheCompanyandrelatedparties
□Applicable√Notapplicable
Thereisnodeposit,loan,creditorotherfinancialbusinessbetweenthefinancialcompanycontrolledbytheCompanyandrelatedparties.
7.Othersignificantrelated-partytransactions
√Applicable□Notapplicable
1.TheProposalonConcerningtheCompanyDailyAssociatedTransactionsPredictedof2023wasreviewedandapprovedinthe7thmeetingoftheTenthboardofdirectorsoftheCompany,Agreeonthepredicteddailyassociatedtransactionsforthecompanyheadquarters,wholly-ownedandholdingsubsidiariesof2023,whoseamountintotalisRMB58.6612million.
2.TheProposalonSigningtheOfficePropertyLeaseContractofthe45thandthe46thFloorsofLitongPlazawasreviewedandapprovedinthe7thmeetingoftheTenthboardofdirectorsoftheCompany,It’sagreedthattheCompanywillcontinuetoleasetheentire43rdfloorand44thfloorunitsofLitongPlaza(self-numberedfloors45and46)asofficespaceforusefromGuangdongLitongDevelopmentInvestmentCo.,Ltd,withaleaseperiodof3yearsfromMay5,2023toMay4,2026.ThemonthlyrentstandardisRMB908,133.47fortheperiodfromMay5,2023toMay4,2024,themonthlyrentstandardisRMB935,400.05fortheperiodfromMay5,2024toMay4,2025,andthemonthlyrentfortheperiodfromMay5,2025toMay4,2026isRMB963,449.61.
3.The"ProposalonIncreasingCapitaltoZhaoqingYuezhaoHighwayCo.,Ltd.toInvestinthe
ReconstructionandExpansionProjectoftheYuejingHengjiangtoMa'anSectionoftheG80Guangzhou-KunmingExpressway"wasreviewedandapprovedinthe13thmeetingoftheTenthboardofdirectorsoftheCompany:
(1)AgreedthattheCompanywillincreasecapitaltoZhaoqingYuezhaoHighwayCo.,Ltd.toinvestintheconstructionofthereconstructionandexpansionprojectofthesectionfromYuejingHengjiangtoMa'anoftheG80Guangzhou-KunmingExpressway;
(2)It’sagreedthattheCompanywilltaketheestimatedinvestmentamountof9.22billionyuanapprovedbytheGuangdongProvincialDevelopmentandReformCommissionasthebasis,theprojectcapitalis35%ofthetotalinvestment,thatis,3.227billionyuan,andtheCompanywillbearthecapitalcontributionof806.75millionyuanaccordingtothe25%shareratioofZhaoqingYuezhaoHighwayCo.,Ltd.,andthefinalsettlementpriceoftheprojectshallprevail.
4.The"ProposalonRenewaloftheFinancialServicesAgreementwithGuangdongCommunicationsGroup
FinanceCo.,Ltd".wasreviewedandapprovedinthe15thmeetingoftheTenthboardofdirectorsoftheCompany.Thewebsitetodisclosetheinterimannouncementsonsignificantrelated-partytransactions
Descriptionofprovisionalannouncement
Dateofdisclosingprovisional
announcement
Descriptionofthewebsitefordisclosing
provisionalannouncementsEstimatesannouncementoftheDailyRelatedPartyTransactionof2023
March21,2023www.cninfo.com.cn
Announcementofrelatedpartytransaction
March21,2023www.cninfo.com.cnAnnouncementofrelatedpartytransaction
October21,2023www.cninfo.com.cnAnnouncementofrelatedpartytransaction
November18,2023www.cninfo.com.cn
XV.Significantcontractsandexecution
1.Entrustments,contractingandleasing
（1）Entrustment
□Applicable√Notapplicable
Nosuchcasesinthereportingperiod.
（2）Contracting
□Applicable√Notapplicable
Nosuchcasesinthereportingperiod.
（3）Leasing
?Applicable□√NotapplicableDuringthereportingperiod,theCompanygeneratedarentalincomeofRMB32,310,227.17,withthemainleasedassetsofhousesandbuildings.
2.SignificantGuarantees
□Applicable√Notapplicable
Nosuchcasesinthereportingperiod.
3.SituationofEntrustingOthersforManagingSpotAsset
(1)SituationofEntrustedFinance
□Applicable√Notapplicable
None
(2)SituationofEntrustedLoans
4.Othersignificantcontract
□Applicable√Notapplicable
XVI.Explanationonothersignificantevents
√Applicable□Notapplicable
The"ProposalonIncreasingCapitaltoZhaoqingYuezhaoHighwayCo.,Ltd.toInvestintheReconstructionandExpansionProjectoftheYuejingHengjiangtoMa'anSectionoftheG80Guangzhou-KunmingExpressway"wasreviewedandapprovedinthe13thmeetingoftheTenthboardofdirectorsoftheCompany:
(1)AgreedthattheCompanywillincreasecapitaltoZhaoqingYuezhaoHighwayCo.,Ltd.toinvestintheconstructionofthereconstructionandexpansionprojectofthesectionfromYuejingHengjiangtoMa'anoftheG80Guangzhou-KunmingExpressway;
(2)It’sagreedthattheCompanywilltaketheestimatedinvestmentamountof9.22billionyuanapprovedbytheGuangdongProvincialDevelopmentandReformCommissionasthebasis,theprojectcapitalis35%ofthetotalinvestment,thatis,3.227billionyuan,andtheCompanywillbearthecapitalcontributionof806.75millionyuanaccordingtothe25%shareratioofZhaoqingYuezhaoHighwayCo.,Ltd.,andthefinalsettlementpriceoftheprojectshallprevail.The"ProposalonIncreasingCapitaltoZhaoqingYuezhaoHighwayCo.,Ltd.toInvestintheReconstructionandExpansionProjectoftheYuejingHengjiangtoMa'anSectionoftheG80Guangzhou-KunmingExpressway"wasreviewedandapprovedsecondprovisionalgeneralMeetingofshareholdersin2023on
November7,2023.inthe13thmeetingoftheTenthboardofdirectorsoftheCompany:
Descriptionofprovisionalannouncement
Dateofdisclosing
provisionalannouncement
Descriptionofthewebsitefordisclosing
provisionalannouncementsAnnouncementofResolutionsofthe13th(Provisional)MeetingoftheTenBoardofDirectors
2023-10-21www.cninfo.com.cnAnnouncementofrelatedpartytransaction2023-10-21www.cninfo.com.cnThesecondprovisionalgeneralMeetingofshareholdersin2023
2023-11-07www.cninfo.com.cnXVII.SignificanteventofsubsidiaryoftheCompany
□Applicable
?Notapplicable
VII.ChangeofsharecapitalandshareholdingofPrincipalShareholdersI.Changesinsharecapital
1.Changesinsharecapital
InsharesBeforethechangeIncrease/decrease（+，-）AftertheChangeAmountProporti
on
Shar
eallotment
Bonusshares
Capitalizationofcomm
onreservefund
OtherSubtotalQuantity
Proportio
n
1.Shareswithconditional
subscription
438,833,39520.99%-5,850-5,850438,827,54520.99%
1.State-ownedshares
410,105,73819.61%410,105,73819.61%
2.State-ownedlegalperson
shares
21,712,7381.04%21,712,7381.04%
3.Otherdomesticshares
7,014,9190.34%-5,850-5,8507,009,0690.34%Including：DomesticLegalpersonshares
6,543,9360.31%-4,214-4,2146,539,7220.31%Domesticnaturalpersonshares
470,9830.02%-1,636-1,636469,3470.02%
4.Foreignshares
00.00%00.00%Including：Foreignlegalpersonshares
00.00%00.00%Foreignnaturalpersonshares
00.00%00.00%II.Shareswithunconditionalsubscription
1,651,972,73179.01%5,8505,8501,651,978,58179.01%
1.CommonsharesinRMB
1,303,324,05662.34%5,8505,8501,303,329,90662.34%
2.Foreignsharesin
domesticmarket
348,648,67516.68%348,648,67516.68%
3.Foreignsharesinforeign
market
00.00%00.00%
4.Other
00.00%00.00%III.Totalofcapitalshares2,090,806,126
100.00
%
002,090,806,126100.00%
Reasonsforsharechanged
√Applicable□Notapplicable
1.Duringthereportingperiod,4,214sharesheldby"domesticlegalpersons"wereconvertedintosharesheldby"domesticnaturalpersons".
2.Duringthereportingperiod,The
5,850"restrictedsharesheldbydomesticnaturalpersons"heldbytheresigneddirectorMr.DuJunwereconvertedinto"unrestrictedshares"
ApprovalofChangeofShares
□Applicable√Notapplicable
Ownershiptransferofsharechanges
□Applicable√Notapplicable
InfluenceonthebasicEPSanddilutedEPSaswellasotherfinancialindexesofnetassetspershareattributabletocommonshareholdersofCompanyinlatestyearandperiod
□Applicable√Notapplicable
Otherinformationnecessarytodiscloseforthecompanyorneedtodisclosedunderrequirementfromsecurityregulators
□Applicable√Notapplicable
2.Changeofshareswithlimitedsalescondition
√Applicable□Notapplicable
Inshares
Shareholder
Name
InitialRestricted
Shares
NumberofUnrestrictedSharesThisTerm
NumberofIncreasedRestrictedSharesThisTerm
RestrictedSharesintheEndoftheTerm
ReasonforRestrictedShares
DateofRestrictionRemovalDuJun5,85005,8500
Outgoingexecutiveslockedupshares
March2023Total5,85005,8500----II.Securitiesissueandlisting
1.ExplanationoftheSituationoftheSecurityIssue(NoPreferredShares)intheReportPeriod
□Applicable√Notapplicable
2.Changeofassetandliabilitystructurecausedbychangeoftotalcapitalsharesandstructure
□Applicable√Notapplicable
3.Abouttheexistingemployees’shares
□Applicable√Notapplicable
III.Shareholdersandactualcontrollingshareholder
1.Numberofshareholdersandshareholding
InSharesTotalnumberofcommonshareholdersattheendofthereportingperiod
48,738
Totalshareholdersattheendofthemonthfromthedateofdisclosingtheannualreport
49,323
Thetotalnumberofpreferredshareholdersvotingrightsrestoredatperiod-end(ifany)(Note8)
Totalpreferenceshareholderswithvotingrightsrecoveredatendoflastmonthbeforeannualreportdisclosed(ifany)(Note8)
Particularsaboutsharesheldabove5%byshareholdersortoptenshareholdersShareholders
Natureofshareholder
Proportionofsharesheld（%）
Numberofsharesheldatperiod-end
Changesinreportingperiod
Amountofrestrictedsharesheld
Amountofun-restrictedsharesheld
Numberofsharepledged/frozenStateofshareAmountGuangdongCommunicationGroupCo.,Ltd
State-ownedlegalperson
24.56%513,485,4800410,105,738103,379,742Notapplicable0GuangdongHighwayConstructionCo.,Ltd,
State-ownedlegalperson
22.30%466,325,020000Notapplicable0ShangdongExpresswayInvestmentDevelopmentCo.,Ltd.
State-ownedlegalperson
10.10%211,143,84574,60000Notapplicable0TibetHetaiBusinessmanagement
State-ownedlegalperson
2.84%59,400,250-41,814,32400Notapplicable0
Co.,Ltd.GuangdongProvincialFreewayCo.,Ltd.
State-ownedlegalperson
2.53%52,937,491019,582,22833,355,263Notapplicable0HKSCC
Overseaslegalperson
1.58%32,996,51521,059,58100Notapplicable0ChinaLifeInsuranceCo.,Ltd－Traditional－GeneralInsuranceproducts－005L－CT001Hu
Other1.37%28,743,59528,743,59500Notapplicable0ChinaConstructionBankCo.,Ltd－Yinhuarichthemehybridsecuritiesinvestmentfund
Other0.94%19,621,64119,621,64100Notapplicable0
FengWuchu
Domestic
natural
person
shares
0.88%18,496,329-4,878,07600Notapplicable0
XinyueCo.,Ltd.
Overseas
legalperson
0.63%13,201,086000Notapplicable0Strategicinvestororgenerallegalpersonbecomingtop-10ordinaryshareholderduetorightsissue(ifany)(seenote3)
NoneRelatedoracting-in-concertpartiesamongshareholdersabove
GuangdongCommunicationGroupCo.,Ltd.istheparentcompanyofGuangdongHighwayConstructionCo.,Ltd.，GuangdongProvincialFreeway
Co.,Ltd.andXinyueCo.,Ltd.,Itisunknownwhetherthereisrelationshipbetweenothershareholdersandwhethertheyarepersonstakingconcertedaction
specifiedintheRegulationsonDisclosureofInformationaboutChangeinShareholdingofShareholdersofListedCompanies.Aboveshareholdersentrustingorentrustedwithvotingrights,or
None
waivingvotingrightsTop10shareholdersincludingthespecialaccountforrepurchase(ifany)(seenote10)
None
Shareholdingoftop10shareholdersofunrestrictedsharesNameoftheshareholderQuantityofunrestrictedsharesheldattheendofthereportingperiod
SharetypeSharetypeQuantityGuangdongHighwayConstructionCo.,Ltd,
466,325,020RMBCommonshares466,325,020ShangdongExpresswayInvestmentDevelopmentCo.,Ltd.
211,143,845RMBCommonshares211,143,845GuangdongCommunicationGroupCo.,Ltd
103,379,742RMBCommonshares103,379,742TibetHetaiBusinessmanagementCo.,Ltd.
59,400,250RMBCommonshares59,400,250GuangdongProvincialFreewayCo.,Ltd.
33,355,263RMBCommonshares33,355,263HKSCC32,996,515RMBCommonshares32,996,515ChinaLifeInsuranceCo.,Ltd－Traditional－GeneralInsuranceproducts－005L－CT001Hu
28,743,595RMBCommonshares28,743,595ChinaConstructionBankCo.,Ltd－Yinhuarichthemehybridsecuritiesinvestmentfund
19,621,641RMBCommonshares19,621,641FengWuchu18,496,329
RMBCommonshares15,528,866Foreignsharesplacedindomestic2,967,463XinyueCo.,Ltd.13,201,086Foreignsharesplacedindomestic13,201,086Explanationonassociatedrelationshiporconsistentactionamongthetop10shareholdersofnon-restrictednegotiablesharesandthatbetweenthetop10
GuangdongCommunicationGroupCo.,Ltd.istheparentcompanyofGuangdongHighwayConstructionCo.,Ltd.，GuangdongProvincialFreewayCo.,Ltd.andXinyueCo.,Ltd.,Itisunknownwhetherthereisrelationshipbetweenothershareholdersandwhethertheyarepersonstakingconcertedaction
specifiedintheRegulationsonDisclosureofInformationaboutChangeinShareholdingofShareholdersofListedCompanies.
shareholdersofnon-restrictednegotiablesharesandtop10shareholdersTop10ordinaryshareholdersconductingsecuritiesmargintrading(ifany)(seenote4)
NoneLendingofsharesbythetoptenshareholdersparticipatinginrefinancingbusiness
□Applicable√Notapplicable
Thetoptenshareholdershavechangedfromthepreviousperiod?Applicable□Notapplicable
InRMBChangesofthetoptenshareholderscomparedwiththeendofthepreviousperiodNameofshareholder(fullname)
Addition/Withdrawalinthis
reportingperiod
Numberofshareslentbyrefinancingattheendoftheperiodandnotyetreturned
Numberofsharesheldbyshareholdersingeneralaccountsandcreditaccountsandlentbyrefinancingattheendoftheperiodand
notyetreturnedTotalquantityTotalquantityTotalquantityProportionoftotalsharecapitalHKSCCAddition00.00%00.00%ChinaLifeInsuranceCo.,Ltd－Traditional－GeneralInsuranceproducts－005L－CT001Hu
Addition00.00%00.00%ChinaConstructionBankCo.,Ltd－Yinhuarichthemehybridsecuritiesinvestmentfund
Addition00.00%00.00%HappylifeinsuranceCo.,Ltd.-DividendOut00.00%00.00%HappylifeinsuranceCo.,Ltd.－SelffundsOut00.00%00.00%HappylifeinsuranceCo.,Ltd.－SelffundsOut00.00%00.00%
Whethertoptencommonshareholdersortoptencommonshareholderswithun-restrictsharesheldhaveabuy-backagreementdealinginreportingperiod.
□Yes√No
Thetoptencommonshareholdersortoptencommonshareholderswithun-restrictsharesheldoftheCompanyhavenobuy–backagreementdealinginreportingperiod.
2.Controllingshareholder
NatureofControllingShareholders:LocalstateholdingType:Legalperson
NameoftheControllingshareholder
Legalrepresentative/Leader
DateofincorporationOrganizationcodePrincipalbusinessactivities
GuangdongCommunicationGroupCo.,Ltd.
DengXiaohua
June23,200091440000723838552J
Equitymanagement,organizationofassetreorganizationandoptimizedallocation,raisingfundsbymeansincludingmortgage,transferofpropertyrightsandjointstocksystemtransformation,projectinvestment,operationandmanagement,trafficinfrastructureconstruction,highwayandrailwayprojectoperationandrelevantindustries,technologicaldevelopment,application,consultationandservices,highwayandrailwaypassengerandcargotransport,shipindustry,relevantoverseasbusinesses;Valueaddedtelecommunicationservices.Equityinotherdomesticandforeignlistedcompaniesheldbythecontrollingshareholderbymeansofcontrolandmutualshareholdinginthereportingperiod
GuangdongCommunicationGroupCo.,Ltd.holds74.12%equityofGuangdongYueyunTrafficCo.,Ltd.,acompanylistingHshares.
Changesofcontrollingshareholderinreportingperiod
□Applicable√Notapplicable
NochangesofcontrollingshareholderfortheCompanyinreportingperiod.3．InformationaboutthecontrollingshareholderoftheCompanyActualcontrollernature：LocalstateownedassetsmanagementActualcontrollertype：Legalperson
Nameoftheactual
controller
Legalrepresentative/Leader
DateofincorporationOrganizationcodePrincipalbusinessactivitiesState-ownedAssetssupervisionandadministrationCommissionofGuangdongProvincialPeople’sGovernment
YuGangJune26,2004114400007583361658
AsanadhocorganizationdirectlyundertheGuangdongprovincialgovernment,itisauthorizedbytheGuangdongprovincialgovernmenttorepresenttheGuangdongprovincialgovernmentto
performtheinvestor'sdutiesforthesupervisedenterprisesinaccordancewiththelaw,specializinginthesupervisionofstate-ownedassets.Equityofotherdomestic/foreignlistedcompanywithsharecontrollingandshareparticipationbycontrollingshareholderinreportingperiod
AsanadhocorganizationdirectlyundertheGuangdongprovincialgovernment,itisauthorizedbytheGuangdongprovincialgovernmenttorepresenttheGuangdongprovincialgovernmenttoperformtheinvestor'sdutiesforthesupervisedenterprisesinaccordancewiththelaw,specializinginthesupervisionofstate-ownedassets.Changesofcontrollingshareholderinreportingperiod
□Applicable√Notapplicable
NochangesofcontrollingshareholderfortheCompanyinreportingperiodBlockDiagramoftheownershipandcontrolrelationsbetweenthecompanyandtheactualcontroller
Theactualcontrollercontrolsthecompanybymeansoftrustormanagingtheassetsinotherway
□Applicable√Notapplicable
4.Thecumulativenumberofsharespledgedbythecontrollingshareholderorthelargestshareholderofthecompanyanditspersonactinginconcertaccountsfor80%ofthenumberofsharesheldbythecompany
□Applicable√Notapplicable
5.Particularsaboutotherlegalpersonshareholderswithover10%shareheld
√Applicable□Notapplicable
Legalpersonshareholder
Legalperson/personinchargeoftheunit
Dateoffoundation
Registercapital
Mainoperationbusinessormanagementactivities
GuangdongHighwayConstructionCo.,Ltd.
WangKangchen
April16,1987
10.8
billion
Highway,bridge,tunnelbridge,trafficinfrastructureconstruction,investmentandmanagement,technicalconsulting,leasingofroadconstructionmachinery;salesofconstructionmaterials,constructionmachineryequipment;vehiclerescueservices(operatedbythebranch).
ShangdongExpresswayInvestmentDevelopmentCo.,Ltd.
HaoYu
June13,2008
RMB4billion
Engagedininvestmentactivitieswiththeirownfunds.
6.SituationofShareLimitationReductionofControllingShareholders,ActualControllers,RestructuringPartyandOtherCommitmentSubjects
□Applicable√Notapplicable
IV.Specificimplementationofsharerepurchaseduringthereportingperiod
Progressinimplementationofsharerepurchase
□Applicable√Notapplicable
Implementationprogressofreducingrepurchasedsharesbycentralizedbidding
□Applicable√Notapplicable
VIII.SituationofthePreferredShares
□Applicable√Notapplicable
TheCompanyhadnopreferredsharesinthereportingperiod.
IX.CorporateBondI.Enterprisebond
□Applicable√Notapplicable
Nosuchcasesinthereportingperiod.II.Corporatebond
□Applicable√Notapplicable
Nosuchcasesinthereportingperiod.
III.Debtfinancinginstrumentsofnon-financialenterprises
√Applicable□Notapplicable
1.Basicinformation
InRMB10,000
Bondname
Bondshortname
Bondcode
Issueday
Value
date
Dueday
Bondbalance
InterestrateServicingwayTradingGuangdongProvincialExpresswayDevelopmentCo.,Ltd.2019firstphasemedium-termnotes
GuangdongExpresswayMTN001
101900252
February27,2
March1,2019
March1,2024
67,553.0
4%
Duepaymentsonceayear,Theprincipalandthelastinstalmentinterestarepaidinonelumpsumontheredemptiondate.
InterbankmarketGuangdongProvincialExpresswayDevelopmentCo.,Ltd.2020firstphasemedium-termnotes
GuangdongExpresswayMTN001
102000367
March13,2
March17,202
March17,2025
74,477.8
3%
Duepaymentsonceayear,Theprincipalandthelastinstalmentinterestarepaidinonelumpsumontheredemptiondate.
InterbankmarketDuringthereportingperiod,interestpaymentsituationofthecompanybonds（Ifany）Applicabletradingmechanism
Circulationandtransferinthenationalinter-bankbondmarket,itslistingandcirculationwillbecarriedoutinaccordancewiththerelevantregulationspromulgatedbytheNationalInterbankFundingCenter.Whethertherearerisksandcountermeasuresforterminatinglistingtransactions（Ifany)
Overdueandunpaidbonds
□Applicable√Notapplicable
2.Triggerandimplementationofoptionclausesandinvestorprotectionclausesoftheissuerorinvestor
□Applicable√Notapplicable
3.Informationofintermediaryagency
Nameofbondproject
Nameofintermediaryagency
OfficeAddress
Nameofsigningaccountant
Contactpersonofintermediaryagency
Tel19GuangdongExpresswayMTN001
ChinaLianheCreditRatingCo.,Ltd.
No.2JianguomenwaiStreet,ChaoyangDistrict,Beijing
NoYangTing010-8567969620GuangdongExpresswayMTN001
ChinaLianheCreditRatingCo.,Ltd.
No.2JianguomenwaiStreet,ChaoyangDistrict,Beijing
NoYangTing010-85679696Whethertheaboveagencychangesduringthereportingperiod
□Yes√No
4.Useofraisedfunds
InRMB
Theraisedfundsareusedforconstructionprojects
□Applicable√Notapplicable
Duringthereportingperiod,theCompanychangedtheuseoffundsraisedfromtheabovebonds
□Applicable√Notapplicable
5.Adjustmentofcreditratingresultsduringthereportingperiod
□Applicable√Notapplicable
6Theimplementationandchangesofguarantee,debtrepaymentplanandotherdebtrepaymentguaranteemeasuresduringthereportingperiodandtheirimpactontherightsandinterestsofbondinvestors
□Applicable√Notapplicable
IV.Convertiblebond
□Applicable√Notapplicable
Nosuchcasesinthereportingperiod.
Nameofbondproject
Totalamountofraisedfunds
Usedamount
Unusedamount
Operationofspecialaccountforraisedfunds(if
any)
Rectificationofillegaluseofraisedfunds(ifany)
Whetheritisconsistentwiththepurpose,useplanandotheragreementsstipulatedintheprospectus19GuangdongExpresswayMTN001
680,000,000.00680,000,000.000.00NoNoYes20GuangdongExpresswayMTN001
750,000,000.00750,000,000.000.00NoNoYes
V.Thelosswithinthescopeofconsolidatedstatementsinthereportingperiodexceeded10%ofthenetassetsattheendofthepreviousyear
□Applicable√Notapplicable
VI.Overdueinterest-bearingdebtsexceptbondsattheendofthereportingperiod
□Applicable√Notapplicable
VII.Whetherthereareanyviolationsofrulesandregulationsduringthereportingperiod
□Yes√No
VIII.MainaccountingdataandfinancialindicatorsoftheCompanyinrecenttwoyearsbytheendofthereportingperiod
InRMB10,000
Items
Attheendofthereporting
period
Attheendoflastyear
Atthesametimerateof
changeCurrentratio3.222.9011.03%Debtratio41.93%43.91%-1.98%Quickratio3.222.8911.42%
AmountofthisperiodAmountoflastperiod
Atthesametimerateof
changeNetprofitafterdeductingnon-recurringprofitandloss
170,509.98131,087.1130.07%EBITDAtotaldebtratio56.83%45.43%11.40%Timeinterestearnedratio12.1010.3716.68%Cashinterestguaranteetimes17.6114.2923.23%EBITDATimeinterestearnedratio
16.5014.6013.01%Repaymentofdebt(%)100%100%——Paymentofinterest(%)100%100%——
X.FinancialReport
I.AuditreportTypeofauditopinionStandardUnqualifiedauditopinionDateofsignatureofauditreportMarch15,2024Nameofauditfirm
YongTuoCertifiedPublicAccountants(specialgeneralpartnership)NamesoftheCertifiedPublicAccountantsSunXiuqing,HuangZhiyan
Auditors’ReportI.OpinionWehaveauditedthefinancialstatementsofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.(hereinafterreferredtoas"theCompany"),whichcomprisethebalancesheetasatDecember31,2023,andtheincomestatement,thestatementofcashflowsandthestatementofchangesinowners'equityfortheyearthenendedandnotestothefinancialstatements.Inouropinion,theattachedfinancialstatementsareprepared,inallmaterialrespects,inaccordancewithAccountingStandardsforBusinessEnterprisesandpresentfairlythefinancialpositionoftheCompanyasatDecember31,2022anditsoperatingresultsandcashflowsfortheyearthenended.?II.BasisforOurOpinion?WeconductedourauditinaccordancewiththeAuditingStandardsforCertifiedPublicAccountantsinChina.Our
responsibilitiesunderthosestandardsarefurtherdescribedintheAuditor'sResponsibilitiesfortheAuditoftheFinancialStatementssectionofourreport.AccordingtotheCodeofEthicsforChineseCPA,weareindependentoftheCompanyinaccordancewiththeCodeofEthicsforChineseCPAandwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirements.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinion.
?III.KeyAuditMatters?Keyauditmattersarethosemattersthat,inourprofessionaljudgment,wereofmostsignificanceinourauditofthefinancialstatementsofthecurrentperiod.Thesematterswereaddressedinthecontextofourauditofthefinancialstatementsasawhole,andinformingouropinionthereon,andwedonotprovideaseparateopiniononthesematters.Wehaveidentifiedthefollowingitemsaskeyaudititemsthatneedtobecommunicatedintheauditreport.?1.Itemdescription?Asstatedin"SectionV14.FixedAssets"and"SectionVII10.FixedAssets",thebookvalueofGuangdong
Expresswaytollroadattheendof2023wasRMB8,468,400,326.52,andthedepreciationamountoftollroadin2023wasRMB974,891,753.54.GuangdongExpresswaytollroadisdepreciatedaccordingtothetrafficflowmethod,andthecurrentdepreciationamountiscalculatedaccordingtotheproportionoftheactualtrafficflowinthecurrentperiodtothetotalestimatedremainingtrafficflow.Thetotalestimatedremainingtrafficflowisapredictionofthetotaltrafficflowoftollroadswithintheapprovedremainingtollperiod,whichisamajoraccountingestimate.Therefore,wedeterminethepricinganddepreciationoftollroadsaskeyaudititems.
2.Auditresponse
Inresponsetotheabovekeyauditmatter,wehaveimplementedthefollowingmainauditprocedures:
(1)Understand,evaluateandtesttheinternalcontrolofthemanagementoftheCompanyonthedailymanagementandaccountingtreatmentoftollroads;
(2)CheckwhethertheactualtrafficflowdataappliedbyGuangdongExpresswayCompanyinthedepreciationcalculationoftollroadsisconsistentwiththeactualtrafficflowdataobtainedbyGuangdongExpresswayCompanyfromexternalserviceunits;
(3)Evaluatetheindependenceandprofessionalcompetenceofthethird-partyorganizationemployedbytheCompanythatcarriesouttrafficflowforecast;
(4)Understandthemethodsusedintrafficflowforecastreportsissuedbythird-partyorganizationstoforecastthetrafficflowinthefuture,andevaluatethereliabilityoftrafficflowforecastreportsbycomparingthepredictedtrafficflowforthepastyearwiththeactualtrafficflowforthatperiod;
(5)Recalculatethedepreciationofroadsandbridgestoverifytheaccuracyofthedepreciationamountofroadsandbridgesinthefinancialstatements.
?IV.Otherinformation?ThemanagementofGuangdongExpresswayCompanyisresponsibleforotherinformation.Otherinformation
includestheinformationcoveredinthe2023annualreportofGuangdongExpresswayCompany,butdoesnotincludethefinancialstatementandourauditreport.
?Ourauditopiniononthefinancialstatementsdoesnotcoverotherinformation,andwedonotissueanyformof
verificationconclusiononotherinformation.?Incombinationwithourauditofthefinancialstatements,ourresponsibilityistoreadotherinformation,and
considerinsuchprocesswhetherotherinformationismateriallyinconsistentwiththefinancialstatementsorthe
informationwelearnedduringtheaudit,orwhetherthereappearstobeamaterialmisstatement.
?Basedontheworkthatwehavealreadyperformed,ifwedeterminethatotherinformationcontainsmaterial
misstatements,weshouldreportsuchfact.Inthisregard,wehavenothingtoreport.
?V.ResponsibilitiesofManagementandThoseChargedwithGovernancefortheFinancialStatements?TheCompany'smanagementisresponsibleforpreparingthefinancialstatementsinaccordancewiththe
requirementsofAccountingStandardsforBusinessEnterprisestoachieveafairpresentation,andfordesigning,
implementingandmaintaininginternalcontrolthatisnecessarytoensurethatthefinancialstatementsarefreefrom
materialmisstatements,whetherduetofraudsorerrors.
?Inpreparingthefinancialstatements,managementoftheCompanyisresponsibleforassessingtheCompany's
abilitytocontinueasagoingconcern,disclosingmattersrelatedtogoingconcernandusingthegoingconcernbasis
ofaccountingunlessmanagementeitherintendstoliquidatetheCompanyortoceaseoperations,orhasnorealistic
alternativebuttodoso.?ThosechargedwithgovernanceareresponsibleforoverseeingtheCompany'sfinancialreportingprocess.
VI.Auditor'sResponsibilitiesfortheAuditoftheFinancialStatementsOurobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor'sreportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewiththeauditstandardswillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.
AspartofanauditinaccordancewithISAs,weexerciseprofessionaljudgmentandmaintainprofessionalskepticismthroughouttheaudit.Wealso:
(1)Identifyandassesstherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror,designandperformauditproceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,omissions,misrepresentations,ortheoverrideofinternalcontrol.
(2)Obtainanunderstandingofinternalcontrolrelevanttotheauditinordertodesignauditproceduresthatareappropriateinthecircumstances.
(3)EvaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesandrelateddisclosuresmadebymanagementoftheCompany.
(4)ConcludeontheappropriatenessofusingthegoingconcernassumptionbythemanagementoftheCompany,andconclude,basedontheauditevidenceobtained,whetheramaterialuncertaintyexistsrelatedtoeventsorconditionsthatmaycastsignificantdoubtontheCompany'sabilitytocontinueasagoingconcern.Ifweconcludethatamaterialuncertaintyexists,wearerequiredtodrawattentioninourauditor'sreporttotherelateddisclosuresinthefinancialstatementsor,ifsuchdisclosuresareinadequate,tomodifyouropinion.Ourconclusionsarebasedontheauditevidenceobtaineduptothedateofourauditor'sreport.However,futureeventsorconditionsmaycausetheCompanytoceasetocontinueasagoingconcern.
(5)Evaluatetheoverallpresentation,structureandcontentofthefinancialstatements,includingthedisclosures,andwhetherthefinancialstatementsrepresenttheunderlyingtransactionsandeventsinamannerthatachievesfairpresentation.
(6)ObtainsufficientappropriateauditevidenceregardingthefinancialinformationoftheentitiesorbusinessactivitieswithintheCompanytoexpressanopiniononthefinancialstatementsandbearallliabilityfortheopinion.Wecommunicatewiththosechargedwithgovernanceregarding,amongothermatters,theplannedscopeandtimingoftheauditandsignificantauditmatters,includinganysignificantdeficienciesininternalcontrolthatweidentifyduringouraudit.Wealsoprovidethosechargedwithgovernancewithastatementthatwehavecompliedwithrelevantethicalrequirementsregardingindependence,andtocommunicatewiththemallrelationshipsandothermattersthatmayreasonablybethoughttobearonourindependence,andwhereapplicable,relatedsafeguards.Fromthematterscommunicatedwiththosechargedwithgovernance,wedeterminethosemattersthatwereofmostsignificanceintheauditofthefinancialstatementsofthecurrentperiodandarethereforethekeyauditmatters.Wedescribethesemattersinourauditor'sreportunlesslaworregulationprecludespublicdisclosureaboutthematterorwhen,inextremelyrarecircumstances,wedeterminethatamattershouldnotbecommunicatedinourreportbecausetheadverseconsequencesofdoingsowouldreasonablybeexpectedtooutweighthepublicinterestbenefitsofsuchcommunication.YongTuoCertifiedPublicAccountantsCo.,Ltd.(SpecialGeneralPartnership)
CPA：
SunXiuqing
(Projectpartner)：
CPA：HuangZhiyan
BeijingChinaMarch15,2024
II.FinancialstatementsCurrencyunitforthestatementsinthenotestothesefinancialstatements:RMB
1.Consolidatedbalancesheet
Preparedby:GuangdongProvincialExpresswayDevelopmentCo.,Ltd.
