Guangdong Provincial Expressway Development Co., Ltd.
The Semi-Annual Report 2024
August 2024
I. Important Notice, Table of Contents and Definitions
The Board of Directors, the Supervisory Committee as well as all directors, supervisors and senior management
staff of the Company warrant that this Report is factual, accurate and complete without any false record,
misleading statement or material omission. And they shall be jointly and severally liable for that.
Mr.Miao Deshan, Company principal , Mr. Lu Ming, Chief of the accounting work, Ms.Yan Xiaohong, Chief of
the accounting organ (chief of accounting ) hereby confirm the authenticity and completeness of the financial
report enclosed in this Semi-annual report.
All the directors have attended the meeting of the board meeting at which this report was examined.
The toll revenues of Expressway is main source of the major business income of the company , The charge
standard of vehicle toll must be submitted to the same level people's government for review and approval after the
transport regulatory department of province, autonomous region or municipality directly under the central
government in conjunction with the price regulatory department at the same level consented upon examination.
Therefore, the adjustment trend of the charge price and the charge price if has the corresponding adjustment in the
future price level when the cost of the company rises still depend on the approval of relevant national policies and
government departments, and the company isn't able to make timely adjustment to the charge standard in
accordance with the its own operation cost or the change of market supply demand. So, the change of charge
policy and the adjustment of charge standard also have influence on the expressways operated by the company to
some extent. So, the charging policy changes and charges adjustment will affect the highways operation of the
company.
The Company has no plan of cash dividends carried out, bonus issued and capitalizing of common reserves either.
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Table of Contents
I.Important Notice, Table of contents and Definitions
II. Company Profile & Financial Highlights.
III. Management Discussion & Analysis
IV. Corporate Governance
V. Environmental & Social Responsibility
VI. Important Events
VII. Change of share capital and shareholding of Principal Shareholders
VIII. Situation of the Preferred Shares
IX. Corporate Bond
X. Financial Report
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Documents available for inspection
1. Accounting statements carried with personal signatures and seals of legal representative, Chief Financial
officer and Financial Principal.
2.. The texts of all the Company's documents publicly disclosed on the newspapers and periodicals designated by
China Securities Regulatory Commission in the report period.
4
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Definition
Terms to be defined Refers to Definition
Reporting period, This year Refers to January 1, 2024 to June 30,2024
The semi-annual report of the company was approved
Reporting date Refers to by the board of directors of 2024, that is, August 29,
2024
YOY Refers to Compared with January-June 2023
The Company, This Company, The Group, Guangdong Provincial Expressway Development
Refers to
Guangdong Expressway Co.,Ltd.
Provincial Freeway Refers to Guangdong Provincial Freeway Co.,Ltd.
Guangfo Company Refers to Guangdong Guangfo Expressway Co., Ltd.
Guanghui Company Refers to Guangdong Guanghui Expressway Co., Ltd.
Guangzhu East Company Refers to Jiangzhu Expressway Guangzhu Section Co., Ltd.
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
II. Company Profile & Financial Highlights.
1.Company Profile
Stock abbreviation: Expressway A, Expressway B Stock code 000429, 200429
Stock exchange for listing Shenzhen Stock Exchange
Name in Chinese 广东省高速公路发展股份有限公司
Abbreviation of Registered
粤高速
Company (if any)
English name (If any) Guangdong Provincial Expressway Development Co.Ltd.
English abbreviation (If any) GPED
Legal Representative Miao Deshan
2. Contact person and contact manner
Board secretary Securities affairs Representative
Name Yang Hanming Liang Jirong
46/F, Litong Plaza, No.32, Zhujiang East 45/F, Litong Plaza, No.32, Zhujiang East
Contact address Road, Zhujiang New City, Tianhe Road, Zhujiang New City, Tianhe
District , Guangzhou District , Guangzhou
Tel 020-29004619 020-29004523
Fax 020-38787002 020-38787002
E-mail Hmy69@126.com 139221590@qq.com
3. Other
1). Way of contact
Whether registrations address, offices address and codes as well as website and email of the Company changed
in reporting period or not
□ Applicable √ Not applicable
Registrations address, offices address and codes as well as website and email of the Company has no change in
reporting period, found more details in annual report 2023.
2). Information inquiry
Whether information disclosure and preparation place changed in reporting period or not
□ Applicable √ Not applicable
None of the official presses, website, and place of enquiry has been changed in the semi report period. For
details please find the Annual Report 2023.
3). Other relevant information
Did any change occur to other relevant information during the reporting period?
□ Applicable √ Not applicable
4. Summary of Accounting Data and Financial Indicators
Whether it has retroactive adjustment or re-statement on previous accounting data
6
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
□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 listed company
855,465,441.00 885,644,187.99 -3.41%
（yuan）
Net profit after deducting of non-recurring gain/loss attributable
883,859,403.20 913,683,625.12 -3.26%
to the shareholders of listed company（yuan）
Cash flow generated by business operation, net（yuan） 1,603,256,009.68 2,013,917,191.70 -20.39%
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 of the listed
9,640,941,824.71 9,847,531,855.89 -2.10%
company（yuan）
5. Differences between accounting data under domestic and overseas accounting standards
1).Simultaneously pursuant to both Chinese accounting standards and international accounting
standards disclosed in the financial reports of differences in net income and net assets.
□ Applicable□√ Not applicable
None
2).Differences of net profit and net assets disclosed in financial reports prepared under overseas and
Chinese accounting standards.
□ Applicable √Not applicable
None
6.Items and amount of non-current gains and losses
√Applicable □Not applicable
In RMB
Items Amount Note
Non-current asset disposal gain/loss(including the write-off part for which assets impairment
31,986.81
provision is made)
Government subsidies recognized in current gain and loss(excluding those closely related to the
5,419,793.60
Company’s business and granted under the state’s policies)
Capital occupation charges on non-financial enterprises that are recorded into current gains and
690,943.99
losses
The impairment provision for the advance expenses that have occurred but need to be defined from
-43,453,436.90
the source of funds
Net amount of non-operating income and expense except the aforesaid items 1,163,702.75
Other non-recurring Gains/loss items 197,734.86
Less :Influenced amount of income tax 1,876,040.52
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Items Amount Note
Influenced amount of minor shareholders’ equity (after tax) -9,431,353.21
Total -28,393,962.20
Details of other profit and loss items that meet the non-recurring profit and loss definition
√Applicable□ Not applicable
Due to the special nature of the impairment provision for management and maintenance expenses advanced by
the Guangzhou-Foshan Expressway to be clarified, it will affect the normal judgment of the Company's
operating performance and profitability by the user of the report.
For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on
information disclosure for Companies Offering their Securities to the Public-Non-recurring Gains and Losses
and its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information
Disclosure for Companies offering their securities to the public-non-recurring Gains and losses which have been
defined as recurring gains and losses, it is necessary to explain the reason.
□ Applicable√ Not applicable
None of Non-recurring gain /loss items recorgnized as recurring gain /loss/items as defined by the information
disclosure explanatory Announcement No.1- Non –recurring gain/loss in the report period.
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
III. Management Discussion & Analysis
1.Main Business the Company is Engaged in During the Report Period
The Company is mainly engaged in tolling and maintenance of Guangfo Expressway, Fokai Expressway ,
Jingzhu Expressway Guangzhu Section and Guanghui Expressway investment in technological industries and
provision of relevant consultation while investing in Shenzhen Huiyan Expressway Co., Ltd., Guangdong
Jiangzhong Expressway Co., Ltd., Zhaoqing Yuezhao Expressway Co., Ltd.,Ganzhou Kangda Expressway ,
Ganzhou Gankang Expressway Co., Ltd.,Guangdong Yuepu Technology Petty Loan Co., Ltd., Guoyuan
Securities Co., Ltd., Hunan Lianzhi Technology Co., Ltd.and SPIC Yuetong Qiyuan Chip Power Technology
Co., Ltd..
As of the end of the reporting period, the company’s share-controlled expressway is 306.78 km, and the share-
participation expressway is 295.88 km.
2. Analysis On core Competitiveness
The toll revenue of expressway industry mainly depends on the regional economic development. The regional
economy is the critical factor that influences the traffic volume. The Guangfo expressway and the Fokai
expressway, controlled by the company, are part of the National Expressway Network Planning-“Five vertical
and seven horizontal”, Jingzhu Expressway Guangzhu Section is a fast and convenient expressway, Guanghui
Expressway is an important section of the national key highway-the 15th Hengshanwei to Yunnan Qingshuihe
highway, And many of the company’s equity-participation expressways that are part of the main skeleton of
the Guangdong Provincial Expressway Planning-“Ten vertical and five horizontal”, which provides a strong
guarantee for stable traffic volume. Meanwhile, the regional economy is the critical factor that influences the
traffic volume, as Guangdong province is the economically developed region, with years ’ continuous high
growth of GDP, so that provides the stable rising demand for the company.
3. Main business analysis
During the reporting period, the traffic volume and toll income of the expressway project in which the Company
participated in the share-holding:
Volume of vehicle traffic in Toll income in the Toll income in the first half year of Increase
the first half year of 2024 first half year of 2023 20234（Ten thousand yuan） /Decrease(%）
Guangfo Expressway 4,793.92 4.49% 0 0.00%
Fokai Expressway 4,580.26 4.31% 74,346.47 1.25%
Jingzhu Expressway
3,724.83 5.80% 56,919.34 1.93%
Guangzhu East Section
Guanghui Expressway 4,155.26 -4.85% 89,160.51 -12.40%
Huiyan Expressway 2,240.37 -12.30% 9,652.18 -9.46%
Guangzhao Expressway 2,084.77 1.86% 26,430.84 0.36%
Jiangzhong Expressway 2,930.92 17.16% 18,103.12 14.48%
Kangda Expressway 74.14 -2.45% 14,754.61 1.87%
Gangkang Expressway 240.16 -5.85% 10,622.59 -9.16%
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Guangle Expressway 1,943.81 -1.95% 149,323.42 -2.82%
(1) Guanghui Expressway, due to the opening of the Guangshan high-speed railway parallel to the Guanghui
Expressway, as well as the successive opening of the third phase of the Huilong Expressway and the Guanfan
Expressway (a component of the Guanglong Expressway) and the changes in the surrounding road network, it
had a certain diversion impact to the traffic flow of the Guanghui Expressway.
(2) Huiyan Expressway, due to the needs of the reconstruction and expansion project of Huiyan Expressway,
the ramp reconstruction of Longgang Station began in March, and the entrance and exit of Longgang Station
were fully closed in April; Some of the reconstruction and expansion sections were limited by terrain conditions,
which affected the traffic capacity.
(3) Gankang Expressway, the early completion and opening of the Jikang section of the Daguang Expressway
and the construction of the expressway network around the central urban area of Ganzhou were the main factors
for the YOY decrease in traffic flow and toll revenue of the Gankang Expressway.
Year-on-year change of main financial data
In RMB
YOY
This report Same period last
change Cause change
period year
（%）
Operating income 2,230,865,662.20 2,340,436,775.08 -4.68%
Operating cost 713,009,009.42 740,670,310.49 -3.73%
Administrative
82,947,690.68 80,023,845.71 3.65%
expenses
Mainly due to the combined effect of the decrease in
interest expense due to the maturity of medium-term
Financial expenses 53,811,381.24 91,153,090.47 -40.97%
notes, the decline in borrowing principal and interest
rates, and the increase in interest income on deposits.
Income tax
349,883,636.23 369,040,383.81 -5.19%
expenses
R & D Investment 81,651.82 -100.00%
Cash flow The main factors are the comprehensive impact of the
generated by Guangzhu East Company receiving subsidies for the
1,603,256,009.68 2,013,917,191.70 -20.39% construction of the Qijiang New City South
business operation,
Interchange in the same period of the previous year, as
net well as the year-on-year decrease in toll revenue.
Net cash flow The investment and construction expenditure for the
-
generated by -634,590,288.73 -60.78% reconstruction and expansion of the Nansha-Zhuhai
1,020,320,728.55
investment section of the Guangao Expressway increased
Net cash flow
generated by -329,221,334.87 -389,241,866.55 15.42%
financing
Net increasing of
cash and cash 253,713,946.26 990,085,036.42 -74.37%
equivalents
Major changes to the profit structure or sources of the Company in the reporting period
□ Applicable √Not applicable
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Component of Business Income
In RMB
This report period Same period last year
Increase /decrease
Amount Proportion Amount Proportion
Total operating revenue 2,230,865,662.20 100% 2,340,436,775.08 100% -4.68%
On Industry
Highway transportations 2,204,260,409.98 98.81% 2,310,707,369.57 98.73% -4.61%
Other 26,605,252.22 1.19% 29,729,405.51 1.27% -10.51%
On Product
Highway transportations 2,204,260,409.98 98.81% 2,310,707,369.57 98.73% -4.61%
Other 26,605,252.22 1.19% 29,729,405.51 1.27% -10.51%
On Area
Fokai Expressway 743,464,662.48 33.33% 734,319,820.33 31.38% 1.25%
Jingzhu Expressway Guangzhu Section 569,193,427.20 25.51% 558,390,597.95 23.86% 1.93%
Guanghui Expressway 891,605,070.85 39.97% 1,017,838,852.76 43.49% -12.40%
Other 26,602,501.67 1.19% 29,887,504.04 1.27% -10.99%
Situation of Industry, Product and District Occupying the Company’s Business Income and Operating Profit
with Profit over 10%
√ Applicable □Not applicable
In RMB
Increase/decrease Increase/decrease
Increase/decrease
Gross of business cost of gross profit rate
of revenue in the
Turnover Operation cost profit over the same over the same
same period of the
rate(%) period of previous period of the
previous year(%)
year (%) previous year (%)
On Industry
Highway
2,204,260,409.98 699,856,213.37 68.25% -4.61% -3.64% -0.32%
transportations
On Industry
Highway
2,204,260,409.98 699,856,213.37 68.25% -4.61% -3.64% -0.32%
transportations
On Area
Fokai
743,464,662.48 250,395,386.38 66.32% 1.25% 3.77% -0.82%
Expressway
Jingzhu
Expressway
569,193,427.20 161,740,069.52 71.58% 1.93% 0.40% 0.43%
Guangzhu
Section
Guanghui
891,605,070.85 287,757,548.21 67.73% -12.40% -11.20% -0.43%
Expressway
Under circumstances of adjustment in reporting period for statistic scope of main business data, adjusted main
business based on latest on year’s scope of period-end.
□ Applicable √Not applicable
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
4. Non-core business analysis
√ Applicable □Not applicable
In RMB
Ratio in Whether be
Amount Note
total profit sustainable
Investment It is due to the operation accumulation of participant
153,501,177.19 10.32% Yes
Income companies
Mainly due to that Guangfo Company has fully made an
Impairment of
-44,875,103.57 -3.02% impairment provision for the substitute payment of No
asset
management and maintenance expenses.
Non-operating
2,970,858.52 0.20% Mainly insurance claims and road property claims No
income
Non-operating
1,775,168.96 0.12% It’s mainly the expenditure on road repair No
expenses
5. Condition of Asset and Liabilities
(1)Condition of Asset Causing Significant Change
In RMB
End of Reporting period End of same period of last year
Reason for
As a percentage As a percentage Change in
significant
Amount of total Amount of total percentage(%)
change
assets(%) assets(%)
Monetary fund 4,978,196,775.29 22.24% 4,718,631,732.20 22.08% 0.16%
Accounts
131,823,489.75 0.59% 139,899,420.24 0.65% -0.06%
receivable
Investment real
2,336,467.21 0.01% 2,447,026.45 0.01% 0.00%
estate
Long-term
equity 3,294,938,555.27 14.72% 3,095,578,288.00 14.49% 0.23%
investment
Fixed assets 8,497,540,533.10 37.97% 9,010,168,712.92 42.16% -4.19%
Construction in
2,511,732,378.97 11.22% 1,960,092,562.22 9.17% 2.05%
process
Use right assets 19,592,513.91 0.09% 24,967,509.81 0.12% -0.03%
Shore-term
290,205,416.67 1.30% 110,085,708.33 0.52% 0.78%
loans
Long-term
6,435,971,150.00 28.76% 5,944,716,050.00 27.82% 0.94%
borrowing
Lease liabilities 8,218,005.37 0.04% 13,482,202.97 0.06% -0.02%
(2)Main assets overseas
□ Applicable √Not applicable
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
(3)Asset and Liabilities Measured by Fair Value
√ Applicable □Not applicable
In RMB
Impair
Gain/Loss
ment
on fair Purchase Sold
Cumulative fair provisi
value d amount amount Other
value change ons in
Items Opening amount change in in the in the chang Closing amount
recorded into the
the reporting reportin e
equity reporti
reporting period g period
ng
period
period
Financial
assets
1. Trading
financial
assets
(excluding 183,856,768.00 183,856,768.00
derivative
financial
assets
4.Other
equity
instrument 1,534,396,887.63 304,873,933.81 1,620,783,112.34
investmen
t
Subtotal 1,718,253,655.63 304,873,933.81 1,804,639,880.34
Total of
1,718,253,655.63 304,873,933.81 1,804,639,880.34
the above
Financial
0.00 0.00
liabilities
Did any significant change occur to the attribute of the Company’s main asset measurement during the reporting
period?
□ Yes √No
(4) Assets right restriction till end of reporting period
The balance of restricted bank deposits at the end of the period was RMB 1,221,200.00, which was the land
reclamation fund deposited into the fund custody account for the reconstruction and expansion project of sanbao
to shuikou section of Fokai Expressway.
6. Investment situation
(1) General
√ Applicable □ Not applicable
Current Investment Amount(Yuan) Same period of last year (Yuan) Change rate
740,451,816.75 592,619,036.60 24.95%
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
(2)Condition of Acquiring Significant Share Right Investment during the Report Period
Applicable □Not applicable
In RMB
Whether
Progress Gain or
Name of the to
Main Investment Investment Share Capital Investment Product up to Anticipated Less or the Date of Disclosure
Company Partner Involve
Business Way Amount Proportion % Source Horizon Type Balance Income Current Disclosure Index
Invested in
Sheet Date Investment
Lawsuit
Xinyue On the basis
Resolutions
(Guangzhou)
of the term of the 20th
Guangdong Investment
Increase of operation (Provisional)
Jiangzhong Self Co., Ltd., July
Expressway 31,500,000.00 15.00% Expressway Completed No Meeting of
Expressway capital funds Guangdong approved by 31,2021
the Ninth
Co., Ltd. Highway
the Board of
Construction
government Directors
Co., Ltd.
Guangdong
Road & Bridge
Construction On the basis
Resolutions
Development
of the term of the 13th
Zhaoqing Co., Ltd.,
Increase of operation (Provisional)
Yuezhao Self Zhaoqing October
Expressway 142,000,000.00 25.00% Expressway Completed No Meeting of
Higyway capital funds Highway approved by 21,2023
the Tenth
Co., Ltd. Development
the Board of
Co.,
government Directors
Ltd.,Xunhao
International
Co., Ltd.
Total -- -- 173,500,000.00 -- -- -- -- -- -- 0.00 0.00 -- -- --
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
(3).Situation of the Significant Non-equity Investment Undergoing in the Report Period
Applicable □Not applicable
In RMB
Reasons
Accrued
for not
Accrued Actual Realized
Industry Investment Reaching
Fixed Investment Income
Project Investment involved in amount in this Capital Project Anticipated the Planned Disclosure Disclosure
investments Amount up to up to the
date Index
name method investment reporting Source schedule income Schedule
or not the End of End of
projects period and
Reporting Period Reporting
Anticipated
Period
Income
Announcement
Nansha-
of Resolution
Zhuhai
of the Second
Section of
(Provisional)
Guangzhou- Self
October Meeting the
Macao Self-built Yes Expressway 476,407,516.16 2,124,802,034.64 and 15.47% N/A
22,2022 Tenth Board of
Expressway Loan
Directors；
Was rebuilt
Announcement
and
of External
Expanded
Investment
Total -- -- -- 476,407,516.16 2,124,802,034.64 -- -- -- -- --
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
(4)Investment of Financial Asset
1）Securities investment
√ Applicable □ Not applicable
In RMB
Book
Chang value
Purchas
Mode of es in Sale balanc
Book value e
Stock accountin fair Cumulative fair amoun Gain/loss of e at the Source
Security Securit Initial balance at the amount Accountin
Abbreviation g value value changes in t in the the reporting end of s of
category y code investment cost beginning of the in the g items
: measure of the equity this period the funds
reporting period this
ment this period reporti
period
period ng
period
Domesti Other
c and Everbright equity
601818 517,560,876.80 FVM 682,239,337.60 0.00 228,197,295.68 0.00 0.00 40,699,105.31 0.00 instrument Self
foreign Bank
investment
stocks s
Total 517,560,876.80 -- 682,239,337.60 0.00 228,197,295.68 0.00 0.00 40,699,105.31 0.00 -- --
Disclosure Date of Announcement
on Securities Investment Approved July 22,2009
by the Board of Directors
Disclosure Date of Announcement
on Securities Investment Approved August 7,2009
by the Shareholders Meeting(If any)
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
2）Investment in Derivatives
□ Applicable √ Not applicable
The Company had no investment in derivatives in the reporting period.
(5)Application of the raised capital
□ Applicable √ Not applicable
The Company had no application of the raised capital in the reporting period.
7. Sales of major assets and equity
(1) Sales of major assets
□ Applicable √ Not applicable
The Company had no sales of major assets in the reporting period.
(2)Sales of major equity
□ Applicable √ Not applicable
17
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
8. Analysis of the Main Share Holding Companies and Share Participating Companies
√ Applicable □ Not applicable
Situation of Main Subsidiaries and the Joint-stock Company with over 10% net profit influencing to the Company
In RMB
Company Registered Operating Operating
Company Name Leading products and services Total assets Net assets Net Profit
type capital Income profit
Jingzhu Expressway
The operation and management of 2.8557
Guangzhu Section Subsidiary 4,776,417,728.06 2,010,611,297.87 585,937,746.82 390,128,845.08 292,327,454.95
Guangzhu Expressway billion yuan
Co., Ltd.
Investment in and construction of
Guanghui Expressway Co., Ltd. and
supporting facilities, the toll collection
Guangdong
and maintenance management of
Guanghui 2.351678
Subsidiary Guanghui Expressway, The Guanghui 4,524,440,822.20 4,230,599,238.01 897,321,456.20 602,674,693.98 447,482,942.51
Expressway Co., billion yuan
Expressway's supporting gas station,
Ltd.
salvation, vehicle maintenance, vehicle
transport, catering, warehousing
investment and development
Subsidiaries obtained or disposed in the reporting period
□ Applicable √ Not applicable
Particulars about the Mutual holding companies
18
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
9．Structured vehicle controlled by the Company
□ Applicable √ Not applicable
10. Risks facing the Company and countermeasures
The company’s profits mainly come from the expressway tolls revenue and the toll charging standards shall be
examined by the traffic authority of the provincial, autonomous region and the direct-controlled municipality
people’s governments together with the same-level pricing authority and then submitted to the same-level
people’s government for approval. Therefore, the charging price adjustment trend and the possibility of the
charging price adjustment upon rising of the commodity price and the company cost in the future are still subject
to relevant national policies and the approval of the governmental department. And the company can’t adjust the
charging standards promptly based on its own operation cost or the market supply-demand changes. In conclusion,
the charging policies change and the charging standards adjustment have the influence on the expressway business
of the company to some extent.
11. The implementation of the action plan of "Double improvement of quality and return".
Whether the Company has disclosed the action plan of "Double improvement of quality and return".
Yes No
The company disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan on
August 28, 2024 (Announcement No. [2024-020]), and has formulated the "Quality and Return Dual
Improvement" action plan. For specific content, please refer to the company's announcements.
19
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
IV. Corporate Governance
1. Annual General Meeting and Provisional Shareholders’ Meetings in the Reporting Period
(1)Annual General Meeting
Investor
Convened Disclosure
Meeting Type participation Index to disclosed information
date date
ratio
The meeting examined and adopted the Proposal
Concerning Final Accounting Report for 2023.
