GuangdongProvincialExpresswayDevelopmentCo.,Ltd.
TheSemi-AnnualFinicialReport2025
August2025
I.AuditreportHasthissemi-annualreportbeenaudited?
□Yes√NoThesemi-annualreportwasnotaudited.II.FinancialstatementsCurrencyunitforthestatementsinthenotestothesefinancialstatements:RMB
1.ConsolidatedbalancesheetPreparedby:GuangdongProvincialExpresswayDevelopmentCo.,Ltd.
June30,2025
InRMB
Item
| Item | June30,2025 | January1,2025 |
| Currentasset： | ||
| Monetaryfund | 5,797,033,176.02 | 4,289,826,663.22 |
| Settlementprovision | ||
| Outgoingcallloan | ||
| Transactionalfinancialassets | ||
| Derivativefinancialassets | ||
| Notesreceivable | ||
| Accountreceivable | 96,247,498.30 | 82,361,054.69 |
| Financingofreceivables | ||
| Prepayments | 5,944,423.66 | 3,732,159.00 |
| Insurancereceivable | ||
| Reinsurancereceivable | ||
| ProvisionsofReinsurancecontractsreceivable | ||
| Otheraccountreceivable | 262,587,885.66 | 148,857,119.34 |
| Including：Interestreceivable | ||
| Dividendreceivable | 31,996,670.24 | 28,621,800.58 |
| Repurchasingoffinancialassets | ||
| Inventories | ||
| Including：Dataresources | ||
| Contractassets | ||
| Assetsheldforsales | ||
| Non-currentassetduewithin1year | ||
| Othercurrentasset | 7,599,526.71 | 6,167,340.16 |
| Totalofcurrentassets | 6,169,412,510.35 | 4,530,944,336.41 |
| Non-currentassets： | ||
| Loansandpaymentonother’sbehalfdisbursed | ||
| Creditor'srightinvestment | ||
| Othercreditor'srightinvestment | ||
| Long-termreceivable | ||
| Longtermshareequityinvestment | 4,218,884,448.22 | 3,332,350,008.84 |
| Otherequityinstrumentsinvestment | 1,034,304,910.44 | 1,768,953,885.85 |
| Othernon-currentfinancialassets | 186,494,177.20 | 186,494,177.20 |
Item
| Item | June30,2025 | January1,2025 |
| Propertyinvestment | 2,115,352.22 | 2,225,911.46 |
| Fixedassets | 8,397,346,811.28 | 8,872,808,692.97 |
| Constructioninprogress | 3,366,947,277.98 | 2,665,392,094.81 |
| Productionphysicalassets | ||
| Oil&gasassets | ||
| Userightassets | 9,022,508.88 | 14,217,517.99 |
| Intangibleassets | 186,125,215.58 | 197,694,153.19 |
| Including：Dataresources | ||
| Developmentexpenses | ||
| Including：Dataresources | ||
| Goodwill | ||
| Long-germexpensestobeamortized | ||
| Deferredincometaxasset | 29,824,967.45 | 32,679,298.44 |
| Othernon-currentasset | 853,414,712.19 | 837,904,037.77 |
| Totalofnon-currentassets | 18,284,480,381.44 | 17,910,719,778.52 |
| Totalofassets | 24,453,892,891.79 | 22,441,664,114.93 |
| Currentliabilities | ||
| Short-termloans | 150,085,138.89 | |
| LoanfromCentralBank | ||
| Borrowingfunds | ||
| Transactionalfinancialliabilities | ||
| Derivativefinancialliabilities | ||
| Notespayable | ||
| Accountpayable | 150,004,863.42 | 226,104,482.05 |
| Advancereceipts | 1,179,999.70 | 250,984.74 |
| Contractliabilities | ||
| Sellingofrepurchasedfinancialassets | ||
| Deposittakingandinterbankdeposit | ||
| Entrustedtradingofsecurities | ||
| Entrustedsellingofsecurities | ||
| Employees’wagepayable | 23,413,011.21 | 22,412,317.23 |
| Taxpayable | 192,289,931.92 | 131,748,260.36 |
| Otheraccountpayable | 1,333,098,274.89 | 272,118,036.92 |
| Including：Interestpayable | ||
| Dividendpayable | 1,169,375,280.23 | 32,714,825.12 |
| Feesandcommissionspayable | ||
| Reinsurancefeepayable | ||
| Liabilitiesheldforsales | ||
| Non-currentliabilityduewithin1year | 212,918,332.30 | 1,017,246,515.19 |
| Othercurrentliability | 60,381.20 | 73,697.84 |
| Totalofcurrentliability | 2,063,049,933.53 | 1,669,954,294.33 |
| Non-currentliabilities： | ||
| Reservefundforinsurancecontracts | ||
| Long-termloan | 7,723,597,947.28 | 6,728,264,750.00 |
| Bondpayable | ||
| Including：preferredstock | ||
| Sustainabledebt | ||
| Leaseliability | 0.00 | 2,730,189.11 |
| Long-termpayable | 2,022,210.11 | 2,022,210.11 |
| Long-termremunerationpayabletostaff | ||
| Expectedliabilities | ||
| Deferredincome | 820,845,988.93 | 511,971,907.34 |
| Deferredincometaxliability | 332,828,256.21 | 330,830,731.06 |
| Othernon-currentliabilities |
Item
| Item | June30,2025 | January1,2025 |
| Totalnon-currentliabilities | 8,879,294,402.53 | 7,575,819,787.62 |
| Totalofliability | 10,942,344,336.06 | 9,245,774,081.95 |
| Owners’equity | ||
| Sharecapital | 2,090,806,126.00 | 2,090,806,126.00 |
| Otherequityinstruments | ||
| Including：preferredstock | ||
| Sustainabledebt | ||
| Capitalreserves | 782,910,377.14 | 782,661,218.56 |
| Less：Sharesinstock | ||
| Othercomprehensiveincome | 375,075,030.96 | 366,149,871.08 |
| Specialreserve | ||
| Surplusreserves | 1,691,288,205.66 | 1,684,087,655.64 |
| Commonriskprovision | ||
| Retainedprofit | 5,572,861,648.68 | 5,544,395,448.25 |
| Totalofowner’sequitybelongtotheparentcompany | 10,512,941,388.44 | 10,468,100,319.53 |
| Minorityshareholders’equity | 2,998,607,167.29 | 2,727,789,713.45 |
| Totalofowners’equity | 13,511,548,555.73 | 13,195,890,032.98 |
| Totalofliabilitiesandowners’equity | 24,453,892,891.79 | 22,441,664,114.93 |
LegalRepresentative:MiaoDeshanPersoninchargeofaccounting：LuMingAccountingDeptLeader:YanXiaohong
2.ParentCompanyBalanceSheet
InRMB
| Item | June30,2025 | January1,2025 |
| Currentasset： | ||
| Monetaryfund | 1,888,701,389.02 | 1,827,026,427.48 |
| Transactionalfinancialassets | ||
| Derivativefinancialassets | ||
| Notesreceivable | ||
| Accountreceivable | 17,746,839.12 | 19,832,233.51 |
| Financingofreceivables | ||
| Prepayments | 4,471,269.99 | 2,429,028.94 |
| Otheraccountreceivable | 184,330,954.29 | 436,815,407.73 |
| Including：Interestreceivable | ||
| Dividendreceivable | 31,996,670.24 | 28,621,800.58 |
| Inventories | ||
| Including：Dataresources | ||
| Contractassets | ||
| Assetsheldforsales | ||
| Non-currentassetduewithin1year | ||
| Othercurrentasset | 7,560,700.24 | 6,128,385.43 |
| Totalofcurrentassets | 2,102,811,152.66 | 2,292,231,483.09 |
| Non-currentassets： | ||
| Creditor'srightinvestment | ||
| Othercreditor'srightinvestment | ||
| Long-termreceivable | ||
| Longtermshareequityinvestment | 8,981,420,519.56 | 7,846,717,402.01 |
| Otherequityinstrumentsinvestment | 1,034,304,910.44 | 1,768,953,885.85 |
| Othernon-currentfinancialassets | ||
| Propertyinvestment | 1,863,210.48 | 1,973,769.72 |
| Fixedassets | 4,527,557,508.60 | 4,722,709,889.80 |
| Constructioninprogress | 307,586,315.99 | 308,615,083.86 |
Item
| Item | June30,2025 | January1,2025 |
| Productionphysicalassets | ||
| Oil&gasassets | ||
| Userightassets | 8,460,629.15 | 13,566,418.32 |
| Intangibleassets | 112,204,973.67 | 116,330,587.32 |
| Including：Dataresources | ||
| Developmentexpenses | ||
| Including：Dataresources | ||
| Goodwill | ||
| Long-germexpensestobeamortized | ||
| Deferredincometaxasset | 25,456,592.90 | 28,274,192.91 |
| Othernon-currentasset | 2,060,000.00 | 2,060,000.00 |
| Totalofnon-currentassets | 15,000,914,660.79 | 14,809,201,229.79 |
| Totalofassets | 17,103,725,813.45 | 17,101,432,712.88 |
| Currentliabilities | ||
| Short-termloans | 150,085,138.89 | 0.00 |
| Transactionalfinancialliabilities | ||
| Derivativefinancialliabilities | ||
| Notespayable | ||
| Accountpayable | 90,031,024.70 | 116,590,086.29 |
| Advancereceipts | 1,179,999.70 | 250,984.74 |
| ContractLiabilities | ||
| Employees’wagepayable | 7,543,686.44 | 7,715,710.30 |
| Taxpayable | 55,399,706.18 | 23,752,944.73 |
| Otheraccountpayable | 1,526,081,030.89 | 306,323,712.32 |
| Including：Interestpayable | ||
| Dividendpayable | ||
| Liabilitiesheldforsales | ||
| Non-currentliabilityduewithin1year | 92,961,620.49 | 931,134,209.98 |
| Othercurrentliability | 5,589.60 | 18,906.24 |
| Totalofcurrentliability | 1,923,287,796.89 | 1,385,786,554.60 |
| Non-currentliabilities： | ||
| Long-termloan | 4,824,061,697.28 | 5,172,549,750.00 |
| Bondpayable | ||
| Including：preferredstock | ||
| Sustainabledebt | ||
| Leaseliability | 0.00 | 2,730,189.11 |
| Long-termpayable | 2,022,210.11 | 2,022,210.11 |
| Long-termremunerationpayabletostaff | ||
| Expectedliabilities | ||
| Deferredincome | 0.00 | 273,537.20 |
| Deferredincometaxliability | 119,885,377.49 | 117,617,593.90 |
| Othernon-currentliabilities | ||
| Totalnon-currentliabilities | 4,945,969,284.88 | 5,295,193,280.32 |
| Totalofliability | 6,869,257,081.77 | 6,680,979,834.92 |
| Owners’equity | ||
| Sharecapital | 2,090,806,126.00 | 2,090,806,126.00 |
| Otherequityinstruments | ||
| Including：preferredstock | ||
| Sustainabledebt | ||
| Capitalreserves | 975,003,604.00 | 975,003,604.00 |
| Less：Sharesinstock | ||
| Othercomprehensiveincome | 375,075,030.96 | 366,149,871.08 |
| Specialreserve | ||
| Surplusreserves | 1,511,315,938.10 | 1,504,115,388.08 |
Item
| Item | June30,2025 | January1,2025 |
| Retainedprofit | 5,282,268,032.62 | 5,484,377,888.80 |
| Totalofowners’equity | 10,234,468,731.68 | 10,420,452,877.96 |
| Totalofliabilitiesandowners’equity | 17,103,725,813.45 | 17,101,432,712.88 |
3.ConsolidatedIncomestatement
InRMB
| Item | Thefirsthalfyearof2025 | Thefirsthalfyearof2024 |
| I.Incomefromthekeybusiness | 2,117,962,773.25 | 2,230,865,662.20 |
| Incl：Businessincome | 2,117,962,773.25 | 2,230,865,662.20 |
| Interestincome | ||
| Insurancefeeearned | ||
| Feeandcommissionreceived | ||
| II.Totalbusinesscost | 811,653,738.85 | 859,137,382.65 |
| Incl：Businesscost | 673,509,814.34 | 713,009,009.42 |
| Interestexpense | ||
| Feeandcommissionpaid | ||
| Insurancedischargepayment | ||
| Netclaimamountpaid | ||
| Netamountofwithdrawalofinsurancecontractreserve | ||
| Insurancepolicydividendpaid | ||
| Reinsuranceexpenses | ||
| Businesstaxandsurcharge | 9,618,612.69 | 9,369,301.31 |
| Salesexpense | ||
| Administrativeexpense | 84,133,577.69 | 82,947,690.68 |
| R&Dcosts | 707,494.88 | |
| Financialexpenses | 43,684,239.25 | 53,811,381.24 |
| Including：Interestexpense | 59,844,326.44 | 86,505,113.33 |
| Interestincome | 16,237,101.63 | 32,771,177.29 |
| Add:Otherincome | 1,862,908.36 | 5,617,528.46 |
| Investmentgain（“-”forloss） | 143,234,005.69 | 153,501,177.19 |
| Incl:investmentgainsfromaffiliates | 98,461,531.78 | 112,802,071.88 |
| Financialassetsmeasuredatamortizedcostceasetoberecognizedasincome | ||
| Gainsfromcurrencyexchange | ||
| Netexposurehedgingincome | ||
| Changingincomeoffairvalue | ||
| Creditimpairmentloss | 331,211,870.16 | -44,875,103.57 |
| Impairmentlossofassets | ||
| Assetsdisposalincome | ||
| III.Operationalprofit（“-”forloss） | 1,782,617,818.61 | 1,485,971,881.63 |
| Add：Non-operationalincome | 2,076,556.79 | 2,970,858.52 |
| Less:Non-operatingexpense | 2,556,368.54 | 1,775,168.96 |
| IV.Totalprofit(“-”forloss) | 1,782,138,006.86 | 1,487,167,571.19 |
| Less：Incometaxexpenses | 342,247,329.69 | 349,883,636.23 |
| V.Netprofit | 1,439,890,677.17 | 1,137,283,934.96 |
| (I)Classificationbybusinesscontinuity | ||
| 1.Netcontinuingoperatingprofit | 1,439,890,677.17 | 1,137,283,934.96 |
| 2.Terminationofoperatingnetprofit | ||
| (II)Classificationbyownership | ||
| 1.Netprofitattributabletotheownersofparentcompany | 1,057,152,854.14 | 855,465,441.00 |
| 2.Minorityshareholders’equity | 382,737,823.03 | 281,818,493.96 |
| VI.Netafter-taxofothercomprehensiveincome | 62,929,285.03 | 81,912,988.32 |
| Netofprofitofothercomprehensiveincomeattributableto | 62,929,285.03 | 81,912,988.32 |
Item
| Item | Thefirsthalfyearof2025 | Thefirsthalfyearof2024 |
| ownersoftheparentcompany. | ||
| （I）Othercomprehensiveincomeitemsthatwillnotbereclassifiedintogains/lossesinthesubsequentaccountingperiod | 75,060,002.84 | 69,544,404.36 |
| 1.Re-measurementofdefinedbenefitplansofchangesinnetdebtornetassets | ||
| 2.Othercomprehensiveincomeundertheequitymethodinvesteecannotbereclassifiedintoprofitorloss. | 10,781,382.95 | 4,754,735.83 |
| 3.Changesinthefairvalueofinvestmentsinotherequityinstruments | 64,278,619.89 | 64,789,668.53 |
| 4.Changesinthefairvalueofthecompany’screditrisks | ||
| 5.Other | ||
| （II）Othercomprehensiveincomethatwillbereclassifiedintoprofitorloss. | -12,130,717.81 | 12,368,583.96 |
| 1.Othercomprehensiveincomeundertheequitymethodinvesteecanbereclassifiedintoprofitorloss. | -12,130,717.81 | 12,368,583.96 |
| 2.Changesinthefairvalueofinvestmentsinotherdebtobligations | ||
| 3.Othercomprehensiveincomearisingfromthereclassificationoffinancialassets | ||
| 4.Allowanceforcreditimpairmentsininvestmentsinotherdebtobligations | ||
| 5.Reserveforcashflowhedges | ||
| 6.Translationdifferencesincurrencyfinancialstatements | ||
| 7.Other | ||
| NetofprofitofothercomprehensiveincomeattributabletoMinorityshareholders’equity | ||
| VII.Totalcomprehensiveincome | 1,502,819,962.20 | 1,219,196,923.28 |
| Totalcomprehensiveincomeattributabletotheowneroftheparentcompany | 1,120,082,139.17 | 937,378,429.32 |
| Totalcomprehensiveincomeattributableminorityshareholders | 382,737,823.03 | 281,818,493.96 |
| VIII.Earningspershare | ||
| （I）Basicearningspershare | 0.51 | 0.41 |
| (II)Dilutedearningspershare | 0.51 | 0.41 |
Thecurrentbusinesscombinationundercommoncontrol,thenetprofitsofthecombinedpartybeforeachievednetprofitofRMB
0.00,lastperiodthecombinedpartyrealizedRMB0.00.LegalRepresentative:MiaoDeshanPersoninchargeofaccounting：
LuMingAccountingDeptLeader:YanXiaohong
4.IncomestatementoftheParentCompany
InRMB
| Item | Thefirsthalfyearof2025 | Thefirsthalfyearof2024 |
| I.Incomefromthekeybusiness | 689,653,099.69 | 747,726,356.92 |
| Incl：Businesscost | 249,849,908.94 | 251,427,697.00 |
| Businesstaxandsurcharge | 4,301,394.18 | 3,919,611.75 |
| Salesexpense | ||
| Administrativeexpense | 50,747,951.64 | 51,192,311.12 |
| R&Dexpense | 116,154.10 | 0.00 |
| Financialexpenses | 64,589,692.93 | 83,841,733.97 |
| Including：Interestexpenses | 71,723,477.76 | 102,774,650.40 |
| Interestincome | 7,152,457.34 | 18,957,385.88 |
| Add：Otherincome | 675,844.04 | 1,763,575.02 |
| Investmentgain（“-”forloss） | 598,411,199.63 | 765,186,346.77 |
| Including:investmentgainsfromaffiliates | 99,592,368.53 | 115,094,457.16 |
| Financialassetsmeasuredatamortizedcostceasetoberecognizedasincome | ||
| Netexposurehedgingincome |
Item
| Item | Thefirsthalfyearof2025 | Thefirsthalfyearof2024 |
| Changingincomeoffairvalue | ||
| Creditimpairmentloss | ||
| Impairmentlossofassets | ||
| Assetsdisposalincome | ||
| II.Operationalprofit（“-”forloss） | 919,135,041.57 | 1,124,294,924.87 |
| Add：Non-operationalincome | 401,845.65 | 768,133.90 |
| Less：Non-operationalexpenses | 437,008.94 | 351,002.85 |
| III.Totalprofit(“-”forloss) | 919,099,878.28 | 1,124,712,055.92 |
| Less：Incometaxexpenses | 92,523,080.75 | 93,244,832.34 |
| IV.Netprofit | 826,576,797.53 | 1,031,467,223.58 |
| 1.Netcontinuingoperatingprofit | 826,576,797.53 | 1,031,467,223.58 |
| 2.Terminationofoperatingnetprofit | ||
| V.Netafter-taxofothercomprehensiveincome | 62,929,285.03 | 81,912,988.32 |
| （I）Othercomprehensiveincomeitemsthatwillnotbereclassifiedintogains/lossesinthesubsequentaccountingperiod | 75,060,002.84 | 69,544,404.36 |
| 1.Re-measurementofdefinedbenefitplansofchangesinnetdebtornetassets | ||
| 2.Othercomprehensiveincomeundertheequitymethodinvesteecannotbereclassifiedintoprofitorloss. | 10,781,382.95 | 4,754,735.83 |
| 3.Changesinthefairvalueofinvestmentsinotherequityinstruments | 64,278,619.89 | 64,789,668.53 |
| 4.Changesinthefairvalueofthecompany’screditrisks | ||
| 5.Other | ||
| (II)Othercomprehensiveincomethatwillbereclassifiedintoprofitorloss | -12,130,717.81 | 12,368,583.96 |
| 1.Othercomprehensiveincomeundertheequitymethodinvesteecanbereclassifiedintoprofitorloss. | -12,130,717.81 | 12,368,583.96 |
| 2.Changesinthefairvalueofinvestmentsinotherdebtobligations | ||
| 3.Othercomprehensiveincomearisingfromthereclassificationoffinancialassets | ||
| 4.Allowanceforcreditimpairmentsininvestmentsinotherdebtobligations | ||
| 5.Reserveforcashflowhedges | ||
| 6.Translationdifferencesincurrencyfinancialstatements | ||
| 7.Other | ||
| VI.Totalcomprehensiveincome | 889,506,082.56 | 1,113,380,211.90 |
| VII.Earningspershare | ||
| （I）Basicearningspershare | ||
| (II)Dilutedearningspershare |
5.ConsolidatedCashflowstatement
InRMB
| Item | Thefirsthalfyearof2025 | Thefirsthalfyearof2024 |
| I.Cashflowsfromoperatingactivities | ||
| Cashreceivedfromsalesofgoodsorrendingofservices | 2,161,614,288.46 | 2,296,987,957.17 |
| Netincreaseofcustomerdepositsandcapitalkeptforbrothercompany | ||
| Netincreaseofloansfromcentralbank | ||
| Netincreaseofinter-bankloansfromotherfinancialbodies | ||
| Cashreceivedagainstoriginalinsurancecontract |
Item
| Item | Thefirsthalfyearof2025 | Thefirsthalfyearof2024 |
| Netcashreceivedfromreinsurancebusiness | ||
| Netincreaseofclientdepositandinvestment | ||
| Cashreceivedfrominterest,commissionchargeandcommission | ||
| Netincreaseofinter-bankfundreceived | ||
| Netincreaseofrepurchasingbusiness | ||
| Netcashreceivedbyagentinsecuritiestrading | ||
| Taxreturned | ||
| Othercashreceivedfrombusinessoperation | 718,303,119.87 | 55,675,566.81 |
| Sub-totalofcashinflow | 2,879,917,408.33 | 2,352,663,523.98 |
| Cashpaidforpurchasingofmerchandiseandservices | 93,571,387.95 | 108,205,508.31 |
| Netincreaseofclienttradeandadvance | ||
| Netincreaseofsavingsincentralbankandbrothercompany | ||
| Cashpaidfororiginalcontractclaim | ||
| Netincreaseinfinancialassetsheldfortradingpurposes | ||
| NetincreaseforOutgoingcallloan | ||
| Cashpaidforinterest,processingfeeandcommission | ||
| Cashpaidtostaffsorpaidforstaffs | 220,702,576.63 | 209,856,266.59 |
| Taxespaid | 351,003,549.78 | 394,301,408.92 |
| Othercashpaidforbusinessactivities | 316,973,111.42 | 37,044,330.48 |
| Sub-totalofcashoutflowfrombusinessactivities | 982,250,625.78 | 749,407,514.30 |
| Netcashgeneratedfrom/usedinoperatingactivities | 1,897,666,782.55 | 1,603,256,009.68 |
| II.Cashflowgeneratedbyinvesting | ||
| Cashreceivedfrominvestmentretrieving | 107,111,100.00 | |
| Cashreceivedasinvestmentgains | 74,666,322.31 | 19,579,614.82 |
| Netcashretrievedfromdisposaloffixedassets,intangibleassets,andotherlong-termassets | 39,571.00 | 39,500.00 |
| Netcashreceivedfromdisposalofsubsidiariesorotheroperationalunits | ||
| Otherinvestment-relatedcashreceived | 4,422.50 | 3,692,567.08 |
| Sub-totalofcashinflowduetoinvestmentactivities | 181,821,415.81 | 23,311,681.90 |
| Cashpaidforconstructionoffixedassets,intangibleassetsandotherlong-termassets | 746,742,625.37 | 952,618,810.45 |
| Cashpaidasinvestment | 2,088,000.00 | 89,312,000.00 |
| Netincreaseofloanagainstpledge | ||
| Netcashreceivedfromsubsidiariesandotheroperationalunits | ||
| Othercashpaidforinvestmentactivities | 158,268.90 | 1,701,600.00 |
| Sub-totalofcashoutflowduetoinvestmentactivities | 748,988,894.27 | 1,043,632,410.45 |
| Netcashflowgeneratedbyinvestment | -567,167,478.46 | -1,020,320,728.55 |
| III.Cashflowgeneratedbyfinancing | ||
| Cashreceivedasinvestment | 83,125,000.00 | 87,937,500.00 |
| Including:Cashreceivedasinvestmentfromminorshareholders | 83,125,000.00 | 87,937,500.00 |
| Cashreceivedasloans | 2,870,000,000.00 | 780,000,000.00 |
| Otherfinancing–relatedcashreceived | ||
| Sub-totalofcashinflowfromfinancing | 2,953,125,000.00 | 867,937,500.00 |
Item
| Item | Thefirsthalfyearof2025 | Thefirsthalfyearof2024 |
| activities | ||
| Cashtorepaydebts | 2,508,438,234.24 | 751,931,275.00 |
| Cashpaidasdividend,profit,orinterests | 270,359,441.49 | 441,738,661.71 |
| Including:Dividendandprofitpaidbysubsidiariestominorshareholders | 151,725,000.00 | 290,401,407.05 |
| Othercashpaidforfinancingactivities | 5,736,824.98 | 3,488,898.16 |
| Sub-totalofcashoutflowduetofinancingactivities | 2,784,534,500.71 | 1,197,158,834.87 |
| Netcashflowgeneratedbyfinancing | 168,590,499.29 | -329,221,334.87 |
| IV.Influenceofexchangeratealternationoncashandcashequivalents | ||
| V.Netincreaseofcashandcashequivalents | 1,499,089,803.38 | 253,713,946.26 |
| Add:balanceofcashandcashequivalentsatthebeginningofterm | 4,259,653,084.58 | 4,701,657,434.00 |
| VI..Balanceofcashandcashequivalentsattheendofterm | 5,758,742,887.96 | 4,955,371,380.26 |
6.CashFlowStatementoftheParentCompany
InRMB
| Item | Thefirsthalfyearof2025 | Thefirsthalfyearof2024 |
| I.Cashflowsfromoperatingactivities | ||
| Cashreceivedfromsalesofgoodsorrendingofservices | 713,782,072.76 | 774,070,900.69 |
| Taxreturned | ||
| Othercashreceivedfrombusinessoperation | 221,638,595.97 | 22,265,281.97 |
| Sub-totalofcashinflow | 935,420,668.73 | 796,336,182.66 |
| Cashpaidforpurchasingofmerchandiseandservices | 25,155,642.65 | 37,386,164.18 |
| Cashpaidtostaffsorpaidforstaffs | 70,202,656.75 | 65,847,099.39 |
| Taxespaid | 83,126,053.31 | 78,312,422.66 |
| Othercashpaidforbusinessactivities | 74,238,187.44 | 89,938,813.82 |
| Sub-totalofcashoutflowfrombusinessactivities | 252,722,540.15 | 271,484,500.05 |
| Netcashgeneratedfrom/usedinoperatingactivities | 682,698,128.58 | 524,851,682.61 |
| II.Cashflowgeneratedbyinvesting | ||
| Cashreceivedfrominvestmentretrieving | ||
| Cashreceivedasinvestmentgains | 529,146,554.89 | 630,032,615.15 |
| Netcashretrievedfromdisposaloffixedassets,intangibleassets,andotherlong-termassets | 19,290.00 | 36,500.00 |
| Netcashreceivedfromdisposalofsubsidiariesorotheroperationalunits | ||
| Otherinvestment-relatedcashreceived | ||
| Sub-totalofcashinflowduetoinvestmentactivities | 529,165,844.89 | 630,069,115.15 |
| Cashpaidforconstructionoffixedassets,intangibleassetsandotherlong-termassets | 38,880,023.89 | 92,121,214.65 |
| Cashpaidasinvestment | 0.00 | 74,000,000.00 |
| Netcashreceivedfromsubsidiariesandotheroperationalunits | ||
| Othercashpaidforinvestmentactivities | 158,268.90 | |
| Sub-totalofcashoutflowduetoinvestmentactivities | 39,038,292.79 | 166,121,214.65 |
| Netcashflowgeneratedbyinvestment | 490,127,552.10 | 463,947,900.50 |
| III.Cashflowgeneratedbyfinancing | ||
| Cashreceivedasinvestment |
Item
| Item | Thefirsthalfyearof2025 | Thefirsthalfyearof2024 |
| Cashreceivedasloans | 1,065,000,000.00 | 0.00 |
| Otherfinancing–relatedashreceived | ||
| Sub-totalofcashinflowfromfinancingactivities | 1,065,000,000.00 | 0.00 |
| Cashtorepaydebts | 2,080,421,484.24 | 723,987,150.00 |
| Cashpaidasdividend,profit,orinterests | 89,992,409.92 | 137,221,490.45 |
| Othercashpaidforfinancingactivities | 5,736,824.98 | 3,488,898.16 |
| Sub-totalofcashoutflowduetofinancingactivities | 2,176,150,719.14 | 864,697,538.61 |
| Netcashflowgeneratedbyfinancing | -1,111,150,719.14 | -864,697,538.61 |
| IV.Influenceofexchangeratealternationoncashandcashequivalents | ||
| V.Netincreaseofcashandcashequivalents | 61,674,961.54 | 124,102,044.50 |
| Add:balanceofcashandcashequivalentsatthebeginningofterm | 1,825,805,227.48 | 2,462,888,567.51 |
| VI..Balanceofcashandcashequivalentsattheendofterm | 1,887,480,189.02 | 2,586,990,612.01 |
7.ConsolidatedStatementonChangeinOwners’EquityAmountinthisperiod
InRMB
Items
| Items | Thefirsthalfyearof2025 | ||||||||||||||
| Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
| Preferredstock | Sustainabledebt | Other | |||||||||||||
| I.Balanceattheendoflastyear | 2,090,806,126.00 | 782,661,218.56 | 366,149,871.08 | 1,684,087,655.64 | 5,544,395,448.25 | 10,468,100,319.53 | 2,727,789,713.45 | 13,195,890,032.98 | |||||||
| Add:Changeofaccountingpolicy | |||||||||||||||
| Correctingofpreviouserrors | |||||||||||||||
| Other | |||||||||||||||
| II.Balanceatthebeginningofcurrentyear | 2,090,806,126.00 | 782,661,218.56 | 366,149,871.08 | 1,684,087,655.64 | 5,544,395,448.25 | 10,468,100,319.53 | 2,727,789,713.45 | 13,195,890,032.98 | |||||||
| III.Changedinthecurrentyear | 249,158.58 | 8,925,159.88 | 7,200,550.02 | 28,466,200.43 | 44,841,068.91 | 270,817,453.84 | 315,658,522.75 | ||||||||
| （1）Totalcomprehensiveincome | 62,929,285.03 | 1,057,152,854.14 | 1,120,082,139.17 | 382,737,823.03 | 1,502,819,962.20 | ||||||||||
| （II）Investmentordecreasingofcapitalbyowners | 83,125,000.00 | 83,125,000.00 | |||||||||||||
| 1．OrdinarySharesinvestedbyshareholders | 83,125,000.00 | 83,125,000.00 | |||||||||||||
| 2．Holdersofotherequityinstrumentsinvestedcapital | |||||||||||||||
| 3．Amountofsharespaidandaccountedasowners’equity | |||||||||||||||
| 4．Other | |||||||||||||||
| （III）Profitallotment | -1,093,491,603.90 | -1,093,491,603.90 | -195,045,369.19 | -1,288,536,973.09 | |||||||||||
| 1.Providingofsurplusreserves | |||||||||||||||
| 2.Providingofcommonriskprovisions | |||||||||||||||
| 3．Allotmenttotheowners(orshareholders) | -1,093,491,603.90 | -1,093,491,603.90 | -195,045,369.19 | -1,288,536,973.09 | |||||||||||
| 4．Other | |||||||||||||||
| (IV)Internaltransferringofowners’equity | -54,004,125.15 | 5,400,412.52 | 48,603,712.63 | ||||||||||||
1.Capitalizingofcapitalreserves(ortocapitalshares)
| 1.Capitalizingofcapitalreserves(ortocapitalshares) | |||||||||||||
| 2.Capitalizingofsurplusreserves(ortocapitalshares) | |||||||||||||
| 3．Makinguplossesbysurplusreserves. | |||||||||||||
| 4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings | |||||||||||||
| 5．Othercomprehensiveincomecarry-overretainedearnings | -54,004,125.15 | 5,400,412.52 | 48,603,712.63 | ||||||||||
| 6．Other | |||||||||||||
| (V).Specialreserves | |||||||||||||
| 1.Providedthisyear | |||||||||||||
| 2．Usedthisterm | |||||||||||||
| （VI）Other | 249,158.58 | 1,800,137.50 | 16,201,237.56 | 18,250,533.64 | 18,250,533.64 | ||||||||
| IV.Balanceattheendofthisterm | 2,090,806,126.00 | 782,910,377.14 | 375,075,030.96 | 1,691,288,205.66 | 5,572,861,648.68 | 10,512,941,388.44 | 2,998,607,167.29 | 13,511,548,555.73 |
Amountinlastyear
InRMB
Items
| Items | Thefirsthalfyearof2024 | ||||||||||||||
| Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
| Preferredstock | Sustainabledebt | Other | |||||||||||||
| I.Balanceattheendoflastyear | 2,090,806,126.00 | 783,125,493.70 | 163,568,401.33 | 1,520,627,456.34 | 5,289,404,378.52 | 9,847,531,855.89 | 2,561,273,947.69 | 12,408,805,803.58 | |||||||
| Add:Changeofaccountingpolicy | |||||||||||||||
| Correctingofpreviouserrors | |||||||||||||||
| Other | |||||||||||||||
| II.Balanceatthebeginningofcurrentyear | 2,090,806,126.00 | 783,125,493.70 | 163,568,401.33 | 1,520,627,456.34 | 5,289,404,378.52 | 9,847,531,855.89 | 2,561,273,947.69 | 12,408,805,803.58 | |||||||
| III.Changedinthecurrentyear | -297,509.58 | 81,912,988.32 | -288,205,509.92 | -206,590,031.18 | 38,181,197.62 | -168,408,833.56 | |||||||||
| （1）Totalcomprehensiveincome | 81,912,988.32 | 855,465,441.00 | 937,378,429.32 | 281,818,493.96 | 1,219,196,923.28 | ||||||||||
| （II）Investmentordecreasingofcapitalbyowners | 87,937,500.00 | 87,937,500.00 | |||||||||||||
| 1．OrdinarySharesinvestedbyshareholders | 87,937,500.00 | 87,937,500.00 | |||||||||||||
| 2．Holdersofotherequityinstrumentsinvestedcapital | |||||||||||||||
| 3．Amountofsharespaidandaccountedasowners’equity | |||||||||||||||
| 4．Other | |||||||||||||||
| （III）Profitallotment | -1,143,670,950.92 | -1,143,670,950.92 | -331,574,796.34 | -1,475,245,747.26 | |||||||||||
| 1.Providingofsurplusreserves | |||||||||||||||
| 2.Providingofcommonriskprovisions | |||||||||||||||
| 3．Allotmenttotheowners(orshareholders) | -1,143,670,950.92 | -1,143,670,950.92 | -331,574,796.34 | -1,475,245,747.26 | |||||||||||
| 4．Other | |||||||||||||||
| (IV)Internaltransferringofowners’equity | |||||||||||||||
| 1.Capitalizingofcapitalreserves(ortocapitalshares) | |||||||||||||||
| 2.Capitalizingofsurplusreserves(ortocapital | |||||||||||||||
Items
| Items | Thefirsthalfyearof2024 | ||||||||||||||
| Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
| Preferredstock | Sustainabledebt | Other | |||||||||||||
| shares) | |||||||||||||||
| 3．Makinguplossesbysurplusreserves. | |||||||||||||||
| 4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings | |||||||||||||||
| 5．Othercomprehensiveincomecarry-overretainedearnings | |||||||||||||||
| 6．Other | |||||||||||||||
| (V).Specialreserves | |||||||||||||||
| 1.Providedthisyear | |||||||||||||||
| 2．Usedthisterm | |||||||||||||||
| （VI）Other | -297,509.58 | -297,509.58 | -297,509.58 | ||||||||||||
| IV.Balanceattheendofthisterm | 2,090,806,126.00 | 782,827,984.12 | 245,481,389.65 | 1,520,627,456.34 | 5,001,198,868.60 | 9,640,941,824.71 | 2,599,455,145.31 | 12,240,396,970.02 | |||||||
8.Statementofchangeinowner’sEquityoftheParentCompanyAmountinthisperiod
InRMB
Items
| Items | Thefirsthalfyearof2025 | |||||||||||
| Sharecapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
| Preferredstock | Sustainabledebt | Other | ||||||||||
| I.Balanceattheendoflastyear | 2,090,806,126.00 | 975,003,604.00 | 366,149,871.08 | 1,504,115,388.08 | 5,484,377,888.80 | 10,420,452,877.96 | ||||||
| Add:Changeofaccountingpolicy | ||||||||||||
| Correctingofpreviouserrors | ||||||||||||
| Other | ||||||||||||
| II.Balanceatthebeginningofcurrentyear | 2,090,806,126.00 | 975,003,604.00 | 366,149,871.08 | 1,504,115,388.08 | 5,484,377,888.80 | 10,420,452,877.96 | ||||||
| III.Changedinthecurrentyear | 8,925,159.88 | 7,200,550.02 | -202,109,856.18 | -185,984,146.28 | ||||||||
| （I）Totalcomprehensiveincome | 62,929,285.03 | 826,576,797.53 | 889,506,082.56 | |||||||||
| (II)Investmentordecreasingofcapitalbyowners | ||||||||||||
| 1．OrdinarySharesinvestedbyshareholders | ||||||||||||
| 2．Holdersofotherequityinstrumentsinvestedcapital | ||||||||||||
| 3.Amountofsharespaidandaccountedasowners’equity | ||||||||||||
| 4．Other | ||||||||||||
| （III）Profitallotment | -1,093,491,603.90 | -1,093,491,603.90 | ||||||||||
| 1.Providingofsurplusreserves | ||||||||||||
| 2．Allotmenttotheowners(orshareholders) | -1,093,491,603.90 | -1,093,491,603.90 | ||||||||||
| 3．Other | ||||||||||||
Items
| Items | Thefirsthalfyearof2025 | |||||||||||
| Sharecapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
| Preferredstock | Sustainabledebt | Other | ||||||||||
| (IV)Internaltransferringofowners’equity | -54,004,125.15 | 5,400,412.52 | 48,603,712.63 | |||||||||
| 1.Capitalizingofcapitalreserves(ortocapitalshares) | ||||||||||||
| 2.Capitalizingofsurplusreserves(ortocapitalshares) | ||||||||||||
| 3．Makinguplossesbysurplusreserves. | ||||||||||||
| 4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings | ||||||||||||
| 5．Othercomprehensiveincomecarry-overretainedearnings | -54,004,125.15 | 5,400,412.52 | 48,603,712.63 | |||||||||
| 6．Other | ||||||||||||
| (V)Specialreserves | ||||||||||||
| 1.Providedthisyear | ||||||||||||
| 2．Usedthisterm | ||||||||||||
| （VI）Other | 1,800,137.50 | 16,201,237.56 | 18,001,375.06 | |||||||||
| IV.Balanceattheendofthisterm | 2,090,806,126.00 | 975,003,604.00 | 375,075,030.96 | 1,511,315,938.10 | 5,282,268,032.62 | 10,234,468,731.68 | ||||||
Amountinlastyear
InRMB
Items
| Items | Thefirsthalfyearof2024 | |||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
| Preferredstock | Sustainabledebt | Other | ||||||||||
| I.Balanceattheendoflastyear | 2,090,806,126.00 | 975,003,604.00 | 163,568,401.33 | 1,340,655,188.78 | 5,156,907,046.00 | 9,726,940,366.11 | ||||||
| Add:Changeofaccountingpolicy | ||||||||||||
| Correctingofpreviouserrors | ||||||||||||
| Other | ||||||||||||
| II.Balanceatthebeginningofcurrentyear | 2,090,806,126.00 | 975,003,604.00 | 163,568,401.33 | 1,340,655,188.78 | 5,156,907,046.00 | 9,726,940,366.11 | ||||||
| III.Changedinthecurrentyear | 81,912,988.32 | -112,203,727.34 | -30,290,739.02 | |||||||||
| （I）Totalcomprehensiveincome | 81,912,988.32 | 1,031,467,223.58 | 1,113,380,211.90 | |||||||||
| (II)Investmentordecreasingofcapitalbyowners | ||||||||||||
| 1．OrdinarySharesinvestedbyshareholders | ||||||||||||
| 2．Holdersofotherequityinstrumentsinvestedcapital | ||||||||||||
| 3.Amountofsharespaidandaccountedasowners’equity | ||||||||||||
| 4．Other | ||||||||||||
| （III）Profitallotment | -1,143,670,950.92 | -1,143,670,950.92 | ||||||||||
| 1.Providingofsurplusreserves | ||||||||||||
| 2．Allotmenttotheowners(orshareholders) | -1,143,670,950.92 | -1,143,670,950.92 | ||||||||||
| 3．Other | ||||||||||||
Items
| Items | Thefirsthalfyearof2024 | |||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
| Preferredstock | Sustainabledebt | Other | ||||||||||
| (IV)Internaltransferringofowners’equity | ||||||||||||
| 1.Capitalizingofcapitalreserves(ortocapitalshares) | ||||||||||||
| 2.Capitalizingofsurplusreserves(ortocapitalshares) | ||||||||||||
| 3．Makinguplossesbysurplusreserves. | ||||||||||||
| 4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings | ||||||||||||
| 5．Othercomprehensiveincomecarry-overretainedearnings | ||||||||||||
| 6．Other | ||||||||||||
| (V)Specialreserves | ||||||||||||
| 1.Providedthisyear | ||||||||||||
| 2．Usedthisterm | ||||||||||||
| （VI）Other | ||||||||||||
| IV.Balanceattheendofthisterm | 2,090,806,126.00 | 975,003,604.00 | 245,481,389.65 | 1,340,655,188.78 | 5,044,703,318.66 | 9,696,649,627.09 | ||||||
III.CompanyProfile
1.BasicinformationoftheIPOandsharecapitalofthecompanyTheCompanywasestablishedinFebruary1993,whichwasoriginallynamedasGuangdongFokaiExpresswayCo.,Ltd.OnJune30,1993,itwasrenamedasGuangdongProvincialExpresswayDevelopmentCo.,Ltd.afterreorganizationpursuanttotheapprovaloftheOfficeofJointExaminationGroupofExperimentalUnitsofShareHoldingSystemwithYLSB(1993)No.68document.Thesharecapitalstructureafterreorganizationisasfollows:
Compositionofstate-ownedshares:Theappraisednetvalueofstate-ownedassetsofGuangdongJiujiangBridgeCo.andGuangfoExpresswayCo.,Ltd.asofJanuary31,1993confirmedbyGuangdongState-ownedAssetManagementDept,i.e.,RMB418.2136million,wasconvertedinto155.025millionshares.GuangdongExpresswayCo.investedcashofRMB115milliontosubscribefor35.9375millionshares.OtherlegalpersonsinvestedcashofRMB286.992milliontosubscribefor89.685millionshares.StaffoftheCompanyinvestedRMB87.008milliontosubscribefor27.19millionshares.ThetotalisRMB307.8375millionshares.PursuanttotheapprovalofGuangdongEconomicSystemReformCommitteeandGuangdongSecuritiesRegulatoryCommissionwithYTG(1996)No.67document,partoftheshareholdersofnon-state-ownedlegalpersonsharestransferred20millionnon-state-ownedlegalpersonsharestoMalaysiaYibaoEngineeringCo.,Ltd.inJune1996.PursuanttotheapprovalofSecuritiesCommissionundertheStateCouncilwithWF(1996)No.24approvaldocumentandthatofGuangdongEconomicSystemReformCommitteewithYTG(1996)No.68document,theCompanyissued135milliondomesticallylistedforeigninvestmentshares(Bshares)tooverseasinvestorsatthepriceofHKD3.54(equivalenttoRMB3.8)withtheparvalueofeachsharebeingRMB1duringJunetoJuly1996.PursuanttothereplyoftheMinistryofForeignTradeandEconomicCooperationofthePeople’sRepublicofChinawith(1996)WJMZYHZNo.606document,theCompanywasapprovedtobeaforeign-investedjointstockcompanylimited.TheCompanydistributeddividendsandcapitalizedcapitalcommonreservefortheyear1996inthefollowingmanner:TheCompanypaid1.7bonussharesforeach10sharesandcapitalizedcapitalcommonreserveon3.3-for-10basis.PursuanttotheapprovalofChinaSecuritiesRegulatoryCommittee(CSRC)withZJFZ(1997)No.486andNo.487document,theCompanyissued100millionpublicshares(Ashares)atthepriceofRMB5.41intermof“payableinfullonapplication,pro-rateplacingandsubjecttorefund”withtheparvalueofeachsharebeingRMB1inJanuary1998.InaccordancewiththeResolutionsofthe1999Shareholders’GeneralMeetingoftheCompanyandpursuanttotheapprovalofGuangzhouSecuritiesRegulatoryOfficeunderCSRCwithGZZJH(2000)No.99andthatofCSRCwithZJGSZ(2000)No.98,theCompanyoffered3Rightsforevery10sharesof764.256249millionsharesatthepriceofRMB11perRight.73,822,250ordinaryshareswereactuallyplacedtoall.PursuanttothereplyoftheGeneralOfficeofthePeople’sGovernmentofGuangdongProvincewithYBH(2000)No.574document,thestate-ownedsharesweretransferredtoGuangdongCommunicationGroupCo.,
Ltd.(GroupCo.)forholdingandmanagementwithoutcompensation..PursuanttotheapprovalofShenzhenStockExchange,53.0205millionstaffsharesoftheCompany(132,722sharesheldbydirectors,supervisorsandseniorexecutivesaretemporarilyfrozen)werelistedonFebruary5,2001.