December31,2023
InRMBItemsDecember31,2023January1,2023Currentasset：
Monetaryfund4,718,631,732.204,290,581,490.78SettlementprovisionOutgoingcallloanTransactionalfinancialassets
DerivativefinancialassetsNotesreceivable
Accountreceivable139,899,420.24108,368,797.56Financingofreceivables
Prepayments8,488,165.877,785,192.95InsurancereceivableReinsurancereceivableProvisionsofReinsurancecontracts
receivableOtheraccountreceivable89,578,207.7634,456,244.64Including：InterestreceivableDividendreceivable1,205,472.901,205,472.90RepurchasingoffinancialassetsInventoriesContractassetsAssetsheldforsalesNon-currentassetduewithin1yearOthercurrentasset34,805.712,042,395.28Totalofcurrentassets4,956,632,331.784,443,234,121.21Non-currentassets：
Loansandpaymentonother’sbehalfdisbursedCreditor'srightinvestmentOthercreditor'srightinvestmentLong-termreceivableLongtermshareequityinvestment3,095,578,288.002,923,305,042.30Otherequityinstrumentsinvestment1,534,396,887.631,557,303,730.98Othernon-currentfinancialassets183,856,768.00101,400,000.00Propertyinvestment2,447,026.452,668,144.93Fixedassets9,010,168,712.9210,098,252,638.07
ItemsDecember31,2023January1,2023Constructioninprogress1,960,092,562.22753,565,502.12ProductionphysicalassetsOil&gasassetsUserightassets24,967,509.814,077,555.43Intangibleassets221,328,753.00246,772,471.44Developmentexpenses
GoodwillLong-germexpensestobeamortizedDeferredincometaxasset39,836,115.11129,044,978.46Othernon-currentasset339,658,212.498,374,778.84Totalofnon-currentassets16,412,330,835.6315,824,764,842.57Totalofassets21,368,963,167.4120,267,998,963.78CurrentliabilitiesShort-termloans110,085,708.33430,387,597.20LoanfromCentralBank
Borrowingfunds
Transactionalfinancialliabilities
DerivativefinancialliabilitiesNotespayable
Accountpayable214,450,590.80197,788,782.77
Advancereceipts2,647,230.922,718,756.97
ContractliabilitiesSellingofrepurchasedfinancialassetsDeposittakingandinterbankdeposit
EntrustedtradingofsecuritiesEntrustedsellingofsecurities
Employees’wagepayable20,622,986.1820,660,328.60Taxpayable155,123,590.6572,307,773.41
Otheraccountpayable150,293,516.43191,167,560.23Including：
InterestpayableDividendpayable27,809,510.3259,994,517.46FeesandcommissionspayableReinsurancefeepayableLiabilitiesheldforsalesNon-currentliabilityduewithin1year883,412,159.65117,011,466.96Othercurrentliability368,676.26500,723,556.23Totalofcurrentliability1,537,004,459.221,532,765,822.37Non-currentliabilities：
ReservefundforinsurancecontractsLong-termloan5,944,716,050.005,566,595,350.00Bondpayable749,401,333.951,428,381,232.94Including：
preferredstockSustainabledebtLeaseliability13,482,202.97150,984.47
ItemsDecember31,2023January1,2023Long-termpayable2,022,210.112,517,493.12Long-termremunerationpayabletostaff
0.000.00Expectedliabilities
0.000.00Deferredincome429,079,908.5461,082,981.63Deferredincometaxliability284,451,199.04307,825,916.58Othernon-currentliabilitiesTotalnon-currentliabilities7,423,152,904.617,366,553,958.74Totalofliability8,960,157,363.838,899,319,781.11Owners’equity
Sharecapital2,090,806,126.002,090,806,126.00OtherequityinstrumentsIncluding：preferredstockSustainabledebtCapitalreserves783,125,493.70743,133,557.03Less：SharesinstockOthercomprehensiveincome163,568,401.33170,633,656.67SpecialreserveSurplusreserves1,520,627,456.341,373,056,469.02CommonriskprovisionRetainedprofit5,289,404,378.524,698,029,354.09Totalofowner’sequitybelongtotheparentcompany
9,847,531,855.899,075,659,162.81Minorityshareholders’equity2,561,273,947.692,293,020,019.86Totalofowners’equity12,408,805,803.5811,368,679,182.67Totalofliabilitiesandowners’equity21,368,963,167.4120,267,998,963.78
LegalRepresentative:MiaoDeshanGeneralManager:WangChunhuaPersoninchargeofaccounting：LuMingAccountingDeptLeader:YanXiaohong
2.ParentCompanyBalanceSheet
InRMBItemsDecember31,2023January1,2023Currentasset：
Monetaryfund2,464,109,767.511,813,035,761.84TransactionalfinancialassetsDerivativefinancialassetsNotesreceivableAccountreceivable31,718,251.2823,817,016.30FinancingofreceivablesPrepayments6,668,377.735,515,813.54Otheraccountreceivable1,021,305,845.871,542,022,671.18Including：
InterestreceivableDividendreceivable1,205,472.9036,905,472.90
ItemsDecember31,2023January1,2023InventoriesContractassetsAssetsheldforsalesNon-currentassetduewithin1year
Othercurrentasset111,143.99Totalofcurrentassets3,523,802,242.393,384,502,406.85Non-currentassets：
Creditor'srightinvestment
Othercreditor'srightinvestmentLong-termreceivableLongtermshareequityinvestment6,942,986,509.746,096,415,643.96Otherequityinstrumentsinvestment1,534,396,887.631,557,303,730.98Othernon-currentfinancialassets
Propertyinvestment2,194,888.202,416,006.68Fixedassets4,929,287,711.635,299,569,148.92Constructioninprogress241,492,676.67152,388,974.47ProductionphysicalassetsOil&gasassetsUserightassets24,137,970.263,069,576.00Intangibleassets124,092,435.10132,991,895.23Developmentexpenses
GoodwillLong-germexpensestobeamortized
Deferredincometaxasset33,747,359.73123,579,950.33Othernon-currentassetTotalofnon-currentassets13,832,336,438.9613,367,734,926.57Totalofassets17,356,138,681.3516,752,237,333.42Currentliabilities
Short-termloans
TransactionalfinancialliabilitiesDerivativefinancialliabilities
Notespayable
Accountpayable119,520,338.6494,446,623.15Advancereceipts250,984.74250,984.75
ContractLiabilitiesEmployees’wagepayable7,453,993.898,103,399.09Welfarepayable8,185,707.224,643,917.73
Including：Taxpayable374,738,279.30362,996,135.95
Including：InterestpayableDividendpayable27,809,510.3225,694,517.46
LiabilitiesheldforsalesNon-currentliabilityduewithin1year824,960,532.88116,904,509.53Othercurrentliability52,275.9433,596.70Totalofcurrentliability1,335,162,112.61587,379,166.90Non-currentliabilities：
ItemsDecember31,2023January1,2023Long-termloan5,464,096,050.005,552,070,350.00Bondpayable749,401,333.951,428,381,232.94Including：preferredstockSustainabledebt
Leaseliability13,405,284.96Long-termpayable2,022,210.112,517,493.12Long-termremunerationpayabletostaffExpectedliabilities
Deferredincome3,555,984.686,838,432.16Deferredincometaxliability61,555,338.9361,985,198.42Othernon-currentliabilitiesTotalnon-currentliabilities6,294,036,202.637,051,792,706.64Totalofliability7,629,198,315.247,639,171,873.54Owners’equitySharecapital2,090,806,126.002,090,806,126.00OtherequityinstrumentsIncluding：preferredstockSustainabledebtCapitalreserves975,003,604.00934,908,293.69Less：
SharesinstockOthercomprehensiveincome163,568,401.33170,633,656.67SpecialreserveSurplusreserves1,340,655,188.781,193,084,201.46Retainedprofit5,156,907,046.004,723,633,182.06Totalofowners’equity9,726,940,366.119,113,065,459.88Totalofliabilitiesandowners’equity17,356,138,681.3516,752,237,333.42
3.ConsolidatedIncomestatement
InRMBItems20232022I.Incomefromthekeybusiness4,879,066,948.194,168,634,113.98Incl：Businessincome4,879,066,948.194,168,634,113.98InterestincomeInsurancefeeearnedFeeandcommissionreceivedII.Totalbusinesscost2,078,327,690.702,005,705,864.79Incl：
Businesscost1,740,818,258.171,586,349,035.48InterestexpenseFeeandcommissionpaid
InsurancedischargepaymentNetclaimamountpaidNetamountofwithdrawalofinsurancecontractreserveInsurancepolicydividendpaidReinsuranceexpenses
Businesstaxandsurcharge23,027,906.7722,267,823.63SalesexpenseAdministrativeexpense189,461,539.01191,426,081.46R&Dcosts3,245,205.0014,591,773.12Financialexpenses121,774,781.75191,071,151.10Including：
Interestexpense214,338,558.69238,444,227.57Interestincome94,065,812.3947,404,858.97Add:Otherincome11,606,155.5313,727,651.88Investmentgain（“-”forloss）312,359,708.13254,893,164.16Incl:investmentgainsfromaffiliates215,712,728.62194,108,143.09FinancialassetsmeasuredatamortizedcostceasetoberecognizedasincomeGainsfromcurrencyexchangeNetexposurehedgingincomeChangingincomeoffairvalue2,456,768.0010,400,000.00Creditimpairmentloss-123,166,054.97-98,397,398.38Impairmentlossofassets-10,443,015.960.00Assetsdisposalincome
0.00478,663.58
III.Operationalprofit（“-”forloss）2,993,552,818.222,344,030,330.43Add：
Non-operationalincome4,745,630.1910,048,941.28Less:Non-operatingexpense21,397,141.5112,263,294.52IV.Totalprofit(“-”forloss)2,976,901,306.902,341,815,977.19Less：Incometaxexpenses714,561,170.84547,955,753.85V.Netprofit2,262,340,136.061,793,860,223.34(I)Classificationbybusinesscontinuity
1.Netcontinuingoperatingprofit
2,262,340,136.061,793,860,223.34
2.Terminationofoperatingnetprofit
(II)Classificationbyownership
Items20232022
1.Netprofitattributabletotheownersofparentcompany
1,633,811,033.681,276,341,322.98
2.Minorityshareholders’equity
628,529,102.38517,518,900.36VI.Netafter-taxofothercomprehensiveincome-7,065,255.34-21,543,809.67Netofprofitofothercomprehensiveincomeattributabletoownersoftheparentcompany.
-7,065,255.34-21,543,809.67（I）Othercomprehensiveincomeitemsthatwillnotbereclassifiedintogains/lossesinthesubsequentaccountingperiod
-17,180,132.51-14,349,348.86
1.Re-measurementofdefinedbenefitplansofchangesinnetdebtornetassets
2.Othercomprehensiveincomeundertheequitymethodinvesteecannotbereclassifiedintoprofitorloss.
3.Changesinthefairvalueofinvestmentsinotherequityinstruments
-17,180,132.51-14,349,348.86
4.Changesinthefairvalueofthecompany’screditrisks
5.Other
（II）Othercomprehensiveincomethatwillbereclassifiedintoprofitorloss.
10,114,877.17-7,194,460.81
1.Othercomprehensiveincomeundertheequitymethodinvesteecanbereclassifiedintoprofitorloss.
10,114,877.17-7,194,460.81
2.Changesinthefairvalueofinvestmentsinotherdebtobligations
3.Othercomprehensiveincomearisingfromthereclassificationoffinancialassets
4.Allowanceforcreditimpairmentsininvestmentsinotherdebtobligations
5.Reserveforcashflowhedges
6.Translationdifferencesincurrencyfinancialstatements
7.Other
NetofprofitofothercomprehensiveincomeattributabletoMinorityshareholders’equityVII.Totalcomprehensiveincome2,255,274,880.721,772,316,413.67Totalcomprehensiveincomeattributabletotheowneroftheparentcompany1,626,745,778.341,254,797,513.31Totalcomprehensiveincomeattributableminorityshareholders628,529,102.38517,518,900.36VIII.Earningspershare（I）Basicearningspershare
0.780.61
(II)Dilutedearningspershare
0.780.61
Thecurrentbusinesscombinationundercommoncontrol,thenetprofitsofthecombinedpartybeforeachievednetprofitofRMB0.00,lastperiodthecombinedpartyrealizedRMB0.00.LegalRepresentative:MiaoDeshanGeneralManager：WangChunhua,,
Personinchargeofaccounting：LuMingAccountingDeptLeader:YanXiaohong
4.IncomestatementoftheParentCompany
InRMBItems20232022I.Incomefromthekeybusiness1,535,585,466.231,310,779,669.18Less：
Businesscost610,980,785.63589,634,400.70
Businesstaxandsurcharge8,076,686.247,388,300.22SalesexpenseAdministrativeexpense119,191,042.73115,967,177.07R&Dexpense3,245,205.0011,081,898.00Financialexpenses214,571,226.30191,962,721.38Including：Interestexpenses240,441,217.03229,477,883.09Interestincome27,292,545.8037,446,280.48Add：
Otherincome4,252,550.474,058,931.45Investmentgain（“-”forloss）1,044,240,085.291,173,266,601.98Including:investmentgainsfromaffiliates215,529,559.56183,837,934.31FinancialassetsmeasuredatamortizedcostceasetoberecognizedasincomeNetexposurehedgingincomeChangingincomeoffairvalueCreditimpairmentlossImpairmentlossofassetsAssetsdisposalincome478,663.58II.Operationalprofit（“-”forloss）1,628,013,156.091,572,549,368.82Add：Non-operationalincome1,232,923.081,611,971.54Less：
Non-operationalexpenses9,053,337.371,417,002.95III.Totalprofit(“-”forloss)1,620,192,741.801,572,744,337.41Less：
Incometaxexpenses144,482,868.6196,661,666.54IV.Netprofit1,475,709,873.191,476,082,670.87
1.Netcontinuingoperatingprofit
1,475,709,873.191,476,082,670.87
2.Terminationofoperatingnetprofit
V.Netafter-taxofothercomprehensiveincome-7,065,255.34-21,543,809.67（I）Othercomprehensiveincomeitemsthatwillnotbereclassifiedintogains/lossesinthesubsequentaccountingperiod
-17,180,132.51-14,349,348.86
1.Re-measurementofdefinedbenefitplansofchangesinnetdebtornetassets
2.Othercomprehensiveincomeundertheequitymethodinvesteecannotbereclassifiedintoprofitorloss.
3.Changesinthefairvalueofinvestmentsinotherequityinstruments
-17,180,132.51-14,349,348.86
4.Changesinthefairvalueofthecompany’screditrisks
5.Other
(II)Othercomprehensiveincomethatwillbereclassifiedintoprofitorloss10,114,877.17-7,194,460.81
1.Othercomprehensiveincomeundertheequitymethodinvesteecanbereclassifiedintoprofitorloss.
10,114,877.17-7,194,460.81
2.Changesinthefairvalueofinvestmentsinotherdebtobligations
3.Othercomprehensiveincomearisingfromthereclassificationoffinancialassets
4.Allowanceforcreditimpairmentsininvestmentsinotherdebtobligations
5.Reserveforcashflowhedges
6.Translationdifferencesincurrencyfinancialstatements
7.Other
VI.Totalcomprehensiveincome1,468,644,617.851,454,538,861.20VII.Earningspershare（I）Basicearningspershare(II)Dilutedearningspershare
5.ConsolidatedCashflowstatement
InRMB
Items20232022I.CashflowsfromoperatingactivitiesCashreceivedfromsalesofgoodsorrendingofservices4,951,961,030.304,277,130,557.35NetincreaseofcustomerdepositsandcapitalkeptforbrothercompanyNetincreaseofloansfromcentralbankNetincreaseofinter-bankloansfromotherfinancialbodiesCashreceivedagainstoriginalinsurancecontractNetcashreceivedfromreinsurancebusinessNetincreaseofclientdepositandinvestmentCashreceivedfrominterest,commissionchargeandcommissionNetincreaseofinter-bankfundreceivedNetincreaseofrepurchasingbusinessNetcashreceivedbyagentinsecuritiestrading
TaxreturnedOthercashreceivedfrombusinessoperation562,750,580.32120,557,326.45Sub-totalofcashinflow5,514,711,610.624,397,687,883.80Cashpaidforpurchasingofmerchandiseandservices356,711,777.61342,864,874.07NetincreaseofclienttradeandadvanceNetincreaseofsavingsincentralbankandbrothercompanyCashpaidfororiginalcontractclaimNetincreaseinfinancialassetsheldfortradingpurposesNetincreaseforOutgoingcallloanCashpaidforinterest,processingfeeandcommissionCashpaidtostaffsorpaidforstaffs495,860,299.67479,860,302.18Taxespaid732,384,642.28695,593,923.86Othercashpaidforbusinessactivities97,969,327.59127,342,225.31Sub-totalofcashoutflowfrombusinessactivities1,682,926,047.151,645,661,325.42Netcashgeneratedfrom/usedinoperatingactivities3,831,785,563.472,752,026,558.38II.CashflowgeneratedbyinvestingCashreceivedfrominvestmentretrieving80,429,567.100.00Cashreceivedasinvestmentgains140,568,804.28168,700,001.50Netcashretrievedfromdisposaloffixedassets,intangibleassets,andotherlong-termassets
116,722.53805,831.00Netcashreceivedfromdisposalofsubsidiariesorotheroperationalunits
0.0028,514,496.27Otherinvestment-relatedcashreceivedSub-totalofcashinflowduetoinvestmentactivities221,115,093.91198,020,328.77Cashpaidforconstructionoffixedassets,intangibleassetsand
otherlong-termassets
1,539,385,895.45875,179,014.01Cashpaidasinvestment166,330,000.00321,341,000.00
Items20232022NetincreaseofloanagainstpledgeNetcashreceivedfromsubsidiariesandotheroperationalunitsOthercashpaidforinvestmentactivities182,544.130.00Sub-totalofcashoutflowduetoinvestmentactivities1,705,898,439.581,196,520,014.01Netcashflowgeneratedbyinvestment-1,484,783,345.67-998,499,685.24III.CashflowgeneratedbyfinancingCashreceivedasinvestment175,000,000.000.00Including:Cashreceivedasinvestmentfromminorshareholders175,000,000.000.00Cashreceivedasloans675,525,000.002,320,000,000.00Otherfinancing–relatedcashreceived
0.00557,350,200.00
Sub-totalofcashinflowfromfinancingactivities850,525,000.002,877,350,200.00Cashtorepaydebts1,038,658,425.001,294,413,150.00Cashpaidasdividend,profit,orinterests1,727,111,491.461,993,666,552.33Including:Dividendandprofitpaidbysubsidiariestominorshareholders
569,575,174.55556,851,982.19Othercashpaidforfinancingactivities14,094,281.8414,280,453.65Sub-totalofcashoutflowduetofinancingactivities2,779,864,198.303,302,360,155.98Netcashflowgeneratedbyfinancing-1,929,339,198.30-425,009,955.98IV.Influenceofexchangeratealternationoncashandcashequivalents
-693,816.83988,123.62V.Netincreaseofcashandcashequivalents416,969,202.671,329,505,040.78Add:balanceofcashandcashequivalentsatthebeginningofterm4,284,688,231.332,955,183,190.55VI..Balanceofcashandcashequivalentsattheendofterm4,701,657,434.004,284,688,231.33
6.CashFlowStatementoftheParentCompany
InRMB
Items20232022I.CashflowsfromoperatingactivitiesCashreceivedfromsalesofgoodsorrendingofservices1,569,576,641.631,347,316,010.13TaxreturnedOthercashreceivedfrombusinessoperation178,378,550.9847,431,112.11Sub-totalofcashinflow1,747,955,192.611,394,747,122.24Cashpaidforpurchasingofmerchandiseandservices126,343,176.7974,042,300.65Cashpaidtostaffsorpaidforstaffs161,391,920.54155,280,659.59Taxespaid100,391,735.1149,667,582.04Othercashpaidforbusinessactivities152,266,887.571,856,029,086.90Sub-totalofcashoutflowfrombusinessactivities540,393,720.012,135,019,629.18Netcashgeneratedfrom/usedinoperatingactivities1,207,561,472.60-740,272,506.94II.CashflowgeneratedbyinvestingCashreceivedfrominvestmentretrieving328,527,584.98Cashreceivedasinvestmentgains933,027,040.761,121,551,007.37Netcashretrievedfromdisposaloffixedassets,intangibleassets,andotherlong-termassets
18,092.53566,983.00NetcashreceivedfromdisposalofsubsidiariesorotheroperationalunitsOtherinvestment-relatedcashreceivedSub-totalofcashinflowduetoinvestmentactivities933,045,133.291,450,645,575.35Cashpaidforconstructionoffixedassets,intangibleassetsandotherlong-termassets
113,805,594.78155,607,960.52Cashpaidasinvestment163,250,000.00344,250,000.00NetcashreceivedfromsubsidiariesandotheroperationalunitsOthercashpaidforinvestmentactivitiesSub-totalofcashoutflowduetoinvestmentactivities277,055,594.78499,857,960.52Netcashflowgeneratedbyinvestment655,989,538.51950,787,614.83III.CashflowgeneratedbyfinancingCashreceivedasinvestmentCashreceivedasloans1,890,000,000.00Otherfinancing–relatedashreceivedSub-totalofcashinflowfromfinancingactivities1,890,000,000.00Cashtorepaydebts67,189,300.00726,743,150.00Cashpaidasdividend,profit,orinterests1,130,578,984.771,408,387,271.32Othercashpaidforfinancingactivities14,014,903.8414,173,175.65Sub-totalofcashoutflowduetofinancingactivities1,211,783,188.612,149,303,596.97Netcashflowgeneratedbyfinancing-1,211,783,188.61-259,303,596.97IV.Influenceofexchangeratealternationoncashandcashequivalents
-693,816.83988,123.62V.Netincreaseofcashandcashequivalents651,074,005.67-47,800,365.46Add:balanceofcashandcashequivalentsatthebeginningofterm1,811,814,561.841,859,614,927.30
Items20232022VI..Balanceofcashandcashequivalentsattheendofterm2,462,888,567.511,811,814,561.84
7.ConsolidatedStatementonChangeinOwners’Equity
Amountinthisperiod
InRMB
Items
2023
Owner’sequityAttributabletotheParentCompany
Minorsharehold
ers’
equity
Totalofowners’
equityShareCapital
OtherEquityinstrument
Capitalreserves
Less:
Sharesinstoc
k
OtherComprehe
nsiveIncome
Speciali
zedreserve
Surplusreserves
Commonriskprovis
ion
Retained
profit
Oth
er
SubtotalPrefer
redstock
Sustain
abledebt
OtherI.Balanceattheendoflastyear
2,090,806,1
26.00
743,133,5
57.03
170,633,656.
1,373,056,4
69.02
4,698,029,3
54.09
9,075,659,1
62.81
2,293,020,0
19.86
11,368,679,1
82.67
Add:ChangeofaccountingpolicyCorrectingofpreviouserrorsOtherII.Balanceatthebeginningofcurrentyear
2,090,806,1
26.00
743,133,5
57.03
170,633,656.
1,373,056,4
69.02
4,698,029,3
54.09
9,075,659,1
62.81
2,293,020,0
19.86
11,368,679,1
82.67
III.Changedinthecurrentyear
39,991,93
6.67
-7,065,255.34
147,570,98
7.32
591,375,02
4.43
771,872,69
3.08
268,253,92
7.83
1,040,126,62
0.91
（1）Totalcomprehensiveincome
-7,065,255.34
1,633,811,0
33.68
1,626,745,7
78.34
628,529,10
2.38
2,255,274,88
0.72
（II）Investmentordecreasingofcapitalbyowners
40,092,88
6.12
40,092,886.
175,000,00
0.00
215,092,886.
．OrdinarySharesinvestedbyshareholders
175,000,00
0.00
175,000,000.
．Holdersofotherequityinstrumentsinvestedcapital
．Amountofsharespaidandaccountedasowners’equity
．Other40,092,8840,092,886.40,092,886.1
Items
2023Owner’sequityAttributabletotheParentCompany
Minorsharehold
ers’
equity
Totalofowners’
equityShareCapital
OtherEquityinstrument
Capitalreserves
Less:
Sharesinstoc
k
OtherComprehe
nsiveIncome
Speciali
zedreserve
Surplusreserves
Commonriskprovision
Retainedprofit
OtherSubtotalPreferredstock
Sustainabledebt
Other
6.12122（III）Profitallotment
147,570,98
7.32
-1,042,436,0
09.25
-894,865,02
1.93
-535,275,17
4.55
-1,430,140,19
6.48
1.Providingofsurplusreserves
147,570,98
7.32
-147,570,98
7.32
2.Providingofcommonrisk
provisions3．Allotmenttotheowners(orshareholders)
-894,865,02
1.93
-894,865,02
1.93
-535,275,17
4.55
-1,430,140,19
6.48
4．Other(IV)Internaltransferringofowners’equity
1.Capitalizingofcapitalreserves
(ortocapitalshares)
2.Capitalizingofsurplusreserves
(ortocapitalshares)
．Makinguplossesbysurplusreserves.
4.Changeamountofdefinedbenefit
plansthatcarryforwardRetainedearnings
Items
2023Owner’sequityAttributabletotheParentCompany
Minorsharehold
ers’
equity
Totalofowners’
equityShareCapital
OtherEquityinstrument
Capitalreserves
Less:
Sharesinstock
OtherComprehensiveIncome
Speciali
zedreserve
Surplusreserves
Commonriskprovis
ion
Retained
profit
Oth
er
SubtotalPrefer
redstock
Sustain
abledebt
Oth
er5．Othercomprehensiveincomecarry-overretainedearnings6．Other(V).Specialreserves
1.Providedthisyear
2．Usedthisterm（VI）Other
-100,949.4
-100,949.45-100,949.45
IV.Balanceattheendofthisterm
2,090,806,1
26.00
783,125,4
93.70
163,568,401.
1,520,627,4
56.34
5,289,404,3
78.52
9,847,531,8
55.89
2,561,273,9
47.69
12,408,805,8
03.58
Amountinlastyear
InRMB
Items
2022
Owner’sequityAttributabletotheParentCompany
Minorshareholder
s’equity
Totalofowners’equityShareCapital
OtherEquity
Capitalreserves
Les
s:
Sharesinstoc
k
OtherComprehensiveIncome
Specializedreserv
e
Surplusreserves
Commo
nriskprovisio
n
Retained
profit
OtherSubtotalPreferredstock
Sustainabledebt
Other
I.Balanceattheendoflastyear
2,090,806,1
26.00
713,460,5
18.49
192,177,466.34
1,225,375,330.
4,760,618,5
43.78
8,982,437,985.17
2,338,551,17
2.96
11,320,989,158.13Add:Changeofaccountingpolicy
510,117.61
510,117.6
330.73510,448.34
CorrectingofpreviouserrorsOtherII.Balanceatthebeginningofcurrentyear
2,090,806,1
26.00
713,460,5
18.49
192,177,466.34
1,225,375,330.
4,761,128,6
61.39
8,982,948,102.78
2,338,551,50
3.69
11,321,499,606.47III.Changedinthecurrentyear
29,673,03
8.54
-21,543,809.67
147,681,138.4
-63,099,307.
92,711,06
0.03
-45,531,483.8
47,179,576.20
（
）Totalcomprehensive
-21,543,809.67
1,276,341,3
22.98
1,254,797
,513.31
517,518,900.
1,772,316,413.67
Items
2022
Owner’sequityAttributabletotheParentCompany
Minorshareholder
s’equity
Totalofowners’equityShareCapital
OtherEquity
Capitalreserves
Less:
Sharesinstock
OtherComprehensiveIncome
Specia
lizedreserv
e
Surplusreserves
Commo
nriskprovisio
n
Retained
profit
OtherSubtotalPreferredstock
Sustainab
ledeb
t
Othe
r
income（II）Investmentordecreasingofcapitalbyowners1．OrdinaryShares
investedbyshareholders2．Holdersofotherequityinstrumentsinvestedcapital3．Amountofsharespaidandaccountedasowners’equity
．Other（III）Profitallotment
147,681,138.4
-1,339,440,6
30.28
-1,191,759,491.82
-591,151,982.
-1,782,911,474.01
1.Providingof
surplusreserves
147,681,138.4
-147,681,138
.46
Items
2022Owner’sequityAttributabletotheParentCompany
Minorshareholder
s’equity
Totalofowners’equityShareCapital
OtherEquity
Capitalreserves
Less:
Sharesinstock
OtherComprehensiveIncome
Specializedreserve
Surplusreserves
Commonriskprovision
Retainedprofit
OtherSubtotalPreferredstock
Sustainabledebt
Other
2.Providingof
commonriskprovisions3．Allotmenttotheowners(orshareholders)
-1,191,759,4
91.82
-1,191,759,491.82
-591,151,982.
-1,782,911,474.014．Other(IV)Internaltransferringofowners’equity
1.Capitalizingof
capitalreserves(ortocapitalshares)
2.Capitalizingof
surplusreserves(ortocapitalshares)
．Makinguplossesbysurplusreserves.
4.Changeamount
Items
2022Owner’sequityAttributabletotheParentCompany
Minorshareholders’equity
Totalofowners’equityShareCapital
OtherEquity
Capitalreserves
Less:
Sharesinstoc
k
OtherComprehensiveIncome
Specia
lizedreserv
e
Surplusreserves
Commo
nriskprovision
Retainedprofit
OtherSubtotalPreferredstock
Sustainab
ledebt
Other
ofdefinedbenefitplansthatcarryforwardRetainedearnings5．Othercomprehensiveincomecarry-overretainedearnings6．Other(V).Specialreserves
1.Providedthis
year
．Usedthisterm（VI）Other
29,673,03
8.54
29,673,03
8.54
28,101,598.0
57,774,636.54IV.Balanceattheendofthisterm
2,090,806,1
26.00
743,133,5
57.03
170,633,656.67
1,373,056,469.
4,698,029,3
54.09
9,075,659,162.81
2,293,020,01
9.86
11,368,679,182.67
8.Statementofchangeinowner’sEquityoftheParentCompanyAmountinthisperiod
InRMB
Items
2023
Sharecapital
OtherEquityinstrument
Capitalreserves
Less
:
Sharesinstoc
k
OtherComprehensiveIncome
Speciali
zedreserve
Surplusreserves
Retained
profit
Other
Totalofowners’equityPreferredstock
Sustainabledebt
OtherI.Balanceattheendoflastyear
2,090,806,12
6.00
934,908,29
3.69
170,633,65
6.67
1,193,084,20
1.46
4,723,633,18
2.06
9,113,065,45
9.88
Add:ChangeofaccountingpolicyCorrectingofpreviouserrorsOtherII.Balanceatthebeginningofcurrentyear
2,090,806,12
6.00
934,908,29
3.69
170,633,65
6.67
1,193,084,20
1.46
4,723,633,18
2.06
9,113,065,45
9.88
III.Changedinthecurrentyear
40,095,310.
-7,065,255.3
147,570,987.
433,273,863.
613,874,906.
（I）Totalcomprehensiveincome
-7,065,255.3
1,475,709,87
3.19
1,468,644,61
7.85
(II)Investmentordecreasingofcapitalbyowners
40,092,886.
40,092,886.1
1．OrdinarySharesinvestedbyshareholders2．Holdersofotherequityinstrumentsinvestedcapital
3.Amountofsharespaidandaccounted
asowners’equity4．Other40,092,886.40,092,886.1
Items
2023
Sharecapital
OtherEquityinstrument
Capitalreserves
Less
:
Sharesinstoc
k
OtherComprehensiveIncome
Specializedreserve
Surplusreserves
Retained
profit
Other
Totalofowners’equityPreferr
edstock
Sustainabledebt
Other
（III）Profitallotment
147,570,987.
-1,042,436,00
9.25
-894,865,021.
1.Providingofsurplusreserves
147,570,987.
-147,570,987.
．Allotmenttotheowners(orshareholders)
-894,865,021.
-894,865,021.
．Other(IV)Internaltransferringofowners’equity
1.Capitalizingofcapitalreserves(orto
capitalshares)
2.Capitalizingofsurplusreserves(or
tocapitalshares)3．Makinguplossesbysurplusreserves.
4.Changeamountofdefinedbenefit
plansthatcarryforwardRetainedearnings5．Othercomprehensiveincomecarry-overretainedearnings6．Other
Items
2023
Sharecapital
OtherEquityinstrument
Capitalreserves
Less
:
Sharesinstock
OtherComprehensiveIncome
Speciali
zedreserve
Surplusreserves
Retained
profit
Oth
er
Totalofowners’equityPreferredstock
Sustainabledebt
Oth
er(V)Specialreserves
1.Providedthisyear
．Usedthisterm（VI）Other2,424.192,424.19IV.Balanceattheendofthisterm
2,090,806,12
6.00
975,003,60
4.00
163,568,40
1.33
1,340,655,18
8.78
5,156,907,04
6.00
9,726,940,36
6.11
Amountinlastyear
InRMB
Items
2022
ShareCapital
OtherEquityinstrument
Capitalreserves
Less
:
Sharesinstock
OtherComprehensiveIncome
Specializedreserve
Surplusreserves
Retained
profit
Oth
er
Totalofowners’
equityPreferr
edstock
Sustainabledebt
Oth
erI.Balanceattheendoflastyear
2,090,806,12
6.00
934,851,28
5.51
192,177,46
6.34
1,045,403,06
3.00
4,586,482,01
6.10
8,849,719,95
6.95
Add:Changeofaccountingpolicy509,125.37509,125.37CorrectingofpreviouserrorsOtherII.Balanceatthebeginningofcurrentyear
2,090,806,12
6.00
934,851,28
5.51
192,177,46
6.34
1,045,403,06
3.00
4,586,991,14
1.47
8,850,229,08
2.32
III.Changedinthecurrentyear57,008.18
-21,543,809.
147,681,138.
136,642,040.
262,836,377.
（I）Totalcomprehensiveincome
-21,543,809.
1,476,082,67
0.87
1,454,538,86
1.20
(II)Investmentordecreasingofcapitalbyowners1．OrdinarySharesinvestedbyshareholders2．Holdersofotherequityinstrumentsinvestedcapital
3.Amountofsharespaidandaccounted
asowners’equity4．Other（III）Profitallotment147,681,138.--
Items
2022
ShareCapital
OtherEquityinstrument
Capitalreserves
Less
:
Sharesinstock
OtherComprehensiveIncome
Specializedreserve
Surplusreserves
Retainedprofit
Other
Totalofowners’
equityPreferredstock
Sustainabledebt
Other
461,339,440,63
0.28
1,191,759,49
1.82
1.Providingofsurplusreserves
147,681,138.
-147,681,138.
．Allotmenttotheowners(orshareholders)
-1,191,759,49
1.82
-1,191,759,49
1.82
．Other(IV)Internaltransferringofowners’equity
1.Capitalizingofcapitalreserves(orto
capitalshares)
2.Capitalizingofsurplusreserves(or
tocapitalshares)3．Makinguplossesbysurplusreserves.
4.Changeamountofdefinedbenefit
plansthatcarryforwardRetainedearnings5．Othercomprehensiveincomecarry-overretainedearnings6．Other(V)Specialreserves
1.Providedthisyear
Items
2022
ShareCapital
OtherEquityinstrument
Capitalreserves
Less
:
Sharesinstoc
k
OtherComprehensiveIncome
Speciali
zedreserve
Surplusreserves
Retainedprofit
Other
Totalofowners’equityPreferredstock
Sustainabledebt
Other
．Usedthisterm（VI）Other57,008.1857,008.18IV.Balanceattheendofthisterm
2,090,806,12
6.00
934,908,29
3.69
170,633,65
6.67
1,193,084,20
1.46
4,723,633,18
2.06
9,113,065,45
9.88
III.CompanyProfile1）.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”.