The meeting examined and adopted the Proposal
Concerning Preplan for Profit Distribution for
2023. The meeting examined and adopted the
Proposal Concerning Overall budget report of the
Company for 2024.The meeting examined and
adopted the Work Report of the Board of Directors
for 2023.The meeting examined and adopted the
Work Report of the supervisory Committee for
2023. The meeting examined and adopted Annual
2023 Annual
Report for 2023 and its summary. The meeting
Shareholders’ Shareholders’ May May
65.10% examined and adopted the Proposal for Hiring the
general General 20,2024 21,2024
2024 Annual Financial Report Audit Agency. The
meeting Meeting
meeting examined and adopted the Proposal for
Hiring the 2024 Internal Control Audit Institution.
The meeting examined and adopted the Proposal
on the Preparation of the Shareholder Return Plan
of Guangdong Provincial Expressway
Development Co., Ltd. for the Next Three Years
(2024-2026). The meeting examined and adopted
the Proposal on the Investment Plan for 2024, The
meeting examined and adopted the Proposal on the
election of Mr. Wu Guijun as a director of the 10th
board of directors of the Company.
(2) Preferred shareholders with the restoration of voting rights made a request for the Special Meeting of
Shareholders
□ Applicable √ Not applicable
2. Change in shares held by directors, supervisors and senior executives
√ Applicable □Not applicable
Name Positions Types Date Reason
Ke Lin Supervisor Dimissio March 16,2024 Retire
You Xiaocong Director Dimission March 16,2024 Job changes
20
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Director, General
Wang Chunhua Dimission April 8,2024 Retire
Manager
Wu Guijun Director Elected May 20,2024 Elected
3. Pre-plan for profit allocation and turning capital reserve into share capital for the reporting period
□ Applicable √ Not applicable
The Company planned not to distribute cash dividend and bonus share, and not to convert capital reserves into
share capital in half year.
4. Implementation of the company ’ s stock incentive plan, employee stock ownership plan or other
employee incentives
□Applicable √ Not applicable
The Company has no implementation of the company’s stock incentive plan, employee stock ownership plan or
other employee incentives in the period.
21
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
V. Environmental & Social Responsibility
1. Significant environmental issues
Whether the Company or any of its subsidiaries is identified as a key polluter by the environment authorities
□ Yes √ No
Administrative penalties for environmental problems during the reporting period
None
Refer to other environmental information disclosed by key pollutant discharge units
None
Measures and effects taken to reduce its carbon emissions during the reporting period
□Applicable √ Not applicable
Reasons for not disclosing other environmental information
None
2. Social responsibilities
In the first half of 2024, the Company adhered to the essence of the enterprise, deepened corporate governance, and actively
fulfilled the responsibility of state-owned enterprises while promoting the high-quality development of enterprises. In the first half
of the year, the Company actively responded to government policies, provided preferential exemptions and reductions in
accordance with laws and regulations, and reduced the transportation costs of enterprises and the mass travel costs ; The Company
continues to implement the toll exemption policy for passenger cars with less than seven seats on highways in major holidays, and
implement the intermittent free release and preferential policies for green channels, thus to effectively achieve "recognition in
place, personnel in place, responsibility in place, and measures in place", and successfully complete various work to ensure safety,
smooth flow and excellent service.
22
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
VI. Important Events
1.The fulfilled commitments in the reporting period and under-fulfillment commitments by the end of the
reporting period made by the company, shareholder, actual controller, acquirer, director, supervisor,
senior management personnel and other related parities.
√Applicable □Not applicable
Time of
making Period of
Commitment Fulfillment
Commitment Type Contents commitment commitment
maker
The proposal on change of
performance commitment of the
major asset restructuring project in
2020 and signing the supplementary
agreement to the profit compensation
agreement was reviewed in approved
in the Company's first extraordinary
general meeting of shareholders in
2023, agreed to change the
Guangdong performance commitment of the
major asset restructuring project in
Commitment Provincial
Performance 2020, and agreed the Company to
made during the August 2020,2021
Freeway sign the "Supplementary Agreement Completed
asset commitment 23,2023 and 2023
Co.,Ltd. to the Profit Compensation
reorganization
Agreement" with the Provincial
Expressway. The performance
compensation period for the asset
restructuring was adjusted to 2020,
2021, and 2023. The provincial
expressway promised that the net
profit accumulated by Guanghui
Expressway in 2020, 2021 and 2023
after deducting non-recurring profits
and losses will not be less than
2,999,265,700 yuan.
Completed on
Yes
time(Y/N)
2. Particulars about the non-operating occupation of funds by the controlling shareholder
□ Applicable √ Not applicable
No non-operational fund occupation from controlling shareholders and its related party in period.
3. External guarantee out of the regulations
□ Applicable √ Not applicable
No external guarantee out of the regulations occurred in the period.
23
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
4. Appointment and non-reappointment (dismissal) of CPA
Whether the semi-annual financial report had been audited
□Yes √ No
The semi-annual report was not audited
5. Explanation on “non Qualified Opinion” from CPA by the Board and Supervisory Committee
□ Applicable √ Not applicable
6. Explanation from the Board for “non Qualified Opinion” of last year’s
□ Applicable √ Not applicable
7. Bankruptcy reorganization
□ Applicable √ Not applicable
No bankruptcy reorganization for the Company in reporting period
8. Litigations and arbitrations
Significant litigations and arbitrations
□ Applicable √ Not applicable
No such cases in the reporting period.
Other lawsuits
□ Applicable √ Not applicable
9. Penalty and rectification
□ Applicable √ Not applicable
During the reporting period, the Company had no Penalty and rectification.
10. Integrity of the company and its controlling shareholders and actual controllers
□ Applicable √ Not applicable
11. Material related transactions
(1) Related transactions in connection with daily operation
□ Applicable √ Not applicable
No such cases in the reporting period.
(2) Related-party transactions arising from asset acquisition or sold
24
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
□Applicable √ Not applicable
(3) Related-party transitions with joint investments
□Applicable √ Not applicable
No such cases in the reporting period.
(4) Credits and liabilities with related parties
□Applicable √ Not applicable
No such cases in the reporting period.
(5) Transactions with related finance company, especially one that is controlled by the Company
√ Applicable □Not applicable
Deposit business
Related party Relationship Maximum Deposit Beginning The amount incurred
daily deposit interest rate balance Total deposit Total amount Ending
limited（Ten range amount of withdrawn in balance
（Ten
the current the current （Ten
thousand thousand thousand
period（Ten period（Ten
yuan） yuan） thousand thousand yuan）
yuan） yuan）
Guangdong
Controlled
Communicati
by the same 0.35%-
ons Group 300,000 267,814.82 802,532.31 821,188.1 249,159.03
parent 2.85%
Finance Co.,
company
Ltd
Loan business
Related party Relationship Beginning The amount incurred Ending
balance Total balance
Loan limit Total loan
Loant （Ten repayment （Ten
（Ten amount for
interest rate amount of
thousand the current thousand
thousand this period
range yuan） period（Ten yuan）
yuan） （Ten
thousand
thousand
yuan）
yuan）
Guangdong
Controlled
Communicati
by the same 2.55%-
ons Group 400,000 40,632.92 18,738.18 926.47 58,444.63
parent 3.30%
Finance Co.,
company
Ltd
Credit extension or other financial services
Related party Relationship Business type Total amount（Ten Actual amount incurred
thousand yuan） （Ten thousand
yuan）
Guangdong
Communications Controlled by the same
Credit extension 400,000 58,400
Group Finance Co., parent company
Ltd
25
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
(6) Transactions with related finance company controlled by the Company
□ Applicable √ Not applicable
No such cases in the reporting period.
(7) Other significant related-party transactions
√ Applicable □Not applicable
The Proposal on Concerning the Company Daily Associated Transactions Predicted of 2024 was reviewd and
approved in the 18th meeting of the Tenth board of directors of the Company,Agree on the predicted daily
associated transactions for the company headquarters, wholly-owned and holding subsidiaries of 2023, The total
transaction amount did not exceed 63,811,500 yuan.
The website to disclose the interim announcements on significant related-party transactions
Date of disclosing provisional Description of the website for disclosing
Description of provisional announcement
announcement provisional announcements
Estimates announcement of the Daily
March 16,2024 www.cninfo.com.cn
Related Party Transaction of 2024
12. Significant contracts and execution
(1)Entrustments, contracting and leasing
1）Entrustment
□Applicable √ Not applicable
No such cases in the reporting period.
2）Contracting
□Applicable √ Not applicable
No such cases in the reporting period.
3）Leasing
Applicable □Not applicable
Note
During the reporting period, the Company generated leasing income of 11,126,252.99 yuan, and the main leasing
assets were houses and buildings.
Project which generates profit or loss reaching over 10% of total profits of the Company during the Reporting
Period
□ Applicable √ Not applicable
There were no leases with a 10% or greater impact on the Company’s gross profit in the Reporting Period.
(2)Significant Guarantees
□Applicable √ Not applicable
No such cases in the reporting period.
26
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
(3) Finance management on commission
□Applicable √ Not applicable
No such cases in the reporting period.
(4) Other significant contract
□ Applicable √ Not applicable
No such cases in the reporting period.
13. Explanation on other significant events
√Applicable □ Not applicable
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., 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
27
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
expressway company’s performance commitment compensation obligation for the major asset restructuring
project in 2020 has been fulfilled.
Date of disclosing Description of the website for
Description of provisional announcement provisional disclosing provisional
announcement announcements
Announcement on the completion of cash compensation for the
implementation of the performance commitment of the major asset 2024-7-4 www.cninfo.com.cn
restructuring project in 2020
14. Significant event of subsidiary of the Company
□ Applicable √ Not applicable
28
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
VII. Change of share capital and shareholding of Principal Shareholders
1. Changes in share capital
(1) Changes in share capital
In shares
Before the change Increase/decrease（+，-） After the Change
Amount Proportio Capitali
n Bo zation
Share nu of
Proporti
allotm s commo Other Subtotal Quantity
on
ent sha n
res reserve
fund
1.Shares with conditional
438,827,545 20.99% -44,925 -44,925 438,782,620 20.99%
subscription
1.State-owned shares 410,105,738 19.61% 0 0 410,105,738 19.61%
2.State-owned legal person
21,712,738 1.04% 0 0 21,712,738 1.04%
shares
3.Other domestic shares 7,009,069 0.34% -44,925 -44,925 6,964,144 0.34%
Including ：Domestic
6,539,722 0.31% -99,825 -99,825 6,439,897 0.31%
Legal person shares
Domestic natural person
469,347 0.02% 54,900 54,900 524,247 0.03%
shares
4.Foreign shares 0 0.00% 0 0 0 0.00%
Including：Foreign legal
0 0.00% 0 0 0 0.00%
person shares
Foreign natural person
0 0.00% 0 0 0 0.00%
shares
II.Shares with unconditional
1,651,978,581 79.01% 44,925 44,925 1,652,023,506 79.01%
subscription
1.Common shares in RMB 1,303,329,906 62.34% 0 0 1,303,329,906 62.34%
2.Foreign shares in domestic
348,648,675 16.68% 44,925 44,925 348,693,600 16.68%
market
3.Foreign shares in foreign
0 0.00% 0 0 0 0.00%
market
4.Other 0 0.00% 0 0 0 0.00%
100.00
III. Total of capital shares 2,090,806,126 100.00% 0 0 2,090,806,126
%
Reasons for share changed
√ Applicable □Not applicable
(1)During the Reporting Period, 99,825 shares of "domestic legal person holding of restricted conditional shares"
29
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
were converted into "domestic natural person holding of restricted conditional shares"
(2) During the reporting period, the 1950" restricted shares held by domestic natural persons" held by the resigned
director and General Manager Mr. Wang Chunhua were converted into " unrestricted shares".
Approval of Change of Shares
□Applicable √Not applicable
Ownership transfer of share changes
□Applicable √Not applicable
Implementation progress of shares buy-back
□Applicable √Not applicable
Implementation progress of reducing holdings of shares buy-back by centralized bidding
□ Applicable √ Not applicable
Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable
to common shareholders of Company in latest year and period
□Applicable √Not applicable
Other information necessary to disclose for the company or need to disclosed under requirement from security
regulators
□Applicable √Not applicable
(2) Change of shares with limited sales condition
√ Applicable □Not applicable
In Shares
Number of
Number of Restricted
Initial Increased Reason for Date of
Shareholder Unrestricted Shares in the
Restricted Restricted Restricted Restriction
Name Shares This End of the
Shares Shares This Shares Removal
Term Term
Term
Outgoing
executives
Wang Chunhua 101,325 44,925 0 56,400 June 2024
locked up
shares
Total 101,325 44,925 0 56,400 -- --
2. Securities issue and listing
□ Applicable √Not applicable
30
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
3. Shareholders and actual controlling shareholder
In Shares
Total number of common
Total number of preferred shareholders that had restored the
shareholders at the end of the 51,839 0
voting right at the 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)
Proportion Number of share
Number of shares Amount of un-
of shares Changes in Amount of restricted pledged/frozen
Shareholders Nature of shareholder held at period - restricted shares
held reporting period shares held
end held State of share Amount
（%）
Guangdong Communication
State-owned legal person 24.56% 513,485,480 0 410,105,738 103,379,742 Not applicable 0
Group Co.,Ltd
Guangdong Highway
State-owned legal person 22.30% 466,325,020 0 0 466,325,020 Not applicable 0
Construction Co., Ltd,
Shangdong Expressway
Investment Development Co., State-owned legal person 9.68% 202,429,927 -8,713,918 0 202,429,927 Not applicable 0
Ltd.
Guangdong Provincial Freeway
State-owned legal person 2.53% 52,937,491 0 19,582,228 33,355,263 Not applicable 0
Co.,Ltd.
Tibet Hetai Enterprise
State-owned legal person 1.68% 35,153,050 -24,247,200 0 35,153,050 Not applicable 0
Management Co., Ltd.
Domestic natural person
Feng Wuchu 1.18% 24,726,296 6,229,967 0 24,726,296 Not applicable 0
shares
China Pacific Life Insurance
Co., Ltd.-China Pacific Life
Equity Dividend Product (Life Other 1.04% 21,731,388 17,618,970 0 21,731,388 Not applicable 0
Proprietary Trading) Entrusted
Investment (Changjiang
31
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Pension)
HKSCC Overseas legal person 0.97% 20,338,420 -12,658,095 0 20,338,420 Not applicable 0
SDIC Securities State-owned legal person 0.89% 18,664,177 18,664,177 0 18,664,177 Not applicable 0
Xinyue Co., Ltd. Overseas legal person 0.63% 13,201,086 0 0 13,201,086 Not applicable 0
Strategic investor or general legal person becoming top-10
None
ordinary shareholder due to rights issue (if any) (see note 3)
Guangdong Communication Group Co., Ltd. is the parent company of Guangdong Highway Construction Co., Ltd.，Guangdong
Related or acting-in-concert parties among shareholders Provincial Freeway Co.,Ltd. and Xinyue Co., Ltd., It is unknown whether there is relationship between other shareholders and
above whether they are persons taking concerted action specified in the Regulations on Disclosure of Information about Change in
Shareholding of Shareholders of Listed Companies.
Above shareholders entrusting or entrusted with voting
None
rights, or waiving voting rights
Top 10 shareholders including the special account for
None
repurchase (if any) (see note 10)
Shareholding of top 10 shareholders of unrestricted shares(Excluding shares lent through refinancing and Top management lock-in stock)
Quantity of unrestricted shares held at the Share type
Name of the shareholder
end of the reporting period Share type Quantity
Guangdong Highway Construction Co., Ltd, 466,325,020 RMB Common shares 466,325,020
Shangdong Expressway Investment Development Co., Ltd. 202,429,927 RMB Common shares 202,429,927
Guangdong Communication Group Co.,Ltd 103,379,742 RMB Common shares 103,379,742
Tibet Hetai Enterprise Management Co., Ltd. 35,153,050 RMB Common shares 35,153,050
Guangdong Provincial Freeway Co.,Ltd. 33,355,263 RMB Common shares 33,355,263
RMB Common shares 21,770,233
Feng Wuchu 24,726,296
Foreign shares placed in domestic 2,956,063
China Pacific Life Insurance Co., Ltd.-China Pacific Life
Equity Dividend Product (Life Proprietary Trading) 21,731,388 RMB Common shares 21,731,388
Entrusted Investment (Changjiang Pension)
HKSCC 20,338,420 RMB Common shares 20,338,420
SDIC Securities 18,664,177 RMB Common shares 18,664,177
Xinyue Co., Ltd. 13,201,086 Foreign shares placed in domestic 13,201,086
Explanation on associated relationship or consistent action Guangdong Communication Group Co., Ltd. is the parent company of Guangdong Highway Construction Co., Ltd. ，
32
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
among the top 10 shareholders of non-restricted negotiable Guangdong Provincial Freeway Co.,Ltd. and Xinyue Co., Ltd. ,It is unknown whether there is relationship between other
shares and that between the top 10 shareholders of non- shareholders and whether they are persons taking concerted action specified in the Regulations on Disclosure of Information
restricted negotiable shares and top 10 shareholders about Change in Shareholding of Shareholders of Listed Companies.
Top 10 ordinary shareholders conducting securities margin
None
trading (if any) (see note 4)
Information of shareholders holding more than 5% of the shares, the top 10 shareholders and the top 10 shareholders of unrestricted tradable shares participating in
the lending of shares in securities lending and borrowing business
□ Applicable √ Not applicable
The top 10 shareholders and the top 10 shareholders of unrestricted tradable shares have changed compared with the previous period due to the securities
lending/returning,
□ Applicable √ Not applicable
Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a buy-back agreement dealing in reporting period.
□ Yes √ No
The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company have no buy –back agreement dealing in reporting
period.
33
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
4. Changes in shareholdings of directors, supervisors and executive officers
Applicable□ Not applicable
Number
Number of Number Number
of shares Number Number Number restricted of of
held at of shares of shares of shares shares restricted restricted
Employm the increased reduced held at granted at shares shares
Name Position
ent status beginning in this in this the end of the granted in granted at
of the period period the period beginning this the end of
period (shares) (shares) (shares) of the period the period
(shares) period (shares) (shares)
(shares)
Wang Director,
Dimission 135,100 0 78,700 56,400 0 0 0
Chunhua GM
Total -- -- 135,100 0 78,700 56,400 0 0 0
5. 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.
34
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
VIII. Situation of the Preferred Shares
□Applicable √Not applicable
The Company had no preferred shares in the reporting period
35
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
IX. Corporate Bond
√ Applicable □ Not applicable
1. Enterprise bond
□ Applicable √ Not applicable
No such cases in the reporting period.
2. Corporate bond
√ Applicable □ Not applicable
No such cases in the reporting period.
3. Debt financing instruments of non-financial enterprises
√Applicable □ Not applicable
(1)Basic information
In RMB 10,000
Inter
Bond short Value Servicin
Bond name Bond code Issue day Due day Bond balance est Trading
name date g way
rate
Due
payments
once a
Guangdong year, Th
Provincial E 20 e principa
xpressway D Guangdon l and the l
evelopment g March March March ast instal Interbank
102000367 74,964.76 3%
Co., Ltd. 202 Expresswa 13,2020 17,2020 17,2025 ment inter market
0 first phase y est are pai
medium- MTN001 d in one l
term notes ump sum
on the red
emption d
ate.
Circulation and transfer in the national inter-
Applicable trading mechanism bank bond market, its listing and circulation will be carried out in accordance with the rele
vant regulations promulgated by the National Interbank Funding Center.
Overdue and unpaid bonds
□ Applicable √ Not applicable
(2) Trigger and implementation of option clauses and investor protection clauses of the issuer or investor
36
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
□ Applicable √ Not applicable
(3)Adjustment of credit rating results during the reporting period
□ Applicable √ Not applicable
(4)The implementation and changes of guarantee, debt repayment plan and other debt repayment
guarantee measures during the reporting period and their impact on the rights and interests of bond
investors
□ Applicable √ Not applicable
4. Convertible bond
□ Applicable √ Not applicable
No such cases in the reporting period
5. The loss within the scope of consolidated statements in the reporting period exceeded 10% of the net
assets at the end of the previous year
□ Applicable √ Not applicable
6. Main accounting data and financial indicators of the Company in recent two years by the end of the
reporting period
In RMB10,000
At the end of the reporting At the same time rate of
Items At the end of last year
period change
Current ratio 1.77 3.22 -45.03%
Debt ratio 45.31% 41.93% 3.38%
Quick ratio 1.77 3.22 -45.03%
At the same time rate of
Amount of this period Amount of last period
change
Net profit after deducting
88,385.94 91,368.36 -3.26%
non-recurring profit and loss
EBITDA total debt ratio 27.39% 28.03% -0.64%
Time interest earned ratio 13.44 12.54 7.18%
Cash interest guarantee times 13.69 14.86 -7.87%
EBITDA Time interest earned
17.97 16.74 7.35%
ratio
Repayment of debt (%) 100.00% 100.00% 0.00%
Payment of interest (%) 100.00% 100.00% 0.00%
37
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
X. Financial Report
I. Audit report
Has this semi-annual report been audited?
□Yes √No
The semi-annual report was not audited.
II. Financial statements
Currency unit for the statements in the notes to these financial statements: RMB
1. Consolidated balance sheet
Prepared by: Guangdong Provincial Expressway Development Co., Ltd.