10.Inaccordancewiththeresolutionsof2000annualshareholders’generalmeeting,theCompanycapitalizedcapitalcommonreserveinto419,039,249shareson5-for-10basiswiththetotalsharecapitalasoftheendof2000,i.e.,838,078,499sharesasbase.ThedateofstockrightregistrationwasMay21,2001.Theex-rightdatewasMay22,2001.OnMarch8,2004,AsapprovedbyChinaSecuritiesRegulatoryCommissionbydocumentZheng-Jian-Gong-Si-Zi[2003]No.3,the45,000,000non-negotiableforeignshareswereplacedinShenzhenStockOnDecember21,2005,theCompany'splanforshareholdingstructurereformwasvotedthroughattheshareholders'meetingconcerningAshares.OnJanuary262006,TheMinistryofCommerceofPRCissued“TheapprovalonshareconvertingofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.”toapprovetheshareequityrelocationandtransformation.OnOctober92006,accordingtothe“Circularaboutimplementingofshareequityrelocationandrelativetrading”issuedbyShenzhenStockExchange,theabbreviationIDoftheCompany’sAshareswasrestoredfrom“G-Expressway”“ExpresswayA”..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'sregisteredplaceandheadquartersaddressRegistrationplaceNo.85,BaiyunRoad,YuexiuDistrict,Guangzhou.
HeadquartersOffice：45-46/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TiheDisrtict,Guangzhou
3.BusinessnatureandmainbusinessactivitiesIndustryandmainproductsofthecompany:highwaymanagementandmaintenance.Generalbusinessitems:investment,construction,charging,maintenanceandservicemanagementofexpressways,graderoadsandbridges;Automobilerescueservice,maintenanceandcleaning;Parkinglotcharges;Design,production,releaseandagencyofallkindsofadvertisementsathomeandabroad;Landdevelopmentalongthehighway;Warehousingbusiness;Intelligenttransportationtechnologyresearchanddevelopmentandservice;Equityinvestment,managementandconsultation.(Projectsthatmustbeapprovedaccordingtolawcanbeoperatedonlyafterbeingapprovedbyrelevantdepartments).ThefinancialstatementshavebeenauthorizedforissuanceoftheBoardofDirectorsoftheCompanyonAugust
28,2025.IV.Basisforthepreparationoffinancialstatements
1.PreparationbasisThefinancialstatementsshallbepreparedinaccordancewiththeAccountingStandardsforBusinessEnterprisesandrelevantprovisionspromulgatedbytheMinistryofFinance,aswellastherelevantprovisionsoftheCompilationRulesforInformationDisclosureofCompaniespubliclyIssuingSecuritiesNo.15——FinancialReport(2023Revision)oftheChinaSecuritiesRegulatoryCommission.
2.ContinuationTheCompanyhasevaluatedthegoingconcernabilityfor12monthsfromJune30,2025,andhasfoundnomattersorcircumstancescausingsignificantdoubtaboutthegoingconcernability.Therefore,thisfinancialstatementispreparedonthebasisofthegoingconcernassumptions.V.SignificantAccountingPoliciesandAccountingEstimatesTipsforspecificaccountingpolicyandestimate:
None
1.StatementofCompliancewiththeAccountingStandardsforBusinessEnterprisesOnJune30,2025,ThefinancialstatementsoftheCompanyarerecognizedandmeasuredinaccordancewiththeregulationsintheChineseAccountingStandardsforBusinessEnterprisesandtheygiveatrueandfairviewofthefinancialposition,businessresultandcashflowoftheCompanyfromJanuarytoJune2025.
2.AccountingperiodTheaccountingperiodoftheCompanyisthecalendaryearfromJanuary1toDecember31.
3.OperatingcycleThenormaloperatingcyclereferstotheperiodfromthetimewhentheGrouppurchasesassetsforprocessingtothetimewhencashorcashequivalentsarerealized.TheCompanytakes12monthsasabusinesscycleandusesitasacriterionforliquidityclassificationofassetsandliabilities.
4.StandardcurrencyforbookkeepingRMBisthecurrencyoftheprimaryeconomicenvironmentinwhichtheCompanyanditsdomesticsubsidiariesoperate.Accordingly,theCompanyanditsdomesticsubsidiariesuseRMBastheirfunctionalcurrency.ThesefinancialstatementsarepresentedinRMB.5,Importancecriteriadeterminationmethodandselectionbasis?Applicable□Notapplicable
Item
| Item | Materialityatandard |
| Materialreceivableswithbaddebtprovisionaccruedindividually | Thosewhosesingleprovisionamountaccountsformorethan5%oftheendingbalanceofvariousreceivables |
| Materialrecoveryorreversalofbaddebtprovisionsforreceivables | Thosewhoseamountofsinglecollectionorreversalaccountsformorethan5%oftheendingbalanceofvariousreceivables |
Item
| Item | Materialityatandard |
| Materialwrite-offofreceivables | Thosewhosesinglewriteoffamountaccountsformorethan5%oftheendingbalanceofvariousreceivables |
| Materialprepaymentswithanageofmorethanoneyear | Thosewhoseamountwithasingleaccountageofmorethanoneyearaccountsformorethan10%oftheendingbalanceofprepayments,andanamountofmorethanRMB5million |
| Materialprojectsunderconstruction | ThosewithasingleprojectinvestmentbudgetofmorethanRMB10million |
| Materialaccountspayableandotherpayableswithanageofoveroneyear | Thosewhoseamountwithasingleageofmorethanoneyearaccountsformorethan5%ofthebalanceofaccountspayableorotherpayables |
| Materialnon-wholly-ownedsubsidiaries | Thesubsidiarieswhoseyear-endnetassets,totalyear-endassets,currentoperatingincome,andtotalcurrentprofitaccountformorethan10%oftheCompany'syear-endnetassets,totalyear-endassets,currentoperatingincome,andtotalcurrentprofit |
| Materialjointventureorassociatedenterprises | Thosewhoseendingbookvalueofalong-termequityinvestmentinasingleinvesteeaccountsformorethan5%oftheCompany'sendingnetassets,orwhosecurrentinvestmentincome(losscalculatedinabsoluteamount)undertheequitymethodoflong-termequityinvestmentaccountsformorethan5%oftheCompany'sconsolidatedcurrentnetprofits |
| Materialcommitments | ThosewithanamountforasingletypeofmorethanRMB500million |
| Materialcontingencies | ThosewithasingleamountofmorethanRMB10million |
| Materialinvestmentactivities | Thosewhosecashreceivedfromorpaidforasingleinvestmentactivityaccountformorethan5%ofthetotalcashinfloworoutflow |
6.AccountingTreatmentforBusinessCombinationsunderCommonControlandNon-commonControlBusinesscombinationsundercommoncontrol:Theassetsandliabilitiesacquiredbytheacquirerinabusinesscombination(includinggoodwillarisingfromtheultimatecontrollingparty'sacquisitionoftheacquiree)aremeasuredbasedonthecarryingamountsoftheacquiree'sassetsandliabilitiesintheultimatecontrollingparty'sconsolidatedfinancialstatementsasofthemergerdate.Forthedifferencebetweenthecarryingamountsofthenetassetsobtainedinthemergerandthecarryingamountsofthemergerconsiderationpaid(orthetotalfacevalueoftheissuedshares),adjustthesharecapitalpremiuminthecapitalreserve.Ifthesharecapitalpremiuminthecapitalreserveisinsufficienttooffset,adjusttheretainedearnings.Businesscombinationsundernon-commoncontrol:Theconsiderationtransferredinabusinesscombinationismeasuredatthefairvalueoftheassetsgiven,liabilitiesincurredorassumed,andequityinstrumentsissuedbytheacquirerattheacquisitiondateinexchangeforcontroloftheacquiree.Iftheconsiderationtransferredexceedstheacquirer'sinterestinthefairvalueoftheacquiree'sidentifiablenetassets,theexcessisrecognizedasgoodwill;iftheconsiderationtransferredisless,thedifferenceisrecognizedasprofitorlossfortheperiod.Theidentifiableassets,liabilities,andcontingentliabilitiesoftheacquireethatmeettherecognitioncriteriaaremeasuredattheirfairvaluesattheacquisitiondate.Directlyattributablecostsincurredforabusinesscombinationarerecognizedinprofitorlosswhenincurred;transactioncostsrelatedtotheissuanceofequityordebtsecuritiesforthebusinesscombinationareincludedintheinitialmeasurementamountoftherespectiveequityordebtsecurities.
7.CriteriaforControlandPreparationMethodofConsolidatedFinancialStatements
(1)CriteriaforcontrolControlmeansthattheCompanyhasthepowerovertheinvestee,enjoysvariablereturnsbyparticipatingintherelatedactivitiesoftheinvestee,andhastheabilitytoinfluencetheamountofreturnsbyusingthepowerover
theinvestee.Oncethechangesinrelevantfactsandcircumstancesleadtochangesintherelevantfactorsinvolvedinthedefinitionofcontrol,theCompanywillre-evaluate.
(2)MethodforpreparingconsolidatedfinancialstatementsThescopeofconsolidationoftheconsolidatedfinancialstatementsisdeterminedbasedoncontrol.TheCompanyincludessubsidiariesintheconsolidatedfinancialstatementsfromthedateitobtainscontrolandexcludesthemfromthedatecontrolceases.Forsubsidiariesdisposedof,theiroperatingresultsandcashflowspriortothedisposaldateareincludedintheconsolidatedincomestatementandconsolidatedcashflowstatement;Theopeningbalancesoftheconsolidatedbalancesheetarenotadjustedforsubsidiariesdisposedofduringtheperiod.Forsubsidiariesacquiredthroughbusinesscombinationsnotundercommoncontrol,theiroperatingresultsandcashflowshavebeenappropriatelyincludedintheconsolidatedincomestatementandconsolidatedcashflowstatementfromtheacquisitiondateonward.Subsidiariesorbusinessesacquiredduringthereportingperiodthroughbusinesscombinationsnotundercommoncontrolareconsolidatedfromtheacquisitiondatebasedonthefairvaluesofidentifiableassets,liabilities,andcontingentliabilitiesdeterminedatthatdate.Forsubsidiariesacquiredthroughbusinesscombinationsundercommoncontrol,regardlessofwhenthecombinationoccursduringthereportingperiod,theyaretreatedasiftheyhadbeenpartoftheCompany'sconsolidatedfinancialstatementssincethedatetheycameundertheultimatecontrollingparty'scontrol,andtheiroperatingresultsandcashflowsareincludedintheconsolidatedincomestatementandconsolidatedcashflowstatementfromthebeginningoftheearliestreportingperiodpresented.SubsidiariesadopttheprincipalaccountingpoliciesandreportingperiodsinaccordancewiththeuniformaccountingpoliciesandreportingperiodsprescribedbytheCompany.Allsignificantintercompanybalances,transactions,andunrealizedprofitsareeliminatedinthepreparationoftheconsolidatedfinancialstatements.Theportionofasubsidiary'sequitynotattributabletotheparentcompanyisrecognizedas"non-controllinginterests"withintheequitysectionoftheconsolidatedbalancesheet.Theportionofasubsidiary'snetprofitorlossattributabletonon-controllinginterestsispresentedas"non-controllinginterestsinprofitorloss"undernetprofitintheconsolidatedincomestatement.Iftheshareofasubsidiary'slossesattributabletonon-controllinginterestsexceedstheirinterestinthesubsidiary'sopeningequitybalance,theexcessshallcontinuetobeallocatedagainstnon-controllinginterests.Fortransactionsinvolvingtheacquisitionofnon-controllinginterestsinasubsidiaryorpartialdisposalofequityinvestmentswithoutlossofcontroloverthesubsidiary,suchtransactionsshallbeaccountedforasequitytransactions.Thecarryingamountsofequityattributabletotheparentcompany'sownersandnon-controllinginterestsshallbeadjustedtoreflectchangesintheirrespectiveinterestsinthesubsidiary.Anydifferencebetweentheadjustmenttonon-controllinginterestsandthefairvalueofconsiderationpaid/receivedisadjustedtocapitalreserve.Ifcapitalreserveisinsufficient,retainedearningsareadjusted.Ifcontroloverasubsidiaryislostduetopartialdisposalofequityinterestsorotherreasons,theremainingequityinterestisremeasuredatfairvalueatthedatecontrolislost.Thedifferencebetween(a)thesumoftheconsiderationreceivedfromthedisposalandthefairvalueofanyremainingequityinterest,and(b)theshareof
thenetassetsoftheformersubsidiaryattributabletothepreviousownershippercentage(calculatedonacontinuousbasisfromtheacquisitiondate),shallberecognizedasinvestmentincomeintheperiodinwhichcontrolislost,withacorrespondingreductioningoodwill.Othercomprehensiveincomerelatedtotheformersubsidiaryisreclassifiedtocurrentprofitsorlosseswhencontrolislost.
8.CriteriaforDeterminingCashandCashEquivalentsCashreferstotheCompany'scashonhandanddemanddeposits.Cashequivalentsrefertoshort-term(generallywithamaturityofthreemonthsorlessfromtheacquisitiondate),highlyliquidinvestmentsthatarereadilyconvertibletoknownamountsofcashandwhicharesubjecttoaninsignificantriskofchangesinvalue.
9.ForeignCurrencyTransactionsForeigncurrencytransactionsareinitiallyrecordedinthefunctionalcurrencyatthespotexchangerateonthetransactiondate.However,forforeignexchangetransactionsortransactionsinvolvingcurrencyexchange,theactualexchangerateappliedisusedfortranslationintothefunctionalcurrency.Atthebalancesheetdate,foreigncurrencymonetaryitemsaretranslatedusingthespotexchangerateonthatdate.Exchangedifferencesarisingfromthedifferencebetweenthespotexchangerateonthebalancesheetdateandthespotexchangerateattheinitialrecognitiondateorthepreviousbalancesheetdatearerecognizedinprofitorloss,exceptfor:①exchangedifferencesarisingfromspecificborrowingsthatqualifyforcapitalization,whicharecapitalizedaspartofthecostoftherelatedassetduringthecapitalizationperiod;②exchangedifferencesonhedginginstrumentsusedtohedgeforeigncurrencyrisks,whichareaccountedforunderhedgeaccounting;and③exchangedifferencesarisingfromchangesinthecarryingamount(otherthanamortizedcost)ofmonetaryitemsclassifiedasatfairvaluethroughothercomprehensiveincome,whicharerecognizedinothercomprehensiveincome.Non-monetaryitemsmeasuredathistoricalcostinaforeigncurrencycontinuetobemeasuredatthefunctionalcurrencyamounttranslatedusingthespotexchangerateonthetransactiondate.Non-monetaryitemsmeasuredatfairvalueinaforeigncurrencyaretranslatedusingthespotexchangerateonthedatethefairvalueisdetermined.Thedifferencebetweenthetranslatedfunctionalcurrencyamountandtheoriginalfunctionalcurrencyamountistreatedasafairvaluechange(includingtheeffectofexchangeratechanges)andrecognizedinprofitorlossorothercomprehensiveincome.
10.FinancialInstrumentsAfinancialasset,financialliability,orequityinstrumentisrecognizedwhentheCompanybecomesapartytothecontractualprovisionsofthefinancialinstrument.
(1)ClassificationoffinancialinstrumentsAccordingtothebusinessmodeloffinancialassetsundermanagementandthecontractualcashflowcharacteristicsoffinancialassets,theCompanydividesfinancialassetsintothreecategoriesattheinitialrecognition:financialassetsmeasuredbyamortizedcost,financialassetsmeasuredbyfairvaluewithitschangesincludedinothercomprehensiveincome,andfinancialassetsmeasuredbyfairvaluewithitschangesincludedinprofitorloss.
TheCompanyclassifiesfinancialassetsthatmeetbothofthefollowingcriteriaandarenotdesignatedatfairvaluethroughprofitorlossasfinancialassetsmeasuredatamortizedcost:
-Thebusinessmodel'sobjectiveistoholdtheassetstocollectcontractualcashflows;-Thecontractualcashflowsrepresentsolelypaymentsofprincipalandinterestontheprincipalamountoutstanding.TheCompanyclassifiesfinancialassetsthatmeetbothofthefollowingcriteriaandarenotdesignatedatfairvaluethroughprofitorlossasfinancialassetsmeasuredatfairvaluethroughothercomprehensiveincome(debtinstruments):
-Thebusinessmodel'sobjectiveisachievedbothbycollectingcontractualcashflowsandsellingthefinancialassets;-Thecontractualcashflowsrepresentsolelypaymentsofprincipalandinterestontheprincipalamountoutstanding.Fortheinvestmentinnon-transactionalequityinstruments,theCompanycanirrevocablydesignateitasafinancialassetmeasuredatfairvaluewithchangesincludedinothercomprehensiveincomeattheinitialrecognition(equityinstrument).Thedesignationismadeonthebasisofasingleinvestment,andtherelevantinvestmentconformstothedefinitionofequityinstrumentfromtheissuer'spointofview.Exceptfortheabovefinancialassetsmeasuredinamortizedcostandthoseatfairvaluewithchangesincludedinothercomprehensiveincome,theCompanyclassifiesallotherfinancialassetsasfinancialassetsmeasuredatfairvaluewithchangesincludedinprofitorloss.Atinitialrecognition,financialliabilitiesareclassifiedaseither:(i)financialliabilitiesatfairvaluethroughprofitorloss,or(ii)financialliabilitiesmeasuredatamortizedcost.
(2)Recognitioncriteriaandmeasurementmethodsforfinancialinstruments
1)FinancialassetsmeasuredinamortizedcostFinancialassetsmeasuredatamortizedcostincludenotesreceivable,accountsreceivable,otherreceivables,long-termreceivables,debtinvestments,etc.Theseassetsareinitiallymeasuredatfairvalue,withrelatedtransactioncostsincludedintheinitialrecognitionamount.However,accountsreceivablewithoutsignificantfinancingcomponentsandthoseforwhichtheCompanyelectsnottoconsiderfinancingcomponentsofoneyearorlessareinitiallymeasuredatthecontractualtransactionprice.Duringtheholdingperiod,interestcalculatedusingtheeffectiveinterestmethodisrecognizedinprofitorloss.Uponderecognitionordisposal,thedifferencebetweentheconsiderationreceivedandthecarryingamountofthefinancialassetisrecognizedinprofitorloss.
2)Financialassetsmeasuredatfairvaluewithchangesincludedinothercomprehensiveincome(debtinstruments)Financialassetsmeasuredatfairvaluethroughothercomprehensiveincome(debtinstruments)includeaccountsreceivablefinancing,otherdebtinvestments,etc.Theseassetsareinitiallymeasuredatfairvalue,withrelatedtransactioncostsincludedintheinitialrecognitionamount.Thesefinancialassetsaresubsequently
measuredatfairvalue.Changesinfairvalue,exceptforinterestcalculatedusingtheeffectiveinterestmethod,impairmentgainsorlosses,andexchangedifferences,arerecognizedinothercomprehensiveincome.Uponderecognition,thecumulativegainsorlossespreviouslyrecognizedinothercomprehensiveincomearereclassifiedfromothercomprehensiveincometoprofitorloss.
3)Financialassetsmeasuredatfairvaluewithchangesincludedinothercomprehensiveincome(equityinstrument)Financialassetsmeasuredatfairvaluethroughothercomprehensiveincome(equityinstruments)includeinvestmentsinotherequityinstruments,etc.Theseassetsareinitiallymeasuredatfairvalue,withrelatedtransactioncostsincludedintheinitialrecognitionamount.Suchfinancialassetsaresubsequentlymeasuredatfairvalue,withchangesinfairvalueincludedincomprehensiveincome.Dividendsreceivedarerecognizedinprofitorloss.Uponderecognition,thecumulativegainsorlossespreviouslyrecognizedinothercomprehensiveincomearereclassifiedfromothercomprehensiveincometoretainedearnings.
4)FinancialassetsmeasuredatfairvaluewithchangesincludedintheprofitorlossFinancialassetsmeasuredatfairvaluethroughprofitorlossincludetradingfinancialassets,derivativefinancialassets,othernon-currentfinancialassets,etc.Theseassetsareinitiallymeasuredatfairvalue,withrelatedtransactioncostsrecognizedinprofitorloss.Suchfinancialassetsaresubsequentlymeasuredatfairvalue,withchangesinfairvalueincludedinprofitorloss.
5)FinancialliabilitiesmeasuredatfairvaluewithchangesincludedintheprofitorlossFinancialliabilitiesmeasuredatfairvaluethroughprofitorlossincludetradingfinancialliabilities,derivativefinancialliabilities,etc.Theseliabilitiesareinitiallymeasuredatfairvalue,withrelatedtransactioncostsrecognizedinprofitorloss.Suchfinancialliabilitiesaresubsequentlymeasuredatfairvalue,withchangesinfairvalueincludedinprofitorloss.Uponderecognition,thedifferencebetweenthecarryingamountandtheconsiderationpaidisrecognizedinprofitorloss.
6)FinancialliabilitiesmeasuredinamortizedcostFinancialliabilitiesmeasuredatamortizedcostincludeshort-termborrowings,notespayable,accountspayable,otherpayables,long-termborrowings,bondspayable,andlong-termpayables.Theseliabilitiesareinitiallymeasuredatfairvalue,withrelatedtransactioncostsincludedintheinitialrecognitionamount.Duringtheholdingperiod,interestcalculatedusingtheeffectiveinterestmethodisrecognizedinprofitorloss.Uponderecognition,thedifferencebetweentheconsiderationpaidandthecarryingamountofthefinancialliabilityisrecognizedinprofitorloss.
(3)DerecognitioncriteriaandaccountingtreatmentforfinancialassettransfersTheCompanyderecognizesafinancialassetwheneitherofthefollowingconditionsismet:
-Thecontractualrightstoreceivethecashflowsfromthefinancialassetexpire;
-Thefinancialassethasbeentransferred,andsubstantiallyalltherisksandrewardsofownershipofthefinancialassethavebeentransferredtothetransferee;-Thefinancialassethasbeentransferred,andalthoughtheCompanyhasneithertransferrednorretainedsubstantiallyalltherisksandrewardsofownershipofthefinancialasset,ithasnotretainedcontroloverthefinancialasset.WhentheCompanymodifiesorrenegotiatesthetermsofacontractwiththecounterpartyandsuchmodificationconstitutesasubstantialmodification,theoriginalfinancialassetisderecognizedandanewfinancialassetisrecognizedbasedonthemodifiedterms.Whenafinancialassetistransferred,ifsubstantiallyalltherisksandrewardsofownershipofthefinancialassetareretained,thefinancialassetisnotderecognized.Inassessingwhetherthetransferofafinancialassetmeetstheabovederecognitioncriteria,theprincipleofsubstanceoverformisapplied.TheCompanydividesthetransferoffinancialassetsintotheoveralltransferandpartialtransferoffinancialassets.Whenthetransferofafinancialassetinitsentiretymeetsthederecognitioncriteria,thedifferencebetweenthefollowingamountsshallberecognizedinprofitorloss:
1)Thecarryingamountofthetransferredfinancialasset;
2)Thesumoftheconsiderationreceivedfromthetransferandthecumulativeamountoffairvaluechangespreviouslyrecognizeddirectlyinequity(wherethetransferredfinancialassetisadebtinstrumentmeasuredatfairvaluethroughothercomprehensiveincome).Whenapartialtransferofafinancialassetmeetsthederecognitioncriteria,thecarryingamountoftheentirefinancialassetshallbeallocatedbetweenthederecognizedportionandtheretainedportionbasedontheirrelativefairvalues,andthedifferencebetweenthefollowingamountsshallberecognizedinprofitorloss:
1)Thecarryingamountofthederecognizedportion;
2)Thesumoftheconsiderationreceivedforthederecognizedportionplustheproportionateshareofcumulativefairvaluechangespreviouslyrecognizeddirectlyinequity(whereapplicabletodebtinstrumentsmeasuredatfairvaluethroughothercomprehensiveincome).Ifthetransferoffinancialassetsdoesnotmeettheconditionsforderecognition,suchfinancialassetsshallbecontinuouslyrecognized,andthereceivedconsiderationshallberecognizedasafinancialliability.
(4)DerecognitionoffinancialliabilitiesAfinancialliability(orpartthereof)shallbederecognizedwhenthepresentobligationisdischargedinwholeorinpart;IftheCompanyentersintoanagreementwithcreditorstoreplaceanexistingfinancialliabilitywithanewfinancialliability,andthetermsofthenewliabilityaresubstantiallydifferentfromthoseoftheexistingliability,theexistingfinancialliabilityshallbederecognizedandthenewfinancialliabilityshallberecognizedsimultaneously.Ifthereisasubstantialmodificationtothecontractualtermsofanexistingfinancialliability(inwholeorinpart),theoriginalfinancialliability(orthemodifiedportion)shallbederecognized,andthemodifiedfinancialliabilityshallberecognizedasanewfinancialliability.
Ifallorpartofthefinancialliabilitiesarederecognized,thedifferencebetweenthecarryingamountsofthederecognizedfinancialliabilitiesandtheconsiderationpaid(includingthetransferrednon-cashassetsorthenewfinancialliabilitiesundertaken)willbeincludedintheprofitorloss.WhentheCompanyrepurchasesaportionofafinancialliability,thecarryingamountoftheentireliabilityshallbeallocatedbetweentheportiontobecontinuedandtheportiontobederecognizedbasedontheirrelativefairvaluesasoftherepurchasedate.Thedifferencebetweentheallocatedcarryingamountofthederecognizedportionandtheconsiderationpaid(includingtransferrednon-cashassetsornewlyassumedfinancialliabilities)shallberecognizedinprofitorloss.