13.UpontheapprovaldocumentofCSRCNo.230-2016ZhengJianXuke-ApprovaloftheShare-IssuingtoPartiessuchasGuangdongProvincialExpresswayCo.,LtdtoPurchaseAssetsandRaiseMatchingFundsbyGuangdongProvincialExpresswayDevelopmentCo.,Ltd,inJune2016thecompanyissued33,355,263sharesandpaidRMB803.50milliontoGuangdongProvincialExpresswayCo.,Ltdforpurchasingthe25%stakeofGuangdongProvincialFokaiExpresswayCo.,LtdheldbyGuangdongProvincialExpresswayCo.,Ltd;andissued466,325,020sharestoGuangdongProvincialHighwayConstructionCo.,Ltdforpurchasingthe100%stakeofGuangzhouGuangzhuTrafficInvestmentManagementCo.,LtdheldbyGuangdongProvincialHighwayConstructionCo.,Ltd.OnJune21,2016,thecompanydirectionallyissued334,008,095A-sharestoYadongFuxingYalianInvestmentCo.,Ltd,TibetYinyueInvestmentManagementCo.,LtdandGuangfaSecuritiesCo.,Ltd.TheissuanceofshareshavebeenregisteredonJuly7,2016,thenewshareswillbelistedonJuly8,2016.2）.Company'sregisteredplaceandheadquartersaddressCompanyname：GuangdongProvincialExpresswayDevelopmentCo.,Ltd.RegistrationplaceNo.85,BaiyunRoad,YuexiuDistrict,Guangzhou.HeadquartersOffice：45-46/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TiheDisrtict,Guangzhou3）.BusinessnatureandmainbusinessactivitiesIndustryandmainproductsofthecompany:highwaymanagementandmaintenance.Generalbusinessitems:investment,construction,charging,maintenanceandservicemanagementofexpressways,graderoadsandbridges;Automobilerescueservice,maintenanceandcleaning;Parkinglotcharges;Design,production,releaseandagencyofallkindsofadvertisementsathomeandabroad;Landdevelopmentalongthehighway;Warehousingbusiness;Intelligenttransportationtechnologyresearchanddevelopmentandservice;Equityinvestment,managementandconsultation.(Projectsthatmustbeapprovedaccordingtolawcanbeoperatedonlyafterbeingapprovedbyrelevantdepartments).TheCompanyismainlyengagedintollingandmaintenanceofGuangfoExpressway,FokaiExpressway,JingzhuExpresswayGuangzhuSectionandGuanghuiExpresswayinvestmentintechnologicalindustries
andprovisionofrelevantconsultaionwhileinvestinginShenzhenHuiyanExpresswayCo.,Ltd.,GuangdongJiangzhongExpresswayCo.Ltd.,ZhaoqingYuezhaoExpresswayCo.,Ltd.,GanzhouKangdaExpressway,GanzhouGankangExpresswayCo.,Ltd.,GuangdongYuekeScienceandTechnologyMicrofinanceCo.,Ltd.,GuangdongGuangleExpresswayCo.,Ltd.,GuoyuanSecuritiesCo.,Ltd,HunanLianzhiTechnologyCo.,Ltd.andSPICYuetongQiyuanChipPowerTechnologyCo.,Ltd.4）.Scopeandchangesofconsolidatedfinancialstatementsinthecurrentperiod
(1)Scopeofcurrentconsolidatedfinancialstatements
TheconsolidatedscopeofthecurrentfinancialstatementsinvovlesYuegaoCapitalHolding(Guangzhou)Co.,Ltd.,itsholdingsubsidiariesGuangfoExpresswayCo.,Ltd.,JingzhuExpresswayGuangzhuSectionCo.,Ltd.andGuanghuiExpresswayCo.,Ltd..
(2)ChangesinthescopeofconsolidatedfinancialstatementsinthecurrentperiodNone5）.Approvalandsubmissiondateoffinancialreport
ThefinancialstatementshavebeenauthorizedforissuanceoftheBoardofDirectorsoftheCompanyonMarch
15,2024.IV.Basisforthepreparationoffinancialstatements
1.Preparationbasis
ThefinancialstatementsoftheCompanyhavebeenpreparedonbasisofgoingconcerninconformitywithChineseAccountingStandardsforBusinessEnterprisesandtheAccountingSystemsforBusinessEnterprisesissuedbytheMinistryofFinanceofPeople’sRepublicofChina(MinistryofFinanceissuedorderNo.33,theMinistryofFinancerevisedorderNo.76)onFebruary15,2006,andrevisedAccountingStandards(order42oftheMinistryofFinance)andCompilationRulesforInformationDisclosurebyCompaniesOfferingSecuritiestothePublicNo.15–GeneralProvisionsonFinancialReports(2023Revision)issuedbytheChinaSecuritiesRegulatoryCommission(CSRC).AccordingtotherelevantaccountingregulationsinChineseAccountingStandardsforBusinessEnterprises,theCompanyhasadoptedtheaccrualbasisofaccounting.Held-for-salenon-currentassetsaremeasuredatthelowerofitsbookvalueatitsclassificationdateandfairvalueminusexpecteddisposalcosts.Whereassetsareimpaired,provisionsforassetimpairmentaremadeinaccordancewithrelevantrequirements
2.Continuation
Therewillbenosucheventsorsituationsinthe12monthsfromtheendofthereportingperiodthatwillcausematerialdoubtsastothecontinuationcapabilityoftheCompany.V.SignificantAccountingPoliciesandAccountingEstimatesSpecificaccountingpoliciesandaccountingestimatesareindicatedasfollows:
None
1.StatementofCompliancewiththeAccountingStandardsforBusinessEnterprisesThefinancialstatementsoftheCompanyarerecognizedandmeasuredinaccordancewiththeregulationsintheChineseAccountingStandardsforBusinessEnterprisesandtheygiveatrueandfairviewofthefinancialposition,businessresultandcashflowoftheCompany.
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.,areincludedinthecurrentprofitsandlosseswhenincurred.Feesandcommissionspaidforbondsissuedbyenterprisesorotherdebtsshallbeincludedintheinitialmeasurementamountofbondsandotherdebtsissued.Fees,commissionsandotherexpensesincurredinissuingequitysecuritiesinbusinesscombinationshallbeoffsetagainstthepremiumincomeofequitysecurities,andifthepremiumincomeisinsufficienttooffset,theretainedearningsshallbeoffset.Iftheholdingunderthesamecontroliscombinedtoformaparent-subsidiaryrelationship,theparentcompanyshallprepareconsolidatedfinancialstatementsontheconsolidationdate,includingconsolidatedbalancesheet,consolidatedincomestatementandconsolidatedcashflowstatement.
Fortheconsolidatedbalancesheet,thebookvalueofthecombinedpartyintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyshallbeincorporatedintotheconsolidatedfinancialstatements,andthetransactionsbetweenthecombiningpartyandthecombinedpartyontheconsolidationdateandthepreviousperiodshallberegardedasinternaltransactionsandoffsetaccordingtotherelevantprinciplesof"ConsolidatedFinancialStatements";Theconsolidatedincomestatementandcashflowstatementincludethenetprofitandcashflowrealizedbythecombiningpartyandthecombinedpartyfromthebeginningofthecurrentconsolidationperiodtotheconsolidationdate,andinvolvethecashflowgeneratedbythetransactionsandinternaltransactionsbetweenthetwopartiesinthecurrentperiod,whichshallbeoffsetaccordingtotherelevantprinciplesoftheconsolidatedfinancialstatements.
2.Ifthepartiesinvolvedinthecombinationarenotultimatelycontrolledbythesamepartyorpartiesbeforeandafterthecombination,itisabusinesscombinationnotunderthesamecontrol.BusinessCombinationsnotundertheSameControlDeterminethecostofbusinesscombination:thecostofbusinesscombinationincludesthefairvalueofcashornon-cashassetspaidbythepurchaserforbusinesscombination,debtsissuedorassumed,andequitysecuritiesissuedonthepurchasedate.Inthebusinesscombinationnotunderthesamecontrol,theintermediaryexpensessuchasauditing,legalservices,evaluationandconsultationandotherrelatedmanagementexpensesincurredbythepurchaserforthebusinesscombinationshallbeincludedinthecurrentprofitsandlosseswhentheyoccur;Transactioncostsofequitysecuritiesordebtsecuritiesissuedbythepurchaserascombinationconsiderationshallbeincludedintheinitialrecognizedamountofequitysecuritiesordebtsecurities.Forthelong-termequityinvestmentobtainedbyholdingcombinationnotunderthesamecontrol,thecompanytakesthecombinationcostdeterminedonthepurchasedate(excludingcashdividendsandprofitsthatshouldbecollectedfromtheinvestee)astheinitialinvestmentcostforthelong-termequityinvestmentofthepurchaser;Allidentifiableassetsandliabilitiesobtainedbyabsorptionandcombinationunderdifferentcontrolthatmeettherecognitionconditionsshallberecognizedasassetsandliabilitiesoftheenterpriseatfairvalueonthedateofpurchase.IftheCompanytakesnon-monetaryassetsasconsiderationtoobtainthecontrolrightofthepurchaserorvariousidentifiableassetsandliabilities,thedifferencebetweenthefairvalueoftherelevantnon-monetaryassetsonthepurchasedateandtheirbookvalueshallbetakenasthedisposalprofitandlossoftheassetsandrecordedintheincomestatementofthecurrentconsolidationperiod.Inabusinesscombinationnotunderthesamecontrol,thedifferencebetweenthecostofbusinesscombinationandthefairvalueshareofidentifiablenetassetsofthepurchaserobtainedinthecombinationisrecognizedasgoodwill;Inthecaseofabsorptionandcombination,thedifferenceisrecognizedasgoodwillintheindividualfinancialstatementsoftheparentcompany;Inthecaseofholdingcombination,thedifferenceislistedasgoodwillintheconsolidatedfinancialstatements.Thecostofbusinesscombinationislessthanthedifferencebetweenthefairvalueshareofidentifiablenetassetsacquiredduringthecombination,whichisincludedintheprofitsandlosses(non-operatingincome)ofthecurrentcombinationperiodafterreviewbytheCompany.Inthecaseofabsorptionandcombination,thedifferenceisincludedintheindividualincomestatementoftheparentcompanyinthecurrentcombinationperiod;Inthecaseofholdingcombination,thedifferenceisincludedintheconsolidatedincomestatementofthecurrentcombinationperiod.Ifthebusinesscombinationnotunderthesamecontrolrealizedstepbystepthroughmultipleexchangetransactionsisapackagetransaction,eachtransactionwillbetreatedasatransactiontoobtaincontrolrights;Ifitisnotapackagetransaction,theequityofthepurchasedpartyheldbeforethepurchasedateshallbere-measuredaccordingtothefairvalueoftheequityonthepurchasedate,andthedifferencebetweenthefairvalueandits
bookvalueshallbeincludedinthecurrentinvestmentincome;Iftheequityofthepurchasedpartyheldbeforethepurchasedateinvolvesothercomprehensiveincome,othercomprehensiveincomerelatedtoitshallbeconvertedintotheinvestmentincomeofthecurrentperiodonthepurchasedate,exceptforothercomprehensiveincomearisingfromthere-measurementofnetliabilitiesorchangesinnetassetsofthedefinedbenefitplansbytheinvestedparty.
6.CriteriaforControlandPreparationMethodofConsolidatedFinancialStatements
(1)Criteriaforcontrol
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,expensesandprofitsfromthebeginningoftheperiodtothedisposaldateareincludedintheconsolidatedincomestatement,andthecashflowfromthebeginningoftheperiodtothedisposaldateisincludedintheconsolidatedcashflowstatement.
Whenthecontrolrightoftheoriginalsubsidiaryislostduetothedisposalofpartoftheequityinvestmentorotherreasons,theremainingequityinvestmentafterdisposalshallbere-measuredaccordingtoitsfairvalueonthedateoflossofcontrolright.Thesumoftheconsiderationobtainedfromthedisposalofequityandthefairvalueoftheremainingequity,minusthedifferencebetweentheshareoftheoriginalsubsidiary'snetassetscalculatedcontinuouslyfromthepurchasedateandthesumofgoodwillcalculatedaccordingtotheoriginal
shareholdingratio,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.Exchangedifferencesarisingfromthedifferencebetweenthespotrateonthebalancesheetdateandthespotrateatthetimeofinitialrecognitionorthepreviousbalancesheetdateareincludedinthecurrentprofitsandlosses;Foreigncurrencynon-monetaryitemsmeasuredathistoricalcostarestillconvertedatthespotrateonthetransactiondate,withoutchangingtheirbookkeepingbasecurrencyamount;Foreigncurrencynon-monetaryitemsmeasuredatfairvalueshallbeconvertedatthespotrateonthefairvaluedeterminationdate,andthedifferencebetweentheconvertedbookkeepingbasecurrencyamountandtheoriginalbookkeepingbasecurrencyamountshallbetreatedaschangesinfairvalue(includingexchangeratechanges)andincludedinthecurrentprofitsandlosses;Duringthecapitalizationperiod,theexchangedifferencebetweentheprincipalandinterestofforeigncurrencyspecialloansiscapitalizedandincludedinthecostofassetsthatmeetthecapitalizationconditions.
(2)Translationofforeigncurrencyfinancialstatements
Whenconvertingforeigncurrencyfinancialstatements,theCompanyshallcomplywiththefollowingregulations:
assetsandliabilitiesinthebalancesheetshallbeconvertedatthespotrateonthebalancesheetdate,andotheritemsofowner'sequityexcept"undistributedprofits"shallbeconvertedatthespotrateatthetimeofoccurrence;Theincomeandexpenseitemsintheincomestatementshallbeconvertedatthespotrateonthetransactiondate(orattheexchangeratedeterminedbyasystematicandreasonablemethodandsimilartothespotrateonthetransactiondate).Thetranslationdifferenceofforeigncurrencyfinancialstatementsgeneratedaccordingtotheabovetranslationisrecognizedasothercomprehensiveincome.Theconversionofcomparativefinancialstatementsshallbehandledaccordingtotheaboveprovisions.
9.Financialinstruments(Excludingimpairment)
TheCompanyrecognizesthefinancialassetsorliabilitieswheninvolvedinfinancialinstruments’agreements.
（1）Classification,recognitionandmeasurementoffinancialassetsInaccordancewiththecharacteristicsofbusinessmodelformanagingfinancialassetsandthecontractualcashflowoffinancialassets,theCompanyclassifiesfinancialassetsinto:financialassetsmeasuredinamortizedcost;financialassetsmeasuredatfairvalueandtheir'schangesareincludedinothercomprehensiveincome;financialassetsmeasuredatfairvalueandtheir'schangesareincludedincurrentprofitsandlosses.Theinitialmeasurementoffinancialassetsiscalculatedbyusingfairvalue.Forfinancialassetsmeasuredatfairvalue,whosechangesareincludedincurrentprofitsandlosses,relevanttransactioncostsaredirectlyincludedincurrentprofitsandlosses;Forothertypesoffinancialassets,relevanttransactioncostsareincludedintheinitialrecognitionamount.
①Financialassetsmeasuredatamortizedcost
ThebusinessmodeloftheCompany'smanagementoffinancialassetsmeasuredbyamortizedcostisaimedatcollectingthecontractualcashflow,andthecontractualcashflowcharacteristicsofsuchfinancialassetsareconsistentwiththebasiclendingarrangements,thatis,thecashflowgeneratedonaspecificdateisonlythepaymentofprincipalandinterestbasedontheamountofoutstandingprincipal.Forsuchfinancialassets,theCompanyadoptsthemethodofrealinterestrateandmakessubsequentmeasurementaccordingtothecostofamortization.Theprofitsorlossesresultingfromamortizationorimpairmentareincludedincurrentprofitsandlosses.
②FinancialassetsmeasuredatfairvalueandchangesincludedinothercomprehensiveincomeTheCompany'sbusinessmodelformanagingsuchfinancialassetsistocollectthecontractualcashflow,andthecontractualcashflowcharacteristicsofsuchfinancialassetsareconsistentwiththebasiclendingarrangements.TheCompanymeasuressuchfinancialassetsatfairvalueandtheirchangesareincludedinothercomprehensivegains,butimpairmentlossesorgains,exchangegainsandlossesandinterestincomecalculatedaccordingtotheactualinterestratemethodareincludedincurrentprofitsandlosses.Inaddition,theCompanydesignatedsomenon-tradingequityinstrumentinvestmentsasfinancialassetsmeasuredatfairvaluewithchangesincludedinothercomprehensiveincome.TheCompanyincludestherelevantdividendincomeofsuchfinancialassetsincurrentprofitsandlosses,andthechangesinfairvalueinothercomprehensivegains.Whenthefinancialassetceasestoberecognized,theaccumulatedgainsorlossespreviouslyincludedinothercomprehensivegainsshallbetransferredintoretainedincomefromothercomprehensiveincome,andnotbeincludedincurrentprofitandloss.
③FinancialassetsmeasuredatfairvalueandchangesincludedincurrentprofitsandlossesTheCompanyincludestheabove-mentionedfinancialassetsmeasuredatamortizedcostandthosemeasuredatfairvalueandtheir'schangesinfinancialassetsotherthanfinancialassetsofcomprehensiveincomeandclassifies
themasfinancialassetsmeasuredatfairvalueandtheir'schangesthatareincludedincurrentprofitsandlosses.Inaddition,theCompanydesignatessomefinancialassetsasfinancialassetsmeasuredatfairvalueandincludestheirchangesincurrentprofitsandlossesinordertoeliminateorsignificantlyreduceaccountingmismatchesduringinitialrecognition.Inregardwithsuchfinancialassets,theCompanyadoptsfairvalueforsubsequentmeasurement,andincludeschangesinfairvalueintocurrentprofitsandlosses.
（2）Classification,recognitionandmeasurementoffinancialliabilities
TheGroup’sfinancialliabilitiesare,oninitialrecognition,classifiedintofinancialliabilitiesatfairvaluethroughprofitorlossandotherfinancialliabilities.Forfinancialliabilitiesatfairvaluethroughprofitorloss,relevanttransactioncostsareimmediatelyrecognizedinprofitorlossforthecurrentperiod,andtransactioncostsrelatingtootherfinancialliabilitiesareincludedintheinitialrecognitionamounts.
①FinancialliabilitiesmeasuredbythefairvalueandthechangesrecordedinprofitorlossTheclassificationbywhichfinancialliabilitiesheld-for-tradeandfinancialliabilitiesdesignedattheinitialrecognitiontobemeasuredbythefairvaluefollowsthesamecriteriaastheclassificationbywhichfinancialassetsheld-for-tradeandfinancialassetsdesignedattheinitialrecognitiontobemeasuredbythefairvalueandtheirchangesarerecordedinthecurrentprofitorlossTransactionalfinancialliabilities(includingderivativesbelongingtofinancialliabilities)aresubsequentlymeasuredaccordingtofairvalue.Exceptforhedgingaccounting,changesinfairvalueareincludedincurrentprofitsandlosses.Financialliabilitiesdesignatedasfinancialliabilitiesthataremeasuredatfairvalueandtheir'schangesareincludedincurrentprofitsandlosses.TheliabilitiesareincludedinothercomprehensivegainsduetochangesinfairvaluecausedbychangesintheCompany'sowncreditrisk,andwhentheliabilitiesareterminated,thechangesinfairvaluecausedbychangesinitsowncreditriskofothercomprehensivegainsareincludedinthecumulativechangesinitsfairvaluecausedbychangesinitsowncreditriskofothercomprehensivegains.Theamountistransferredtoretainedearnings.Theremainingchangesinfairvalueareincludedincurrentprofitsandlosses.Iftheabove-mentionedwayofdealingwiththeimpactofthechangesinthecreditriskofsuchfinancialliabilitieswillresultinorexpandtheaccountingmismatchintheprofitsandlosses,theCompanyshallincludealltheprofitsorlossesofsuchfinancialliabilities(includingtheamountoftheimpactofthechangesinthecreditriskoftheenterpriseitself)intothecurrentprofitsandlosses.
②Otherfinancialliabilities
Inadditiontothetransferofafinancialassetisnotinconformitywiththeconditionstostoptherecognitionorformedbyitscontinuousinvolvementinthetransferredfinancialasset,financialliabilitiesandfinancialguaranteecontractofotherfinancialliabilitiesclassifiedasfinancialliabilitiesmeasuredattheamortizedcost,measuredattheamortizedcostforsubsequentmeasurement,recognitionhasbeenstoppedoramortizationoftheprofitorlossisincludedinthecurrentprofitsandlosses.
(3)RecognitionbasisandmeasurementmethodsfortransferoffinancialassetsFinancialassetssatisfyingoneofthefollowingconditionsshallbeterminatedandrecognized: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,ortorealizethefinancialassetandsettlethefinancialliabilitysimultaneously,afinancialassetandafinancialliabilityshallbeoffsetandthenetamountispresentedinthebalancesheet.Exceptfortheabovecircumstances,financialassetsandfinancialliabilitiesshallbepresentedseparatelyinthebalancesheetandshallnotbeoffset.
(6)MethodfordeterminingthefairvalueoffinancialassetsandfinancialliabilitiesFairvaluereferstothepricethatamarketparticipantmustpaytosellortransferaliabilityinanorderlytransactionthatoccursonthemeasurementdate.ThefairvalueoffinancialinstrumentsexistinginanactivemarketisdeterminedbytheCompanyaccordingtoitsquotedpriceinthismarket.westbankThequotedpricesintheactivemarketrefertotheprices,whichareeasilyavailablefromthestockexchanges,brokers,industryassociations,pricingserviceinstitutionsandetc.atafixedterm,andwhichrepresentthepricesatwhichactually
occurredmarkettransactionsaremadeunderfairconditions.?¨Incanafinancialinstrumentdoesnotexistinactivemarkets,itsfairvalueshallbedeterminedbytheCompanywithassessmenttechniques.Thevalueappraisaltechniquesmainlyincludethepricesadoptedbytheparties,whoarefamiliarwiththecondition,inthelatestmarkettransactionupontheirownfreewill,thecurrentfairvalueobtainedbyreferringtootherfinancialinstrumentsofthesameessentialnature,thecashflowcapitalizationmethodandtheoptionpricingmodel,etc.Invaluation,theCompanyadoptsvaluationtechniquesthatareapplicableinthecurrentsituationandsupportedbysufficientdataandotherinformationtoselectinputvaluesconsistentwiththecharacteristicsofassetsorliabilitiesconsideredbymarketparticipantsinthetransactionsofrelatedassetsorliabilities,andgiveprioritytotheuseofrelevantobservableinputvaluesasfaraspossible.Unallowablevaluesareusediftherelevantobservableinputvaluesarenotavailableorarenotpracticable.
（7）Equityinstruments
AnequityinstrumentisanycontractthatevidencesaresidualinterestintheassetsoftheCompanyafterdeductingallofitsliabilities.Theconsiderationreceivedfromissuingequityinstruments,netoftransactioncosts,areaddedtoshareholders’equity.Alltypesofdistribution(excludingstockdividends)madebytheCompanytoholdersofequityinstrumentsaredeductedfromshareholders’equity.Thedividends(including"interest"generatedbythetoolsclassifiedasequityinstruments)distributedbytheCompany'sequityinstrumentsduringtheperiodoftheirexistenceshallbetreatedasprofitdistribution.
10.Impairmentoffinancialinstruments
TheCompanyrequirestoconfirmthatthefinancialassetslostbyimpairmentarefinancialassetsmeasuredbyamortizedcost,investmentindebtinstrumentsandleasereceivableswhicharemeasuredatfairvalueandwhosechangesareincludedinothercomprehensivegains,mainlyincludingnotesreceivable,accountsreceivable,otherreceivables,creditor'srightsinvestment,othercreditor'srightsinvestmentandlong-termreceivablesandetc.Inaddition,provisionforimpairmentandconfirmationofcreditimpairmentlossesarealsomadeforcontractassetsandsomefinancialguaranteecontractsinaccordancewiththeaccountingpoliciesdescribedinthissection.
(1)Methodofconfirmingimpairmentprovision
Basedonanticipatedcreditloss,theCompanycalculatesimpairmentpreparationandconfirmscreditimpairmentlossaccordingtotheapplicableanticipatedcreditlossmeasurementmethod(generalmethodorsimplifiedmethod).Creditlossreferstothedifferencebetweenthecashflowofallcontractsdiscountedaccordingtotheoriginalrealinterestrateandtheexpectedcashflowofallcontractsreceivableaccordingtothecontract,thatis,thepresentvalueofallcashshortages.Amongthem,theCompanydiscountsthefinancialassetspurchasedororiginatedwithcreditimpairmentattheactualinterestrateadjustedbycredit.ThegeneralmethodofmeasuringanticipatedcreditlossiswhetherthecreditriskoftheCompany'sfinancialassets(includingotherapplicableitemssuchascontractassets,similarlyhereinafter)hasincreasedsignificantlysincetheinitialrecognitiononeachbalancesheetday.Ifthecreditriskhasincreasedsignificantlysincetheinitialrecognition,theCompanyshallmeasurethelosspreparationaccordingtotheamountequivalenttotheexpectedcreditlossinthewholeduration.Ifthecreditriskhasnotincreasedsignificantlysincetheinitialrecognition,theCompanyshallmeasurethelosspreparationaccordingtotheamountequivalenttotheexpectedcreditlossinthenext12months.TheCompanyshallconsiderallreasonableandevidencedinformation,includingforward-lookinginformation,whenevaluatingexpectedcreditlosses.Assumingthattheircreditriskhasnotincreasedsignificantlysincetheinitialrecognition,theCompanymaychoosetomeasurethelossreserveaccordingtotheexpectedcreditlossinthenext12monthsforfinancial
instrumentswithlowcreditriskonthebalancesheetdate.
(2)CriteriaforjudgingwhethercreditriskhasincreasedsignificantlysincetheinitialrecognitionIftheprobabilityofdefaultofafinancialassetontheestimateddurationofthebalancesheetissignificantlyhigherthantheprobabilityofdefaultduringtheestimateddurationoftheinitialrecognition,thecreditriskofthefinancialassetissignificantlyincreased.Exceptforspecialcircumstances,theCompanyusesthechangeofdefaultriskinthenext12monthsasareasonableestimateofthechangeofdefaultriskintheentiredurationtodeterminewhetherthecreditriskhasincreasedsignificantlysincetheinitialrecognition.
(3)Aportfolio-basedapproachtoassessingexpectedcreditriskTheCompanyshallevaluatethecreditriskoffinancialassetswithdistinctdifferencesincreditrisk,suchastherelatedparty'sreceivables,thereceivablesindisputewiththeotherpartyorinvolvinglitigationandarbitration,andreceivablesthathasbeenprovedthatthedebtormaynotbeabletofulfilltheobligationofrepayment,etc.Inadditiontothefinancialassetsthatassesscreditriskindividually,theCompanyshalldividefinancialassetsintodifferentgroupsbasedoncommonriskcharacteristics,andassesscreditriskonthebasisofportfolio.
(4)Accountingtreatmentofimpairmentoffinancialassets
Attheendoftheduration,theCompanyshallcalculatetheanticipatedcreditlossesofvariousfinancialassets.Iftheanticipatedcreditlossesaregreaterthanthebookvalueofitscurrentimpairmentprovision,thedifferenceisdeemedasimpairmentloss.Ifthebalanceislessthanthebookvalueofthecurrentimpairmentprovision,thedifferenceisdeemedasimpairmentprofit.
(5)Methodofdeterminingcreditlossesofvariousfinancialassets
Forfinancialassetswithindividualcreditriskassessment,theCompanyalwaysselectstomeasurethelossprovisionaccordingtotheamountequivalenttotheexpectedcreditlosswithintheduration.Basedonthecharacteristicsofcreditrisk,theCompanydividesthefinancialassetsthathavenotsufferedcreditimpairmentinindividualassessmentintodifferentportfolios:
①Basisfordeterminingthecombinationofcreditriskcharacteristics
ItemsBasisfordeterminingtheportfolio
Combination1(agingportfolio)
Exceptforaccountsreceivableandotherreceivablesforwhichlossprovisionhasbeenseparatelymeasuredorbelongingtoportfolio2,portfolio3andportfolio4,theCompanydeterminesthelossprovisionbasedontheexpectedcreditlossofthesameorsimilaraccountsreceivableportfoliowithsimilarcreditriskcharacteristicsinpreviousyearsanddividedaccordingtoaging,consideringtheforward-lookinginformation.TheagingshallbecalculatedfromthetimewhentheaccountsreceivableareinitiallyrecognizedPortfolio2(marginportfolio)
Allkindsofdeposits,margins,advances,qualityassurancemargins,employeeloans,changereservefundsandotherreceivablesthatshouldbecollectedindailyandregularactivitiesPortfolio3(financialassetportfoliowithverylowcreditrisk)
NotesreceivableandotherreceivableswithextremelylowcreditriskaccordingtotheexpectedcreditlosscalculationPortfolio4(risk-freeportfolio)
Fundsreceivablefromaffiliatedcompanieswithinthescopeofconsolidationareusedasthebasisforportfolio
②Whencreditriskassessmentiscarriedoutbyportfoliomethod,accordingtotheportfoliostructureoffinancialassetsandsimilarcreditriskcharacteristics(thedebtor'sabilitytorepaythedebtsaccordingtothe
contractterms),combinedwithhistoricaldefaultlossexperienceandcurrenteconomicsituation,andconsideringforward-lookinginformation,theexpectedcreditlossismeasuredonthebasisofexpectedduration,torecognizethelossprovisionoffinancialassets.
Theaccrualmethodoflossprovisionmeasuredbydifferentportfolios:
ItemsAccrualmethodCombination1(agingportfolio)EstimateddurationPortfolio2(marginportfolio)EstimateddurationPortfolio3(financialassetportfoliowithverylowcreditrisk)EstimateddurationPortfolio4(risk-freeportfolio)Estimatedduration
③Theexpectedcreditlossrateofeachportfolioisasfollows:
Combination1(agingportfolio):expectedcreditlossrate
Aging
Expectedcreditlossrateofaccountsreceivable(%)
Expectedcreditlossrateofother
receivables(%)Within1year（Including1year）001-2years(Including2years）10102-3years（Including3years）30303-4years（Including4years）50504-5years（Including5years）9090Over5years100100
Portfolio2(marginportfolio):Basedontheexperienceofhistoricaldefaultlossandcurrenteconomicsituation,andconsideringforward-lookinginformation,theexpectedcreditlossrateis0;
Portfolio3(financialassetportfoliowithverylowcreditrisk):combinedwithhistoricaldefaultlossexperienceandcurrenteconomicsituation,consideringforward-lookinginformation,theexpectedcreditlossrateis0;
Portfolio4(risk-freeportfolio):basedonthehistoricalexperienceofdefaultlossesandcurrenteconomicsituation,consideringforward-lookinginformation,theexpectedcreditlossrateis0.
11.ContractassetsandContractliabilities
（1）Contractassets
TheCompanyliststherighttoreceiveconsiderationforgoodsorservicesthathavebeentransferredtocustomers(andthisrightdependsonotherfactorsbesidesthepassageoftime)ascontractassets.Theaccrualofimpairmentprovisionofcontractassetsshallrefertotheexpectedcreditlossmethodoffinancialinstruments.TheCompanyadoptsasimplifiedmethodtomeasurethelossprovisionforcontractassets(whetherornottheycontainsignificantfinancingelements).
Incaseofimpairmentlossofcontractassets,the"assetimpairmentloss"shallbedebitedaccordingtotheamounttobewrittendown,andthecontractassetsimpairmentprovisionshallbecredited;Whenreversingtheaccruedassetimpairmentprovision,maketheoppositeentry.
（2）Contractliabilities
TheCompanyliststheobligationtotransfergoodsorprovideservicestocustomersforconsiderationreceivedorreceivablefromcustomersascontractualliabilities.TheCompanyshalllistthecontractassetsandliabilitiesunderthesamecontractinnetamount.InthecontractbetweentheCompanyandcustomers,theCompanyhastherighttochargethecontractpriceforthegoodsandrelatedservicesthathavebeentransferredtocustomers,andmeanwhileundertaketheperformanceobligationoftransferringthegoodsorservicestocustomers.Whenthecustomeractuallypaysthecontractconsiderationortheenterprisehastransferredthegoodsorservicestothecustomerbeforetheconsiderationbecomesdueandpayable,therighttoreceivetheconsiderationduetothetransferredgoodsorservicesshallbelistedascontractassets,andrecognizedasaccountsreceivableorlong-termreceivableswhentheunconditionalrightofcollectionisobtained.`InthecontractbetweentheCompanyandcustomers,theCompanyhastherighttochargethecontractpriceforthegoodsandrelatedservicesthathavebeentransferredtocustomers,andmeanwhileundertaketheperformanceobligationoftransferringthegoodsorservicestocustomers.Whenthecustomeractuallypaysthecontractconsiderationortheenterprisehastransferredthegoodsorservicestothecustomerbeforetheconsiderationbecomesdueandpayable,therighttoreceivetheconsiderationduetothetransferredgoodsorservicesshallbelistedascontractassets,andrecognizedasaccountsreceivableorlong-termreceivableswhentheunconditionalrightofcollectionisobtained.`
12.Long-termequityinvestments
(1)Initialmeasurement
TheCompanymakesinitialmeasurementoflong-termequityinvestmentinthefollowingtwosituations:
①Theinitialinvestmentcostoflong-termequityinvestmentformedbybusinesscombinationshallbedeterminedinaccordancewiththefollowingprovisions:
A.Inabusinesscombinationunderthesamecontrol,ifthecombiningpartypayscash,transfersnon-cashassetsorassumesdebtsasthecombinationconsideration,theshareofthebookvalueoftheowner'sequityofthemergedpartyintheconsolidatedfinancialstatementsofthefinalcontrollingpartyshallbetakenastheinitialinvestmentcostoflong-termequityinvestmentonthecombinationdate.Thedifferencebetweentheinitialinvestmentcostoflong-termequityinvestmentandthecashpaid,thetransferrednon-cashassetsandthebookvalueofthedebtsundertakenisadoptedtoadjustthecapitalreserve;Ifthecapitalreserveisinsufficienttooffset,theretainedearningsshallbeadjusted.Alldirectlyrelatedexpensesincurredforbusinesscombination,includingauditfees,evaluationfees,legalservicefees,etc.,areincludedinthecurrentprofitsandlosseswhentheyoccur.
B.Inthebusinesscombinationnotunderthesamecontrol,theCompanydeterminesthecombinationcostbydistinguishingthefollowingsituations:
a)Forbusinesscombinationrealizedbyoneexchangetransaction,thecostofcombinationisthefairvalueofassetspaid,liabilitiesincurredorassumedinordertogaincontroloverthepurchasedpartyonthepurchasedate;
b)Forbusinesscombinationrealizedstepbystepthroughmultipleexchangetransactions,thesumofthebookvalueoftheequityinvestmentofthepurchasedpartyheldbeforethepurchasedateandthenewinvestmentcostonthepurchasedateshallbetakenastheinitialinvestmentcostoftheinvestment;
c)Intermediaryexpensessuchasauditing,legalservices,evaluationandconsultation,andotherrelatedmanagementexpensesincurredforbusinesscombinationareincludedinthecurrentprofitsandlosseswhentheyoccur;
d)Iffutureeventsthatmayaffectthecombinationcostareagreedinthecombinationcontractoragreement,ifitisestimatedthatthefutureeventsarelikelytooccuronthepurchasedateandtheamountofimpactonthe
combinationcostcanbereliablymeasured,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,whichdoesnotconstitutetheinitialinvestmentcostofobtainingthelong-termequityinvestment.
(2)Subsequentmeasurement
Long-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,theCompanywillresumetherecognitionoftherevenuesharingamountafteritsrevenuesharingamountcompensatesfortheunrecognizedlosssharing
amount.Whencalculatingandrecognizingthenetprofitandlossthatshouldbeenjoyedorsharedbytheinvestee,theunrealizedinternaltransactionprofitandlosswiththeaffiliatedenterpriseandthejointventureshallbecalculatedaccordingtotheproportionthatshouldbeenjoyed,andthepartattributabletotheCompanyshallbeoffset,andtheinvestmentincomeshallberecognizedonthisbasis.UnrealizedinternaltransactionlossesbetweentheCompanyandtheinvesteeareassetimpairmentlosses,whichshallbefullyrecognized.Partofthecompany'sequityinvestmentinaffiliatedenterprisesisindirectlyheldthroughventurecapitalinstitutions,mutualfunds,trustcompaniesorsimilarentitiesincludinginvestment-linkedinsurancefunds.Regardlessofwhethertheaboveentitieshaveasignificantimpactonthispartofinvestment,theCompanychoosestomeasurethispartofindirectinvestmentatfairvalueanditschangeisincludedinprofitorlossinaccordancewiththerelevantprovisionsofAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments,andtherestisaccountedforbyequitymethod.