June 30,2024
In RMB
Items June 30,2024 January 1,2024
Current asset：
Monetary fund 4,978,196,775.29 4,718,631,732.20
Settlement provision
Outgoing call loan
Transactional financial assets
Derivative financial assets
Notes receivable
Account receivable 131,823,489.75 139,899,420.24
Financing of receivables
Prepayments 4,802,776.76 8,488,165.87
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts
receivable
Other account receivable 135,323,936.49 89,578,207.76
Including：Interest receivable
Dividend receivable 41,904,578.21 1,205,472.90
Repurchasing of financial assets
Inventories
Including：Data resources
Contract assets
Assets held for sales
Non-current asset due within 1 year
Other current asset 799,343.92 34,805.71
Total of current assets 5,250,946,322.21 4,956,632,331.78
38
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Items June 30,2024 January 1,2024
Non-current assets：
Loans and payment on other’s behalf
disbursed
Creditor's right investment
Other creditor's right investment
Long-term receivable
Long term share equity investment 3,294,938,555.27 3,095,578,288.00
Other equity instruments investment 1,620,783,112.34 1,534,396,887.63
Other non-current financial assets 183,856,768.00 183,856,768.00
Property investment 2,336,467.21 2,447,026.45
Fixed assets 8,497,540,533.10 9,010,168,712.92
Construction in progress 2,511,732,378.97 1,960,092,562.22
Production physical assets
Oil & gas assets
Use right assets 19,592,513.91 24,967,509.81
Intangible assets 209,172,928.81 221,328,753.00
Including：Data resources
Development expenses
Including：Data resources
Goodwill
Long-germ expenses to be amortized
Deferred income tax asset 35,292,709.71 39,836,115.11
Other non-current asset 753,224,580.10 339,658,212.49
Total of non-current assets 17,128,470,547.42 16,412,330,835.63
Total of assets 22,379,416,869.63 21,368,963,167.41
Current liabilities
Short-term loans 290,205,416.67 110,085,708.33
Loan from Central Bank
Borrowing funds
Transactional financial liabilities
Derivative financial liabilities
Notes payable
Account payable 163,272,131.47 214,450,590.80
Advance receipts 1,190,550.33 2,647,230.92
Contract liabilities
Selling of repurchased financial assets
Deposit taking and interbank deposit
Entrusted trading of securities
Entrusted selling of securities
Employees’ wage payable 24,773,533.66 20,622,986.18
Tax payable 186,109,553.62 155,123,590.65
Other account payable 1,348,935,901.67 150,293,516.43
Including：Interest payable
Dividend payable 1,213,945,107.40 27,809,510.32
39
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Items June 30,2024 January 1,2024
Fees and commissions payable
Reinsurance fee payable
Liabilities held for sales
Non-current liability due within 1 year 957,501,092.12 883,412,159.65
Other current liability 160,930.05 368,676.26
Total of current liability 2,972,149,109.59 1,537,004,459.22
Non-current liabilities：
Reserve fund for insurance contracts
Long-term loan 6,435,971,150.00 5,944,716,050.00
Bond payable 749,401,333.95
Including：preferred stock
Sustainable debt
Lease liability 8,218,005.37 13,482,202.97
Long-term payable 2,022,210.11 2,022,210.11
Long-term remuneration payable to staff
Expected liabilities
Deferred income 420,164,147.85 429,079,908.54
Deferred income tax liability 300,495,276.69 284,451,199.04
Other non-current liabilities
Total non-current liabilities 7,166,870,790.02 7,423,152,904.61
Total of liability 10,139,019,899.61 8,960,157,363.83
Owners’ equity
Share capital 2,090,806,126.00 2,090,806,126.00
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 782,827,984.12 783,125,493.70
Less：Shares in stock
Other comprehensive income 245,481,389.65 163,568,401.33
Special reserve
Surplus reserves 1,520,627,456.34 1,520,627,456.34
Common risk provision
Retained profit 5,001,198,868.60 5,289,404,378.52
Total of owner’s equity belong to the
9,640,941,824.71 9,847,531,855.89
parent company
Minority shareholders’ equity 2,599,455,145.31 2,561,273,947.69
Total of owners’ equity 12,240,396,970.02 12,408,805,803.58
Total of liabilities and owners’ equity 22,379,416,869.63 21,368,963,167.41
Legal Representative: Miao Deshan
Person in charge of accounting：Lu Ming
Accounting Dept Leader: Yan Xiaohong
2.Parent Company Balance Sheet
40
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
In RMB
Items June 30,2024 January 1,2024
Current asset：
Monetary fund 2,588,211,812.01 2,464,109,767.51
Transactional financial assets
Derivative financial assets
Notes receivable
Account receivable 28,166,032.89 31,718,251.28
Financing of receivables
Prepayments 3,528,177.33 6,668,377.73
Other account receivable 797,638,696.99 1,021,305,845.87
Including：Interest receivable
Dividend receivable 41,904,578.21 1,205,472.90
Inventories
Including：Data resources
Contract assets
Assets held for sales
Non-current asset due within 1 year
Other current asset 761,419.42
Total of current assets 3,418,306,138.64 3,523,802,242.39
Non-current assets：
Creditor's right investment
Other creditor's right investment
Long-term receivable
Long term share equity investment 7,393,437,171.87 6,942,986,509.74
Other equity instruments investment 1,620,783,112.34 1,534,396,887.63
Other non-current financial assets
Property investment 2,245,788.03 2,194,888.20
Fixed assets 4,733,985,881.25 4,929,287,711.63
Construction in progress 312,809,617.62 241,492,676.67
Production physical assets
Oil & gas assets
Use right assets 18,852,194.30 24,137,970.26
Intangible assets 119,649,992.26 124,092,435.10
Including：Data resources
Development expenses
Including：Data resources
Goodwill
Long-germ expenses to be amortized
Deferred income tax asset 29,658,092.86 33,747,359.73
Other non-current asset 12,034,662.94
Total of non-current assets 14,243,456,513.47 13,832,336,438.96
41
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Items June 30,2024 January 1,2024
Total of assets 17,661,762,652.11 17,356,138,681.35
Current liabilities
Short-term loans
Transactional financial liabilities
Derivative financial liabilities
Notes payable
Account payable 93,938,694.30 119,520,338.64
Advance receipts 1,118,836.04 250,984.74
Contract Liabilities
Employees’ wage payable 7,520,787.01 7,453,993.89
Tax payable 46,134,831.52 8,185,707.22
Other account payable 1,440,475,320.04 374,738,279.30
Including：Interest payable
Dividend payable 1,172,771,718.11 27,809,510.32
Liabilities held for sales
Non-current liability due within 1 year 896,580,158.48 824,960,532.88
Other current liability 30,751.03 52,275.94
Total of current liability 2,485,799,378.42 1,335,162,112.61
Non-current liabilities：
Long-term loan 5,385,367,900.00 5,464,096,050.00
Bond payable 749,401,333.95
Including：preferred stock
Sustainable debt
Lease liability 8,139,620.67 13,405,284.96
Long-term payable 2,022,210.11 2,022,210.11
Long-term remuneration payable to staff
Expected liabilities
Deferred income 1,914,760.94 3,555,984.68
Deferred income tax liability 81,869,154.88 61,555,338.93
Other non-current liabilities
Total non-current liabilities 5,479,313,646.60 6,294,036,202.63
Total of liability 7,965,113,025.02 7,629,198,315.24
Owners’ equity
Share capital 2,090,806,126.00 2,090,806,126.00
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 975,003,604.00 975,003,604.00
Less：Shares in stock
Other comprehensive income 245,481,389.65 163,568,401.33
Special reserve
42
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Items June 30,2024 January 1,2024
Surplus reserves 1,340,655,188.78 1,340,655,188.78
Retained profit 5,044,703,318.66 5,156,907,046.00
Total of owners’ equity 9,696,649,627.09 9,726,940,366.11
Total of liabilities and owners’ equity 17,661,762,652.11 17,356,138,681.35
3.Consolidated Income statement
In RMB
The first half year of The first half year of
Items
2024 2023
I. Income from the key business 2,230,865,662.20 2,340,436,775.08
Incl：Business income 2,230,865,662.20 2,340,436,775.08
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 859,137,382.65 921,351,272.48
Incl：Business cost 713,009,009.42 740,670,310.49
Interest expense
Fee and commission paid
Insurance discharge payment
Net claim amount paid
Net amount of withdrawal of insurance contract reserve
Insurance policy dividend paid
Reinsurance expenses
Business tax and surcharge 9,369,301.31 9,422,373.99
Sales expense
Administrative expense 82,947,690.68 80,023,845.71
R & D costs 81,651.82
Financial expenses 53,811,381.24 91,153,090.47
Including：Interest expense 86,505,113.33 109,161,060.69
Interest income 32,771,177.29 18,067,700.31
Add: Other income 5,617,528.46 6,449,973.78
Investment gain（“-”for loss） 153,501,177.19 181,402,127.67
Incl: investment gains from affiliates 112,802,071.88 109,631,134.53
Financial assets measured at amortized cost cease to be recognized as
income
Gains from currency exchange
Net exposure hedging income
Changing income of fair value
Credit impairment loss -44,875,103.57 -45,626,953.18
Impairment loss of assets
Assets disposal income
III. Operational profit（“-”for loss） 1,485,971,881.63 1,561,310,650.87
43
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
The first half year of The first half year of
Items
2024 2023
Add ：Non-operational income 2,970,858.52 2,148,292.85
Less: Non-operating expense 1,775,168.96 240,222.59
IV. Total profit(“-”for loss) 1,487,167,571.19 1,563,218,721.13
Less：Income tax expenses 349,883,636.23 369,040,383.81
V. Net profit 1,137,283,934.96 1,194,178,337.32
(I) Classification by business continuity
1.Net continuing operating profit 1,137,283,934.96 1,194,178,337.32
2.Termination of operating net profit
(II) Classification by ownership
1.Net profit attributable to the owners of parent company 855,465,441.00 885,644,187.99
2.Minority shareholders’ equity 281,818,493.96 308,534,149.33
VI. Net after-tax of other comprehensive income 81,912,988.32 8,615,116.02
Net of profit of other comprehensive income attributable to owners of the 81,912,988.32 8,615,116.02
parent company.
（I）Other comprehensive income items that will not be reclassified into
69,544,404.36 -3,495,182.31
gains/losses in the subsequent accounting period
1.Re-
measurement of defined benefit plans of changes in net debt or net assets
2.Other comprehensive income under the equity method investee can not b
e reclassified into profit or loss.
3. Changes in the fair value of investments in other equity instruments 64,789,668.53 -3,495,182.31
4. Changes in the fair value of the company’s credit risks
5.Other
（II）
12,368,583.96 12,110,298.33
Other comprehensive income that will be reclassified into profit or loss.
1.Other comprehensive income under the equity method investee can be re 12,368,583.96 12,110,298.33
classified into profit or loss.
2. Changes in the fair value of investments in other debt obligations
3. Other comprehensive income arising from the reclassification of
financial assets
4.Allowance for credit impairments in investments in other debt
obligations
5. Reserve for cash flow hedges
6.Translation differences in currency financial statements
7.Other
Net of profit of other comprehensive income attributable to Minority
shareholders’ equity
VII. Total comprehensive income 1,219,196,923.28 1,202,793,453.34
Total comprehensive income attributable to the owner of the parent 937,378,429.32 894,259,304.01
44
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
The first half year of The first half year of
Items
2024 2023
company
Total comprehensive income attributable minority shareholders 281,818,493.96 308,534,149.33
VIII. Earnings per share
（I）Basic earnings per share 0.41 0.42
(II)Diluted earnings per share 0.41 0.42
The current business combination under common control, the net profits of the combined party before achieved
net profit of RMB 0.00, last period the combined party realized RMB0.00.
Legal Representative: Miao Deshan
Person in charge of accounting：Lu Ming
Accounting Dept Leader: Zhou Fang
4. Income statement of the Parent Company
In RMB
The first half year of The first half year of
Items
2024 2023
I. Income from the key business 747,726,356.92 740,672,433.01
Incl：Business cost 251,427,697.00 244,287,384.51
Business tax and surcharge 3,919,611.75 3,726,508.48
Sales expense
Administrative expense 51,192,311.12 49,125,187.49
R & D expense
Financial expenses 83,841,733.97 110,048,379.46
Including：Interest expenses 102,774,650.40 121,332,718.54
Interest income 18,957,385.88 11,309,040.26
Add：Other income 1,763,575.02 2,607,245.65
Investment gain（“-”for loss） 765,186,346.77 596,720,630.99
Including: investment gains from affiliates 115,094,457.16 108,689,822.92
Financial assets measured at amortized cost cease to be recognized as
income
Net exposure hedging income
Changing income of fair value
Credit impairment loss
Impairment loss of assets
Assets disposal income
II. Operational profit（“-”for loss） 1,124,294,924.87 932,812,849.71
Add ：Non-operational income 768,133.90 517,077.90
Less：Non -operational expenses 351,002.85 15,753.62
III. Total profit(“-”for loss) 1,124,712,055.92 933,314,173.99
Less：Income tax expenses 93,244,832.34 88,524,211.63
IV. Net profit 1,031,467,223.58 844,789,962.36
1.Net continuing operating profit 1,031,467,223.58 844,789,962.36
45
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
The first half year of The first half year of
Items
2024 2023
2.Termination of operating net profit
V. Net after-tax of other comprehensive income 81,912,988.32 8,615,116.02
（I）Other comprehensive income items that will not be reclassified
69,544,404.36 -3,495,182.31
into gains/losses in the subsequent accounting period
1.Re-
measurement of defined benefit plans of changes in net debt or net asset
s
2.Other comprehensive income under the equity method investee can no
4,754,735.83
t be reclassified into profit or loss.
3. Changes in the fair value of investments in other equity instruments 64,789,668.53 -3,495,182.31
4. Changes in the fair value of the company’s credit risks
5.Other
(II)Other comprehensive income that will be reclassified into profit or l 12,368,583.96 12,110,298.33
oss
1.Other comprehensive income under the equity method investee can be 12,368,583.96 12,110,298.33
reclassified into profit or loss.
2. Changes in the fair value of investments in other debt obligations
3. Other comprehensive income arising from the reclassification of
financial assets
4.Allowance for credit impairments in investments in other debt
obligations
5. Reserve for cash flow hedges
6.Translation differences in currency financial statements
7.Other
VI. Total comprehensive income 1,113,380,211.90 853,405,078.38
VII. Earnings per share
（I）Basic earnings per share
(II)Diluted earnings per share
5. Consolidated Cash flow statement
In RMB
The first half year of The first half year of
Items
2024 2023
I.Cash flows from operating activities
Cash received from sales of goods or rending of services 2,296,987,957.17 2,387,824,431.30
Net increase of customer deposits and capital kept for brother
company
Net increase of loans from central bank
Net increase of inter-bank loans from other financial bodies
46
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
The first half year of The first half year of
Items
2024 2023
Cash received against original insurance contract
Net cash received from reinsurance business
Net increase of client deposit and investment
Cash received from interest, commission charge and commission
Net increase of inter-bank fund received
Net increase of repurchasing business
Net cash received by agent in securities trading
Tax returned
Other cash received from business operation 55,675,566.81 239,874,283.43
Sub-total of cash inflow 2,352,663,523.98 2,627,698,714.73
Cash paid for purchasing of merchandise and services 108,205,508.31 93,721,829.45
Net increase of client trade and advance
Net increase of savings in central bank and brother company
Cash paid for original contract claim
Net increase in financial assets held for trading purposes
Net increase for Outgoing call loan
Cash paid for interest, processing fee and commission
Cash paid to staffs or paid for staffs 209,856,266.59 208,391,670.68
Taxes paid 394,301,408.92 272,784,405.49
Other cash paid for business activities 37,044,330.48 38,883,617.41
Sub-total of cash outflow from business activities 749,407,514.30 613,781,523.03
Net cash generated from /used in operating activities 1,603,256,009.68 2,013,917,191.70
II. Cash flow generated by investing
Cash received from investment retrieving
Cash received as investment gains 19,579,614.82 48,694,370.25
Net cash retrieved from disposal of fixed assets, intangible assets, and
39,500.00 13,110.00
other long-term assets
Net cash received from disposal of subsidiaries or other operational
units
Other investment-related cash received 3,692,567.08
Sub-total of cash inflow due to investment activities 23,311,681.90 48,707,480.25
Cash paid for construction of fixed assets, intangible assets and other
952,618,810.45 582,217,768.98
long-term assets
Cash paid as investment 89,312,000.00 101,080,000.00
Net increase of loan against pledge
Net cash received from subsidiaries and other operational units
Other cash paid for investment activities 1,701,600.00
Sub-total of cash outflow due to investment activities 1,043,632,410.45 683,297,768.98
Net cash flow generated by investment -1,020,320,728.55 -634,590,288.73
III.Cash flow generated by financing
Cash received as investment 87,937,500.00 88,470,000.47
47
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
The first half year of The first half year of
Items
2024 2023
Including: Cash received as investment from minor shareholders 87,937,500.00 88,470,000.47
Cash received as loans 780,000,000.00 414,525,000.00
Other financing –related cash received 1,460,847.67
Sub-total of cash inflow from financing activities 867,937,500.00 504,455,848.14
Cash to repay debts 751,931,275.00 469,864,650.00
Cash paid as dividend, profit, or interests 441,738,661.71 415,505,541.67
Including: Dividend and profit paid by subsidiaries to minor
290,401,407.05 255,975,174.55
shareholders
Other cash paid for financing activities 3,488,898.16 8,327,523.02
Sub-total of cash outflow due to financing activities 1,197,158,834.87 893,697,714.69
Net cash flow generated by financing -329,221,334.87 -389,241,866.55
IV. Influence of exchange rate alternation on cash and cash equivalents
V.Net increase of cash and cash equivalents 253,713,946.26 990,085,036.42
Add: balance of cash and cash equivalents at the beginning of term 4,701,657,434.00 4,284,688,231.33
VI ..Balance of cash and cash equivalents at the end of term 4,955,371,380.26 5,274,773,267.75
6. Cash Flow Statement of the Parent Company
In RMB
Items The first half year of 2024 The first half year of 2023
I.Cash flows from operating activities
Cash received from sales of goods or rending of services 774,070,900.69 763,931,695.41
Tax returned
Other cash received from business operation 22,265,281.97 142,656,776.31
Sub-total of cash inflow 796,336,182.66 906,588,471.72
Cash paid for purchasing of merchandise and services 37,386,164.18 24,172,182.68
Cash paid to staffs or paid for staffs 65,847,099.39 62,195,705.48
Taxes paid 78,312,422.66 24,138,943.36
Other cash paid for business activities 89,938,813.82 55,091,483.76
Sub-total of cash outflow from business activities 271,484,500.05 165,598,315.28
Net cash generated from /used in operating activities 524,851,682.61 740,990,156.44
II. Cash flow generated by investing
Cash received from investment retrieving
Cash received as investment gains 630,032,615.15 499,852,096.70
Net cash retrieved from disposal of fixed assets, intangible assets, and
36,500.00 13,110.00
other long-term assets
Net cash received from disposal of subsidiaries or other operational
units
Other investment-related cash received
Sub-total of cash inflow due to investment activities 630,069,115.15 499,865,206.70
48
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Items The first half year of 2024 The first half year of 2023
Cash paid for construction of fixed assets, intangible assets and other
92,121,214.65 68,690,286.59
long-term assets
Cash paid as investment 74,000,000.00 98,000,000.00
Net cash received from subsidiaries and other operational units
Other cash paid for investment activities
Sub-total of cash outflow due to investment activities 166,121,214.65 166,690,286.59
Net cash flow generated by investment 463,947,900.50 333,174,920.11
III. Cash flow generated by financing
Cash received as investment
Cash received as loans
Other financing –related ash received
Sub-total of cash inflow from financing activities
Cash to repay debts 723,987,150.00 25,339,650.00
Cash paid as dividend, profit, or interests 137,221,490.45 145,644,863.29
Other cash paid for financing activities 3,488,898.16 8,327,523.02
Sub-total of cash outflow due to financing activities 864,697,538.61 179,312,036.31
Net cash flow generated by financing -864,697,538.61 -179,312,036.31
IV. Influence of exchange rate alternation on cash and cash equivalents
V.Net increase of cash and cash equivalents 124,102,044.50 894,853,040.24
Add: balance of cash and cash equivalents at the beginning of term 2,462,888,567.51 1,811,814,561.84
VI ..Balance of cash and cash equivalents at the end of term 2,586,990,612.01 2,706,667,602.08
49
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
7. Consolidated Statement on Change in Owners’ Equity
Amount in this period
In RMB
The first half year of 2024
Owner’s equity Attributable to the Parent Company
Other Equity instrument Less
Comm
: Other Minor Total of
Items Speciali on
Share Prefer Capital Shar Comprehe Surplus Retained Oth shareholders owners’
Sustain Oth zed risk Subtotal
Capital red reserves es in nsive reserves profit er ’ equity equity
able er reserve provis
stock stoc Income
debt ion
k
2,090,806 783,125,49 163,568,40 1,520,627,4 5,289,404,3 9,847,531,8 2,561,273,9 12,408,805,8
I.Balance at the end of last year
,126 3.70 1.33 56.34 78.52 55.89 47.69 03.58
Add: Change of accounting policy
Correcting of previous errors
Other
II.Balance at the beginning of current 2,090,806 783,125,49 163,568,40 1,520,627,4 5,289,404,3 9,847,531,8 2,561,273,9 12,408,805,8
year ,126 3.70 1.33 56.34 78.52 55.89 47.69 03.58
- - -
- 81,912,988 38,181,197.
III.Changed in the current year 288,205,509 206,590,031 168,408,833.
297,509.58 .32 62
.92 .18 56
81,912,988 855,465,441 937,378,429 281,818,493 1,219,196,92
（1）Total comprehensive income
.32 .00 .32 .96 3.28
（II）Investment or decreasing of 87,937,500. 87,937,500.0
capital by owners 00 0
1．Ordinary Shares invested by shar 87,937,500. 87,937,500.0
eholders 00 0
2．Holders of other equity instrume
nts invested capital
3．Amount of shares paid and
accounted as owners’ equity
50
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
The first half year of 2024
Owner’s equity Attributable to the Parent Company
Other Equity instrument Less
Comm
: Other Minor Total of
Items Speciali on
Share Prefer Capital Shar Comprehe Surplus Retained Oth shareholders owners’
Sustain Oth zed risk Subtotal
Capital red reserves es in nsive reserves profit er ’ equity equity
able er reserve provis
stock stoc Income
debt ion
k
4．Other
- - - -
（III）Profit allotment 1,143,670,9 1,143,670,9 331,574,796 1,475,245,74
50.92 50.92 .34 7.26
1.Providing of surplus reserves
2.Providing of common risk
provisions
3．Allotment to the owners (or - - - -
1,143,670,9 1,143,670,9 331,574,796 1,475,245,74
shareholders)
50.92 50.92 .34 7.26
4．Other
(IV) Internal transferring of owners’
equity
1. Capitalizing of capital reserves (or
to capital shares)
2. Capitalizing of surplus reserves
(or to capital shares)
3．Making up losses by surplus
reserves.
4.Change amount of defined benefit
plans that carry forward
Retained earnings
5．Other comprehensive income
51
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
The first half year of 2024
Owner’s equity Attributable to the Parent Company
Other Equity instrument Less
Comm
: Other Minor Total of
Items Speciali on
Share Prefer Capital Shar Comprehe Surplus Retained Oth shareholders owners’
Sustain Oth zed risk Subtotal
Capital red reserves es in nsive reserves profit er ’ equity equity
able er reserve provis
stock stoc Income
debt ion
k
carry-over retained earnings
6．Other
(V). Special reserves
1. Provided this year
2．Used this term
-
（VI）Other -297,509.58 -297,509.58
297,509.58
2,090,806 782,827,98 245,481,38 1,520,627,4 5,001,198,8 9,640,941,8 2,599,455,1 12,240,396,9
IV. Balance at the end of this term
,126 4.12 9.65 56.34 68.60 24.71 45.31 70.02
52
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Amount in last year
In RMB
The first half year of 2023
Owner’s equity Attributable to the Parent Company
Other Equity instrument Less
Comm
: Other Minor Total of
Items Speciali on
Share Prefer Capital Shar Comprehe Surplus Retained Oth shareholders owners’
Sustain Oth zed risk Subtotal
Capital red reserves es in nsive reserves profit er ’ equity equity
able er reserve provis
stock stoc Income
debt ion
k
2,090,806 743,133,55 170,633,65 1,373,056,4 4,698,029,3 9,075,659,1 2,293,020,0 11,368,679,1
I.Balance at the end of last year
,126 7.03 6.67 69.02 54.09 62.81 19.86 82.67
Add: Change of accounting policy
Correcting of previous errors
Other
II.Balance at the beginning of current 2,090,806 743,133,55 170,633,65 1,373,056,4 4,698,029,3 9,075,659,1 2,293,020,0 11,368,679,1
year ,126 7.03 6.67 69.02 54.09 62.81 19.86 82.67
-
8,615,116. 175,328,975 174,649,286.
III.Changed in the current year -73,970.47 9,220,833.9 -679,688.39
02 .25 86
4
8,615,116. 885,644,187 894,259,304 308,534,149 1,202,793,45
（1）Total comprehensive income
02 .99 .01 .33 3.34
（II）Investment or decreasing of 88,470,000. 88,470,000.4
capital by owners 47 7
1．Ordinary Shares invested by shar 88,470,000. 88,470,000.4
eholders 47 7
2．Holders of other equity instrume
nts invested capital
3．Amount of shares paid and
53
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
The first half year of 2023
Owner’s equity Attributable to the Parent Company
Other Equity instrument Less
Comm
: Other Minor Total of
Items Speciali on
Share Prefer Capital Shar Comprehe Surplus Retained Oth shareholders owners’
Sustain Oth zed risk Subtotal
Capital red reserves es in nsive reserves profit er ’ equity equity
able er reserve provis
stock stoc Income
debt ion
k
accounted as owners’ equity
4．Other
- - - -
（III）Profit allotment 894,865,021 894,865,021 221,675,174 1,116,540,19
.93 .93 .55 6.48
1.Providing of surplus reserves
2.Providing of common risk
provisions
3．Allotment to the owners (or - - - -
894,865,021 894,865,021 221,675,174 1,116,540,19
shareholders)
.93 .93 .55 6.48
4．Other
(IV) Internal transferring of owners’
equity
1. Capitalizing of capital reserves (or
to capital shares)
2. Capitalizing of surplus reserves
(or to capital shares)
3．Making up losses by surplus
reserves.