(5)FairvaluemeasurementmethodsforfinancialassetsandliabilitiesThefairvalueoffinancialinstrumentswithanactivemarketshallbedeterminedbythequotationintheactivemarket.Thefairvalueoffinancialinstrumentswithoutactivemarketshallbedeterminedbyvaluationtechnology.Atthetimeofvaluation,theCompanyadoptsthevaluationtechnologythatisapplicableinthecurrentsituationandsupportedbysufficientavailabledataandotherinformation,selectstheinputvaluesthatareconsistentwiththecharacteristicsofassetsorliabilitiesconsideredbymarketparticipantsinthetransactionofrelevantassetsorliabilities,andgivesprioritytotherelevantobservableinputvalues.Unobservableinputvaluescanonlybeusediftherelevantobservableinputvaluesareunavailableorimpracticable.
(6)ImpairmenttestingandaccountingtreatmentforfinancialinstrumentsTheCompanyappliesimpairmentaccountingbasedonexpectedcreditlossestofinancialassetsmeasuredatamortizedcost,debtinstrumentsmeasuredatfairvaluethroughothercomprehensiveincome,andfinancialguaranteecontracts.TheCompanymeasuresexpectedcreditlossesbyincorporatingreasonableandsupportableinformationaboutpastevents,currentconditions,andforecastsoffutureeconomicconditions,calculatingaprobability-weightedamountofthepresentvalueofthedifferencebetweenthecontractualcashflowsandtheexpectedcashflows,usingtheriskofdefaultastheweightingfactor.ForreceivablesandcontractassetsarisingfromtransactionsgovernedbyAccountingStandardsforBusinessEnterprisesNo.14-Revenue,theCompanyconsistentlymeasureslossallowancesatanamountequaltolifetimeexpectedcreditlosses,regardlessofwhethertheycontainsignificantfinancingcomponents.ForleasereceivablesarisingfromtransactionsgovernedbyAccountingStandardsforBusinessEnterprisesNo.21-Leases,theCompanyhaselectedtoconsistentlymeasurelossallowancesatanamountequaltolifetimeexpectedcreditlosses.Forotherfinancialinstruments,theCompanyassesseschangesincreditrisksinceinitialrecognitionateachbalancesheetdate.TheCompanyevaluateswhethercreditriskhasincreasedsignificantlysinceinitialrecognitionbycomparingtheriskofdefaultatthebalancesheetdatewiththeriskofdefaultatinitialrecognitiontodeterminetherelativechangeindefaultriskoverthefinancialinstrument'sexpectedmaturityperiod,thusassessingwhetherthecreditriskofthefinancialinstrumenthasincreasedsignificantlysinceinitialrecognition.TheCompanypresumesthatthecreditriskofafinancialinstrumenthasincreasedsignificantlywhenitismorethan30dayspastdue,unlessthereiscompellingevidencedemonstratingthatnosignificantincreaseincreditriskhasoccurredsinceinitialrecognition.
Ifafinancialinstrumenthaslowcreditriskatthebalancesheetdate,theCompanyconsidersthatnosignificantincreaseinitscreditriskhasoccurredsinceinitialrecognition.Forfinancialinstrumentswhosecreditriskhasincreasedsignificantlysinceinitialrecognition,theCompanymeasureslossallowancesatanamountequaltolifetimeexpectedcreditlosses;forthosewithoutsignificantincreaseincreditrisk,lossallowancesaremeasuredatanamountequalto12-monthexpectedcreditlosses.Theresultingincreasesordecreasesinlossallowancesarerecognizedinprofitorlossasimpairmentlossesorgains.Fordebtinstrumentsmeasuredatfairvaluethroughothercomprehensiveincome,thelossallowanceisrecognizedinothercomprehensiveincomewhileimpairmentlossesorgainsarerecognizedinprofitorloss,withoutreducingthecarryingamountofthefinancialassetpresentedinthebalancesheet.Whenobjectiveevidenceindicatesthataspecificreceivablehasexperiencedcreditimpairment,theCompanymeasuresitsimpairmentprovisiononanindividualbasis.Forreceivablesotherthanthosesubjecttoindividualbaddebtprovisionasmentionedabove,theCompanycategorizestheremainingfinancialinstrumentsintoseveralportfoliosbasedontheircreditriskcharacteristics,anddeterminesexpectedcreditlossesonaportfoliobasis.TheCompany'sportfoliogroupingsanddeterminationbasisformeasuringexpectedcreditlossesonnotesreceivable,accountsreceivable,financingreceivables,otherreceivables,contractassets,andlong-termreceivablesareasfollows:
1)Basisfordeterminingcreditriskcharacteristicportfolios
Item
| Item | Portfoliocategory | Determinationbasis |
| Portfolio1 | Agingportfolio | ForaccountsreceivableandotherreceivablesnotindividuallyassessedforlossallowancesorincludedinPortfolio2,3or4,theCompanydetermineslossallowancesbasedonexpectedcreditlossesofreceivablesportfolioswithsimilarcreditriskcharacteristicsgroupedbyagingbracketsinpriorperiods,incorporatingforward-lookinginformation.Theagingperiodshallbecalculatedfromtheinitialrecognitiondateofreceivables. |
| Portfolio2 | Deposit-typeportfolio | Otherreceivablesincludingvariousdeposits,guarantees,advancepayments,warrantyfunds,employeeadvances,andpettycashreservesarisingfromordinaryoperatingactivities. |
| Portfolio3 | Financialassetportfoliowithverylowcreditrisk | Notesreceivableandotherreceivableswithminimalcreditriskbasedonexpectedcreditlossassessments. |
| Portfolio4 | Risk-freeportfolio | Receivablesfromrelatedpartieswithintheconsolidationscope. |
2)Whenperformingcreditriskassessmentusingtheportfolioapproach,theCompanymeasuresexpectedcreditlossesandrecognizeslossallowancesforfinancialassetsbasedontheportfoliostructureandsimilarcreditriskcharacteristics(debtors'repaymentcapacityundercontractualterms),incorporatinghistoricaldefaultlossexperience,currenteconomicconditions,andforward-lookinginformation,usingtheexpectedmaturityperiodasthemeasurementbasis.Methodsformeasuringlossallowancesbydifferentportfolios:
| Item | Measurementmethod |
| Portfolio1(agingportfolio) | Expectedmaturityperiod |
| Portfolio2(deposit-typeportfolio) | Expectedmaturityperiod |
| Portfolio3(financialassetportfoliowithverylowcreditrisk) | Expectedmaturityperiod |
| Portfolio4(risk-freeportfolio) | Expectedmaturityperiod |
3)Expectedcreditlossratesbyportfolio:
Portfolio1(agingportfolio):Expectedcreditlossrate
Aging
| Aging | Expectedcreditlossrateofaccountsreceivable(%) | Expectedcreditlossrateofotherreceivables(%) |
| Within1year | 0.00 | 0.00 |
| 1-2years（Including2years） | 10.00 | 10.00 |
| 2-3years（including3years） | 30.00 | 30.00 |
| 3-4years（Including4years） | 50.00 | 50.00 |
| 4-5years（Including5years） | 90.00 | 90.00 |
| Over5years | 100.00 | 100.00 |
Portfolio2(deposit-typeportfolio):Basedonhistoricaldefaultlossexperience,currenteconomicconditions,andforward-lookinginformation,theexpectedcreditlossrateis0%;Portfolio3(financialassetportfoliowithverylowcreditrisk):Basedonhistoricaldefaultlossexperience,currenteconomicconditions,andforward-lookinginformation,theexpectedcreditlossrateis0%;Portfolio4(risk-freeportfolio):Basedonhistoricaldefaultlossexperience,currenteconomicconditions,andforward-lookinginformation,theexpectedcreditlossrateis0%.IftheCompanynolongerreasonablyexpectstorecoverallorpartofthecontractualcashflowsofafinancialasset,thecarryingamountofthefinancialassetisdirectlywrittenoff.
11.ContractAssetsandContractLiabilities
(1)ContractassetsTheCompanyrecognizescontractassetsinthebalancesheetforrightstoconsiderationthatareconditionalonfactorsotherthanthepassageoftime(i.e.,notunconditional),wheretheCompanyhasperformeditsobligationsunderthecontractbutthecustomerhasnotyetpaidthecontractualconsideration.Contractassetsandliabilitiesunderthesamecontractarepresentedonanetbasis;thoseunderdifferentcontractsarenotoffset.Themeasurementmethodsandaccountingtreatmentforexpectedcreditlossesoncontractassetsfollow"(6)ImpairmenttestingandaccountingtreatmentforfinancialinstrumentsinSection10".
(2)ContractliabilitiesTheCompanypresentseitheracontractassetorliabilityinthebalancesheetbasedontherelationshipbetweenperformanceobligationsandcustomerpayments.ObligationstotransfergoodsorservicestocustomersforwhichtheCompanyhasreceivedorisentitledtoreceiveconsiderationareclassifiedascontractliabilities.Contractassetsandliabilitiesunderthesamecontractarepresentedonanetbasis.
12.Long-termEquityInvestments
(1)CriteriafordeterminingjointcontrolandsignificantinfluenceJointcontrolisthecontractuallyagreedsharingofcontroloveranarrangement,wheredecisionsaboutrelevantactivitiesofsucharrangementrequireunanimousconsentofallpartiessharingcontrol.InvesteesoverwhichtheCompanyexercisesjointcontrolwithotherpartiesandhasrightstotheirnetassetsareclassifiedasjointventuresoftheCompany.
Significantinfluenceisthepowertoparticipateinfinancialandoperatingpolicydecisionsofaninvesteewithoutcontrolorjointcontroloverthosepolicies.InvesteesoverwhichtheCompanyhassignificantinfluenceareclassifiedasassociatesoftheCompany.
(2)DeterminationofinitialinvestmentcostForlong-termequityinvestmentsinsubsidiariesacquiredthroughbusinesscombinationsundercommoncontrol,theinitialinvestmentcostismeasuredatthecarryingamountoftheacquiree'sequityinterestsintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyonthemergerdate.Thedifferencebetweentheinitialinvestmentcostofthelong-termequityinvestmentandthecarryingamountofconsiderationpaidshallbeadjustedagainstthesharepremiumwithincapitalreserves.Ifthesharepremiumisinsufficienttoabsorbthedifference,theremainingamountshallbeadjustedagainstretainedearnings.Forlong-termequityinvestmentsinsubsidiariesacquiredthroughbusinesscombinationsnotundercommoncontrol,theinitialinvestmentcostismeasuredatthefairvalueofconsiderationtransferredontheacquisitiondate.
(2)Long-termequityinvestmentsobtainedotherthanthroughbusinesscombinationsForinvestmentsacquiredbycashpayment,theinitialinvestmentcostistheactualpurchasepricepaid.Forinvestmentsacquiredbyissuingequityinstruments,theinitialinvestmentcostisthefairvalueoftheequityinstrumentsissued.
(3)Subsequentmeasurementandprofit/lossrecognitionmethods
1)Long-termequityinvestmentsmeasuredatcostTheCompanyappliesthecostmethodforlong-termequityinvestmentsinsubsidiaries,unlesstheinvestmentmeetsthecriteriatobeclassifiedasheldforsale.TheCompanyrecognizescurrent-periodinvestmentincomebasedonitsshareofcashdividendsorprofitsdeclaredbytheinvestee,excludinganydividendsorprofitsdeclaredbutnotyetpaidthatwereincludedintheactualpaymentorconsiderationfortheinvestment.
2)Long-termequityinvestmentsaccountedforundertheequitymethodForlong-termequityinvestmentsinassociatesandjointventures,theCompanyappliestheequitymethod.Wheretheinitialinvestmentcostexceedstheinvestor'sshareofthefairvalueoftheinvestee'sidentifiablenetassetsattheacquisitiondate,theexcessisnotadjustedagainsttheinitialinvestmentcost;Wheretheinitialinvestmentcostislessthansuchshare,thedifferenceisrecognizedinprofitorloss,withacorrespondingadjustmenttothecarryingamountoftheinvestment.TheCompanyrecognizesitsshareoftheinvestee'snetprofitorlossandothercomprehensiveincomeasinvestmentincomeandothercomprehensiveincomerespectively,withcorrespondingadjustmentstothecarryingamountofthelong-termequityinvestment;reducesthecarryingamountbyitsshareofprofitsorcashdividendsdeclaredbytheinvestee;andforotherchangesintheinvestee'sequityotherthanthoseresultingfromnetprofitorloss,othercomprehensiveincome,orprofitdistributions(hereinafterreferredtoas"otherequitychanges"),adjuststhecarryingamountofthelong-termequityinvestmentandrecognizesthechangesdirectlyinequity.WhendeterminingtheCompany'sshareoftheinvestee'snetprofitorloss,othercomprehensiveincome,andotherequitychanges,suchshareshallberecognizedbasedonthefairvalueoftheinvestee'sidentifiablenet
assetsattheacquisitiondate,afteradjustingtheinvestee'snetprofitandothercomprehensiveincomeinaccordancewiththeCompany'saccountingpoliciesandreportingperiods.UnrealizedprofitsandlossesarisingfromtransactionsbetweentheCompanyanditsassociatesorjointventuresareeliminatedtotheextentoftheCompany'sownershipinterestwhenrecognizinginvestmentincome,exceptwhenthetransferredassetsconstituteabusiness.Unrealizedlossesarisingfromtransactionswiththeinvesteethatqualifyasassetimpairmentlossesarerecognizedinfull.TheCompanyrecognizesitsshareofnetlossesofajointventureorassociateuntilthecarryingamountofthelong-termequityinvestmentplusanylong-termintereststhatareessentiallyadvancestotheinvesteearereducedtozero,unlesstheCompanyhasincurredadditionallossobligations.Forsubsequentnetprofitsearnedbythejointventureorassociate,theCompanyresumesrecognitionofitsshareofprofitsonlyaftertheprofitshareoffsetspreviouslyunrecognizedlossshares.
3)Disposaloflong-termequityinvestmentsThedifferencebetweenthecarryingamountofadisposedlong-termequityinvestmentandtheactualproceedsreceivedisrecognizedinprofitorloss.Forpartialdisposalsofequity-methodinvestmentswheretheremaininginterestcontinuestobeaccountedforundertheequitymethod,theothercomprehensiveincomepreviouslyrecognizedundertheequitymethodisreclassifiedproportionatelyonthesamebasisasiftheinvesteehaddirectlydisposedoftherelatedassetsorliabilities,whileotherequitychangesareproportionatelyreclassifiedtoprofitorloss.Whenjointcontrolorsignificantinfluenceoveraninvesteeislostduetodisposalofequityinvestments,theothercomprehensiveincomepreviouslyrecognizedundertheequitymethodisaccountedforonthesamebasisasiftheinvesteehaddirectlydisposedoftherelatedassetsorliabilitiesuponcessationofequitymethodaccounting,whileallotherequitychangesarefullyreclassifiedtoprofitorlossatthetimeofdiscontinuation.Whencontroloveraninvesteeislostduetopartialdisposalofequityinvestments,theCompany,inpreparingitsseparatefinancialstatements,iftheremaininginterestretainsjointcontrolorsignificantinfluence,transitionstoequitymethodaccountingwithretrospectiveadjustmentasiftheequitymethodhadalwaysbeenapplied,proportionatelyreclassifyingpre-controlothercomprehensiveincomeonthesamebasisasiftheinvesteehaddirectlydisposedoftherelatedassets/liabilitiesandproportionatelyreclassifyingequity-method-relatedotherequitychangestoprofitorloss;ifnojointcontrolorsignificantinfluenceisretained,reclassifiestheremaininginterestasafinancialassetwiththedifferencebetweenitsfairvalueandcarryingamountatthedateofcontrollossrecognizedinprofitorloss,whilefullyreclassifyingallpre-controlothercomprehensiveincomeandotherequitychanges.Forstep-by-stepdisposalsofequityinvestmentsinsubsidiariesresultinginlossofcontrolthatqualifyasasingleintegratedtransaction,allindividualtransactionsareaccountedforasasingledisposalevent,withthedifferencebetweentheconsiderationreceivedandthecarryingamountofthedisposedequityinterestforeachpre-control-disposaltransactionbeinginitiallyrecognizedinothercomprehensiveincomeintheseparatefinancialstatementsandsubsequentlyreclassifiedinitsentiretytoprofitorlossatthepointwhencontrolisultimatelylost.Fornon-singlearrangements,eachtransactionisaccountedforseparately.
13.InvestmentPropertiesInvestmentpropertiesrefertorealestatepropertiesheldforearningrentalincome,capitalappreciation,orboth,includingleasedlanduserights,landuserightsheldforcapitalappreciationwithintenttotransfer,andleasedbuildings.Investmentpropertiesareinitiallymeasuredatcost.Subsequentexpendituresrelatedtoinvestmentpropertiesareincludedinthecostofinvestmentrealestateiftheeconomicbenefitsrelatedtotheassetarelikelytoflowinandthecostcanbemeasuredreliably.Othersubsequentexpendituresarerecognizedinprofitorlosswhenincurred.
14.FixedAssets
(1)RecognitioncriteriaFixedassetsrefertotangibleassetsheldforproducinggoods,providingservices,leasingormanagement,withaservicelifeofmorethanonefiscalyear.FixedassetsarerecognizedonlywhentheeconomicbenefitsrelatedtothemarelikelytoflowintotheCompanyandtheircostscanbemeasuredreliably.Fixedassetsareinitiallymeasuredatcost,takingintoaccounttheimpactofestimateddisposalcosts.Subsequentexpendituresrelatedtofixedassetsarecapitalizedwhenitisprobablethatassociatedeconomicbenefitswillflowtotheentityandthecostscanbereliablymeasured;Thecarryingamountofanyreplacedpartsisderecognized;Allothersubsequentexpendituresarerecognizedasprofitorlosswhenincurred.
(2)DepreciationmethodsDepreciationiscalculatedfromthemonthfollowingthedatewhentheassetsbecomeavailablefortheirintendeduse,applyingeitherthestraight-linemethodorunits-of-productionmethodovertheirusefullives.Depreciationratesaredeterminedbasedonthecategoryofassets,estimatedusefullives,andestimatedresidualvaluerates.Forfixedassetswithrecognizedimpairmentlosses,depreciationinsubsequentperiodsiscalculatedbasedonthecarryingamountafterdeductingimpairmentprovisionsandtheremainingusefullife.Ifcomponentsofthefixassetshavedifferentusefullivesorprovideeconomicbenefitstotheenterpriseindifferentways,differentdepreciationratesormethodsareappliedseparately.Usefullives,estimatedresidualvaluesandannualdepreciationratesbycategoryoffixedassets:
Category
| Category | Depreciationmethod | Usefullife | Residualrate | Annualdepreciationrate |
| Highways&bridges | ||||
| Including：GuangfoExpresswy | Workingflowbasis | 28 | ||
| FokaiExpressway-XiebiantoSanbaoSection | Workingflowbasis | 40 | 0.00 | -- |
| FokaiExpressway-SanbaotoShuikouSection | Workingflowbasis | 47.5 | 0.00 | -- |
| JingzhuExpresswayGuangzhuSection | Workingflowbasis | 30 | 0.00 | -- |
| GuanghuiExpresswayCo.,Ltd. | Workingflowbasis | 23 | 0.00 | -- |
| HouseBuilding | Thestraight-linemethod | 20-30 | 3.00-5.00 | 3.17-4.85 |
| MachineEquipment | Thestraight-linemethod | 3-10 | 3.00-5.00 | 9.50-32.33 |
| TransportationEquipment | Thestraight-linemethod | 5-8 | 3.00-5.00 | 11.88-19.40 |
| Other | Thestraight-linemethod | 5 | 3.00-5.00 | 19.00-19.40 |
EstimatedresidualvaluerepresentsthenetamountthattheCompanywouldcurrentlyobtainfromtheasset'sdisposal,afterdeductingestimateddisposalcosts,assumingtheassethasreachedtheendofitsexpectedusefullifeandisintheconditionexpectedatthattime.
(3)DisposaloffixedassetsWhenthefixedassetsaredisposedoforitisexpectedthatnoeconomicbenefitscanbegeneratedthroughtheuseordisposal,thefixedassetsisderecognized.Thedifferencebetweenthedisposalproceedsfromthesale,transfer,retirementorimpairmentoffixedassetsanditscarryingamountafterdeductingrelatedtaxesandexpensesisrecognizedinprofitorloss.TheCompanyreviewstheusefullives,estimatedresidualvaluesanddepreciationmethodsofproperty,plantandequipmentatleastannuallyatyear-end,withanychangesaccountedforaschangesinaccountingestimates.
15.ConstructioninProgressThecostofconstructioninprogressisdeterminedbasedonactualprojectexpenditures,includingallconstruction-relatedexpensesincurredduringtheconstructionperiod,borrowingcostscapitalizedbeforetheprojectreachesitsintendedusablecondition,andotherrelevantcosts.Nodepreciationisallowedforconstructioninprogress.Constructioninprogressiscarriedforwardtofixedassetsafteritreachestheintendedusablestate.Thestandardsandtimingfortransferringvariousconstructioninprogresstofixedassetsareasfollows:
Category
| Category | Standardsfortransferringtofixedassets | Timingfortransferringtofixedassets |
| Expresswayconstructionproject | Reachingtheintendedusablecondition | (1)Physicalconstruction,includingtheinstallationofrelatedequipmentandancillaryfacilities,hasbeenfullycompletedorsubstantiallycompleted;(2)Subsequentconstructionexpendituresareminimaloralmostnon-existent;(3)Relatedequipmenthasbeendebuggedandcanoperatenormallyandstablyforacertainperiod;(4)Theconstructedexpresswayhasmetorsubstantiallymetthedesignorcontractualrequirements;(5)Iftheconstructionprojecthasreachedtheintendedusableconditionbutthefinalaccounthasnotbeensettled,itshallbetransferredtofixedassetsatanestimatedvaluebasedontheactualcostfromthedateitreachestheintendedusablecondition. |
| Buildingsandstructures | Reachingtheintendedusablecondition | (1)Physicalconstruction,includinginstallationwork,hasbeenfullycompletedorsubstantiallycompleted;(2)Subsequentexpendituresonthebuildingsandstructuresareminimaloralmostnon-existent;(3)Theconstructedbuildingsandstructureshavemetorsubstantiallymetthedesignorcontractualrequirements;(4)Iftheconstructionprojecthasreachedtheintendedusableconditionbutthefinalaccounthasnotbeensettled,itshallbetransferredtofixedassetsatanestimatedvaluebasedontheactualcostfromthedateitreachestheintendedusablecondition. |
| Machineryandequipment | Reachingtheintendedusablecondition | (1)Relatedequipmentandothersupportingfacilitieshavebeeninstalled;(2)Afterdebugging,theequipmentcanmaintainnormalandstableoperationforaperiodoftimeandbeacceptedbyrelevantpersonnel. |
16.BorrowingCostsBorrowingcostscompriseinterestexpensesonborrowings,amortizationofdiscountsorpremiums,ancillarycosts,andforeignexchangedifferencesarisingfromforeigncurrencyborrowings.Borrowingcoststhatare
directlyattributabletotheacquisition,constructionorproductionofaqualifyingassetshallbecapitalizedwhenexpendituresfortheassethavebeenincurred,borrowingcostshavebeenincurred,andactivitiesnecessarytopreparetheassetforitsintendeduseorsalehavebegun,andcapitalizationshallceasewhenthequalifyingassetbeingacquired,constructedorproducedhasreacheditsintendedusableorsalablecondition.Allotherborrowingcostsshallberecognizedasanexpenseintheperiodinwhichtheyareincurred.Forspecificborrowings,theamountofborrowingcostseligibleforcapitalizationshallbetheactualborrowingcostsincurredduringtheperiodlessanyinvestmentincomefromthetemporaryinvestmentofthoseborrowings.Forgeneralborrowings,theamountofborrowingcostseligibleforcapitalizationshallbedeterminedbyapplyingthecapitalizationratetotheweightedaverageoftheexpendituresonthatassetthatexceedthespecificborrowings.Thecapitalizationrateshallbedeterminedbasedontheweightedaverageinterestrateofthegeneralborrowings.
17.IntangibleAssets
(1)Usefullifeanditsdeterminationbasis,estimation,amortizationmethodorreviewprocedureIntangibleassetsareinitiallymeasuredatcost,includingpurchaseprice,relatedtaxesandduties,andotherdirectlyattributableexpendituresnecessarytobringtheassettoitsintendeduse.TheCompanyassessestheusefullifeofintangibleassetsuponacquisition.Forintangibleassetswithfiniteusefullives,amortizationisrecognizedovertheirexpectedeconomicbenefitperiods;Intangibleassetsforwhichtheexpectedusefullifecannotbereliablyestimatedareconsideredtohaveindefiniteusefullivesandarenotamortized.Theamortizationmethods,usefullivesandresidualvaluesofintangibleassetsareasfollows:
Item
| Item | Usefullife | Amortizationmethod |
| Landuseright | Remainingusefullife | Straight-linemethod |
| Software | 33-5years | Straight-linemethod |
| Tollroadconcessionright | Residualconcessionperiod | Workingflowbasis |
Ateachperiod-end,theusefullivesandamortizationmethodsoffinite-livedintangibleassetsarereviewed,withanychangesaccountedforaschangesinaccountingestimates.
18.Long-termPrepaidExpensesLong-termprepaidexpensesrefertocoststhathavealreadybeenincurredbutshouldbeallocatedoverthecurrentreportingperiodandsubsequentperiodswithanamortizationperiodexceedingoneyear.Suchexpensesareamortizedusingthestraight-linemethodovertheirexpectedbenefitperiods.
19.Long-termAssetImpairmentForlong-termequityinvestments,investmentpropertiesmeasuredatcost,property,plantandequipment,constructioninprogress,right-of-useassets,andfinite-livedintangibleassets,theCompanyassessesateachbalancesheetdatewhetherthereareanyimpairmentindicators.Ifanyimpairmentindicatorsexist,therecoverableamountshallbeestimatedandimpairmenttestingshallbeperformed.
Iftheimpairmenttestindicatesthattherecoverableamountofanassetislowerthanitscarryingamount,thedifferenceshallberecognizedasanimpairmentprovisionandrecordedasanimpairmentloss.Therecoverableamountshallbethehigherofanasset'sfairvaluelesscostsofdisposalandthepresentvalueoftheestimatedfuturecashflowsexpectedtobederivedfromtheasset.Impairmentprovisionsforassetsshallbecalculatedandrecognizedonanindividualassetbasis,exceptwhenitisimpracticabletoreliablyestimatetherecoverableamountofanindividualasset,inwhichcasetherecoverableamountshallbedeterminedforthecash-generatingunittowhichtheassetbelongs.Assetgroupisthesmallestassetportfoliothatcangeneratecashinflowindependently.Animpairmentlossrecognizedfortheseassetsshallnotbereversedinsubsequentperiods,eveniftherecoverableamountsubsequentlyincreases.
20.EmployeeBenefits
(1)Accountingtreatmentforshort-termemployeebenefitsTheCompanyrecognizesactualshort-termemployeebenefitsasliabilitiesduringtheaccountingperiodsinwhichemployeesrenderservices,withcorrespondingchargestoprofitorlossorrelevantassetcosts.TheCompany'scontributionstosocialinsuranceandhousingprovidentfundsforemployees,aswellaslaborunionfundsandworkereducationfundsaccruedinaccordancewithapplicableregulations,shallbedeterminedbasedontheprescribedcontributionbasesandratesduringtheaccountingperiodsinwhichemployeesrenderservicestotheCompany.Employeewelfareexpensesarerecognizedatactualamountsincurredandchargedtoprofitorlossorrelevantassetcosts,withnon-monetarybenefitsmeasuredatfairvalue.
(2)Accountingtreatmentforpost-employmentbenefitsTheCompanycontributestobasicpensioninsuranceandunemploymentinsuranceforemployeesinaccordancewithlocalgovernmentregulations.Therequiredcontributions,calculatedbasedonlocallyprescribedbasesandratesduringemployeeserviceperiods,arerecognizedasliabilitiesandchargedtoprofitorlossorrelevantassetcosts.
(3)AccountingtreatmentforterminationbenefitsWhenprovidingterminationbenefits,theCompanyrecognizescorrespondingliabilitiesattheearlierof:(a)whentheCompanycannolongerunilaterallywithdrawtheterminationofferundertheredundancyplanorseveranceproposal;or(b)whentheCompanyrecognizesrestructuring-relatedcostsorexpensesinvolvingterminationpayments,withacorrespondingchargetoprofitorloss.
21.ProvisionsAprovisionshallberecognizedwhenallofthefollowingconditionsaremetinrelationtoacontingentobligation:(1)theobligationisapresentobligationoftheCompany;(2)itisprobablethatanoutflowofeconomicbenefitswillberequiredtosettletheobligation;and(3)theamountoftheobligationcanbemeasuredreliably.
Atthebalancesheetdate,provisionsshallbemeasuredatthebestestimateoftheexpenditurerequiredtosettlethepresentobligation,takingintoaccountrisksanduncertaintiesassociatedwiththecontingenteventaswellasthetimevalueofmoneywherematerial.Whenthetimevalueofmoneyismaterial,thebestestimateshallbedeterminedbydiscountingtheestimatedfuturecashoutflows.TheCompanyreviewsthecarryingamountofprovisionsateachbalancesheetdateandadjuststhemtoreflectthecurrentbestestimatewhenthereisobjectiveevidencethatthecarryingamountnolongerrepresentstheappropriatemeasurement.
22.Revenue
(1)AccountingpoliciesforrevenuerecognitionandmeasurementTheCompanyrecognizesrevenuewhenitsatisfiesaperformanceobligationunderthecontractbytransferringcontrolofgoodsorservicestothecustomer.Controlofgoodsorservicesisobtainedwhenthecustomerhastheabilitytodirecttheuseof,andobtainsubstantiallyalltheremainingbenefitsfrom,thosegoodsorservices.Forcontractscontainingtwoormoreperformanceobligations,theCompanyallocatesthetransactionpricetoeachdistinctperformanceobligationatcontractinceptionbasedontherelativestand-alonesellingpricesofthepromisedgoodsorservices.Revenueismeasuredbasedonthetransactionpriceallocatedtoeachdistinctperformanceobligation.TransactionpriceistheamountofconsiderationthattheCompanyisexpectedtoreceivefortransferringthegoodstocustomers,excludingthepaymentcollectedonbehalfofthirdpartiesandthepaymentthattheCompanyisexpectedtoreturntocustomers.TheCompanydeterminesthetransactionpricebasedonthecontracttermsanditshistoricalbusinesspractices,whileconsideringtheeffectsofvariableconsideration,significantfinancingcomponentsinthecontract,non-cashconsideration,andconsiderationpayabletocustomers.TheCompanyestimatesthetransactionpriceincludingvariableconsiderationatanamountthatdoesnotexceedthelevelforwhichitishighlyprobablethatthecumulativerecognizedrevenuewillnotbesubjecttosignificantreversalwhentherelateduncertaintyisresolved.Forcontractswithsignificantfinancingcomponents,theCompanydeterminesthetransactionpriceasthecashsellingpriceatthedatecontroltransfers,withanydifferencebetweenthisamountandthecontractconsiderationamortizedusingtheeffectiveinterestmethodoverthecontractperiod.Atcontractinception,theCompanydoesnotconsidertheexistenceofasignificantfinancingcomponentwhentheperiodbetweenthetransferofcontrolofgoodsorservicestothecustomerandthecustomer'spaymentisexpectedtobeoneyearorless.Aperformanceobligationissatisfiedovertimeifoneormoreofthefollowingcriteriaaremet;otherwise,itissatisfiedatapointintime:
?ThecustomersimultaneouslyreceivesandconsumesthebenefitsprovidedbytheCompany'sperformanceastheCompanyperforms;?ThecustomercontrolsthegoodsorservicesinprocessastheyareconstructedorprovidedbytheCompany;ThegoodsorservicescreatedbytheCompany'sperformancehavenoalternativeusetotheCompany,andtheCompanyhasanenforceablerighttopaymentforperformancecompletedtodatethroughoutthecontractperiod.Fortheperformanceobligationsperformedinacertainperiodoftime,theCompanyshallrecognizetheincomeaccordingtotheperformanceprogressduringthatperiod,exceptthattheperformanceprogresscannotbe
reasonablydetermined.TheCompanydeterminestheprogressofperformanceusingeitheranoutputmethodorinputmethod,basedonthenatureofthegoodsorservices.Whentheprogresscannotbereasonablymeasured,revenueisrecognizedtotheextentofcostsincurredthatareexpectedtoberecoverable,untilsuchtimeastheprogresscanbereliablydetermined.Forperformanceobligationssatisfiedatapointintime,theCompanyrecognizesrevenuewhenthecustomerobtainscontroloftherelatedgoodsorservices.Inassessingwhethercontrolofgoodsorserviceshastransferred,theCompanyconsidersthefollowingindicators:
?TheCompanyhasapresentrighttopaymentforthegoodsorservices(i.e.,thecustomerhasapresentobligationtopayforsuchgoodsorservices).?TheCompanyhastransferredlegaltitleofthegoodstothecustomer(i.e.,thecustomerhaslegalownershipofsuchgoods).?TheCompanyhasphysicallytransferredthegoodstothecustomer(i.e.,thecustomerhasphysicalpossessionofsuchgoods).?TheCompanyhastransferredtheprincipalrisksandrewardsofownershipofthegoodstothecustomer(i.e.,thecustomerhasobtainedtheprincipalrisksandrewardsofsuchgoodsownership).?Thecustomerhasacceptedthegoodsorservices,etc.?Otherindicatorsdemonstratingthatthecustomerhasobtainedthecontrolofgoods.TheCompanydetermineswhetheritisactingasaprincipaloranagentintransactionsbyassessingwhetheritobtainscontrolofthegoodsorservicesbeforetransferringthemtothecustomer.WhentheCompanyobtainscontrolofgoodsorservicesbeforetransferringthemtothecustomer,itactsasaprincipalandrecognizesrevenueatthegrossamountofconsiderationreceivedorreceivable;otherwise,itactsasanagentandrecognizesrevenueatthenetamountofcommissionorfeetowhichitexpectstobeentitled.
(2)Revenuerecognitionmethodsandmeasurementapproachesbybusinesstype
1)TollrevenueTollrevenuereferstothetollrevenuefromoperatingtollroads,whichisrecognizedaccordingtotheamountcollectedandreceivablewhenvehiclespass.
2)AdvertisingandotherrevenueAdvertisingandotherrevenuesarerecognizedasoperatingincomeovertheserviceperiodbasedonelapsedservicetimeandcontractualpricing.
23.ContractCostsContractcostscomprisecoststoobtainacontractandcoststofulfillacontract.Incrementalcostsofobtainingacontract(i.e.,coststhatwouldnothavebeenincurredifthecontracthadnotbeenacquired)thatareexpectedtoberecoveredarerecognizedasanassetandamortizedonthesamebasisastherevenuerecognitionpatternoftherelatedgoodsorservices,withtheamortizationchargedtoprofitorloss.OthercostsincurredbytheCompanytoobtainacontractshallberecognizedasprofitorlosswhenincurred,unlesstheyarespecificallyrecoverablefromthecustomer.
