Stock Abbreviation: Guangdong Expressway A, B Stock Code: 000429, 200429
Announcement No.: 2024-021
Guangdong Provincial Expressway Development Co., Ltd.
Summary of the 2024 Semi-Annual Report
1
I. Important Notice
The semi-annual report summary provided here is derived from the complete semi-annual
report. For a comprehensive understanding of the company's operational results, financial
status, and future development plans, investors should carefully read the full text of the
semi-annual report on the media designated by the Securities Regulatory Commission.
All directors have attended the board meeting to review this report.
Non-standard Audit Opinion Notice
□ Applicable□√ Not applicable
The profit distribution plan or capital reserve conversion to share capital plan reviewed by the
board of directors for the reporting period.
□ Applicable□√ Not applicable
The company plans not to distribute cash dividends, not to issue bonus shares, and not to
convert capital reserves into share capital.
The preferred share profit distribution plan for this reporting period approved by the board of
directors.
□ Applicable□√ Not applicable
ⅡBasic Information of the Company
1. Company Profile
000429,
Stock abbreviation: Expressway A, Expressway B Stock code
200429
Stock exchange for listing Shenzhen Stock Exchange
Contact Person and Contact
Board secretary Securities affairs Representative
Information
Name Yang Hanming Liang Jirong
46/F, Litong Plaza, No.32, 45/F, Litong Plaza, No.32,
Zhujiang East Road, Zhujiang Zhujiang East Road, Zhujiang
Contact address
New City, Tianhe District , New City, Tianhe District ,
Guangzhou Guangzhou
Tel 020-29004619 020-29004523
Fax 020-38787002 020-38787002
E-mail Hmy69@126.com 139221590@qq.com
2
2. Summary of Accounting Data and Financial Indicators
Whether it has retroactive adjustment or re-statement on previous accounting data
□Yes √ No
Same period of last YoY+/-
Reporting period
year （%）
Operating income（yuan） 2,230,865,662.20 2,340,436,775.08 -4.68%
Net profit attributable to the shareholders of the
855,465,441.00 885,644,187.99 -3.41%
listed company（yuan）
Net profit after deducting of non-recurring
gain/loss attributable to the shareholders of listed 883,859,403.20 913,683,625.12 -3.26%
company（yuan）
Cash flow generated by business operation, net
1,603,256,009.68 2,013,917,191.70 -20.39%
（yuan）
Basic earning per share(yuan/Share) 0.41 0.42 -2.38%
Diluted gains per share(yuan/Share) 0.41 0.42 -2.38%
Weighted average income/asset ratio（%） 8.45% 9.30% -0.85%
As at the end of the As at the end of last YoY+/-
reporting period year （%）
Gross assets（yuan） 22,379,416,869.63 21,368,963,167.41 4.73%
Shareholders’ equity attributable to shareholders
9,640,941,824.71 9,847,531,855.89 -2.10%
of the listed company（yuan）
3
3. Shareholders and actual controlling shareholder
In Shares
Total number of common
Total number of preferred shareholders that had restored the voting right at the
shareholders at the end of the 51,839 0
end of the reporting period (if any) (note 8)
reporting period
Particulars about shares held above 5% by shareholders or top ten shareholders(Excludes shares lent through refinancing)
Number of share
Amount of
Nature of Proportion of Number of shares Changes in Amount of restricted pledged/frozen
Shareholders un-restricted shares
shareholder shares held（%） held at period -end reporting period shares held State of
held Amount
share
Guangdong Communication State-owned Not appl
24.56% 513,485,480 0 410,105,738 103,379,742 0
Group Co.,Ltd legal person icable
Guangdong Highway State-owned Not appl
22.30% 466,325,020 0 0 466,325,020 0
Construction Co., Ltd, legal person icable
Shangdong Expressway State-owned Not appl
9.68% 202,429,927 -8,713,918 0 202,429,927 0
Investment Development Co., Ltd. legal person icable
Guangdong Provincial Freeway State-owned Not appl
2.53% 52,937,491 0 19,582,228 33,355,263 0
Co.,Ltd. legal person icable
Tibet Hetai Enterprise State-owned Not appl
1.68% 35,153,050 -24,247,200 0 35,153,050 0
Management Co., Ltd. legal person icable
Domestic
Not appl
Feng Wuchu natural person 1.18% 24,726,296 6,229,967 0 24,726,296 0
icable
shares
China Pacific Life Insurance Co., Not appl
Other 1.04% 21,731,388 17,618,970 0 21,731,388 0
Ltd.-China Pacific Life Equity icable
4
Dividend Product (Life
Proprietary Trading) Entrusted
Investment (Changjiang Pension)
Overseas legal Not appl
HKSCC 0.97% 20,338,420 -12,658,095 0 20,338,420 0
person icable
State-owned Not appl
SDIC Securities 0.89% 18,664,177 18,664,177 0 18,664,177 0
legal person icable
Overseas legal Not appl
Xinyue Co., Ltd. 0.63% 13,201,086 0 0 13,201,086 0
person icable
Guangdong Communication Group Co., Ltd. is the parent company of Guangdong Highway Construction Co., Ltd.，Guangdong
Related or acting-in-concert parties among Provincial Freeway Co.,Ltd. and Xinyue Co., Ltd., It is unknown whether there is relationship between other shareholders and whether
shareholders above they are persons taking concerted action specified in the Regulations on Disclosure of Information about Change in Shareholding of
Shareholders of Listed Companies.