4.Change amount of defined benefit
plans that carry forward
Retained earnings
54
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
The first half year of 2023
Owner’s equity Attributable to the Parent Company
Other Equity instrument Less
Comm
: Other Minor Total of
Items Speciali on
Share Prefer Capital Shar Comprehe Surplus Retained Oth shareholders owners’
Sustain Oth zed risk Subtotal
Capital red reserves es in nsive reserves profit er ’ equity equity
able er reserve provis
stock stoc Income
debt ion
k
5．Other comprehensive income
carry-over retained earnings
6．Other
(V). Special reserves
1. Provided this year
2．Used this term
（VI）Other -73,970.47 -73,970.47 -73,970.47
2,090,806 743,059,58 179,248,77 1,373,056,4 4,688,808,5 9,074,979,4 2,468,348,9 11,543,328,4
IV. Balance at the end of this term
,126 6.56 2.69 69.02 20.15 74.42 95.11 69.53
55
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
8.Statement of change in owner’s Equity of the Parent Company
Amount in this period
In RMB
The first half year of 2024
Other Equity instrument Less:
Other
Items Capital Share Specialize Othe Total of
Share capital Preferre Othe Comprehensiv Surplus reserves Retained profit
Sustainabl reserves s in d reserve r owners’ equity
d stock r e Income
e debt
stock
2,090,806,12 975,003,604.0 163,568,401.3 1,340,655,188.7 5,156,907,046.0 9,726,940,366.1
I.Balance at the end of last year
6 0 3 8 0 1
Add: Change of accounting policy
Correcting of previous errors
Other
2,090,806,12 975,003,604.0 163,568,401.3 1,340,655,188.7 5,156,907,046.0 9,726,940,366.1
II.Balance at the beginning of current year
6 0 3 8 0 1
III.Changed in the current year 81,912,988.32 -112,203,727.34 -30,290,739.02
1,031,467,223.5 1,113,380,211.9
（I）Total comprehensive income 81,912,988.32
8 0
(II) Investment or decreasing of capital by
owners
1．Ordinary Shares invested by shareholders
2．Holders of other equity instruments invested
capital
3.Amount of shares paid and accounted as
owners’ equity
4．Other
- -
（III）Profit allotment 1,143,670,950.9 1,143,670,950.9
2 2
1.Providing of surplus reserves
- -
2．Allotment to the owners (or shareholders) 1,143,670,950.9 1,143,670,950.9
2 2
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
The first half year of 2024
Other Equity instrument Less:
Other
Items Capital Share Specialize Othe Total of
Share capital Preferre Othe Comprehensiv Surplus reserves Retained profit
Sustainabl reserves s in d reserve r owners’ equity
d stock r e Income
e debt
stock
3．Other
(IV) Internal transferring of owners’ equity
1. Capitalizing of capital reserves (or to capital
shares)
2. Capitalizing of surplus reserves (or to capital
shares)
3．Making up losses by surplus reserves.
4.Change amount of defined benefit plans that
carry forward
Retained earnings
5．Other comprehensive income carry-over
retained earnings
6．Other
(V) Special reserves
1. Provided this year
2．Used this term
（VI）Other
2,090,806,12 975,003,604.0 245,481,389.6 1,340,655,188.7 5,044,703,318.6 9,696,649,627.0
IV. Balance at the end of this term
6 0 5 8 6 9
57
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Amount in last year
In RMB
The first half year of 2023
Other Equity instrument Less:
Other
Items Capital Share Specialize Othe Total of
Share Capital Preferre Othe Comprehensiv Surplus reserves Retained profit
Sustainabl reserves s in d reserve r owners’ equity
d stock r e Income
e debt stock
2,090,806,12 934,908,293.6 170,633,656.6 1,193,084,201.4 4,723,633,182.0 9,113,065,459.8
I.Balance at the end of last year
6 9 7 6 6 8
Add: Change of accounting policy
Correcting of previous errors
Other
2,090,806,12 934,908,293.6 170,633,656.6 1,193,084,201.4 4,723,633,182.0 9,113,065,459.8
II.Balance at the beginning of current year
6 9 7 6 6 8
III.Changed in the current year 18,430.04 8,615,116.02 -50,075,059.57 -41,441,513.51
（I）Total comprehensive income 8,615,116.02 844,789,962.36 853,405,078.38
(II) Investment or decreasing of capital by
owners
1．Ordinary Shares invested by shareholders
2．Holders of other equity instruments invested
capital
3.Amount of shares paid and accounted as
owners’ equity
4．Other
（III）Profit allotment -894,865,021.93 -894,865,021.93
1.Providing of surplus reserves
2．Allotment to the owners (or shareholders) -894,865,021.93 -894,865,021.93
3．Other
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
The first half year of 2023
Other Equity instrument Less:
Other
Items Capital Share Specialize Othe Total of
Share Capital Preferre Othe Comprehensiv Surplus reserves Retained profit
Sustainabl reserves s in d reserve r owners’ equity
d stock r e Income
e debt stock
(IV) Internal transferring of owners’ equity
1. Capitalizing of capital reserves (or to capital
shares)
2. Capitalizing of surplus reserves (or to capital
shares)
3．Making up losses by surplus reserves.
4.Change amount of defined benefit plans that
carry forward
Retained earnings
5．Other comprehensive income carry-over
retained earnings
6．Other
(V) Special reserves
1. Provided this year
2．Used this term
（VI）Other 18,430.04 18,430.04
2,090,806,12 934,926,723.7 179,248,772.6 1,193,084,201.4 4,673,558,122.4 9,071,623,946.3
IV. Balance at the end of this term
6 3 9 6 9 7
59
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
III. Company Profile
1. Basic information of the IPO and share capital of the company
1.The Company was established in February 1993, which was originally named as Guangdong Fokai
Expressway Co., Ltd. On June 30, 1993, it was renamed as Guangdong Provincial Expressway Development
Co., Ltd. after reorganization pursuant to the approval of the Office of Joint Examination Group of
Experimental Units of Share Holding System with YLSB (1993)No. 68 document. The share capital structure
after reorganization is as follows:
Composition of state-owned shares: The appraised net value of state-owned assets of Guangdong Jiujiang
Bridge Co. and Guangfo Expressway Co., Ltd. as of January 31, 1993 confirmed by Guangdong State-owned
Asset Management Dept., i.e.,RMB 418.2136 million, was converted into 155.025 million shares. Guangdong
Expressway Co. invested cash of RMB 115 million to subscribe for 35.9375 million shares. Other legal persons
invested cash of RMB 286.992 million to subscribe for 89.685 million shares. Staff of the Company invested
RMB 87.008 million to subscribe for 27.19 million shares. The total is RMB 307.8375 million shares.
2． Pursuant to the approval of Guangdong Economic System Reform Committee and Guangdong Securities
Regulatory Commission with YTG (1996) No. 67 document, part of the shareholders of non-state-owned legal
person shares transferred 20 million non-state-owned legal person shares to Malaysia Yibao Engineering Co.,
Ltd. in June 1996.
3. Pursuant to the approval of Securities Commission under the State Council with WF (1996) No. 24 approval
document and that of Guangdong Economic System Reform Committee with YTG (1996) No. 68 document,
the Company issued 135 million domestically listed foreign investment shares (B shares) to overseas investors
at the price of HKD 3.54 (equivalent to RMB 3.8) with the par value of each share being RMB 1 during June to
July 1996.
4. Pursuant to the reply of the Ministry of Foreign Trade and Economic Cooperation of the People’ s Republic
of China with (1996) WJMZYHZ No. 606 document, the Company was approved to be a foreign-invested joint
stock company limited.
5 ． The Company distributed dividends and capitalized capital common reserve for the year 1996 in the
following manner: The Company paid 1.7 bonus shares f or each 10 shares and capitalized capital common
reserve on 3.3-for-10 basis.
6. Pursuant to the approval of China Securities Regulatory Committee (CSRC) with ZJFZ (1997) No. 486 and
No. 487 document, the Company issued 100 million public shares (A shares) at the price of RMB 5.41 in term
of “payable in full on application, pro-rate placing and subject to refund” with the par value of each share being
RMB 1 in January 1998.
7 ． In accordance with the Resolutions of the 1999 Shareholders’ General Meeting of the Company and
pursuant to the approval of Guangzhou Securities Regulatory Office under CSRC with GZZJH (2000) No. 99
and that of CSRC with ZJGSZ (2000) No. 98, the Company offered 3 Rights for every 10 shares of 764.256249
million shares at the price of RMB 11 per Right.73,822,250 ordinary shares were actually placed to all .
8. Pursuant to the reply of the General Office of the People’ s Government of Guangdong Province with YBH
(2000) No. 574 document, the state-owned shares were transferred to Guangdong Communication Group Co.,
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Ltd. (Group Co.) for holding and management without compensation.
9.Pursuant to the approval of Shenzhen Stock Exchange, 53.0205 million staff shares of the Company (132,722
shares held by directors, supervisors and senior executives are temporarily frozen) were listed on February 5,
2001.
10.In accordance with the resolutions of 2000 annual shareholders’ general meeting, the Company capitalized
capital common reserve into 419,039,249 shares on 5-for-10 basis with the total share capital as of the end of
2000, i.e., 838,078,499 shares as base. The date of stock right registration was May 21, 2001. The ex-right date
was May 22, 2001.
11 ． On March 8, 2004,As approved by China Securities Regulatory Commission by document Zheng-Jian-
Gong-Si-Zi [2003]No.3, the 45,000,000 non-negotiable foreign shares were placed in Shenzhen Stock
12. On December 21, 2005, the Company's plan for share holding structure reform was voted through at the
shareholders' meeting concerning A shares. On January 26 2006, The Ministry of Commerce of PRC issued
“The approval on share converting of Guangdong Provincial Expressway Development Co., Ltd.” to approve
the share equity relocation and transformation. On October 9 2006, according to the “Circular about
implementing of share equity relocation and relative trading” issued by Shenzhen Stock Exchange, the
abbreviation ID of the Company’s A shares was restored from “G-Expressway” “Expressway A”.
13.Upon the approval document of CSRC No.230-2016 Zheng Jian Xu ke-Approval of the Share-Issuing to
Parties such as Guangdong Provincial Expressway Co., Ltd to Purchase Assets and Raise Matching Funds by
Guangdong Provincial Expressway Development Co., Ltd, in June 2016 the company issued 33,355,263 shares
and paid RMB 803.50 million to Guangdong Provincial Expressway Co., Ltd for purchasing the 25% stake of
Guangdong Provincial Fokai Expressway Co., Ltd held by Guangdong Provincial Expressway Co., Ltd; and
issued 466,325,020 shares to Guangdong Provincial Highway Construction Co., Ltd for purchasing the 100%
stake of Guangzhou Guangzhu Traffic Investment Management Co., Ltd held by Guangdong Provincial
Highway Construction Co., Ltd. On June 21, 2016, the company directionally issued 334,008,095 A-shares to
Yadong Fuxing Yalian Investment Co.,Ltd, Tibet Yinyue Investment Management Co.,Ltd and Guangfa
Securities Co.,Ltd. The issuance of shares have been registered on July 7, 2016, the new shares will be listed on
July 8, 2016.
2. Company's registered place and headquarters address
Registration placeNo.85, Baiyun Road, Yuexiu District, Guangzhou.
Headquarters Office ： 45-46/F, Litong Plaza, No.32, Zhujiang East Road, Zhujiang New City, Tihe Disrtict ,
Guangzhou
3. Business nature and main business activities
Industry and main products of the company: highway management and maintenance.
General business items: investment, construction, charging, maintenance and service management of expressways,
grade roads and bridges; Automobile rescue service, maintenance and cleaning; Parking lot charges; Design,
production, release and agency of all kinds of advertisements at home and abroad; Land development along the
highway; Warehousing business; Intelligent transportation technology research and development and service;
Equity investment, management and consultation. (Projects that must be approved according to law can be
operated only after being approved by relevant departments).
The Company is mainly engaged in tolling and maintenance of Guangfo Expressway, Fokai Expressway,Jingzhu
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Expressway Guangzhu Section and Guanghui Expressway investment in technological industries
and provision of relevant consultaion while investing in Shenzhen Huiyan Expressway Co., Ltd., Guangdong
Jiangzhong Expressway Co.Ltd., Zhaoqing Yuezhao Expressway
Co., Ltd.,Ganzhou Kangda Expressway , Ganzhou Gankang Expressway Co., Ltd.,Guangdong Yuepu Technology
Petty Loan Co., Ltd., Guoyuan Securities Co., Ltd, Hunan Lianzhi Technology Co., Ltd. and SPIC Yuetong
Qiyuan Chip Power Technology Co., Ltd.
4. Scope and changes of consolidated financial statements in the current period
(1) Scope of current consolidated financial statements
The consolidated scope of the current financial statements invovles Guangdong Expressway Technology
Investment Co., Ltd., Yuegao Capital Holding (Guangzhou) Co., Ltd., its holding subsidiaries Guangfo
Expressway Co., Ltd., Jingzhu Expressway Guangzhu Section Co., Ltd. and Guanghui Expressway Co., Ltd.
(2) Changes in the scope of consolidated financial statements in the current period
None.
5. Approval and submission date of financial report
The financial statements have been authorized for issuance of the Board of Directors of the Company on August
29 ,2024.
IV. Basis for the preparation of financial statements
1.Preparation basis
The financial statements of the Company have been prepared on basis of going concern in conformity with
Chinese Accounting Standards for Business Enterprises and the Accounting Systems for Business Enterprises
issued by the Ministry of Finance of People’s Republic of China (Ministry of Finance issued order No.33, the
Ministry of Finance revised order No.76) on February 15, 2006, and revised Accounting Standards (order 42 of
the Ministry of Finance) and Compilation Rules for Information Disclosure by Companies Offering Securities to
the Public No.15 – General Provisions on Financial Reports (2023 Revision) issued by the China Securities
Regulatory Commission (CSRC).
According to the relevant accounting regulations in Chinese Accounting Standards for Business Enterprises, the
Company has adopted the accrual basis of accounting. Held-for-sale non-current assets are measured at the lower
of its book value at its classification date and fair value minus expected disposal costs. Where assets are impaired,
provisions for asset impairment are made in accordance with relevant requirements
2.Continuation
There will be no such events or situations in the 12 months from the end of the reporting period that will cause
material doubts as to the continuation capability of the Company.
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
V. Significant Accounting Policies and Accounting Estimates
1. Statement of Compliance with the Accounting Standards for Business Enterprises
The financial statements of the Company are recognized and measured in accordance with the regulations in the
Chinese Accounting Standards for Business Enterprises and they give a true and fair view of the financial position,
business result and cash flow of the Company.
2. Accounting period
The accounting period of the Company is the calendar year from January 1 to December 31.
3.Operating cycle
The normal operating cycle refers to the period from the time when the Group purchases assets for processing to
the time when cash or cash equivalents are realized. The Company takes 12 months as a business cycle and uses
it as a criterion for liquidity classification of assets and liabilities.
4.Standard currency for bookkeeping
The Company adopts CNY to prepare its functional statements.
5.Accountings for Business Combinations under the Same Control & Business Combinations not under the
Same Control
1.Business Combinations under the Same Control
If business participating in the combination are ultimately controlled by the same party or parties before and after
the combination, and the control is not temporary, it is an business combination under the same control. Usually,
business combination under the same control refers to the combination between business within the same business,
except which it is generally not regarded as business combination under the same control.
The assets and liabilities obtained by the Company as the combining party in the business combination shall be
measured according to the book value of the combined party in the consolidated financial statements of the
ultimate controlling party on the combination date. For the long-term equity investment formed by holding
combination under the same control, the company takes the share of the book owner's equity of the combined
party on the combination date as the initial investment cost for forming the long-term equity investment. See the
long-term equity investment for relevant accounting treatment; The assets and liabilities obtained by absorption
and combination under the same control shall be recorded by the Company according to the original book value of
the related assets and liabilities in the combined party. The company adjusts the capital reserve according to the
difference between the book value of the net assets obtained and the book value of the combination consideration
paid (or the total par value of the issued shares); If the capital reserve is insufficient to offset, the retained earnings
shall be adjusted.
All directly related expenses incurred by the Company as a combining party for business combination, including
audit fees, evaluation fees, legal service fees, etc., are included in the current profits and losses when incurred.
Fees and commissions paid for bonds issued by enterprises or other debts shall be included in the initial
measurement amount of bonds and other debts issued. Fees, commissions and other expenses incurred in issuing
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
equity securities in business combination shall be offset against the premium income of equity securities, and if
the premium income is insufficient to offset, the retained earnings shall be offset.
If the holding under the same control is combined to form a parent-subsidiary relationship, the parent company
shall prepare consolidated financial statements on the consolidation date, including consolidated balance sheet,
consolidated income statement and consolidated cash flow statement.
For the consolidated balance sheet, the book value of the combined party in the consolidated financial statements
of the ultimate controlling party shall be incorporated into the consolidated financial statements, and the
transactions between the combining party and the combined party on the consolidation date and the previous
period shall be regarded as internal transactions and offset according to the relevant principles of "Consolidated
Financial Statements"; The consolidated income statement and cash flow statement include the net profit and cash
flow realized by the combining party and the combined party from the beginning of the current consolidation
period to the consolidation date, and involve the cash flow generated by the transactions and internal transactions
between the two parties in the current period, which shall be offset according to the relevant principles of the
consolidated financial statements.
2. If the parties involved in the combination are not ultimately controlled by the same party or parties before and
after the combination, it is a business combination not under the same control.
Business Combinations not under the Same Control
Determine the cost of business combination: the cost of business combination includes the fair value of cash or
non-cash assets paid by the purchaser for business combination, debts issued or assumed, and equity securities
issued on the purchase date.
In the business combination not under the same control, the intermediary expenses such as auditing, legal services,
evaluation and consultation and other related management expenses incurred by the purchaser for the business
combination shall be included in the current profits and losses when they occur; Transaction costs of equity
securities or debt securities issued by the purchaser as combination consideration shall be included in the initial
recognized amount of equity securities or debt securities.
For the long-term equity investment obtained by holding combination not under the same control, the company
takes the combination cost determined on the purchase date (excluding cash dividends and profits that should be
collected from the investee) as the initial investment cost for the long-term equity investment of the purchaser; All
identifiable assets and liabilities obtained by absorption and combination under different control that meet the
recognition conditions shall be recognized as assets and liabilities of the enterprise at fair value on the date of
purchase. If the Company takes non-monetary assets as consideration to obtain the control right of the purchaser
or various identifiable assets and liabilities, the difference between the fair value of the relevant non-monetary
assets on the purchase date and their book value shall be taken as the disposal profit and loss of the assets and
recorded in the income statement of the current consolidation period.
In a business combination not under the same control, the difference between the cost of business combination
and the fair value share of identifiable net assets of the purchaser obtained in the combination is recognized as
64
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
goodwill; In the case of absorption and combination, the difference is recognized as goodwill in the individual
financial statements of the parent company; In the case of holding combination, the difference is listed as goodwill
in the consolidated financial statements.
The cost of business combination is less than the difference between the fair value share of identifiable net assets
acquired during the combination, which is included in the profits and losses (non-operating income) of the current
combination period after review by the Company. In the case of absorption and combination, the difference is
included in the individual income statement of the parent company in the current combination period; In the case
of holding combination, the difference is included in the consolidated income statement of the current
combination period.
If the business combination not under the same control realized step by step through multiple exchange
transactions is a package transaction, each transaction will be treated as a transaction to obtain control rights; If it
is not a package transaction, the equity of the purchased party held before the purchase date shall be re-measured
according to the fair value of the equity on the purchase date, and the difference between the fair value and its
book value shall be included in the current investment income; If the equity of the purchased party held before the
purchase date involves other comprehensive income, other comprehensive income related to it shall be converted
into the investment income of the current period on the purchase date, except for other comprehensive income
arising from the re-measurement of net liabilities or changes in net assets of the defined benefit plans by the
invested party.
6. Criteria for Control and Preparation Method of Consolidated Financial Statements
(1) Criteria for control
The consolidation scope of consolidated financial statements is determined on the basis of control. Control means
that the Company has the power over the investee, is entitled to variable returns by participating in the related
activities of the investee, and has the ability to use the power over the investee to influence its return amount.
Subsidiaries refer to subjects controlled by the Company (including enterprises, divisible parts of investee(s),
structured subjects, etc.).
(2) Compilation method of consolidated financial statements
The consolidated financial statements of the Company are based on the financial statements of the parent
company and its subsidiaries, and are prepared according to other relevant information. When compiling, the
important internal transactions between the parent company and its subsidiaries, such as investment, transactions,
purchase and sale of inventories and their unrealized profits, are offset and combined item by item, and the
minority shareholders' rights and interests and the current income of minority shareholders are calculated. If the
accounting policies and accounting periods of subsidiaries are inconsistent with those of the parent company, the
accounting statements of subsidiaries shall be adjusted according to the accounting policies and accounting
periods of the parent company before combination.
(3) Increase and decrease the consolidated report processing of subsidiaries during the reporting period
During the reporting period, when preparing the consolidated balance sheet, the balance at the beginning of the
consolidated balance sheet is adjusted for the subsidiaries added due to business combination under the same
65
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
control. When preparing the consolidated balance sheet, the balance at the beginning of the year of the
consolidated balance sheet is not adjusted for the subsidiaries added due to business combination not under the
same control. During the reporting period, the subsidiaries are disposed of and the balance at the beginning of the
consolidated balance sheet is not adjusted when the consolidated balance sheet is prepared.
During the reporting period, the income, expenses and profits of subsidiaries added by business combination
under the same control from the beginning to the end of the reporting period are included in the consolidated
income statement, and the cash flows from the beginning to the end of the reporting period are included in the
consolidated cash flow statement. For subsidiaries added due to business combination not under the same control,
the income, expenses and profits of such subsidiaries from the purchase date to the end of the reporting period are
included in the consolidated income statement, and their cash flow from the purchase date to the end of the
reporting period is included in the consolidated cash flow statement. During the reporting period, the subsidiary is
disposed of, and the income, expenses and profits from the beginning of the period to the disposal date are
included in the consolidated income statement, and the cash flow from the beginning of the period to the disposal
date is included in the consolidated cash flow statement.
When the control right of the original subsidiary is lost due to the disposal of part of the equity investment or
other reasons, the remaining equity investment after disposal shall be re-measured according to its fair value on
the date of loss of control right. The sum of the consideration obtained from the disposal of equity and the fair
value of the remaining equity, minus the difference between the share of the original subsidiary's net assets
calculated continuously from the purchase date and the sum of goodwill calculated according to the original
shareholding ratio, is included in the investment income in the current period when the control right is lost. Other
comprehensive income related to the original subsidiary's equity investment is converted into current investment
income when the control right is lost, except for other comprehensive income generated by the investee's re-
measurement of net liabilities or changes in net assets of the set income plan.
The difference between the newly acquired long-term equity investment due to the purchase of minority shares
and the identifiable net assets share of subsidiaries calculated according to the increased shareholding ratio, and
the difference between the disposal price obtained from partial disposal of equity investment in subsidiaries and
the net assets share of subsidiaries corresponding to the disposal of long-term equity investment are used to adjust
the equity premium in the capital reserve in the consolidated balance sheet. If the equity premium in the capital
reserve is insufficient to offset, the retained earnings will be adjusted.
(4) Processing of consolidated statements from step-by-step disposal of equity to loss of control rights
If the transactions that dispose of the equity investment in subsidiaries until the loss of control rights are of a
package transaction, the transactions shall be treated as transactions that dispose of subsidiaries and lose control
rights; However, the difference between the disposal price and the share of the subsidiary's net assets related to the
disposal investment before the loss of control right is recognized as other comprehensive income in the
consolidated financial statements, which will be transferred to the current profit and loss when the control right is
lost, except for other comprehensive income arising from the re-measurement of the net liabilities or changes in
net assets of the set income plan by the investee. If it is not a package transaction, before the loss of control, the
difference between the disposal price and the corresponding net assets continuously calculated by the subsidiary
from the purchase date will be adjusted to the capital reserve, and if the capital reserve is insufficient to offset, the
retained earnings will be adjusted; In case of loss of control right, the accounting treatment shall be carried out
according to the above accounting policy when the control right over the original subsidiary is lost.