Costsincurredtofulfillacontractthatdonotfallwithinthescopeofotherstandards(suchasinventories,property,plantandequipment,orintangibleassets)arerecognizedasanassetwhenallofthefollowingconditionsaremet:(1)Thecostsrelatedirectlytoaspecificcontract(includingdirectlabor,directmaterials,manufacturingoverheadsorsimilarcosts,explicitlychargeableclientcosts,andothercostsincurredonlyforthatcontract);(2)ThecostsenhancetheCompany'sresourcesthatwillbeusedtosatisfyperformanceobligationsinthefuture;(3)Thecostsareexpectedtoberecovered.Suchassetsareamortizedonthesamebasisastherevenuerecognitionpatternofthegoodsrelatedtosuchassets,withtheamortizationchargedtoprofitorloss.Whendeterminingimpairmentlossesonassetsrelatedtocontractcosts,theCompanyshallfirstassessandrecognizeimpairmentlossesonothercontract-relatedassetsthatareaccountedforunderapplicableaccountingstandards;subsequently,forassetsarisingfromcontractcosts,whenthecarryingamountexceedsthedifferencebetween:(1)theremainingconsiderationexpectedtobereceivedfortransferringtherelatedgoodsorservices;and(2)theestimatedcostsrequiredtocompletesuchtransfer,theexcessamountshallberecognizedasanimpairmentprovisionandrecordedasanimpairmentloss.Animpairmentprovisionrecognizedforanassetrelatingtocontractcostsshallbereversedifthereasonsfortheimpairmenthaveceasedtoapply,suchthattheabovedifferenceexceedsthecarryingamount.Thereversalshallberecognizedinprofitorloss,providedthattheincreasedcarryingamountdoesnotexceedthecarryingamountthatwouldhavebeendetermined(netofamortizationordepreciation)hadnoimpairmentprovisionbeenrecognized
24.GovernmentGrants
(1)ClassificationGovernmentgrantsaremonetaryornon-monetaryassetsreceivedbytheCompanyfromgovernmentauthoritieswithoutcompensation,classifiedintogovernmentgrantsrelatedtoassetsandgovernmentgrantsrelatedtoincome.GovernmentgrantsrelatedtoassetsrefertogovernmentgrantsacquiredbytheCompanyforthepurchase,constructionorotherformsofacquisitionoflong-termassets.Governmentgrantsrelatedtoincomerefertogovernmentgrantsotherthanthoserelatedtoassets.Governmentdocumentsclearlyspecifythatgovernmentgrantsforpurchase,constructionorotherformsofacquisitionoflong-termassetsarerecognizedasgovernmentgrantsrelatedtoassets.Iftheobjectofgrantsisnotclearlyspecifiedingovernmentdocuments,andlong-termassetscanbeformed,thepartofgovernmentgrantscorrespondingtothevalueofassetsshallberegardedasthegovernmentgrantsrelatedtoassets,andtherestshallberegardedasthegovernmentgrantsrelatedtoincome;Ifitisdifficulttodistinguishthem,thegovernmentgrantsasawholewillberegardedasagovernmentgrantsrelatedtoincome.Governmentgrantsrelatedtoassetsarerecognizedasdeferredincome.Theamountrecognizedasdeferredincomeissystematicallyamortizedtoprofitorlossovertheusefullivesoftherelatedassetsusingarationalandsystematicmethod.Governmentgrantsotherthanthoserelatedtoassetsarerecognizedasgovernmentgrantsrelatedtoincome.Governmentgrantsrelatedtoincomethatcompensatetheenterpriseforrelevantexpensesorlossestobeincurredinfutureperiodsarerecognizedasdeferredincomeandsubsequentlyamortizedtoprofitorlosswhen
therelatedexpensesarerecognized,whereasgrantscompensatingalreadyincurredexpensesorlossesaredirectlyrecognizedinprofitorloss.WhentheCompanyreceivessubsidizedpreferentialloaninterestthroughfiscalauthoritiesdisbursingfundstolendingbankswhichthenprovideloansatpreferentialpolicyrates,theloanismeasuredattheactualamountreceivedwithborrowingcostscalculatedbasedontheprincipalamountandpreferentialinterestrate;whenfiscalauthoritiesdirectlydisbursetheinterestsubsidytotheCompany,thecorrespondingsubsidyamountreducestherelatedborrowingcosts.
(2)RecognitiontimingGovernmentgrantsarerecognizedwhentheCompanycancomplywiththeattachedconditionsandcanreasonablyassuretheirreceipt.
(3)AccountingtreatmentGovernmentgrantsrelatedtoassetsarerecognizedasdeferredincomeandsystematicallyamortizedtoprofitorlossovertheusefullivesoftherelatedassetsusingarationalandsystematicmethod.GovernmentgrantsrelatedtotheCompany'sordinaryactivitiesarerecognizedasotherincome,whilethoseunrelatedtoordinaryactivitiesarerecognizedasnon-operatingincome.
25.DeferredTaxAssets/DeferredTaxLiabilitiesTheCompanyappliesthebalancesheetliabilitymethodforincometaxaccounting.Forthedifferencebetweenthecarryingamountsofsomeassetsandliabilitiesandtheirtaxbasis,andthetemporarydifferencebetweenthecarryingamountsofitemsthatarenotrecognizedasassetsandliabilitiesbutcanbedeterminedintaxbasisaccordingtotheprovisionsofthetaxlawandtaxbasis,thebalancesheetliabilitymethodisadoptedtorecognizedeferredtaxassetsanddeferredtaxliabilities.Deferredtaxassetsarerecognizedfordeductibletemporarydifferencestotheextentthatitisprobablethattaxableprofitwillbeavailableagainstwhichthedeductibletemporarydifferencescanbeutilized.Fordeductiblelossesandtaxdeductionsthatcanbecarriedforwardtofutureyears,thecorrespondingdeferredtaxassetsarerecognizedtotheextentthatitislikelytoobtainfuturetaxableincomefordeductingdeductiblelossesandtaxdeductions.Deferredtaxliabilitiesarerecognizedforalltaxabletemporarydifferences,exceptincertainspecifiedcircumstances.Deferredtaxassetsorliabilitiesshallnotberecognizedforthefollowingspecialcircumstances:
??Theinitialrecognitionofgoodwill;?Transactionsoreventsthat(a)arenotbusinesscombinations,(b)atthetimeofoccurrenceaffectneitheraccountingprofitnortaxableincome(ordeductiblelosses),and(c)uponinitialrecognitionoftherelatedassetsorliabilitiesdonotcreateoffsettingtaxableanddeductibletemporarydifferencesofequalamounts.Adeferredtaxliabilityshallberecognizedfortaxabletemporarydifferencesassociatedwithinvestmentsinsubsidiaries,associatesandjointventures,exceptwhentheCompanycancontrolthetimingofthereversalofthetemporarydifferenceanditisprobablethatthetemporarydifferencewillnotreverseintheforeseeablefuture.Adeferredtaxassetshallberecognizedfordeductibletemporarydifferencesassociatedwith
investmentsinsubsidiaries,associatesandjointventuresonlywhenitisprobablethatthetemporarydifferencewillreverseintheforeseeablefutureandsufficienttaxableprofitwillbeavailableagainstwhichthedeductibletemporarydifferencecanbeutilized.Onthebalancesheetdate,deferredtaxassetsandliabilitiesshallbemeasuredusingthetaxratesthatareexpectedtoapplytotheperiodswhentheassetsarerecoveredorliabilitiesaresettled,basedontaxlawsenactedorsubstantivelyenactedbythatdate.Onthebalancesheetdate,thecarryingamountofdeferredtaxassetsisreviewedandreducedtotheextentthatitisnolongerprobablethatsufficienttaxableprofitwillbeavailabletorealizetheassociatedbenefit.Suchreductionsarereversedwhenitsubsequentlybecomesprobablethatsufficienttaxableprofitwillbeavailable.
26.LeaseAleaseisacontractthatconveystherighttouseanassetforaperiodoftimefromthelessortothelesseeinexchangeforconsideration.Onthecommencementdateofthecontract,theCompanyevaluateswhetherthecontractisaleaseorcontainsalease.Ifacontractconveystherighttocontroltheuseofoneormoreidentifiedassetsforaperiodoftimeinexchangeforconsideration,thecontractisorcontainsalease.Whenacontractcontainsmultipleseparateleasecomponents,theCompanyseparatesandaccountsforeachleasecomponentindividually.Forcontractscontainingbothleaseandnon-leasecomponents,lesseesandlessorsseparatetheleasecomponentsfromnon-leasecomponents.
(1)Accountingtreatmentasalessee
1)right-of-useassetsAtthecommencementdateoftheleaseterm,theCompanyrecognizesright-of-useassetsforallleasesexceptshort-termleasesandleasesoflow-valueassets.Theright-of-useassetsareinitiallymeasuredatcost.Suchcostcomprises:
?Theinitialmeasurementamountoftheleaseliability;?Leasepaymentsmadeatorbeforethecommencementdateoftheleaseterm,lessanyleaseincentivesreceived;?InitialdirectcostsincurredbytheCompany;?Theestimatedcoststodismantle,remove,restoretheunderlyingassetorreinstatethesiteorsuchunderlyingassettoitscontractualcondition,excludingcostsattributabletoinventoryproduction.Subsequently,theCompanydepreciatesright-of-useassetsusingthestraight-linemethod.WhentheCompanyisreasonablycertaintoobtainownershipoftheunderlyingassetbytheendoftheleaseterm,depreciationiscalculatedovertheremainingusefullifeoftheunderlyingasset;otherwise,depreciationiscalculatedovertheshorteroftheleasetermandtheunderlyingasset'sremainingusefullife.TheCompanyassessesright-of-useassetsforimpairmentfollowingtheprinciplesdescribedin"XIX.Long-livedAssetImpairment"inthissectionandaccountsforanyidentifiedimpairmentlossesaccordingly.
2)Leaseliabilities
Atthecommencementdateoftheleaseterm,theCompanyrecognizesleaseliabilitiesforallleasesexceptshort-termleasesandleasesoflow-valueassets.Theleaseliabilityisinitiallymeasuredatthepresentvalueoftheunpaidleasepayments.Leasepaymentsinclude:
?Fixedpayments(includingin-substancefixedpayments),lessanyleaseincentives;?Variableleasepaymentsthatdependonanindexorrate;?AmountsexpectedtobepayableunderresidualvalueguaranteesprovidedbytheCompany;?TheexercisepriceofpurchaseoptionsiftheCompanyisreasonablycertaintoexercisetheoption;?TerminationpenaltiesiftheleasetermreflectstheCompany'sexpectationofexercisingaterminationoption.TheCompanyusestheinterestrateimplicitinleaseasthediscountrate,orifsuchratecannotbereasonablydetermined,theCompany'sincrementalborrowingrateshallbeadoptedasthediscountrate.TheCompanycalculatesinterestexpenseontheleaseliabilityforeachperiodduringtheleasetermusingafixedperiodicinterestrate,whichischargedtoprofitorlossorcapitalizedintothecostofrelatedassets.Variableleasepaymentsnotincludedintheleaseliabilitymeasurementarerecognizedinprofitorlossorcapitalizedintothecostofrelatedassetswhenincurred.Afterthecommencementdateoftheleaseterm,theCompanyremeasurestheleaseliabilityandadjuststhecorrespondingright-of-useassetinthefollowingcircumstances.Ifthecarryingamountoftheright-of-useassethasbeenreducedtozerobutfurtherreductionoftheleaseliabilityisrequired,theexcessisrecognizedinprofitorloss:
?Whenthereisachangeintheassessmentofpurchase,renewalorterminationoptions,orwhenactualexerciseoftheseoptionsdiffersfromtheoriginalassessment,theCompanyremeasurestheleaseliabilityusingtherevisedleasepaymentsandupdateddiscountrate;?Whentherearechangestoin-substancefixedpayments,expectedpaymentsunderresidualvalueguarantees,orindices/ratesusedtodetermineleasepayments,theCompanyremeasurestheleaseliabilityusingtherevisedleasepaymentsandoriginaldiscountrate;However,ifthechangeinleasepaymentsresultsfromfluctuationsinavariableinterestrate,thepresentvalueshallberecalculatedusingthereviseddiscountrate.
3)Short-termleasesandleasesoflow-valueassetsForshort-termleasesandleasesoflow-valueassetswheretheCompanyelectsnottorecognizeright-of-useassetsandleaseliabilities,therelatedleasepaymentsarerecognizedinprofitorlossorcapitalizedintothecostofrelatedassetsonastraight-linebasisovertheleaseterm.Ashort-termleaseisaleasethat,atthecommencementdateoftheleaseterm,hasaleasetermof12monthsorlessanddoesnotcontainapurchaseoption.Analeaseoflow-valueassetsreferstoaleaseofanindividualassetthathaslowvaluewhennew.TheCompanyclassifiesleasesofindividualunderlyingassetswithanewvaluenotexceedingRMB40,000asleasesoflow-valueassets.IftheCompanysubleasesorexpectstosubleasetheunderlyingassets,theoriginalleasedoesnotqualifyasaleaseoflow-valueassets.
4)Leasemodifications?Themodificationincreasesthescopeoftheleasebyaddingoneormoreunderlyingassets;
?Theadditionalconsiderationiscommensuratewiththestandalonepricefortheincreasedleasescope,adjustedtoreflectthespecificcircumstancesofthecontract.Ifthemodificationisnotaccountedforasaseparatelease,ontheeffectivedateofthemodification,theCompanywillre-allocatetheconsiderationofthemodifiedcontract,re-determinetheleaseterm,andre-measuretheleaseliabilitiesaccordingtothepresentvaluecalculatedbythechangedleasepaymentandthereviseddiscountrate.Ifamodificationreducestheleasescopeorterm,theCompanyproportionatelyreducesthecarryingamountoftheright-of-useassetandrecognizesanygain/lossfrompartial/fullterminationinprofitorloss.Forothermodificationsrequiringleaseliabilityremeasurement,theCompanyadjuststhecarryingamountoftheright-of-useassetcorrespondingly.
(2)AccountingtreatmentasalessorAtthecommencementdateofthelease,theCompanyclassifiesleasesaseitherfinanceleasesoroperatingleases.Afinanceleaseisaleasethattransferssubstantiallyalltherisksandrewardsincidentaltoownershipoftheunderlyingasset,regardlessofwhetherlegaltitleiseventuallytransferred.Anoperatingleaseisanyleasethatdoesnotqualifyasafinancelease.Whenactingasanintermediatelessor,theCompanyclassifiessubleasesbasedontheright-of-useassetarisingfromtheheadlease.
1)AccountingtreatmentofoperatingleaseLeaseincomefromoperatingleasesisrecognizedonastraight-linebasisovertheleaseterm.Initialdirectcostsincurredrelatedtooperatingleasesarecapitalizedandallocatedtoprofitorlossovertheleasetermusingthesamebasisasleaseincomerecognition.Variableleasepaymentsnotincludedinleaseincomearerecognizedinprofitorlosswhenincurred.ModificationstooperatingleasesareaccountedforasnewleasesbytheCompanyfromtheeffectivemodificationdate,withanyprepaid/accruedleaseincomeattributabletotheoriginalleasetreatedaspartofthenewleasepayments.
2)AccountingtreatmentoffinanceleaseAtthecommencementdateofthelease,theCompanyrecognizesfinanceleasereceivablesandderecognizestheunderlyingassetsforfinanceleases.TheCompanyinitiallymeasuresfinanceleasereceivablesatanamountequaltothenetinvestmentinthelease.Thenetinvestmentintheleaseisthesumofthepresentvalueoftheunguaranteedresidualvalueandtheleasepaymentsreceivableatthecommencementdateoftheleaseterm,bothdiscountedusingtheinterestrateimplicitinlease.
27.FairValueMeasurementFairvalueisthepricethatwouldbereceivedtosellanassetorpaidtotransferaliabilityinanorderlytransactionbetweenmarketparticipantsatthemeasurementdate.Whenmeasuringfairvalue,theCompanyassumesthattheorderlytransactionoccursintheprincipalmarketfortheassetorliability;intheabsenceofaprincipalmarket,themostadvantageousmarketisassumed.Theprincipalmarket(ormostadvantageousmarket)isthemarketaccessibletotheCompanyatthemeasurement
date.TheCompanyusesassumptionsthatmarketparticipantswouldusewhenpricingtheassetorliabilitytomaximizeeconomicbenefits.Thefairvaluemeasurementofanon-financialassettakesintoaccounteithertheabilityofmarketparticipantstogenerateeconomicbenefitsthroughtheasset'shighestandbestuseortheirabilitytosellittoothermarketparticipantswhowouldutilizeitinitshighestandbestusetogenerateeconomicbenefits.TheCompanyappliesvaluationtechniquesthatareappropriateincurrentcircumstancesandsufficientlysupportedbyavailabledataandotherinformation,prioritizingtheuseofrelevantobservableinputsandresortingtounobservableinputsonlywhenobservableinputsareunavailableortheircollectionisimpracticable.Assetsandliabilitiesmeasuredordisclosedatfairvalueinthefinancialstatementsarecategorizedintothreefairvaluehierarchylevelsbasedonthelowestlevelinputthatissignificanttotheentiremeasurement:Level1inputsareunadjustedquotedpricesinactivemarketsforidenticalassetsorliabilitiesaccessibleatthemeasurementdate;Level2inputsareobservableinputsotherthanLevel1prices,whetherdirectlyorindirectlyobservablefortheassetorliability;Level3inputsareunobservableinputsfortheassetorliability.Oneachbalancesheetdate,theCompanyreassessesassetsandliabilitiesmeasuredatfairvalueonarecurringbasisinthefinancialstatementstodeterminewhethertransfersbetweenfairvaluehierarchylevelshaveoccurred.
28.Changeofmainaccountingpoliciesandestimations
(1)Changeofmainaccountingpolicies
□Applicable√Notapplicable
（2）Significantestimateschanges
√Applicable□Notapplicable
InRMB
Contentsandreasonsofchangesinaccounting
estimates
| Contentsandreasonsofchangesinaccountingestimates | Nameofreportitemmateriallyaffected | Effectivedateofapplication | Impactamount |
| InJanuary2025,theGuangzhou-HuizhouExpresswayReconstructionandExpansionProjectwasapproved,resultinginanexpectedextensionoftheoperatingperiodforGuanghuiExpresswayCo.,Ltd.(acontrolledsubsidiaryoftheCompany).Consequently,thedepreciationperiodsandtraffic-baseddepreciationratesfortheNanxiangshan,Lihu(GualvLake),andJinlong(HuizhouNorth)interchangeswereadjusted,withthedepreciationperiodextendedtoAugust2054. | Fixedasset | February1,2025 | 24,366,244.26 |
| Taxespayable | 6,091,561.07 | ||
| Deferredtaxliabilities | -85,194.28 | ||
| Operatingcosts | -24,366,244.26 | ||
| Incometaxexpenses | 6,006,366.79 | ||
| Non-controllinginterests | 11,939,459.69 | ||
| Non-controllinginterestsinprofitorloss | 8,996,339.96 | ||
| Netassetsattributabletotheparentcompany | 12,426,784.57 | ||
| Netprofitattributabletotheparentcompany | 9,363,537.51 |
（3）Theinformationoftheadjustingitemsrelatedtothefinancialstatementsatthebeginningoftheyearoffirstimplementationduetothefirstimplementationofnewaccountingstandardsfrom2025.Adjustmentdescription
□Applicable√Notapplicable
VI.Taxation
1.Majorcategoryoftaxesandtaxrates
Taxcategory
| Taxcategory | Taxbasis | Taxrate |
| Value-addedtax | Theoutputtaxiscalculatedbasedontheincomefromsalesofgoodsandtaxableservicescalculatedaccordingtotheprovisionsofthetaxlaw.Afterdeductingtheinputtaxallowedtobedeductedinthecurrentperiod,thedifferenceistheVATtaxable | 3%,5%,6%,9%,13% |
| Urbanmaintenanceandconstructiontax | Actualpaidturnovertaxes | 5%,7% |
| Corporateincometax | Taxableincome | 25% |
| Educationsurcharge | Actualpaidturnovertaxes | 3% |
| Localeducationsurcharge | Actualpaidturnovertaxes | 2% |
2.Preferentialtaxtreatment
NoneVII.NotesonmajoritemsinconsolidatedfinancialstatementsoftheCompany
1.Monetaryfunds
InRMB
| Items | Amountinyear-end | BalanceYear-beginning |
| Cashonhand | 10,258.18 | 10,267.08 |
| Bankdeposits | 2,607,991,456.75 | 1,498,518,288.65 |
| Depositswithfinancecompanies | 3,141,101,704.92 | 2,761,828,656.71 |
| Othercashandcashequivalents | 10,860,668.11 | 517,072.14 |
| Accruedinterestnotyetdue | 37,069,088.06 | 28,952,378.64 |
| Total | 5,797,033,176.02 | 4,289,826,663.22 |
Othernote
Accruedinterestnotyetduerepresentsintereston7-daynoticedeposits.
2.Accountreceivable
（1）Disclosurebyaging
InRMB
Aging
| Aging | Balanceinyear-end | BalanceYear-beginning |
| Within1year(Including1year） | 89,105,381.80 | 74,944,771.52 |
| 1-2years | 5,493,783.17 | 6,577,116.50 |
| 2-3years | 1,083,333.33 | 1,116,666.67 |
| Over3year | 4,260,330.67 | 3,143,664.00 |
| 3-4years | 1,116,666.67 | 0.00 |
| 4-5years | 0.00 | 2,077,392.00 |
| Over5years | 3,143,664.00 | 1,066,272.00 |
| Subtotal | 99,942,828.97 | 85,782,218.69 |
| Baddebtprovision | 3,695,330.67 | 3,421,164.00 |
| Total | 96,247,498.30 | 82,361,054.69 |
（2）Accordingtothebaddebtprovisionmethodclassificationdisclosure
InRMB
Category
| Category | Amountinyear-end | BalanceYear-beginning | ||||||||
| BookBalance | Baddebtprovision | Bookvalue | BookBalance | Baddebtprovision | Bookvalue | |||||
| Amount | Proportion(%) | Amount | Proportion(%) | Amount | Proportion(%) | Amount | Proportion(%) | |||
| Accrualofbaddebtprovisionbysingle | 3,143,664.00 | 3.15% | 3,143,664.00 | 100.00% | 0.00 | 3,143,664.00 | 3.66% | 3,143,664.00 | 100.00% | 0.00 |
| Including： | ||||||||||
| Accrualofbaddebtprovisionbyportfolio | 96,799,164.97 | 96.85% | 551,666.67 | 0.57% | 96,247,498.30 | 82,638,554.69 | 96.34% | 277,500.00 | 0.34% | 82,361,054.69 |
| Including： | ||||||||||
| Agingportfolio | 90,772,245.80 | 90.82% | 551,666.67 | 0.61% | 90,220,579.13 | 75,809,821.02 | 88.38% | 277,500.00 | 0.37% | 75,532,321.02 |
| Portfoliooffinancialassetswithverylowcreditrisk | 6,026,919.17 | 6.03% | 0.00 | 0.00% | 6,026,919.17 | 6,828,733.67 | 7.96% | 0.00 | 0.00% | 6,828,733.67 |
| Total | 99,942,828.97 | 100.00% | 3,695,330.67 | 3.70% | 96,247,498.30 | 85,782,218.69 | 100.00% | 3,421,164.00 | 3.99% | 82,361,054.69 |
Categoriesofindividualbaddebtprovisions:
InRMB
Name
| Name | Openingbalance | Closingbalance | ||||
| Bookbalance | Baddebtprovision | Bookbalance | Baddebtprovision | Provisionpercentage | Provisionreason | |
| GuangdongTaihengExpresswayDevelopmentCo.,Ltd. | 3,143,664.00 | 3,143,664.00 | 3,143,664.00 | 3,143,664.00 | 100.00% | Underbankruptcyliquidation;recoveryunlikely |
| Total | 3,143,664.00 | 3,143,664.00 | 3,143,664.00 | 3,143,664.00 | ||
Categoriesofportfolio-basedbaddebtprovision:creditriskcharacteristicsportfolio
InRMB
| Name | Closingbalance | ||
| Bookbalance | Baddebtprovision | Provisionpercentage | |
| Agingportfolio | 90,772,245.80 | 551,666.67 | 0.61% |
| Financialassetportfoliowithverylowcreditrisk | 6,026,919.17 | 0.00% | |
| Total | 96,799,164.97 | 551,666.67 | |
Relevantinformationoftheprovisionforbaddebtswillbedisclosedwithreferencetothedisclosuremethodofotherreceivablesiftheprovisionforbaddebtsofbillsreceivableisaccruedaccordingtothegeneralmodelofexpectedcreditloss:
□Applicable√Notapplicable
(3)Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodThewithdrawalamountofthebaddebtprovision：
InRMB
| Category | Openingbalance | Amountofchangeinthecurrentperiod | Closingbalance | |||
| Accrual | Reversedorcollectedamount | Write-off | Other | |||
| Accrualofbaddebtprovisionbysingleitem | 3,143,664.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3,143,664.00 |
| Accrualofbaddebtprovisionbycreditrisk | 277,500.00 | 274,166.67 | 0.00 | 0.00 | 0.00 | 551,666.67 |
| Total | 3,421,164.00 | 274,166.67 | 0.00 | 0.00 | 0.00 | 3,695,330.67 |
（4）Theactualwrite-offaccountsreceivableNone
(5)Top5oftheclosingbalanceoftheaccountsreceivablecollectedaccordingtothearrearsparty
InRMB
| CompanyName | Amountofendingbalance | Closingbalanceofthecontractassets | Accountsreceivableandcontractassetsendingbalance | Proportionoftotalaccountsreceivable% | Amountofendingbalanceforbaddebts |
| GuangdongUnionElectronicServicesCo.,Ltd. | 56,552,000.77 | 0.00 | 56,552,000.77 | 56.58% | 0.00 |
| GuangdongHumenBridgeCo.,Ltd. | 12,588,909.96 | 0.00 | 12,588,909.96 | 12.60% | 0.00 |
| GuangdongJingzhuExpressway | 12,324,600.00 | 0.00 | 12,324,600.00 | 12.33% | 0.00 |
CompanyName
| CompanyName | Amountofendingbalance | Closingbalanceofthecontractassets | Accountsreceivableandcontractassetsendingbalance | Proportionoftotalaccountsreceivable% | Amountofendingbalanceforbaddebts |
| GuangzhuNorthsectionCo.,Ltd. | |||||
| GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | 6,470,388.19 | 0.00 | 6,470,388.19 | 6.47% | 0.00 |
| GuangdongProvincialGovernmentExpresswayDebtRepaymentManagementCenter | 4,596,700.00 | 0.00 | 4,596,700.00 | 4.61% | 0.00 |
| Total | 92,532,598.92 | 0.00 | 92,532,598.92 | 92.59% | 0.00 |
3.Otheraccountsreceivable
InRMB
| Item | Balanceinyear-end | BalanceYear-beginning |
| Dividendreceivable | 31,996,670.24 | 28,621,800.58 |
| Otherreceivable | 230,591,215.42 | 120,235,318.76 |
| Total | 262,587,885.66 | 148,857,119.34 |
（1）Interestreceivable
None
（2）Dividendreceivable
1)Dividendreceivable
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise | 0.00 | 797,664.04 |
| GuangdongGuangleExpresswayCo.,Ltd. | 0.00 | 21,615,181.62 |
| GuoyuanSecurities | 0.00 | 6,208,954.92 |
| ChinaEverbrightBankCo.,Ltd. | 19,996,670.24 | 0.00 |
| GanzhouGankangExpresswayCo.,Ltd. | 12,000,000.00 | 0.00 |
| Total | 31,996,670.24 | 28,621,800.58 |
2）Significantdividendreceivableagedover1year
None
3)Disclosurebybaddebtprovisionmethod
□Applicable?Notapplicable
（3）Otheraccountsreceivable
1)Otheraccountsreceivableclassified
InRMB
| Nature | Balanceinyear-end | BalanceYear-beginning |
| Pettycash | 3,409,663.91 | 3,142,132.02 |
| Reimbursements | 234,872,551.47 | 342,942,142.53 |
| Depositsandg | 2,927,641.89 | 2,736,640.19 |
| Receivablesfromequitytransfers | 0.00 | 107,111,100.00 |
| Others | 837,463.85 | 7,245,446.55 |
| Less:baddebtprovision | 11,456,105.70 | 342,942,142.53 |
Total
| Total | 230,591,215.42 | 120,235,318.76 |
2）Disclosurebyaging
InRMB
| Aging | Balanceinyear-end | BalanceYear-beginning |
| Within1year(Including1year） | 122,933,833.30 | 238,920,756.17 |
| 1-2years | 116,423,131.76 | 125,624,239.66 |
| 2-3years | 1,843,328.94 | 97,761,543.71 |
| Over3years | 847,027.12 | 870,921.75 |
| 3-4years | 11,307.68 | 31,680.00 |
| 4-5years | 27,180.00 | 2,095.07 |
| Over5years | 808,539.44 | 837,146.68 |
| Subtotal | 242,047,321.12 | 463,177,461.29 |
| Less：baddebtprovision | 11,456,105.70 | 342,942,142.53 |
| Total | 230,591,215.42 | 120,235,318.76 |
3)Disclosurebybaddebtprovisionmethod?Applicable□Notapplicable
InRMB
Category
| Category | Amountinyear-end | BalanceYear-beginning | ||||||||
| BookBalance | Baddebtprovision | Bookvalue | BookBalance | Baddebtprovision | Bookvalue | |||||
| Amount | Proportion(%) | Amount | Proportion(%) | Amount | Proportion(%) | Amount | Proportion(%) | |||
| Accrualofbaddebtprovisionbysingle | 342,942,142.53 | 74.04% | 342,942,142.53 | 100.00% | 0.00 | |||||
| Including： | ||||||||||
| Accrualofbaddebtprovisionbyportfolio | 242,047,321.12 | 100.00% | 11,456,105.70 | 4.73% | 230,591,215.42 | 120,235,318.76 | 25.96% | 0.00 | 0.00% | 120,235,318.76 |
| Including： | ||||||||||
| Agingportfolio | 234,872,551.47 | 97.04% | 11,456,105.70 | 4.88% | 223,416,445.77 | 0.00 | 0.00% | 0.00 | 0.00% | 0.00 |
| CSFPortfolio | 6,337,305.80 | 2.62% | 0.00 | 0.00% | 6,337,305.80 | 5,878,772.21 | 1.27% | 0.00 | 0.00% | 5,878,772.21 |
| Verylowcreditriskfinancialassetportfolio | 837,463.85 | 0.34% | 0.00 | 0.00% | 837,463.85 | 114,356,546.55 | 24.69% | 0.00 | 0.00% | 114,356,546.55 |
| Total | 242,047,321.12 | 100.00% | 11,456,105.70 | 4.73% | 230,591,215.42 | 463,177,461.29 | 100.00% | 342,942,142.53 | 74.04% | 120,235,318.76 |
Categoriesofportfolio-basedbaddebtprovision:creditriskcharacteristicsportfolio
InRMB
Name
| Name | Balanceinyear-end | ||
| Bookbalance | Baddebtprovision | Withdrawalproportion | |
| Agingportfolio | 234,872,551.47 | 11,456,105.70 | 4.88% |
| CSFPortfolio | 6,337,305.80 | 0.00 | 0.00% |
| Verylowcreditriskfinancialassetportfolio | 837,463.85 | 0.00 | 0.00% |
| Total | 242,047,321.12 | 11,456,105.70 | |
Provisionforbaddebtsismadeaccordingtothegeneralmodelofexpectedcreditlosses
InRMB
| BadDebtReserves | Stage1 | Stage2 | Stage3 | Total |
| Expectedcreditlossesoverthenext12months | Expectedcreditlossoverlife(nocreditimpairment) | Expectedcreditlossesfortheentireduration(creditimpairmentoccurred) | ||
| BalanceasatJanuary1,2025 | 342,942,142.53 | 342,942,142.53 | ||
| BalanceasatJanuary1,2025incurrent | ||||
| Thisperiodofprovision | 11,456,105.70 | 0.00 | 0.00 | 11,456,105.70 |
| ReversalinCurrentYear | 0.00 | 342,942,142.53 | 0.00 | 342,942,142.53 |
| BalanceonJune30,2025 | 11,456,105.70 | 0.00 | 0.00 | 11,456,105.70 |
Explanationofthesignificantchangesinthebookbalanceofreceivablesfinancingwithchangesinlossprovisionsinthecurrentperiod:
□Applicable?Notapplicable4）Baddebtprovisionaccrual,collectedorreversalintheperiodAccrualofbaddebtprovisionintheperiod:
InRMB
| Category | Openingbalance | Currentchanges | Endingbalance | |||
| Accrual | Collectedorreversal | Writeoff | Other | |||
| Accrualofbaddebtprovisionbysingle | 342,942,142.53 | 0.00 | 342,942,142.53 | 0.00 | 0.00 | 0.00 |
| Portfolio-basedbaddebtprovisions | 0.00 | 11,456,105.70 | 0.00 | 0.00 | 0.00 | 11,456,105.70 |
| Total | 342,942,142.53 | 11,456,105.70 | 342,942,142.53 | 0.00 | 0.00 | 11,456,105.70 |
Importantamountofbaddebtprovisionswitch-backorcollectionintheperiod:
InRMB
| Entityname | Recovery/reversalamount | Reasonforreversal | Recoverymethod | Basisandrationalefororiginalbaddebtprovisionrate |
| GuangdongProvincialGovernmentExpresswayDebtRepaymentManagementCenter(Note) | 342,942,142.53 | Thesourceofthemaintenanceexpenses | Partialfundsrecovered. | Astheoriginalsourceofthefundscouldnotbeidentifiedandinaccordancewiththeprudenceprinciple,afull |
advancedbyGuangfoCompanyhasbeenclarified.
| advancedbyGuangfoCompanyhasbeenclarified. | provisionforbaddebtswasmade. | |||
| Total | 342,942,142.53 |
SubsidiaryGuangfoExpresswayCo.,Ltd.("GuangfoCompany")hadpreviouslyadvancedmaintenancecostsforGuangzhou-FoshanExpressway,whichwererecordedunderGuangdongDepartmentofTransport.InMarch2025,officialgovernmentdocumentsconfirmedthatGuangzhou-FoshanExpresswaywouldbereturnedtogovernmentmanagement.Theadvancedoperationalmaintenancecostswillbeauditedandsettledthroughdueprocedures,withrelevantauthoritiesresponsibleforreimbursingGuangfoCompany.Duringthecurrentperiod,GuangfoCompanyreceivedRMB150millionforreimbursementoftheadvancedmaintenancepaymentsfromGuangdongProvincialGovernmentExpresswayDebtRepaymentManagementCenter,whichfullyreversedthepreviouslyrecognizedbaddebtprovisionsofRMB342,942,142.53.