Top 10 ordinary shareholders conducting securities
None
margin trading (if any) (see note 4)
The situation of shareholders holding more than 5% of the shares, the top 10 shareholders, and the top 10 holders of unrestricted tradable shares participating in
the securities lending business through the securities lending and borrowing system.
□ Applicable□√ Not applicable
Changes in the top 10 shareholders and the top 10 holders of unrestricted tradable shares due to the lending/return of shares in the securities lending and
borrowing system compared to the previous period.
□ Applicable□√ Not applicable
5
4. V. Change of the controlling shareholder or the actual controller
Change of the controlling shareholder in the reporting period
□ Applicable √ Not Applicable
There was no any change of the controlling shareholder of the Company in the reporting
period.
Change of the actual controller in the reporting period
□ Applicable √ Not applicable
There was no any change of the actual controller of the Company in the reporting period.
5. Table of the total number of preferred shareholders and the shareholding situation of the top
10 preferred shareholders.
□Applicable √Not applicable
The Company had no preferred shares in the reporting period
6. The situation of bonds outstanding on the approval and release date of the semi-annual
report
√ Applicable □ Not applicable
(1) Basic Information of Bonds
Bond
Inte
Bond short Issue Value balance
Bond name Bond code Due day rest
name day date (In RMB
rate
10,000)
Guangdong Provincial E
20 Guangdong
xpressway Development March March March
Expressway 102000367 74,964.76 3%
Co., Ltd. 2020 first pha 13,2020 17,2020 17,2025
MTN001
se medium-term notes
(2) Main accounting data and financial indicators of the Company in recent two years by the
end of the reporting period
Items At the end of the reporting period At the end of last year
Debt ratio 45.31% 41.93%
Amount of this period Amount of last period
EBITDA Time interest earned ratio 17.97 16.74
Ⅲ Important Events
After the deliberation and approval of the third extraordinary general meeting of shareholders
in 2020, the Company acquired 21% of the equity of Guangdong Guanghui Expressway Co.,
6
Ltd. held by Guangdong Provincial Expressway Co., Ltd. in cash in 2020 (hereinafter referred
to as the "Transaction"). The Company signed the "Profit Compensation Agreement between
Guangdong Provincial Expressway Development Co., Ltd. and Guangdong
Provincial Expressway Co., Ltd." (hereinafter referred to as the "Profit Compensation
Agreement") with Provincial Company, and Provincial Company made a commitment to the
net profit of Guanghui Company in 2020, 2021 and 2022 (hereinafter referred to as the
"Performance Commitment Period"). After the deliberation and approval of the first
extraordinary general meeting of shareholders in 2023, the Company signed the Supplementary
Agreement to the Profit Compensation Agreement between Guangdong Provincial Expressway
Development Co., Ltd. and Guangdong Provincial Expressway Co., Ltd. (hereinafter referred
to as the "Supplementary Agreement") with Provincial Company, and the performance
commitment period was adjusted to 2020, 2021 and 2023.
According to the "Special Audit Report on the Realization of the Profit Forecast of Guangdong
Guanghui Expressway Co., Ltd." (No. 310039(2024)Yongzheng Zhuanzi ) issued by Yongtuo
Certified Public Accountants (LLP) on March 15, 2024, in 2020, 2021 and 2023, Guanghui
Company had achieved a net profit of 2,951,041,600 yuan after deducting non-recurring gains
and losses, and in the performance commitment period of 2020, 2021, and 2023, the promised
cumulative net profit after deducting non-recurring gains and losses realized was
2,999,265,700 yuan. The cumulative actual profit was 48,224,100 yuan less than the
cumulative amount promised, which had triggered the provisions of Article 2.3 of the Profit
Compensation Agreement and Article 2.1 of the Supplementary Agreement, and the Provincial
Company shall pay performance compensation to the Company. According to the formula for
calculating the amount of performance commitment compensation agreed in the above
agreement, the amount of performance commitment compensation payable by Provincial
Company was RMB 40,092,886.12.
As of July 2, 2024, the Company has received the above-mentioned performance commitment
compensation paid by Provincial Company. According to the accounting standards, the
material asset restructuring in 2020 was a business combination under the common control, and
the amount of performance commitment compensation was offset by the difference between
the initial investment cost and the cash paid at that time to adjust the capital reserve, and the
relevant accounting treatment had been reflected in the 2023 annual report, and the
performance compensation received this time increases the monetary funds of the current
period and reduces other receivables by 40,092,886.12 yuan each, which will not affect the
Company's current profit and total assets. The provincial expressway company’s performance
commitment compensation obligation for the major asset restructuring project in 2020 has been
fulfilled.
7