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
7.Recognition Standard of Cash & Cash Equivalents
Cash and cash equivalents of the Company include cash on hand, ready usable deposits and investments having
short holding term (normally will be due within three months from the day of purchase), with strong liquidity and
easy to be exchanged into certain amount of cash that can bemeasured reliably and have low risks of change.
8.Foreign Currency Transaction
(1) Foreign currency business
Foreign currency transactions of the Company are converted into the amount of bookkeeping base currency
according to the spot rate on the transaction date.
On the balance sheet date, foreign currency monetary items and foreign currency non-monetary items shall be
treated according to the following provisions: foreign currency monetary items shall be converted at the spot rate
on the balance sheet date. Exchange differences arising from the difference between the spot rate on the balance
sheet date and the spot rate at the time of initial recognition or the previous balance sheet date are included in the
current profits and losses; Foreign currency non-monetary items measured at historical cost are still converted at
the spot rate on the transaction date, without changing their bookkeeping base currency amount; Foreign currency
non-monetary items measured at fair value shall be converted at the spot rate on the fair value determination date,
and the difference between the converted bookkeeping base currency amount and the original bookkeeping base
currency amount shall be treated as changes in fair value (including exchange rate changes) and included in the
current profits and losses; During the capitalization period, the exchange difference between the principal and
interest of foreign currency special loans is capitalized and included in the cost of assets that meet the
capitalization conditions.
(2) Translation of foreign currency financial statements
When converting foreign currency financial statements, the Company shall comply with the following regulations:
assets and liabilities in the balance sheet shall be converted at the spot rate on the balance sheet date, and other
items of owner's equity except "undistributed profits" shall be converted at the spot rate at the time of occurrence;
The income and expense items in the income statement shall be converted at the spot rate on the transaction date
(or at the exchange rate determined by a systematic and reasonable method and similar to the spot rate on the
transaction date). The translation difference of foreign currency financial statements generated according to the
above translation is recognized as other comprehensive income. The conversion of comparative financial
statements shall be handled according to the above provisions.
9.Financial instruments
The Company recognizes the financial assets or liabilities when involved in financial instruments’ agreements.
（1）Classification, recognition and measurement of financial assets
In accordance with the characteristics of business model for managing financial assets and the contractual cash
flow of financial assets, the Company classifies financial assets into: financial assets measured in amortized cost;
financial assets measured at fair value and their's changes are included in other comprehensive income; financial
assets measured at fair value and their's changes are included in current profits and losses.
The initial measurement of financial assets is calculated by using fair value. For financial assets measured at fair
value, whose changes are included in current profits and losses, relevant transaction costs are directly included in
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
current profits and losses; For other types of financial assets, relevant transaction costs are included in the initial
recognition amount.
①Financial assets measured at amortized cost
The business model of the Company's management of financial assets measured by amortized cost is aimed at
collecting the contractual cash flow, and the contractual cash flow characteristics of such financial assets are
consistent with the basic lending arrangements, that is, the cash flow generated on a specific date is only the
payment of principal and interest based on the amount of outstanding principal. For such financial assets, the
Company adopts the method of real interest rate and makes subsequent measurement according to the cost of
amortization. The profits or losses resulting from amortization or impairment are included in current profits and
losses.
②Financial assets measured at fair value and changes included in other comprehensive income
The Company's business model for managing such financial assets is to collect the contractual cash flow, and the
contractual cash flow characteristics of such financial assets are consistent with the basic lending arrangements.
The Company measures such financial assets at fair value and their changes are included in other comprehensive
gains, but impairment losses or gains, exchange gains and losses and interest income calculated according to the
actual interest rate method are included in current profits and losses.
In addition, the Company designated some non-trading equity instrument investments as financial assets measured
at fair value with changes included in other comprehensive income. The Company includes the relevant dividend
income of such financial assets in current profits and losses, and the changes in fair value in other comprehensive
gains. When the financial asset ceases to be recognized, the accumulated gains or losses previously included in
other comprehensive gains shall be transferred into retained income from other comprehensive income, and not be
included in current profit and loss.
③Financial assets measured at fair value and changes included in current profits and losses
The Company includes the above-mentioned financial assets measured at amortized cost and those measured at
fair value and their's changes in financial assets other than financial assets of comprehensive income and classifies
them as financial assets measured at fair value and their's changes that are included in current profits and losses. In
addition, the Company designates some financial assets as financial assets measured at fair value and includes
their changes in current profits and losses in order to eliminate or significantly reduce accounting mismatches
during initial recognition. In regard with such financial assets, the Company adopts fair value for subsequent
measurement, and includes changes in fair value into current profits and losses.
（2）Classification, recognition and measurement of financial liabilities
The Group’s financial liabilities are, on initial recognition, classified into financial liabilities at fair value through
profit or loss and other financial liabilities. For financial liabilities at fair value through profit or loss, relevant
transaction costs are immediately recognized in profit or loss for the current period, and transaction costs relating
to other financial liabilities are included in the initial recognition amounts.
① Financial liabilities measured by the fair value and the changes recorded in profit or loss
The classification by which financial liabilities held-for-trade and financial liabilities designed at the initial
recognition to be measured by the fair value follows the same criteria as the classification by which financial
assets held-for-trade and financial assets designed at the initial recognition to be measured by the fair value and
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
their changes are recorded in the current profit or loss
Transactional financial liabilities (including derivatives belonging to financial liabilities) are subsequently
measured according to fair value. Except for hedging accounting, changes in fair value are included in current
profits and losses.
Financial liabilities designated as financial liabilities that are measured at fair value and their's changes are
included in current profits and losses. The liabilities are included in other comprehensive gains due to changes in
fair value caused by changes in the Company's own credit risk, and when the liabilities are terminated, the
changes in fair value caused by changes in its own credit risk of other comprehensive gains are included in the
cumulative changes in its fair value caused by changes in its own credit risk of other comprehensive gains. The
amount is transferred to retained earnings. The remaining changes in fair value are included in current profits and
losses. If the above-mentioned way of dealing with the impact of the changes in the credit risk of such financial
liabilities will result in or expand the accounting mismatch in the profits and losses, the Company shall include all
the profits or losses of such financial liabilities (including the amount of the impact of the changes in the credit
risk of the enterprise itself) into the current profits and losses.
② Other financial liabilities
In addition to the transfer of a financial asset is not in conformity with the conditions to stop the recognition or
formed by its continuous involvement in the transferred financial asset, financial liabilities and financial guarantee
contract of other financial liabilities classified as financial liabilities measured at the amortized cost, measured at
the amortized cost for subsequent measurement, recognition has been stopped or amortization of the profit or loss
is included in the current profits and losses.
(3) Recognition basis and measurement methods for transfer of financial assets
Financial assets satisfying one of the following conditions shall be terminated and recognized: ①The contractual
right to collect the cash flow of the financial asset is terminated; ②The financial asset has been transferred, and
almost all the risks and rewards in the ownership of the financial asset have been transferred to the transferee;
③The financial asset has been transferred, although the enterprise neither transfers nor retains almost all the risks
and rewards in the ownership of the financial asset, but it abandoned control of the financial assets.
In case that the enterprise does not transfer or retain almost all risks and rewards on financial assets ownership nor
waive to control these assets, relevant financial assets shall be recognized in accordance with the degree for
continued involvement of financial assets transferred and relevant liabilities shall be recognized correspondingly.
west bank The term "continuous involvement in the transferred financial asset" shall refer to the risk level that the
enterprise faces resulting from the change of the value of the financial asset.
If the overall transfer of the financial assets satisfies the derecognition criteria, the difference between the book
value of the transferred financial assets and the sum of the consideration received from transfer and cumulative
change in fair value previously recognized in other comprehensive income is accounted into the current profit or
loss.
In case that the partial transfer of financial assets meets de-recognition conditions, the book value of financial
assets transferred shall be allocated as per respective fair value between de-recognized or not de-recognized parts,
and the difference between the sum of the consideration received due to transfer with the accumulated amount of
fair value changes that is previously included in other comprehensive income and shall be allocated to de-
recognized parts and the aforesaid book amount allocated shall be included in the current profit or loss.
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
The Company shall determine whether almost all the risks and rewards of the ownership of the financial assets
sold by means of recourse or endorsed to transfer the financial assets it holds have been transferred. If almost all
the risks and rewards in the ownership of the financial asset have been transferred to the transferee, the
confirmation of the financial asset shall be terminated; if almost all the risks and rewards in the ownership of the
financial asset have been retained, the confirmation of the financial asset shall not be terminated; if neither the
transfer nor the retention of almost all the risks and rewards in the ownership of the financial asset has been made.
In case of remuneration, it shall continue to determine whether the enterprise has retained control over the assets
and conduct accounting treatment in accordance with the principles described in the preceding paragraphs.
(4) Termination confirmation of financial liabilities
If the current obligation of a financial liability (or part thereof) has been discharged, the Company shall terminate
the recognition of the financial liability (or part thereof). If the Company (the debtor) signs an agreement with the
lender to replace the original financial liabilities by assuming new financial liabilities, and the contract terms of
the new financial liabilities are substantially different from those of the original financial liabilities, it shall
terminate the recognition of the original financial liabilities and at the same time confirm a new financial
liabilities. If the Company substantially amends the contract terms of the original financial liabilities (or part
thereof), it shall terminate the confirmation of the original financial liabilities and at the same time confirm a new
financial liabilities in accordance with the revised terms.
If the financial liabilities (or part thereof) are terminated, the difference between their book value and the
consideration paid (including the transferred non-cash assets or liabilities assumed) shall be included in the profits
and losses of the current period.
（5）Offsetting financial assets and financial liabilities
When the Company has a legal right that is currently enforceable to set off the recognized financial assets and
financial liabilities, and intends either to settle on a net basis, or to realize the financial asset and settle the
financial liability simultaneously, a financial asset and a financial liability shall be offset and the net amount is
presented in the balance sheet. Except for the above circumstances, financial assets and financial liabilities shall
be presented separately in the balance sheet and shall not be offset.
(6) Method for determining the fair value of financial assets and financial liabilities
Fair value refers to the price that a market participant must pay to sell or transfer a liability in an orderly
transaction that occurs on the measurement date. The fair value of financial instruments existing in an active
market is determined by the Company according to its quoted price in this market. west bank The quoted prices in
the active market refer to the prices, which are easily available from the stock exchanges, brokers, industry
associations, pricing service institutions and etc. at a fixed term, and which represent the prices at which actually
occurred market transactions are made under fair conditions.¨ In can a financial instrument does not exist in
active markets, its fair value shall be determined by the Company with assessment techniques. The value appraisal
techniques mainly include the prices adopted by the parties, who are familiar with the condition, in the latest
market transaction upon their own free will, the current fair value obtained by referring to other financial
instruments of the same essential nature, the cash flow capitalization method and the option pricing model, etc. In
valuation, the Company adopts valuation techniques that are applicable in the current situation and supported by
sufficient data and other information to select input values consistent with the characteristics of assets or liabilities
considered by market participants in the transactions of related assets or liabilities, and give priority to the use of
relevant observable input values as far as possible. Unallowable values are used if the relevant observable input
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
values are not available or are not practicable.
（7）Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting
all of its liabilities. The consideration received from issuing equity instruments, net of transaction costs, are added
to shareholders’ equity. All types of distribution (excluding stock dividends) made by the Company to holders of
equity instruments are deducted from shareholders’ equity.
The dividends (including "interest" generated by the tools classified as equity instruments) distributed by the
Company's equity instruments during the period of their existence shall be treated as profit distribution.
10. Impairment of financial instruments
The Company requires to confirm that the financial assets lost by impairment are financial assets measured by
amortized cost, investment in debt instruments and lease receivables which are measured at fair value and whose
changes are included in other comprehensive gains, mainly including notes receivable, accounts receivable, other
receivables, creditor's rights investment, other creditor's rights investment and long-term receivables and etc. In
addition, provision for impairment and confirmation of credit impairment losses are also made for contract assets
and some financial guarantee contracts in accordance with the accounting policies described in this section.
(1) Method of confirming impairment provision
Based on anticipated credit loss, the Company calculates impairment preparation and confirms credit impairment
loss according to the applicable anticipated credit loss measurement method (general method or simplified
method).
Credit loss refers to the difference between the cash flow of all contracts discounted according to the original real
interest rate and the expected cash flow of all contracts receivable according to the contract, that is, the present
value of all cash shortages. Among them, the Company discounts the financial assets purchased or originated with
credit impairment at the actual interest rate adjusted by credit.
The general method of measuring anticipated credit loss is whether the credit risk of the Company's financial
assets (including other applicable items such as contract assets, similarly hereinafter) has increased significantly
since the initial recognition on each balance sheet day. If the credit risk has increased significantly since the initial
recognition, the Company shall measure the loss preparation according to the amount equivalent to the expected
credit loss in the whole duration. If the credit risk has not increased significantly since the initial recognition, the
Company shall measure the loss preparation according to the amount equivalent to the expected credit loss in the
next 12 months. The Company shall consider all reasonable and evidenced information, including forward-
looking information, when evaluating expected credit losses.
Assuming that their credit risk has not increased significantly since the initial recognition, the Company may
choose to measure the loss reserve according to the expected credit loss in the next 12 months for financial
instruments with low credit risk on the balance sheet date.
(2) Criteria for judging whether credit risk has increased significantly since the initial recognition
If the probability of default of a financial asset on the estimated duration of the balance sheet is significantly
higher than the probability of default during the estimated duration of the initial recognition, the credit risk of the
financial asset is significantly increased. Except for special circumstances, the Company uses the change of
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
default risk in the next 12 months as a reasonable estimate of the change of default risk in the entire duration to
determine whether the credit risk has increased significantly since the initial recognition.
(3) A portfolio-based approach to assessing expected credit risk
The Company shall evaluate the credit risk of financial assets with distinct differences in credit risk, such as the
related party's receivables, the receivables in dispute with the other party or involving litigation and arbitration,
and receivables that has been proved that the debtor may not be able to fulfill the obligation of repayment, etc.
In addition to the financial assets that assess credit risk individually, the Company shall divide financial assets into
different groups based on common risk characteristics, and assess credit risk on the basis of portfolio.
(4) Accounting treatment of impairment of financial assets
At the end of the duration, the Company shall calculate the anticipated credit losses of various financial assets. If
the anticipated credit losses are greater than the book value of its current impairment provision, the difference is
deemed as impairment loss. If the balance is less than the book value of the current impairment provision, the
difference is deemed as impairment profit.
(5) Method of determining credit losses of various financial assets
In regard to receivables without significant financing components, the Company shall measure loss preparation
according to the amount of anticipated credit loss equivalent to the entire duration.
In addition to the accounts receivable that assesses the credit risk individually, receivables are divided into
different portfolios based on their credit risk characteristics:
① Basis for determining the combination of credit risk characteristics
Items Basis for determining the portfolio
Except for accounts receivable and other receivables for which loss provision has
been separately measured or belonging to portfolio 2, portfolio 3 and portfolio 4, the
Company determines the loss provision based on the expected credit loss of the same
Combination 1 (aging portfolio) or similar accounts receivable portfolio with similar credit risk characteristics in
previous years and divided according to aging, considering the forward-looking
information. The aging shall be calculated from the time when the accounts receivable
are initially recognized
All kinds of deposits, margins, advances, quality assurance margins, employee loans,
Portfolio 2 (margin portfolio) change reserve funds and other receivables that should be collected in daily and
regular activities
Portfolio 3 (financial asset portfolio with Notes receivable and other receivables with extremely low credit risk according to the
very low credit risk) expected credit loss calculation
Funds receivable from affiliated companies within the scope of consolidation are used
Portfolio 4 (risk-free portfolio)
as the basis for portfolio
② When credit risk assessment is carried out by portfolio method, according to the portfolio structure of financial
assets and similar credit risk characteristics (the debtor's ability to repay the debts according to the contract terms),
combined with historical default loss experience and current economic situation, and considering forward-looking
information, the expected credit loss is measured on the basis of expected duration, to recognize the loss provision
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
of financial assets.
The accrual method of loss provision measured by different portfolios:
Items Accrual method
Combination 1 (aging portfolio) Estimated duration
Portfolio 2 (margin portfolio) Estimated duration
Portfolio 3 (financial asset portfolio with very low credit risk) Estimated duration
Portfolio 4 (risk-free portfolio) Estimated duration
③ The expected credit loss rate of each portfolio is as follows:
Combination 1 (aging portfolio): expected credit loss rate
Expected credit loss rate of Expected credit loss rate of other
Aging
accounts receivable (%) receivables (%)
Within 1 year（Including 1 year） 0 0
1-2 years (Including 2 years） 10 10
2-3 years（Including 3 years） 30 30
3-4 years（Including 4 years） 50 50
4-5 years（Including 5 years） 90 90
Over 5 years 100 100
Portfolio 2 (margin portfolio): Based on the experience of historical default loss and current economic situation,
and considering forward-looking information, the expected credit loss rate is 0;
Portfolio 3 (financial asset portfolio with very low credit risk): combined with historical default loss experience
and current economic situation, considering forward-looking information, the expected credit loss rate is 0;
Portfolio 4 (risk-free portfolio): based on the historical experience of default losses and current economic situation,
considering forward-looking information, the expected credit loss rate is 0.
11.Contract assets and Contract liabilities
（1）Contract assets
The Company lists the right to receive consideration for goods or services that have been transferred to customers
(and this right depends on other factors besides the passage of time) as contract assets. The accrual of impairment
provision of contract assets shall refer to the expected credit loss method of financial instruments. The Company
adopts a simplified method to measure the loss provision for contract assets (whether or not they contain
significant financing elements).
In case of impairment loss of contract assets, the "asset impairment loss" shall be debited according to the amount
to be written down, and the contract assets impairment provision shall be credited; When reversing the accrued
asset impairment provision, make the opposite entry.
(2) Contract liabilities
The Company lists the obligation to transfer goods or provide services to customers for consideration received or
receivable from customers as contractual liabilities.
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
The Company shall list the contract assets and liabilities under the same contract in net amount.
In the contract between the Company and customers, the Company has the right to charge the contract price for
the goods and related services that have been transferred to customers, and meanwhile undertake the performance
obligation of transferring the goods or services to customers. When the customer actually pays the contract
consideration or the enterprise has transferred the goods or services to the customer before the consideration
becomes due and payable, the right to receive the consideration due to the transferred goods or services shall be
listed as contract assets, and recognized as accounts receivable or long-term receivables when the unconditional
right of collection is obtained. `
In the contract between the Company and customers, the Company has the right to charge the contract price for
the goods and related services that have been transferred to customers, and meanwhile undertake the performance
obligation of transferring the goods or services to customers. When the customer actually pays the contract
consideration or the enterprise has transferred the goods or services to the customer before the consideration
becomes due and payable, the right to receive the consideration due to the transferred goods or services shall be
listed as contract assets, and recognized as accounts receivable or long-term receivables when the unconditional
right of collection is obtained. `
12. Long-term equity investments
(1) Initial measurement
The Company makes initial measurement of long-term equity investment in the following two situations:
① The initial investment cost of long-term equity investment formed by business combination shall be
determined in accordance with the following provisions:
A. In a business combination under the same control, if the combining party pays cash, transfers non-cash assets
or assumes debts as the combination consideration, the share of the book value of the owner's equity of the
merged party in the consolidated financial statements of the final controlling party shall be taken as the initial
investment cost of long-term equity investment on the combination date. The difference between the initial
investment cost of long-term equity investment and the cash paid, the transferred non-cash assets and the book
value of the debts undertaken is adopted to adjust the capital reserve; If the capital reserve is insufficient to offset,
the retained earnings shall be adjusted. All directly related expenses incurred for business combination, including
audit fees, evaluation fees, legal service fees, etc., are included in the current profits and losses when they occur.
B. In the business combination not under the same control, the Company determines the combination cost by
distinguishing the following situations:
a) For business combination realized by one exchange transaction, the cost of combination is the fair value of
assets paid, liabilities incurred or assumed in order to gain control over the purchased party on the purchase date;
b) For business combination realized step by step through multiple exchange transactions, the sum of the book
value of the equity investment of the purchased party held before the purchase date and the new investment cost
on the purchase date shall be taken as the initial investment cost of the investment;
c) Intermediary expenses such as auditing, legal services, evaluation and consultation, and other related
management expenses incurred for business combination are included in the current profits and losses when they
occur;
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
d) If future events that may affect the combination cost are agreed in the combination contract or agreement, if it
is estimated that the future events are likely to occur on the purchase date and the amount of impact on the
combination cost can be reliably measured, they will be included in the combination cost.
② Except for the long-term equity investment formed by business combination, the initial investment cost of
long-term equity investment obtained by other means shall be determined in accordance with the following
provisions:
A. For the long-term equity investment obtained by cash payment, the actual purchase price shall be taken as the
initial investment cost. Initial investment cost includes expenses, taxes and other necessary expenditures directly
related to obtaining long-term equity investment.
B. For long-term equity investment obtained through exchange of non-monetary assets, the initial investment cost
shall be determined according to Accounting Standards for Business Enterprises No.7-Exchange of Non-monetary
Assets.
C. For long-term equity investment obtained through debt restructuring, the initial investment cost shall be
determined according to Accounting Standards for Business Enterprises No.12-Debt Restructuring.
③ No matter how the long-term equity investment is obtained, when the investment is obtained, the cash
dividends or profits included in the paid consideration that have been declared but not yet issued by the investee
are separately accounted as receivable items, which does not constitute the initial investment cost of obtaining the
long-term equity investment.
(2) Subsequent measurement
Long-term equity investment that can be controlled by the investee shall be accounted by the cost method in
individual financial statements. Long-term equity investments that have joint control or significant influence on
the investee shall be accounted by equity method.
① Long-term equity investment accounted by cost method is priced according to the initial investment cost。
Adjust the cost of long-term equity investment by adding or recovering investment. Cash dividends or profits
declared and distributed by the investee shall be recognized as current investment income.
If the initial investment cost of long-term equity investment accounted by equity method is greater than the fair
value share of identifiable net assets of the investee, the initial investment cost of long-term equity investment
shall not be adjusted; If the initial investment cost of long-term equity investment is less than the fair value share
of the identifiable net assets of the investee at the time of investment, the difference shall be included in the
current profits and losses, and the cost of long-term equity investment shall be adjusted at the same time.
After obtaining the long-term equity investment, the investment income and other comprehensive income shall be
recognized respectively according to the share of the net profit and loss and other comprehensive income realized
by the invested unit, and the book value of the long-term equity investment shall be adjusted at the same time;
According to the profit or cash dividend declared and distributed by the investee, the book value of long-term
equity investment shall be reduced accordingly; The book value of the long-term equity investment is adjusted
and included in the owner's equity for other changes in the owner's equity of the investee except net profit and loss,
other comprehensive income and profit distribution. When recognizing the share of the net profit and loss of the
investee, the net profit of the investee is recognized after adjustment based on the fair value of the identifiable net
assets of the investee at the time of obtaining the investment. If the accounting policies and accounting periods
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
adopted by the investee are inconsistent with those of the Company, the financial statements of the investee shall
be adjusted according to the accounting policies and accounting periods of the Company, and the investment
income and other comprehensive income shall be recognized accordingly. The net loss incurred by the investee is
recognized to be written down to zero by the book value of long-term equity investment and other long-term
interests that substantially constitute the net investment of the investee, unless the Company is obligated to bear
additional losses. If the investee achieves net profit in the future, the Company will resume the recognition of the
revenue sharing amount after its revenue sharing amount compensates for the unrecognized loss sharing amount.
When calculating and recognizing the net profit and loss that should be enjoyed or shared by the investee, the
unrealized internal transaction profit and loss with the affiliated enterprise and the joint venture shall be calculated
according to the proportion that should be enjoyed, and the part attributable to the Company shall be offset, and
the investment income shall be recognized on this basis. Unrealized internal transaction losses between the
Company and the investee are asset impairment losses, which shall be fully recognized.
Part of the company's equity investment in affiliated enterprises is indirectly held through venture capital
institutions, mutual funds, trust companies or similar entities including investment-linked insurance funds.