③WhentheCompanydisposesoflong-termequityinvestment,thedifferencebetweenitsbookvalueandtheactualpurchasepriceshallbeincludedinthecurrentprofitsandlosses.Forlong-termequityinvestmentaccountedbyequitymethod,whendisposingoftheinvestment,itadoptsthesamebasisastheinvestee'sdirectdisposalofrelatedassetsorliabilities,andaccountsforthepartoriginallyincludedinothercomprehensiveincomeaccordingtothecorrespondingproportion.
(3)Basistodeterminejointcontroloverandsignificantinfluenceontheinvestee
Jointcontrolreferstothecommoncontrolofanarrangementinaccordancewiththerelevantagreement,andtherelevantactivitiesofsucharrangementmustbeunanimouslyagreedbytheparticipantswhosharethecontrolrightsbeforemakingdecisions.Significantinfluencemeansthattheinvestorhastherighttoparticipateinthedecision-makingonthefinancialandoperatingpoliciesoftheinvestee,butcannotcontrolorjointlycontroltheformulationofthesepolicieswithotherparties.Whendeterminingwhethertheinvesteecanbecontrolledorexertsignificantinfluence,thepotentialvotingrightsfactorssuchascurrentconvertiblebondsandcurrentexecutablewarrantsoftheinvesteeheldbytheCompanyandotherpartiesshallbeconsideredatthesametime.
13.InvestmentProperty
ThemeasurementmodeofinvestmentpropertyThemeasurementbythecostmethodDepreciationoramortizationmethodInvestmentpropertyisheldtoearnrentalsorforcapitalappreciationorforboth.Investmentpropertyincludesleasedorreadytotransferaftercapitalappreciationlanduserightsandleasedbuildings.
TheCompany'sinvestmentrealestateisinitiallymeasuredaccordingtothecostatthetimeofacquisition,anddepreciatedoramortizedonscheduleaccordingtotherelevantprovisionsoffixedassetsorintangibleassets.
SubsequentexpendituresrelatedtoinvestmentrealestateareincludedintheinvestmentrealestatecostwhentherelevanteconomicbenefitsarelikelytoflowintotheCompanyandsuchcostcanbereliablymeasured;Otherwise,theyareincludedinthecurrentprofitsandlosseswhentheyoccur.
Fortheinvestmentrealestatethatissubsequentlymeasuredbythecostmodel,pleasereferto26inthissectionforthemethodofassetimpairment.
Whentheuseofinvestmentrealestateischangedtoself-useorexternalsale,theinvestmentrealestatewillbeconvertedintofixedassets,intangibleassetsorinventoryfromthedateofchange.Whentheuseof
privaterealestateischangedtorent-earningorcapitalappreciation,thefixedassetsorintangibleassetswillbeconvertedintoinvestmentrealestatefromthedateofchange.Incaseofconversion,thebookvaluebeforeconversionistakenastheentryvalueafterconversion.
Theestimatedservicelife,estimatednetsalvageanddepreciation(amortization)methodofinvestmentrealestatearereviewedattheendofeachyearandappropriateadjustmentsaremade.Whentheinvestmentrealestateisdisposedof,orpermanentlywithdrawnfromuse,anditisnotexpectedtoobtaineconomicbenefitsfromitsdisposal,therecognitionoftheinvestmentrealestatewillbeterminated.Thedisposalincomefromthesale,transfer,scrappingordamageofinvestmentrealestateafterdeductingitsbookvalueandrelatedtaxesisincludedinthecurrentprofitsandlosses.Thedifferencebetweenthedisposalincomefromthesale,transfer,scrappingordamageofinvestmentrealestateafterdeductingitsbookvalueandrelatedtaxesisincludedinthecurrentprofitsandlosses.
14.Fixedassets
（1）Confirmationconditions
TheCompany'sfixedassetsrefertotangibleassetsheldfortheproductionofcommodities,provisionoflaborservices,leasingoroperationmanagement,whichhaveaservicelifeofmorethanoneyear,andwhoseeconomicbenefitsarelikelytobeincludedintotheCompanyandwhosecostscanbereliablymeasured.
TheCompany'sfixedassetsincluderoadsandbridges,housesandbuildings,machineryandequipment,electronicequipment,transportationtoolsandotherequipment.
（2）TheCompany'sfixedassetsincluderoadsandbridges,housesandbuildings,machineryandequipment,electronicequipment,transportationtoolsandotherequipment.
Forthefixedassetsformedbyspecialreserveexpenditure,thespecialreserveshallbeoffsetaccordingtothecosttoformthefixedassets,andtheaccumulateddepreciationofthesameamountshallberecognized.Thefixedassetswillnotbedepreciatedinfutureperiods.
Accordingtothenatureandusageoffixedassets,theCompanydeterminestheservicelifeandestimatednetsalvagevalueoffixedassets.Attheendoftheyear,theservicelife,estimatednetsalvagevalueanddepreciationmethodoffixedassetsshallberechecked,andifthereisanydifferencewiththeoriginalestimate,correspondingadjustmentsshallbemade.
Theusefullife,residualvaluerate,andannualdepreciationrateofvariousfixedassetsarelistedasfollows:
TypeDepreciationmethod
Expecteduseful
life(Year)
Residualrate（%）
Annualdepreciation
rate(%)HighwayandBridgeIncluding：
GuangfoExpressway
Workingflowbasis28years0%FokaiExpressway-XiebiantoSanbaoSection
Workingflowbasis40years0%FokaiExpressway-SanbaotoShuikouSection
Workingflowbasis
47.5years0%
JingzhuExpresswayGuangzhuSection
Workingflowbasis30years0%GuanghuiExpresswayCo.,Workingflowbasis23years0%
Ltd.HouseBuildingThestraight-line
method
20-30years3%-5%3.17%-4.85%MachineEquipment
Thestraight-linemethod
3-10years3%-5%9.50%-32.33%TransportationEquipment
Thestraight-linemethod
5-8years3%-5%11.88%-19.40%Other
Thestraight-linemethod
5years3%-5%19.00%-19.40%
15.Construction-inprocess
TheCompany'sconstructioninprogressisaccountedforindetailaccordingtotheproject,andtheprojectsofconstructioninprogressareregardedastheentryvalueoffixedassetsaccordingtoallexpensesincurredbeforetheassetsreachthescheduledserviceablestate.Includingtheconstructioncost,theoriginalpriceofmachineryandequipment,othernecessaryexpensesincurredtomaketheconstructioninprogressreachthescheduledserviceablestate,aswellastheborrowingcostsincurredforthespecialloanoftheprojectandtheborrowingcostsincurredfortheoccupiedgeneralloanbeforetheassetsreachthescheduledserviceablestate.TheCompanywilltransfertheconstructioninprogressintofixedassetswhentheprojectinstallationorconstructionreachesthescheduledserviceablestate.Theconstructedfixedassetsthathavereachedthescheduledserviceablestatebuthavenotyetbeensettledforcompletionshallbetransferredtofixedassetsaccordingtotheestimatedvalueaccordingtotheprojectbudget,constructioncostoractualcost,andthedepreciationoffixedassetsshallbeaccruedaccordingtothedepreciationpolicyoftheCompany.Afterthecompletionofthefinalaccounts,theoriginalprovisionalestimatedvalueshallbeadjustedaccordingtotheactualcost,buttheoriginalaccrueddepreciationamountshallnotbeadjusted.
ThestandardsandtimepointsforconvertingtheCompany'sconstructioninprogressintofixedassetsareasfollows:
CategoryStandardandtimepointforconvertingintofixedassets
Expresswayconstructionproject
(1)Thephysicalconstruction,includingtheinstallationofrelatedequipmentandothersupportingfacilities,hasbeencompletelyorsubstantiallycompleted;(2)Theamountofcontinuedconstructionexpenditureisverysmalloralmostnolongeroccurs;(3)Relevantequipmentcanmaintainnormalandstableoperationforaperiodoftimeafterdebugging;(4)Theconstructedexpresswayhasreachedthedesignorcontractrequirements,orbasicallyconformstothedesignorcontractrequirements;(5)Iftheconstructionprojecthasreachedthescheduledserviceablestatebuthasnotyetcompletedthefinalaccountsforcompletion,itwillbetransferredtothefixedassetsaccordingtotheestimatedvalueaccordingtotheactualcostoftheprojectfromthedateofreachingthescheduledserviceablestate.Housesandbuildings
(1)Thephysicalconstruction,includinginstallation,hasbeencompletedorsubstantiallycompleted;(2)Theamountofexpenditurethatcontinuestooccuronthepurchasedhousesandbuildingsisverysmalloralmostnolongeroccurs;(3)Thepurchasedhousesandbuildingshavereachedthedesignorcontractrequirements,orarebasicallyconsistentwiththedesignorcontractrequirements;(4)Iftheconstructionprojecthasreachedthescheduledserviceablestatebuthasnotyetcompletedthefinalaccountsforcompletion,itwillbetransferredtothefixedassetsaccordingtotheestimatedvalueaccordingtotheactualcostoftheprojectfromthedateofreachingthescheduledserviceablestate.Machineryandequipment
(1)Relatedequipmentandothersupportingfacilitieshavebeeninstalled;(2)Afterdebugging,theequipmentcanmaintainnormalandstableoperationforaperiodoftimeandbeacceptedbyrelevantpersonnel.
16.Borrowingcost
(1)RecognitionprincipleandcapitalizationperiodofborrowingcostcapitalizationBorrowingcostsincurredbytheCompanycanbedirectlyattributedtothepurchase,constructionorproductionof
assetsthatmeetthecapitalizationconditions,andshallbecapitalizedwhenthefollowingconditionsaremetatthesametimeandincludedintherelevantassetcosts:
①Productionandexpenditurehaveoccurred;
②Borrowingcostshavealreadyoccurred;
③Thepurchase,constructionorproductionactivitiesrequiredtomaketheassetsreachtheintendedusableorsaleablestatehavestarted.Capitalizationofborrowingcostsshallbesuspendediftheassetsthatmeetthecapitalizationconditionsareabnormallyinterruptedintheprocessofpurchase,constructionorproduction,andtheinterruptiontimecontinuouslyexceeds3months.Borrowingcostsincurredduringtheinterruptionperiodarerecognizedasexpensesandincludedinthecurrentprofitsandlossesuntilthepurchaseandconstructionofassetsortheresumptionofproductionactivities.Iftheinterruptionisanecessaryprocedureforthepurchased,builtorproducedassetsthatmeetthecapitalizationconditionstoreachtheintendedusableorsaleablestate,thecapitalizationofborrowingcostswillcontinue.Capitalizationofborrowingcostsshallbestoppedwhenassetseligibleforcapitalizationarepurchased,builtorproducedtotheintendedusableorsaleablestate.Borrowingcostsincurredinthefuturearerecognizedasexpensesinthecurrentperiod.
(2)CalculationmethodofcapitalizationamountofborrowingcostsWhereaspecialloanisborrowedforthepurposeofpurchasing,buildingorproducingassetsthatmeetthecapitalizationconditions,itshallbedeterminedbydeductingtheinterestincomeobtainedbydepositingunusedloanfundsintothebankfromtheinterestexpensesactuallyincurredinthecurrentperiodofspecialloanorbytheinvestmentincomeobtainedbytemporaryinvestment.Ifthegeneralloanisoccupiedforthepurposeofpurchasing,buildingorproducingassetsthatmeetthecapitalizationconditions,theinterestamountofthegeneralloanthatshouldbecapitalizedshallbecalculatedanddeterminedaccordingtotheweightedaverageoftheaccumulatedassetexpenditureexceedingthespecialloanportionmultipliedbythecapitalizationrateoftheoccupiedgeneralloan.Capitalizationrateiscalculatedanddeterminedaccordingtotheweightedaverageinterestrateofgeneralborrowings.
17.Intangibleassets
(1)Servicelifeanditsdeterminationbasis,estimation,amortizationmethodorreviewprocedureTheintangibleassetsoftheCompanyareinitiallymeasuredatcost.Thepurchasedintangibleassetsshallberegardedastheactualcostaccordingtotheactualpaidpriceandrelatedexpenses.Theactualcostofintangibleassetsinvestedbyinvestorsshallbedeterminedaccordingtothevalueagreedintheinvestmentcontractoragreement,butifthevalueagreedinthecontractoragreementisunfair,theactualcostshallbedeterminedaccordingtothefairvalue.Thecostofself-developedintangibleassetsisthetotalexpenditureincurredbeforereachingtheintendeduse.
Thefollow-upmeasurementmethodsoftheCompany'sintangibleassetsareasfollows:intangibleassetswithlimitedservicelifeareamortizedbythestraight-linemethodorworkloadmethodaccordingtodifferentcategories,andtheservicelifeandamortizationmethodofintangibleassetsarerecheckedattheendoftheyear,andifthereisanydifferencefromtheoriginalestimate,correspondingadjustmentswillbemade;Intangibleassetswithuncertainservicelifearenotamortized,butattheendoftheyear,theirservicelifewillbereviewed.Whenthereisconclusiveevidencethattheirservicelifeislimited,itwillbeestimatedandamortizedbythestraight-linemethod.
Theamortizationmethodofintangibleassetswithlimitedservicelifeisasfollows:
CategoryAmortizationyearsAmortizationmethodLanduserightRemainingusefullifeStraight-linemethodSoftware3-5yearsStraight-linemethodTollroadfranchiseResidualtolloperationperiodWorkloadmethod
18.Long-termamortizableexpenses
Long-termdeferredexpensesarerecordedaccordingtotheactualamountincurred,andareamortizedequallyininstallmentsduringthebenefitperiodorwithintheprescribedperiod.Ifthelong-termprepaidexpenseitemcannotbenefitthefutureaccountingperiod,theamortizedvalueoftheitemthathasnotbeenamortizedwillbetransferredtothecurrentprofitsandlosses.
19.EmployeeBenefits
EmployeecompensationreferstovariousformsofremunerationorcompensationgivenbytheCompanyforobtainingservicesprovidedbyemployeesordissolvinglaborrelations.Employeecompensationincludesshort-termsalary,post-employmentbenefits,dismissalbenefitsandotherlong-termemployeebenefits.BenefitsprovidedbytheCompanytospouses,children,dependents,survivorsofdeceasedemployeesandotherbeneficiariesofemployeesarealsoemployeecompensation.
（1）Accountingmethodsofshort-termbenefits
Duringtheaccountingperiodwhenemployeesprovideservices,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.
20.Estimatedliabilities
(1)Recognitioncriteriaofestimatedliabilities
IftheobligationsrelatedtocontingenciesstipulatedbytheCompanymeetthefollowingconditionsatthesametime,theyarerecognizedasestimatedliabilities:
①Theobligationsarethecurrentobligationsundertakenbytheenterprise;
②Fulfillingtheobligationsislikelytocauseeconomicbenefitstoflowoutoftheenterprise;
③Theamountoftheobligationscanbemeasuredreliably.
(2)Measurementmethodofestimatedliabilities
Estimatedliabilitiesareinitiallymeasuredaccordingtothebestestimateofexpenditurerequiredtofulfillrelevantcurrentobligations.Thereisacontinuousrangeofrequiredexpenditure,andthepossibilityofoccurrenceofvariousresultsinthisrangeisthesame,andthebestestimateisdeterminedaccordingtotheintermediatevalueinthisrange.Inothercases,thebestestimatesaretreatedasfollows:
①Contingenciesinvolvingasingleitemshallbedeterminedaccordingtothemostprobableamount.
②Contingenciesinvolvingmultipleitemsshallbecalculatedanddeterminedaccordingtovariouspossibleresultsandrelevantprobabilities.
Whendeterminingthebestestimate,therisk,uncertaintyandtimevalueofmoneyrelatedtocontingenciesshallbeconsideredcomprehensively.Ifthetimevalueofmoneyhasgreatinfluence,thebestestimateisdeterminedbydiscountingtherelatedfuturecashoutflow.
IfallorpartoftheexpensesrequiredbytheCompanytopayofftheestimatedliabilitiesareexpectedtobecompensatedbyathirdparty,thecompensationamountcanberecognizedasanassetonlywhenitisbasicallyconfirmedthatitcanbereceived.Therecognizedcompensationamountshallnotexceedthebookvalueoftheestimatedliabilities.
TheCompanyrechecksthebookvalueoftheestimatedliabilitiesonthebalancesheetdate.Ifthereisconclusiveevidencethatthebookvaluecannottrulyreflectthecurrentbestestimate,thebookvalueshallbeadjustedaccordingtothecurrentbestestimate.
21.Revenues
Accountingpoliciesadoptedforincomerecognitionandmeasurement
(1)Revenuerecognitionprinciple
Sincethestartingdateofthecontract,thecompanyshallevaluatethecontract,identifieseachindividualperformanceobligationcontainedin,anddetermineswhethereachindividualperformanceobligationisperformedwithinacertainperiodoftimeoratacertainpointoftime.
1、Theperformanceobligationisdefinedasfulfillmentwithinacertainperiodoftimeifoneofthefollowingconditionsismet,otherwise,itisdefinedasfulfilledatacertainpointintime:①Thecustomerobtainsandconsumestheeconomicbenefitsbroughtbythecompany'sperformancewhilethecompanyperformsthecontract;②Thecustomercancontrolthegoodsundermanufacturingorservicesduringthecompany'sperformance;③Thegoodsorservicesproducedduringthecompany'sperformancehaveirreplaceableuses,andthecompanyhastherighttoaccumulateforthecompletedperformancesduringtheentirecontractperiod.Forobligationsperformedwithinacertainperiodoftime,thecompanyrecognizesrevenueinaccordancewiththeperformanceprogressinthatperiod.Iftheperformanceprogresscannotbereasonablydetermined,andthecostincurredisexpectedtobecompensated,therevenueshallberecognizedaccordingtotheamountofthecostincurreduntiltheperformanceprogresscanbereasonablydetermined.Forobligationsperformedatacertainpointintime,revenueshallberecognizedatthepointwhenthecustomerobtainscontroloftherelevantgoodsorservices.Whenjudgingwhetherthecustomerhasobtainedcontroloftheproduct,thecompanyshallconsiderthefollowingpoints:①Thecompanyhasthecurrentrighttoreceivepaymentfortheproduct,thatis,thecustomerhasthecurrentpaymentobligationfortheproduct;②Thecompanyhastransferredthelegalownershipofthe
producttothecustomer,thatis,thecustomerhasthelegalownershipoftheproduct;③Thecompanyhastransferredthephysicalproducttothecustomer,thatis,thecustomerhasphysicallytakenpossessionoftheproduct;④Thecompanyhastransferredthemainrisksandrewardsontheownershipoftheproducttothecustomer,thatis,thecustomerhasobtainedthemainrisksandrewardsontheownershipoftheproduct;⑤Thecustomerhasacceptedtheproduct;⑥Othersignsthatthecustomerhasobtainedcontroloftheproduct.
(2)Principleofrevenuemeasurement
①Thecompanyshallmeasurerevenuebasedonthetransactionpriceallocatedtoeachindividualperformanceobligation.Thetransactionpriceistheamountofconsiderationthatthecompanyexpectstobeentitledtoreceiveduetothetransferofgoodsorservicestocustomers,whiledoesnotincludepaymentsreceivedonbehalfofthirdpartiesandpaymentsexpectedtobereturnedtocustomers.
②Ifthereisvariableconsiderationinthecontract,thecompanyshalldetermineitsbestestimateaccordingtotheexpectedvalueorthemostlikelyamount,butthetransactionpriceincludingthevariableconsiderationshallnotexceedtheaccumulatedamountthat,ifrelevantuncertaintyiseliminated,willmostlikelyhavenosignificantreversal.
③Ifthereisanysignificantfinancingcomponentinthecontract,thecompanyshalldeterminethetransactionpricebasedontheamountpayableincashwhenthecustomerassumescontrolofthegoodsorservices.Thedifferencebetweentransactionpriceandcontractconsiderationshallbeamortizedthrougheffectiveinterestmethodduringthecontractperiod.Onthestartingdateofcontract,ifthecompanyexpectsthatthecustomerwillobtaincontrolofthegoodsorservicesandpaysthepricewithinoneyear,thesignificantfinancingcomponentincontractshallnotbeconsidered.
④Ifthecontractcontainstwoormoreperformanceobligations,thecompanyshall,ondateofthecontract,allocatethetransactionpricetoeachindividualobligationiteminaccordancewiththerelativeproportionoftheseparatesellingpriceofpromisedgoods.Theadoptionofdifferentbusinessmodelsinsimilarbusinessesleadstodifferencesinaccountingpoliciesforrevenuerecognition
(3)Specificmethodsofrevenuerecognition
1)Tollservicefeeincome
Tollrevenuereferstothetollrevenuefromoperatingtollroads,whichisrecognizedaccordingtotheamountcollectedandreceivablewhenvehiclespass.2）AdvertisingandotherrevenueAdvertisingandotherincomeshallberecognizedasoperatingincomewithintheserviceperiodaccordingtotheservicetimeandpriceaftertheserviceisprovided.
22.Contractcost
IftheincrementalcostincurredbytheCompanytoobtainthecontractisexpectedtoberecovered,itwillberecognizedasanassetforthecontractacquisitioncost.Iftheamortizationperiodofthecontractacquisitioncostdoesnotexceedoneyear,itwillbedirectlyincludedinthecurrentprofitsandlosseswhenitoccurs.
IfthecostincurredbytheCompanytoperformthecontractdoesnotapplytothescopeoftherelevantstandardssuchasinventory,fixedassetsorintangibleassetsandmeetsthefollowingconditionsatthesametime,itshallberecognizedasanassetforthecontractperformancecost:
(1)Thecostisdirectlyrelatedtoacurrentorexpectedcontract,includingdirectlabor,directmaterials,manufacturingexpenses(orsimilarexpenses),costsexplicitlybornebycustomersandothercostsincurredonlyduetothecontract;
(2)ThecostincreasestheCompany'sresourcesforperformingandfulfillingitsobligationsinthefuture;
(3)Thecostisexpectedtoberecovered.
TheCompanyamortizestheassetsrelatedtothecontractcostonthesamebasisastheincomeofgoodsorservicesrelatedtotheassets,andincludesthemintothecurrentprofitsandlosses.
Ifthebookvalueoftheassetsrelatedtothecontractcostishigherthantheexpectedremainingconsiderationduetothetransferofthegoodsorservicesrelatedtotheassetsminustheestimatedcoststobeincurred,theCompanywillmakeprovisionforimpairmentoftheexcessandrecognizeitasanassetimpairmentloss.Ifthefactorsofimpairmentinthepreviousperiodhavechanged,sothattheexpectedresidualconsiderationofthegoodsorservicesrelatedtotheassetafterthetransferminustheestimatedcostishigherthanthebookvalueoftheasset,itwillbetransferredbacktotheoriginallyaccruedassetimpairmentprovisionandincludedinthecurrentprofitsandlosses,butthebookvalueoftheassetafterthetransferdoesnotexceedthebookvalueoftheassetonthetransferdateiftheimpairmentprovisionisnotaccrued.
23.GovernmentGrants
(1)Typesofgovernmentsubsidiesandaccountingtreatment
Governmentsubsidiesrefertothemonetaryassetsornon-monetaryassetsobtainedbytheCompanyfromthegovernmentforfree(butexcludingthecapitalinvestedbythegovernmentastheowner).Ifgovernmentsubsidiesaremonetaryassets,theyshallbemeasuredaccordingtotheamountreceivedorreceivable.Ifgovernmentsubsidiesarenon-monetaryassets,theyshallbemeasuredatfairvalue;Ifthefairvaluecannotbeobtainedreliably,theyshallbemeasuredaccordingtothenominalamount.
Governmentsubsidiesrelatedtothedailyactivitiesareincludedinotherincomeaccordingtothenatureofeconomicbusiness.Governmentsubsidiesunrelatedtothedailyactivitiesareincludedinnon-operatingincome.
Governmentdocumentsclearlyspecifythatgovernmentsubsidiesforpurchasing,constructingorotherwiseforminglong-termassetsarerecognizedasgovernmentsubsidiesrelatedtoassets.Iftheobjectofsubsidyisnotclearlyspecifiedingovernmentdocuments,andlong-termassetscanbeformed,thepartofgovernmentsubsidiescorrespondingtothevalueofassetsshallberegardedasthegovernmentsubsidiesrelatedtoassets,andtherestshallberegardedasthegovernmentsubsidiesrelatedtoincome;Ifitisdifficulttodistinguishthem,thegovernmentsubsidiesasawholewillberegardedasagovernmentsubsidiesrelatedtoincome.Governmentsubsidiesrelatedtoassetsarerecognizedasdeferredincome.Theamountrecognizedasdeferredincomeshallbeincludedinthecurrentprofitsandlossesbystagesinaccordancewithareasonableandsystematicmethodwithintheservicelifeoftherelevantassets.
Governmentsubsidiesotherthanthoserelatedtoassetsarerecognizedasgovernmentsubsidiesrelatedtoincome.Ifgovernmentsubsidiesrelatedtoincomeareusedtocompensatetherelatedexpensesorlossesoftheenterpriseinthefuture,theywillberecognizedasdeferredincome,andwillbeincludedinthecurrentprofitsandlossesduringtheperiodwhentherelatedexpensesarerecognized;Ifusedtocompensatetherelatedexpensesorlossesthathaveoccurredintheenterprise,theywillbedirectlyincludedinthecurrentprofitsandlosses.
TheCompanyhasobtainedthepolicypreferentialloandiscount,andthefinancewillallocatethediscountfundstothelendingbank.IfthelendingbankprovidesloanstotheCompanyatthepolicypreferentialinterestrate,theactuallyreceivedloanamountwillbetakenastherecordedvalueoftheloan,andtherelevantborrowingcostswillbecalculatedaccordingtotheloanprincipalandthepolicypreferentialinterestrate;IfthefinancedirectlyallocatesthediscountfundstotheCompany,theCompanywilloffsettherelevantborrowingcostswiththecorrespondingdiscount.
(2)Recognitiontimeofgovernmentsubsidies
Governmentsubsidiesarerecognizedwhentheymeettheconditionsattachedtogovernmentsubsidiesandcanbereceived.Governmentsubsidiesmeasuredaccordingtotheamountreceivableshallberecognizedattheendoftheperiodwhenthereisconclusiveevidencethattheycanmeettherelevantconditionsstipulatedinthefinancialsupportpolicyanditisexpectedthatfinancialsupportfundscanbereceived.Othergovernmentsubsidiesotherthanthosemeasuredaccordingtotheamountreceivableshallberecognizedwhenthesubsidiesareactuallyreceived.
24.Deferredincometaxassetsanddeferredincometaxliabilities
TheCompanyadoptsthebalancesheetliabilitymethodforincometaxaccountingtreatment.
(1)Deferredtaxassets
①Ifthereisadeductibletemporarydifferencebetweenthebookvalueofanassetorliabilityanditstaxbasis,thedeferredincometaxassetsgeneratedbythedeductibletemporarydifferenceshallbecalculatedandconfirmedaccordingtotheapplicabletaxrateduringtheexpectedperiodofrecoveringtheassetorpayingofftheliability.
②Onthebalancesheetdate,ifthereisconclusiveevidencethatsufficienttaxableincomeislikelytobeobtainedinthefutureperiodtooffsetthedeductibletemporarydifference,theunrecognizeddeferredincometaxassetsinthepreviousperiodshallberecognized.
③Onthebalancesheetdate,thebookvalueofdeferredincometaxassetsshallbereviewed.Ifitisunlikelythatenoughtaxableincomewillbeobtainedinthefutureperiodtooffsetthebenefitsofdeferredincometaxassets,thebookvalueofdeferredincometaxassetswillbewrittendown.Whensufficienttaxableincomeislikelytobeobtained,thewritten-downamountwillbereversed.
(2)Deferredincometaxliabilities
Ifthereisataxabletemporarydifferencebetweenthebookvalueofassetsandliabilitiesandtheirtaxbasis,thedeferredincometaxliabilitiesarisingfromthetaxabletemporarydifferenceshallberecognizedaccordingtotheapplicabletaxrateduringtheexpectedperiodofrecoveringtheassetsorpayingofftheliabilities.
25.Lease
(1)Accountingtreatmentmethodforleasingasalessee
Onthestartdateoftheleaseterm,theCompanyrecognizestheright-to-useassetsandleaseliabilitiesforleasesotherthanshort-termleasesandlow-valueassetleases,andrecognizesdepreciationexpensesandinterestexpensesrespectivelyduringtheleaseterm.
TheCompanyadoptsthestraight-linemethodineachperiodoftheleaseterm,andtheleasepaymentofshort-termleasesandlow-valueassetleasesisincludedinthecurrentexpenses.
1)Right-to-useassets
Theright-to-useassetsrefertotherightofthelesseetousetheleasedassetsduringtheleaseterm.Onthestartdateoftheleaseterm,theright-to-useassetsareinitiallymeasuredaccordingtothecost.Thecostincludes:
①Theinitialmeasurementamountofleaseliabilities;②Theleasepaymentamountissuedonorbeforethestartdateoftheleaseterm,whereifthereisaleaseincentive,theamountrelatedtotheentitledleaseincentiveshallbededucted;③Theinitialdirectexpensesincurred;④Thecostexpectedtobeincurredtodismantleandremovetheleasedassets,restorethesitewheretheleasedassetsarelocatedorrestoretheleasedassetstothestateagreedintheleaseterms.
ThedepreciationoftheCompany'sright-to-useassetsisclassifiedandaccruedbytheaveragelifemethod.Ifitcanbereasonablydeterminedthattheownershipoftheleasedassetswillbeacquiredattheexpirationoftheleaseterm,depreciationwillbeaccruedwithintheexpectedremainingservicelifeoftheleasedassets;Ifitisimpossibletoreasonablydeterminethattheownershipoftheleasedassetswillbeacquiredattheexpirationoftheleaseterm,depreciationshallbeaccruedduringtheleasetermortheremainingservicelifeoftheleasedassets,whicheverisshorter.
AccordingtotherelevantprovisionsofAccountingStandardsforBusinessEnterprisesNo.8-ImpairmentofAssets,theCompanydetermineswhethertheright-to-useassetshavebeenimpairedandcarriesoutaccountingtreatment.
2)Leaseliabilities
Leaseliabilitiesareinitiallymeasuredaccordingtothepresentvalueofunpaidleasepaymentonthestartdateoftheleaseterm.Theleasepaymentinclude:①Fixedpayment(includingsubstantialfixedpayment),ifthereisleaseincentive,therelevantamountofleaseincentiveshallbededucted;②Variableleasepaymentdependingonindexorratio;③Theamountexpectedtobepaidaccordingtotheresidualguaranteeprovidedbythelessee;④Theexercisepriceofthepurchaseoption,providedthatthelesseereasonablydeterminesthattheoptionwillbeexercised;⑤Theamounttobepaidwhentheoptiontoterminatetheleaseisexercised,providedthattheleasetermreflectsthatthelesseewillexercisetheoptiontoterminatethelease;
TheCompanyadoptstheinterestrateimplicitinleaseasthediscountrate;Iftheinterestrateimplicitinleasecannotbereasonablydetermined,theincrementalloaninterestrateoftheCompanyshallbeadoptedasthediscountrate.TheCompanycalculatestheinterestexpenseoftheleaseliabilitiesduringtheleasetermaccordingtothefixedperiodicinterestrate,andincludesitinthefinancialexpense.TheperiodicinterestratereferstothediscountrateadoptedbytheCompanyorthereviseddiscountrate.
Thevariableleasepaymentsthatarenotincludedinthemeasurementofleaseliabilitiesareincludedinthecurrentprofitsandlosseswhenactuallyincurred.
WhentheCompany'sevaluationresultsoftheoptiontorenewthelease,terminatetheleaseorpurchasechange,theleaseliabilitieswillbere-measuredaccordingtothepresentvaluecalculatedbythechangedleasepaymentandthereviseddiscountrate,andthebookvalueoftheright-to-useassetswillbeadjustedaccordingly.Whentheactualleasepayment,theexpectedpayableamountoftheresidualguaranteeorthevariableleasepaymentdependingontheindexorratiochanges,theleaseliabilitiesshallbere-measuredaccordingtothepresentvaluecalculatedbythechangedleasepaymentandtheoriginaldiscountrate,andthebookvalueoftheright-to-useassetsshallbeadjustedaccordingly.
(2)Accountingtreatmentmethodforleasingasalessor
1)Accountingtreatmentofoperatinglease
Duringeachperiodoftheleaseterm,theCompanyadoptsthestraight-linemethodtorecognizetheleasereceiptsfromoperatingleaseasrentalincome.TheCompanycapitalizestheinitialdirectexpensesrelatedtooperatinglease,andincludestheminthecurrentincomebystagesaccordingtothesamerecognitionbasisastherentalincomeduringtheleaseterm.
2)Accountingtreatmentoffinanciallease
Ontheleasestartdate,theCompanyrecognizesthedifferencebetweenthesumofthefinancialleasereceivableandtheunguaranteedresidualvalueanditspresentvalueasunrealizedfinancingincome,andrecognizesitasleaseincomeinthefutureperiodwhentherentisreceived.TheinitialdirectexpensesincurredbytheCompanyrelatedtotheleasingtransactionareincludedintheinitialentryvalueofthefinancialleasereceivable.
26.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,anditscashinflowis
basicallyindependentofotherassetsorassetgroups.Theassetgroupconsistsofassetsrelatedtocashinflow.Theidentificationofassetgroupisbasedonwhetherthemaincashinflowgeneratedbyassetgroupisindependentofotherassetsorcashinflowofassetgroup.TheCompanyconductsimpairmenttesteveryyearforintangibleassetswithuncertaingoodwillandservicelifeformedbybusinesscombinationandnotyetinserviceablecondition,regardlessofwhetherthereisanysignofimpairment.Theimpairmenttestofgoodwilliscarriedoutincombinationwithitsrelatedassetgrouporcombinationofassetgroups.Oncetheassetimpairmentlossisconfirmed,itwillnotbereversedinthefollowingaccountingperiod.
27.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.