5)Actualwrite-offofotherreceivablesinthecurrentperiod
None
6)Topfiveotherreceivablesbydebtorattheendoftheperiod
InRMB
| Entityname | Natureofamount | Closingbalance | Aging | Percentageoftotalclosingbalanceofotherreceivables | Closingbalanceofbaddebtprovision |
| GuangdongProvincialGovernmentExpresswayDebtRepaymentManagementCenter | Maintenanceexpenditure | 234,872,551.47 | Within1year1-2years | 97.04% | 11,456,105.70 |
| GuangdongLitongDevelopmentInvestmentCo.,Ltd. | Deposit | 1,846,377.94 | 2-3years4-5years | 0.76% | 0.00 |
| GuangdongLitongPropertyDevelopmentCo.,Ltd. | Deposit | 414,525.60 | Within1year2-3years | 0.18% | 0.00 |
| SinopecSalesCo.,Ltd.GuangdongPetroleumBranch | Deposit | 254,641.63 | Over5years | 0.11% | 0.00 |
| GuangzhouYangjiHotelManagementCo.,Ltd.YueyangForeign-RelatedHotelBranch | Deposit | 200,000.00 | Within1year | 0.08% | 0.00 |
| Total | 237,588,096.64 | 98.16% | 11,456,105.70 |
4.Accountspaidinadvance
(1)Accountspaidinadvancebyageing
InRMB
| Accountage | Endingbalance | Openingbalance | ||
| Amount | Ratio | Amount | Ratio | |
| Within1year | 5,784,623.66 | 97.31% | 3,572,359.00 | 95.72% |
1-2years
| 1-2years | 0.00 | 0.00% | 19,800.00 | 0.53% |
| 2-3years | 19,800.00 | 0.33% | 0.00 | 0.00% |
| Over3years | 140,000.00 | 2.36% | 140,000.00 | 3.75% |
| Total | 5,944,423.66 | 3,732,159.00 |
Explanationonun-settlementintimeforadvancepaymentwithoveroneyearaccountageandmajoramounts:
None
(2)Top5advancepaymentatendingbalancebyprepaymentobject
| Name | Endingbalance | Ratiointotaladvanceepayment(%) |
| PolyChangdaEngineeringCo.,Ltd. | 1,396,650.00 | 23.50 |
| ChinaPacificPropertyInsuranceCo.,Ltd.GuangdongBranch | 1,306,564.64 | 21.98 |
| GuangdongTrafficTestingCo.,Ltd. | 711,457.00 | 11.97 |
| SinopecSalesCo.,Ltd. | 608,730.29 | 10.24 |
| ChinaMobileGroupGuangdongCo.,Ltd.GuangzhouBranch | 419,640.00 | 7.06 |
| Total | 4,443,041.93 | 74.75 |
5.Othercurrentassets
InRMB
Items
| Items | Year-endbalance | Year-beginningbalance |
| Inputtaxtobecredited | 176,457.21 | 353.70 |
| Inputtaxtobeverified | 7,382,607.13 | 6,064,511.82 |
| Prepaidtaxes | 40,462.37 | 38,954.73 |
| VATcarry-overcredit | 0.00 | 63,519.91 |
| Total | 7,599,526.71 | 6,167,340.16 |
6.OtherEquityinstrumentinvestment
InRMB
Name
| Name | Closingbalance | Openingbalance | Gainsincludedinothercomprehensiveincomeinthecurrentperiod | Lossesincludedinothercomprehensiveincomeinthecurrentperiod | Gainsaccumulatedinothercomprehensiveincomeattheendofthecurrentperiod | Lossesaccumulatedinothercomprehensiveincomeattheendofthecurrentperiod | Dividendincomerecognizedinthecurrentperiod | Reasondesignatedasbeingmeasuredatfairvalueandchangebeingincludedinothercomprehensiveincome |
| GuangleExpresswayCo.,Ltd. | 799,120,728.12 | 21,233,073.82 | 72,005,500.21 | Non-transactionalpurposeforshareholding | ||||
| GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise | 59,396,524.45 | 1,399,631.61 | 7,996,892.84 | 309,289.49 | 57,996,892.84 | Non-transactionalpurposeforshareholding | ||
| ChinaEverbrightBankCo.,Ltd. | 910,436,633.28 | 65,871,384.32 | 458,747,140.80 | 44,463,184.42 | 976,308,017.60 | Non-transactionalpurposeforshareholding | ||
| HuaxiaSecuritiesCo.,Ltd.（Notes1） | Non-transactionalpurposeforshareholding | |||||||
| HuazhengAssetManagementCo.,Ltd.（Notes2） | Non-transactionalpurposeforshareholding | |||||||
| Total | 1,768,953,885.85 | 87,104,458.14 | 1,399,631.61 | 538,749,533.85 | 44,772,473.91 | 1,034,304,910.44 |
Note1:HuaxiaSecuritiesCo.,Ltd.hasbeenseverelyinsolvent.InApril2008,theCSRCsentaletteragreeingtoHuaxiaSecuritiesCo.,Ltd.toapplyforbankruptcy.InAugust2008,theBeijingNo.2IntermediatePeople'sCourtofficiallyacceptedthebankruptcyliquidationapplication.Note2:HuazhengAssetManagementCo.,Ltd.hasbeenseverelyinsolvent.Derecognitioninthecurrentperiod
InRMB
| Itemname | Cumulativegainstransferredto | Cumulativelossestransferredto | Reasonforderecognition |
retainedearnings
| retainedearnings | retainedearnings | ||
| GuangdongGuangleExpresswayCo.,Ltd. | 72,005,500.21 | Changeinbusinessmodel,reclassifiedaslong-termequityinvestmentundertheequitymethod. |
7.Long-termequityinvestment
InRMB
Investedenterprise
| Investedenterprise | Beginningbalance | Impairmentprovisionbegin-yearbalance | Increase/decrease | Closingbalance | Closingbalanceofimpairmentprovision | |||||||
| Additionalinvestment | Negativeinvestment | Investmentprofitandlossrecognizedundertheequitymethod | Adjustmentofothercomprehensiveincome | Changesofotherequity | Cashbonusorprofitsannouncedtoissue | Withdrawalofimpairmentprovision | Other | |||||
| I.Jointventure | ||||||||||||
| 2.AffiliatedCompany | ||||||||||||
| SPICYuetongQiyuanChipPowerTechnologyCo.,Ltd. | 1,236,874.66 | 174,203.48 | 249,158.58 | 1,660,236.72 | ||||||||
| ShenzhenGarageElectricPileTechnologyCo.,Ltd | 14,226,195.60 | 2,088,000.00 | -1,305,040.23 | 15,009,155.37 | ||||||||
| GuangdongJiangzhongExpresswayCo.,Ltd. | 599,185,872.46 | -12,032,094.92 | 10,920,459.86 | 576,233,317.68 | ||||||||
| GanzhouGankangExpresswayCo.,Ltd. | 178,670,052.26 | 10,556,495.51 | 12,000,000.00 | 177,226,547.77 | ||||||||
| GanzhouKangdaExpresswayCo.,Ltd. | 271,494,771.93 | 21,475,197.13 | 292,969,969.06 | |||||||||
| ShenzhenHuiyanExpresswayCo.,Ltd. | 401,802,859.16 | 16,417,817.46 | 418,220,676.62 | |||||||||
| ZhaoqingYuezhaoHighwayCo., | 554,108,739.37 | 54,150,000.00 | 24,681,575.72 | 54,150,000.00 | 578,790,315.09 | |||||||
Investedenterprise
| Investedenterprise | Beginningbalance | Impairmentprovisionbegin-yearbalance | Increase/decrease | Closingbalance | Closingbalanceofimpairmentprovision | |||||||
| Additionalinvestment | Negativeinvestment | Investmentprofitandlossrecognizedundertheequitymethod | Adjustmentofothercomprehensiveincome | Changesofotherequity | Cashbonusorprofitsannouncedtoissue | Withdrawalofimpairmentprovision | Other | |||||
| Ltd. | ||||||||||||
| GuoyuanSecuritiesCo.,Ltd. | 1,086,436,061.59 | 32,354,421.01 | -1,349,334.86 | 10,348,258.20 | 1,107,092,889.54 | |||||||
| GuangdongYuepuSmallRefinancingCo.,Ltd | 225,188,581.81 | 6,138,956.62 | 231,327,538.43 | |||||||||
| GuangdongGuangleExpresswayCo.,Ltd. | 820,353,801.94 | 820,353,801.94 | ||||||||||
| Subtotal | 3,332,350,008.84 | 56,238,000.00 | 0.00 | 98,461,531.78 | -1,349,334.86 | 249,158.58 | 87,418,718.06 | 820,353,801.94 | 4,218,884,448.22 | |||
| Total | 3,332,350,008.84 | 56,238,000.00 | 0.00 | 98,461,531.78 | -1,349,334.86 | 249,158.58 | 87,418,718.06 | 820,353,801.94 | 4,218,884,448.22 | |||
Therecoverableamountisdeterminedonthebasisofthenetamountoffairvaluelessdisposalcosts
□Applicable?NotapplicableTherecoverableamountisdeterminedbythepresentvalueoftheprojectedfuturecashflows
□Applicable?NotapplicableThereasonfortheobviousdiscrepancybetweentheforegoinginformationandtheinformationusedintheimpairmenttestofpreviousyearsortheexternalinformationThereasonfortheobviousdiscrepancybetweentheinformationusedintheCompany'simpairmenttestinpreviousyearsandtheactualsituationinthecurrentyearOthernote
TheCompany’sinvestmentinGuangdongGuangleExpresswayCo.,Ltd.wasoriginallydesignatedasafinancialassetatfairvaluethroughothercomprehensiveincome(otherequityinstrumentinvestment).Duringtheperiod,theCompanychangeditsmanagementmodelforthisinvestmentandreclassifieditasalong-termequityinvestmentaccountedforundertheequitymethod.
8.Othernon-currentfinancialassets
InRMB
Items
| Items | Closingbalance | Openingbalance |
| Classifiedasfinancialassetsmeasuredatfairvalueandwhosechangesareincludedinthecurrentprofitandloss | ||
| Including：EquityinvestmentofBeijingInstituteofArchitecturalDesignCo.,Ltd. | 83,510,134.11 | 83,510,134.11 |
| EquityinvestmentofCMSTNanjingIntelligentLogisticsTechnologyCo.,Ltd. | 102,984,043.09 | 102,984,043.09 |
| Total | 186,494,177.20 | 186,494,177.20 |
9.Investmentproperty
(1)Investmentpropertyadoptedthecostmeasurementmode
√Applicable□Notapplicable
InRMB
| Items | Housesandbuildings | Landuseright | Total |
| I.Originalvalue | |||
| 1.Openingbalance | 12,664,698.25 | 2,971,831.10 | 15,636,529.35 |
| 2.Increasedamountoftheperiod | |||
| （1）Outsourcing | |||
| (2)Inventory,FixedassetsandConstructionprojectinto | |||
| (3))IncreasedofEnterpriseconsolidation | |||
| 3.Decreasedamountoftheperiod | |||
| （1）Disposal | |||
| （2）OtherOut | |||
| 4.Closingbalance | 12,664,698.25 | 2,971,831.10 | 15,636,529.35 |
| II.Accumulateddepreciationaccumulatedamortization | |||
| 1.Openingbalance | 11,284,833.89 | 2,125,784.00 | 13,410,617.89 |
| 2.Increasedamountoftheperiod | 73,774.56 | 36,784.68 | 110,559.24 |
| (1)Withdrawaloramortization | 73,774.56 | 36,784.68 | 110,559.24 |
| 3.Decreasedamountoftheperiod | |||
| （1）Disposal | |||
| （2）OtherOut | |||
| 4.Closingbalance | 11,358,608.45 | 2,162,568.68 | 13,521,177.13 |
| III.Impairmentprovision | |||
| 1.Openingbalance | |||
| 2.Increasedamountoftheperiod | |||
| （1）Withdrawal | |||
| 3.Decreasedamountoftheperiod | |||
| （1）Disposal | |||
| （2）OtherOut | |||
| 4.Closingbalance | |||
| IV.Bookvalue | |||
| 1.Closingbookvalue | 1,306,089.80 | 809,262.42 | 2,115,352.22 |
| 2.Openingbook | 1,379,864.36 | 846,047.10 | 2,225,911.46 |
Therecoverableamountisdeterminedbythenetamountoffairvalueminusdisposalexpenses
□Applicable?NotapplicableTherecoverableamountisdeterminedaccordingtothepresentvalueoftheexpectedfuturecashflow
□Applicable?Notapplicable
(2)Convertedtoinvestmentrealestateandmeasuredatfairvalue
□Applicable?Notapplicable
（3）Investmentrealestatewithoutpropertyrightscertificate
InRMB
Item
| Item | Bookvalue | Reasonsforfailingtocompletethepropertyrightscertificate |
| HousesandBuilding | 628,779.19 | Transportationandotherancillaryfacilities,Notaccreditation |
10.Fixedassets
InRMB
| Item | Year-endbalance | Year-beginningbalance |
| Fixedassets | 8,397,320,620.80 | 8,872,664,544.10 |
| liquidationoffixedassets | 26,190.48 | 144,148.87 |
| Total | 8,397,346,811.28 | 8,872,808,692.97 |
(1)Listoffixedassets
InRMB
Item
| Item | GuangfoExpressway | FokaiExpressway | GuanghuiExpressway | JingzhuExpresswayGuangzhusection | Houseandbuildings | Machineryequipment | Transportationequipment | Electricityequipmentandother | Total |
| I.Originalprice | |||||||||
| 1.Openingbalance | 1,460,270,190.66 | 11,038,279,201.71 | 6,825,195,881.48 | 5,703,414,303.99 | 768,926,071.93 | 1,818,659,626.05 | 51,382,804.53 | 149,139,892.20 | 27,815,267,972.55 |
| 2.Increasedamountoftheperiod | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3,422,376.21 | 1,794,967.12 | 506,333.34 | 5,723,676.67 |
| （1）Purchase | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1,972,370.01 | 1,794,967.12 | 506,333.34 | 4,273,670.47 |
| （2）Transferofprojectunderconstruction | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1,450,006.20 | 0.00 | 0.00 | 1,450,006.20 |
| (3)IncreasedofEnterpriseconsolidation | |||||||||
| （4）Other | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 3.Decreasedamountoftheperiod | 0.00 | 0.00 | 0.00 | 0.00 | 55,623.08 | 0.00 | 613,200.00 | 755,738.00 | 1,424,561.08 |
| （1）Disposalorscrap | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 613,200.00 | 755,738.00 | 1,368,938.00 |
| （2）Otherout | 0.00 | 0.00 | 0.00 | 0.00 | 55,623.08 | 0.00 | 0.00 | 0.00 | 55,623.08 |
| 4.Closingbalance | 1,460,270,190.66 | 11,038,279,201.71 | 6,825,195,881.48 | 5,703,414,303.99 | 768,870,448.85 | 1,822,082,002.26 | 52,564,571.65 | 148,890,487.54 | 27,819,567,088.14 |
| II.Accumulateddepreciation | |||||||||
| 1.Openingbalance | 1,460,270,190.66 | 6,562,818,550.85 | 5,105,719,582.43 | 3,701,546,510.96 | 527,919,871.76 | 1,425,208,920.05 | 38,510,186.33 | 107,277,205.29 | 18,929,271,018.33 |
| 2.Increasedamountoftheperiod | 0.00 | 175,945,018.13 | 165,878,509.74 | 77,546,237.04 | 17,839,384.46 | 36,997,157.47 | 1,112,665.67 | 5,616,962.20 | 480,935,934.71 |
| （1）Withdrawal | 0.00 | 175,945,018.13 | 165,878,509.74 | 77,546,237.04 | 17,839,384.46 | 36,997,157.47 | 1,112,665.67 | 5,616,962.20 | 480,935,934.71 |
| 3.Decreasedamountoftheperiod | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 582,540.00 | 710,355.82 | 1,292,895.82 |
| (1)Disposalorscrap | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 582,540.00 | 710,355.82 | 1,292,895.82 |
| 4.Closingbalance | 1,460,270,190.66 | 6,738,763,568.98 | 5,271,598,092.17 | 3,779,092,748.00 | 545,759,256.22 | 1,462,206,077.52 | 39,040,312.00 | 112,183,811.67 | 19,408,914,057.22 |
| III.Impairmentprovision | |||||||||
| 1.Openingbalance | 0.00 | 0.00 | 0.00 | 0.00 | 2,889,394.16 | 10,394,796.45 | 0.00 | 48,219.51 | 13,332,410.12 |
| 2.Increasedamountofthe |
Item
| Item | GuangfoExpressway | FokaiExpressway | GuanghuiExpressway | JingzhuExpresswayGuangzhusection | Houseandbuildings | Machineryequipment | Transportationequipment | Electricityequipmentandother | Total |
| period | |||||||||
| (1)Withdrawal | |||||||||
| 3.Decreasedamountoftheperiod | |||||||||
| (1)Disposalorscrap | |||||||||
| 4.Closingbalance | 0.00 | 0.00 | 0.00 | 0.00 | 2,889,394.16 | 10,394,796.45 | 0.00 | 48,219.51 | 13,332,410.12 |
| IV.Bookvalue | |||||||||
| 1.Closingbookvalue | 0.00 | 4,299,515,632.73 | 1,553,597,789.31 | 1,924,321,555.99 | 220,221,798.47 | 349,481,128.29 | 13,524,259.65 | 36,658,456.36 | 8,397,320,620.80 |
| 2.Openingbook | 0.00 | 4,475,460,650.86 | 1,719,476,299.05 | 2,001,867,793.03 | 238,116,806.01 | 383,055,909.55 | 12,872,618.20 | 41,814,467.40 | 8,872,664,544.10 |
(2)Fixedassetstemporaryidle
InRMB
Item
| Item | Originalbookvalue | Accumulateddepreciation | Impairmentprovision | Bookvalue | Note |
| HouseandBuilding | 2,604,578.00 | 2,474,349.10 | 130,228.90 | ||
| Total | 2,604,578.00 | 2,474,349.10 | 130,228.90 |
（(3)Fixedassetsleasing-outbyoperationallease
InRMB
| Item | Endingbookvalue |
| HouseandBuilding | 14,577,112.76 |
| Total | 14,577,112.76 |
(4)Fixedassetswithoutpropertyrightscertificate
InRMB
| Item | Bookvalue | Reasonsforfailingtocompletethepropertyrightscertificate |
| HouseandBuilding | 197,313,138.22 | Transportationandotherancillaryfacilities,Notaccreditation |
(5)Informationofimpairmenttestoffixedassets
□Applicable?Notapplicable
（6）liquidationoffixedassets
InRMB
| Item | Endingbalance | Openingbalance |
| Houseandbuildings | 0.00 | 22,187.94 |
| Machineryequipment | 0.00 | 63,915.86 |
| Electricityequipmentandother | 26,190.48 | 58,045.07 |
| Total | 26,190.48 | 144,148.87 |
11.Projectunderconstruction
InRMB
| Item | Year-endbalance | Year-beginningbalance |
| Projectunderconstruction | 3,366,947,277.98 | 2,665,392,094.81 |
| Engineeringmaterials | 0.00 | 0.00 |
| Total | 3,366,947,277.98 | 2,665,392,094.81 |
（1）Projectunderconstruction
InRMB
Items
| Items | Year-endbalance | Year-beginningbalance | ||||
| Bookbalance | Provisionfordevaluation | Bookvalue | Bookbalance | Provisionfordevaluation | Bookvalue | |
| ReconstructionandExpansionofNansha-ZhuhaisectionofGuangzhou-MacaoExpressway | 2,916,760,951.98 | 0.00 | 2,916,760,951.98 | 2,228,897,400.42 | 0.00 | 2,228,897,400.42 |
| ReconstructionandExpansionofFokaiExpresswaySanbaotoShuikou | 236,657,652.13 | 0.00 | 236,657,652.13 | 235,837,836.81 | 0.00 | 235,837,836.81 |
| ReconstructionandexpansionprojectoftheHuizhouXiaojinkou-GuangzhouLuogangSectionofJinan-GuangzhouExpresswayandtheHuizhouXiaojinkou-LingkengSectionofGuangzhou-HuizhouExpressway | 101,398,307.84 | 0.00 | 101,398,307.84 | 86,685,695.45 | 0.00 | 86,685,695.45 |
| JiujiangBridgeNavigationSpanAnti-collisionReinforcementProject | 30,758,087.65 | 0.00 | 30,758,087.65 | 30,758,087.65 | 0.00 | 30,758,087.65 |
| Guangzhou-ShanweiRailwayCrossingProject | 19,446,564.43 | 0.00 | 19,446,564.43 | 19,446,564.43 | 0.00 | 19,446,564.43 |
| Ganzhou-ShenzhenHigh-speedRailwayCrossingSectionReconstructionandExpansionProject | 15,664,172.98 | 0.00 | 15,664,172.98 | 15,664,172.98 | 0.00 | 15,664,172.98 |
| JiliRiverBridgeAnti-collisionReinforcementProject | 12,126,194.00 | 0.00 | 12,126,194.00 | 12,126,194.00 | 0.00 | 12,126,194.00 |
| Foshan–KaipingExpresswayIntelligentUpgradeProject | 8,770,999.00 | 0.00 | 8,770,999.00 | 8,770,999.00 | 0.00 | 8,770,999.00 |
| K13LeftCuttingSlopeEmergencyTreatmentProject | 6,076,917.00 | 0.00 | 6,076,917.00 | 6,076,917.00 | 0.00 | 6,076,917.00 |
| Otherprojects | 19,287,430.97 | 0.00 | 19,287,430.97 | 21,128,227.07 | 0.00 | 21,128,227.07 |
| Total | 3,366,947,277.98 | 0.00 | 3,366,947,277.98 | 2,665,392,094.81 | 0.00 | 2,665,392,094.81 |
(2)Changesofsignificantconstructioninprogress
InRMB
Nameofproject
| Nameofproject | Budget | Openingbalance | Increase | Transferredtofixedassets | Otherdecrease | Endbalance | Proportion% | Projectprocess | Capitalizationofinterest | Including:capitalizationofinterestthisperiod | Capitalizationofinterestrate(%) | Sourceoffunding |
| ReconstructionandExpansionofNansha-ZhuhaisectionofGuangzhou-MacaoExpressway | 13,735,989,200.00 | 2,228,897,400.42 | 687,863,551.56 | 0.00 | 0.00 | 2,916,760,951.98 | 26.24% | 26.24% | 149,799,274.67 | 37,024,905.86 | 2.45% | Otherloans,loansfromfinancialinstitutions. |
| ReconstructionandExpansionofFokaiExpresswaySanbaotoShuikou | 3,426,210,000.00 | 235,837,836.81 | 2,867,380.35 | 0.00 | 2,047,565.03 | 236,657,652.13 | 86.77% | 99.03% | 83,779,155.18 | 1,748,648.60 | 2.50% | Otherloans,loansfromfinancialinstitutions. |
| ReconstructionandexpansionprojectoftheHuizhouXiaojinkou-GuangzhouLuogangSectionofJinan-GuangzhouExpresswayandtheHuizhouXiaojinkou-LingkengSectionofGuangzhou-HuizhouExpressway | 30,520,000,000.00 | 86,685,695.45 | 15,602,812.39 | 890,200.00 | 0.00 | 101,398,307.84 | 0.34% | 0.34% | Other | |||
| JiujiangBridgeNavigationSpanAnti-collisionReinforcementProject | 36,419,600.00 | 30,758,087.65 | 0.00 | 0.00 | 0.00 | 30,758,087.65 | 84.45% | 84.45% | Other | |||
| Guangzhou-ShanweiRailwayCrossingProject | 21,460,000.00 | 19,446,564.43 | 0.00 | 0.00 | 0.00 | 19,446,564.43 | 90.62% | 90.62% | Other | |||
| Ganzhou-ShenzhenHigh-speedRailwayCrossingSectionReconstructionandExpansionProject | 16,966,900.00 | 15,664,172.98 | 0.00 | 0.00 | 0.00 | 15,664,172.98 | 92.32% | 92.32% | Other | |||
| JiliRiverBridgeAnti- | 12,411,906.00 | 12,126,194.00 | 0.00 | 0.00 | 0.00 | 12,126,194.00 | 97.70% | 97.70% | Other |
collisionReinforcementProject
| collisionReinforcementProject | ||||||||||||
| Foshan–KaipingExpresswayIntelligentUpgradeProject | 33,963,500.00 | 8,770,999.00 | 0.00 | 0.00 | 0.00 | 8,770,999.00 | 84.57% | 84.57% | Other | |||
| K13LeftCuttingSlopeEmergencyTreatmentProject | 10,250,100.00 | 6,076,917.00 | 0.00 | 0.00 | 0.00 | 6,076,917.00 | 59.29% | 59.29% | Other | |||
| Total | 47,813,671,206.00 | 2,644,263,867.74 | 706,333,744.30 | 890,200.00 | 2,047,565.03 | 3,347,659,847.01 | 233,578,429.85 | 38,773,554.46 |
Note:ThebudgetfortheexpansionprojectoftheNansha–ZhuhaisectionoftheGuangzhou–MacauExpresswayincludesconstructioncostsforcertainworksbornebythegovernment.
(3)Provisionforimpairmentofconstructionprojectsinthecurrentperiod
None
（4）Informationofimpairmenttestofconstructioninprogress
□Applicable?Notapplicable
(5)EngineeringMaterialsNone
12.Userightassets
（1）Right-of-useassets
InRMB
Items
| Items | Houseandbuildings | Machineryequipment | Transportationequipment | Other | Total |
| I.Originalprice | |||||
| 1.Openingbalance | 30,634,734.72 | 357,112.19 | 0.00 | 1,007,747.00 | 31,999,593.91 |
| 2.Increasedamountoftheperiod | |||||
| 3.Decreasedamountoftheperiod | |||||
| 4.Closingbalance | 30,634,734.72 | 357,112.19 | 0.00 | 1,007,747.00 | 31,999,593.91 |
| II.Accumulateddepreciation | |||||
| 1.Openingbalance | 17,068,316.40 | 285,689.76 | 0.00 | 428,069.76 | 17,782,075.92 |
| 2.Increasedamountoftheperiod | 5,105,789.17 | 35,711.22 | 0.00 | 53,508.72 | 5,195,009.11 |
| （1）Withdrawal | 5,105,789.17 | 35,711.22 | 0.00 | 53,508.72 | 5,195,009.11 |
| 3.Decreasedamountoftheperiod | |||||
| （1）Disposition | |||||
| 4.Closingbalance | 22,174,105.57 | 321,400.98 | 0.00 | 481,578.48 | 22,977,085.03 |
| III.Impairmentprovision | |||||
| 1.Openingbalance | |||||
| 2.Increasedamountoftheperiod | |||||
| （1）Withdrawal | |||||
| 3.Decreasedamountoftheperiod | |||||
| （1）Disposition | |||||
| 4.Closingbalance | |||||
| IV.Bookvalue | |||||
| 1.Closingbookvalue | 8,460,629.15 | 35,711.21 | 0.00 | 526,168.52 | 9,022,508.88 |
| 2.Openingbookvalue | 13,566,418.32 | 71,422.43 | 0.00 | 579,677.24 | 14,217,517.99 |
(2)Informationofimpairmenttestofright-of-useassets
□Applicable?Notapplicable
13.Intangibleassets
(1)Listofintangibleassets
InRMB
Items
| Items | Landuseright | Patentright | TheTurnpikefranchise | Total |
| I.Originalprice | ||||
| 1.Openingbalance | 2,701,738.76 | 21,528,949.66 | 318,348,741.86 | 342,579,430.28 |
| 2.Increasedamountoftheperiod | ||||
| (1)Purchase | ||||
| (2)InternalDevelopment | ||||
| (3)IncreasedofEnterpriseCombination | ||||
| 3.Decreasedamountoftheperiod | 0.00 | 670,017.00 | 0.00 | 670,017.00 |
| （1）Disposal | 0.00 | 670,017.00 | 0.00 | 670,017.00 |
| 4.Closingbalance | 2,701,738.76 | 20,858,932.66 | 318,348,741.86 | 341,909,413.28 |
| II.Accumulatedamortization | ||||
| 1.Openingbalance | 2,397,366.22 | 17,138,010.21 | 125,349,900.66 | 144,885,277.09 |
| 2.Increasedamountoftheperiod | 7,705.62 | 825,830.26 | 10,735,401.73 | 11,568,937.61 |
| (1)Withdrawal | 7,705.62 | 825,830.26 | 10,735,401.73 | 11,568,937.61 |
| 3.Decreasedamountoftheperiod | 0.00 | 670,017.00 | 0.00 | 670,017.00 |
| （1）Disposal | 0.00 | 670,017.00 | 0.00 | 670,017.00 |
| 4.Closingbalance | 2,405,071.84 | 17,293,823.47 | 136,085,302.39 | 155,784,197.70 |
| III.Impairmentprovision | ||||
| 1.Openingbalance | ||||
| 2.Increasedamountoftheperiod | ||||
| (1)Withdrawal | ||||
| 3.Decreasedamountoftheperiod | ||||
| （1）Disposal | ||||
| 4.Closingbalance | ||||
| IV.Bookvalue | ||||
| 1.Closingbookvalue | 296,666.92 | 3,565,109.19 | 182,263,439.47 | 186,125,215.58 |
| 2.Openingbookvalue | 304,372.54 | 4,390,939.45 | 192,998,841.20 | 197,694,153.19 |
Attheendofthisperiod,thereisnointangibleassetsformedthroughthecompany'sinternalresearchandAttheendofthisperiod,theintangibleassetsformedthroughthecompany'sinternalresearchanddevelopmentaccountedfor0.00%ofthebalanceofintangibleassets
(2)DetailsofLanduserightfailedtoaccomplishcertificationofproperty
InRMB
| Items | Bookvalue | Reasonfornotobtainingthetitlecertificate |
| GongheTownLand | 296,666.92 | Reasonsleftoverfromhistory |
(3)Landuserightwithoutcertificateoftitlecompleted
□Applicable?Notapplicable
14.Deferredincometaxassets/deferredincometaxliabilities
(1)Deferredincometaxassetshadnotbeenoff-set
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning | ||
| Deductibletemporarydifference | Deferredincometaxassets | Deductibletemporarydifference | Deferredincometaxassets | |
| Assetsimpairmentprovisions | 13,332,410.12 | 3,333,102.53 | 13,332,410.12 | 3,333,102.53 |
| Creditimpairmentprovision | 3,695,330.67 | 923,832.67 | 3,421,164.00 | 855,291.00 |
| Assetappraisal,appreciation,depreciationandamortization | 93,458,858.79 | 23,364,714.69 | 98,987,720.57 | 24,746,930.14 |
| Deferredincome | 69,097.17 | 17,274.29 | 914,020.10 | 228,504.89 |
Leaseliabilities
| Leaseliabilities | 8,218,005.38 | 2,054,501.32 | 13,482,202.36 | 3,370,550.57 |
| Advancelease | 526,168.79 | 131,541.95 | 579,677.24 | 144,919.31 |
| Total | 119,299,870.92 | 29,824,967.45 | 130,717,194.39 | 32,679,298.44 |
(2)Deferredincometaxliabilitieshadnotbeenoff-set
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning | ||
| Deductibletemporarydifference | Deferredincometaxliabilities | Deductibletemporarydifference | Deferredincometaxliabilities | |
| Changesinthefairvalueofotherequityinstruments | 466,744,033.64 | 116,686,008.41 | 453,044,707.32 | 113,261,176.83 |
| Deductibletemporarydifferencesintheformationofassetimpairment | 753,174,611.14 | 188,293,652.79 | 771,743,732.23 | 192,935,933.05 |
| Differenceofamortizationmethodoffranchiseoftollroad | 16,521,049.90 | 4,130,262.48 | 14,267,696.94 | 3,566,924.23 |
| Changesinthefairvalueoftradingfinancialassets | 15,494,177.20 | 3,873,544.30 | 15,494,177.20 | 3,873,544.30 |
| Righttouseassets | 9,022,508.88 | 2,255,627.07 | 14,217,517.98 | 3,554,379.50 |
| Taxaccountingdifferencesofprojectsunderconstruction | 66,143,471.36 | 16,535,867.84 | 50,341,919.28 | 12,585,479.82 |
| Depreciationofonfixedasset | 4,213,173.33 | 1,053,293.32 | 4,213,173.33 | 1,053,293.33 |
| Total | 1,331,313,025.45 | 332,828,256.21 | 1,323,322,924.28 | 330,830,731.06 |
(3)Deferredincometaxassetsorliabilitieslistedbynetamountafteroff-setNone
(4)Detailsofincometaxassetsnotrecognized
InRMB
| Items | Balanceinyear-end | Balanceinyear-begin |
| Deductibletemporarydifference | 18,476,105.70 | 349,962,142.53 |
| Deductibleloss | 858,159.49 | 0.00 |
| Total | 19,334,265.19 | 349,962,142.53 |
(5)Deductiblelossesofun-recognizeddeferredincometaxassetsexpiredonthefollowedyear
InRMB
| Year | Endingamount | Openingamount | Note |
| 2030 | 858,159.49 | 0.00 | |
| Total | 858,159.49 | 0.00 |
15.Othernon-currentassets
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning | ||||
| Bookbalance | Provisionfordevaluation | Bookvalue | Bookbalance | Provisionfordevaluation | Bookvalue | |
| Prepaidengineeringfees | 668,245,027.87 | 0.00 | 668,245,027.87 | 652,374,568.29 | 0.00 | 652,374,568.29 |
| PrepaidtargetpaymentforpaddyfiledofGuanghuiExpresswayReconstructionandextensionproject | 183,725,550.00 | 0.00 | 183,725,550.00 | 183,725,550.00 | 0.00 | 183,725,550.00 |
Prepaidtax
| Prepaidtax | 1,110,736.32 | 0.00 | 1,110,736.32 | 1,311,921.48 | 0.00 | 1,311,921.48 |
| Prepaidequipment | 333,398.00 | 0.00 | 333,398.00 | 491,998.00 | 0.00 | 491,998.00 |
| Total | 853,414,712.19 | 0.00 | 853,414,712.19 | 837,904,037.77 | 0.00 | 837,904,037.77 |
16.Assetswithrestrictedrightofownership
| Item | Balanceinyear-end | Balanceinyear-begin | ||||||
| Bookbalance | Bookvalue | Restrictiontype | Restrictioninformation | Bookbalance | Bookvalue | Restrictiontype | Restrictioninformation | |
| Monetaryfund | 1,221,200.00 | 1,221,200.00 | Specialfundsforlandreclamation | Specialfundsforlandreclamation | 1,221,200.00 | 1,221,200.00 | Specialfundsforlandreclamation | Specialfundsforlandreclamation |
| Total | 1,221,200.00 | 1,221,200.00 | 1,221,200.00 | 1,221,200.00 | ||||
17.Short-termBorrowing
（1）Short-termBorrowing
InRMB
| Item | Balanceinyear-end | BalanceYear-beginning |
| CreditBorrowing | 150,000,000.00 | 0.00 |
| Interestpayablenotdue | 85,138.89 | 0.00 |
| Total | 150,085,138.89 | 0.00 |
（2）Overdueshort-termborrowings
None
18.Accountpayable
（1）Listofaccountpayable
InRMB
| Item | Balanceinyear-end | BalanceYear-beginning |
| Within1year（Including1year） | 41,078,523.25 | 126,545,685.15 |
| 1-2years（including2years） | 18,401,100.94 | 5,678,510.59 |
| 2-3years（including3years） | 419,287.39 | 33,415,222.43 |
| Over3years | 90,105,951.84 | 60,465,063.88 |
| Total | 150,004,863.42 | 226,104,482.05 |
（2）Significantpayableagingmorethan1year
InrRMB
| Item | Balanceinyear-end | Reason |
| FoshanLandandresourcesBureau. | 29,510,958.21 | Unsettled |
| HeshanLandandresourcesBureau | 9,186,893.60 | Unsettled |
| Total | 38,697,851.81 |
19.Otheraccountspayable
InRMB
| Item | Balanceinyear-end | BalanceYear-beginning |
| Dividendpayable | 1,169,375,280.23 | 32,714,825.12 |
| Otheraccountpayable | 163,722,994.66 | 239,403,211.80 |
Total
| Total | 1,333,098,274.89 | 272,118,036.92 |
（1）Interestpayable
None
（2）Dividendspayable
InRMB
| Item | Balanceinyear-end | BalanceYear-beginning |
| Commonstockdividends | 1,169,375,280.23 | 32,714,825.12 |
| Total | 1,169,375,280.23 | 32,714,825.12 |
Otherexplanations,includingsignificantdividendspayablethathavenotbeenpaidformorethan1year,itshalldisclosethereasonsfornon-payment:
（3）Otheraccountspayable
(1)Otheraccountspayablelistedbynatureoftheaccount
InRMB
| Item | Year-endbalance | Year-Beginningbalance |
| Provisionalreceiptspayable | 58,385,218.40 | 110,062,692.40 |
| Estimatedprojectcost | 8,982,731.05 | 30,011,025.21 |
| Deposit,warrantyandsecuritydeposit | 84,020,239.25 | 78,610,611.67 |
| Other | 12,334,805.96 | 20,718,882.52 |
| Total | 163,722,994.66 | 239,403,211.80 |
(2)Othersignificantaccountspayablewithagingoveroneyear
InRMB
| Item | Closingbalance | Unpaid/un-carryoverreason |
| YayaotoXiebianextension | 12,416,663.00 | Thesettlementconditionsarenotmet |
| JiangmenXinhuiPeople’sgovernment | 3,909,400.00 | Thesettlementconditionsarenotmet |
| Total | 16,326,063.00 |
20.Prepaymentreceived
(1)ListofPrepaymentreceived
InRMB
| Item | Closingbalance | Unpaid/un-carryoverreason |
| Within1year（Including1year） | 1,179,999.70 | 250,984.74 |
| Total | 1,179,999.70 | 250,984.74 |
（2）Significantpayableagingmorethan1year
None
21.PayableEmployeewage
（1）PayableEmployeewage
InRMB
Item
| Item | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance |
| I.Short-termcompensation | 22,412,317.23 | 199,483,291.91 | 200,165,273.93 | 21,730,335.21 |
| II.Post-employmentbenefits-definedcontributionplans | 0.00 | 39,850,736.17 | 38,168,060.17 | 1,682,676.00 |
| III.Dismissalbenefits | 0.00 | 210,000.00 | 210,000.00 | 0.00 |
| IV.Otherbenefitsduewithinoneyear | 0.00 | 0.00 | 0.00 | 0.00 |
| Total | 22,412,317.23 | 239,544,028.08 | 238,543,334.10 | 23,413,011.21 |
（2）Short-termRemuneration
InRMB
| Item | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance |
| 1.Wages,bonuses,allowancesandsubsidies | 465,063.49 | 145,714,237.57 | 145,714,237.57 | 465,063.49 |
| 2.Employeewelfare | 352,838.67 | 9,733,831.70 | 10,086,670.37 | 0.00 |
| 3.Socialinsurancepremiums | 0.00 | 17,354,544.97 | 17,354,544.97 | 0.00 |
| Including：Medicalinsurance | 0.00 | 7,090,542.29 | 7,090,542.29 | 0.00 |
| Workinjuryinsurance | 0.00 | 1,391,900.05 | 1,391,900.05 | 0.00 |
| Maternityincurance | 0.00 | 1,339,324.66 | 1,339,324.66 | 0.00 |
| Other | 0.00 | 7,532,777.97 | 7,532,777.97 | 0.00 |
| 4.Publicreservesforhousing | 0.00 | 20,464,646.00 | 20,464,646.00 | 0.00 |
| 5.Unionfundsandstaffeducationfee | 19,274,379.72 | 4,692,505.95 | 5,021,649.30 | 18,945,236.37 |
| 8.Other | 2,320,035.35 | 1,523,525.72 | 1,523,525.72 | 2,320,035.35 |
| Total | 22,412,317.23 | 199,483,291.91 | 200,165,273.93 | 21,730,335.21 |
（3）Definedcontributionplanslisted
InRMB
| Item | BalanceYear-beginning | Increaseinthisperiod | Payableinthisperiod | Balanceinyear-end |
| 1.Basicold-ageinsurancepremiums | 0.00 | 24,784,053.14 | 24,784,053.14 | 0.00 |
| 2.Unemploymentinsurance | 0.00 | 1,499,689.30 | 1,499,689.30 | 0.00 |
| 3.Enterpriseannuitypayment | 0.00 | 13,566,993.73 | 11,884,317.73 | 1,682,676.00 |
| Total | 0.00 | 39,850,736.17 | 38,168,060.17 | 1,682,676.00 |
22.TaxPayable
InRMB
| Item | Balanceinyear-end | BalanceYear-beginning |
| VAT | 11,926,438.27 | 11,949,894.06 |
| EnterpriseIncometax | 176,540,226.57 | 115,297,349.98 |
| IndividualIncometax | 549,771.46 | 3,105,569.26 |
| CityConstructiontax | 739,722.19 | 746,433.27 |
| Educationsubjoin | 358,725.36 | 360,283.46 |
| LocalityEducationsubjoin | 220,682.05 | 221,651.77 |
| Propertytax | 1,130,636.30 | 14,964.15 |
| Stamptax | 53,276.06 | 52,114.41 |
| Landusetax | 770,453.66 | |
| Total | 192,289,931.92 | 131,748,260.36 |
23.Non-currentliabilitiesduewithin1year
InRMB
Item
| Item | Balanceyear-end | Year-beginningbalance |
| Long-termloansduewithin1year | 204,700,326.92 | 238,719,839.52 |
| PayableBondsduewithin1year | 767,774,662.42 | |
| Leaseliabilitiesduewithin1year | 8,218,005.38 | 10,752,013.25 |
| Total | 212,918,332.30 | 1,017,246,515.19 |
24.Othercurrentliabilities
InRMB
| Item | Balanceyear-end | Year-beginningbalance |
| Taxtoberewritten | 60,381.20 | 73,697.84 |
| Total | 60,381.20 | 73,697.84 |
25.Long-termloan
InRMB
| Item | Balanceyear-end | Year-beginningbalance |
| Creditloan | 7,923,087,815.76 | 6,961,526,050.00 |
| Interestpayablewhennotdue | 5,210,458.44 | 5,458,539.52 |
| Less:Long-termloansduewithinoneyear | 204,700,326.92 | 238,719,839.52 |
| Total | 7,723,597,947.28 | 6,728,264,750.00 |
26.Bondpayable
（1）Bondpayable
InRMB
| Item | Balanceyear-end | Year-beginningbalance |
| Medium-termnote | 0.00 | 749,897,950.11 |
| Interestpayablewhennotdue | 0.00 | 17,876,712.31 |
| Less:Long-termloansduewithinoneyear | 0.00 | 767,774,662.42 |
| Total | 0.00 | 0.00 |
（2）Changesofbondspayable(Notincludingtheotherfinancialinstrumentofpreferredstockandperpetualcapitalsecuritiesthatclassifyasfinancialliability
InRMB
Nameofthe
bond
| Nameofthebond | Bookvalue | Interestrate | Issuedate | Period | Issueamount | Openingbalance | Thecurrentissue | Withdrawinterestatpar | Overflowdiscountamount | Payincurrentperiod | Closingbalance | Whetherdefault |
| 20GuangdongExpresswayMTN001 | 750,000,000.00 | 3.00% | 2020.3.13- | 2020.3.17-2025.3.17 | 750,000,000.00 | 767,774,662.42 | 4,623,287.69 | -102,049.89 | 772,500,000.00 | 0.00 | No | |
| Total | 750,000,000.00 | 767,774,662.42 | 4,623,287.69 | -102,049.89 | 772,500,000.00 | 0.00 |
27.Leaseliabilities
InRMB
Item
| Item | Balanceyear-end | Year-beginningbalance |
| Long-termleaseliabilities | 8,353,669.51 | 13,819,230.25 |
| Less：Financingcostsarenotrecognized | 135,664.13 | 337,027.89 |
| Less:Long-termloansduewithinoneyear | 8,218,005.38 | 10,752,013.25 |
| Total | 0.00 | 2,730,189.11 |
28.Long-termpayable
InRMB
| Item | Balanceyear-end | Year-beginningbalance |
| Long-termpayable | 2,022,210.11 | 2,022,210.11 |
| Total | 2,022,210.11 | 2,022,210.11 |
(1)Long-termpayablelistedbynatureoftheaccount
InRMB
| Item | Balanceyear-end | Year-beginningbalance |
| Non-operatingassetpayable | 2,022,210.11 | 2,022,210.11 |
29.Deferredincome
InRMB
| Item | Openingbalance | Increase | Decrease | Closingbalance | Cause |
| Governmentsubsidy | 485,914,020.10 | 313,724,200.00 | 844,922.93 | 798,793,297.17 | |
| Leaseincome | 26,057,887.24 | 0.00 | 4,005,195.48 | 22,052,691.76 | |
| Total | 511,971,907.34 | 313,724,200.00 | 4,850,118.41 | 820,845,988.93 |
30.Stockcapital
InRMB
| BalanceYear-beginning | Changed（+，-） | Balanceinyear-end | |||||
| Issuanceofnewshare | Bonusshares | Capitalizationofpublicreserve | Other | Subtotal | |||
| Totalofcapitalshares | 2,090,806,126.00 | 2,090,806,126.00 | |||||
31.Capitalreserves
InRMB
| Item | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance |
| Sharepremium | 548,804,033.11 | 0.00 | 0.00 | 548,804,033.11 |
| (1)Capitalinvestedbyinvestors | 2,508,408,342.99 | 0.00 | 0.00 | 2,508,408,342.99 |
| (2)theimpactofabusinesscombinationunderthecommoncontrol | -1,959,604,309.88 | 0.00 | 0.00 | -1,959,604,309.88 |
| Othercapitalreserves | 233,857,185.45 | 250,875.02 | 1,716.44 | 234,106,344.03 |
| (1)Changesinotherequityoftheinvestedundertheequitymethodaccounting（Note） | -3,598,455.25 | 250,875.02 | 1,716.44 | -3,349,296.67 |
| （2）Other | 237,455,640.70 | 0.00 | 0.00 | 237,455,640.70 |
| Total | 782,661,218.56 | 250,875.02 | 1,716.44 | 782,910,377.14 |
-Thesituationofchangeinthecurrentcapitalreserveisasfollows:
（
）Duringtheperiod,theassociateoftheCompany'ssubsidiaryYuegaoCapital(Holdings)GuangzhouCo.,Ltd.,GuangdongYuetongQiyuanCorePowerTechnologyCo.,Ltd.receivedcapitalcontributionsfromothershareholders.Thesubsidiaryaccountedforthechangeinlong-termequityinvestmentundertheequitymethod,resultinginanincreaseofRMB250,875.02incapitalreserve.