Regardless of whether the above entities have a significant impact on this part of investment, the Company
chooses to measure this part of indirect investment at fair value and its change is included in profit or loss in
accordance with the relevant provisions of Accounting Standards for Business Enterprises No.22-Recognition and
Measurement of Financial Instruments, and the rest is accounted for by equity method.
③ When the Company disposes of long-term equity investment, the difference between its book value and the
actual purchase price shall be included in the current profits and losses. For long-term equity investment
accounted by equity method, when disposing of the investment, it adopts the same basis as the investee's direct
disposal of related assets or liabilities, and accounts for the part originally included in other comprehensive
income according to the corresponding proportion.
(3) Basis to determine joint control over and significant influence on the investee
Joint control refers to the common control of an arrangement in accordance with the relevant agreement, and the
relevant activities of such arrangement must be unanimously agreed by the participants who share the control
rights before making decisions. Significant influence means that the investor has the right to participate in the
decision-making on the financial and operating policies of the investee, but cannot control or jointly control the
formulation of these policies with other parties. When determining whether the investee can be controlled or exert
significant influence, the potential voting rights factors such as current convertible bonds and current executable
warrants of the investee held by the Company and other parties shall be considered at the same time.
13.Investment Property
The measurement mode of investment property
The measurement by the cost method
Depreciation or amortization method
Investment property is held to earn rentals or for capital appreciation or for both. Investment property includes
leased or ready to transfer after capital appreciation land use rights and leased buildings.
The Company's investment real estate is initially measured according to the cost at the time of acquisition, and
depreciated or amortized on schedule according to the relevant provisions of fixed assets or intangible assets.
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Subsequent expenditures related to investment real estate are included in the investment real estate cost when the
relevant economic benefits are likely to flow into the Company and such cost can be reliably measured; Otherwise,
they are included in the current profits and losses when they occur.
For the investment real estate that is subsequently measured by the cost model, please refer to 26 in this section
for the method of asset impairment.
When the use of investment real estate is changed to self-use or external sale, the investment real estate will be
converted into fixed assets, intangible assets or inventory from the date of change. When the use of private real
estate is changed to rent-earning or capital appreciation, the fixed assets or intangible assets will be converted into
investment real estate from the date of change. In case of conversion, the book value before conversion is taken as
the entry value after conversion.
The estimated service life, estimated net salvage and depreciation (amortization) method of investment real estate
are reviewed at the end of each year and appropriate adjustments are made.
When the investment real estate is disposed of, or permanently withdrawn from use, and it is not expected to
obtain economic benefits from its disposal, the recognition of the investment real estate will be terminated. The
disposal income from the sale, transfer, scrapping or damage of investment real estate after deducting its book
value and related taxes is included in the current profits and losses. The difference between the disposal income
from the sale, transfer, scrapping or damage of investment real estate after deducting its book value and related
taxes is included in the current profits and losses.
14.Fixed assets
（1）Confirmation conditions
The Company's fixed assets refer to tangible assets held for the production of commodities, provision of labor
services, leasing or operation management, which have a service life of more than one year, and whose economic
benefits are likely to be included into the Company and whose costs can be reliably measured.
The classification of the fixed asset
The Company's fixed assets include roads and bridges, houses and buildings, machinery and equipment, electronic
equipment, transportation tools and other equipment.
（2）Depreciation method
The useful life, residual value rate, and annual depreciation rate of various fixed assets are listed as follows:
Expected useful Residual rate Annual depreciation
Type Depreciation method
life(Year) （%） rate(%)
Guangfo Expressway Working flow basis 28 years 0%
Fokai Expressway-Xiebian to
Working flow basis 40 years 0%
Sanbao Section
Fokai Expressway-Sanbao to
Working flow basis 47.5 years 0%
Shuikou Section
Jingzhu Expressway Guangzhu Working flow basis 30 years 0%
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Section
Guanghui Expressway Co., Ltd. Working flow basis 23 years 0%
House Building The straight-line
20-30 years 3%-5% 3.17%-4.85%
method
The straight-line
Machine Equipment 3-10 years 3%-5% 9.50%-32.33%
method
The straight-line
Transportation Equipment 5-8 years 3%-5% 11.88%-19.40%
method
The straight-line
Other 5 years 3%-5% 19.00%-19.40%
method
For the fixed assets formed by special reserve expenditure, the special reserve shall be offset according to the cost
to form the fixed assets, and the accumulated depreciation of the same amount shall be recognized. The fixed
assets will not be depreciated in future periods.
According to the nature and usage of fixed assets, the Company determines the service life and estimated net
salvage value of fixed assets. At the end of the year, the service life, estimated net salvage value and depreciation
method of fixed assets shall be rechecked, and if there is any difference with the original estimate, corresponding
adjustments shall be made.
15.Construction-in process
The Company's construction in progress is accounted for in detail according to the project, and the projects of
construction in progress are regarded as the entry value of fixed assets according to all expenses incurred before
the assets reach the scheduled serviceable state. Including the construction cost, the original price of machinery
and equipment, other necessary expenses incurred to make the construction in progress reach the scheduled
serviceable state, as well as the borrowing costs incurred for the special loan of the project and the borrowing
costs incurred for the occupied general loan before the assets reach the scheduled serviceable state. The Company
will transfer the construction in progress into fixed assets when the project installation or construction reaches the
scheduled serviceable state. The constructed fixed assets that have reached the scheduled serviceable state but
have not yet been settled for completion shall be transferred to fixed assets according to the estimated value
according to the project budget, construction cost or actual cost, and the depreciation of fixed assets shall be
accrued according to the depreciation policy of the Company. After the completion of the final accounts, the
original provisional estimated value shall be adjusted according to the actual cost, but the original accrued
depreciation amount shall not be adjusted.
The standards and time points for converting the Company's construction in progress into fixed assets are as
follows:
Category Standard and time point for converting into fixed assets
(1) The physical construction, including the installation of related equipment and other supporting
facilities, has been completely or substantially completed; (2) The amount of continued construction
expenditure is very small or almost no longer occurs; (3) Relevant equipment can maintain normal and
Expressway construction stable operation for a period of time after debugging; (4) The constructed expressway has reached the
project design or contract requirements, or basically conforms to the design or contract requirements; (5) If the
construction project has reached the scheduled serviceable state but has not yet completed the final
accounts for completion, it will be transferred to the fixed assets according to the estimated value according
to the actual cost of the project from the date of reaching the scheduled serviceable state.
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Category Standard and time point for converting into fixed assets
(1) The physical construction, including installation, has been completed or substantially completed; (2)
The amount of expenditure that continues to occur on the purchased houses and buildings is very small or
almost no longer occurs; (3) The purchased houses and buildings have reached the design or contract
Houses and buildings requirements, or are basically consistent with the design or contract requirements; (4) If the construction
project has reached the scheduled serviceable state but has not yet completed the final accounts for
completion, it will be transferred to the fixed assets according to the estimated value according to the actual
cost of the project from the date of reaching the scheduled serviceable state.
(1) Related equipment and other supporting facilities have been installed; (2) After debugging, the
Machinery and
equipment can maintain normal and stable operation for a period of time and be accepted by relevant
equipment
personnel.
16.Borrowing cost
(1) Recognition principle and capitalization period of borrowing cost capitalization
Borrowing costs incurred by the Company can be directly attributed to the purchase, construction or production of
assets that meet the capitalization conditions, and shall be capitalized when the following conditions are met at the
same time and included in the relevant asset costs:
① Production and expenditure have occurred;
② Borrowing costs have already occurred;
③ The purchase, construction or production activities required to make the assets reach the intended usable or
saleable state have started.
Capitalization of borrowing costs shall be suspended if the assets that meet the capitalization conditions are
abnormally interrupted in the process of purchase, construction or production, and the interruption time
continuously exceeds 3 months. Borrowing costs incurred during the interruption period are recognized as
expenses and included in the current profits and losses until the purchase and construction of assets or the
resumption of production activities. If the interruption is a necessary procedure for the purchased, built or
produced assets that meet the capitalization conditions to reach the intended usable or saleable state, the
capitalization of borrowing costs will continue.
Capitalization of borrowing costs shall be stopped when assets eligible for capitalization are purchased, built or
produced to the intended usable or saleable state. Borrowing costs incurred in the future are recognized as
expenses in the current period.
(2) Calculation method of capitalization amount of borrowing costs
Where a special loan is borrowed for the purpose of purchasing, building or producing assets that meet the
capitalization conditions, it shall be determined by deducting the interest income obtained by depositing unused
loan funds into the bank from the interest expenses actually incurred in the current period of special loan or by the
investment income obtained by temporary investment.
If the general loan is occupied for the purpose of purchasing, building or producing assets that meet the
capitalization conditions, the interest amount of the general loan that should be capitalized shall be calculated and
determined according to the weighted average of the accumulated asset expenditure exceeding the special loan
portion multiplied by the capitalization rate of the occupied general loan. Capitalization rate is calculated and
determined according to the weighted average interest rate of general borrowings.
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17.Intangible assets
(1) Service life and its determination basis, estimation, amortization method or review procedure
The intangible assets of the Company are initially measured at cost. The purchased intangible assets shall be
regarded as the actual cost according to the actual paid price and related expenses. The actual cost of intangible
assets invested by investors shall be determined according to the value agreed in the investment contract or
agreement, but if the value agreed in the contract or agreement is unfair, the actual cost shall be determined
according to the fair value. The cost of self-developed intangible assets is the total expenditure incurred before
reaching the intended use.
The follow-up measurement methods of the Company's intangible assets are as follows: intangible assets with
limited service life are amortized by the straight-line method or workload method according to different categories,
and the service life and amortization method of intangible assets are rechecked at the end of the year, and if there
is any difference from the original estimate, corresponding adjustments will be made; Intangible assets with
uncertain service life are not amortized, but at the end of the year, their service life will be reviewed. When there
is conclusive evidence that their service life is limited, it will be estimated and amortized by the straight-line
method.
The amortization method of intangible assets with limited service life is as follows:
Category Amortization years Amortization method
Land use right Remaining useful life Straight-line method
Software 3-5 years Straight-line method
Toll road franchise Residual toll operation period Workload method
18. Long-term amortizable expenses
Long-term deferred expenses are recorded according to the actual amount incurred, and are amortized equally in
installments during the benefit period or within the prescribed period. If the long-term prepaid expense item
cannot benefit the future accounting period, the amortized value of the item that has not been amortized will be
transferred to the current profits and losses.
19. Employee Benefits
Employee compensation refers to various forms of remuneration or compensation given by the Company for
obtaining services provided by employees or dissolving labor relations. Employee compensation includes short-
term salary, post-employment benefits, dismissal benefits and other long-term employee benefits. Benefits
provided by the Company to spouses, children, dependents, survivors of deceased employees and other
beneficiaries of employees are also employee compensation.
（1）Accounting methods of short-term benefits
During the accounting period when employees provide services, the Company recognizes the actual short-term
salary as a liability, which is included in the current profits and losses, except that other accounting standards
require or allow it to be included in the cost of assets.
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(2) Accounting methods for post-employment benefits
The Company classifies the post-employment benefit plan into defined contribution plan and defined benefit plans.
Post-employment benefit plan refers to the agreement reached between the Company and employees on post-
employment benefits, or the rules or measures formulated by the Company to provide post-employment benefits
to employees, among which the set deposit plan refers to the post-employment welfare plan in which the
Company no longer undertakes further payment obligations after paying a fixed fee to an independent fund;
Defined benefit plans refers to the post-employment benefit plan except the set-up deposit plan.
(3) Accounting Treatment Method of Demission Welfare
If the Company provides dismissal benefits to employees, the employee compensation liabilities arising from the
dismissal benefits shall be recognized as soon as possible and included in the current profits and losses: when the
company cannot unnaturally withdraw the dismissal benefits provided by the termination of labor relations plan or
reduction proposal; when the Company recognizes the costs or expenses related to the reorganization involving
the payment of dismissal benefits.
（4）Other long-term employee benefits
If other long-term employee benefits provided by the Company to employees meet the conditions of the set
deposit plan, they shall be handled according to the accounting policies of the set deposit plan mentioned above;
Otherwise, the net liabilities or net assets of other long-term employee benefits shall be recognized and measured
in accordance with the accounting policies of defined benefit plans mentioned above.
20.Estimated liabilities
(1) Recognition criteria of estimated liabilities
If the obligations related to contingencies stipulated by the Company meet the following conditions at the same
time, they are recognized as estimated liabilities:
① The obligations are the current obligations undertaken by the enterprise;
② Fulfilling the obligations is likely to cause economic benefits to flow out of the enterprise;
③ The amount of the obligations can be measured reliably.
(2) Measurement method of estimated liabilities
Estimated liabilities are initially measured according to the best estimate of expenditure required to fulfill relevant
current obligations. There is a continuous range of required expenditure, and the possibility of occurrence of
various results in this range is the same, and the best estimate is determined according to the intermediate value in
this range. In other cases, the best estimates are treated as follows:
① Contingencies involving a single item shall be determined according to the most probable amount.
② Contingencies involving multiple items shall be calculated and determined according to various possible
results and relevant probabilities.
When determining the best estimate, the risk, uncertainty and time value of money related to contingencies shall
be considered comprehensively. If the time value of money has great influence, the best estimate is determined by
discounting the related future cash outflow.
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If all or part of the expenses required by the Company to pay off the estimated liabilities are expected to be
compensated by a third party, the compensation amount can be recognized as an asset only when it is basically
confirmed that it can be received. The recognized compensation amount shall not exceed the book value of the
estimated liabilities.
The Company rechecks the book value of the estimated liabilities on the balance sheet date. If there is conclusive
evidence that the book value cannot truly reflect the current best estimate, the book value shall be adjusted
according to the current best estimate.
21. Revenues
Accounting policies adopted for income recognition and measurement
(1) Revenue recognition principle
Since the starting date of the contract, the company shall evaluate the contract, identifies each individual
performance obligation contained in, and determines whether each individual performance obligation is
performed within a certain period of time or at a certain point of time.
The performance obligation is defined as fulfillment within a certain period of time if one of the following
conditions is met, otherwise, it is defined as fulfilled at a certain point in time: ① The customer obtains and
consumes the economic benefits brought by the company's performance while the company performs the contract;
② The customer can control the goods under manufacturing or services during the company's performance; ③
The goods or services produced during the company's performance have irreplaceable uses, and the company has
the right to accumulate for the completed performances during the entire contract period.
For obligations performed within a certain period of time, the company recognizes revenue in accordance with the
performance progress in that period. If the performance progress cannot be reasonably determined, and the cost
incurred is expected to be compensated, the revenue shall be recognized according to the amount of the cost
incurred until the performance progress can be reasonably determined. For obligations performed at a certain
point in time, revenue shall be recognized at the point when the customer obtains control of the relevant goods or
services. When judging whether the customer has obtained control of the product, the company shall consider the
following points: ① The company has the current right to receive payment for the product, that is, the customer
has the current payment obligation for the product; ② The company has transferred the legal ownership of the
product to the customer, that is, the customer has the legal ownership of the product; ③ The company has
transferred the physical product to the customer, that is, the customer has physically taken possession of the
product; ④ The company has transferred the main risks and rewards on the ownership of the product to the
customer, that is, the customer has obtained the main risks and rewards on the ownership of the product; ⑤ The
customer has accepted the product; ⑥ Other signs that the customer has obtained control of the product.
(2) Principle of revenue measurement
① The company shall measure revenue based on the transaction price allocated to each individual performance
obligation. The transaction price is the amount of consideration that the company expects to be entitled to receive
due to the transfer of goods or services to customers, while does not include payments received on behalf of third
parties and payments expected to be returned to customers.
② If there is variable consideration in the contract, the company shall determine its best estimate according to the
expected value or the most likely amount, but the transaction price including the variable consideration shall not
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exceed the accumulated amount that, if relevant uncertainty is eliminated, will most likely have no significant
reversal.
③ If there is any significant financing component in the contract, the company shall determine the transaction
price based on the amount payable in cash when the customer assumes control of the goods or services. The
difference between transaction price and contract consideration shall be amortized through effective interest
method during the contract period. On the starting date of contract, if the company expects that the customer will
obtain control of the goods or services and pays the price within one year, the significant financing component in
contract shall not be considered.
④ If the contract contains two or more performance obligations, the company shall, on date of the contract,
allocate the transaction price to each individual obligation item in accordance with the relative proportion of the
separate selling price of promised goods.
The adoption of different business models in similar businesses leads to differences in accounting policies for
revenue recognition
(3) Specific methods of revenue recognition
1) Toll service fee income
Toll revenue refers to the toll revenue from operating toll roads, which is recognized according to the amount
collected and receivable when vehicles pass.
2）Advertising and other revenue
Advertising and other income shall be recognized as operating income within the service period according to the
service time and price after the service is provided.
22. Contract cost
If the incremental cost incurred by the Company to obtain the contract is expected to be recovered, it will be
recognized as an asset for the contract acquisition cost. If the amortization period of the contract acquisition cost
does not exceed one year, it will be directly included in the current profits and losses when it occurs.
If the cost incurred by the Company to perform the contract does not apply to the scope of the relevant standards
such as inventory, fixed assets or intangible assets and meets the following conditions at the same time, it shall be
recognized as an asset for the contract performance cost:
(1) The cost is directly related to a current or expected contract, including direct labor, direct materials,
manufacturing expenses (or similar expenses), costs explicitly borne by customers and other costs incurred only
due to the contract;
(2) The cost increases the Company's resources for performing and fulfilling its obligations in the future;
(3) The cost is expected to be recovered.
The Company amortizes the assets related to the contract cost on the same basis as the income of goods or
services related to the assets, and includes them into the current profits and losses.
If the book value of the assets related to the contract cost is higher than the expected remaining consideration due
to the transfer of the goods or services related to the assets minus the estimated costs to be incurred, the Company
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will make provision for impairment of the excess and recognize it as an asset impairment loss. If the factors of
impairment in the previous period have changed, so that the expected residual consideration of the goods or
services related to the asset after the transfer minus the estimated cost is higher than the book value of the asset, it
will be transferred back to the originally accrued asset impairment provision and included in the current profits
and losses, but the book value of the asset after the transfer does not exceed the book value of the asset on the
transfer date if the impairment provision is not accrued.
23. Government Grants
(1) Types of government subsidies and accounting treatment
Government subsidies refer to the monetary assets or non-monetary assets obtained by the Company from the
government for free (but excluding the capital invested by the government as the owner). If government subsidies
are monetary assets, they shall be measured according to the amount received or receivable. If government
subsidies are non-monetary assets, they shall be measured at fair value; If the fair value cannot be obtained
reliably, they shall be measured according to the nominal amount.
Government subsidies related to the daily activities are included in other income according to the nature of
economic business. Government subsidies unrelated to the daily activities are included in non-operating income.
Government documents clearly specify that government subsidies for purchasing, constructing or otherwise
forming long-term assets are recognized as government subsidies related to assets. If the object of subsidy is not
clearly specified in government documents, and long-term assets can be formed, the part of government subsidies
corresponding to the value of assets shall be regarded as the government subsidies related to assets, and the rest
shall be regarded as the government subsidies related to income; If it is difficult to distinguish them, the
government subsidies as a whole will be regarded as a government subsidies related to income. Government
subsidies related to assets are recognized as deferred income. The amount recognized as deferred income shall be
included in the current profits and losses by stages in accordance with a reasonable and systematic method within
the service life of the relevant assets.
Government subsidies other than those related to assets are recognized as government subsidies related to income.
If government subsidies related to income are used to compensate the related expenses or losses of the enterprise
in the future, they will be recognized as deferred income, and will be included in the current profits and losses
during the period when the related expenses are recognized; If used to compensate the related expenses or losses
that have occurred in the enterprise, they will be directly included in the current profits and losses.
The Company has obtained the policy preferential loan discount, and the finance will allocate the discount funds
to the lending bank. If the lending bank provides loans to the Company at the policy preferential interest rate, the
actually received loan amount will be taken as the recorded value of the loan, and the relevant borrowing costs
will be calculated according to the loan principal and the policy preferential interest rate; If the finance directly
allocates the discount funds to the Company, the Company will offset the relevant borrowing costs with the
corresponding discount.
(2) Recognition time of government subsidies
Government subsidies are recognized when they meet the conditions attached to government subsidies and can be
received. Government subsidies measured according to the amount receivable shall be recognized at the end of the
period when there is conclusive evidence that they can meet the relevant conditions stipulated in the financial
support policy and it is expected that financial support funds can be received. Other government subsidies other
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than those measured according to the amount receivable shall be recognized when the subsidies are actually
received.
24.Deferred income tax assets and deferred income tax liabilities
The Company adopts the balance sheet liability method for income tax accounting treatment.
(1) Deferred tax assets
① If there is a deductible temporary difference between the book value of an asset or liability and its tax basis, the
deferred income tax assets generated by the deductible temporary difference shall be calculated and confirmed
according to the applicable tax rate during the expected period of recovering the asset or paying off the liability.
② On the balance sheet date, if there is conclusive evidence that sufficient taxable income is likely to be obtained
in the future period to offset the deductible temporary difference, the unrecognized deferred income tax assets in
the previous period shall be recognized.
③ On the balance sheet date, the book value of deferred income tax assets shall be reviewed. If it is unlikely that
enough taxable income will be obtained in the future period to offset the benefits of deferred income tax assets,
the book value of deferred income tax assets will be written down. When sufficient taxable income is likely to be
obtained, the written-down amount will be reversed.
(2) Deferred income tax liabilities
If there is a taxable temporary difference between the book value of assets and liabilities and their tax basis, the
deferred income tax liabilities arising from the taxable temporary difference shall be recognized according to the
applicable tax rate during the expected period of recovering the assets or paying off the liabilities.
25.Lease
(1) Accounting treatment method for leasing as a lessee
On the start date of the lease term, the Company recognizes the right-to-use assets and lease liabilities for leases
other than short-term leases and low-value asset leases, and recognizes depreciation expenses and interest
expenses respectively during the lease term.
The Company adopts the straight-line method in each period of the lease term, and the lease payment of short-
term leases and low-value asset leases is included in the current expenses.
1) Right-to-use assets
The right-to-use assets refer to the right of the lessee to use the leased assets during the lease term. On the start
date of the lease term, the right-to-use assets are initially measured according to the cost. The cost includes: ①
The initial measurement amount of lease liabilities; ② The lease payment amount issued on or before the start
date of the lease term, where if there is a lease incentive, the amount related to the entitled lease incentive shall be
deducted; ③ The initial direct expenses incurred; ④ The cost expected to be incurred to dismantle and remove the
leased assets, restore the site where the leased assets are located or restore the leased assets to the state agreed in
the lease terms.
The depreciation of the Company's right-to-use assets is classified and accrued by the average life method. If it
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
can be reasonably determined that the ownership of the leased assets will be acquired at the expiration of the lease
term, depreciation will be accrued within the expected remaining service life of the leased assets; If it is
impossible to reasonably determine that the ownership of the leased assets will be acquired at the expiration of the
lease term, depreciation shall be accrued during the lease term or the remaining service life of the leased assets,
whichever is shorter.
According to the relevant provisions of Accounting Standards for Business Enterprises No.8 - Impairment of
Assets, the Company determines whether the right-to-use assets have been impaired and carries out accounting
treatment.
2) Lease liabilities
Lease liabilities are initially measured according to the present value of unpaid lease payment on the start date of
the lease term. The lease payment include: ① Fixed payment (including substantial fixed payment), if there is
lease incentive, the relevant amount of lease incentive shall be deducted; ② Variable lease payment depending on
index or ratio; ③ The amount expected to be paid according to the residual guarantee provided by the lessee; ④
The exercise price of the purchase option, provided that the lessee reasonably determines that the option will be
exercised; ⑤ The amount to be paid when the option to terminate the lease is exercised, provided that the lease
term reflects that the lessee will exercise the option to terminate the lease;
The Company adopts the interest rate implicit in lease as the discount rate; If the interest rate implicit in lease
cannot be reasonably determined, the incremental loan interest rate of the Company shall be adopted as the
discount rate. The Company calculates the interest expense of the lease liabilities during the lease term according
to the fixed periodic interest rate, and includes it in the financial expense. The periodic interest rate refers to the
discount rate adopted by the Company or the revised discount rate.