28.Changeofmainaccountingpoliciesandestimations
(1)Changeofmainaccountingpolicies
?Applicable□NotapplicableImplementtheprovisionsof"AccountingTreatmentforDeferredIncomeTaxRelatedtoAssetsandLiabilitiesArisingfromIndividualTransactions"inInterpretationNo.16ofAccountingStandardsforBusinessEnterprises.OnNovember30,2022,theMinistryofFinanceissuedtheNo.16InterpretationofAccountingStandardsforBusinessEnterprises(No.31[2022]CaiHui)(hereinafterreferredtoas"No.16Interpretation").Adoptedby
theresolutionoftheseventhmeetingofthe10thBoardofDirectorsoftheCompanyonMarch20,2023,theCompanyimplementstherelevantprovisionsoftheNo.16InterpretationfromJanuary1,2023.AccordingtoInterpretationNo.16,forthetaxabletemporarydifferencesanddeductibletemporarydifferencescausedbytheinitialrecognitionofassetsandliabilitiesinasingletransactionthatisnotabusinessmerger,doesnotaffectaccountingprofitsortaxableincome(ordeductiblelosses)atthetimeoftransaction,andtheinitialrecognitionofassetsandliabilitiesleadstoequaltaxabletemporarydifferencesanddeductibletemporarydifferences,theCompanyrespectivelyrecognizesthecorrespondingdeferredincometaxliabilitiesanddeferredincometaxassetsatthetimeoftransactionaccordingtotheAccountingStandardsforBusinessEnterprisesNo.18-IncomeTaxandotherrelevantprovisions.Theimpactoftheimplementationoftheaboveregulationonthefinancialstatementforthethisperiodandforcomparableperiodsisasfollows:
1.Impactonconsolidatedfinancialstatement
Items
December31,2022/2022（Beforethechange）
January1,2023,/2022（Afterchange）
Influence
numberLongtermshareequityinvestment
2,923,368,667.842,923,305,042.30-63,625.54Deferredincometaxassets128,179,543.02129,044,978.46865,435.44Deferredincometaxliability306,806,527.72307,825,916.581,019,388.86Retainedprofit4,698,247,435.404,698,029,354.09-218,081.31Minorityshareholders’equity2,293,019,517.512,293,020,019.86502.35Investmentincome254,956,789.70254,893,164.16-63,625.54Incometaxexpenses547,291,352.09547,955,753.85664,401.76Profitandlossofminorityshareholders
517,518,728.74517,518,900.36171.62
2.ImpactonParentcompanyfinancialstatement
InRMB
Items
December31,2022/2022（Beforethe
change）
January1,2023,/2022（After
change）
InfluencenumberLongtermshareequityinvestment
6,096,479,269.506,096,415,643.96-63,625.54Deferredincometaxassets122,968,519.19123,579,950.33611,431.14Deferredincometaxliability61,217,804.4261,985,198.42767,394.00Retainedprofit4,723,852,770.464,723,633,182.06-219,588.40Minorityshareholders’equity1,173,330,227.521,173,266,601.98-63,625.54Investmentincome95,996,578.3196,661,666.54665,088.23
Items
December31,2022/2022（Beforethechange）
January1,2023,/2022（Afterchange）
Influence
numberIncometaxexpenses
（1）Significantestimateschanges
□Applicable√Notapplicable
（2）Theinformationoftheadjustingitemsrelatedtothefinancialstatementsatthebeginningoftheyearoffirstimplementationduetothefirstimplementationofnewaccountingstandardsfrom2023.Adjustmentdescription?Applicable□NotapplicableNoteSee(1)ImportantaccountingpolicychangesVI.Taxation
1.Majorcategoryoftaxesandtaxrates
TaxcategoryTaxbasisTaxrateVATTaxableincome3%,5%,6%,9%,13%Citymaintenanceandconstructiontax
Theactualpaymentofturnovertax5%,7%Enterpriseincometax
Taxableincome25%EducationFeeSurchargeTheactualpaymentofturnovertax3%LocaleducationsurchargeTheactualpaymentofturnovertax2%
2.Preferentialtaxtreatment
NoneVII.NotesonmajoritemsinconsolidatedfinancialstatementsoftheCompany
1.Monetaryfunds
InRMB
ItemsAmountinyear-endBalanceYear-beginningCash35,130.1543,420.71Bankdeposit2,039,934,390.231,896,056,055.51Other514,004.48515,903.01MoneydepositedwithafinanceCompany
2,662,395,109.142,389,294,052.10Interestaccruedwhennotdue15,753,098.204,672,059.45Total4,718,631,732.204,290,581,490.78
OthernoteTheinterestreceivableisRMB15,753,098.20frominterestaccruedonseven-daycalldeposits.
2.Accountreceivable
（1）Disclosurebyaging
InRMBAgingBalanceinyear-endBalanceYear-beginningWithin1year131,238,586.9096,058,380.921-2years9,116,666.6712,958,333.312-3years2,077,392.00Over3year3,143,664.001,066,272.003-4years2,077,392.001,066,272.004-5years1,066,272.00Subtotal143,498,917.57112,160,378.23Baddebtprovision3,599,497.333,791,580.67
Total139,899,420.24108,368,797.56
（2）Accordingtothebaddebtprovisionmethodclassificationdisclosure
InRMBCategory
Amountinyear-endBalanceYear-beginningBookBalanceBaddebtprovisionBookvalueBookBalanceBaddebtprovisionBookvalueAmountProportion(%)AmountProportion(%)AmountProportion(%)AmountProportion(%)Accrualofbaddebtprovisionbysingle
3,143,664.002.19%3,143,664.00100.00%3,143,664.002.80%3,143,664.00100.00%Including：
Accrualofbaddebtprovisionbyportfolio
140,355,253.5797.81%455,833.330.32%139,899,420.24109,016,714.2397.20%647,916.670.59%108,368,797.56Including：
Agingportfolio140,355,253.5797.81%455,833.330.32%139,899,420.24109,016,714.2397.20%647,916.670.59%108,368,797.56Total143,498,917.57100.00%3,599,497.332.51%139,899,420.24112,160,378.23100.00%3,791,580.673.38%108,368,797.56
Accrualofbaddebtprovisionbysingle：
InRMBName
BalanceYear-beginningBalanceinyear-endBookbalance
Baddebtprovision
Bookbalance
Baddebtprovision
Withdr
awalpropor
tion
ReasonGuangdongTaihengExpresswayDevelopmentCo.,Ltd.
3,143,664.003,143,664.003,143,664.003,143,664.00100.00
Theenterprisehasenteredthestageofbankruptcyandliquidation,ItisnotexpectedtoberecoveredTotal
3,143,664.003,143,664.003,143,664.003,143,664.00100.00Accrualofbaddebtprovisionbyportfolio:Theaging
InRMB
Aging
Balanceinyear-endAccountreceivableBaddebtprovisionExpectedcreditlossrate(%Within1year131,238,586.901-2years9,116,666.67455,833.335.00%Total140,355,253.57455,833.33/0.32%Note：TheagingRelevantinformationoftheprovisionforbaddebtswillbedisclosedwithreferencetothedisclosuremethodofotherreceivablesiftheprovisionforbaddebtsofbillsreceivableisaccruedaccordingtothegeneralmodelofexpectedcreditloss:
□Applicable√Notapplicable
(3)Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodThewithdrawalamountofthebaddebtprovision：
InRMBCategoryOpeningbalance
Amountofchangeinthecurrentperiod
ClosingbalanceAccrual
Reversedorcollectedamount
Write-off
OtherAccrualofbaddebtprovisionbysingleitem
3,143,664.003,143,664.00Accrualofbaddebtprovisionbycreditrisk
647,916.67192,083.34455,833.33Total3,791,580.67192,083.343,599,497.33OfwhichthesignificantamountofthereversedorcollectedpartduringthereportingperiodNone
（4）Theactualwrite-offaccountsreceivable
None
(5)Top5oftheclosingbalanceoftheaccountsreceivablecollectedaccordingtothearrearsparty
InRMBCompanyName
Amountofendingbalanc
e
Closingbalanceofthecontractassets
Accountsreceivableandcontractassetsending
balance
Proportionoftotalaccountsreceivabl
| e | % |
Amountofendingbala
nceforbadde
btsGuangdongUnionElectronicServicesCo.,Ltd.
104,739,306.9272.99%GuangdongLuluTrafficDevelopmentCo.,Ltd.
10,200,000.007.11%455,833.33GuangdongJingzhuExpresswayGuangzhuNorthsectionCo.,Ltd.
8,643,475.026.02%GuangdongHumenBridgeCo.,Ltd.
8,382,454.425.84%GuangdongExpresswayTechnologyInvestmentCo.,Ltd.
6,548,536.494.56%Total138,513,772.8596.52%455,833.33
（6）AccountreceivablewhichterminatetherecognitionowningtothetransferofthefinancialassetsNone
(7)TheamountoftheassetsandliabilitiesformedbythetransferandthecontinuesinvolvementofaccountsreceivableNone
3.Otheraccountsreceivable
InRMBItemsBalanceinyear-endBalanceYear-beginningDividendreceivable1,205,472.901,205,472.90Otherreceivable88,372,734.8633,250,771.74Total89,578,207.7634,456,244.64
（1）Interestreceivable：
None
（2）Dividendreceivable
1)Dividendreceivable
InRMBItemsBalanceinyear-endBalanceYear-beginningGuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise
1,205,472.901,205,472.90Total1,205,472.901,205,472.902）Significantdividendreceivableagedover1year
InRMBItems
Balancein
year-end
AgingReasonsfornon-recovery
WhetherwithimpairmentandthejudgmentbasisGuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise
1,205,472.90
Over5years
Thepartnershipagreementexpiresandcanberecoveredaftertheextensionproceduresarecompleted
No,itcanberecoveredinthefutureTotal1,205,472.90
（3）Otheraccountsreceivable
1)Otheraccountsreceivableclassified
InRMBItemsBalanceinyear-endBalanceYear-beginningSecuritiestradingsettlementfunds30,844,110.43Pettycash3,537,793.934,038,469.21Onbehalfofmoney221,107,620.0297,749,481.71Deposit2,736,640.1926,630,350.18Equitytransferpaymentreceivable39,682,898.02Compensationforperformancecommitmentsreceivable
40,092,886.12Other2,322,516.602,581,952.35
Subtotal309,480,354.88161,844,363.88Less：Baddebtprovision221,107,620.02128,593,592.14
Total88,372,734.8633,250,771.74
2）Disclosurebyaging
InRMBAgingBalanceinyear-endBalanceYear-beginningWithin1year(Including1year）
209,212,525.26125,683,275.601-2years
98,008,543.71311,707.852-3years
220,243.573,477,902.45Over3years
2,039,042.3432,371,477.983-4years
1,184,699.3526,560.704-5years
23,848.70627,314.97Over5years
830,494.2931,717,602.31Subtotal309,480,354.88161,844,363.88Less：Baddebtprovision
221,107,620.02
128,593,592.14Total88,372,734.8633,250,771.74
3）Accordingtothebaddebtprovisionmethodclassificationdisclosure?Applicable□Notapplicable
InRMB
Category
Amountinyear-endBalanceYear-beginningBookBalanceBaddebtprovisionBookvalueBookBalanceBaddebtprovisionBookvalueAmountProportion(%)AmountProportion(%)AmountProportion(%)AmountProportion(%)Accrualofbaddebtprovisionbysingle
221,107,620.0271.44%221,107,620.02100.00%128,593,592.1479.46%128,593,592.14100.00%Including：
Accrualofbaddebtprovisionbyportfolio
88,372,734.8628.56%88,372,734.8633,250,771.7420.54%33,250,771.74Including：
Agingportfolio
673,683.890.22%673,683.891,082,461.540.67%1,082,461.54CSFPortfolio
6,274,434.122.03%6,274,434.1230,668,819.3918.95%30,668,819.39Verylowcreditriskfinancialassetportfolio
81,424,616.8526.31%81,424,616.851,499,490.810.93%1,499,490.81Total309,480,354.88100.00%221,107,620.0271.44%88,372,734.86161,844,363.88100.00%128,593,592.1479.46%33,250,771.74
Accrualofbaddebtprovisionbysingle：
InRMBName
BalanceYear-beginningBalanceinyear-endBookBalance
Baddebtprovision
BookBalance
Baddebtprovision
Withdrawalproportion
Reason
DepartmentofTransportofGuangdong
97,749,481.7197,749,481.71221,107,620.02221,107,620.02100.00%
ThesourceoffundsforcustodyexpensespaidbyGuangzhou-FoshanExpresswayonbehalfneedstobefurtherdefined,andtheprovisionforbaddebtsshallbemadeinfullaccordingtotheprincipleofprudenceTotal97,749,481.7197,749,481.71221,107,620.02221,107,620.02Numberofcategoriesofbaddebtprovisiondrawnbyportfolio:2Accrualofbaddebtprovisionbyportfolio:TheAging
InRMB
Name
Balanceinyear-endBookbalanceBaddebtprovisionWithdrawalproportionWithin1year673,683.89Total673,683.89Accrualofbaddebtprovisionbyportfolio:Other
InRMB
Name
Balanceinyear-endBookbalanceBaddebtprovisionWithdrawalproportionCastdepositportfolio6,274,434.12Verylowcreditriskfinancialassetportfolio
81,424,616.85Total87,699,050.97Thewithdrawalamountofthebaddebtprovision：
InRMBBadDebtReserves
Stage1Stage2Stage3
TotalExpectedcreditlossesoverthenext12months
Expectedcreditlossoverlife(nocreditimpairment)
Expectedcreditlossesfortheentireduration(creditimpairmentoccurred)BalanceasatJanuary1,2023
97,749,481.7130,844,110.43128,593,592.14BalanceasatJanuary1,2023incurrent——TransfertostageII-97,749,481.7197,749,481.71
BadDebtReserves
Stage1Stage2Stage3
TotalExpectedcreditlossesoverthenext12months
Expectedcreditlossoverlife
(nocreditimpairment)
Expectedcreditlossesfortheentireduration(creditimpairmentoccurred)——TransfertostageIII--ReversaltotheIIstage--ReversaltotheIstageProvisioninCurrentYear
123,358,138.31123,358,138.31ReversalinCurrentYearConversioninCurrentYearWriteoffinCurrentYear
30,844,110.4330,844,110.43OtherchangeBalanceasat31Dec.2023
221,107,620.02221,107,620.02
Lossprovisionchangesincurrentperiod,changeinbookbalancewithsignificantamount
□Applicable√Notapplicable
4）Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodThewithdrawalamountofthebaddebtprovision：
InRMBCategoryOpeningbalance
Amountofchangeinthecurrentperiod
ClosingbalanceAccrual
Reversedorcollectedamount
Write-offOtherAccrualofbaddebtprovisionbysingleitem
128,593,592.14123,358,138.3130,844,110.43221,107,620.02Total128,593,592.14123,358,138.3130,844,110.43221,107,620.02
OfwhichthesignificantamountofthereversedorcollectedpartduringthereportingperiodNone5）Otheraccountreceivablesactuallycancelafterwrite-off
InRMB
ItemsAmountSecuritiessettlementandtradingfunds30,844,110.43Wherethewrite-offofotherimportantreceivablesisasfollows:
InRMB
UnitnameNatureofotherreceivables
Write-offamount
Reasonsforwrite-off
Write-offprocedureforperformance
WhetherthepaymentisgeneratedbyrelatedpartytransactionsKunlunSecurities
Securitiestradingsettlementfunds30,844,110.43
Bankruptcy
ResolutionadoptedattheFifteenth
No
Co.,Ltd
liquidationhasbeenbasicallycompleted,andthereisbasicallynobankruptcypropertyavailablefordistribution
(provisional)MeetingoftheTenthBoardofDirectorsTotal30,844,110.436）Top5oftheclosingbalanceoftheprepaymentcollectedaccordingtotheprepaymenttarget
InRMBNameRelationswiththe
Company
AmountAgingReasonsfor
non-settlement
Proportion%DepartmentofTransportofGuangdongProvince
Onbehalfofmoney
123,358,138.31
Within1year
71.45%
123,358,138.3197,749,481.711-2years97,749,481.71
GuangdongProvincialFreewayCo.,Ltd.
Temporarilyestimatetherestructuringperformancecompensation
40,092,886.12
Within1year
12.95%
BipiXiaojuNewEnergy(Shenzhen)Co.,Ltd.
Equitytransfer39,682,898.02
Within1year
12.82%
GuangdongLitongDevelopmentInvestmentCo.,Ltd.
Vehicleparkingdeposit
1,823,397.94
Within1year
0.60%
22,980.002-3yearsGuangdongExpresswayMediaCo.,Ltd.
Advertisingrevenue656,495.57
Within1year
0.21%
Total303,386,277.6798.03%221,107,620.02
4.Prepayments
（1）Aginganalysis
InRMBAging
Balanceinyear-endBalanceYear-beginningAmountProportion（%）AmountProportion（%）Within1year8,310,359.6397.90%7,645,192.9598.20%1-2years37,806.240.45%2-3years140,000.001.80%Over3years140,000.001.65%Total8,488,165.877,785,192.95Notesofthereasonsoftheprepaymentagesover1yearwithsignificantamountbutfailedsettledintime:
None
(2)Top5oftheclosingbalanceoftheprepaymentcollectedaccordingtotheprepaymenttarget
InRMBNameRelations
withtheCompany
AmountAgingReasonsfornon-
settlement
Proportion%ChinaPingAnPropertyInsuranceCo.Ltd.GuangdongBranch
Non-Relatedparty
3,807,386.58
Within1year
Unliquidated
44.86%
GuangdongFeidaTrafficEngineeringCo.,Ltd
Related
party
2,478,186.00
Within1year
Unliquidated
29.20%
PICC
Non-Relatedparty
1,641,767.52
Within1year
Unliquidated
19.34%
FirstPacificDavisPropertyConsultant(Guangzhou)Co.,Ltd
Non-Related
party
152,079.63
Within1year
Unliquidated
1.79%
ExcellenceAppraisal
Non-Related
party
140,000.00
Over3years
Unliquidated
1.65%
Total8,219,419.7396.84%
（3）Otherdebtinvestmentscomingduewithin1year
□Applicable?Notapplicable
5.Othercurrentassets
InRMBItems
| Year-end | balance | Year-beginning | balance |
Advancetaxpayment34,805.711,931,251.29VATretentiontaxcredits111,143.99Total34,805.712,042,395.28
6.OtherEquityinstrumentinvestment
InRMB
NameClosingbalanceOpeningbalance
Gainsincludedinothercomprehensiveincomeinthecurrentperiod
Lossesincludedin
othercomprehensiveincomeinthecurrentperiod
Gainsaccumulatedinothercomprehensiveincomeattheend
ofthecurrent
period
Lossesaccumulatedin
othercomprehensiveincomeattheend
ofthecurrent
period
Dividendincomerecognizedinthecurrentperiod
ReasondesignatedasbeingmeasuredatfairvalueandchangebeingincludedinothercomprehensiveincomeGuangleExpresswayCo.,Ltd.
796,722,655.90779,705,656.2917,016,999.6148,374,354.1726,551,300.00GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise
55,434,894.1355,365,396.6169,497.525,434,894.13
ChinaEverbrightBankCo.,Ltd.
682,239,337.60722,232,678.0839,993,340.48164,678,460.8044,698,439.36HuaxiaSecuritiesCo.,Ltd.（Notes1）
5,400,000.00HuazhengAssetManagementCo.,Ltd.（Notes2）
1,620,000.00Total1,534,396,887.631,557,303,730.9817,086,497.1339,993,340.48218,487,709.107,020,000.0071,249,739.36Note1:HuaxiaSecuritiesCo.,Ltd.hasbeenseverelyinsolvent.InApril2008,theCSRCsentaletteragreeingtoHuaxiaSecuritiesCo.,Ltd.toapplyforbankruptcy.InAugust2008,theBeijingNo.2IntermediatePeople'sCourtofficiallyacceptedthebankruptcyliquidationapplication.Note2:HuazhengAssetManagementCo.,Ltd.hasbeenseverelyinsolvent.
Breakdowndisclosureofinvestmentinnon-tradableequityinstrumentsinthecurrentperiod
InRMB
Items
Dividendincomerecognized
Cumulativegain
Cumulativeloss
Amountofotherconsolidatedincometransferredtoretainedearnings
Reasonsfordesignationasmeasuredatfairvalueandchangesincludedinothercomprehensiveincome
ReasonsforotherconsolidatedincometransferredtoretainedearningsGuangleExpresswayCo.,Ltd.26,551,300.0048,374,354.17
Non-transactionalpurposeforshareholdingGuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise
5,434,894.13
Non-transactionalpurposeforshareholdingChinaEverbrightBankCo.,Ltd.44,698,439.36164,678,460.80
Non-transactionalpurposeforshareholdingHuaxiaSecuritiesCo.,Ltd.5,400,000.00
Non-transactionalpurposeforshareholdingHuazhengAssetManagementCo.,Ltd.
1,620,000.00
Non-transactionalpurposeforshareholdingTotal71,249,739.36218,487,709.107,020,000.00
7.Long-termequityinvestment
InRMB
InvesteesOpeningbalance
Initialbalanceoftheimpairmentprovision
Increase/decrease
Closingbalance
Closingbalanceofimpairmentprov
Additionalinvestment
Negativeinvestment
Investmentprofitandlossrecognizedundertheequitymethod
Adjustmentofothercomprehensiveincome
Changesofotherequity
Cashbonusorprofitsannouncedtoissue
Withdrawalofimpairmentprovision
Other
InvesteesOpeningbalance
Initialbalanceof
theimpairmentprovision
Increase/decrease
Closingbalance
Closingbalanceofimpairme
ntprovision
Additionalinvestment
Negativeinvestment
Investmentprofit
andlossrecognizedundertheequitymethod
Adjustmentof
othercomprehensive
income
Changesofotherequity
Cashbonusor
profitsannouncedto
issue
Withdrawal
ofimpairmentprovision
Other
I.Jointventure
2.AffiliatedCompany
ZhaoqingYuezhaoHighwayCo.,Ltd.
310,209,765.8756,894,249.13367,104,015.00GuangdongJiangzhongExpresswayCo.,Ltd.
446,883,150.40
110,250,000
.00
11,239,149.0710,685,619.81557,686,679.66GanzhouGankangExpresswayCo.,Ltd.
163,154,438.0022,400,381.124,500,000.00181,054,819.12GanzhouKangdaExpresswayCo.,Ltd.
246,268,935.1340,160,769.8528,500,000.00257,929,704.98ShenzhenHuiyanExpresswayCo.,
348,669,767.3229,252,416.66377,922,183.98
InvesteesOpeningbalance
Initialbalanceof
theimpairme
ntprovision
Increase/decrease
Closingbalance
Closingbalanceofimpairme
ntprovision
Additionalinvestment
Negativeinvestment
Investmentprofitandlossrecognizedundertheequitymethod
Adjustmentofothercomprehensiveincome
Changesofotherequity
Cashbonusor
profitsannouncedto
issue
Withdrawal
ofimpairmentprovision
Other
Ltd.GuoyuanSecuritiesCo.,Ltd.
987,867,627.4244,637,991.9910,114,877.172,424.1915,522,387.30
1,027,100,533.4
GuangdongYuekeScienceandTechnologyMicrofinanceCo.,Ltd.
219,031,496.3910,944,601.748,117,988.03221,858,110.10HunnanLianzhiTechnologyCo.,.Ltd.
97,539,945.744,305,442.82-103,373.64101,742,014.92SPICYuetongQiyuanChipPowerTechnologyCo.,Ltd.
4,981,238.50-1,801,011.733,180,226.77ShenzhenGarageElectricPileTechnologyCo.,Ltd
98,698,677.5394,985,599.50-2,321,262.031,391,816.00
InvesteesOpeningbalance
Initialbalanceoftheimpairme
ntprovision
Increase/decrease
Closingbalance
Closingbalanceofimpairmentprovision
Additionalinvestment
Negativeinvestment
Investmentprofitandlossrecognizedundertheequitymethod
Adjustmentofothercomprehensive
income
Changesofotherequity
Cashbonusorprofitsannouncedtoissue
Withdrawalofimpairmentprovision
Other
Subtotal2,923,305,042.30
110,250,000
.00
94,985,599.50215,712,728.6210,114,877.17-100,949.4568,717,811.14
3,095,578,288.0
Total2,923,305,042.30
110,250,000
.00
94,985,599.50215,712,728.6210,114,877.17-100,949.4568,717,811.14
3,095,578,288.0
Therecoverableamountisdeterminedbythenetamountoffairvalueminusdisposalexpenses
□Applicable
?NotapplicableTherecoverableamountisdeterminedaccordingtothepresentvalueoftheexpectedfuturecashflow
□Applicable
?Notapplicable
8.Othernon-currentfinancialassets
InRMB
ItemsClosingbalanceOpeningbalanceClassifiedasfinancialassetsmeasuredatfairvalueandwhosechangesareincludedinthecurrentprofitandlossIncluding：
EquityinvestmentofBeijingInstituteofArchitecturalDesignCo.,Ltd.84,159,575.05EquityinvestmentofCMSTNanjingIntelligentLogisticsTechnologyCo.,Ltd.99,697,192.95101,400,000.00Total183,856,768.00101,400,000.00
9.Investmentproperty
(1)Investmentpropertyadoptedthecostmeasurementmode
√Applicable□Notapplicable
InRMB
Items
Housesand
buildings
Landuseright
Constructioninprocess
TotalI.Originalvalue
1.Openingbalance
12,664,698.252,971,831.1015,636,529.35
2.Increasedamountoftheperiod
（1）Outsourcing
(2)Inventory,FixedassetsandConstructionproject
into
(3))IncreasedofEnterpriseconsolidation
3.Decreasedamountoftheperiod
（1）Disposal
（
）OtherOut
4.Closingbalance
12,664,698.252,971,831.1015,636,529.35II.Accumulateddepreciationaccumulatedamortization
1.Openingbalance
10,989,739.141,978,645.2812,968,384.42
2.Increasedamountoftheperiod
147,549.1273,569.36221,118.48
(1)Withdrawaloramortization
147,549.1273,569.36221,118.48
3.Decreasedamountoftheperiod
（1）Disposal
（2）OtherOut
4.Closingbalance
11,137,288.262,052,214.6413,189,502.90
Items
Housesand
buildings
Landuseright
Constructioninprocess
TotalIII.Impairmentprovision
1.Openingbalance
2.Increasedamountoftheperiod
（1）Withdrawal
3.Decreasedamountoftheperiod
（1）Disposal
（
）OtherOut
4.Closingbalance
IV.Bookvalue
1.Closingbookvalue
1,527,409.99919,616.462,447,026.45
2.Openingbook
1,674,959.11993,185.822,668,144.93Therecoverableamountisdeterminedbythenetamountoffairvalueminusdisposalexpenses
□Applicable
?NotapplicableTherecoverableamountisdeterminedaccordingtothepresentvalueoftheexpectedfuturecashflow
□Applicable?Notapplicable
（2）Detailsofinvestmentpropertyfailedtoaccomplishcertificationofproperty
InRMBItemsBookbalanceReasonHousesandBuilding850,099.38
Transportationandotherancillaryfacilities,NotaccreditationTotal850,099.38
10.Fixedassets
InRMBItemsYear-endbalanceYear-beginningbalanceFixedassets9,010,154,405.3210,098,252,638.07liquidationoffixedassets14,307.60Total9,010,168,712.9210,098,252,638.07
(1)Listoffixedassets
InRMBItems
GuangfoExpressway
FokaiExpressway
GuanghuiExpressway
JingzhuExpresswayGuangzhusection
Houseandbuildings
Machineryequipment
Transportationequipment
Electricityequipmentandother
TotalI.Originalprice
1.Openingbalance
1,460,270,190.6610,916,901,136.526,824,139,977.485,136,471,234.45664,476,347.751,849,144,772.3061,642,618.63142,268,138.5427,055,314,416.33
2.Increasedamountof
theperiod
27,301,711.001,079,370.0020,897,406.992,551,749.4210,501,826.0262,332,063.43
（
）Purchase6,044,149.682,551,749.428,627,511.4517,223,410.55（
）Transferofprojectunderconstruction
27,301,711.001,079,370.0014,853,257.3166,918.0043,301,256.31
(3)IncreasedofEnterprise
consolidation
（4）Other
1,633,920.571,807,396.571,807,396.57
3.Decreasedamountof
theperiod
23,466.0015,580,677.36137,111,020.723,771,817.006,820,066.88163,307,047.96（
）Disposalorscrap14,920,857.18135,683,233.723,771,817.005,186,146.31159,562,054.21
（2）Disposition
subsidiary
（3）Otherout23,466.00659,820.183,061,707.573,744,993.75
4.Closingbalance1,460,270,190.6610,944,202,847.526,825,195,881.485,136,471,234.45648,895,670.391,731,297,238.0060,422,551.05147,583,818.2526,954,339,431.80II.Accumulateddepreciation
1.Openingbalance
1,460,270,190.665,857,558,616.404,285,503,165.863,319,516,101.13480,209,669.571,410,747,604.6147,930,132.3091,204,984.6316,952,940,465.16
2.Increasedamountofthe
period
345,960,409.86430,991,126.10197,940,217.5830,510,465.15103,722,845.612,337,521.6612,561,796.111,124,024,382.07
（1）Withdrawal
345,960,409.86430,991,126.10197,940,217.5830,510,465.15103,722,845.612,337,521.6612,518,764.221,123,981,350.18
Items
GuangfoExpressway
FokaiExpressway
GuanghuiExpressway
JingzhuExpresswayGuangzhusection
Houseandbuildings
Machineryequipment
Transportationequipment
Electricityequipmentandother
Total
（2）Other43,031.8943,031.89
3.Decreasedamountof
theperiod
11,290,376.08126,472,112.023,434,386.154,915,356.62146,112,230.87
(1)Disposalorscrap
11,290,376.08126,429,080.133,434,386.154,915,356.62146,069,198.98
（2）Disposition
subsidiary
（3）Otherout43,031.8943,031.89
4.Closingbalance1,460,270,190.666,203,519,026.264,716,494,291.963,517,456,318.71499,429,758.641,387,998,338.2046,833,267.8198,851,424.1217,930,852,616.36III.Impairmentprovision
1.Openingbalance
2,889,394.161,231,918.944,121,313.10
2.Increasedamountofthe
period
10,394,796.4548,219.5110,443,015.96
(1)Withdrawal
10,394,796.4548,219.5110,443,015.96
（
）Other
3.Decreasedamountofthe
period
1,231,918.941,231,918.94
(1)Disposalorscrap
1,231,918.941,231,918.94（
）Dispositionsubsidiary
4.Closingbalance2,889,394.1610,394,796.4548,219.5113,332,410.12IV.Bookvalue
1.Closingbookvalue
4,740,683,821.262,108,701,589.521,619,014,915.74146,576,517.59332,904,103.3513,589,283.2448,684,174.629,010,154,405.32
2.Openingbook
5,059,342,520.122,538,636,811.621,816,955,133.32181,377,284.02437,165,248.7513,712,486.3351,063,153.9110,098,252,638.07
(2)Temporarilyidlefixedassets
None
(3)Fixedassetsleasedoutfromoperationlease
InRMBItemsYear-endbalanceHouseandbuildings20,723,774.36Machineryequipment484,000.00
（4）Detailsoffixedassetsfailedtoaccomplishcertificationofproperty
InRMBItemsBookbalanceReasonHouseandbuildings131,882,222.24
Transportationandotherancillaryfacilities，Notaccreditation.