（2）ThecapitalreserveofYuetongQiyuanCorePowerTechnologyCo.,Ltd.,anassociateofthesubsidiary
YuegaoCapital(Holdings)GuangzhouCo.,Ltd.-asubsidiaryoftheCompany,waschangedduringtheperiod,andtheCompanyadjustedthebookvalueofthelong-termequityinvestmentaccordingtotheproportionofitsshareholding,resultinginanincreaseincapitalreserveofRMB1,716.44.
32.Othercomprehensiveincome
InRMB
Item
| Item | Year-beginningbalance | Amountofcurrentperiod | Year-endbalance | |||||
| Amountincurredbeforeincometax | Less：Amounttransferredintoprofitandlossinthecurrentperiodthatrecogniedintoothercomprehensiveincomeinpriorperiod | Less：Priorperiodincludedinothercompositeincometransfertoretainedincomeinthecurrentperiod | Less：Incometaxexpenses | After-taxattributetotheparentcompany | After-taxattributetominorityshareholder | |||
| 1.Othercomprehensiveincomewillbereclassifiedintoincomeorlossinthefuture | 346,377,042.10 | 96,486,209.48 | 0.00 | 54,004,125.15 | 21,426,206.64 | 21,055,877.69 | 0.00 | 367,432,919.79 |
| Including：Re-measurethechangeamountofthesetbenefitplan | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Othercomprehensiveincomethatcannotbeconvertedtoprofitandlossundertheequitymethod | 6,593,511.61 | 10,781,382.95 | 0.00 | 0.00 | 0.00 | 10,781,382.95 | 0.00 | 17,374,894.56 |
| Changesinfairvalueofinvestmentsinotherequityinstruments | 339,783,530.49 | 85,704,826.53 | 0.00 | 54,004,125.15 | 21,426,206.64 | 10,274,494.74 | 0.00 | 350,058,025.23 |
| Thefairvalueoftheenterprise'sowncreditriskchanges | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 2.Othercomprehensiveincomereclassifiabletoprofitorlossinsubsequentperiods | 19,772,828.98 | -12,130,717.81 | 0.00 | 0.00 | 0.00 | -12,130,717.81 | 0.00 | 7,642,111.17 |
| Including：Shareofothercomprehensiveincomeoftheinvesteethatcannotbetransferredtoprofitorlossaccountedforusingtheequitymethod | 19,772,828.98 | -12,130,717.81 | 0.00 | 0.00 | 0.00 | -12,130,717.81 | 0.00 | 7,642,111.17 |
| Totalofothercomprehensiveincome | 366,149,871.08 | 84,355,491.67 | 0.00 | 54,004,125.15 | 21,426,206.64 | 8,925,159.88 | 0.00 | 375,075,030.96 |
Otherexplanations,includingtheadjustmentoftheeffectivepartofcashflowhedgingprofitandlosstotheinitialrecognitionamountofthehedgeditem:
TheCompany'sinvestmentinGuangdongGuangleExpresswayCo.,Ltd.wasoriginallydesignatedasafinancialassetatfairvaluethroughothercomprehensiveincome(otherequityinstrumentinvestment).Duringtheperiod,theCompanychangeditsmanagementmodelforthisinvestmentandreclassifieditasalong-termequityinvestmentaccountedforundertheequitymethod.Thecumulativegainspreviouslyrecognizedinothercomprehensiveincomewerereclassifiedfromothercomprehensiveincometoretainedearnings,andtherecognizeddeferredtaxliabilitywasreversed.Asaresult,othercomprehensiveincomedecreasedbyRMB54,004,125.15,surplusreserveincreasedbyRMB7,200,550.02,andundistributedprofitsincreasedbyRMB64,804,950.19.
33.Surplusreserve
InRMB
Item
| Item | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance |
| Statutorysurplusreserve | 1,684,087,655.64 | 7,200,550.02 | 0.00 | 1,691,288,205.66 |
| Total | 1,684,087,655.64 | 7,200,550.02 | 0.00 | 1,691,288,205.66 |
Otherexplanations,includingtheincreaseordecreaseinthisperiodandthereasonsforsuchchange:
Fordetailsoftheincreaseduringtheperiod,refertothedisclosurein"VII.32,OtherComprehensiveIncome"inthissection.
34.Retainedprofits
InRMB
| Item | Amountofthisperiod | Amountoflastperiod |
| Beforeadjustments:Retainedprofitsinlastperiodend | 5,544,395,448.25 | 5,289,404,378.52 |
| Adjustthetotalundistributedprofitsatthebeginningoftheperiod | 5,544,395,448.25 | 5,289,404,378.52 |
| Add：Netprofitbelongingtotheowneroftheparentcompany | 1,057,152,854.14 | 1,562,122,219.95 |
| Less:Statutorysurplusreserve | 0.00 | 163,460,199.30 |
| Withdrawofarbitrarysurplusreserves | 0.00 | 0.00 |
| Withdrawofgeneralriskprovision | 0.00 | 0.00 |
| Commonstockdividendpayable | 1,093,491,603.90 | 1,143,670,950.92 |
| Other（Note） | -64,804,950.19 | 0.00 |
| Retainedprofitattheendofthisterm | 5,572,861,648.68 | 5,544,395,448.25 |
Asregardsthedetailsofadjustedthebeginningundistributedprofits
(1)AstheretroactiveadjustmentonEnterpriseAccountingStandardsanditsrelatednewregulations,theaffectedbeginningundistributedprofitsareRMB0.00.
(2)Asthechangeoftheaccountingpolicy,theaffectedbeginningundistributedprofitsareRMB0.00.
(3)Asthecorrectionofsignificantaccountingerror,theaffectedbeginningundistributedprofitsareRMB0.00.
(4)Asthechangeofconsolidationscopecausedbythesamecontrol,theaffectedbeginningundistributedprofitsareRMB0.00.
(5)OtheradjustmentofthetotalaffectedbeginningundistributedprofitsareRMB0.00.Othernote:Fordetailsof"Others",refertothedisclosurein"VII.32,OtherComprehensiveIncome"inthissection.
35.Operationincomeandoperationcost
InRMB
| Item | Amountofthisperiod | Amountoflastperiod | ||
| Income | Cost | Income | Cost | |
| Mainoperation | 2,087,814,658.07 | 657,514,997.63 | 2,204,260,409.98 | 699,856,213.37 |
| Otheroperation | 30,148,115.18 | 15,994,816.71 | 26,605,252.22 | 13,152,796.05 |
| Total | 2,117,962,773.25 | 673,509,814.34 | 2,230,865,662.20 | 713,009,009.42 |
Detail：
InRMB
Item
| Item | Amountofthisperiod | Amountoflastperiod |
| Tollincome | 2,087,814,658.07 | 2,204,260,409.98 |
| Servicesandotherincome | 20,976,432.54 | 15,478,999.23 |
| Leaseincome | 9,171,682.64 | 11,126,252.99 |
| Total | 2,117,962,773.25 | 2,230,865,662.20 |
Breakdowninformationofoperatingincomeandoperatingcost:
InRMB
| Contractclassification | Total | |
| Income | Cost | |
| Business | 2,117,962,773.25 | 673,509,814.34 |
| Including： | ||
| Tollincome | 2,087,814,658.07 | 657,514,997.63 |
| Servicesandotherincome | 20,976,432.54 | 14,067,031.53 |
| Leaseincome | 9,171,682.64 | 1,927,785.18 |
| Area | 2,117,962,773.25 | 673,509,814.34 |
| Including： | ||
| Guangdong | 2,117,962,773.25 | 673,509,814.34 |
| Total | 2,117,962,773.25 | 673,509,814.34 |
36.Businesstaxandsubjoin
InRMB
| Item | Amountofthisperiod | Amountoflastperiod |
| Urbanconstructiontax | 3,995,230.90 | 4,227,749.67 |
| Educationsurcharge | 1,919,794.06 | 2,034,042.57 |
| Businesstax | 185,247.66 | 185,247.66 |
| LocalityEducationsurcharge | 1,276,674.08 | 1,352,839.87 |
| Propertytax | 1,305,280.22 | 878,639.76 |
| Landusetax | 770,453.66 | 631,353.05 |
| Vehicleusetax | 38,144.40 | 37,925.80 |
| Stamptax | 127,787.71 | 21,502.93 |
| Total | 9,618,612.69 | 9,369,301.31 |
37.Administrativeexpenses
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod |
| Wage | 62,278,475.01 | 58,569,461.03 |
| Depreciationoffixedassets | 4,464,459.08 | 4,552,422.70 |
| Intangibleassetsamortization | 478,340.35 | 674,206.77 |
| Lowconsumablesamortization | 383,534.26 | 265,968.99 |
| RentalfeeandManagementfee | 6,485,453.52 | 6,693,110.28 |
| Officeexpenses | 2,937,559.59 | 3,258,077.16 |
| Travelexpenses | 205,902.20 | 296,247.06 |
| Consultationexpenses | 168,800.00 | 285,100.00 |
Item
| Item | Amountofcurrentperiod | Amountofpreviousperiod |
| Thefeeforhiringagency | 2,470,639.61 | 2,947,699.99 |
| Listingfee | 256,603.77 | 143,396.22 |
| Informationcostandmaintenancefee | 445,197.76 | 527,208.63 |
| Other | 3,558,612.54 | 4,734,791.85 |
| Total | 84,133,577.69 | 82,947,690.68 |
38.R&Dexpenses
InRMB
| Item | Amountofthisperiod | Amountoflastperiod |
| Wage | 742,896.28 | 0.00 |
| Entrusteddevelopmentfee | -35,401.40 | 0.00 |
| Total | 707,494.88 | 0.00 |
39.Financialexpenses
InRMB
| Item | Amountofthisperiod | Amountoflastperiod |
| Interestexpenses | 59,844,326.44 | 86,505,113.33 |
| Interestincome | -16,237,101.63 | -32,771,177.29 |
| ExchangeIncomeandloss（Gain-） | 0.00 | 0.00 |
| Bankcommissioncharge | 74,067.44 | 75,260.20 |
| Other | 2,947.00 | 2,185.00 |
| Total | 43,684,239.25 | 53,811,381.24 |
40.Othergains
InRMB
| Item | Amountofthisperiod | Amountoflastperiod |
| GovernmentSubsidy | 1,451,369.85 | 5,419,793.60 |
| Veterans'VATreductionandexemption | 30,000.00 | 29,250.00 |
| Withholdingandremittingenterpriseprepaidincometaxfees | 380,607.79 | 166,639.84 |
| VATadditionaldeduction | 0.00 | 1,845.02 |
| VATreduction | 930.72 | 0.00 |
| Total | 1,862,908.36 | 5,617,528.46 |
41.Investmentincome
InRMB
| Item | Amountofthisperiod | Amountoflastperiod |
| Long-termequityinvestmentincomebyequitymethod | 98,461,531.78 | 112,802,071.88 |
| Dividendsearnedduringtheholdingperiodoninvestmentsinotherequityinstrument | 44,772,473.91 | 40,699,105.31 |
| Total | 143,234,005.69 | 153,501,177.19 |
42.Creditimpairmentlosses
InRMB
Item
| Item | Amountofthisperiod | Amountoflastperiod |
| Impairmentlossesonaccountreceivable | -274,166.67 | -1,421,666.67 |
| Impairmentlossesonotherreceivable | 331,486,036.83 | -43,453,436.90 |
| Total | 331,211,870.16 | -44,875,103.57 |
43.Non-Operationincome
InRMB
| Items | Amountofcurrentperiod | Amountofpreviousperiod | Theamountofnon-operatinggains&losses |
| Non-currentassetsaredamagedandscrappedforprofit | 6,011.57 | 11,338.66 | 6,011.57 |
| Insuranceclaimincome | 569,218.47 | 1,753,159.58 | 569,218.47 |
| Roadpropertyclaimincome | 1,457,110.69 | 1,178,677.32 | 1,457,110.69 |
| Other | 44,216.06 | 27,682.96 | 44,216.06 |
| Total | 2,076,556.79 | 2,970,858.52 | 2,076,556.79 |
44.Non-Operationexpenses
InRMB
| Items | Amountofcurrentperiod | Amountofpreviousperiod | Recordedintheamountofthenon-recurringgainsandlosses |
| Non-currentassetsaredamagedandscrappedforprofit | 123,958.99 | -20,648.15 | 123,958.99 |
| Including：Fixedassets | 123,958.99 | -20,648.15 | 123,958.99 |
| Roadrehabilitationexpenditure | 2,312,300.45 | 1,751,559.00 | 2,312,300.45 |
| Fine | 83,156.20 | 0.00 | 83,156.20 |
| Other | 36,952.90 | 44,258.11 | 36,952.90 |
| Total | 2,556,368.54 | 1,775,168.96 | 2,556,368.54 |
45.Incometaxexpense
(1)Listsofincometaxexpense
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod |
| Currentincometaxexpense | 340,820,305.13 | 350,892,709.36 |
| Deferredincometaxexpense | 1,427,024.56 | -1,009,073.13 |
| Total | 342,247,329.69 | 349,883,636.23 |
(2)Adjustmentprocessofaccountingprofitandincometaxexpense
InRMB
| Item | Amountofcurrentperiod |
| Totalofprofit | 1,782,138,006.86 |
| Currentincometaxexpenseaccountedbytaxandrelevantregulations | 445,534,501.72 |
| Influenceofincometaxbeforeadjustment | 11,011,379.52 |
| Influenceofnontaxableincome | -11,193,118.47 |
| Impactofnon-deductiblecosts,expensesandlosses | 4,166,919.19 |
| Impactofdeductiblelossesfrompreviouslyunidentifieddeferredincometaxassets | -85,735,535.63 |
Item
| Item | Amountofcurrentperiod |
| Thecurrentperioddoesnotaffectthedeferredtaxassetsrecognizeddeductibletemporarydifferencesordeductibleloss | 3,078,566.30 |
| Profitandlossattributabletotheaffiliationcompany | -24,615,382.94 |
| Incometaxexpense | 342,247,329.69 |
46.EarningsPerShare
(1)BasicearningspershareBasicearningspershareiscalculatedbydividingtheconsolidatednetprofitattributabletoordinaryshareholdersoftheparentcompanybytheCompany'sweightedaveragenumberofordinarysharesoutstandingduringtheperiod:
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod |
| Consolidatednetprofitattributabletoordinaryshareholdersoftheparentcompany | 1,057,152,854.14 | 855,465,441.00 |
| TheCompany'sweightedaveragenumberofordinarysharesoutstanding | 2,090,806,126.00 | 2,090,806,126.00 |
| Basicearningspershare | 0.51 | 0.41 |
| Ofwhich:Basicearningspersharefromcontinuingoperations | 0.51 | 0.41 |
| Basicearningspersharefromdiscontinuedoperations | 0.00 | 0.00 |
(2)DilutedearningspershareDilutedearningspershareiscalculatedbyadjustingtheconsolidatednetprofitattributabletoordinaryshareholdersoftheparentcompanyandtheweightedaveragenumberofordinarysharesoutstandingfortheeffectsofalldilutivepotentialordinaryshares.Duringthereportingperiod,theCompany'sordinarysharesdidnothaveadilutiveeffect;therefore,dilutedearningspershareequalsbasicearningspershare.
47.Itemsofcashflowstatement
(1)CashrelatedtobusinessactivitiesCashreceivedfromotheractivitiesrelatingtooperation
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod |
| Interestincome | 10,440,914.85 | 25,962,851.96 |
| Unitcurrentaccount | 394,138,005.02 | 29,712,714.85 |
| Specialgovernmentsubsidies | 313,724,200.00 | 0.00 |
| Total | 718,303,119.87 | 55,675,566.81 |
Othercashpaidrelatedtooperatingactivities
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod |
| Managementexpense | 20,902,865.25 | 11,488,664.49 |
| Unitcurrentaccount | 296,070,246.17 | 25,555,665.99 |
| Total | 316,973,111.42 | 37,044,330.48 |
（2）CashrelatedtoInvestmentactivitiesCashreceivablerelatedtootherInvestmentactivities
InRMB
Item
| Item | Amountofcurrentperiod | Amountofpreviousperiod |
| Bidsecurityrelatedtolong-termassets,etc | 4,422.50 | 3,692,567.08 |
| Total | 4,422.50 | 3,692,567.08 |
Cashpaidrelatedtootherinvestmentactivities
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod |
| Cashreceivedfromdividendsanddividendsofotherequityinvestments | 47,188,649.33 | 0.00 |
| Cashreceivedfromdividendsofassociated | 27,477,672.98 | 19,579,614.82 |
| Total | 74,666,322.31 | 19,579,614.82 |
CashPayablerelatedtootherInvestmentactivities
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod |
| Bidsecurityrelatedtolong-termassets,etc | 33,268.90 | 1,700,000.00 |
| Other | 125,000.00 | 1,600.00 |
| Total | 158,268.90 | 1,701,600.00 |
Importantcashpaidinrelationtotheinvestmentactivities
InRMB
| Items | Amountofcurrentperiod | Amountofpreviousperiod |
| Cashpaidforbyinvestinginassociates | 2,088,000.00 | 89,312,000.00 |
| CashpaidforthereconstructionandexpansionoftheNansha-ZhuhaisectionoftheGuangzhou-MacaoExpressway | 662,552,328.32 | 665,071,908.34 |
| CashpaidforthereconstructionandexpansionoftheLuogang-LingkengsectionoftheGuanghuiExpressway | 24,537,270.70 | 192,355,097.00 |
| Total | 689,177,599.02 | 946,739,005.34 |
（3）CashrelatedtoFinancingactivities
Othercashpaidinrelationtofinancingactivities
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod |
| Cashpaidfortheleaseliabilities | 5,736,824.98 | 2,951,128.41 |
| Other | 0.00 | 537,769.75 |
| Total | 5,736,824.98 | 3,488,898.16 |
Changesinvariousliabilitiesarisingfromfinancingactivities?Applicable□Notapplicable
InRMB
Items
| Items | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance | ||
| Cashchanges | Non-cashchanges | Cashchanges | Non-cashchanges | |||
| Otherpayable-Dividendpayable | 32,714,825.12 | 0.00 | 1,288,536,973.09 | 151,850,331.06 | 26,186.92 | 1,169,375,280.23 |
| Short-loans | 0.00 | 150,000,000.00 | 85,138.89 | 0.00 | 0.00 | 150,085,138.89 |
| Long-termloans（Includingpartduewithinoneyear） | 6,966,984,589.52 | 2,720,000,000.00 | 95,761,029.35 | 1,854,447,344.67 | 0.00 | 7,928,298,274.20 |
| Bondpayable（Includingpartduewithinoneyear） | 767,774,662.42 | 0.00 | 4,725,337.58 | 772,500,000.00 | 0.00 | 0.00 |
| Long-termpayable（Includingpartduewithinoneyear） | 2,022,210.11 | 0.00 | 0.00 | 0.00 | 0.00 | 2,022,210.11 |
| Leaseliabilities（Includingpartduewithinoneyear） | 13,482,202.36 | 0.00 | 201,363.76 | 5,465,560.74 | 0.00 | 8,218,005.38 |
| Total | 7,782,978,489.53 | 2,870,000,000.00 | 1,389,309,842.67 | 2,784,263,236.47 | 26,186.92 | 9,257,998,908.81 |
48.SupplementInformationforcashflowstatement
（1）SupplementInformationforcashflowstatement
InRMB
SupplementInformation
| SupplementInformation | Amountofcurrentperiod | Amountofpreviousperiod |
| I.Adjustingnetprofittocashflowfromoperatingactivities | ||
| Netprofit | 1,439,890,677.17 | 1,137,283,934.96 |
| Add：Impairmentlossprovisionofassets | ||
| Creditimpairmentlosses | -331,211,870.16 | 44,875,103.57 |
| Depreciationoffixedassets,oilandgasassetsandconsumablebiologicalassets | 480,583,962.34 | 512,541,181.48 |
| DepreciationofUserightassets | 5,195,009.11 | 5,374,995.90 |
| Amortizationofintangibleassets | 11,605,722.29 | 12,101,858.87 |
| AmortizationofLong-termdeferredexpenses | 175,312.50 | 0.00 |
| Lossondisposaloffixedassets,intangibleassetsandotherlong-termdeferredassets | 0.00 | 0.00 |
| Fixedassetsscraploss | 117,947.42 | -31,986.81 |
| Lossonfairvaluechanges | 0.00 | 0.00 |
| Financialcost | 59,844,326.44 | 85,814,169.34 |
| Lossoninvestment | -143,234,005.69 | -153,501,177.19 |
| Decreaseofdeferredincometaxassets | 2,854,330.99 | 4,543,405.40 |
| Increasedofdeferredincometaxliabilities | -1,427,306.43 | -5,552,478.53 |
| Decreaseofinventories | 0.00 | 0.00 |
| Deceaseofoperatingreceivables | 96,213,978.68 | -44,835,241.50 |
| IncreasedofoperatingPayable | -34,135,906.34 | 4,642,244.19 |
| Other | 311,194,604.23 | 44,875,103.57 |
| Netcashflowsarisingfromoperatingactivities | 1,897,666,782.55 | 1,603,256,009.68 |
| II.Significantinvestmentandfinancingactivitiesthatwithoutcashflows: | ||
| Conversionofdebtintocapital | ||
| Convertiblecorporatebondsmaturingwithinoneyear | ||
| Financingoffixedassetsleased | ||
| 3.Movementofcashandcashequivalents： | ||
| Endingbalanceofcash | 5,758,742,887.96 | 4,955,371,380.26 |
| Less:Beginningbalanceofcashequivalents | 4,259,653,084.58 | 4,701,657,434.00 |
| Add：Endbalanceofcashequivalents | ||
| Less:Beginningbalanceofcashequivalents | ||
| Netincreaseofcashandcashequivalent | 1,499,089,803.38 | 253,713,946.26 |
（2）Compositionofcashandcashequivalents
InRMB
| Item | Balanceinyear-end | Balanceinyear-Beginning |
| Cash | 5,758,742,887.96 | 4,259,653,084.58 |
| Ofwhich:Cashinstock | 10,258.18 | 10,267.08 |
| Banksavingscouldbeusedatanytime | 5,747,871,961.67 | 4,259,125,745.36 |
| Othermonetarycapitalcouldbeusedatanytime | 10,860,668.11 | 517,072.14 |
| Balanceofcashandcashequivalentsattheperiodend | 5,758,742,887.96 | 4,259,653,084.58 |
(3)SituationswherethescopeofuseislimitedbutstillclassifiedascashandcashequivalentsNone
（4）Monetaryfundsthatdonotbelongtocashandcashequivalents
InRMB
Item
| Item | Amountofthecurrentperiod | Amountofthepreviousperiod | Reasonfornotbelongingtocashandcashequivalents |
| Landreclamationfunds | 1,221,200.00 | 1,221,200.00 | Landreclamationfundsinfundcustodyaccount |
| Unexpiredaccruedinterest | 37,069,088.06 | 28,952,378.64 | Notactuallyreceived |
| Total | 38,290,288.06 | 30,173,578.64 |
49.Lease
(1)TheCompanyaslessee?Applicable□NotapplicableVariableleasepaymentsnotincludedinthemeasurementofleaseliabilities
□Applicable?NotapplicableShort-termleaseorleasecostoflow-valueassetswithsimplifiedtreatment
□Applicable?Notapplicable
InRMB
| Item | Amountofthecurrentperiod | Amountofthepreviousperiod |
| Interestexpenseofleaseliabilities | 201,363.76 | 357,103.57 |
| Short-termleaseandleaseexpensesoflow-valueassetsundersimplifiedapproachthroughrelatedassetcostsorprofitorloss | 484,439.62 | 131,314.30 |
| Variableleasepaymentsnotincludedinleaseliabilitymeasurementthroughrelatedassetcostsorprofitorloss | 0.00 | 0.00 |
| Ofwhich:Portionarisingfromsale-and-leasebacktransactions | 0.00 | 0.00 |
| Incomefromsubleasingright-of-useassets | 0.00 | 0.00 |
| Totalcashoutflowrelatedtoleases | 5,736,824.98 | 3,089,008.41 |
| Gains/lossesarisingfromsale-and-leasebacktransactions | 0.00 | 0.00 |
| Cashinflowsfromsale-and-leasebacktransactions | 0.00 | 0.00 |
| Cashoutflowsfromsale-and-leasebacktransactions | 0.00 | 0.00 |
(2)TheCompanyaslessorOperatingleaseaslessor?Applicable□Notapplicable
InRMB
| Item | Leaseincome | Inwhich:incomerelatedtovariableleasepaymentnotincludedinleasereceipts |
| Operatingleaseincome | 9,171,682.64 | 0.00 |
| Total | 9,171,682.64 | 0.00 |
Financialleaseaslessor
□Applicable?NotapplicableUndiscountedleasereceiptsforeachofthenextfiveyears
□Applicable?Notapplicable
（3）Recognizetheprofitsandlossesoffinancialleasesalesasamanufacturerordistributor
□Applicable?NotapplicableVIII.R&Dexpenses
InRMB
Item
| Item | Amountofthecurrentperiod | Amountofthepreviousperiod |
| Remuneration | 742,896.28 | 0.00 |
| Entrusteddevelopmentfee | -35,401.40 | 0.00 |
| Total | 707,494.88 | 0.00 |
IX.Changestothemergescope
TherewerenochangesintheCompany'sconsolidationscopeduringthereportingperiod.X.Equityinotherentities
1.Equityinsubsidiary
(1)Thestructureoftheenterprisegroup
InRMB
| NameofSubsidiary | Registeredcapital | MainPlacesofOperation | RegistrationPlace | NatureofBusiness | ShareholdingRatio(%) | ObtainingMethod | |
| direct | indirect | ||||||
| GuangfoExpresswayCo.,Ltd. | 20,000,000.00 | Guangzhou | Guangzhou | ExpresswayManagement | 75.00% | Underthesamecontrolbusinesscombination | |
| GuanghuiExpresswayCo.,Ltd. | 2,351,678,000.00 | Guangzhou | Guangzhou | ExpresswayManagement | 51.00% | Underthesamecontrolbusinesscombination | |
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 4,221,000,000.00 | Zhongshan | Guangzhou | ExpresswayManagement | 75.00% | Underthesamecontrolbusinesscombination | |
| YuegaoCapitalInvestment(Guangzhou)Co.,Ltd. | 375,500,000.00 | Guangzhou | Guangzhou | Investmentmanagement | 100.00% | Establishment | |
(2)ImportantNon-wholly-ownedSubsidiary
InRMB
| NameofSubsidiary | ShareholdingRatioofMinorityShareholders(%) | ProfitorLossOwnedbytheMinorityShareholdersintheCurrentPeriod | DividendsDistributedtotheMinorityShareholdersintheCurrentPeriod | EquityBalanceoftheMinorityShareholdersintheEndofthePeriod |
| GuangfoExpresswayCo.,Ltd. | 25.00% | 83,200,728.13 | 0.00 | 87,854,288.84 |
| GuangdongGuanghuiExpressway | 49.00% | 243,693,120.44 | 68,600,000.00 | 2,237,525,443.26 |
NameofSubsidiary
| NameofSubsidiary | ShareholdingRatioofMinorityShareholders(%) | ProfitorLossOwnedbytheMinorityShareholdersintheCurrentPeriod | DividendsDistributedtotheMinorityShareholdersintheCurrentPeriod | EquityBalanceoftheMinorityShareholdersintheEndofthePeriod |
| Co.,Ltd. | ||||
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 25.00% | 55,843,974.46 | 126,445,369.19 | 673,227,435.19 |
(3)Themainfinancialinformationofsignificantnotwhollyownedsubsidiary
InRMB
Name
| Name | Year-endbalance | |||||
| Currentassets | Non-currentassets | Totalassets | CurrentLiabilities | Non-currentliabilities | Totalliabilities | |
| GuangfoExpresswayCo.,Ltd. | 360,847,463.82 | 14,283,865.16 | 375,131,328.98 | 23,714,173.64 | 0.00 | 23,714,173.64 |
| GuangdongGuanghuiExpresswayCo.,Ltd. | 2,704,366,089.78 | 2,133,025,770.71 | 4,837,391,860.49 | 179,618,649.99 | 91,394,754.87 | 271,013,404.86 |
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 1,324,781,886.58 | 5,650,527,952.17 | 6,975,309,838.75 | 460,879,147.35 | 3,821,520,950.64 | 4,282,400,097.99 |
InRMB
| Name | Year-beginningbalance | |||||
| Currentassets | Non-currentassets | Totalassets | CurrentLiabilities | Non-currentliabilities | Totalliabilities | |
| GuangfoExpresswayCo.,Ltd. | 30,515,256.33 | 16,070,171.85 | 46,585,428.18 | 27,971,185.35 | 0.00 | 27,971,185.35 |
| GuangdongGuanghuiExpresswayCo.,Ltd. | 2,202,032,502.09 | 2,311,186,053.66 | 4,513,218,555.75 | 200,417,595.58 | 103,755,403.39 | 304,172,998.97 |
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 421,031,319.91 | 5,056,842,394.60 | 5,477,873,714.51 | 674,646,315.03 | 2,160,412,079.79 | 2,835,058,394.82 |
InRMB
| Name | Amountofcurrentperiod | Amountofpreviousperiod | ||||||
| Businessincome | Netprofit | TotalComprehensiveincome | Cashflowsfromoperatingactivities | Businessincome | Netprofit | TotalComprehensiveincome | Cashflowsfromoperatingactivities | |
| GuangfoExpresswayCo.,Ltd. | 1,101,358.56 | 332,802,912.51 | 332,802,912.51 | -3,700,753.52 | 1,075,325.65 | -42,120,046.43 | -42,120,046.43 | 1,253,117.75 |
| GuangdongGuanghuiExpresswayCo.,Ltd. | 946,708,730.22 | 497,332,898.85 | 497,332,898.85 | 674,377,086.58 | 897,321,456.20 | 445,004,972.11 | 445,004,972.11 | 622,120,569.23 |
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 481,762,162.74 | 223,375,897.84 | 223,375,897.84 | 930,461,365.77 | 585,937,746.82 | 292,327,454.95 | 292,327,454.95 | 439,692,114.09 |
2.Equityinjointventurearrangementorassociatedenterprise
(1)Significantjointventurearrangementorassociatedenterprise
Name
| Name | Mainoperatingplace | Registrationplace | Businessnature | Proportion | Accountingtreatmentoftheinvestmentofjointventureorassociatedenterprise | |
| Directly | Indirectly | |||||
| GuangdongGuangleExpresswayCo.,Ltd. | Guangdong | Guangzhou | ExpresswayManagement | 9.00% | Equitymethod | |
| ZhaoqingYuezhaoHighwayCo.,Ltd. | Zhaoqing,Guangdong | Zhaoqing,Guangdong | ExpresswayManagement | 25.00% | Equitymethod | |
| ShenzhenHuiyanExpresswayCo.,Ltd. | Shenzhen | Shenzhen | ExpresswayManagement | 33.33% | Equitymethod | |
| GuangdongJiangzhongExpresswayCo.,Ltd. | Zhongshan | Zhongshan, | ExpresswayManagement | 15.00% | Equitymethod | |
| GanzhoukangdaExpresswayCo.,Ltd. | Gangzhou | Ganzhou | ExpresswayManagement | 30.00% | Equitymethod | |
| GanzhouGankangExpresswayCo.,Ltd. | Gangzhou | Ganzhou | ExpresswayManagement | 30.00% | Equitymethod | |
| GuangdongYuepuScienceandTechnologyMicrofinanceCo.,Ltd. | Guangzhou | Guangzhou | Handallkindsofsmallloans | 15.48% | Equitymethod | |
| GuangyuanSecuritiesCo.,Ltd. | Hefei | Hefei | Securitybusiness | 2.37% | Equitymethod | |
| SPICYuetongQiyuanChipPowerTechnologyCo.,Ltd | Guangzhou | Guangzhou | NewEnergyservice | 6.67% | Equitymethod | |
| ShenzhenGarageElectricPileTechnologyCo.,Ltd | Shenzhen | Shenzhen | SoftwareandInformationtechnology | 17.40% | Equitymethod | |
Basisofholdinglessthan20%ofthevotingrightsbuthasasignificantimpactorholding20%ormorevotingrightsbutdoesnothaveasignificantimpact:GuangdongGuangleExpresswayCo.,Ltd.,GuangdongJiangzhongExpresswayCo.,Ltd.,GuangyuanSecuritiesCo.,Ltd.，YuepuSmallRefinancingCo.,Ltd..,SPICYuetongQiyuanChipPowerTechnologyCo.,Ltd.andShenzhenGarageElectricPileTechnologyCo.,Ltd.holds20%ofthevotingrights,buthasthepowertoparticipateinmakingdecisionsontheirfinancialandoperatingdecisions,andthereforedeemedtobeabletoexertsignificantinfluenceovertheinvestee.