The variable lease payments that are not included in the measurement of lease liabilities are included in the
current profits and losses when actually incurred.
When the Company's evaluation results of the option to renew the lease, terminate the lease or purchase change,
the lease liabilities will be re-measured according to the present value calculated by the changed lease payment
and the revised discount rate, and the book value of the right-to-use assets will be adjusted accordingly. When the
actual lease payment, the expected payable amount of the residual guarantee or the variable lease payment
depending on the index or ratio changes, the lease liabilities shall be re-measured according to the present value
calculated by the changed lease payment and the original discount rate, and the book value of the right-to-use
assets shall be adjusted accordingly.
(2) Accounting treatment method for leasing as a lessor
1) Accounting treatment of operating lease
During each period of the lease term, the Company adopts the straight-line method to recognize the lease receipts
from operating lease as rental income. The Company capitalizes the initial direct expenses related to operating
lease, and includes them in the current income by stages according to the same recognition basis as the rental
income during the lease term.
2) Accounting treatment of financial lease
On the lease start date, the Company recognizes the difference between the sum of the financial lease receivable
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and the unguaranteed residual value and its present value as unrealized financing income, and recognizes it as
lease income in the future period when the rent is received. The initial direct expenses incurred by the Company
related to the leasing transaction are included in the initial entry value of the financial lease receivable.
26. Impairment of assets
The following signs indicate that the assets may be impaired:
(1) The market price of assets fell sharply in the current period, which was significantly higher than the expected
decline due to the passage of time or normal use.
(2) The economic, technical or legal environment in which the Company operates and the market in which the
assets are located have undergone major changes in the current period or in the near future, which will have
adverse effects on the Company.
(3) The market interest rate or other market return on investment has increased in the current period, which
affects the discount rate used by enterprises to calculate the present value of the estimated future cash flow of
assets, resulting in a significant decrease in the recoverable amount of assets.
(4) There is evidence that the assets are outdated or their entities have been damaged.
(5) Assets have been or will be idle, terminated or planned to be disposed of in advance.
(6) The evidence reported by the company shows that the economic performance of assets has been or will be
lower than expected, such as the net cash flow created by assets or the realized operating profit (or loss) is far
lower than the expected amount.
(7) Other indications that assets may have been impaired.
On the balance sheet date, the Company judges various assets that are applicable to the Accounting Standards for
Business Enterprises No.8-Impairment of Assets, such as long-term equity investment, fixed assets, engineering
materials, construction in progress, intangible assets (except those with uncertain service life), and conducts
impairment test when there are signs of impairment-estimating their recoverable amount. The recoverable amount
is determined by the higher of the net amount of the fair value of the asset minus the disposal expenses and the
present value of the estimated future cash flow of the asset. If the recoverable amount of an asset is lower than its
book value, the book value of the asset shall be written down to the recoverable amount, and the written-down
amount shall be recognized as the asset impairment loss, which shall be included in the current profits and losses,
and the corresponding asset impairment reserve shall be accrued at the same time.
If there are signs that an asset may be impaired, the Company usually estimates its recoverable amount on the
basis of individual assets. When it is difficult to estimate the recoverable amount of a single asset, the recoverable
amount of the asset group is determined based on the asset group to which the asset belongs.
Asset group is the smallest asset portfolio that can be recognized by the Company, and its cash inflow is basically
independent of other assets or asset groups. The asset group consists of assets related to cash inflow. The
identification of asset group is based on whether the main cash inflow generated by asset group is independent of
other assets or cash inflow of asset group.
The Company conducts impairment test every year for intangible assets with uncertain goodwill and service life
formed by business combination and not yet in serviceable condition, regardless of whether there is any sign of
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impairment. The impairment test of goodwill is carried out in combination with its related asset group or
combination of asset groups.
Once the asset impairment loss is confirmed, it will not be reversed in the following accounting period.
27. Fair value measurement
Fair value refers to the price that a market participant must pay to sell or transfer a liability in an orderly
transaction that occurs on the measurement date.
The Company measures related assets or liabilities at fair value, assuming that the orderly transaction of selling
assets or transferring liabilities is conducted in the main market of related assets or liabilities; If there is no major
market, the Company assumes that the transaction will be conducted in the most favorable market of related assets
or liabilities. The main market (or the most favorable market) is the trading market that the Company can enter on
the measurement day. The Company adopts the assumptions used by market participants to maximize their
economic benefits when pricing the assets or liabilities.
When measuring non-financial assets at fair value, the ability of market participants to use the assets for the best
purpose to generate economic benefits or the ability to sell the assets to other market participants for the best
purpose to generate economic benefits shall be considered.
The Company adopts the valuation technology which is applicable in the current situation and supported by
sufficient available data and other information, and gives priority to the relevant observable input values, and only
uses the unobservable input values when the observable input values are unavailable or impractical.
For assets and liabilities measured or disclosed at fair value in financial statements, it shall determine the fair
value level according to the lowest level input value which is of great significance to fair value measurement as a
whole: the first-level input value is the unadjusted quotation of the same assets or liabilities that can be obtained
on the measurement date in an active market; The second-level input value is directly or indirectly observable
input values of related assets or liabilities except the first-level input value; The third level input value is the
unobservable input value of related assets or liabilities.
On each balance sheet date, the Company reassesses the assets and liabilities recognized in the financial
statements that are continuously measured at fair value to determine whether there is a conversion between the
fair value measurement levels.
28.Change of main accounting policies and estimations
(1)Change of main accounting policies
□Applicable √Not applicable
（2）Significant estimates changes
□Applicable √Not applicable
（3）The information of the adjusting items related to the financial statements at the beginning of the year of first
implementation due to the first implementation of new accounting standards from 2024.Adjustment description
□Applicable √Not applicable
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
VI. Taxation
1. Major category of taxes and tax rates
Tax category Tax basis Tax rate
VAT Taxable income 3%,5%,6%,9%,13%
City maintenance and construction tax The actual payment of turnover tax 5%,7%
Enterprise income tax Taxable income 25%
Education Fee Surcharge The actual payment of turnover tax 3%
Local education surcharge The actual payment of turnover tax 2%
2.Preferential tax treatment
None
VII. Notes on major items in consolidated financial statements of the Company
1. Monetary funds
In RMB
Items Amount in year-end Balance Year-beginning
Cash 28,703.17 35,130.15
Bank deposit 2,486,064,082.26 2,039,934,390.23
Other 513,700.81 514,004.48
Money deposited with a finance
2,469,986,094.02 2,662,395,109.14
Company
Interest accrued when not due 21,604,195.03 15,753,098.20
Total 4,978,196,775.29 4,718,631,732.20
Other note
The interest receivable is RMB 21,604,195.03 from interest accrued on seven-day call deposits.
2. Account receivable
（1）Disclosure by aging
In RMB
Aging Balance in year-end Balance Year-beginning
Within 1 year 123,500,989.75 131,238,586.90
1-2 years 1,083,333.33 9,116,666.67
2-3 years 9,116,666.67
Over 3 year 3,143,664.00 3,143,664.00
3-4 years 2,077,392.00
4-5 years 2,077,392.00 1,066,272.00
Over 5 years 1,066,272.00
Total 136,844,653.75 143,498,917.57
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
（2） According to the bad debt provision method classification disclosure
In RMB
Amount in year-end Balance Year-beginning
Book Balance Bad debt provision Book Balance Bad debt provision
Category Book value Book value
Amount Proportion( Amount Proportion Amount Proportion Amount Proportio
%) (%) (%) n(%)
Accrual of bad debt
3,143,664.00 2.30% 3,143,664.00 100.00% 3,143,664.00 2.19% 3,143,664.00 100.00%
provision by single
Including：
Accrual of bad debt
133,700,989.75 97.70% 1,877,500.00 1.40% 131,823,489.75 140,355,253.57 97.81% 455,833.33 0.32% 139,899,420.24
provision by portfolio
Including：
Aging portfolio 133,700,989.75 97.70% 1,877,500.00 1.40% 131,823,489.75 140,355,253.57 97.81% 455,833.33 0.32% 139,899,420.24
Total 136,844,653.75 100.00% 5,021,164.00 3.67% 131,823,489.75 143,498,917.57 100.00% 3,599,497.33 2.51% 139,899,420.24
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Accrual of bad debt provision by single：None
In RMB
Balance Year-beginning Balance in year-end
Name Book Bad debt Book Bad debt Withdrawal
Reason
balance provision balance provision proportion
Guangdong Taiheng
The enterprise has entered
Expressway the stage of bankruptcy
3,143,664.00 3,143,664.00 3,143,664.00 3,143,664.00 100.00%
and liquidation, It is not
Development Co.,
expected to be recovered
Ltd.
Total 3,143,664.00 3,143,664.00 3,143,664.00 3,143,664.00
Accrual of bad debt provision by portfolio: The aging
In RMB
Balance in year-end
Aging
Account receivable Bad debt provision Expected credit loss rate (%
Within 1 year 123,500,989.75
1-2 years 1,083,333.33 54,166.67 5.00%
2-3 years 9,116,666.67 1,823,333.33 20.00%
Total 133,700,989.75 1,877,500.00
Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method of
other receivables if the provision for bad debts of bills receivable is accrued according to the general model of
expected credit loss:
□ Applicable √ Not applicable
(3) Accounts receivable withdraw, reversed or collected during the reporting period
The withdrawal amount of the bad debt provision：
In RMB
Amount of change in the current period
Opening
Category Reversed or Write- Closing balance
balance Accrual Other
collected amount off
Accrual of bad debt
3,143,664.00 3,143,664.00
provision by single item
Accrual of bad debt
455,833.33 1,421,666.67 1,877,500.00
provision by credit risk
Total 3,599,497.33 1,421,666.67 5,021,164.00
Of which the significant amount of the reversed or collected part during the reporting period
（4）The actual write-off accounts receivable
None
(5) Top 5 of the closing balance of the accounts receivable collected according to the arrears party
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
In RMB
Proportio
Amount of
Accounts receivable and n of
Amount of ending balan
Closing balance of total acc
Company Name ending balanc contract assets ending ce
the contract assets ounts
e balance for bad deb
receivabl
ts
e %
Guangdong Union Electronic
90,123,591.02 65.86%
Services Co., Ltd.
Guangdong Humen Bridge Co.,
18,978,390.78 13.87%
Ltd.
Guangdong Lulu Traffic
10,200,000.05 7.45% 1,877,500.00
Development Co., Ltd.
Guangdong Expressway
6,491,696.72 4.74%
Technology Investment Co., Ltd.
Guangdong Jingzhu Expressway
Guangzhu North section Co., 5,821,250.01 4.25%
Ltd.
Total 131,614,928.58 96.17% 1,877,500.00
（6）Account receivable which terminate the recognition owning to the transfer of the financial assets
None
(7)The amount of the assets and liabilities formed by the transfer and the continues involvement of
accounts receivable
None
3. Prepayments
（1）Aging analysis
In RMB
Balance in year-end Balance Year-beginning
Aging Amount Proportion（%） Amount Proportion（%）
Within 1 year 4,592,976.76 95.63% 8,310,359.63 97.90%
1-2 years 69,800.00 1.45% 37,806.24 0.45%
Over 3 years 140,000.00 2.91% 140,000.00 1.65%
Total 4,802,776.76 8,488,165.87
Notes of the reasons of the prepayment ages over 1 year with significant amount but failed settled in time:
None
(2) Top 5 of the closing balance of the prepayment collected according to the prepayment target
Name Relations with the Amount Aging Reasons for non- Proportion %
Company settlement
Guangdong Feida Traffic Non- Related Within 1 No settlement conditions
2,478,186.00 51.60
Engineering Co., ltd. party year have been reached
China Ping An Property Insurance Non- Related Within 1 No settlement conditions
362,115.64 7.54
Co. Ltd. Guangdong Branch party year have been reached
Non- Related Within 1
314,042.88 No settlement conditions
Sinopec Sales Co., Ltd year 7.54
party have been reached
48,000.00 1-2 years
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
China Construction Bank Non- Related
Within 1 No settlement conditions
Corporation Limited, Guangzhou party 245,845.80 5.12
year have been reached
Branch
Guangdong Pearl River Shipping Non- Related Within 1 No settlement conditions
180,286.89 3.75
Co., Ltd. party year have been reached
Total 3,628,477.21 75.55
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
4.Other accounts receivable
In RMB
Items Balance in year-end Balance Year-beginning
Dividend receivable 41,904,578.21 1,205,472.90
Other receivable 93,419,358.28 88,372,734.86
Total 135,323,936.49 89,578,207.76
（1）Interest receivable
None
（2）Dividend receivable
1) Dividend receivable
In RMB
Items Balance in year-end Balance Year-beginning
Guangdong Radio and Television
Networks investment No.1 Limited 1,205,472.90 1,205,472.90
partnership enterprise
China Everbright Bank Co., Ltd. 40,699,105.31
Total 41,904,578.21 1,205,472.90
2）Significant dividend receivable aged over 1 year
In RMB
Whether with
Reasons for non-
Items Balance in year-end Aging impairment and the
recovery
judgment basis
The partnership
Guangdong Radio and
agreement expires and
Television Networks
can be recovered after No, it can be recovered
investment No.1 1,205,472.90 Over 5 years
the extension in the future
Limited partnership
procedures are
enterprise
completed
Total 1,205,472.90
（3） Other accounts receivable
1) Other accounts receivable classified
In RMB
Nature Balance in year-end Balance Year-beginning
Petty cash 3,728,684.02 3,537,793.93
On behalf of money 270,113,769.23 221,107,620.02
Deposit 2,756,840.19 2,736,640.19
Equity transfer payment receivable 40,373,842.01 39,682,898.02
Compensation for performance
40,092,886.12 40,092,886.12
commitments receivable
Other 914,393.63 2,322,516.60
Total 357,980,415.20 309,480,354.88
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
2）Disclosure by aging
In RMB
Aging Balance in year-end Balance Year-beginning
Within 1 year(Including 1 year） 211,968,466.53 209,212,525.26
1-2 years 46,007,315.36 98,008,543.71
2-3 years 97,997,543.71 220,243.57
Over 3 years 2,007,089.60 2,039,042.34
3-4 years 147,243.57 1,184,699.35
4-5 years 1,021,699.35 23,848.70
Over 5 years 838,146.68 830,494.29
Total 357,980,415.20 309,480,354.88
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
3） According to the bad debt provision method classification disclosure
Applicable □Not applicable
In RMB
Closing balance Opening balance
Book balance Bad debt provision Book balance Bad debt provision
Category
Proportio Proportio Book value Proportio Proportio Book value
Amount Amount Amount Amount
n% n% n% n%
Accrual of bad debt provision by
264,561,056.92 73.90% 264,561,056.92 100.00% 221,107,620.02 71.44% 221,107,620.02 100.00%
single
Including：
Accrual of bad debt provision by
93,419,358.28 26.10% 93,419,358.28 88,372,734.86 28.56% 88,372,734.86
portfolio
Including：
Aging portfolio 673,683.89 0.22% 673,683.89
CSF Portfolio 12,129,905.05 3.39% 12,129,905.05 6,274,434.12 2.03% 6,274,434.12
Very low credit risk financial asset
81,289,453.23 22.71% 81,289,453.23 81,424,616.85 26.31% 81,424,616.85
portfolio
Total 357,980,415.20 100.00% 264,561,056.92 73.90% 93,419,358.28 309,480,354.88 100.00% 221,107,620.02 71.44% 88,372,734.86
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Accrual of bad debt provision by single：
In RMB
Balance Year-beginning Balance in year-end
Name Bad debt Bad debt Withdrawal
Book Balance Book Balance Reason
provision provision proportion
The source of funds for
custody expenses paid by
Guangzhou-Foshan
Department Expressway on behalf
of Transport
221,107,620.02 221,107,620.02 264,561,056.92 264,561,056.92 100.00% needs to be further
of
Guangdong defined, and the provision
for bad debts shall be
made in full according to
the principle of prudence
Total 221,107,620.02 221,107,620.02 264,561,056.92 264,561,056.92
Accrual of bad debt provision by portfolio:
In RMB
Balance in year-end
Name
Book balance Bad debt provision Withdrawal proportion
CSF Portfolio 12,129,905.05
Very low credit risk financial
81,289,453.23
asset portfolio
Total 93,419,358.28
Provision for bad debts is made according to the general model of expected credit losses
In RMB
Stage 1 Stage 2 Stage 3
Expected credit losses
Bad Debt Reserves Expected credit losses Expected credit loss Total
for the entire duration
over the next 12 over life (no credit
(credit impairment
months impairment)
occurred)
Balance as at January
221,107,620.02 221,107,620.02
1,2024
Balance as at January
1,2024 in current
This period of
43,453,436.90 43,453,436.90
provision
Balance as at June
264,561,056.92 264,561,056.92
30,2024
Basis for division of each stage and accrual ratio for bad-debt provision
Loss provision changes in current period, change in book balance with significant amount
□ Applicable √Not applicable
4) Accounts receivable withdraw, reversed or collected during the reporting period
The withdrawal amount of the bad debt provision：
97
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
In RMB
Amount of change in the current period
Reversed or
Category Opening balance Closing balance
Accrual collected Write-off Other
amount
Accrual of bad debt
221,107,620.02 43,453,436.90 264,561,056.92
provision by single
Total 221,107,620.02 43,453,436.90 264,561,056.92
Where the current bad debts back or recover significant amounts:
None
5）Other account receivables actually cancel after write-off
Important other receivables write-off
None
6）Top 5 of the closing balance of the other accounts receivable collected according to the arrears party
In RMB
Proportion of the
total year end
Closing Closing balance of
Name Nature Aging balance of the
balance bad debt provision
accounts
receivable(%)
Highway 123,130,051.59 Within 1 year 123,130,051.59
Department of Transport of
maintenance 43,681,523.62 1-2 years 73.90% 43,681,523.62
Guangdong Province
expenditure 97,749,481.71 2-3 years 97,749,481.71
Bipi Xiaoju New
Equity transfer 40,373,842.01 Within 1 year 11.28%
Energy(Shenzhen) Co., Ltd.
Temporarily
estimate the
Guangdong Provincial
restructuring 40,092,886.12 Within 1 year 11.20%
Freeway Co.,Ltd.
performance
compensation
China Railway First Bureau On behalf of
5,546,737.58 Within 1 year 1.55%
Group Co., Ltd money
Guangdong Litong 7,131.00 Within 1 year
Vehicle parking
Development Investment 1,816,266.94 1-2 years 0.52%
deposit
Co., Ltd. 22,980.00 3-4 years
Total 352,420,900.57 98.25% 264,561,056.92
5.Other current assets
I n RMB
Items
Year-end balance Year-beginning balance
Advance tax payment 36,908.86 33,971.99
VAT retention tax credits 761,419.42
98
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Other 1,015.64 833.72
Total 799,343.92 34,805.71
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
6. Long-term equity investment
In RMB
Increase/decrease
Investment
profit and
Impairment Closing
Adjustment of Cash bonus Withdrawal
Invested Beginning provision loss Changes Closing balance of
Additional Negative other or profits of
enterprise balance begin- year recognized of other Other balance impairment
comprehensive announced impairment
balance investment investment equity provision
under the income to issue provision
equity
method
I. Joint venture
2. Affiliated Company
Zhaoqing
Yuezhao
367,104,015.00 142,000,000.00 30,049,890.64 99,500,000.00 439,653,905.64
Highway
Co., Ltd.
Guangdong
Jiangzhong
557,686,679.66 31,500,000.00 8,230,842.00 4,057,227.52 593,360,294.14
Expressway
Co., Ltd.
Ganzhou
Gankang
181,054,819.12 11,602,814.12 192,657,633.24
Expressway
Co., Ltd.
Ganzhou
Kangda 257,929,704.98 20,570,257.49 278,499,962.47
Expressway
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Co., Ltd.
Shenzhen
Huiyan
377,922,183.98 13,417,646.32 391,339,830.30
Expressway
Co., Ltd.
Guoyuan
Securities 1,027,100,533.47 23,716,283.62 17,123,319.79 15,522,387.30 1,052,417,749.58
Co., Ltd.
Guangdong
Yuepu
Small
221,858,110.10 7,506,722.97 229,364,833.07
Refinancing
Co.,
Ltd(Note)
Hunnan
Lianzhi -
101,742,014.92 -2,668,775.13 98,772,727.81
Technology 300,511.98
Co., .Ltd.
SPIC
Yuetong
Qiyuan
3,180,226.77 -755,502.56 3,002.40 2,427,726.61
Chip Power
Technology
Co., Ltd.
Shenzhen
Garage
Electric Pile 15,312,000.00 1,131,892.41 16,443,892.41
Technology
Co., Ltd
-
Subtotal 3,095,578,288.00 188,812,000.00 112,802,071.88 17,123,319.79 119,079,614.82 3,294,938,555.27
297,509.58
Total 3,095,578,288.00 188,812,000.00 112,802,071.88 17,123,319.79 - 119,079,614.82 3,294,938,555.27
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
297,509.58
The recoverable amount is determined on the basis of the net amount of fair value less disposal costs
□Applicable Not applicable
The recoverable amount is determined by the present value of the projected future cash flows
□Applicable Not applicable
7.Other Equity instrument investment
In RMB
Gains included in Losses included in Losses accumulated Reason designated as
Gains accumulated in
other other in other Dividend income being measured at fair
Opening other comprehensive
Name Closing balance comprehensive comprehensive comprehensive recognized in the value and change being
balance income at the end of
income in the income in the income at the end of current period included in other
the current period
current period current period the current period comprehensive income
Guangle
Expressway Co., 796,722,655.90 24,016,868.47 72,391,222.64 820,739,524.37
Ltd.
Guangdong Radio
and Television
Networks
55,434,894.13 1,149,478.64 4,285,415.49 54,285,415.49
investment No.1
Limited partnership
enterprise
China Everbright
682,239,337.60 63,518,834.88 228,197,295.68 40,699,105.31 745,758,172.48
Bank Co., Ltd.
Huaxia Securities
Co., Ltd. 5,400,000.00
（Notes1）
Huazheng Asset
Management Co., 1,620,000.00
Ltd.（Notes2）
Total 1,534,396,887.63 87,535,703.35 1,149,478.64 304,873,933.81 7,020,000.00 40,699,105.31 1,620,783,112.34
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Note 1: Huaxia Securities Co., Ltd. has been severely insolvent. In April 2008, the CSRC sent a letter agreeing to Huaxia Securities Co., Ltd. to apply for
bankruptcy. In August 2008, the Beijing No.2 Intermediate People's Court officially accepted the bankruptcy liquidation application.
Note 2: Huazheng Asset Management Co., Ltd. has been severely insolvent.