（5）liquidationoffixedassets
?Applicable□NotapplicableTherecoverableamountisdeterminedbythenetamountoffairvalueminusdisposalexpenses?Applicable□Notapplicable
InRMBItemsBookvalue
Recoverableamount
Impairmentamount
Howtodeterminefairvalueanddisposalexpenses
Keyparameter
Basisfordeterminingkeyparameters
Demolitionoffixedassetsinreconstructionandexpansionprojects
10,394,796.4510,394,796.45
Thefairvalueadoptsthemarketinquirymethod,andthedisposalexpensesarerelatedtothedisposalofassets
Markettransactionprice,businessevaluationanddisposalexpenses
Markettransactionprice:askrelevantresourcerecyclingmerchantsforquotationandevaluation;disposalcost:includingtaxesandfeesrelatedtoassetdisposalandhandlingfees.Total10,394,796.4510,394,796.45Therecoverableamountisdeterminedaccordingtothepresentvalueoftheexpectedfuturecashflow
□Applicable?Notapplicable
（6）liquidationoffixedassets
InRMB
ItemsYear-endbalanceYear-beginningbalanceTransportationequipment14,307.60Total14,307.60
11.Projectunderconstruction
InRMB
ItemsYear-endbalanceYear-beginningbalanceProjectunderconstruction1,960,092,562.22753,565,502.12Total1,960,092,562.22753,565,502.12
（1）Projectunderconstruction
InRMB
Items
Year-endbalanceYear-beginningbalanceBookbalanceProvisionfor
devaluation
BookvalueBookbalanceProvisionfor
devaluation
BookvalueReconstructionandExpansionofNansha-ZhuhaisectionofGuangzhou-MacaoExpressway
1,648,394,518.481,648,394,518.48553,543,942.17553,543,942.17ReconstructionandExpansionofFokaiExpresswaySanbaotoShuikou
197,907,850.29197,907,850.29152,274,277.83152,274,277.83ExpansionProjectofLuogang-LingkengSection21,813,587.2921,813,587.2914,367,022.4014,367,022.40Videoencryptionandbasedonvideoaiabnormaleventperceptionengineering
19,951,400.7319,951,400.73Guangzhou-ShantouRailwayCrossingproject19,446,564.4319,446,564.4310,576,570.4310,576,570.43JiujiangBridgenavigableholeanti-collisionreinforcementproject
16,070,965.6516,070,965.65Jiangxi-Shenzhenhigh-speedrailwaycross-sectionexpansionproject
15,664,172.9815,664,172.9815,664,172.9815,664,172.98BoluoCentralStationofficeandlivingfacilitiesrenovationandexpansionproject
13,281,042.3713,281,042.373,768,689.373,768,689.37TanweiBridgeShipCollisionProject1,749,246.001,749,246.00Other7,562,460.007,562,460.001,621,580.941,621,580.94Total1,960,092,562.221,960,092,562.22753,565,502.12753,565,502.12
(2)Changesofsignificantconstructioninprogress
InRMBNameofproject
Budget
Openingbalance
Increase
Transferredtofixedassets
Otherdecrease
EndbalanceProportion%
Projectprocess
Capitalizationofinterest
Including:
capitalizationofinterestthisperiod
Capitalizationofinterestrate(%)
SourceoffundingReconstructionandExpansionofNansha-Zhuhaisection
13,735,989,200.00553,543,942.171,094,850,576.311,648,394,518.4812.00%12.00%54,685,762.7344,783,325.902.97%Other
Nameof
project
Budget
Openingbalance
Increase
Transferredtofixedassets
Otherdecrease
EndbalanceProportion%
Projectprocess
Capitalizationof
interest
Including:
capitalizationofinterestthisperiod
Capitalizationofinterest
rate(%)
SourceoffundingofGuangzhou-MacaoExpresswayReconstructionandExpansionofFokaiExpresswaySanbaotoShuikou
3,426,210,000.00152,274,277.8372,935,283.4627,301,711.00197,907,850.2982.22%82.22%77,798,477.874,582,922.053.28%OtherJiujiangBridgenavigableholeanti-collisionreinforcementproject
36,419,600.0016,070,965.6516,070,965.6544.13%46.88%OtherVideoencryptionandbasedonvideoaiabnormaleventperceptionengineering
33,963,500.0019,951,400.7319,951,400.7358.74%58.74%OtherJiangxi-Shenzhenhigh-speedrailwaycross-sectionexpansionproject
16,966,900.0015,664,172.9815,664,172.9892.32%92.32%OtherGuangzhou-Shantou
21,460,000.0010,576,570.438,869,994.0019,446,564.4390.62%90.62%Other
Nameofproject
Budget
Openingbalance
Increase
Transferredto
fixedassets
Otherdecrease
EndbalanceProportion%
Projectprocess
Capitalizationofinterest
Including:
capitalizationofinterestthis
period
Capitalizationofinterest
rate(%)
SourceoffundingRailwayCrossingprojectBoluoCentralStationofficeandlivingfacilitiesrenovationandexpansionproject
17,000,000.003,768,689.379,512,353.0013,281,042.3778.12%78.12%OtherPreliminaryworkoftherenovationandexpansionprojectfromLuogangtoLingkengsection
321,541,000.0014,367,022.407,446,564.8921,813,587.296.78%6.78%Other
Total17,609,550,200.00750,194,675.181,229,637,138.0427,301,711.001,952,530,102.22132,484,240.6049,366,247.95
(3)ProvisionforimpairmentofconstructionprojectsinthecurrentperiodNone
（4）Provisionforimpairmentofconstructioninthisperiod
□Applicable
?Notapplicable
（5）EngineeringMaterials：
None
12.Userightassets
（1）ListofUserightassets
InRMB
Items
Houseandbuildings
Machineryequipment
Transportationequipment
Other
TotalI.Originalprice
1.Openingbalance21,487,031.29357,112.191,007,747.0022,851,890.48
2.Increasedamountoftheperiod30,634,734.72673,169.0631,307,903.78
（1）Newlease
30,634,734.72673,169.0631,307,903.78
（2）Other
3.Decreasedamountoftheperiod
21,487,031.2921,487,031.29（
）Transferorholdforsale（
）Disposalsubsidiary（
）Otherout21,487,031.2921,487,031.29
4.Closingbalance
30,634,734.72357,112.19673,169.061,007,747.0032,672,762.97II.Accumulateddepreciation
1.Openingbalance18,417,455.29142,844.88214,034.8818,774,335.05
2.Increasedamountoftheperiod9,902,925.0071,422.44336,584.52107,017.4410,417,949.40
（1）Withdrawal9,902,925.0071,422.44336,584.52107,017.4410,417,949.40（
）Otherincrease
3.Decreasedamountoftheperiod
21,487,031.2921,487,031.29（
）Disposition（
）Transferorholdforsale（
）Otherout21,487,031.2921,487,031.29
4.Closingbalance
6,833,349.00214,267.32336,584.52321,052.327,705,253.16III.Impairmentprovision
1.Openingbalance
2.Increasedamountoftheperiod
（1）Withdrawal
（2）Otherincrease
3.Decreasedamountoftheperiod
（
）Transferorholdforsale（
）Disposalsubsidiary（
）Otherout
4.Closingbalance
Items
Houseandbuildings
Machineryequipment
Transportationequipment
Other
TotalIV.Bookvalue
1.Closingbookvalue23,801,385.72142,844.87336,584.54686,694.6824,967,509.81
2.Openingbookvalue3,069,576.00214,267.31793,712.124,077,555.43
（2）Impairmenttestoftheuserightassets
□Applicable
?Notapplicable
13.Intangibleassets
(1)Listofintangibleassets
InRMB
ItemsLanduseright
Patentright
Non-patentedtechnology
Software
TheTurnpikefranchise
TotalI.Originalprice
1.Openingbalance
2,701,738.7638,254,516.12318,348,741.86359,304,996.74
2.Increasedamountofthe
period
1,248,863.061,248,863.06
(1)Purchase
1,248,863.061,248,863.06
(2)InternalDevelopment
(3)IncreasedofEnterprise
Combination
3.Decreasedamountofthe
period
12,037,940.9012,037,940.90（
）Disposal
12,037,940.9012,037,940.90
4.Closingbalance
2,701,738.7627,465,438.28318,348,741.86348,515,918.90II.Accumulatedamortization
1.Openingbalance
2,360,122.3932,364,262.8777,808,140.04112,532,525.30
2.Increasedamountofthe
period
21,832.592,105,560.9024,565,188.0126,692,581.50
(1)Withdrawal
21,832.592,105,560.9024,565,188.0126,692,581.50
3.Decreasedamountofthe
period
12,037,940.9012,037,940.90（
）Disposal
12,037,940.9012,037,940.90
ItemsLanduseright
Patentright
Non-patented
technology
Software
TheTurnpikefranchise
Total
4.Closingbalance
2,381,954.9822,431,882.87102,373,328.05127,187,165.90III.Impairmentprovision
1.Openingbalance
2.Increasedamountofthe
period
(1)Withdrawal
3.Decreasedamountofthe
period（
）Disposal
4.Closingbalance
IV.Bookvalue
1.Closingbookvalue
319,783.785,033,555.41215,975,413.81221,328,753.00
2.Openingbookvalue
341,616.375,890,253.25240,540,601.82246,772,471.44Attheendofthisperiod,thereisnointangibleassetsformedthroughthecompany'sinternalresearch.⑵DetailsofLanduserightfailedtoaccomplishcertificationofproperty
InRMB
ItemsBookvalue
Reasonfornotobtainingthetitle
certificateGongheTownLand319,783.78Reasonsleftoverfromhistory
（3）ImpairmenttestofIntangibleassets
□Applicable
?Notapplicable
14.Deferredincometaxassets/deferredincometaxliabilities
(1)Deferredincometaxassetshadnotbeenoff-set
InRMBItems
Balanceinyear-endBalanceYear-beginningDeductibletemporary
difference
Deferredincometaxassets
Deductibletemporarydifference
DeferredincometaxassetsAssetsimpairmentprovisions16,931,907.454,232,976.867,912,893.771,978,223.45Deductibleloss363,420,806.9690,855,201.74Assetappraisal,appreciation,depreciationandamortization
106,786,384.5026,696,596.13120,375,258.2430,093,814.56Deferredincome10,976,324.092,744,080.9921,009,212.705,252,303.27Operationlease23,963,150.055,990,787.462,668,029.63667,007.41Advancelease686,694.68171,673.67793,712.12198,428.03Total159,344,460.7739,836,115.11516,179,913.42129,044,978.46
(2)Deferredincometaxliabilitieshadnotbeenoff-set
InRMBItems
Balanceinyear-endBalanceYear-beginningDeductibletemporarydifference
Deferredincometaxliabilities
Deductibletemporarydifference
DeferredincometaxliabilitiesChangesinthefairvalueofotherequityinstruments
218,487,709.1054,621,927.27241,394,552.4560,348,638.11
Deductibletemporarydifferencesintheformationofassetimpairment
843,459,192.41210,864,798.09965,577,119.54241,394,279.90Differenceofamortizationmethodoffranchiseoftollroad
11,266,760.172,816,690.059,854,438.832,463,609.71Changesinthefairvalueoftradingfinancialassets
12,856,768.003,214,192.0010,400,000.002,600,000.00Taxaccountingdifferenceofuserightasset
24,967,509.816,241,877.434,077,555.431,019,388.86Taxaccountingdifferencesofprojectsunderconstruction
26,766,856.806,691,714.20Total1,137,804,796.29284,451,199.041,231,303,666.25307,825,916.58
(3)Deferredincometaxassetsorliabilitieslistedbynetamountafteroff-setNone
(4)Detailsofincometaxassetsnotrecognized
InRMB
ItemsBalanceinyear-endBalanceinyear-beginDeductibletemporarydifference
228,127,620.02135,613,592.14Deductibleloss
18,536,190.43Total228,127,620.02154,149,782.57
(5)Deductiblelossesoftheun-recognizeddeferredincometaxassetwillexpireinthefollowingyears
InRMBYearBalanceinyear-endBalanceinyear-beginRemark20233,129,535.7220243,618,779.0720253,571,100.2920263,889,857.9920274,326,917.36Total18,536,190.43
15.Othernon-currentassets
InRMBItems
Balanceinyear-endBalanceYear-beginningBookbalanceProvision
fordevaluation
BookvalueBookbalanceProvision
fordevaluation
Bookvalue
Prepaidengineeringfees337,943,920.69337,943,920.696,258,116.726,258,116.72Prepaidbusinesstax1,714,291.801,714,291.802,116,662.122,116,662.12Total339,658,212.49339,658,212.498,374,778.848,374,778.84
16.Assetswithrestrictedrightofownership
InRMB
Items
Balanceinyear-endBalanceinyear-beginBookbalance
Bookvalue
Restriction
type
Restrictioninformation
Bookbalance
Bookvalue
Restriction
type
RestrictioninformationMonetaryfund
1,221,200.001,221,200.00
Specialfunds
Specialfundsforlandreclamation
1,221,200.001,221,200.00
Specialfunds
SpecialfundsforlandreclamationNotesreceivableInventoryFixedassetsIntangibleassetsTotal1,221,200.001,221,200.001,221,200.001,221,200.00
17.Short-termBorrowing
（1）Short-termBorrowing
InRMB
Total
Balanceinyear-endBalanceYear-beginningCreditBorrowing110,000,000.00430,000,000.00Interestpayablenotdue85,708.33387,597.20Total110,085,708.33430,387,597.20
（2）Overdueshort-termborrowings
None
18.Accountpayable
（1）Listofaccountpayable
InRMBItems
Balanceinyear-endBalanceYear-beginningWithin1year（Including1year）114,450,217.03106,284,617.631-2years（including2years）36,069,234.7915,315,242.172-3years（including3years）7,388,237.282,693,624.18Over3years56,542,901.7073,495,298.79Total214,450,590.80197,788,782.77
（2）Significantpayableagingmorethan1year
InRMB
ItemsBalanceinyear-endReasonFoshanLandandresourcesBureau.30,507,598.21UnsettledHeshanLandandresourcesBureau9,186,893.60UnsettledPolyChangdaEngineeringCo.,Ltd.4,847,148.30UnsettledFoshanChanchengDistrict,ZhangChaSub-districtOffice
4,626,817.32UnsettledTotal49,168,457.43
19.Otherpayable
InRMB
Items
Balanceinyear-endBalanceYear-beginningDividendpayable27,809,510.3259,994,517.46Otherpayable122,484,006.11131,173,042.77Total150,293,516.43191,167,560.23
（1）Interestpayable
None
（2）Dividendspayable
InRMB
Items
Balanceinyear-endBalanceYear-beginningCommonstockdividends27,809,510.3225,694,517.46Dividendspayable-GuangdongProvincialFreeway
Co.,Ltd.
11,550,000.00Dividendspayable-GuangdongZhujiangHighwayandBridgeInvestmentCo.,Ltd
21,000,000.00Dividendspayable-HZCI1,750,000.00Total27,809,510.3259,994,517.46Otherexplanations,includingsignificantdividendspayablethathavenotbeenpaidformorethan1year,itshalldisclosethereasonsfornon-payment:
Note:Includingsignificantunpaiddividendspayableoveroneyear,theunpaidreasonshallbedisclosed:
Finaldividendpayable25,694,517.46yuanformoreayearinunpaiddividendstoshareholdersovertheyearwasmainlyduetonon-paymentofshareholderdividendsdidnotprovideinformationoninterest-bearingbank,didnotsharereformofshareholderstoreceivedividendsorprovideapplicationtotoreceivedividendsthebankinformationisincorrect,resultinginfailuretopayadividendorrefund.
（3）Otheraccountspayable
(1)Otheraccountspayablelistedbynatureoftheaccount
InRMBItemsYear-endbalanceYear-BeginningbalanceEstimatedprojectcost30,309,146.5140,097,538.05Deposit,warrantyandsecuritydeposit61,910,555.4264,205,413.61
Other30,264,304.1826,870,091.11Total122,484,006.11131,173,042.77
(2)Othersignificantaccountspayablewithagingoveroneyear
InRMB
ItemsClosingbalanceUnpaid/un-carryoverreasonPolyChangdaHighwayEngineeringCo.,Ltd.
13,242,121.20ThesettlementconditionsarenotmetYayaotoXiebianextension12,196,943.29ThesettlementconditionsarenotmetGuangdongGuanyueRoad&BridgeCo.,Ltd.
4,964,371.30ThesettlementconditionsarenotmetChinaRailway18thBureauGroupCo.,Ltd
3,735,837.56ThesettlementconditionsarenotmetCCCCFirstNavigationEngineeringBureauCo.,Ltd.
2,845,541.16ThesettlementconditionsarenotmetGuangdongNengdaHighwayMaintenanceCo.,Ltd.
2,328,072.70ThesettlementconditionsarenotmetGuangdongZhuboEngineeringRoad&BridgeCo.,Ltd.
2,230,104.12ThesettlementconditionsarenotmetGuangdongHighwayConstructionCo.,Ltd.
2,000,000.00ThesettlementconditionsarenotmetTotal43,542,991.33
20.Prepaymentreceived
(1)ListofPrepaymentreceived
InRMBItems
Balanceinyear-endBalanceYear-beginningWithin1year（Including1year）1,564,332.741,913,639.061-2years（Including2years）331,925.18805,117.912-3years（Including3years）750,973.00Total2,647,230.922,718,756.97
（2）Significantpayableagingmorethan1year
InRMB
ItemsBalanceinyear-endReasonHebeiJianhongPowerEngineeringCo.,Ltd.
1,076,400.79UnsettledTotal1,076,400.79--
21.PayableEmployeewage
（1）PayableEmployeewage
InRMB
Items
Year-beginning
Increaseinthe
| balance | current | period |
Decreaseinthe
| current | period |
Year-endbalanceI.Short-termcompensation20,660,328.60459,970,995.41460,008,337.8320,622,986.18II.Post-employmentbenefits-definedcontributionplans
68,688,651.1668,688,651.16
III.Dismissalbenefits1,573,216.921,573,216.92Total20,660,328.60530,232,863.49530,270,205.9120,622,986.18
（2）Short-termRemuneration
InRMB
Items
Year-beginning
Increaseinthe
| balance | current | period |
Decreaseinthe
| current | period |
Year-endbalance
1.Wages,bonuses,allowances
andsubsidies
465,063.49346,321,038.47346,321,038.47465,063.49
2.Employeewelfare
32,119,814.9732,119,814.97
3.Socialinsurancepremiums
29,026,690.1129,026,690.11Including：Medicalinsurance
20,038,879.2720,038,879.27Workinjuryinsurance1,174,708.611,174,708.61Other7,813,102.237,813,102.23
4.Publicreservesforhousing
39,662,696.0039,662,696.00
5.Unionfundsandstaffeducation
fee
17,883,045.4011,125,007.5611,170,165.6217,837,887.34
8.Other2,312,219.711,715,748.301,707,932.662,320,035.35Total20,660,328.60459,970,995.41460,008,337.8320,622,986.18
（3）Definedcontributionplanslisted
InRMBItems
BalanceYear-beginning
IncreaseinthisperiodPayableinthisperiodBalanceinyear-end
1.Basicold-age
insurancepremiums
39,952,111.7939,952,111.79
2.Unemployment
insurance
1,981,146.541,981,146.54
3.Enterpriseannuity
payment
26,755,392.8326,755,392.83Total68,688,651.1668,688,651.16
22.TaxPayable
InRMBItemsBalanceinyear-endBalanceYear-beginningVAT13,544,679.079,619,067.45
| Enterprise | Income | tax |
136,932,738.0458,889,929.38IndividualIncometax2,928,147.862,552,347.21CityConstructiontax863,204.59633,666.06Educationsubjoin417,048.11306,387.03LocalityEducationsubjoin259,424.11185,315.25Propertytax14,778.4160,799.58Stamptax163,570.4660,261.45
Total155,123,590.6572,307,773.41
23.Non-currentliabilitiesduewithin1year
InRMB
ItemsBalanceyear-endYear-beginningbalanceLong-termloansduewithin1year151,828,779.8772,870,082.19PayableBondsduewithin1year720,607,149.6940,679,999.99Long-termpayableduewithin1year495,283.01944,339.62Leaseliabilitiesduewithin1year10,480,947.082,517,045.16Total883,412,159.65117,011,466.96
24.Othercurrentliabilities
InRMB
ItemsBalanceyear-endYear-beginningbalanceShorttermpayablebonds368,676.26600,639.56Taxtoberewritten500,122,916.67Total368,676.26500,723,556.23
25.Long-termloan
(1)Categoryoflong-termloan
InRMB
ItemsBalanceyear-endYear-beginningbalancePledgeloans14,525,000.00Creditloan6,090,651,225.005,619,259,650.00Interestpayablewhennotdue5,893,604.875,680,782.19Less:Long-termloansduewithinoneyear（NoteVII.23）
151,828,779.8772,870,082.19Total5,944,716,050.005,566,595,350.00
Otherexplanations,includinginterestraterange:onDecember31,2023,theannualinterestraterangeofcreditloanswas2.75%-3.40%.
26.Bondpayable
（1）Bondpayable
InRMB
ItemsBalanceyear-endYear-beginningbalanceMedium-termnote1,429,328,483.631,428,381,232.94Interestpayablewhennotdue40,680,000.0140,679,999.99Less:Long-termloansduewithinoneyear（NoteVII.23）
720,607,149.6940,679,999.99Total749,401,333.951,428,381,232.94
（2）Changesofbondspayable(Notincludingtheotherfinancialinstrumentofpreferredstockandperpetualcapitalsecuritiesthatclassifyasfinancialliability
InRMB
Nameofthebond
Bookvalue
Interestrate
Issuedate
PeriodIssueamount
Openingbalance
ThecurrentissueWithdrawinterestatpar
Overflowdiscountamount
Payincurrentperiod
Closingbalance
Whetherdefault
GuangdongExpresswayMTN001
680,000,000.0
4.00
%2019.2.2
2019.3.1-2024.3.1
680,000,000.00702,279,764.69
27,200,000.0
-450,672.69
27,200,000.0
702,730,437.3
No
GuangdongExpresswayMTN001
750,000,000.0
3.00
%2020.3.1
2020.3.17-2025.3.17
750,000,000.00766,781,468.24
22,500,000.0
-496,578.00
22,500,000.0
767,278,046.2
NoLess:Bondspayableandduewithin1year
40,679,999.99
720,607,149.6
NoTotal——
1,430,000,000.0
1,428,381,232.9
49,700,000.0
-947,250.69
49,700,000.0
749,401,333.9
——
(3)NotetoconditionsandtimeofsharetransferofconvertiblebondsNone
（4）OtherfinancialinstrumentsthatareclassifiedasfinancialliabilitiesNone
27.Leaseliabilities
InRMB
ItemsBalanceyear-endYear-beginningbalanceLong-termleaseliabilities24,964,446.022,709,232.95Less：Financingcostsarenotrecognized1,001,295.9741,203.32Less:Long-termloansduewithinoneyear(NoteVII.23)
10,480,947.082,517,045.16Total13,482,202.97150,984.47
28.Long-termpayable
InRMB
ItemsBalanceyear-endYear-beginningbalanceLong-termpayable2,022,210.112,517,493.12Total2,022,210.112,517,493.12
(1)Long-termpayablelistedbynatureoftheaccount
InRMBItemsBalanceyear-endYear-beginningbalanceNon-operatingassetpayable2,022,210.112,022,210.11Mediumtermbillunderwritingfee495,283.011,439,622.63Less:Long-termloansduewithinoneyear(NoteVII.23)495,283.01944,339.62Total2,022,210.112,517,493.12
29.Deferredincome
InRMBItemsOpeningbalanceIncreaseDecreaseClosingbalanceCauseGovernmentsubsidy
21,009,212.70385,026,614.0010,059,502.61395,976,324.09Leaseincome40,073,768.93692,495.247,662,679.7233,103,584.45Total61,082,981.63385,719,109.2417,722,182.33429,079,908.54--
30.Stockcapital
InRMBBalanceYear-beginning
Changed（+，-）
Balanceinyear-endIssuance
ofnewshare
Bonusshares
Capitalizationofpublicreserve
OtherSubtotalTotalofcapitalshares
2,090,806,126.002,090,806,126.00
31.Capitalreserves
InRMBItems
Year-beginningbalance
Increaseinthecurrent
period
Decreaseinthecurrentperiod
Year-endbalanceSharepremium508,711,146.9940,092,886.12548,804,033.11Othercapitalreserves234,422,410.042,424.19103,373.64234,321,460.59Total743,133,557.0340,095,310.31103,373.64783,125,493.70
-Thesituationofchangeinthecurrentcapitalreserveisasfollows:
1.Thereasonfortheincreaseofcapitalreserve-sharecapitalpremiuminthecurrentperiodisthattheperformancecommitmentcompensationreceivablefromGuangdongProvincialFreewayCo.,Ltd..isRMB40,092,886.12duetobusinessmergerunderthesamecontrol;
2.HunanLianzhiTechnologyCo.,Ltd,anassociateofYuegaoCapital(Holdings)GuangzhouCo.,Ltd-asubsidiarytotheCompany,repurchasedtheequityofothershareholders,resultinginachangeinthelong-termequityinvestmentofthesubsidiaryaccountedforbytheequitymethod,withadecreaseinthecapitalreserveof
103,373.64yuan.
3.ThecapitalreserveofGuoyuanSecuritiesCo.,Ltd.,anassociatedenterprise,haschangedinthecurrentperiod.resultinginanincreaseinthecapitalreserveof2,424.19yuan.
32.Othercomprehensiveincome
InRMB
Items
Year-beginningbalance
Amountofcurrentperiod
Year-endbalanceAmountincurredbefore
incometax
Less：Amounttransferredintoprofitandlossinthecurrentperiodthatrecogniedintoothercomprehensiveincomeinpriorperiod
Less：Priorperiodincludedinothercompositeincometransfertoretained
incomeinthecurrentperiod
Less：Income
taxexpenses
After-taxattribute
totheparent
company
After-taxattributeto
minorityshareholder
1.Othercomprehensive
incomewillbereclassifiedintoincomeorlossinthefuture
181,045,914.34-22,906,843.35-5,726,710.84-17,180,132.51163,865,781.83Changesinfairvalueofinvestmentsinotherequityinstruments
181,045,914.34-22,906,843.35-5,726,710.84-17,180,132.51163,865,781.83
2.Othercomprehensive
incomereclassifiabletoprofitorlossinsubsequentperiods
-10,412,257.6710,114,877.1710,114,877.17-297,380.50Including：
Shareofothercomprehensiveincomeoftheinvesteethatcannotbetransferredtoprofitorlossaccountedforusingtheequitymethod
-10,412,257.6710,114,877.1710,114,877.17-297,380.50
Totalofothercomprehensiveincome
170,633,656.67-12,791,966.18-5,726,710.84-7,065,255.34163,568,401.33
33.Surplusreserve
InRMB
Items
Year-beginning
Increaseinthecurrent
| balance | period |
Decreaseinthecurrent
Year-endbalanceStatutorysurplusreserve
1,373,056,469.02147,570,987.321,520,627,456.34Total1,373,056,469.02147,570,987.321,520,627,456.34
34.Retainedprofits
InRMBItemsAmountofthisperiodAmountoflastperiodBeforeadjustments:Retainedprofitsinlastperiodend4,698,029,354.094,760,618,543.78Adjustthetotalundistributedprofitsatthebeginningoftheperiod
510,117.61Afteradjustments:Retainedprofitsattheperiodbeginning4,698,029,354.094,761,128,661.39Add：
Netprofitbelongingtotheowneroftheparentcompany
1,633,811,033.681,276,341,322.98Less:Statutorysurplusreserve147,570,987.32147,681,138.46Commonstockdividendpayable894,865,021.931,191,759,491.82Retainedprofitattheendofthisterm5,289,404,378.524,698,029,354.09Asregardsthedetailsofadjustedthebeginningundistributedprofits
(1)AstheretroactiveadjustmentonEnterpriseAccountingStandardsanditsrelatednewregulations,theaffectedbeginningundistributedprofitsareRMB510,117.61.
35.Operationincomeandoperationcost
InRMB
Items
AmountofthisperiodAmountoflastperiodIncomeCostIncomeCostMainoperation4,810,921,181.651,707,788,447.624,098,772,102.501,553,813,332.80Otheroperation68,145,766.5433,029,810.5569,862,011.4832,535,702.68Total4,879,066,948.191,740,818,258.174,168,634,113.981,586,349,035.48Whichthenetprofitbeforeandafterdeductingnon-recurringgainsandlossesislowerorwhetheritisnegative
□Yes?No
Breakdowninformationofoperatingincomeandoperatingcost:
InRMBAmountofthisperiodAmountoflastperiodContractclassificationIncomeCostIncomeCostBusinessIncluding：Tollincome4,810,921,181.651,707,788,447.624,095,766,725.591,550,367,576.44Advertisingandotherrevenue
35,835,539.3729,101,132.8937,329,930.0832,039,447.82Leaseincome32,310,227.173,928,677.6635,537,458.313,942,011.22
Total4,879,066,948.191,740,818,258.174,168,634,113.981,586,349,035.48
AmountofthisperiodAmountoflastperiodContractclassificationIncomeCostIncomeCostAreaIncluding：
Guangdong4,879,066,948.191,740,818,258.174,168,634,113.981,586,349,035.48Total4,879,066,948.191,740,818,258.174,168,634,113.981,586,349,035.48
36.Businesstaxandsubjoin
InRMB
ItemsAmountofthisperiodAmountoflastperiodUrbanconstructiontax
9,225,865.337,921,866.68Educationsurcharge4,442,563.503,799,071.81Propertytax2,721,041.994,229,458.96Landusetax2,944,638.403,006,644.73Vehicleusetax75,872.6575,577.43Stamptax292,097.60338,371.08Businesstax370,495.32370,495.32LocalityEducationsurcharge2,955,331.982,526,337.62Total23,027,906.7722,267,823.63
37.Administrativeexpenses
InRMBItemsAmountofcurrentperiodAmountofpreviousperiodWage131,055,433.95134,410,035.06Depreciationoffixedassets9,647,982.7310,449,720.47Intangibleassetsamortization1,590,376.261,834,472.02Lowconsumablesamortization1,078,568.34831,662.81RentalfeeandManagementfee13,337,176.4212,614,151.08Officeexpenses8,062,827.487,819,756.53Travelexpenses839,933.40470,595.17Consultationexpenses839,977.371,294,905.66Thefeeforhiringagency3,781,983.804,182,360.31Listingfee703,481.20731,441.20Informationcostandmaintenancefee3,549,110.163,267,275.05Other14,974,687.9013,519,706.10Total189,461,539.01191,426,081.46
38.R&Dexpenses
InRMBItemsAmountofthisperiodAmountoflastperiodWage1,613,486.50Entrusteddevelopmentfee3,245,205.0012,554,604.00
Materialcost412,566.35Depreciation5,521.90Officeexpenses3,957.92Repairscost
391.15
Total1,245.30Total3,245,205.0014,591,773.12
39.Financialexpenses
InRMB
ItemsAmountofthisperiodAmountoflastperiodInterestexpenses214,338,558.69238,444,227.57Interestincome-94,065,812.39-47,404,858.97ExchangeIncomeandloss（Gain-）716,683.26-988,123.62Bankcommissioncharge
778,873.211,012,828.60Other6,478.987,077.52Total121,774,781.75191,071,151.10
40.Othergains
InRMB
ItemsAmountofthisperiodAmountoflastperiodGovernmentSubsidy-CanceltheSpecialSubsidyforProvincialTollStationProjectofExpressway
10,046,949.2110,046,949.24GovernmentSubsidy-Charginginfrastructureincentivefunds12,553.402,788.17GovernmentSubsidy-Vehiclepurchasetaxrevenuesubsidiesforlocalfunds
600,000.00Governmentsubsidy-Stablejobsubsidies25,500.002,344,310.46Governmentsubsidy---TechnologyReward20,000.00Maternityallowance660,829.32691,491.83Veterans'VATreductionandexemption67,647.73309,883.38Withholdingandremittingenterpriseprepaidincometaxfees168,720.03273,172.75Veterans'VATreductionandexemption23,955.8439,056.05Total11,606,155.5313,727,651.88
41.Changesinthefairvalueoftheearning
InRMBItemsAmountofthisperiodAmountoflastperiodOthernon-currentfinancialassets2,456,768.0010,400,000.00Total2,456,768.0010,400,000.00
42.Investmentincome
InRMBItemsAmountofthisperiodAmountoflastperiodLong-termequityinvestmentincomebyequitymethod
215,712,728.62194,108,143.09Dispositionoftheinvestmentincomegeneratedbythelong-termequityinvestment
24,875,986.3713,564,262.33Dividendsearnedduringtheholdingperiodoninvestmentsinotherequity
71,249,739.3647,286,243.74
instrumentInvestmentincomeofothernon-currentfinancialassetsduringtheholdingperiod
601,253.78Interestincomefromtheentrustedloan25,515.00Other-80,000.00-91,000.00Total312,359,708.13254,893,164.16
43.Creditimpairmentlosses
InRMBItemsAmountofthisperiodAmountoflastperiodImpairmentlossesonaccountreceivable192,083.34-647,916.67Impairmentlossesonotherreceivable-123,358,138.31-97,749,481.71Total-123,166,054.97-98,397,398.38
44.Assetimpairmentloss
InRMBItemsAmountofthisperiodAmountoflastperiodLossonimpairmentoffixedassets-10,443,015.96Total-10,443,015.960.00Othernote：
45.Assetsdisposalincome
InRMB
ItemsAmountofthisperiodAmountoflastperiodNon-currentassetsdisposalgains478,663.58Including：
IncomefromdisposalofFixedassets
478,663.58Total478,663.58
46.Non-Operationincome
InRMB
Items
AmountofcurrentperiodAmountofpreviousperiod
Theamountofnon-operating
gains&lossesNon-currentassetsaredamagedandscrappedforprofit
2,230.09224,100.382,230.09Insuranceclaimincome1,571,199.756,582,174.681,571,199.75Roadpropertyclaimincome2,473,459.992,678,040.822,473,459.99Relocationcompensationincome
22,000.0022,000.00Other676,740.36564,625.40676,740.36Total4,745,630.1910,048,941.284,745,630.19
47.Non-Operationexpense
InRMB
Items
AmountofcurrentperiodAmountofpreviousperiod
Theamountofnon-operating
gains&lossesNon-currentassetsaredamagedandscrappedforprofit
12,138,213.43640,374.7212,138,213.43Roadrehabilitationexpenditure
8,652,598.7211,455,442.768,652,598.72Fine
575.452,254.33575.45Other605,753.91165,222.71605,753.91Total21,397,141.5112,263,294.5221,397,141.51
48.Incometaxexpense
(1)Listsofincometaxexpense
InRMBItemsAmountofcurrentperiodAmountofpreviousperiodCurrentincometaxexpense643,000,314.19453,820,023.55Deferredincometaxexpense71,560,856.6594,135,730.30Total714,561,170.84547,955,753.85
(2)Adjustmentprocessofaccountingprofitandincometaxexpense
InRMBItemsAmountofcurrentperiodTotal2,976,901,306.90Currentincometaxexpenseaccountedbytaxandrelevantregulations
744,225,326.72Influenceofincometaxbeforeadjustment312,497.27Influenceofnontaxableincome-35,142,201.08Impactofnon-deductiblecosts,expensesandlosses22,439,500.45Impactofdeductiblelossesfrompreviouslyunidentifieddeferredincometaxassets
-2,521,213.33Thecurrentperioddoesnotaffectthedeferredtaxassetsrecognizeddeductibletemporarydifferencesordeductibleloss
-14,752,739.19Incometaxexpense714,561,170.84
49.ItemsofCashflowstatement
（1）Cashrelatedtooperatingactivities
Othercashreceivedfrombusinessoperation
InRMB
ItemsAmountofcurrentperiodAmountofpreviousperiodInterestincome82,916,438.5244,010,814.62Unitcurrentaccount94,834,141.8076,546,511.83Qijiangnewcitysouthinterchangeconstructionsubsidyfunds
385,000,000.00Total562,750,580.32120,557,326.45
Othercashpaidrelatedtooperatingactivities
InRMB
ItemsAmountofcurrentperiodAmountofpreviousperiodManagementexpense34,024,091.2228,648,089.97Unitcurrentaccount63,945,236.3798,694,135.34Total97,969,327.59127,342,225.31
（2）CashrelatedtoInvestmentactivities
CashreceivablerelatedtootherInvestmentactivities
InRMB
ItemsAmountofcurrentperiodAmountofpreviousperiodDispositionofcashreceivedbyassociated80,429,567.10Netcashreceivedfromthedisposalofsubsidiaries28,514,496.27Cashreceivedfromdividendsanddividendsofotherequityinvestments
71,850,993.1447,286,243.74Cashreceivedfromdividendsofassociated68,717,811.14121,413,757.76Total220,998,371.38197,214,497.77
CashPayablerelatedtootherInvestmentactivities
InRMBItemsAmountofcurrentperiodAmountofpreviousperiodEquitytransactionservicefee182,544.13Total182,544.130.00
Payforimportantcashrelatedtoinvestmentactivities
InRMBItemsAmountofcurrentperiodAmountofpreviousperiodCashpaidforotherequityinvestments56,080,000.0091,091,000.00Cashpaidforbyinvestinginassociates110,250,000.00230,250,000.00CashpaidforthereconstructionandexpansionoftheNansha-ZhuhaisectionoftheGuangzhou-MacaoExpressway
1,373,291,244.83526,170,388.65Total1,539,621,244.83847,511,388.65
(3)CashrelatedtoFinancingactivities
Othercashreceivedinrelationtofinancingactivities
InRMBItemsAmountofcurrentperiodAmountofpreviousperiodGovernmentinfrastructureinvestmentsubsidies
57,350,200.00Internalfundlendingofthegroup500,000,000.00Total0.00557,350,200.00
CashpaidrelatedtootherFinancingactivities
InRMB
ItemsAmountofcurrentperiodAmountofpreviousperiodIssuancefeeofmedium-termnotes1,001,869.751,001,869.75Cashpaidfortheleaseliabilities13,092,412.0913,278,583.90Total14,094,281.8414,280,453.65
Changesinvariousliabilitiesarisingfromfinancingactivities?Applicable□Notapplicable
InRMB
Items
Year-beginningbalance
| Increase | in | the | current | period | Decrease | in | the | current | period |
Year-endbalanceCashchangesNon-cashchangesCashchangesNon-cashchangesOtherpayable-Dividendpayable
59,994,517.461,430,140,196.481,462,325,203.6227,809,510.32Otherpayable-Sporadicdividends
1,294,329.09957.342,114.881,291,256.87Short-loans430,387,597.20110,000,000.003,425,347.22433,727,236.09110,085,708.33Non-currentliabilitiesarisingduewithin1year
117,011,466.96883,412,159.65117,011,466.96883,412,159.65Othercurrentliabilities-fundlending
500,122,916.6714,123,611.10514,246,527.77Long-termloans5,566,595,350.00565,525,000.00197,324,462.85232,899,982.98151,828,779.875,944,716,050.00Bondspayable1,428,381,232.9450,647,250.719,020,000.01720,607,149.69749,401,333.95Long-termpayable2,517,493.12495,283.012,022,210.11Leaseliabilities150,984.4732,058,510.588,246,345.0010,480,947.0813,482,202.97Total8,106,455,887.91675,525,000.002,611,131,538.592,777,477,719.77883,414,274.537,732,220,432.20
50.SupplementInformationforcashflowstatement
（1）SupplementInformationforcashflowstatement
InRMB
SupplementInformation
Amountofcurrent
Amountofprevious
| period | period |
I.AdjustingnetprofittocashflowfromoperatingactivitiesNetprofit
2,262,340,136.061,793,860,223.34Add：Creditlosspreparation123,166,054.9798,397,398.38Impairmentlossprovisionofassets10,443,015.96Depreciationoffixedassets,oilandgasassetsandconsumablebiologicalassets1,121,749,435.321,018,003,178.73DepreciationofUserightassets10,417,949.409,771,123.65Amortizationofintangibleassets
26,628,234.5624,232,065.30AmortizationofLong-termdeferredexpenses350,625.00350,625.00Lossondisposaloffixedassets,intangibleassetsandotherlong-termdeferredassets-478,663.58Fixedassetsscraploss12,135,983.34416,274.34Lossonfairvaluechanges-2,456,768.00-10,400,000.00Financialcost
215,055,241.95237,456,103.95Lossoninvestment
-312,359,708.13-254,893,164.16Decreaseofdeferredincometaxassets
89,208,863.35100,158,897.11Increasedofdeferredincometaxliabilities
-17,648,006.70-6,023,166.81DecreaseofinventoriesDeceaseofoperatingreceivables
-161,409,427.85-102,793,804.75IncreasedofoperatingPayable
452,543,414.34-156,030,532.12Other1,620,519.90Netcashflowsarisingfromoperatingactivities3,831,785,563.472,752,026,558.38II.Significantinvestmentandfinancingactivitiesthatwithoutcashflows:
ConversionofdebtintocapitalConvertiblecorporatebondsmaturingwithinoneyearFinancingoffixedassetsleased
．Movementofcashandcashequivalents：
Endingbalanceofcash
4,701,657,434.004,284,688,231.33Less:Beginningbalanceofcashequivalents4,284,688,231.332,955,183,190.55Add：
EndbalanceofcashequivalentsLess:BeginningbalanceofcashequivalentsNetincreaseofcashandcashequivalent416,969,202.671,329,505,040.78
（2）Compositionofcashandcashequivalents
InRMB
ItemsBalanceinyear-endBalanceinyear-Beginning
4,701,657,434.004,284,688,231.33
CashOf
| Of | which: | Cash | in | stock |
35,130.1543,420.71Banksavingscouldbeusedatanytime4,701,108,299.374,284,128,907.61Othermonetarycapitalcouldbeusedatanytime
514,004.48515,903.01Balanceofcashandcashequivalentsattheperiodend
4,701,657,434.004,284,688,231.33
（3）Monetaryfundsthatarenotcashandcashequivalents
InRMBItemsCurrentamountPreviousamountReasonsotherthancashandcashequivalentsLandreclamationfunds1,221,200.001,221,200.00
LandreclamationfundsinfundcustodyaccountUnexpiredaccruedinterest
15,753,098.204,672,059.45NotactuallyreceivedTotal16,974,298.205,893,259.45
51.Lease
(1)TheCompanyaslessee
?Applicable□NotapplicableVariableleasepaymentsnotincludedinthemeasurementofleaseliabilities
□Applicable?Notapplicable
Short-termleaseorleasecostoflow-valueassetswithsimplifiedtreatment
Leasingexpensesgeneratedfromshort-termleasesorlowvalueassetssimplifiedbythecompanyin2023amountedto1370162.05yuan
□Applicable?Notapplicable
Involvingafter-saleleasebacktransactions
InRMBItemsCurrentamountInterestexpenseofleaseliabilities750,606.77VariableleasepaymentsnotincludedinthemeasurementofleaseliabilitiesShort-termleaseorleasecostoflow-valueassetswithsimplifiedtreatment1,370,162.05Incomefromsublettingright-to-useassetsTotalcashoutflowrelatedtoleasing14,142,466.09
(2)TheCompanyaslessor
Operatingleaseaslessor
?Applicable□Notapplicable
InRMBItemsLeaseincome
Inwhich:incomerelatedtovariableleasepaymentnotincludedinlease
receiptsOperatingleaseincome32,310,227.17Total32,310,227.17Financialleaseaslessor
□Applicable
?NotapplicableUndiscountedleasereceiptsforeachofthenextfiveyears
□Applicable?Notapplicable
VIII.Equityinotherentities
1.Equityinsubsidiary
(1)Thestructureoftheenterprisegroup
InRMBNameofSubsidiary
Registeredcapital
MainPlacesofOperation
Registratio
nPlace
NatureofBusiness
ShareholdingRatio
(%)ObtainingMethoddirect
indirectGuangfoExpresswayCo.,Ltd.