（2）Mainfinancialinformationofsignificantassociatedenterprise
InRMB
| Year-endbalance/Amountofcurrentperiod | Year-beginningbalance/Amountofpreviousperiod | |||
| GuoyuanSecuritiesCo.,Ltd. | GuangdongGuangleExpresswayCo.,Ltd. | GuoyuanSecuritiesCo.,Ltd. | GuangdongGuangleExpresswayCo.,Ltd. | |
| Currentassets | ||||
| Non-currentassets | ||||
| Totalassets | 177,203,619,873.40 | 21,822,920,795.03 | 172,526,443,220.18 | 21,648,452,816.33 |
| Currentliabilities | ||||
| Non-currentLiabilities | ||||
| Totalliabilities | ||||
| MinorityShareholders’Equity | ||||
| Shareholders’equityattributabletoshareholdersoftheparent | 37,952,166,018.21 | 9,115,042,243.77 | 37,081,084,070.93 | 8,875,480,926.44 |
| Proratashareofthenetassetscalculated | 899,997,257.00 | 820,353,801.94 | 879,340,429.05 | 798,793,283.38 |
| Adjustmentitems | ||||
Year-endbalance/Amountofcurrentperiod
| Year-endbalance/Amountofcurrentperiod | Year-beginningbalance/Amountofpreviousperiod | |||
| GuoyuanSecuritiesCo.,Ltd. | GuangdongGuangleExpresswayCo.,Ltd. | GuoyuanSecuritiesCo.,Ltd. | GuangdongGuangleExpresswayCo.,Ltd. | |
| --Goodwill | 207,095,632.54 | 207,095,632.54 | ||
| --Internaltransactionsdidnotachieveprofits | ||||
| --Other | ||||
| Thebookvalueofequityinvestmentsinjointventures | 1,107,092,889.54 | 820,353,801.94 | 1,086,436,061.59 | |
| Fairvalueofequityinvestmentofassociatedenterpriseswithopenquotation | 816,477,571.98 | 865,114,385.52 | ||
| Buinsessincme | 3,396,624,443.30 | 1,311,654,708.25 | 3,084,447,258.13 | 1,505,394,582.29 |
| Netprofit | 1,404,978,574.86 | 239,561,317.33 | 1,000,675,806.65 | 266,854,094.13 |
| Netprofitfromterminatedoperations | ||||
| Othercomprehensiveincome | -58,687,085.10 | 722,087,847.89 | ||
| Totalcomprehensiveincome | 1,346,291,489.76 | 239,561,317.33 | 1,722,763,654.54 | 266,854,094.13 |
| Dividendsreceivedfromassociatesduringtheyear | 16,557,213.12 | 21,615,181.62 | 15,522,387.30 | |
（3）Summaryfinancialinformationofinsignificantjointventureorassociatedenterprise
InRMB
| Year-endbalance/Amountofcurrentperiod | Year-beginningbalance/Amountofpreviousperiod | |
| Associatedenterprise： | ||
| Totalbookvalueoftheinvestment | 2,291,437,756.74 | 2,245,913,947.25 |
| Totalamountoftheproratacalculationofthefollowing--Netprofitms | ||
| --Netprofit | 66,107,110.77 | 89,085,788.26 |
| --Totalcomprehensiveincome | 66,107,110.77 | 89,085,788.26 |
XI.Governmentsubsidies
1.Attheendofthereportingperiod,governmentsubsidiesrecognizedaccordingtotheamountreceivable
□Applicable?NotapplicableReasonsfornotreceivingtheestimatedamountofgovernmentsubsidiesattheexpectedtime
□Applicable?Notapplicable
2.Liabilitiesinvolvinggovernmentsubsidies?Applicable□Notapplicable
InRMB
| Accountingsubject | Beginningbalance | Newsubsidyamountinthecurrentperiod | Amountincludedinnon-operatingincomeinthecurrentperiod | Amounttransferredtootherincomeinthecurrentperiod | Otherchangesinthecurrentperiod | Closingbalance | Relatedtoassets/income |
Deferredincome
| Deferredincome | 485,914,020.10 | 313,724,200.00 | 0.00 | 844,922.93 | 0.00 | 798,793,297.17 | Asset-related |
| Total | 485,914,020.10 | 313,724,200.00 | 0.00 | 844,922.93 | 0.00 | 798,793,297.17 |
3.Governmentsubsidiesincludedincurrentprofitsandlosses?Applicable□NotapplicableGovernmentgrantsrelatedtoassets
InRMB
| Accountingsubject | Amountincurredinthecurrentperiod | Amountincurredinthepreviousperiod |
| Deferredincome | 844,922.93 | 5,031,151.95 |
Governmentgrantsrelatedtoincome
InRMB
| Accountingsubject | Amountincurredinthecurrentperiod | Amountincurredinthepreviousperiod |
| Otherincoome | 606,446.92 | 388,641.65 |
XII.RisksRelatedtoFinancialInstruments
1.RisksRelatedtoFinancialInstrumentsTheCompanyisexposedtovariousfinancialrisksinitsoperations:creditrisk,liquidityrisk,andmarketrisk(includingforeignexchangerisk,interestraterisk,andotherpricerisks).ThesefinancialrisksandtheCompany'sriskmanagementpoliciestomitigatethemaredescribedbelow:
TheCompany'sriskmanagementobjectiveistostrikeabalancebetweenriskandreturn,minimizetheadverseeffectsofrisksontheCompany'soperatingperformance,andmaximizetheinterestsofitsshareholdersandotherequityinvestors.Basedonsuchriskmanagementobjective,theCompany'sfundamentalriskmanagementstrategyistoidentifyandanalyzevariousrisks,establishappropriaterisktolerancethresholdsandriskmanagementmeasures,andreliablymonitorallriskstokeepthemwithindefinedlimits.TheBoardofDirectorsoftheCompanyisfullyresponsiblefordeterminingriskmanagementobjectivesandpoliciesandbearsultimateresponsibilityforthem.Themanagementhasreviewedandapprovedpoliciestomanagetheserisks,summarizedasfollows:
(1)CreditriskCreditriskreferstotheriskoffinanciallossresultingfromacounterparty'sfailuretofulfillcontractualobligations.TheCompany'screditriskprimarilyarisesfromaccountsreceivable,otherreceivables,andsimilarreceivables.Asofthebalancesheetdate,thecarryingamountsoftheCompany'sfinancialassetsrepresenttheirmaximumcreditriskexposure.Forreceivables,theCompanyhasestablishedrelevantpoliciestocontrolcreditriskexposure.TheCompanyassessesthecreditqualityofaccountsreceivableandotherreceivablesbasedoncustomers'financialconditions,thepossibilityofobtainingthird-partyguarantees,credithistory,andotherfactorssuchascurrentmarketconditions,andsetscorrespondingcredittermsaccordingly.TheCompanyregularlymonitorscustomers'creditrecordstoensurethatoverallcreditriskremainswithincontrollablelimits.Additionally,ateachbalancesheet
date,theCompanyreviewstherecoverabilityofeachindividualreceivabletoensureadequatebaddebtprovisionsaremadeforirrecoverableamounts.Therefore,theCompany'smanagementbelievesthatitscreditriskexposurehasbeensubstantiallymitigated.TheCompany'scashandcashequivalentsareprimarilybankdepositsheldwithhighly-ratedfinancialinstitutions,andtheCompanyconsiderstheretobenosignificantcreditriskthatwouldresultinmateriallossesfrombankdefaults.
(2)LiquidityriskLiquidityriskreferstotheriskthatanenterprisewillencounterdifficultiesinmeetingobligationsassociatedwithfinancialliabilitiesthataresettledbydeliveringcashorotherfinancialassets.TheCompany'spolicyistomaintainsufficientcashandcashequivalentstomeetitsdebtobligationsastheyfalldue.LiquidityriskiscentrallymanagedbytheCompany'sFinanceDepartment.TheFinanceDepartmentmonitorscashandcashequivalentbalancesandpreparesrolling12-monthcashflowforecaststoensuretheCompanymaintainssufficientfundingtomeetitsliabilitiesunderallreasonablyforeseeablecircumstances.ItalsocontinuouslymonitorscomplianceoftheCompanywithborrowingagreementsandmaintainscommitmentsfrommajorfinancialinstitutionstoprovideadequatestandbyfundingtomeetbothshort-termandlong-termfinancingrequirements.TheCompany'sfinancialliabilitiesarepresentedbymaturitydatesbasedonundiscountedcontractualcashflowsasfollows:
InRMB
Ittem
| Ittem | Closingbalance | |||
| Within1year | Over1year | Totalundiscountedcontractualamount | BookValue | |
| Long–shorttermloans | 354,785,465.81 | 7,723,597,947.28 | 8,078,383,413.09 | 8,078,383,413.09 |
| Accountpayable | 150,004,863.42 | 0.00 | 150,004,863.42 | 150,004,863.42 |
| Otherpayable | 1,300,534,967.75 | 32,563,307.14 | 1,333,098,274.89 | 1,333,098,274.89 |
| Othercurrentliabilities | 60,381.20 | 0.00 | 60,381.20 | 60,381.20 |
| Leaseliabilities | 8,353,669.51 | 0.00 | 8,353,669.51 | 8,218,005.38 |
| Long-termpayable | 0.00 | 2,022,210.11 | 2,022,210.11 | 2,022,210.11 |
| Total | 1,813,739,347.69 | 7,758,183,464.53 | 9,571,922,812.22 | 9,571,787,148.09 |
InRMB
| Item | Openingbalance | |||
| Within1year | Over1year | Totalundiscountedcontractualamount | BookValue | |
| Long–shorttermloans | 238,719,839.52 | 6,728,264,750.00 | 6,966,984,589.52 | 6,966,984,589.52 |
| Accountpayable | 226,104,482.05 | 0.00 | 226,104,482.05 | 226,104,482.05 |
| Otherpayable | 243,181,747.77 | 28,936,289.15 | 272,118,036.92 | 272,118,036.92 |
| Othercurrentliabilities | 767,774,662.42 | 0.00 | 767,774,662.42 | 767,774,662.42 |
| Leaseliabilities | 73,697.84 | 0.00 | 73,697.84 | 73,697.84 |
| Long-termpayable | 11,066,517.08 | 2,752,713.17 | 13,819,230.25 | 13,482,202.36 |
| Total | 0.00 | 2,022,210.11 | 2,022,210.11 | 2,022,210.11 |
| Total | 1,486,920,946.68 | 6,761,975,962.43 | 8,248,896,909.11 | 8,248,559,881.22 |
(3)MarketriskMarketriskoffinancialinstrumentsreferstotheriskthatthefairvalueorfuturecashflowsoffinancialinstrumentswillfluctuateduetochangesinmarketprices,includingforeignexchangerisk,interestraterisk,andotherpricerisks.
1)InterestrateriskInterestrateriskreferstotheriskthatthefairvalueorfuturecashflowsoffinancialinstrumentswillfluctuateduetochangesinmarketinterestrates.
TheCompany'sriskofchangesincashflowsoffinancialinstrumentsduetointerestratefluctuationsisprimarilyrelatedtofloating-ratebankborrowings.TheCompany'spolicyistomaintainfloatinginterestratesontheseborrowings.
2)Foreignexchangerisk
Foreignexchangeriskreferstotheriskthatthefairvalueorfuturecashflowsoffinancialinstrumentswillfluctuateduetochangesinforeignexchangerates.
TheCompany'sexposuretoforeignexchangeriskisprimarilyrelatedtoHongKongdollars.ExceptforannualdividenddistributionstoB-shareshareholders,theCompany'sothermajorbusinessactivitiesaredenominatedandsettledinRMB.Duringthereportingperiod,theimpactofforeignexchangeriskwaslimited
duetotheshortcreditperiodsfortheCompany'sforeigncurrency-denominatedexpenditures.
3)OtherpriceriskOtherpriceriskreferstotheriskthatthefairvalueorfuturecashflowsoffinancialinstrumentswillfluctuateduetochangesinmarketpricesotherthanforeignexchangeratesandinterestrates.TheCompany'sotherpriceriskmainlyarisesfromvariousequityinstrumentinvestmentsandisexposedtopricefluctuationsintheseequityinstruments.TheCompanymitigatespriceriskinequitysecuritiesinvestmentsbyadoptingalong-termholdingstrategyforequitysecurities.XIII.Thedisclosureofthefairvalue
1.Closingfairvalueofassetsandliabilitiescalculatedbyfairvalue
InRMB
Item
| Item | Closingfairvalue | |||
| Firvaluemeasurementitemsatlevel1 | Firvaluemeasurementitemsatlevel2 | Firvaluemeasurementitemsatlevel3 | Total | |
| I.Consistentfairvaluemeasurement | -- | -- | -- | -- |
| （2）Equityinstrumentinvestment | 186,494,177.20 | 186,494,177.20 | ||
| （III）Otherequityinstrumentinvestment | 976,308,017.60 | 57,996,892.84 | 1,034,304,910.44 | |
| II.Non–persistentmeasure | -- | -- | -- | -- |
2.Marketpricerecognitionbasisforconsistentandinconsistentfairvaluemeasurementitemsatlevel1.Asattheendoftheperiod,thecompanyholdsshares235,254,944sharesofChinaEverbrightBankAccordingtotheclosingpriceofJune30,2025of4.15yuan,thefinalcalculationoffairvaluewas976,308,017.60yuan.
3.ForLevel2itemsmeasuredatfairvaluecontinuouslyandnon-continuously,thevaluationtechniquesandqualitativeandquantitativeinformationofsignificantparametersareadoptedThefairvalueoftheassetsheldbytheCompanyandmeasuredbyLevel2fairvalueisdeterminedbythemarketmethod;OthernoncurrentfinancialassetsheldbytheCompanyandmeasuredatLevel2fairvaluearenontransactionalequityinstrumentinvestments,andtheirfairvalueisdeterminedbasedonthepricesofsimilarassetsinactiveornon-activemarkets.
4.ForLevel3itemsmeasuredatfairvaluecontinuouslyandnon-continuously,thevaluationtechniquesandqualitativeandquantitativeinformationofsignificantparametersareadoptedTheLevel3fairvaluemeasurementheldbytheCompanyisdesignatedfornontransactionalequityinstrumentinvestmentsmeasuredatfairvaluewithchangesrecognizedinothercomprehensiveincome,mainlyforequityinvestmentprojectswithnoobservableactivemarketdataverificationandwithfinancialforecastsmadebyusingtheirowndata.
5.ValuationtechnologychangesthatoccurredduringthisperiodandreasonsforchangesNoneXIV.Relatedpartiesandrelated-partytransactions
1.Parentcompanyinformationoftheenterprise
Name
| Name | Registeredaddress | Nature | Redistrictedcapital | TheparentcompanyoftheCompany'sshareholdingratio | TheparentcompanyoftheCompany’svoteratio |
| GuangdongcommunicationGroupCo.,Ltd | Guangzhou | Equitymanagement,trafficinfrastructureconstructionandrailwayprojectoperation | 26.8billionyuan | 24.56% | 50.12% |
Note：
GuangdongCommunicationGroupCo.,Ltd.isthelargestshareholderoftheCompany.legalrepresentative:
DengXiaohua.Dateofestablishment:June23,2000.AsofJune30,2025,Registeredcapital:26.8billionyuan.Itisasolelystate-ownedlimitedcompany.Businessscope：
equitymanagement,organizationofassetreorganizationandoptimizedallocation,raisingfundsbymeansincludingmortgage,transferofpropertyrightsandjointstocksystemtransformation,projectinvestment,operationandmanagement,trafficinfrastructureconstruction,highwayandrailwayprojectoperationandrelevantindustries,technologicaldevelopment,application,consultationandservices,highwayandrailwaypassengerandcargotransport,shipindustry,relevantoverseasbusinesses;Thevalue-addedcommunicationbusiness.ThefinialcontroloftheCompanywasStateownedassetssupervisionandAdministrationCommissionofGuangdongProvincialPeople'sGovernment.
2.SubsidiariesoftheCompanySubsidiariesofthisenterprise,seeX(1)therightsofotherentity
3.InformationonthejointventuresandassociatedenterprisesoftheCompany
DetailsrefertotheX-2,InterestsinjointventuresorassociatesInformationonotherjointventureandassociatedenterpriseofoccurringrelatedpartytransactionswiththeCompanyinreportingperiod,orformbalanceduetorelatedpartytransactionsinpreviousperiod:
| Name | RelationwiththeCompany |
| GuangdongGuangleExpresswayCo.,Ltd. | AssociatedenterprisesoftheCompany |
| ZhaoqingYuezhaoHighwayCo.,Ltd. | AssociatedenterprisesoftheCompany |
| ShenzhenHuiyanExpresswayCo.,Ltd. | AssociatedenterprisesoftheCompany |
| GuangdongJiangzhongExpresswayCo.,Ltd. | AssociatedenterprisesoftheCompany |
| GanzhouKangdaExpresswayCo.,Ltd. | AssociatedenterprisesoftheCompany |
| GanzhouGankangExpresswayCo.,Ltd. | AssociatedenterprisesoftheCompany |
| GuangdongYuepuSmallRefinancingCo.,Ltd(Note) | AssociatedenterprisesoftheCompany |
| GuangyuanSecuritiesCo.,Ltd. | AssociatedenterprisesoftheCompany |
| GarageelectricpileHolding(Shenzhen)Co.,Ltd | AssociatedenterprisesoftheCompany |
| SPICYuetongQiyuanChipPowerTechnologyCo.,Ltd | AssociatedenterprisesoftheCompany |
4.OtherRelatedparties
Name
| Name | RelationwiththeCompany |
| GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongExpresswayMediaCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongHumenBridgeCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongHualuTrafficTechnologyCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongCommunicationsTestingCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongLitongDevelopmentInvestmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongLitongTechnologyInvestmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongLitongPropertyInvestmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongUnionElectronServiceInformationtechnologyCo.,ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongLulutongCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongProvincialFreewayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongHighwayConstructionCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongCommunicationGroupFinanceCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongTongyiExpresswayServiceAreaCo.,Ltd | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongXinyueTrafficInvestmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongYueyunTrafficRescueCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangzhouXinyueTrafficTechnologyCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangzhouXinyueAsphaltCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongTrafficDevelopmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongYueyunTrafficCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongGuangleExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongCommunicationGroupFinancialSharedServiceCenterCo.,Ltd | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongMotorTransportationGroupCo.,Ltd | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongHighwayScienceandEducationCenterCo.,Ltd | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongCommunicationsTechnologyResearchandDevelopmentCo.,Ltd | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongRoadConservationCo.,Ltd.JiangluoBranch | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongZhongyuetongOilProductsManagementCo.,Ltd | Fullyownedsubsidiaryoftheparentcompany |
| PolyChangdaEngineeringCo.,Ltd. | Associatedenterprisescontrolledbythesameparentcompany |
| GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd. | Associatedenterprisescontrolledbythesameparentcompany |
| GuangdongChangdaRoadConservationCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongJingzhuExpresswayGuangzhuNorthSectionCo.,Ltd. | Associatedenterprisescontrolledbythesameparentcompany |
| GuangdongFeidaTrafficEngineeringCo.,Ltd. | Associatedenterprisescontrolledbythesameparentcompany |
| GuangdongNanyueTrafficGuangzhou-ZhongjiangExpresswayManagementOffice | Managedbytheparentcompany |
| GuangdongProvincialGovernmentExpresswayDebtRepaymentManagementCenter | Otherunitssignificantlyaffectedbytheparentcompany |
5.Listofrelated-partytransactions
(1)InformationonacquisitionofgoodsandreceptionoflaborserviceAcquisitionofgoodsandreceptionoflaborservice
InRMB
Relatedparties
| Relatedparties | Contentofrelatedtransaction | Amountofcurrentperiod | Amountofpreviousperiod | Overthetradinglimitornot? | Amountoflastperiod |
| GuangdongUnionelectronicservicesco.,Ltd. | Service | 12,600,894.67 | 12,275,722.05 | ||
| GuangdongYueyunTrafficRescueCo.,Ltd. | Rescueservicefee | 2,446,640.00 | 2,522,231.00 | ||
| PolyChangdaEngineeringCo.,Ltd. | Projectfund,service | 4,015,374.00 | 2,294,955.00 | ||
| GuangdongXinyueTrafficInvestmentCo.,Ltd. | Projectfund,service | 2,572,588.30 | 1,704,368.33 | ||
| GuangdongFeidaTrafficEngineeringCo.,Ltd. | Maintenance | 0.00 | 1,694,722.00 | ||
| GuangdongHualuTrafficTechnologyCo.,Ltd. | Project | 0.00 | 1,108,098.00 | ||
| GuangdongHumenBridgeCo.,Ltd. | Service | 37,672.94 | 609,023.79 | ||
| GuangdongLitongTechnologyInvestmentCo.,Ltd. | Maintenance | 175,729.10 | 148,273.60 | ||
| GuangdongHighwayScienceandEducationCenterCo.,Ltd. | Trairingexpense | 68,750.00 | 23,100.00 | ||
| GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | Service | 10,000.00 | 10,000.00 | ||
| GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | Depreciationcost | 0.00 | -36,790.74 | ||
| GuangdongTongyiExpresswayServiceAreaCo.,Ltd | Service | 114,378.00 | 0.00 | ||
| JingzhuExpresswayGuangzhuNorth | Other | 53,508.72 | 0.00 | ||
| Subtotal | 22,095,535.73 | 22,353,703.03 | |||
| GuangdongCommunicationGroupFinanceCo.,Ltd. | BorrowingInterestexpresses | 3,883,230.56 | 5,992,273.61 | ||
| GuangdongCommunicationGroupFinanceCo.,Ltd. | Depositinterestincome | -12,291,186.59 | -19,060,829.63 | ||
| GuangdongCommunicationGroupFinanceCo.,Ltd. | Commissioncharge | 600.00 | 1,320.00 | ||
| Subtotal | -8,407,356.03 | -13,067,236.02 | |||
| GuangdongHighwayScienceandEducationCenterCo.,Ltd | Trainingexpense | 304,400.00 | 232,570.00 | ||
| GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | Maintenance，Service | 49,750.00 | 140,490.57 | ||
| GuangdongTongyiExpresswayServiceAreaCo.,Ltd | Service | 0.00 | 111,078.80 | ||
| GuangdongLitongPropertyDevelopmentCo.,Ltd. | ManagementFee,waterandelectricity | 493,898.82 | 84,476.00 | ||
| GuangdongHighwayConstructionCo.,Ltd. | Trainingexpense | 0.00 | 29,310.00 | ||
| GuangdongLitongPropertyDevelopmentCo.,Ltd. | ManagementFee,waterandelectricity | 281,495.24 | 0.00 | ||
| GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd. | Agencyfees | 231,132.08 | 0.00 | ||
| GuangdongCommunicationGroupFinancialSharingServiceCenterCo.,Ltd | Service | 141,015.76 | 0.00 | ||
| Subtotal | 1,501,691.90 | 597,925.37 | |||
| GuangdongXinyueTrafficInvestmentCo.,Ltd. | Monitoringservicefeeandinstallationfee | 127,431.45 | 0.00 | ||
| Subtotal | 127,431.45 | 0.00 |
Relatedparties
| Relatedparties | Contentofrelatedtransaction | Amountofcurrentperiod | Amountofpreviousperiod | Overthetradinglimitornot? | Amountoflastperiod |
| PolyChangdaEngineeringCo.,Ltd. | Purchaseassets | 122,803,002.00 | 228,857,141.00 | ||
| GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd. | Purchaseassets | 0.00 | 3,176,898.00 | ||
| GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | Purchaseassets | 52,548.00 | 1,255,000.00 | ||
| GuangdongHualuTrafficTechnologyCo.,Ltd. | Purchaseassets | 2,265,234.00 | 303,342.00 | ||
| GuangdongCommunicationGroupFinanceCo.,Ltd. | Interestcapitalized | 3,333,229.84 | 236,805.56 | ||
| GuangdongXinyueTrafficInvestmentCo.,Ltd. | Purchaseassets | 28,297,520.00 | 0.00 | ||
| GuangdongUnionelectronicservicesco.,Ltd. | Otheramortizedexpenses | 491,024.00 | 0.00 | ||
| GuangdongCommunicationGroupFinancialSharingServiceCenterCo.,Ltd | Service | 41,860.33 | 0.00 | ||
| Subtotal | 157,284,418.17 | 233,829,186.56 |
Relatedtransactionsonsalegoodsandreceivingservices
InRMB
| Relatedparty | Content | Amountofcurrentperiod | Amountofpreviousperiod |
| JingzhuExpresswayGuangzhuNorthsectionCo.,Ltd. | Commissionmanagementfee | 11,626,981.14 | 10,983,491.20 |
| GuangdongTrafficDevelopmentCo.,Ltd. | Electricity | 808,470.09 | 585,883.25 |
| ZhaoqingYuezhaoHighwayCo.,Ltd. | Salariesofexpatriatestaff | 695,856.79 | 642,558.25 |
| GanzhouGankangExpresswayCo.,Ltd. | Salariesofexpatriatestaff | 602,271.98 | 627,422.20 |
| ShenzhenHuiyanExpresswayCo.,Ltd. | Salariesofexpatriatestaff | 664,898.57 | 602,004.93 |
| GuangdongTongyiExpresswayServiceAreaCo.,Ltd | Waterandelectricity | 630,668.26 | 565,006.00 |
| GanzhouKangdaExpresswayCo.,Ltd. | Salariesofexpatriatestaff | 176,274.00 | 168,794.31 |
| GuangdongJiangzhongExpresswayCo.,Ltd. | Salariesofexpatriatestaff | 89,506.92 | 85,317.61 |
| PolyChangdaEngineeringCo.,Ltd. | waterandelectricitybills | 0.00 | 9,087.96 |
| GuangdongYueyunTrafficRescueCo.,Ltd. | Waterandelectricity | 11,480.88 | 6,530.45 |
| GuangdongExpresswayMediaCo.,Ltd. | Waterandelectricity | 2,357.65 | 1,387.31 |
| GuangdongProvincialGovernmentloanrepaymenthighwayManagementCenter | Entrustmanagementfees | 4,336,509.42 | 0.00 |
| GuangdongZhongyuetongOilProductsManagementCo.,Ltd | Waterandelectricity | 51,748.08 | 0.00 |
| Subtotal | 19,697,023.78 | 14,277,483.47 | |
| GuangdongFeidaTrafficEngineeringCo.,Ltd | Constructionliquidateddamages | 0.00 | 4,000.00 |
| PolyChangdaEngineeringCo.,Ltd. | Constructionliquidateddamages | 0.00 | 2,500.00 |
| GuangdongUnionelectronicservicesco.,Ltd. | Flatcost | 88.50 | 0.00 |
| Subtotal | 88.50 | 6,500.00 |
(2)Informationofrelatedlease
TheCompanywaslessor：
InRMB
Nameoflessee
| Nameoflessee | Categoryofleaseassets | Theleaseincomeconfirmedinthisyear | Theleaseincomeconfirmedinlastyear |
| GuangdongExpresswayTechnologyCo.,Ltd. | Advertisinglease | 965,143.41 | 945,860.93 |
| PolyChangdaEngineeringCo.,Ltd. | LandandEquipmentlease | 648,002.10 | 600,002.15 |
| GuangdongExpresswayMediaCo.,Ltd. | Advertisinglease | 775,817.80 | 498,654.95 |
| GuangdongTrafficDevelopmentCo.,Ltd. | Rentalincomeofchargingpile | 338,734.23 | 315,372.65 |
| GuangzhouXinyueTrafficTechnologyCo.,Ltd. | Propertylease | 18,514.29 | 17,142.86 |
| Total | 2,746,211.83 | 2,377,033.54 |
Thecompanywaslessee：
InRMB
Lessor
| Lessor | Categoryofleasedassets | Rentalchargesforshort-termandlow-valueassets(ifany) | Variableleasepaymentsnotincludedinleaseliabilitiesmeasurement(ifany) | Rentpaid | Interestexpensesonleaseliabilitiesassumed | Increaseduserightassets | |||||
| Amountofcurrentperiod | Amountofpreviousperiod | Amountofcurrentperiod | Amountofpreviousperiod | Amountofcurrentperiod | Amountofpreviousperiod | Amountofcurrentperiod | Amountofpreviousperiod | Amountofcurrentperiod | Amountofpreviousperiod | ||
| GuangdongLitongDecelopmentInvestmentCo.,Ltd | Officespace | 281,495.24 | 131,314.30 | 5,425,284.74 | 2,594,667.06 | 199,132.97 | 364,868.32 | ||||
| GuangdongLitongPropertyDevelopmentCo.,Ltd. | Officespace | 40,276.00 | 52,128.00 | 764.10 | 2,408.30 | ||||||
(3）Rewardsforthekeymanagementpersonnel
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod |
| Rewardsforthekeymanagementpersonnel | 2,391,000.00 | 2,759,500.00 |
(4)Otherrelated-partytransactions
1）OnJune15,2016,Thecompany’s29thmeeting(Provisional)oftheseventhboardofdirectorswasconvened.TheProposalonEntrustmentofConstructionManagementoftheRenovationandExpansionProjectofSanbao-to-ShuikouSectionofShengyang-to-HaikouNationalExpresswaywasdeliberatedinthemeeting,agreedthatGuangdongProvincialFokaiExpresswayCo.,LtdentrustsGuangdongProvincialHighwayConstructionCo.,LtdwiththeconstructionmanagementoftherenovationandexpansionprojectofSanbao-to-ShuikouSectionofShengyang-to-HaikouNationalExpressway,andhandlingtherelatedmattersoftheentrustmentoftheconstructionmanagement.TheabovetransactionshavebeenapprovedandimplementedbytheboardofdirectorsofGuangdongFokaiExpresswayCo.,Ltd.2）OnNovember30,2022,thefifth(interim)meetingofthe10thBoardofDirectorsoftheCompanyreviewedandapprovedtheProposalonEntrusted
ConstructionManagementoftheReconstructionandExpansionProjectofNansha-ZhuhaiSectionofGuangzhou-MacaoExpressway,andagreedthatthesubsidiaryGuangzhou-ZhuhaiSectionofBeijing-ZhuhaiExpresswayCo.,Ltd.entrustedGuangdongProvincialHighwayConstructionCo.,Ltd.tocarryoutthewhole-processconstructionmanagementofthereconstructionandexpansionprojectofNansha-ZhuhaiSectionofGuangzhou-MacaoExpressway.TheabovetransactionshavebeenapprovedandimplementedbytheBoardofDirectorsofGuangzhuSectionofBeijing-ZhuhaiExpresswayCo.,Ltd,TheabovetransactionshavebeenapprovedandimplementedbytheboardofdirectorsofBeijing-ZhuhaiExpresswayGuangzhou-ZhuhaiSectionCo.,Ltd.