200,000,000.00
Guangzhou
Guangzhou
ExpresswayManagement
75.00%
UnderthesamecontrolbusinesscombinationGuanghuiExpresswayCo.,Ltd.
2,351,678,000.0
Guangzhou
Guangzhou
ExpresswayManagement
51.00%
UnderthesamecontrolbusinesscombinationJingzhuExpresswayGuangzhuSectionCo.,Ltd.
2,855,700,000.0
ZhongshanGuangzhou
ExpresswayManagement
75.00%
UnderthesamecontrolbusinesscombinationYuegaoCapitalInvestment(Guangzhou)Co.,Ltd.
375,500,000.00
Guangzhou
Guangzhou
Investmentmanagement
100.00
%
EstablishmentNotes:holdingproportioninsubsidiarydifferentfromvotingproportion:NoneBasisofholdinghalforlessvotingrightsbutstillbeencontrolledinvesteeandholdingmorethanhalfofthevotingrightsnotbeencontrolledinvestee:NoneSignificantstructureentitiesandcontrollingbasisinthescopeofcombination:NoneBasisofdeterminewhethertheCompanyistheagentortheprincipal:None
(2)ImportantNon-wholly-ownedSubsidiary
InRMB
NameofSubsidiary
ShareholdingRatio
ofMinorityShareholders(%)
ProfitorLossOwnedbytheMinorityShareholdersintheCurrentPeriod
DividendsDistributedtotheMinorityShareholdersintheCurrentPeriod
EquityBalanceoftheMinorityShareholdersintheEndofthePeriodGuangfoExpresswayCo.,Ltd.
25.00%-30,013,034.1734,338,705.82GuangdongGuanghuiExpresswayCo.,Ltd.
49.00%528,127,604.30446,805,174.082,056,190,891.85JingzhuExpresswayGuangzhuSectionCo.,Ltd.
25.00%130,414,532.2588,470,000.47470,744,350.02HoldingproportionofminorityshareholderinsubsidiarydifferentfromvotingproportionNone
(3)Themainfinancialinformationofsignificantnotwhollyownedsubsidiary
InRMBName
Year-endbalanceCurrentassetsNon-currentassetsTotalassetsCurrentLiabilitiesNon-currentliabilitiesTotalliabilitiesGuangfoExpresswayCo.,Ltd.148,592,352.4314,240,888.13162,833,240.5625,478,417.3025,478,417.30GuangdongGuanghuiExpresswayCo.,Ltd.
2,039,529,187.552,500,576,138.594,540,105,326.14211,040,982.63132,756,400.96343,797,383.59JingzhuExpresswayGuangzhuSectionCo.,Ltd.
388,634,507.853,710,550,073.864,099,184,581.711,229,752,786.81986,454,394.822,216,207,181.63
InRMBName
Year-beginningbalanceCurrentassetsNon-currentassetsTotalassetsCurrentLiabilitiesNon-currentliabilitiesTotalliabilitiesGuangfoExpresswayCo.,Ltd.270,445,990.7215,689,069.15286,135,059.8728,728,099.9228,728,099.92GuangdongGuanghuiExpresswayCo.,Ltd.
1,463,091,700.932,980,427,023.344,443,518,724.27242,093,924.47171,081,000.56413,174,925.03JingzhuExpresswayGuangzhuSectionCo.,Ltd.
1,097,313,535.802,536,899,303.013,634,212,838.812,477,933,314.32141,080,251.542,619,013,565.86
InRMBName
AmountofcurrentperiodAmountofpreviousperiodBusinessincomeNetprofit
TotalComprehensiveincome
Cashflowsfromoperatingactivities
BusinessincomeNetprofit
TotalComprehensiveincome
CashflowsfromoperatingactivitiesGuangfoExpresswayCo.,Ltd.
2,596,257.76-120,052,136.69-120,052,136.691,386,616.3768,796,094.51-55,402,628.32-55,402,628.32203,596,819.21GuangdongGuanghuiExpresswayCo.,Ltd.
2,151,996,795.831,077,811,437.351,077,811,437.351,574,951,846.341,852,612,486.85902,052,548.93902,052,548.931,213,241,301.99JingzhuExpresswayGuangzhuSectionCo.,Ltd.
1,191,507,531.28521,658,129.01521,658,129.011,127,045,720.91935,890,869.56357,455,233.82357,455,233.82574,838,142.22
Othernote：None
(4)SignificantrestrictionsofusingenterprisegroupassetsandpayoffenterprisegroupdebtNone
(5)ProvidefinancialsupportorothersupportforstructureentitiesincorporateintothescopeofconsolidatedfinancialstatementsNone
2.ThetransactionoftheCompanywithitsowner’sequitysharechangedbutstillcontrollingthesubsidiary
(1)Significantjointventurearrangementorassociatedenterprise
None
（2）Affectofthetransactionontheminorityequityandowner'sequityattributabletotheparentcompanyNone
3.Equityinjointventurearrangementorassociatedenterprise
(1)Significantjointventurearrangementorassociatedenterprise
Name
Mainoperatingplace
Registrationplace
Businessnature
ProportionAccountingtreatmentofthe
investmentofjointventureorassociatedenterpriseDirectly
Indirectly
ZhaoqingYuezhaoHighwayCo.,Ltd.
Zhaoqing,Guangdong
Zhaoqing,Guangdong
ExpresswayManagement
25.00%
EquitymethodShenzhenHuiyanExpresswayCo.,Ltd.
ShenzhenShenzhen
ExpresswayManagement
33.33%
EquitymethodGuangdongJiangzhongExpresswayCo.,Ltd.
Zhongshan,
Zhongshan,
ExpresswayManagement
15.00%
EquitymethodGanzhoukangdaExpresswayCo.,Ltd.
GangzhouGanzhou
ExpresswayManagement
30.00%
EquitymethodGanzhouGankangExpresswayCo.,Ltd.
GangzhouGanzhou
ExpresswayManagement
30.00%
EquitymethodGuangdongYuekeScienceandTechnologyMicrofinanceCo.,Ltd.
Guangzhou
Guangzhou
Handallkindsofsmallloans
15.48%
EquitymethodGuangyuanSecuritiesCo.,Ltd.HefeiHefei
Securitybusiness
2.37%
EquitymethodHunanLianzhiTechnologyCo.,Ltd.ChangshaChangsha
Researchandexperimentaldevelopment
12.53%
EquitymethodSPICYuetongQiyuanChipPowerTechnologyCo.,Ltd
Guangzhou
Guangzhou
NewEnergyservice
7.14%
Equitymethod
Notetoholdingproportionofjointventureorassociatedenterprisedifferentfromvotingproportion:
NoneBasisofholdinglessthan20%ofthevotingrightsbuthasasignificantimpactorholding20%ormorevotingrightsbutdoesnothaveasignificantimpact:
Thecompanyholdslessthan20%ofthevotingrightsinGuangdongJiangzhongExpresswayCo.,Ltd.,GuoyuanSecuritiesCo.,Ltd.,GuangdongYuepuSmallLoanCo.,Ltd.,HunanLianzhiTechnologyCo.,Ltd.,
andGuodianInvestmentYuetongQiyuanXinPowerTechnologyCo.,Ltd.However,ithastherighttoparticipateinfinancialandoperationaldecision-makingandcanexertsignificantinfluenceontheinvestedunit.(2)MainfinancialinformationofsignificantjointventureNone
(3)Mainfinancialinformationofsignificantassociatedenterprise
InRMBYear-endbalance/Amountofcurrent
period
Year-beginningbalance/Amountof
previousperiodGuoyuanSecuritiesCo.,Ltd.GuoyuanSecuritiesCo.,Ltd.CurrentassetsNon-currentassetsTotalassets133,200,177,000.85130,765,208,142.95CurrentliabilitiesNon-currentLiabilitiesTotalliabilitiesMinorityShareholders’EquityShareholders’equityattributabletoshareholdersoftheparent
34,578,952,207.0232,927,214,909.60Proratashareofthenetassetscalculated820,004,900.93780,835,620.42Adjustmentitems--Goodwill207,095,632.54207,095,632.54--Internaltransactionsdidnotachieveprofits--Other-63,625.54Thebookvalueofequityinvestmentsinjointventures
1,027,100,533.47987,867,627.42Fairvalueofequityinvestmentofassociatedenterpriseswithopenquotation
706,786,035.06655,044,744.06Buinsessincme6,375,088,522.725,357,837,845.51Netprofit1,868,664,593.051,719,972,806.89NetprofitfromterminatedoperationsOthercomprehensiveincome426,564,437.75-303,384,670.30Totalcomprehensiveincome2,295,229,030.801,416,588,136.59Dividendsreceivedfromassociatesduringtheyear
15,522,387.3018,626,864.76
(4)Summaryfinancialinformationofinsignificantjointventureorassociatedenterprise
InRMBYear-endbalance/Amountofcurrent
period
Year-beginningbalance/Amountof
previousperiodJointventure：
TotalamountoftheproratacalculationofthefollowingitemsAssociatedenterprise：
Totalbookvalueoftheinvestment2,068,477,754.531,935,437,414.88Totalamountoftheproratacalculationofthefollowing--Netprofitms--Netprofit171,074,736.63152,508,655.82--Totalcomprehensiveincome171,074,736.63152,508,655.82
Othernote：None
(5)NotetothesignificantrestrictionsoftheabilityofjointventureorassociatedenterprisetransferfundstotheCompanyNone
(6)Theexcesslossofjointventureorassociatedenterprise
None
(7)TheunrecognizedcommitmentrelatedtojointventureinvestmentNone
(8)ContingentliabilitiesrelatedtojointventureorassociatedenterpriseinvestmentNone
4.Significantcommonoperation
None
5.EquityofstructureentitynotincludinginthescopeofconsolidatedfinancialstatementsNone
6.Othernote
NoneIX.Governmentsubsidies
1.Attheendofthereportingperiod,governmentsubsidiesrecognizedaccordingtotheamountreceivable
□Applicable?Notapplicable
Closingbalanceofaccountsreceivable:RMB.Reasonsfornotreceivingtheestimatedamountofgovernmentsubsidiesattheexpectedtime
□Applicable?Notapplicable
2.Liabilitiesinvolvinggovernmentsubsidies
?Applicable□Notapplicable
InRMBAccountingsubject
Beginningbalance
Newsubsidyamountinthecurrentperiod
Amountincludedinnon-operatingincomein
Amounttransferredtootherincomeinthecurrentperiod
Otherchangesinthecurrentperiod
Closingbalance
Relatedtoassets/income
thecurrentperiodDeferredincome
21,009,212.70385,026,614.0010,059,502.61395,976,324.09Asset-related
3.Governmentsubsidiesincludedincurrentprofitsandlosses?Applicable□Notapplicable
InRMB
AccountingsubjectAmountincurredinthecurrentperiodAmountincurredinthepreviousperiodOtherincome10,685,002.6112,414,047.87X.RisksRelatedtoFinancialInstruments
1.RisksRelatedtoFinancialInstruments
Thecompanyhasthemainfinancialinstruments,suchasbankdeposits,receivablesandpayables,investments,loansandsoon.PleaserefertotherelevantdisclosureinNotesforthedetails.Therisksassociatedwiththesefinancialinstrumentsmainlyincludecreditrisk,marketriskandliquidityrisk.Thecompany’smanagementshallmanageandmonitortheserisksandensureaboveriskstobecontrolledwithincertainscope.ThetargetsandpoliciesofriskmanagementThetargetofriskmanagementistoobtaintheproperbalancebetweentheriskandbenefit,toreducethenegativeimpactthatiscausedbytheriskoftheCompanytothelowestlevel,andtomaximizethebenefitsofshareholdersandotherequityinvestors.Basedonthetargetsofriskmanagement,thebasicstrategyoftheCompany’sriskmanagementistoidentifyandanalyzetheriskswhicharefacedbytheCompany,establishsuitablerisktolerancebaselineandproceedtheriskmanagement,andsuperviseavarietyofriskstimelyandreliably,andcontroltheriskswithinalimitedrange.
1.Marketrisk
（1）Foreignexchangerisk
Foreignexchangeriskreferstotheriskoflossduetoexchangeratefluctuationsgenerally.OurforeignexchangeriskismainlyrelatedtoHongKongDollar.BesidesannualdistributionofB-shareshareholderdividends,othermajorbusinessactivitiesofourCompanyaresettledinRMB.Duringthereportingperiod,duetotheshortcreditperiodoftheCompany'sincomeandexpenditurerelatedtoforeigncurrency,itwasnotaffectedbyforeignexchangerisk.
（2）Interestraterisk-Riskofcashflowchanges
TheCompany'sriskofcashflowchangesinfinancialinstrumentscausedbyinterestratechangesismainlyrelatedtofloatingratebankborrowings.TheCompany'spolicyistomaintainthefloatinginterestrateoftheseborrowings,andatthesametimetoreasonablyreducetheriskofinterestratefluctuationbyshorteningthetermofasingleloanandspecificallyagreeingonprepaymentterms.
（3）Otherpricerisk
TheinvestmentsheldbytheCompanyareclassifiedasfinancialassetsmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincomeandaremeasuredatfairvalueonthebalancesheetdate.Therefore,theCompanybearstheriskofchangesinthesecuritiesmarket.
2.Creditrisk
AsofDecember31,2023,thelargestcreditriskexposurethatmaycausefinanciallossesoftheCompanymainlycomesfromthelossoffinancialassetsoftheCompanycausedbythefailureoftheotherpartytoperformitsobligations.Inordertoreducecreditrisk,theCompanyonlydealswithrecognizedandreputablecustomers.Inaddition,theCompanyreviewstherecoveryofeachsinglereceivablesoneachbalancesheetdatetoensurethatadequatebaddebtprovisionsaremadeforunrecoverableamounts.Consequently,theCompany'smanagementbelievesthattheCompany'screditriskhasbeengreatlyreduced.TheGroup'sworkingcapitalisdepositedinbankswithhighercreditrating,sothecreditriskofworkingcapitalisrelativelylow.Financialassetsoverdueorimpaired;
(1)Aginganalysisoffinancialassetswithoverdueimpairment:Notexisted
(2)Analysisoffinancialassetsthathavesufferedsingleimpairment:Referto"4,OtherReceivables"inVIIand"7,InvestmentinOtherEquityInstruments"inVII(6)ofthissectionfordetails.
3.Liquidityrisk
Whenmanagingliquidityrisks,theCompanymaintainssufficientcashandcashequivalentsasdeemedbythemanagementandmonitorthemtomeettheCompany'soperationalneedsandreducetheimpactofcashflowfluctuations.ThemanagementoftheCompanymonitorstheuseofbankloansandensurescompliancewiththeloanagreement.XI.Thedisclosureofthefairvalue
1.Closingfairvalueofassetsandliabilitiescalculatedbyfairvalue
InRMB
Items
ClosingfairvalueFirvaluemeasurementitemsatlevel1
Firvaluemeasurementitemsatlevel2
Firvaluemeasurementitemsatlevel3
TotalI.Consistentfairvaluemeasurement
--------(I)Tradingfinancialassets183,856,768.00183,856,768.00
1.Financialassetsmeasuredatfair
valueandwhosechangesareincludedinthecurrentprofitandloss
183,856,768.00183,856,768.00（
）Equityinstrumentinvestment183,856,768.00183,856,768.00（II）Otherequityinstrumentinvestment
682,239,337.60852,157,550.031,534,396,887.63Totalassetscontinuouslymeasuredatfairvalue
682,239,337.601,036,014,318.031,718,253,655.63II.Non–persistentmeasure--------
2.Marketpricerecognitionbasisforconsistentandinconsistentfairvaluemeasurementitemsatlevel1.Asattheendoftheperiod,thecompanyholdsshares235,254,944sharesofChinaEverbrightBankAccordingtotheclosingpriceofDecember31,2023of2.90yuan,thefinalcalculationoffairvaluewas682,239,337.60yuan.
3.Fairvalueoffinancialassetsandliabilitiesnotmeasuredatfairvalue,Thevaluationtechniquesadoptedandthequalitativeandquantitativeinformationofimportantparametersforcontinuousandnon-continuouslevel3fairvaluemeasurementitems
ItemsFairvalueasof
December31,2023
ValuationtechnologyUnobservableinput
valueUnlistedequityinvestment
1,036,014,318.03
Hireathirdpartyforevaluationorenjoytheshareofthenetbookassetsoftheinvesteebasedontheshareholdingratio
Netbookassetsofthe
investedunit
4.FairvalueoffinancialassetsandliabilitiesnotmeasuredatfairvalueTheCompany'sfinancialassetsandliabilitiesmeasuredinamortizedcostmainlyinclude:accountsreceivable,otherreceivables,contractassets,short-termloans,accountspayable,otherpayables,non-currentliabilitiesduewithinoneyear,long-termloans,bondspayableandlong-termpayables.Thereisnosignificantdifferencebetweenthebookvalueoffinancialassetsandliabilitiesnotmeasuredatfairvalueandthefairvalue.XII.Relatedpartiesandrelated-partytransactions
1.Parentcompanyinformationoftheenterprise
Name
Registeredaddress
Nature
Redistrictedcapital
TheparentcompanyoftheCompany'sshareholdingratio
TheparentcompanyoftheCompany’svoteratioGuangdongcommunicationGroupCo.,Ltd
Guangzhou
Equitymanagement,trafficinfrastructureconstructionandrailwayprojectoperation
26.8billion
yuan
24.56%50.12%
Note：
GuangdongCommunicationGroupCo.,Ltd.isthelargestshareholderoftheCompany.legalrepresentative:
DengXiaohua.Dateofestablishment:June23,2000.AsofDecember31,2023,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.SubsidiariesoftheCompany
Subsidiariesofthisenterprise,seeVIII(1)therightsofotherentity
3.InformationonthejointventuresandassociatedenterprisesoftheCompany
DetailsrefertotheVIII-3,Interestsinjointventuresorassociates
InformationonotherjointventureandassociatedenterpriseofoccurringrelatedpartytransactionswiththeCompanyinreportingperiod,orformbalanceduetorelatedpartytransactionsinpreviousperiod:
NameRelationwiththeCompanyShenzhenHuiyanExpresswayCo.,Ltd.AssociatedenterprisesoftheCompanyZhaoqingYuezhaoHighwayCo.,Ltd.AssociatedenterprisesoftheCompanyGanzhouKangdaExpresswayCo.,Ltd.AssociatedenterprisesoftheCompanyGanzhouGankangExpresswayCo.,Ltd.AssociatedenterprisesoftheCompanyGuangdongJiangzhongExpresswayCo.,Ltd.AssociatedenterprisesoftheCompany
4.OtherRelatedparties
NameRelationwiththeCompanyGuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd.
FullyownedsubsidiaryoftheparentcompanyGuangdongExpresswayMediaCo.,Ltd.FullyownedsubsidiaryoftheparentcompanyGuangdongExpresswayTechnologyInvestmentCo.,Ltd.FullyownedsubsidiaryoftheparentcompanyGuangdongHumenBridgeCo.,Ltd.FullyownedsubsidiaryoftheparentcompanyGuangdongHualuTrafficTechnologyCo.,Ltd.FullyownedsubsidiaryoftheparentcompanyGuangdongCommunicationsTestingCo.,Ltd.FullyownedsubsidiaryoftheparentcompanyGuangdongLitongDevelopmentInvestmentCo.,Ltd.FullyownedsubsidiaryoftheparentcompanyGuangdongLitongTechnologyInvestmentCo.,Ltd.FullyownedsubsidiaryoftheparentcompanyGuangdongLitongPropertyInvestmentCo.,Ltd.FullyownedsubsidiaryoftheparentcompanyGuangdongUnionElectronServiceInformationtechnologyCo.,ltd.
FullyownedsubsidiaryoftheparentcompanyGuangdongLulutongCo.,Ltd.FullyownedsubsidiaryoftheparentcompanyGuangdongLuoyangExpresswayCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongProvincialFreewayCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongHighwayConstructionCo.,Ltd.FullyownedsubsidiaryoftheparentcompanyGuangdongCommunicationGroupFinanceCo.,Ltd.FullyownedsubsidiaryoftheparentcompanyGuangdongTongyiExpresswayServiceAreaCo.,LtdFullyownedsubsidiaryoftheparentcompanyGuangdongXinyueTrafficInvestmentCo.,Ltd.FullyownedsubsidiaryoftheparentcompanyGuangdongYueyunTrafficRescueCo.,Ltd.FullyownedsubsidiaryoftheparentcompanyGuangzhouXinyueTrafficTechnologyCo.,Ltd.FullyownedsubsidiaryoftheparentcompanyGuangzhouXinyueAsphaltCo.,Ltd.FullyownedsubsidiaryoftheparentcompanyGuangdongTrafficDevelopmentCo.,Ltd.FullyownedsubsidiaryoftheparentcompanyGuangdongYueyunTrafficCo.,Ltd.FullyownedsubsidiaryoftheparentcompanyPolyChangdaEngineeringCo.,Ltd.SharesofparentcompanyGuangdongCommunicationPlanning&DesignInstituteCo.,Ltd.
SharesofparentcompanyGuangdongChangdaRoadConservationCo.,Ltd.SharesofparentcompanyGuangzhouAitesiCommunicationequipmentCo.,Ltd.AssociatedenterprisescontrolledbythesameparentcompanyGuangdongJingzhuExpresswayGuangzhuNorthSectionCo.,Associatedenterprisescontrolledbythesameparentcompany
NameRelationwiththeCompanyLtd.GuangdongFeidaTrafficEngineeringCo.,Ltd.AssociatedenterprisescontrolledbythesameparentcompanyGuangdongRoadNetworkDigitalMediaInformationTechnologyCo.Ltd
FullyownedsubsidiaryoftheparentcompanyHunanLianzhiTechnologyCo.,Ltd.AwhollyownedsubsidiaryoftheCompanyGuangzhongjiangExpresswayProjectManagementDeptManagedbytheparentcompany
5.Listofrelated-partytransactions
(1)InformationonacquisitionofgoodsandreceptionoflaborserviceAcquisitionofgoodsandreceptionoflaborservice
InRMB
Relatedparties
Contentofrelated
transaction
Amountofcurrentperiod
Amountofprevious
Overthetradinglimitornot?
Amountoflast
period
1.Businesscost
PolyChangdaEngineeringCo.,Ltd.Projectfund,service25,010,914.0039,604,731.00GuangdongUnionelectronicservicesco.,Ltd.
Service16,890,482.7023,704,775.99GuangdongXinyueTrafficInvestmentCo.,Ltd.
Projectfund,service9,330,032.045,487,176.00GuangdongCommunicationsTestingCo.,Ltd.
Projectfund,service8,502,733.0010,551,045.00GuangdongFeidaTrafficEngineeringCo.,Ltd.
Maintenance6,368,019.006,372,528.95GuangdongHualuTrafficTechnologyCo.,Ltd.
Project5,126,252.672,557,895.23GuangzhouXinyueAsphaltCo.,Ltd.
Purchase3,265,078.033,135,448.69GuangdongYueyunTrafficRescueCo.,Ltd.
Rescueservicefee3,607,400.003,473,440.00GuangdongLulutongCo.,Ltd.Projectfund,service2,286,315.007,836,175.59GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd.
Projectlabourservice1,860,809.74463,795.00GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd.
Maintenance，Service1,437,278.171,458,780.20GuangdongLitongTechnologyInvestmentCo.,Ltd.
Maintenance1,331,428.001,700,262.90GuangdongHumenBridgeCo.,Ltd.Service1,141,771.803,524,001.08GuangdongExpresswayTechnologyInvestmentCo.,Ltd.
Maintenance,Test1,110,878.003,539,282.52
Relatedparties
Contentofrelated
transaction
Amountofcurrentperiod
Amountofprevious
Overthetradinglimitor
not?
Amountoflast
periodHunanLianzhiMonitoringTechnologyCo.,Ltd.
Project296,763.00GuangdongExpresswayMediaCo.,Ltd.
Project136,000.00GuangdongTongyiExpresswayServiceAreaCo.,Ltd
Service131,379.00102,152.00GuangdongCommunicationTechnologyDevelopmentCo.,Ltd.
Service64,032.00GuangzhouAitesiCommunicationEquipmentCo.,Ltd.
Maintenanceof
chargingfacilities
8,310.00GuangdongChangchangRoadMaintenanceCo.,Ltd.
Project-77,232.00Subtotal87,897,566.15113,442,568.15
2.Financialcost
GuangdongCommunicationGroupFinanceCo.,Ltd.
BorrowingInterestexpresses
10,157,805.5514,854,227.76GuangdongCommunicationGroupFinanceCo.,Ltd.
Depositinterestincome-73,213,480.41-25,570,660.76GuangdongCommunicationGroupFinanceCo.,Ltd.
Commissioncharge4,612.026,881.51GuangdongCommunicationGroupCo.,Ltd.
Interest14,123,611.10122,916.67Subtotal-48,927,451.74-10,586,634.82
3.Administrativeexpenses
GuangdongUnionelectronicservicesco.,Ltd.
maintenancefee798,700.00993,500.00GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd.
Maintenance，Service510,000.00474,905.66GuangdongXinyueTrafficInvestmentCo.,Ltd.
Monitoringservicefee
andinstallationfee
214,882.00GuangdongLitongDevelopmentInvestmentCo.,Ltd.
ManagementFee259,619.113,058,559.09GuangdongLitongDevelopmentInvestmentCo.,Ltd.
ManagementFee,water
andelectricity
29,004.7761,187.98GuangdongTongyiExpresswayServiceAreaCo.,Ltd
Service16,000.0016,000.00GuangdongLulutongCo.,Ltd.Maintenance67,300.00Subtotal1,828,205.884,671,452.73
4.R&D
GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd.
Scientificresearchproject
963,646.00GuangdongCommunicationsTestingCo.,Ltd.
Scientificresearchproject
527,165.003,899,843.00GuangdongHualuTrafficScientificresearch481,823.00199,969.00
Relatedparties
Contentofrelated
transaction
Amountofcurrentperiod
Amountof
previous
Overthetradinglimitor
not?
AmountoflastperiodTechnologyCo.,Ltd.projectHunanLianzhiMonitoringTechnologyCo.,Ltd.
Scientificresearchproject
659,885.00Subtotal1,972,634.004,759,697.00
5.Fixedassets
PolyChangdaEngineeringCo.,Ltd.Purchaseassets2,833,368.0021,636,899.00GuangdongXinyueTrafficInvestmentCo.,Ltd.
Purchaseassets2,783,766.00GuangdongFeidaTrafficEngineeringCo.,Ltd.
Purchaseassets2,611,574.00302,909.00GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd.
Purchaseassets2,432,390.241,333,458.66GuangdongHualuTrafficTechnologyCo.,Ltd.
Purchaseassets2,128,295.943,272,616.23GuangdongCommunicationsTestingCo.,Ltd.
Purchaseassets1,435,396.00183,430.00GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd.
Purchaseassets434,800.00GuangdongLulutongCo.,Ltd.Purchaseassets1,734,994.866,305,408.00GuangdongLitongTechnologyInvestmentCo.,Ltd.
Purchaseassets227,490.001,083,407.99Subtotal16,622,075.0434,118,128.88
6.Constructioninprocess
PolyChangdaEngineeringCo.,Ltd.Purchaseassets124,024,328.0013,850,389.47GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd.
Purchaseassets26,337,631.0021,386,526.00GuangdongFeidaTrafficEngineeringCo.,Ltd.
Purchaseassets18,510,159.00GuangdongCommunicationsTestingCo.,Ltd.
Purchaseassets2,028,475.0068,052.00GuangdongHualuTrafficTechnologyCo.,Ltd.
Purchaseassets1,668,179.001,045,494.00GuangdongHighwayConstructionCo.,Ltd.
Purchaseassets480,000.002,029,339.19GuangdongCommunicationGroupFinanceCo.,Ltd.
Capitalizedinterest45,833.33GuangdongXinyueTrafficInvestmentCo.,Ltd.
Purchaseassets29,103.001,116,576.78Subtotal173,123,708.3339,496,377.44
7.Non-operatingexpenses
GuangdongFeidaTrafficEngineeringCo.,Ltd.
Expenditureonelectromechanical
487,087.00
Relatedparties
Contentofrelated
transaction
Amountofcurrentperiod
Amountofprevious
Overthetradinglimitornot?
AmountoflastperiodsystemrepairGuangdongXinyueTrafficInvestmentCo.,Ltd.
Sporadicrepairfees83,018.00294,810.00PolyChangdaEngineeringCo.,Ltd.
Expensesforcivilengineeringrestoration
1.003,883,375.00GuangdongLulutongCo.,Ltd.Maintenance98,491.00Subtotal570,106.004,276,676.00
Relatedtransactionsonsalegoodsandreceivingservices
InRMB
RelatedpartyContent
AmountofcurrentperiodAmountofprevious
periodperiod
1.Businessincome
JingzhuExpresswayGuangzhuNorthsectionCo.,Ltd.
Commissionmanagementfee24,620,471.7123,773,018.85GuangdongTrafficDevelopmentCo.,Ltd.
electricity1,254,801.91945,395.40GuangdongTongyiExpresswayServiceAreaCo.,Ltd
electricity1,192,276.531,187,798.23GanzhouGankangExpresswayCo.,Ltd.
Salariesofexpatriatestaff938,851.79848,557.89ZhaoqingYuezhaoHighwayCo.,Ltd.Salariesofexpatriatestaff888,933.32817,436.38ShenzhenHuiyanExpresswayCo.,Ltd.
Salariesofexpatriatestaff880,596.24767,691.55GuangdongJiangzhongExpresswayCo.,Ltd.
Salariesofexpatriatestaff494,509.32500,214.96GanzhouKangdaExpresswayCo.,Ltd.Salariesofexpatriatestaff467,198.40515,567.27PolyChangdaEngineeringCo.,Ltd.waterandelectricitybills60,413.75167,505.31GuangdongYueyunTrafficRescueCo.,Ltd.
Waterandelectricity19,879.2717,915.70GuangdongExpresswayMediaCo.,Ltd.
Waterandelectricity9,274.7324,258.08GuangdongLitongTechnologyInvestmentCo.,Ltd.
Electricity8,948.7627,125.58GuangdongExpresswayTechnologyInvestmentCo.,Ltd.
Salariesofexpatriatestaff114,620.52Subtotal30,836,155.7329,707,105.72
2.Non-operatingincome
GuangdongXinyueTrafficInvestmentCo.,Ltd.
Constructionliquidated
damages
24,462.00GuangdongFeidaTrafficEngineeringCo.,Ltd
Constructionliquidateddamages
2,000.00PolyChangdaEngineeringCo.,Ltd.Constructionliquidated1,200.0010,200.00
RelatedpartyContent
AmountofcurrentperiodAmountofprevious
damagesSubtotal27,662.0010,200.00
(2)Informationofrelatedlease
TheCompanywaslessor：
InRMB
Nameoflessee
Categoryoflease
assets
Theleaseincomeconfirmed
inthisyear
Theleaseincomeconfirmed
inlastyearGuangdongExpresswayTechnologyCo.,Ltd.
Advertisinglease
2,750,824.413,876,219.92GuangdongExpresswayTechnologyCo.,Ltd.
Propertylease339,864.33171,815.93GuangdongExpresswayTechnologyCo.,Ltd.
Communication
pipelinelease
5,232,174.45GuangdongExpresswayMediaCo.,Ltd.
Advertisinglease
2,430,365.962,809,700.73GuangdongTongyiExpresswayServiceAreaCo.,Ltd
ServiceAreaLease
924,116.722,297,830.86GuangdongLitongTechnologyInvestmentCo.,Ltd.
CommunicationPiping
2,095,121.231,029,782.83GuangdongLitongTechnologyInvestmentCo.,Ltd.
Landlease31,809.5216,761.90PolyChangdaEngineeringCo.,Ltd.Landlease555,557.14555,557.14PolyChangdaEngineeringCo.,Ltd.Equipmentlease445,910.48445,910.62Total14,805,744.2411,203,579.93
-Thecompanywaslessee：
InRMB
Lessor
Categoryofleasedassets
Rentalchargesforshort-termandlow-valueassets
(ifany)
Variableleasepayments
notincludedinleaseliabilitiesmeasurement
(ifany)
Rentpaid
Interestexpensesonlease
liabilitiesassumed
IncreaseduserightassetsAmountofcurrentperiod
Amountof
previous
period
Amountofcurrentperiod
Amountofpreviousperiod
Amountofcurrentperiod
Amountofpreviousperiod
Amountofcurrentperiod
Amountofpreviousperiod
Amountofcurrentperiod
Amountofprevious
GuangdongLitongDecelopmentInvestmentCo.,Ltd
Officespace
10,255,100.1312,211,529.46719,705.56349,331.1930,634,734.72GuangdongLitongRealEatateInvestmentCo.,Ltd
Officespace
24,124.0095,596.4679,712.004,697.99230,671.46JingzhuExpresswayGuangzhuNorthsectionCo.,Ltd.
Officespace
79,378.0010,701.43GuangdongMotorTransportationGroupCo.,Ltd
Carrentalfee
570,000.00413,153.90Total594,124.00508,750.3610,414,190.1312,211,529.46735,104.98349,331.1930,865,406.18
(3）Rewardsforthekeymanagementpersonnel
InRMB10,000Items
| Amount | of | current | period | Amount | of | previous | period |
Rewardsforthekeymanagementpersonnel
718.92703.39
（4）Transactionswithassociatedfinancialcompanies
（1）Depositbusiness
RelatedpartyRelationsh
ip
Maximumdailydepositlimit(RMB'0000
0）
Depositinterestraterange
Beginningbalance(RMB'0000
0）
Theamountofthisperiod
Endingbalance(RMB'0000
0）Totalamountforthisperiod(RMB'00000）
Totalamountiswithdrawnforthisperiod(RMB'00000）GuangdongCommunicationsGroupFinanceCo.,Ltd
Controlledbythesameparentcompany
300,000.00
0.35%
-
2.85%
239,396.61813,666.48785,248.27267,814.82
（2）Loanbusiness
RelatedpartyRelationsh
ip
Loanlimit(RMB'0000
）
Loantinterestraterange
Beginningbalance(RMB'0000
0）
Theamountofthisperiod
Endingbalance(RMB'0000
）Totalloanamountofthecurrentperiod(RMB'00000）
Totalrepaymentamountofthecurrentperiod(RMB'00000）GuangdongCommunicationsGroupFinanceCo.,Ltd
Controlledbythesameparentcompany
300,000.00
2.95
%-
3.40
%
62,859.3322,020.3644,246.7740,632.92
（3）Creditextensionorotherfinancialservices
RelatedpartyRelationshipBusiness
type
Totalamount(RMB'00000）
Actualamountincurred(RMB'00000）GuangdongCommunicationsGroupFinanceCo.,Ltd
Controlledbythesameparentcompany
Creditextension400,000.00400,000.00
TheCompanyrespectivelysignedthe"CashManagementBusinessCooperationAgreement"withGuangdongCommunicationsGroupFinanceCo.,LtdandtheGuangdongBranchofIndustrialandCommercialBankofChinaonDecember25,2017;andsignedthe"CashManagementBusinessCooperationAgreement"withGuangdongCommunicationsGroupFinanceCo.,LtdandtheGuangdongBranchofIndustrialandCommercialBankofChinaonDecember22,2017respectively,joinedthecashpoolofGuangdongCommunicationsGroupFinanceCo.,Ltd.
GuangdongGuanghuiExpresswayCo.,Ltdrespectivelysignedthe"CashManagementBusiness
CooperationAgreement"withGuangdongCommunicationsGroupFinanceCo.,LtdandAgriculturalBankofChinaCo.,LtdGuangdongBranchonMay19,2020,joinedthecashpoolofGuangdongCommunicationsGroupFinanceCo.,Ltd.
（5）Assettransferanddebtrestructuringofrelatedparties
None
(6)Otherrelated-partytransactions
①-OnJune15,2016,Thecompany’s29thmeeting(Provisional)oftheseventhboardof
directorswasconvened.TheProposalonEntrustmentofConstructionManagementoftheRenovationandExpansionProjectofSanbao-to-ShuikouSectionofShengyang-to-HaikouNationalExpresswaywasdeliberatedinthemeeting,agreedthatGuangdongProvincialFokaiExpresswayCo.,LtdentrustsGuangdongProvincialHighwayConstructionCo.,LtdwiththeconstructionmanagementoftherenovationandexpansionprojectofSanbao-to-ShuikouSectionofShengyang-to-HaikouNationalExpressway,andhandlingtherelatedmattersoftheentrustmentoftheconstructionmanagement.TheabovetransactionshavebeenapprovedandimplementedbytheboardofdirectorsofGuangdongFokaiExpresswayCo.,Ltd.
③OnNovember30,2022,thefifth(interim)meetingofthe10thBoardofDirectorsoftheCompany
reviewedandapprovedtheProposalonEntrustedConstructionManagementoftheReconstructionandExpansionProjectofNansha-ZhuhaiSectionofGuangzhou-MacaoExpressway,andagreedthatthesubsidiaryGuangzhou-ZhuhaiSectionofBeijing-ZhuhaiExpresswayCo.,Ltd.entrustedGuangdongProvincialHighwayConstructionCo.,Ltd.tocarryoutthewhole-processconstructionmanagementofthereconstructionandexpansionprojectofNansha-ZhuhaiSectionofGuangzhou-MacaoExpressway.TheabovetransactionshavebeenapprovedandimplementedbytheBoardofDirectorsofGuangzhuSectionofBeijing-ZhuhaiExpresswayCo.,Ltd,TheabovetransactionshavebeenapprovedandimplementedbytheboardofdirectorsofBeijing-ZhuhaiExpresswayGuangzhou-ZhuhaiSectionCo.,Ltd.
6.Receivablesandpayablesofrelatedparties
（1）Receivables
InRMB
NameRelatedparty
AmountatyearendAmountatyearbeginningBalanceofBook
BaddebtProvision
BalanceofBook
BaddebtProvisionAccountreceivable
GuangdongUnionelectronServiceCo.,Ltd.
104,739,306.9267,197,924.19Accountreceivable
GuangdongHumenBridgeCo.,Ltd.8,382,454.426,072,995.36Accountreceivable
JingzhuExpresswayGuangzhuNorth
SectionCo.,Ltd.
8,643,475.028,321,625.03Accountreceivable
GuangdongExpresswayTechnologyInvestmentCo.,Ltd.
6,548,536.492,315,719.18Accountreceivable
GuangdongExpresswayMediaCo.,Ltd.
538,491.00522,805.00
Accountreceivable
PolyChangdaEngineeringCo.,Ltd.503,879.00265,054.16Accountreceivable
GuangdongLitongTechnology
InvestmentCo.,Ltd.
475,529.20Total129,831,672.0584,696,122.92Prepayment
GuangdongFeidaTrafficEngineeringCo.,Ltd.
2,478,186.00Total2,478,186.00OtherAccountreceivable
GuangdongProvincialFreewayCo.,Ltd.
40,092,886.12463,491.88OtherAccountreceivable
GuangdongLitongDevelopmentInvestmentCo.,Ltd.
1,846,377.941,653,447.36OtherAccountreceivable
GuangdongExpresswayMediaCo.,Ltd.
656,495.57978,997.66OtherAccountreceivable
GuangdongUnionelectronServiceCo.,Ltd.
136,509.59137,851.04OtherAccountreceivable
GuangdongHumenBridgeCo.,Ltd.
15,000.00OtherAccountreceivable
GuangdongLitongPropertyDevelopmentCo.,Ltd.
12,062.0018,344.00OtherAccountreceivable
GuangdongExpresswayTechnologyInvestmentCo.,Ltd.
1,520.0865,605.71Total42,760,851.303,317,737.65OtherNon-CurrentAssets
PolyChangdaEngineeringCo.,Ltd.
120,487,501.70OtherNon-CurrentAssets
GuangdongXinyueTrafficInvestmentCo.,Ltd.
834,973.80OtherNon-CurrentAssets
GuangdongTrafficDevelopmentCo.,Ltd.
333,398.00333,398.00OtherNon-CurrentAssets
GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd.
251,000.00Total121,906,873.50333,398.00
（2）Payables
InRMBNameRelatedparty
Amountatyearend
AmountatyearbeginningShort-termloanGuangdongCommunicationGroupFinanceCo.,ltd.110,085,708.33430,387,597.20Total110,085,708.33430,387,597.20AccountpayableGuangdongFeidaTrafficEngineeringCo.,Ltd.21,943,925.233,716,816.94AccountpayablePolyChangdaEngineeringCo.,Ltd.17,531,275.3012,590,171.30AccountpayableGuangdongXinyueTrafficInvestmentCo.,Ltd.6,044,263.156,381,639.70AccountpayableGuangdongHualuTrafficTechnologyCo.,Ltd.3,590,461.171,769,785.29Accountpayable
GuangzhongjiangExpresswayProjectManagementDept
2,747,739.0017,466,700.00Accountpayable
GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd.
2,513,096.783,008,670.10
NameRelatedparty
Amountatyearend
Amountatyear
beginningAccountpayableGuangdongLulutongCo.,Ltd.1,682,944.863,787,627.94Accountpayable
GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd.
1,588,922.00950,630.00AccountpayableGuangdongUnionElectronServiceCo.,Ltd.927,837.89188,039.97Accountpayable
GuangdongExpresswayTechnologyInvestmentCo.,Ltd.
866,490.006,935,455.12AccountpayableGuangdongYueyunTrafficRescueCo.,Ltd.494,704.0046,779.00AccountpayableGuangdongLitongTechnologyInvestmentCo.,Ltd.472,380.00843,562.91AccountpayableGuangdongCommunicationTestCo.,Ltd.157,501.002,400,079.00AccountpayableGuangdongYueyunTrafficRescueCo.,Ltd.261,800.00261,800.00AccountpayableGuangdongChangdaRoadMaintenanceCo.Ltd.231,869.00231,869.00AccountpayableHunanLianzhiMonitoringTechnologyCo.,Ltd,217,010.00AccountpayableGuangdongMotorTransportationGroupCo.,Ltd184,000.00Accountpayable
GuangdongCommunicationsTechnologyResearchandDevelopmentCo.,Ltd.
32,016.00AccountpayableGuangdongProvincialFreewayCo.,Ltd.1,245,443.50AccountpayableHunanLianzhiMonitoringTechnologyCo.,Ltd,640,088.00Accountpayable
GuangzhouAitesiCommunicationEquipmentCo.,Ltd.
25,194.00Total61,488,235.3862,490,351.77AdvancereceivedGuangdongUnionElectronServiceCo.,Ltd.1,313,348.001,330,729.13
Total1,313,348.001,330,729.13DividendpayableGuangdongProvincialFreewayCo.,Ltd.11,550,000.00
Total11,550,000.00OtherPayableaccountPolyChangdaEngineeringCo.,Ltd.20,510,879.4620,866,108.48OtherPayableaccountGuangdongHualuTrafficTechnologyCo.,Ltd.2,121,826.061,905,833.06OtherPayableaccountGuangdongRoadConstructionCo.,Ltd.2,004,376.132,000,000.00OtherPayableaccountGuangdongFeidaTrafficEngineeringCo.,Ltd.1,773,643.351,522,615.96OtherPayableaccount
GuangdongExpresswayTechnologyInvestmentCo.,Ltd.
1,717,958.262,298,424.75OtherPayableaccountGuangdongXinyueTrafficTechnologyCo.,Ltd.1,653,523.701,415,273.20OtherPayableaccountGuangdongCommunicationTestCo.,Ltd.1,573,310.00971,085.90OtherPayableaccountGuangdongXinyueTrafficInvestmentCo.,Ltd.900,742.711,332,556.89OtherPayableaccount
GuangdongUnionelectronicservicesco.,Ltd.
691,060.06OtherPayableaccountGuangdongLulutongCo.,Ltd.607,161.54859,377.06OtherPayableaccount
GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd.
462,700.00110,422.00OtherPayableaccount
GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd.
394,220.18156,534.54OtherPayableaccount
GuangzhongjiangExpresswayProjectManagementDept
200,000.00200,000.00OtherPayableaccount
GuangdongTongyiExpresswayServiceAreaCo.,Ltd.
120,000.00120,000.00OtherPayableaccountGuangdongLitongTechnologyInvestmentCo.,Ltd.85,919.2492,594.24
NameRelatedparty
Amountatyearend
AmountatyearbeginningOtherPayableaccountGuangdongExpresswayMediaCo.,Ltd.50,000.0050,000.00OtherPayableaccountHunanLianzhiMonitoringTechnologyCo.,Ltd.19,797.0085,785.50OtherPayableaccountGuangdongYueyunTrafficRescueCo.Ltd.2,000.002,000.00OtherPayableaccountGuangdongChangdaRoadMaintenanceCo.Ltd.1,628,345.00OtherPayableaccountGuangzhouXinyueAsphaltCo.,Ltd.1,054,919.00Total34,889,117.6936,671,875.58Non-currentliabilitiesdue1year
GuangdongLitongDevelopmentInvestmentCo.,Ltd.9,964,510.622,445,724.55Non-currentliabilitiesdue1year
GuangdongCommunicationGroupFinanceCo.,ltd.4,243,466.662,205,700.01Non-currentliabilitiesdue1year
GuangdongLitongPropertyDevelopmentCo.,Ltd.100,255.11Total14,308,232.394,651,424.56OthercurrentliabilitiesGuangdongCommunicationGroupCo.,Ltd.500,122,916.67
Total500,122,916.67LeaseLiabilitiesGuangdongLitongDevelopmentInvestmentCo.,Ltd.13,349,882.62LeaseLiabilitiesGuangdongLitongPropertyDevelopmentCo.,Ltd.55,402.33
Total13,405,284.95Long-termloansGuangdongCommunicationGroupFinanceCo.,ltd.292,000,000.00196,000,000.00
Total292,000,000.00196,000,000.00
7.Relatedpartycommitment
In2020,theCompanyacquired21%equityofGuangdongGuanghuiExpresswayCo.,Ltd.(hereinafterreferredtoas"GuanghuiExpressway")heldbytherelatedpartyGuangdongProvincialFreewayCo.,Ltd..bycash,andsignedtheProfitCompensationAgreementwiththeprovincialexpressway,stipulatingthattheperformancecompensationperiodis2020,2021and2022,andduringtheperformancecompensationperiod,thenetprofitaccumulatedbyGuanghuiExpresswayafterdeductingnon-recurringgainsandlossesisnotlessthanRMB2,999,265,700.
Duringtheperformancecompensationperiod,influencedbydomesticmacroeconomicfluctuations,theaccumulatednetprofitofGuanghuiCompanyafterdeductingnon-recurringgainsandlossesduringtheperformancecompensationperioddidnotreachthecumulativeforecastnetprofit,whichtriggeredthecompensationobligationstipulatedintheProfitCompensationAgreement.Inordertosafeguardthelong-terminterestsoftheCompanyanditsshareholders,especiallytheminorityshareholders,andtakeintoaccounttherelevantarrangementsmadebythetwopartiesundertheoriginalagreement,accordingtotherelevantrequirementsoftheAdministrativeMeasuresforMajorAssetRestructuringofListedCompaniesandconsultationsbetweenthetwoparties,theCompanyandProvincialExpresswayreachedtheSupplementaryAgreementtoProfitCompensationAgreementonmattersrelatedtothisrestructuringperformancecompensation,whichwasreviewedandapprovedbytheCompany'sfirstprovisionalGeneralMeetingofShareholdersin2023onAugust23,2023.
Accordingtothesupplementaryagreement,theperformancecompensationperiodofthisrestructuringisadjustedto2020,2021and2023,andduringtheperformancecompensationperiod,theaccumulatednetprofitofGuanghuiExpresswayafterdeductingnon-recurringgainsandlossesisnotlessthanRMB2,999,265,700.
In2020,2021and2023,GuanghuiCompanyrealizedacumulativenetprofitofRMB2,951,041,600afterdeductingnon-recurringgainsandlosses,whichwasRMB48,224,100lessthanthecumulativecommitment,withacompletionrateof98.39%.
Atthesametime,thecompanyhiredZhongruiShilianAssetAppraisalGroupCo.,Ltd.(hereinafterreferredtoas"ZhongruiShilianAppraisalCompany")toconductavaluationofthe100%shareholderequityvalueofGuanghuiExpresswayasofDecember31,2023,andissuedtheZhongruiShilianAppraisalReportNo.[2024]000122onMarch11,2024,titled"AssetAppraisalReportonAllEquityValueProjectsofGuangdongGuanghuiExpresswayCo.,Ltd.ShareholdersInvolvedinGuangdongExpresswayDevelopmentCo.,Ltd.'sEquityImpairmentTest"(hereinafterreferredtoas"ZhongruiShilianAppraisalReport").AccordingtotheevaluationreportofZhongruiShilian,themarketvalueofallequityofthetargetassetshareholdersasoftheevaluationbenchmarkdateofDecember31,2023isRMB9036.2858million.Onthisbasis,thecompanyconductedanimpairmenttestontheassessedvalueofthetargetassetattheendoftheperiod,afterdeductingthetransactionvaluationbenchmarkdate,untiltheendoftheperformancecommitmentperiod,afterdeductinganycapitalincrease,reduction,giftacceptance,andprofitdistributionmattersfromtheshareholdersofthetargetasset.Aftertesting,itwasfoundthatthetargetassethasnotbeenimpaired.
Insummary,theprovincialexpresswayshouldpayacumulativeperformancecommitmentcompensationamountof40092886.12yuan.XIII.StockpaymentNoneXIV.Commitments
1.Significantcommitments
Significantcommitmentsatbalancesheetdate
(1)Capitalcommitments
ItemsDecember31,2023December31,2022ContractedbutnotrecognizedinthefinancialstatementsBuildinglong-termassetcommitments-Expresswayconstruction
7,020,477,401.30
2.Contingency
AsofDecember31,2023,theCompanydidnotneedtodiscloseimportantcommitments.XV.Eventsafterbalancesheetdate
1.Profitdistribution
InRMBNumberofdividendstobedistributedforevery10shares(RMB)
5.47
Numberofbonussharestobedistributedforevery10shares(shares)
Numberofconvertedsharestobedistributedforevery10shares(shares)
Numberofdividendsforevery10sharesdeclaredafterdeliberationandapproval(RMB)
Numberofbonussharesforevery10sharesdeclaredafterdeliberationandapproval(shares)
Numberofconvertedsharesforevery10sharesdeclaredafterdeliberationandapproval(shares)
Profitdistributionscheme
Basedon2,090,806,126,acashdividendofRMB5.47(includingtax)willbedistributedtoallshareholdersforevery10shares,and0bonusshares(includingtax)willbedistributed,insteadofconvertingthereservefundintosharecapital.XVI.Othersignificantevents
1.Correctionofearly-stageaccountingerrors
None
2.Segmentinformation
（1）Ifthecompanyhasnoreportingdivision,orfailstodisclosethetotalassetsandliabilitiesofeachreportingdivision,thereasonsshallbeexplainedThecompany'sbusinessfortheGuangfoExpressway,theFokaiExpressway,GuanghuiExpresswayandJingzhuExpresswayGuangzhuSectiontollcollectionandmaintenancework,thetechnologyindustryandprovideinvestmentadvice,noothernatureofthebusiness,noreportablesegment.
3.Otherimportanttransactionsandeventshaveanimpactoninvestorsdecision-making
In2022,theCompanyreceivedtheNoticeofDepartmentofTransportofGuangdongProvinceonRelevantMattersConcerningtheDisposalofGuangzhou-FoshanExpresswayattheExpirationofTollCollection(GJYBH[2022]No.24),andtheGuangzhou-FoshanExpresswayoperatedbyitsholdingsubsidiaryGuangfoExpresswayCo.,Ltd.stoppedchargingfrom0:00onMarch3,2022,retainingtheexistingtollcollectionfacilitiestooperateasusualatzerorate,exemptingallvehiclespassingthroughthissectionfromtolls,andcollectingtollsfromvehiclesinothersectionsonbehalf.Afterthetollisstopped,GuangfoCompanywillcontinuetoberesponsibleforthemanagementandmaintenanceofGuangzhou-FoshanExpressway.
ThesourceoffundsforcustodyexpensespaidbyGuangfoCompanyneedstobefurtherdetermined.AsofDecember31,2023,custodyexpensespaidbyGuangfoCompanywereRMB221,107,620.02.XVII..Notesofmainitemsinfinancialreportsofparentcompany
1.Accountreceivable
1.Classificationaccountreceivables.
（1）Disclosurebyaging
InRMB
AgingBalanceinyear-endBalanceYear-beginningWithin1year（Including1year）31,718,251.2823,817,016.30
Total31,718,251.2823,817,016.30
（2）Accordingtothebaddebtprovisionmethodclassificationdisclosure
InRMBCategory
Amountinyear-endBalanceYear-beginningBookBalanceBaddebtprovisionBook
value
BookBalanceBaddebtprovisionBook
valueAmountProportio
n(%)
Amount
Proportion(%)
AmountProportio
n(%)
Amount
Proportion(%)Including：
Accrualofbaddebtprovisionbyportfolio
31,718,25
1.28
100.00%
31,718,25
1.28
23,817,01
6.30
100.00%
23,817,01
6.30
Including：
Agingportfolio
31,718,25
1.28
100.00%
31,718,25
1.28
23,817,01
6.30
100.00%
23,817,01
6.30
Total
31,718,25
1.28
100.00%
31,718,25
1.28
23,817,01
6.30
100.00%
23,817,01
6.30
Accrualofbaddebtprovisionbyportfolio:Theaging
InRMB
Aging
Balanceinyear-endAccountreceivableBaddebtprovisionExpectedcreditlossrate(%Within1year31,718,251.28Total31,718,251.28Note：TheagingRelevantinformationoftheprovisionforbaddebtswillbedisclosedwithreferencetothedisclosuremethodofotherreceivablesiftheprovisionforbaddebtsofbillsreceivableisaccruedaccordingtothegeneralmodelofexpectedcreditloss:
□Applicable√Notapplicable
（3）Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodNone
（4）Theactualwrite-offaccountsreceivable
None
(5)Top5oftheclosingbalanceoftheaccountsreceivablecollectedaccordingtothearrearsparty
InRMBCompanyName
Amountofendingbalance
Closingbalanceofthecontractassets
Accountsreceivableandcontractassetsendingbalance
Proportionoftotalaccountsreceivable
Amountofendingbalanceforbad
| % | debts |
GuangdongUnionElectronic31,242,722.0898.50%
ServicesCo.,Ltd.GuangdongExpresswayTechnologyInvestmentCo.,Ltd.
475,529.201.50%Total31,718,251.28100.00%
（6）AccountreceivablewhichterminatetherecognitionowningtothetransferofthefinancialassetsNone
(7)TheamountoftheassetsandliabilitiesformedbythetransferandthecontinuesinvolvementofaccountsreceivableNone
2.Otheraccountsreceivable
InRMB
ItemsBalanceinyear-endBalanceYear-beginningDividendreceivable1,205,472.9036,905,472.90Otherreceivable1,020,100,372.971,505,117,198.28Total1,021,305,845.871,542,022,671.18
(1)Interestreceivable：None
（2）Dividendreceivable
1)Dividendreceivable
InRMB
ItemsBalanceinyear-endBalanceYear-beginningGuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise
1,205,472.901,205,472.90GuangdongGuanghuiExpresswayCo.,Ltd.35,700,000.00Total1,205,472.9036,905,472.90
2)Significantdividendreceivableagedover1year
InRMB
Items
Balanceinyear-end
AgingReasonsfornon-recovery
WhetherwithimpairmentandthejudgmentbasisGuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise
1,205,472.90
Over5years
Thepartnershipagreementexpiresandcanberecoveredaftertheextensionproceduresarecompleted
No,itcanberecoveredinthefutureTotal1,205,472.90
（2）Otheraccountsreceivable
1)Otheraccountsreceivableclassified
InRMBItemsBalanceinyear-endBalanceYear-beginningSecuritiestradingsettlementfunds30,844,110.43Deposit2,277,164.742,090,516.36Pettycash1,232,661.911,293,602.05
Compensationforperformancecommitmentsreceivable
40,092,886.12Paymentfromrelatedpartieswithinthescopeofthemerger
975,923,541.671,500,593,541.66Other574,118.531,139,538.21Less：Baddebtprovision30,844,110.43
Total1,020,100,372.971,505,117,198.28
2）Disclosurebyaging
InRMBAgingBalanceinyear-endBalanceYear-beginningWithin1year(Including1year）
44,648,632.531,502,102,861.291-2years
975,012,062.0028,611.552-3years
28,611.552,052,691.71Over3years
411,066.8931,777,144.163-4years
7,699.3526,560.704-5years
23,848.70442,981.15Over5years
379,518.8431,307,602.31Total1,020,100,372.971,535,961,308.71
3）Accordingtothebaddebtprovisionmethodclassificationdisclosure
InRMB
Category
Amountinyear-endBalanceYear-beginningBookBalanceBaddebtprovision
Bookvalue
BookBalanceBaddebtprovision
BookvalueAmountProportion(%
)
Amount
Proportion(%
)
AmountProportion(%
)
AmountProportion(%
)Accrualofbaddebtprovisionbysingle
30,844,110.432.01%
30,844,110.4
100.00%
Including：
Accrualofbaddebtprovisionbyportfolio
1,020,100,372.9
100.00%
1,020,100,372.9
1,505,117,198.2
97.99%
1,505,117,198.2
Including：
CSFPottfolio3,509,826.650.34%3,509,826.653,384,118.410.22%3,384,118.41Verylowcreditriskfinancialassetportfolio
40,667,004.653.99%40,667,004.651,139,538.210.07%1,139,538.21Risk-freecombination
975,923,541.6795.67%975,923,541.67
1,500,593,541.6
97.70%
1,500,593,541.6
Total
1,020,100,372.9
100.00%
1,020,100,372.9
1,535,961,308.7
100.00%
30,844,110.4
2.01%
1,505,117,198.2
Accrualofbaddebtprovisionbysingle：0Accrualofbaddebtprovisionbyportfolio:1Accrualofbaddebtprovisionbyportfolio:
InRMB
Name
Balanceinyear-endBookbalanceBaddebtprovisionWithdrawalproportionCastdepositportfolio3,509,826.65Verylowcreditriskfinancialassetportfolio
40,667,004.65Risk-freecombination975,923,541.67Total1,020,100,372.97
Makeprovisionforbaddebtsaccordingtothegeneralmodelofexpectedcreditlosses
InRMBBadDebtReserves
Stage1Stage2Stage3
TotalExpectedcreditlossesoverthenext12months
Expectedcreditlossoverlife(nocreditimpairment)
Expectedcreditlossesfortheentireduration(creditimpairment
occurred)BalanceasatJanuary1,2023
30,844,110.4330,844,110.43BalanceasatJanuary1,2023incurrentThisperiodwrite-off
30,844,110.4330,844,110.43Lossprovisionchangesincurrentperiod,changeinbookbalancewithsignificantamount
□Applicable√Notapplicable
4）Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodNone
5)Otherreceivablesareclassifiedaccordingtothenature
InRMB
ItemsAmountSecuritiessettlementandtradingfunds30,844,110.43Wherethewrite-offofotherimportantreceivablesisasfollows:
InRMB
NameNatureofotherreceivables
Write-offamount
Reasonsforwrite-off
Write-offprocedureforperformance
WhetherthepaymentisgeneratedbyrelatedpartytransactionsKunlunSecuritiesCo.,Ltd
Securitiestradingsettlementfunds30,844,110.43
Bankruptcyliquidationhasbeenbasicallycompleted,andthereisbasicallynobankruptcypropertyavailable
ResolutionadoptedattheFifteenth(provisional)MeetingoftheTenthBoardofDirectors
No
fordistributionTotal30,844,110.43
6）Top5oftheclosingbalanceoftheprepaymentcollectedaccordingtotheprepaymenttarget
InRMBNameRelationswiththeCompanyAmountAgingReasons
fornon-settlement
Proportion%
JingzhuExpresswayGuangzhuSectionCo.,Ltd.
Reconstructionandexpansionofinvestmentfundsandinterest
975,000,000.001-2years
95.67%
Interest923,541.67
Within1year
GuangdongProvincialFreewayCo.,Ltd.
Provisionalestimateofrestructuringperformancecompensationnumber
40,092,886.12
Within1year
3.93%
GuangdongLitongDevelopmentInvestmentCo.,Ltd.
Vehicleparkingdeposit22,980.002-3years
0.18%
Leasedeposit1,823,397.94
Within1year
FirstPacificDavisPropertyConsultant(Guangzhou)Co.,Ltd
Vehicleparkingdeposit4,200.002-3years
0.04%
Waterandelectricitycostsworkingcapital
92,116.80
Within1yearManagementfeedeposit322,408.00
Within1yearHuangHongguiPettycash190,000.00
Within1year
0.02%
Total1,018,471,530.5399.84%7）AccountsreceivableinvolvedwithgovernmentsubsidiesNone
8)OtheraccountreceivablewhichterminatetherecognitionowningtothetransferofthefinancialassetsNone
9)TheamountoftheassetsandliabilitiesformedbythetransferandthecontinuesinvolvementofotheraccountsreceivableNone
3.Long-termequityinvestment
InRMB
Items
EndoftermBeginningoftermBookBalanceImpairmentprovisionBookvalueBookBalanceImpairmentprovisionBookvalueInvestmentinsubsidiaries3,952,330,463.433,952,330,463.433,374,330,463.433,374,330,463.43Investmentinjointventuresandassociates
2,990,656,046.312,990,656,046.312,722,085,180.532,722,085,180.53Total6,942,986,509.746,942,986,509.746,096,415,643.966,096,415,643.96
（1）Investmenttothesubsidiary
InRMB
NameOpeningbalance
Initialbalanceoftheimpairmentprovision
Increase/decreaseinreportingperiod
Closingbalance
ClosingbalanceofimpairmentprovisionAddinvestment
Decreasedinvestment
Withdrawnimpairmentprovision
OtherJingzhuExpresswayGuangzhuSectionCo.,Ltd.
871,171,883.08525,000,000.001,396,171,883.08GuangfoExpresswayCo.,ltd.154,982,475.25154,982,475.25YuegaoCapitalInvestment(Guangzhou)Co.,Ltd.
322,500,000.0053,000,000.00375,500,000.00GuanghuiExpresswayCo.,Ltd.2,025,676,105.102,025,676,105.10Total3,374,330,463.43578,000,000.003,952,330,463.43
（2）Investmenttojointventuresandassociatedenterprises
InRMB
NameOpeningbalance
Initialbalanceoftheimpairmentprovision
Increase/decreaseinreportingperiod
Closingbalance
ClosingbalanceofimpairmentprovisionIncreaseininvestment
Decrease
ininvestmen
t
Investmentincomeunderequitymethod
Othercomprehensiv
eincome
Otherchanges
in
equity
Announced
fordistributingcashdividend
orprofit
Provision
forimpairmen
t
Othe
rI.JointventuresII.AssociatedenterprisesZhaoqingYuezhaoHighwayCo.,Ltd.
310,209,765.8756,894,249.13367,104,015.00GuangdongJiangzhongExpresswayCo.,Ltd.
446,883,150.40
110,250,000.0
11,239,149.07
10,685,619.8
557,686,679.66GanzhouGankangExpresswayCo.,Ltd.
163,154,438.0022,400,381.124,500,000.00181,054,819.12GanzhouKangdaExpresswayCo.,Ltd.
246,268,935.1340,160,769.85
28,500,000.0
257,929,704.98ShenzhenHuiyanExpresswayCo.,Ltd.
348,669,767.3229,252,416.66377,922,183.98GuoyuanSecurities
987,867,627.4244,637,991.9910,114,877.17
2,424.1
15,522,387.3
1,027,100,533.4
NameOpeningbalance
Initialbalanceof
theimpairmentprovision
Increase/decreaseinreportingperiod
Closingbalance
ClosingbalanceofimpairmentprovisionIncreaseininvestment
Decreaseininvestment
Investmentincomeunderequitymethod
Othercomprehensiveincome
Otherchangesinequity
Announced
fordistributingcashdividend
orprofit
Provision
forimpairmen
t
Othe
rCo.,Ltd.GuangdongYuekeScienceandTechnologyMicrofinanceCo.,Ltd.
219,031,496.3910,944,601.748,117,988.03221,858,110.10
Subtotal
2,722,085,180.5
110,250,000.0
215,529,559.5
10,114,877.17
2,424.1
67,325,995.1
2,990,656,046.3
Total
2,722,085,180.5
110,250,000.0
215,529,559.5
10,114,877.17
2,424.1
67,325,995.1
2,990,656,046.3
Therecoverableamountisdeterminedbythenetamountoffairvalueminusdisposalexpenses
□Applicable?Notapplicable
Therecoverableamountisdeterminedaccordingtothepresentvalueoftheexpectedfuturecashflow
□Applicable?Notapplicable
4.BusinessincomeandBusinesscost
InRMB
Items
| Amount | of | current | period | Amount | of | previous | period |
RevenueCostRevenueCostMainbusiness1,521,448,612.59606,338,219.481,296,212,805.59584,496,313.76Other14,136,853.644,642,566.1514,566,863.595,138,086.94Total1,535,585,466.23610,980,785.631,310,779,669.18589,634,400.70
5.Investmentincome
InRMB
Items
| Amount | of | current | period | Amount | of | previous | period |
Long-termequityinvestmentincomeaccountedbycostmethod
730,452,121.37966,664,177.01Long-termequityinvestmentincomeaccountedbyequitymethod
215,529,559.56183,837,934.31InvestmentincomefromdisposalofLong-termequityinvestment
-45,107,982.42Dividendincomefromotherequityinstrumentinvestmentsduringtheholdingperiod
71,249,739.3647,286,243.74Interestincomefromdebtinvestmentduringholdingperiod.
18,499,161.74Other27,008,665.002,087,067.60Total1,044,240,085.291,173,266,601.98XVIII.SupplementaryInformation
1.Currentnon-recurringgains/losses
√Applicable□Notapplicable
InRMBItemsAmountNotesNon-currentassetdisposalgain/loss(includingthewrite-offpartforwhichassetsimpairmentprovisionismade)
12,740,003.03Governmentsubsidiesrecognizedincurrentgainandloss(excludingthosecloselyrelatedtotheCompany’sbusinessandgrantedunderthestate’spolicies)
10,685,002.61Gainandlossfromchangeofthefairvaluearisingfromtransactionalmonetaryassets,transactionalfinancialliabilitiesasheldaswellastheinvestmentincomearisingfromdisposalofthetransactionalmonetaryassets,transactionalfinancialliabilitiesandfinancialassetsavailableforsaleexcludingtheeffectivehedgingtransactioninconnectionwiththeCompany’snormalbusiness
2,456,768.00Netamountofnon-operatingincomeandexpenseexcepttheaforesaiditems-4,515,527.98Othernon-recurringGains/lossitems
921,152.92Theimpairmentprovisionfortheadvanceexpensesthathaveoccurredbutneedtobedefinedfromthesourceoffunds（Note：
）
-123,358,138.31Less:Influencedamountofincometax988,084.33Influencedamountofminorshareholders’equity(aftertax)-30,770,056.69Total-71,288,767.37--
Detailsofotherprofitandlossitemsthatmeetthenon-recurringprofitandlossdefinition
√Applicable□Notapplicable
DuetothespecialnatureoftheimpairmentprovisionformanagementandmaintenanceexpensesadvancedbytheGuangzhou-FoshanExpresswaytobeclarified,itwillaffectthenormaljudgmentoftheCompany'soperatingperformanceandprofitabilitybytheuserofthereport.NoneFortheCompany’snon-recurringgain/lossitemsasdefinedintheExplanatoryAnnouncementNo.1oninformationdisclosureforCompaniesOfferingtheirSecuritiestothePublic-Non-recurringGainsandLossesanditsnon-recurringgain/lossitemsasillustratedintheExplanatoryAnnouncementNo.1oninformationDisclosureforCompaniesofferingtheirsecuritiestothepublic-non-recurringGainsandlosseswhichhavebeendefinedasrecurringgainsandlosses,itisnecessarytoexplainthereason.
□Applicable√Notapplicable
NoneofNon-recurringgain/lossitemsrecorgnizedasrecurringgain/loss/itemsasdefinedbytheinformationdisclosureexplanatoryAnnouncementNo.1-Non–recurringgain/lossinthereportperiod.
2.Returnonequity(ROE)andearningspershare(EPS)
Profitasofreportingperiod
WeightedaverageROE
(%)
EPS（Yuan/share）EPS-basicEPS-dilutedNetprofitattributabletocommonshareholdersoftheCompany
17.30%0.780.78NetprofitattributabletocommonshareholdersoftheCompanyafterdeductionofnon-recurringprofitandloss
18.06%0.820.82
3.Differencesbetweenaccountingdataunderdomesticandoverseasaccountingstandards
（1）．SimultaneouslypursuanttobothChineseaccountingstandardsandinternationalaccountingstandardsdisclosedinthefinancialreportsofdifferencesinnetincomeandnetassets.
□Applicable□√Notapplicable
（2）.DifferencesofnetprofitandnetassetsdisclosedinfinancialreportspreparedunderoverseasandChineseaccountingstandards.
□Applicable□√Notapplicable
(3).Explanationofthereasonsforthedifferencesinaccountingdataunderdomesticandforeignaccountingstandards.Ifthedatathathasbeenauditedbyanoverseasauditinstitutionisadjustedfordifferences,thenameoftheoverseasinstitutionshouldbeindicated