6.Receivablesandpayablesofrelatedparties
（1）Receivables
InRMB
Name
| Name | Relatedparty | Amountatyearend | Amountatyearbeginning | ||
| BalanceofBook | BaddebtProvision | BalanceofBook | BaddebtProvision | ||
| Accountreceivable | GuangdongUnionelectronServiceCo.,Ltd. | 56,552,000.77 | 0.00 | 56,215,234.69 | 0.00 |
| Accountreceivable | GuangdongHumenBridgeCo.,Ltd. | 12,588,909.96 | 0.00 | 5,720,146.53 | 0.00 |
| Accountreceivable | JingzhuExpresswayGuangzhuNorthSectionCo.,Ltd. | 12,324,600.00 | 0.00 | 9,311,649.31 | 0.00 |
| Accountreceivable | GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | 6,470,388.19 | 0.00 | 6,828,733.67 | 0.00 |
| Accountreceivable | GuangdongProvincialGovernmentExpresswayDebtRepaymentManagementCenter | 4,596,700.00 | 0.00 | 0.00 | 0.00 |
| Accountreceivable | GuangdongExpresswayMediaCo.,Ltd. | 459,031.73 | 0.00 | 1,219,406.25 | 0.00 |
| Accountreceivable | GuangdongTrafficDevelopmentCo.,Ltd. | 420,295.29 | 0.00 | 0.00 | 0.00 |
| Accountreceivable | PolyChangdaEngineeringCo.,Ltd. | 0.00 | 0.00 | 503,879.00 | 0.00 |
| Total | 93,411,925.94 | 0.00 | 79,799,049.45 | 0.00 | |
| Prepayment | GuangdongCommunicationsTestingCo.,Ltd | 711,457.00 | 0.00 | 711,457.00 | 0.00 |
| Prepayment | GuangdongUnionelectronServiceCo.,Ltd. | 178,790.30 | 0.00 | 0.00 | 0.00 |
| Prepayment | GuangdongHighwayScienceandEducationCenterCo.,Ltd. | 7,490.00 | 0.00 | 0.00 | 0.00 |
| Total | 897,737.30 | 0.00 | 711,457.00 | 0.00 | |
| OtherAccountreceivable | GuangdongProvincialGovernmentloanrepaymenthighwayManagementCenter | 234,872,551.47 | 11,456,105.70 | 0.00 | 0.00 |
| OtherAccountreceivable | GanzhouGankangExpresswayCo.,Ltd. | 12,000,000.00 | 0.00 | 0.00 | 0.00 |
| OtherAccountreceivable | GuangdongLitongDevelopmentInvestmentCo.,Ltd. | 1,839,246.94 | 0.00 | 1,839,246.94 | 0.00 |
| OtherAccountreceivable | GuangdongLitongPropertyDevelopmentCo.,Ltd. | 433,718.60 | 0.00 | 19,193.00 | 0.00 |
| OtherAccountreceivable | GuangdongUnionelectronServiceCo.,Ltd. | 50,000.00 | 0.00 | 50,000.00 | 0.00 |
| OtherAccountreceivable | GuangdongHumenBridgeCo.,Ltd. | 15,000.00 | 0.00 | 15,000.00 | 0.00 |
| OtherAccountreceivable | GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | 8,314.23 | 0.00 | 7,730.44 | 0.00 |
| OtherAccountreceivable | GuangdongYueyunTrafficRescueCo.,Ltd. | 5,868.26 | 0.00 | 2,725.82 | 0.00 |
| OtherAccountreceivable | GuangdongGuangleExpresswayCo.,Ltd. | 0.00 | 0.00 | 21,615,181.62 | 0.00 |
| OtherAccountreceivable | GuangdongHighwayConstructionCo.,Ltd.,JiangluoBranch | 0.00 | 0.00 | 6,707,300.48 | 0.00 |
| Total | 249,224,699.50 | 11,456,105.70 | 30,256,378.30 | 0.00 | |
| OtherNon-CurrentAssets | PolyChangdaEngineeringCo.,Ltd. | 138,161,047.92 | 0.00 | 130,778,141.60 | 0.00 |
| OtherNon-CurrentAssets | GuangdongXinyueTrafficInvestmentCo.,Ltd. | 17,423,070.00 | 0.00 | 17,423,070.00 | 0.00 |
| OtherNon- | GuangdongHualuTrafficTechnology | 1,715,012.00 | 0.00 | 1,715,012.00 | 0.00 |
CurrentAssets
| CurrentAssets | Co.,Ltd. | ||||
| OtherNon-CurrentAssets | GuangdongTrafficDevelopmentCo.,Ltd. | 333,398.00 | 0.00 | 333,398.00 | 0.00 |
| OtherNon-CurrentAssets | GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | 251,000.00 | 0.00 | 251,000.00 | 0.00 |
| Total | 157,883,527.92 | 0.00 | 150,500,621.60 | 0.00 |
（2）Payables
InRMB
| Name | Relatedparty | Amountatyearend | Amountatyearbeginning |
| Short-termloan | GuangdongCommunicationGroupFinanceCo.,ltd. | 150,085,138.89 | 0.00 |
| Total | 150,085,138.89 | 0.00 | |
| Accountpayable | GuangdongFeidaTrafficEngineeringCo.,Ltd. | 11,283,310.92 | 14,154,370.37 |
| Accountpayable | GuangdongXinyueTrafficInvestmentCo.,Ltd. | 8,139,793.52 | 7,251,728.23 |
| Accountpayable | PolyChangdaEngineeringCo.,Ltd. | 6,570,042.30 | 21,105,254.30 |
| Accountpayable | GuangdongHualuTrafficTechnologyCo.,Ltd. | 2,331,025.33 | 3,692,531.87 |
| Accountpayable | GuangdongUnionElectronServiceCo.,Ltd. | 2,549,293.76 | 1,213,419.78 |
| Accountpayable | GuangdongYueyunTrafficRescueCo.,Ltd. | 1,506,880.00 | 261,800.00 |
| Accountpayable | GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd. | 842,076.00 | 1,019,151.90 |
| Accountpayable | GuangdongCommunicationTestCo.,Ltd. | 830,124.00 | 830,124.00 |
| Accountpayable | GuangdongLitongTechnologyInvestmentCo.,Ltd. | 658,769.34 | 713,769.34 |
| Accountpayable | GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | 412,905.56 | 1,072,905.56 |
| Accountpayable | GuangdongNanyueTrafficGuangzhou-ZhongjiangExpresswayManagementOffice | 0.00 | 2,747,739.00 |
| Accountpayable | GuangdongLulutongCo.,Ltd. | 0.00 | 2,278,123.00 |
| Accountpayable | GuangzhouXinyueAsphaltCo.,Ltd. | 0.00 | 2,068,875.00 |
| Accountpayable | GuangdongCommunicationsGroupFinancialSharingServiceCenterCo.,Ltd | 0.00 | 282,411.49 |
| Accountpayable | GuangdongYueyunTrafficRescueCo.,Ltd. | 0.00 | 261,800.00 |
| Accountpayable | GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | 0.00 | 48,004.00 |
| Total | 35,124,220.73 | 58,740,207.84 | |
| OtherPayableaccount | PolyChangdaEngineeringCo.,Ltd. | 22,956,338.31 | 28,546,224.97 |
| OtherPayableaccount | GuangdongFeidaTrafficEngineeringCo.,Ltd. | 2,278,399.17 | 2,267,431.65 |
| OtherPayableaccount | GuangdongHualuTrafficTechnologyCo.,Ltd. | 1,686,764.06 | 2,422,446.06 |
| OtherPayableaccount | GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | 1,196,622.01 | 1,480,359.66 |
| OtherPayableaccount | GuangdongXinyueTrafficInvestmentCo.,Ltd. | 1,185,372.23 | 962,439.99 |
| OtherPayableaccount | GuangdongXinyueTrafficInvestmentCo.,Ltd. | 610,000.00 | 702,198.00 |
| OtherPayableaccount | GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | 498,886.62 | 588,886.62 |
| OtherPayableaccount | GuangdongProvincialCommunicationsPlanning&DesignInstituteGroupCo.,Ltd. | 462,700.00 | 2,857,255.10 |
| OtherPayableaccount | GuangdongLulutongCo.,Ltd. | 416,873.00 | 739,076.64 |
| OtherPayableaccount | GuangzhouXinyueTransportationTechnologyCo.,Ltd. | 409,283.50 | 317,085.50 |
| OtherPayableaccount | GuangdongRoadConstructionCo.,Ltd. | 144,492.75 | 0.00 |
| OtherPayableaccount | GuangdongTongyiExpresswayServiceAreaCo.,Ltd. | 100,000.00 | 120,000.00 |
| OtherPayableaccount | GuangdongJiaokeTestingCo.,Ltd. | 96,954.00 | 96,954.00 |
| OtherPayableaccount | GuangdongExpresswayMediaCo.,Ltd. | 50,000.00 | 50,000.00 |
| OtherPayableaccount | GuangdongLitongTechnologyInvestmentCo.,Ltd. | 39,880.53 | 50,836.53 |
| OtherPayableaccount | GuangdongYueyunTrafficRescueCo.Ltd. | 2,000.00 | 2,000.00 |
| OtherPayableaccount | GuangdongUnionelectronicservicesco.,Ltd. | 0.00 | 1,238,234.09 |
| OtherPayableaccount | GuangdongNanyueTrafficGuangzhou-ZhongjiangExpresswayManagementOffice | 0.00 | 200,000.00 |
Name
| Name | Relatedparty | Amountatyearend | Amountatyearbeginning |
| Total | 32,134,566.18 | 42,641,428.81 | |
| Non-currentliabilitiesdue1year | GuangdongLitongDevelopmentInvestmentCo.,Ltd. | 8,083,974.96 | 10,619,693.51 |
| Non-currentliabilitiesdue1year | GuangdongCommunicationGroupFinanceCo.,ltd. | 0.00 | 4,608,361.15 |
| Non-currentliabilitiesdue1year | GuangdongLitongPropertyDevelopmentCo.,Ltd. | 24,124.00 | 55,401.73 |
| Total | 8,108,098.96 | 15,283,456.39 | |
| LeaseLiabilities | GuangdongLitongDevelopmentInvestmentCo.,Ltd. | 0.00 | 2,730,189.11 |
| Total | 0.00 | 2,730,189.11 | |
| Long-termloans | GuangdongCommunicationGroupFinanceCo.,ltd. | 557,212,333.41 | 848,000,000.00 |
| Total | 557,212,333.41 | 848,000,000.00 |
7.Fundcentralizedmanagement
(1)Participationinandimplementationoffundcentralizedmanagementarrangements:
OnDecember25,2017,theCompanyenteredintoaCashManagementBusinessCooperationAgreementwithGuangdongProvincialCommunicationGroupFinanceCo.,Ltd.andIndustrialandCommercialBankofChinaGuangdongBranch.OnDecember22,2017,theCompanysignedaCashManagementBusinessCooperationAgreementwithGuangdongProvincialCommunicationGroupFinanceCo.,Ltd.andChinaConstructionBankCorporationGuangdongBranchtojointhecashpoolofGuangdongProvincialCommunicationGroupFinanceCo.,Ltd.SubsidiaryGuangdongGuanghuiExpresswayCo.,Ltd.enteredintoaCashManagementBusinessCooperationAgreementwithGuangdongProvincialCommunicationGroupFinanceCo.,Ltd.andAgriculturalBankofChinaLimitedGuangdongBranchonMay19,2020,joiningthecashpoolofGuangdongProvincialCommunicationGroupFinanceCo.,Ltd.SubsidiaryJingzhuExpresswayGuangzhou-ZhuhaiSectionCo.,Ltd.signedaCashManagementBusinessCooperationAgreementforGuangdongProvincialExpresswayDevelopmentCo.,Ltd.withGuangdongProvincialCommunicationGroupFinanceCo.,Ltd.andIndustrialandCommercialBankofChinaGuangdongBranchonDecember26,2016,joiningthecashpoolofGuangdongProvincialCommunicationGroupFinanceCo.,Ltd.
(2)FundsconsolidatedwiththeFinanceCompanyFundsdepositeddirectlywiththeFinanceCompanyratherthanconsolidatedintotheaccountofGuangdongProvincialCommunicationGroupCo.,Ltd.
| Relatedparty | Relationship | Maximumdailydepositlimit(RMB'00000） | Depositinterestraterange | Beginningbalance(RMB'00000） | Theamountofthisperiod | Endingbalance(RMB'00000） | |
| Totalamountforthisperiod(RMB'00000） | Totalamountiswithdrawnforthisperiod(RMB'00000） | ||||||
| GuangdongCommunicationsGroupFinanceCo.,Ltd | Controlledbythesameparentcompany | 350,000.00 | 0.20%-2.40% | 279,078.10 | 390,417.83 | 351,678.86 | 317,817.08 |
（
）Loanbusiness
| Relatedparty | Relationship | Loanlimit(RMB'00000） | Loantinterestraterange | Beginningbalance(RMB'00000） | Theamountofthisperiod | Endingbalance(RMB'0000 | |
| Totalloanamountofthecurrentperiod(RMB'00000） | Totalrepaymentamountofthecurrentperiod(RMB'00000） | ||||||
GuangdongCommunicationsGroupFinanceCo.,Ltd
| GuangdongCommunicationsGroupFinanceCo.,Ltd | Controlledbythesameparentcompany | 400,000.00 | 2.10%-2.60% | 85,244.83 | 25,962.12 | 40,477.20 | 70,729.75 |
Thebalanceoftheabove-mentionedloantoGuangdongCommunicationsGroupFinanceCo.,Ltd.includesthe"uncoverdueinterest"part.
（3）Creditextensionorotherfinancialservices
| Relatedparty | Relationship | Businesstype | Totalamount(RMB'00000） | Actualamountincurred(RMB'00000） |
| GuangdongCommunicationsGroupFinanceCo.,Ltd | Controlledbythesameparentcompany | Creditextension | 400,000.00 | 70,700.00 |
XV.Commitments
1.SignificantcommitmentsSignificantcommitmentsatbalancesheetdate
| Items | June30,2025 | January1,2025 |
| Contractedbutnotrecognizedinthefinancialstatements | ||
| Buildinglong-termassetcommitments-Expresswayconstruction | 5,697,164,827.08 | 6,254,265,422.40 |
| Total | 5,697,164,827.08 | 6,254,265,422.40 |
2.Contingency
(1)SignificantcontingencyatbalancesheetdateAsofJune30,2025,theCompanydidnotneedtodiscloseimportantcommitments.
(2)TheCompanyhavenosignificantcontingencytodisclose,alsoshouldbestated
TheCompanyhasnoimportantcontingencythatneedtodisclosedXVI.Eventsafterbalancesheetdate
Asofthereportissuancedate,theCompanyhasnosignificantpost-balance-sheetnon-adjustingeventsrequiringdisclosure.XVII.Otherimportantevents
1.PreviousaccountingerrorscollectionNopriorperiodaccountingerrorcorrectionsrequiringretrospectiverestatementoccurredduringthereportingperiod.
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.AsofDecember31,2024,thefundingsourceformaintenanceexpendituresofRMB342,942,142.53advancedbyGuangfoCompanyremainsunspecified.GuangfoCompanyreceivedrelevantgovernmentdocumentsinMarch2025confirmingthattheGuangzhou-FoshanExpresswaywouldbetakenoverbythegovernmentformanagement.TheoperationandmaintenancecostsadvancedbyGuangfoCompanywillbereimbursedbyrelevantunitsfollowingproperauditandliquidationprocedures.Duringthisperiod,GuangfoCompanyhasreceivedRMB150millioninadvancedoperationandmaintenancepaymentsfromtheGuangdongProvincialGovernmentExpresswayDebtRepaymentManagementCenter.XVIII.Notesofmainitemsinfinancialreportsofparentcompany
1.Accountreceivable
（1）Disclosurebyaging
InRMB
Aging
| Aging | Balanceinyear-end | BalanceYear-beginning |
| Within1year（Including1year） | 17,746,839.12 | 19,832,233.51 |
| Total | 17,746,839.12 | 19,832,233.51 |
（2）Accordingtothebaddebtprovisionmethodclassificationdisclosure
InRMB
Category
| Category | Amountinyear-end | BalanceYear-beginning | ||||||||
| BookBalance | Baddebtprovision | Bookvalue | BookBalance | Baddebtprovision | Bookvalue | |||||
| Amount | Proportion(%) | Amount | Proportion(%) | Amount | Proportion(%) | Amount | Proportion(%) | |||
| Accrualofbaddebtprovisionbyportfolio | 17,746,839.12 | 100.00% | 0.00 | 0.00% | 17,746,839.12 | 19,832,233.51 | 100.00% | 0.00 | 0.00% | 19,832,233.51 |
| Including： | ||||||||||
| Agingportfolio | 17,746,839.12 | 100.00% | 0.00 | 0.00% | 17,746,839.12 | 19,832,233.51 | 100.00% | 0.00 | 0.00% | 19,832,233.51 |
| Total | 17,746,839.12 | 100.00% | 0.00 | 0.00% | 17,746,839.12 | 19,832,233.51 | 100.00% | 0.00 | 0.00% | 19,832,233.51 |
Accrualofbaddebtprovisionbyportfolio:Theaging
InRMB
| Aging | Balanceinyear-end | ||
| Accountreceivable | Baddebtprovision | Expectedcreditlossrate(% | |
| Agingportfolio | 17,746,839.12 | 0.00 | 0.00% |
| Total | 17,746,839.12 | 0.00 | |
Relevantinformationoftheprovisionforbaddebtswillbedisclosedwithreferencetothedisclosuremethodofotherreceivablesiftheprovisionforbaddebtsofbillsreceivableisaccruedaccordingtothegeneralmodelofexpectedcreditloss:
□Applicable√Notapplicable
（3）Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodNone
（4）Theactualwrite-offaccountsreceivable
None
(5)Top5oftheclosingbalanceoftheaccountsreceivablecollectedaccordingtothearrearsparty
InRMB
CompanyName
| CompanyName | Amountofendingbalance | Closingbalanceofthecontractassets | Accountsreceivableandcontractassetsendingbalance | Proportionoftotalaccountsreceivable% | Amountofendingbalanceforbaddebts |
| GuangdongUnionElectronicServicesCo.,Ltd. | 17,411,709.62 | 0.00 | 17,411,709.62 | 98.11% | 0.00 |
| GuangdongTrafficDevelopmentCo.,Ltd. | 200,348.09 | 0.00 | 200,348.09 | 1.13% | 0.00 |
| GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | 132,469.02 | 0.00 | 132,469.02 | 0.75% | 0.00 |
| iangmenPowerSupplyBureauofGuangdongPowerGridCo.,Ltd | 2,312.39 | 0.00 | 2,312.39 | 0.01% | 0.00 |
| Total | 17,746,839.12 | 0.00 | 17,746,839.12 | 100.00% | 0.00 |
2.Otheraccountsreceivable
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| Dividendreceivable | 31,996,670.24 | 28,621,800.58 |
| Otherreceivable | 152,334,284.05 | 408,193,607.15 |
| Total | 184,330,954.29 | 436,815,407.73 |
(1)Interestreceivable
None
（2）Dividendreceivable
1)Dividendreceivable
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise | 0.00 | 797,664.04 |
| GuangdongGuangleExpresswayCo.,Ltd. | 0.00 | 21,615,181.62 |
| GuoyuanSecuritiesCo.,Ltd. | 0.00 | 6,208,954.92 |
| ChinaEverbrightBankCo.,Ltd | 19,996,670.24 | 0.00 |
| GanzhouGankangExpresswayCo.,Ltd. | 12,000,000.00 | 0.00 |
| Total | 31,996,670.24 | 28,621,800.58 |
2)Significantdividendreceivableagedover1year
None
3）Bad-debtprovisionNone
（3）Otheraccountsreceivable
1)Otheraccountsreceivableclassified
InRMB
Item
| Item | Balanceinyear-end | BalanceYear-beginning |
| Deposit | 2,477,166.44 | 2,277,164.74 |
| Pettycash | 1,114,800.00 | 950,000.00 |
| Compensationforperformancecommitmentsreceivable | 148,223,749.99 | 397,834,010.41 |
| Receivabletemporarypayment | 0.00 | 6,707,300.48 |
| Other | 518,567.62 | 425,131.52 |
| Total | 152,334,284.05 | 408,193,607.15 |
2）Disclosurebyaging
InRMB
| Aging | Balanceinyear-end | BalanceYear-beginning |
| Within1year(Including1year） | 1,001,724.83 | 8,003,997.50 |
| 1-2years | 963,178.61 | 2,251,101.35 |
| 2-3years | 149,953,328.94 | 397,512,062.00 |
| Over3years | 416,051.67 | 426,446.30 |
| 3-4years | 11,307.68 | 27,180.00 |
| 4-5years | 27,180.00 | 2,095.07 |
| Over5years | 377,563.99 | 397,171.23 |
| Total | 152,334,284.05 | 408,193,607.15 |
3）Accordingtothebaddebtprovisionmethodclassificationdisclosure
InRMB
Category
| Category | Amountinyear-end | BalanceYear-beginning | ||||||||
| BookBalance | Baddebtprovision | Bookvalue | BookBalance | Baddebtprovision | Bookvalue | |||||
| Amount | Proportion(%) | Amount | Proportion(%) | Amount | Proportion(%) | Amount | Proportion(%) | |||
| Accrualofbaddebtprovisionbyportfolio | 152,334,284.05 | 100.00% | 0.00 | 0.00% | 152,334,284.05 | 408,193,607.15 | 100.00% | 0.00 | 0.00% | 408,193,607.15 |
| Including | ||||||||||
| CSFPortfolio | 3,591,966.44 | 2.36% | 0.00 | 0.00% | 3,591,966.44 | 3,227,164.74 | 0.79% | 0.00 | 0.00% | 3,227,164.74 |
| Verylowcreditriskfinancialassetportfolio | 518,567.62 | 0.34% | 0.00 | 0.00% | 518,567.62 | 7,132,432.00 | 1.75% | 0.00 | 0.00% | 7,132,432.00 |
| Risk-freecombination | 148,223,749.99 | 97.30% | 0.00 | 0.00% | 148,223,749.99 | 397,834,010.41 | 97.46% | 0.00 | 0.00% | 397,834,010.41 |
| Total | 152,334,284.05 | 100.00% | 0.00 | 0.00% | 152,334,284.05 | 408,193,607.15 | 100.00% | 0.00 | 0.00% | 408,193,607.15 |
AccrualofbaddebtprovisionbyPortfolio:
InRMB
Name
| Name | Balanceinyear-end | ||
| BookBalance | Baddebtprovision | Withdrawalproportion | |
| Castdepositportfolio | 3,591,966.44 | 0.00 | 0.00% |
| Verylowcreditriskfinancialassetportfolio | 518,567.62 | 0.00 | 0.00% |
| Risk-freecombination | 148,223,749.99 | 0.00 | 0.00% |
| Total | 152,334,284.05 | 0.00 | |
Lossprovisionchangesincurrentperiod,changeinbookbalancewithsignificantamount
□Applicable√Notapplicable4）Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodNone
5)Theactualwrite-offotheraccountsreceivableintheperiod:
None
6)Top5oftheclosingbalanceoftheotheraccountsreceivablecollectedaccordingtothearrearsparty
InRMB
| Name | Nature | Closingbalance | Aging | Proportionofthetotalyearendbalanceoftheaccountsreceivable(%) | Closingbalanceofbaddebtprovision |
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | Fundsandinterestofthereconstructionandexpansionproject | 148,223,749.99 | Within1year2-3years | 97.30% | 0.00 |
| GuangdongLitongDevelopmentInvestmentCo.,Ltd. | Deposit | 1,839,246.94 | 2-3years4-5years | 1.21% | 0.00 |
| GuangdongLitongPropertyDevelopmentCo.,Ltd. | Deposit | 414,525.60 | Within1year2-3years | 0.28% | 0.00 |
| GuangzhouYangjiHotelManagementCo.,Ltd.,YueyangForeignHotelBranch | Deposit | 200,000.00 | Within1year | 0.13% | 0.00 |
| HuangHonggui | Petty | 190,000.00 | 1-2years | 0.12% | 0.00 |
| Total | 150,867,522.53 | 99.03% |
3.Long-termequityinvestment
InRMB
| Items | Endofterm | Beginningofterm | ||||
| BookBalance | Impairmentprovision | Bookvalue | BookBalance | Impairmentprovision | Bookvalue | |
| Investmentinsubsidiaries | 4,779,205,463.43 | 4,779,205,463.43 | 4,529,830,463.43 | 4,529,830,463.43 | ||
| Investmentinjointventuresandassociates | 4,202,215,056.13 | 4,202,215,056.13 | 3,316,886,938.58 | 3,316,886,938.58 | ||
| Total | 8,981,420,519.56 | 8,981,420,519.56 | 7,846,717,402.01 | 7,846,717,402.01 | ||
（1）Investmenttothesubsidiary
InRMB
Name
| Name | Openingbalance | Initialbalanceoftheimpairmentprovision | Increase/decreaseinreportingperiod | Closingbalance | Closingbalanceofimpairmentprovision | |||
| Addinvestment | Decreasedinvestment | Withdrawnimpairmentprovision | Other | |||||
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 1,973,671,883.08 | 249,375,000.00 | 2,223,046,883.08 | |||||
| GuangfoExpresswayCo.,ltd. | 154,982,475.25 | 154,982,475.25 | ||||||
| YuegaoCapitalInvestment(Guangzhou)Co.,Ltd. | 375,500,000.00 | 375,500,000.00 | ||||||
| GuanghuiExpresswayCo.,Ltd. | 2,025,676,105.10 | 2,025,676,105.10 | ||||||
| Total | 4,529,830,463.43 | 249,375,000.00 | 4,779,205,463.43 | |||||
（2）Investmenttojointventuresandassociatedenterprises
InRMB
| Name | Openingbalance | Initialbalanceoftheimpairmentprovision | Increase/decreaseinreportingperiod | Closingbalance | Closingbalanceofimpairmentprovision | |||||||
| Increaseininvestment | Decreaseininvestment | Investmentincomeunderequitymethod | Othercomprehensiveincome | Otherchangesinequity | Announcedfordistributingcashdividendorprofit | Provisionforimpairment | Other | |||||
| I.Jointventures | ||||||||||||
| II.Associatedenterprises | ||||||||||||
| GuangdongJiangzhongExpresswayCo.,Ltd. | 599,185,872.46 | -12,032,094.92 | 10,920,459.86 | 576,233,317.68 | ||||||||
| GanzhouGankangExpresswayCo.,Ltd. | 178,670,052.26 | 10,556,495.51 | 12,000,000.00 | 177,226,547.77 | ||||||||
| GanzhouKangdaExpresswayCo.,Ltd. | 271,494,771.93 | 21,475,197.13 | 292,969,969.06 | |||||||||
| ShenzhenHuiyanExpresswayCo.,Ltd. | 401,802,859.16 | 16,417,817.46 | 418,220,676.62 | |||||||||
| ZhaoqingYuezhaoHighwayCo., | 554,108,739.37 | 54,150,000.00 | 24,681,575.72 | 54,150,000.00 | 578,790,315.09 | |||||||
Name
| Name | Openingbalance | Initialbalanceoftheimpairmentprovision | Increase/decreaseinreportingperiod | Closingbalance | Closingbalanceofimpairmentprovision | |||||||
| Increaseininvestment | Decreaseininvestment | Investmentincomeunderequitymethod | Othercomprehensiveincome | Otherchangesinequity | Announcedfordistributingcashdividendorprofit | Provisionforimpairment | Other | |||||
| Ltd. | ||||||||||||
| GuoyuanSecuritiesCo.,Ltd. | 1,086,436,061.59 | 32,354,421.01 | -1,349,334.86 | 10,348,258.20 | 1,107,092,889.54 | |||||||
| GuangdongYuepuScienceandTechnologyMicrofinanceCo.,Ltd. | 225,188,581.81 | 6,138,956.62 | 231,327,538.43 | |||||||||
| GuangdongGuangleExpresswayCo.,Ltd. | 820,353,801.94 | 820,353,801.94 | ||||||||||
| Subtotal | 3,316,886,938.58 | 54,150,000.00 | 0.00 | 99,592,368.53 | -1,349,334.86 | 0.00 | 87,418,718.06 | 820,353,801.94 | 4,202,215,056.13 | |||
| Total | 3,316,886,938.58 | 54,150,000.00 | 0.00 | 99,592,368.53 | -1,349,334.86 | 0.00 | 87,418,718.06 | 820,353,801.94 | 4,202,215,056.13 | |||
Therecoverableamountisdeterminedbythenetamountoffairvalueminusdisposalexpenses
□Applicable?NotapplicableTherecoverableamountisdeterminedaccordingtothepresentvalueoftheexpectedfuturecashflow
□Applicable?Notapplicable
（3）OthernoteTheCompany’sinvestmentinGuangdongGuangleExpresswayCo.,Ltd.wasoriginallydesignatedasafinancialassetatfairvaluethroughothercomprehensiveincome(otherequityinstrumentinvestment).Duringtheperiod,theCompanychangeditsmanagementmodelforthisinvestmentandreclassifieditasalong-termequityinvestmentaccountedforundertheequitymethod.
4.BusinessincomeandBusinesscost
InRMB
Item
| Item | Amountofcurrentperiod | Amountofpreviousperiod | ||
| Revenue | Cost | Revenue | Cost | |
| Mainbusiness | 684,892,134.29 | 249,732,622.26 | 743,464,662.48 | 251,313,774.04 |
| Other | 4,760,965.40 | 117,286.68 | 4,261,694.44 | 113,922.96 |
| Total | 689,653,099.69 | 249,849,908.94 | 747,726,356.92 | 251,427,697.00 |
Detail：
InRMB
| Item | Amountofcurrentperiod | Amountofpreviousperiod |
| Tollincome | 684,892,134.29 | 743,464,662.48 |
| Serviceandother | 3,730,435.64 | 3,295,782.97 |
| Leaseincome | 1,030,529.76 | 965,911.47 |
| Total | 689,653,099.69 | 747,726,356.92 |
5.Investmentincome
InRMB
| Items | Amountofcurrentperiod | Amountofpreviousperiod |
| Long-termequityinvestmentincomeaccountedbycostmethod | 450,736,107.58 | 598,060,407.87 |
| Long-termequityinvestmentincomeaccountedbyequitymethod | 99,592,368.53 | 115,094,457.16 |
| Dividendincomefromotherequityinstrumentinvestmentsduringtheholdingperiod | 44,772,473.91 | 40,699,105.31 |
| Other | 3,310,249.61 | 11,332,376.43 |
| Total | 598,411,199.63 | 765,186,346.77 |
XVI.SupplementaryInformation
1.Currentnon-recurringgains/losses
√Applicable□Notapplicable
InRMB
Item
| Item | Amount | Notes |
| Non-currentassetdisposalgain/loss(includingthewrite-offpartforwhichassetsimpairmentprovisionismade) | -117,947.42 | |
| Governmentsubsidiesrecognizedincurrentgainandloss(excludingthosecloselyrelatedtotheCompany’sbusinessandgrantedunderthestate’spolicies) | 1,451,369.85 | |
| Allowanceforimpairmentreversalofreceivablestestedseparatelyforimpairment | 0.00 | |
| Theimpairmentprovisionfortheadvanceexpensesthathaveoccurredbutneedtobedefinedfromthesourceoffunds | 342,942,142.53 | Accordingtotherelevantgovernmentdocuments,thesourceoffundsforthepipemaintenanceexpensesadvancedbytheGuangfoCompanyhasbeenclarified,andthepreviouslyprovisionedbad-debtreserveshallbereversed. |
| Netamountofnon-operatingincomeandexpenseexcepttheaforesaiditems | -361,864.33 | |
| Othernon-recurringGains/lossitems | 411,538.51 | |
| Less:Influencedamountofincometax | 366,563.21 | |
| Influencedamountofminorshareholders’equity(aftertax) | 85,865,206.42 | |
| Total | 258,093,469.51 | -- |
Detailsofotherprofitandlossitemsthatmeetthenon-recurringprofitandlossdefinition
□Applicable?NotapplicableTherearenoothergains/lossesitemsthatmeetthedefinitionofnon-recurringgains/lossesintheCompany.Explaintheitemsdefinedasrecurringprofit(gain)/lossaccordingtothelistsofextraordinaryprofit(gain)/lossinQ&AAnnouncementNo.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic---ExtraordinaryProfit/loss
□Applicable?Notapplicable
2.Returnonequity(ROE)andearningspershare(EPS)
| Profitasofreportingperiod | WeightedaverageROE(%) | EPS（Yuan/share） | |
| EPS-basic | EPS-diluted | ||
NetprofitattributabletocommonshareholdersoftheCompany
| NetprofitattributabletocommonshareholdersoftheCompany | 9.75% | 0.51 | 0.51 |
| NetprofitattributabletocommonshareholdersoftheCompanyafterdeductionofnon-recurringprofitandloss | 7.37% | 0.38 | 0.38 |
3.Differencesbetweenaccountingdataunderdomesticandoverseasaccountingstandards
（1）．SimultaneouslypursuanttobothChineseaccountingstandardsandinternationalaccountingstandardsdisclosedinthefinancialreportsofdifferencesinnetincomeandnetassets.
□Applicable□√Notapplicable
（2）.DifferencesofnetprofitandnetassetsdisclosedinfinancialreportspreparedunderoverseasandChineseaccountingstandards.
□Applicable□√Notapplicable
(3).Explanationofthereasonsforthedifferencesinaccountingdataunderdomesticandforeignaccountingstandards.Ifthedatathathasbeenauditedbyanoverseasauditinstitutionisadjustedfordifferences,thenameoftheoverseasinstitutionshouldbeindicated