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Breakdown disclosure of investment in non-tradable equity instruments in the current period
In RMB
Amount of Reasons for Reasons for
other designation as other
Dividend consolidated measured at fair consolidated
Cumulative Cumulative
Items income income value and changes income
gain loss
recognized transferred to included in other transferred to
retained comprehensive retained
earnings income earnings
Guangle Non-transactional
Expressway Co., 72,391,222.64 purpose for
Ltd. shareholding
Guangdong
Radio and
Television
Networks Non-transactional
4,285,415.49 purpose for
investment No.1
shareholding
Limited
partnership
enterprise
China Everbright Non-transactional
40,699,105.31 228,197,295.68 purpose for
Bank Co., Ltd.
shareholding
Huaxia Securities Non-transactional
5,400,000.00 purpose for
Co., Ltd.
shareholding
Huazheng Asset Non-transactional
Management Co., 1,620,000.00 purpose for
Ltd. shareholding
Total 40,699,105.31 304,873,933.81 7,020,000.00
8.Other non-current financial assets
In RMB
Closing Opening
Items
balance balance
Classified as financial assets measured at fair value and whose changes are included in the
current profit and loss
Including：Equity investment of Beijing Institute of Architectural Design Co., Ltd. 84,159,575.05 84,159,575.05
Equity Investment in Zhongchu Zhiyun Technology Co., Ltd. 99,697,192.95 99,697,192.95
Total 183,856,768.00 183,856,768.00
9. Investment property
(1) Investment property adopted the cost measurement mode
√ Applicable □Not applicable
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
In RMB
Items Houses and buildings Land use right Total
I. Original value
1.Opening balance 12,664,698.25 2,971,831.10 15,636,529.35
2.Increased amount of the period
（1）Outsourcing
(2)Inventory, Fixed assets and Construction project
into
(3) )Increased of Enterprise consolidation
3.Decreased amount of the period
（1）Disposal
（2）Other Out
4.Closing balance 12,664,698.25 2,971,831.10 15,636,529.35
II.Accumulated depreciation accumulated
amortization
1.Opening balance 11,137,288.26 2,052,214.64 13,189,502.90
2.Increased amount of the period 73,774.56 36,784.68 110,559.24
(1)Withdrawal or amortization 73,774.56 36,784.68 110,559.24
3.Decreased amount of the period
（1）Disposal
（2）Other Out
4.Closing balance 11,211,062.82 2,088,999.32 13,300,062.14
III. Impairment provision
1.Opening balance
2.Increased amount of the period
（1）Withdrawal
3.Decreased amount of the period
（1）Disposal
（2）Other Out
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Items Houses and buildings Land use right Total
4.Closing balance
IV. Book value
1.Closing book value 1,453,635.43 882,831.78 2,336,467.21
2.Opening book 1,527,409.99 919,616.46 2,447,026.45
The recoverable amount is determined by the net amount of fair value minus disposal expenses
□Applicable Not applicable
The recoverable amount is determined according to the present value of the expected future cash flow
□Applicable Not applicable
（2） Details of investment property failed to accomplish certification of property
In RMB
Items Book balance Reason
Transportation and other ancillary
Houses and Building 776,324.82
facilities, Not accreditation
10. Fixed assets
In RMB
Items Year-end balance Year-beginning balance
Fixed assets 8,497,532,272.53 9,010,154,405.32
liquidation of fixed assets 8,260.57 14,307.60
Total 8,497,540,533.10 9,010,168,712.92
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
(1) List of fixed assets
In RMB
Jingzhu Expressway Electricity
Guangfo Fokai Guanghui House and Machinery Transportation
Items Guangzhu section equipment and Total
Expressway buildings equipment equipment
Expressway Expressway
other
I. Original
price
1.Opening
1,460,270,190.66 10,944,202,847.52 6,825,195,881.48 5,136,471,234.45 648,895,670.39 1,731,297,238.00 60,422,551.05 147,583,818.25 26,954,339,431.80
balance
2.Increased
amount of 7,852.75 3,494,065.14 757,450.53 4,259,368.42
the period
（1）
186,395.00 757,450.53 943,845.53
Purchase
（2）Transfer
of project
under
construction
(3)Increased
of Enterprise
consolidation
（4）Other 7,852.75 3,307,670.14 3,315,522.89
3.Decreased
amount of 132,502.09 172,507.40 3,572,850.63
the period
（1）
Disposal or 172,507.40 172,507.40
scrap
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Jingzhu Expressway Electricity
Guangfo Fokai Guanghui House and Machinery Transportation
Items Guangzhu section equipment and Total
Expressway buildings equipment equipment
Expressway Expressway
other
（2）
Disposition
subsidiary
（3）Other
132,502.09 3,267,841.14
out
4.Closing
1,460,270,190.66 10,944,202,847.52 6,825,195,881.48 5,136,471,234.45 648,903,523.14 1,734,658,801.05 60,422,551.05 144,900,920.24 26,955,025,949.59
balance
II.
Accumulated
depreciation
1.Opening
1,460,270,190.66 6,203,519,026.26 4,716,494,291.96 3,517,456,318.71 499,429,758.64 1,387,998,338.20 46,833,267.81 98,851,424.12 17,930,852,616.36
balance
2.Increased
amount of 170,326,851.11 180,296,294.95 97,305,638.83 15,173,950.25 43,291,072.28 1,130,950.19 5,948,507.52 513,473,265.13
the period
（1）
170,326,851.11 180,296,294.95 97,305,638.83 15,173,950.25 43,291,072.28 1,130,950.19 5,948,507.52 513,473,265.13
Withdrawal
（2）Other
3.Decreased
amount of 36,790.74 127,823.81 164,614.55
the period
(1)Disposal or
127,823.81 127,823.81
scrap
（2）
Disposition
subsidiary
（3）Other
36,790.74 36,790.74
out
108
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Jingzhu Expressway Electricity
Guangfo Fokai Guanghui House and Machinery Transportation
Items Guangzhu section equipment and Total
Expressway buildings equipment equipment
Expressway Expressway
other
4.Closing
1,460,270,190.66 6,373,845,877.37 4,896,790,586.91 3,614,761,957.54 514,603,708.89 1,431,252,619.74 47,964,218.00 104,672,107.83 18,444,161,266.94
balance
III.Impairment
provision
1.Opening
2,889,394.16 10,394,796.45 48,219.51 13,332,410.12
balance
2.Increased
amount of the
period
(1)Withdrawal
3.Decreased
amount of the
period
(1)Disposal or
scrap
4.Closing
2,889,394.16 10,394,796.45 48,219.51 13,332,410.12
balance
IV. Book
value
1.Closing
4,570,356,970.15 1,928,405,294.57 1,521,709,276.91 131,410,420.09 293,011,384.86 12,458,333.05 40,180,592.90 8,497,532,272.53
book value
2.Opening
4,740,683,821.26 2,108,701,589.52 1,619,014,915.74 146,576,517.59 332,904,103.35 13,589,283.24 48,684,174.62 9,010,154,405.32
book
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
(2)Temporarily idle fixed assets
None
(3) Fixed assets leased out from operation lease
In RMB
Items Year-end balance
House and buildings 18,007,662.56
Machinery equipment 484,000.00
（4） Details of fixed assets failed to accomplish certification of property
In RMB
Items Book balance Reason
Transportation and other ancillary
House and buildings 117,834,200.14
facilities，Not accreditation.
（5） List of temporarily idle fixed assets
□Applicable Not applicable
（6）liquidation of fixed assets
In RMB
Items Year-end balance Year-beginning balance
Transportation equipment 1,600.00 14,307.60
Office equipment and other 6,660.57
Total 8,260.57 14,307.60
11. Project under construction
In RMB
Items Year-end balance Year-beginning balance
Project under construction 2,511,732,378.97 1,960,092,562.22
Total 2,511,732,378.97 1,960,092,562.22
（1）Project under construction
In RMB
Year-end balance Year-beginning balance
Items Book balance Provision Book value Book balance Provision Book value
for for
devaluation devaluation
Reconstruction and
Expansion of
Nansha-Zhuhai
2,124,802,034.64 2,124,802,034.64 1,648,394,518.48 1,648,394,518.48
section of
Guangzhou-Macao
Expressway
Reconstruction and
Expansion of
263,059,185.24 263,059,185.24 197,907,850.29 197,907,850.29
Fokai Expressway
Sanbao to Shuikou
Expansion Project
of Luogang- 23,955,503.93 23,955,503.93 21,813,587.29 21,813,587.29
Lingkeng Section
Jiujiang Bridge 22,216,776.65 22,216,776.65 16,070,965.65 16,070,965.65
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Year-end balance Year-beginning balance
Items Book balance Provision Book value Book balance Provision Book value
for for
devaluation devaluation
navigable hole anti-
collision
reinforcement
project
Video encryption
and based on video
ai abnormal event 19,951,400.73 19,951,400.73 19,951,400.73 19,951,400.73
perception
engineering
Guangzhou-Shantou
Railway Crossing 19,446,564.43 19,446,564.43 19,446,564.43 19,446,564.43
project
Jiangxi-Shenzhen
high-speed railway
15,664,172.98 15,664,172.98 15,664,172.98 15,664,172.98
cross-section
expansion project
Boluo Central
Station office and
living facilities 15,054,485.37 15,054,485.37 13,281,042.37 13,281,042.37
renovation and
expansion project
Other 7,582,255.00 7,582,255.00 7,562,460.00 7,562,460.00
Total 2,511,732,378.97 2,511,732,378.97 1,960,092,562.22 1,960,092,562.22
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
(2) Changes of significant construction in progress
In RMB
Including:
capitalization Capitalization
Transferred Source
Other Project Capitalization of of of
Name of project Budget Opening balance Increase to fixed End balance Proportion % of
decrease process interest interest interest
assets funding
this rate (%)
period
Reconstruction
and Expansion of
Nansha-Zhuhai
section of 13,735,989,200.00 1,648,394,518.48 476,407,516.16 2,124,802,034.64 15.47% 15.47% 82,909,171.55 28,396,161.60 2.86% Other
Guangzhou-
Macao
Expressway
Reconstruction
and Expansion of
Fokai Expressway 3,426,210,000.00 197,907,850.29 65,767,245.70 263,059,185.24 84.14% 84.14% 79,983,855.13 2,185,377.26 3.13% Other
Sanbao to
Shuikou
Jiangxi-Shenzhen
high-speed
railway cross- 36,419,600.00 16,070,965.65 6,145,811.00 22,216,776.65 61.00% 61.00% Other
section expansion
project
Video encryption
and based on
video ai abnormal 33,963,500.00 19,951,400.73 19,951,400.73 58.74% 58.74% Other
event perception
engineering
Jiangxi-Shenzhen
high-speed
railway cross- 16,966,900.00 15,664,172.98 15,664,172.98 92.32% 92.32% Other
section expansion
project
Guangzhou-
21,460,000.00 19,446,564.43 19,446,564.43 90.62% 90.62% Other
Shantou Railway
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Crossing project
Boluo Central
Station office and
living facilities 17,000,000.00 13,281,042.37 1,773,443.00 15,054,485.37 88.56% 88.56% Other
renovation and
expansion project
Preliminary work
of the renovation
and expansion
321,541,000.00 21,813,587.29 2,141,916.64 23,955,503.93 7.45% 7.45% Other
project from
Luogang to
Lingkeng section
Total 17,609,550,200.00 1,952,530,102.22 552,235,932.50 0.00 0.00 2,504,150,123.97 162,893,026.68 30,581,538.86
Note: The budget for the reconstruction and expansion of the Nansha-Zhuhai section of the Guangzhou-Macao Expressway includes the construction cost of some
projects borne by the government.
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
(3)Provision for impairment of construction projects in the current period
None
（4） Information of impairment test of construction in progress
□Applicable Not applicable
(5)Engineering Materials
None
12.Use right assets
（1） Right-of-use assets
In RMB
House and Machinery Transportation Other
Items Total
buildings equipment equipment
I. Original price
1.Opening balance 30,634,734.72 357,112.19 673,169.06 1,007,747.00 32,672,762.97
2.Increased amount of
the period
3.Decreased amount of
the period
4.Closing balance 30,634,734.72 357,112.19 673,169.06 1,007,747.00 32,672,762.97
II.Accumulated
depreciation
1.Opening balance 6,833,349.00 214,267.32 336,584.52 321,052.32 7,705,253.16
2.Increased amount of
5,117,483.70 35,711.22 168,292.26 53,508.72 5,374,995.90
the period
（1）Withdrawal 5,117,483.70 35,711.22 168,292.26 53,508.72 5,374,995.90
3.Decreased amount of
the period
（1）Disposition
4.Closing balance 11,950,832.70 249,978.54 504,876.78 374,561.04 13,080,249.06
III. Impairment
provision
1.Opening balance
2.Increased amount of
the period
（1）Withdrawal
3.Decreased amount of
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
House and Machinery Transportation Other
Items Total
buildings equipment equipment
the period
（1）Disposition
4.Closing balance
IV. Book value
1.Closing book value 18,683,902.02 107,133.65 168,292.28 633,185.96 19,592,513.91
2.Opening book value 23,801,385.72 142,844.87 336,584.54 686,694.68 24,967,509.81
13. Intangible assets
(1) List of intangible assets
In RMB
Non-
Pate patente The Turnpike
Items Land use right nt d Software Total
franchise
right technol
ogy
I. Original price
1.Opening balance 2,701,738.76 27,465,438.28 318,348,741.86 348,515,918.90
2.Increased amount of the
period
(1) Purchase
(2)Internal Development
(3)Increased of Enterprise
Combination
3.Decreased amount of the
period
（1）Disposal
4.Closing balance 2,701,738.76 27,465,438.28 318,348,741.86 348,515,918.90
II.Accumulated amortization
1.Opening balance 2,381,954.98 22,431,882.87 102,373,328.05 127,187,165.90
2.Increased amount of the
7,705.62 965,784.98 11,182,333.59 12,155,824.19
period
(1) Withdrawal 7,705.62 965,784.98 11,182,333.59 12,155,824.19
3.Decreased amount of the
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Non-
Pate patente The Turnpike
Items Land use right nt d Software Total
franchise
right technol
ogy
period
（1）Disposal
4.Closing balance 2,389,660.60 23,397,667.85 113,555,661.64 139,342,990.09
III. Impairment provision
1.Opening balance
2.Increased amount of the
period
(1) Withdrawal
3.Decreased amount of the
period
（1）Disposal
4.Closing balance
IV. Book value
1.Closing book value 312,078.16 4,067,770.43 204,793,080.22 209,172,928.81
2.Opening book value 319,783.78 5,033,555.41 215,975,413.81 221,328,753.00
At the end of this period, there is no intangible assets formed through the company's internal research and At the
end of this period, the intangible assets formed through the company's internal research and development
accounted for 0.00% of the balance of intangible assets
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
(2)Details of Land use right failed to accomplish certification of property
In RMB
Reason for not obtaining the title
Items Book value
certificate
Gonghe Town Land 312,078.16 Reasons left over from history
14. Deferred income tax assets/deferred income tax liabilities
(1) Deferred income tax assets had not been off-set
In RMB
Balance in year-end Balance Year-beginning
Items Deductible temporary Deferred income tax Deductible temporary Deferred income tax
difference assets difference assets
Assets impairment
13,332,410.12 3,333,102.53 13,332,410.12 3,333,102.53
provisions
Credit impairment
5,021,164.00 1,255,291.00 3,599,497.33 899,874.33
provision
Asset appraisal,
appreciation,
94,722,048.48 23,680,512.12 106,786,384.50 26,696,596.13
depreciation and
amortization
Deferred income 5,945,172.14 1,486,292.96 10,976,324.09 2,744,080.99
Lease liabilities 21,516,858.56 5,379,214.61 23,963,150.05 5,990,787.46
Advance lease 633,185.96 158,296.49 686,694.68 171,673.67
Total 141,170,839.26 35,292,709.71 159,344,460.77 39,836,115.11
(2) Deferred income tax liabilities had not been off-set
In RMB
Balance in year-end Balance Year-beginning
Items Deductible Deductible
Deferred income Deferred income
temporary temporary
tax liabilities tax liabilities
difference difference
Changes in the fair value of other
304,873,933.81 76,218,483.45 218,487,709.10 54,621,927.27
equity instruments
Deductible temporary differences in the
814,752,739.12 203,688,184.77 843,459,192.41 210,864,798.09
formation of asset impairment
Difference of amortization method of
13,071,447.69 3,267,861.92 11,266,760.17 2,816,690.05
franchise of toll road
Changes in the fair value of trading
12,856,768.00 3,214,192.00 12,856,768.00 3,214,192.00
financial assets
Tax accounting difference of use right
19,592,513.91 4,898,128.44 24,967,509.81 6,241,877.43
asset
Tax accounting differences of projects
36,833,704.45 9,208,426.11 26,766,856.80 6,691,714.20
under construction
Total 1,201,981,106.98 300,495,276.69 1,137,804,796.29 284,451,199.04
(3) Deferred income tax assets or liabilities listed by net amount after off-set
None
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
(4)Details of income tax assets not recognized
In RMB
Items Balance in year-end Balance in year-begin
Deductible temporary difference 271,581,056.92 228,127,620.02
Total 271,581,056.92 228,127,620.02
15 .Other non-current assets
In RMB
Balance in year-end Balance Year-beginning
Items Book balance Provision for Book value Book balance Provision for Book value
devaluation devaluation
Prepaid
751,711,473.46 751,711,473.46 337,943,920.69 337,943,920.69
engineering fees
Prepaid business
1,513,106.64 1,513,106.64 1,714,291.80 1,714,291.80
tax
Total 753,224,580.10 753,224,580.10 339,658,212.49 339,658,212.49
16.Assets with restricted right of ownership
In RMB
Balance in year-end Balance in year-begin
Restrictio
Items Restriction
Restrictio Restrictio n
Book balance Book value informatio Book balance Book value
n type n type informatio
n
n
Special Special
funds for funds for
Monetary Special Special
1,221,200.00 1,221,200.00 land 1,221,200.00 1,221,200.00 land
fund funds funds
reclamatio reclamatio
n n
Total 1,221,200.00 1,221,200.00 1,221,200.00 1,221,200.00
17. Short-term Borrowing
（1）Short-term Borrowing
In RMB
Total Balance in year-end Balance Year-beginning
Credit Borrowing 290,000,000.00 110,000,000.00
Interest payable not due 205,416.67 85,708.33
Total 290,205,416.67 110,085,708.33
（2）Overdue short-term borrowings
None
18.Account payable
（1） List of account payable
In RMB
Items Balance in year-end Balance Year-beginning
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Within 1 year（Including 1 year） 46,763,528.98 114,450,217.03
1-2 years（including2 years） 18,879,612.52 36,069,234.79
2-3 years（including 3 years） 34,165,996.99 7,388,237.28
Over 3 years 63,462,992.98 56,542,901.70
Total 163,272,131.47 214,450,590.80
（2）Significant payable aging more than 1 year
In RMB
Items Balance in year-end Reason
Foshan Land and resources Bureau. 30,507,598.21 Unsettled
Tentatively estimated project cost of
19,962,248.04 Unsettled
Huizhou North Interchange Project
Tentatively estimated project cost of
13,076,473.71 Unsettled
Gualuhu Interchange Project
Heshan Land and resources Bureau 9,186,893.60 Unsettled
Poly Changda Engineering Co., Ltd. 4,918,897.30 Unsettled
Foshan Chancheng District, Zhang Cha
4,626,817.32 Unsettled
Sub-district Office
Guangdong Xinyue Traffic Investment
3,814,640.02 Unsettled
Co., Ltd.
Guangdong Guanyue Road & Bridge
3,376,332.00 Unsettled
Co., Ltd.
Total 89,469,900.20
19. Prepayment received
(1) List of Prepayment received
In RMB
Items Balance in year-end Balance Year-beginning
Within 1 year（Including 1 year） 1,190,550.33 1,564,332.74
1-2 years（Including 2 years） 331,925.18
2-3 years（Including 3 years） 750,973.00
Total 1,190,550.33 2,647,230.92
（2）Significant payable aging more than 1 year
None
20. Payable Employee wage
（1）Payable Employee wage
In RMB
Items Year-beginning Increase in the Decrease in the
Year-end balance
balance current period current period
I. Short-term compensation 20,622,986.18 193,269,416.57 193,370,463.47 20,521,939.28
II.Post-employment benefits -
33,205,311.35 28,953,716.97 4,251,594.38
defined contribution plans
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Total 20,622,986.18 226,474,727.92 222,324,180.44 24,773,533.66
（2）Short-term Remuneration
In RMB
Items Year-beginning Increase in the Decrease in the
Year-end balance
balance current period current period
1.Wages, bonuses, allowances
465,063.49 141,793,106.55 141,677,892.77 580,277.27
and subsidies
2.Employee welfare 10,159,179.57 10,159,179.57
3. Social insurance premiums 9,714,324.70 9,704,824.12 9,500.58
Including ：Medical insurance 8,519,965.27 8,511,661.48 8,303.79
Work injury insurance 1,194,359.43 1,193,162.64 1,196.79
4.Public reserves for housing 19,743,589.00 19,724,245.00 19,344.00
5.Union funds and staff education
17,837,887.34 4,631,994.44 4,877,099.70 17,592,782.08
fee
8.Other 2,320,035.35 7,227,222.31 7,227,222.31 2,320,035.35
Total 20,622,986.18 193,269,416.57 193,370,463.47 20,521,939.28
（3）Defined contribution plans listed
In RMB
Balance Year- Increase in this period Payable in this period Balance in year-end
Items
beginning
1. Basic old-age
21,063,708.43 21,042,027.88 21,680.55
insurance premiums
2.Unemployment
2,034,233.81 2,034,233.81
insurance
3.Enterprise annuity
10,107,369.11 5,877,455.28 4,229,913.83
payment
Total 33,205,311.35 28,953,716.97 4,251,594.38
21. Tax Payable
In RMB
Items Balance in year-end Balance Year-beginning
VAT 12,150,830.52 13,544,679.07
170,704,821.88 136,932,738.04
Enterprise Income tax
Individual Income tax 390,223.54 2,928,147.86
City Construction tax 759,161.51 863,204.59
Education subjoin 368,939.27 417,048.11
Locality Education subjoin 227,516.65 259,424.11
Property tax 872,389.63 14,778.41
Stamp tax 5,618.07 163,570.46
Land use tax 630,052.55
Total 186,109,553.62 155,123,590.65
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22.Other accounts payable
In RMB
Items Balance in year-end Balance Year-beginning
Dividend payable 1,213,945,107.40 27,809,510.32
Other account payable 134,990,794.27 122,484,006.11
Total 1,348,935,901.67 150,293,516.43
（1）Interest payable
None
（2）Dividends payable
In RMB
Items Balance in year-end Balance Year-beginning
Common stock dividends 1,213,945,107.40 27,809,510.32
Total 1,213,945,107.40 27,809,510.32
（3）Other accounts payable
(1) Other accounts payable listed by nature of the account
In RMB
Items Year-end balance Year-Beginning balance
Estimated project cost 38,379,522.86 35,695,527.11
Deposit, warranty and security deposit 67,849,200.35 62,110,555.42
Other 28,762,071.06 24,677,923.58
Total 134,990,794.27 122,484,006.11
(2) Other significant accounts payable with aging over one year
In RMB
Items Closing balance Unpaid/un-carry over reason
Poly Changda Highway Engineering Co.,
14,887,239.99 The settlement conditions are not met
Ltd.
Yayao to Xiebian extension 12,196,943.29 The settlement conditions are not met
Guangdong Guanyue Road & Bridge
6,434,227.91 The settlement conditions are not met
Co., Ltd.
Jiangmen Xinhui People's Government 3,909,400.00 The settlement conditions are not met
China Railway 18th Bureau Group Co.,
3,735,837.56 The settlement conditions are not met
Ltd
Guangdong Hualu Traffic Technology
3,224,428.06 The settlement conditions are not met
Co., Ltd.
Guangdong Nengda Highway
3,026,380.10 The settlement conditions are not met
Maintenance Co.,Ltd.
CCCC First Navigation Engineering
2,845,541.18 The settlement conditions are not met
Bureau Co., Ltd.
CCCC Road & Bridge Construction Co.,
2,500,000.00 The settlement conditions are not met
Ltd.
Guangdong Zhubo Road & Bridge
2,240,202.12 The settlement conditions are not met
Engineering Co., Ltd.
Guangdong Highway Construction Co.,
2,000,000.00 The settlement conditions are not met
Ltd.
Heshan Land & Resources Bureau 2,000,000.00 The settlement conditions are not met
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Items Closing balance Unpaid/un-carry over reason
Total 59,000,200.21
23. Non-current liabilities due within 1 year
In RMB
Items Balance year-end Year-beginning balance
Long-term loans due within 1 year 188,020,395.37 151,828,779.87
Payable Bonds due within 1 year 756,181,843.56 720,607,149.69
Long-term payable due within 1 year 495,283.01
Lease liabilities due within 1 year 13,298,853.19 10,480,947.08
Total 957,501,092.12 883,412,159.65
24.Other current liabilities
In RMB
Items Balance year-end Year-beginning balance
Tax to be rewritten 160,930.05 368,676.26
Total 160,930.05 368,676.26
25. Long-term loan
(1) Category of long-term loan
In RMB
Items Balance year-end Year-beginning balance
Credit loan 6,618,719,950.00 6,090,651,225.00
Interest payable when not due 5,271,595.37 5,893,604.87
Less:Long-term loans due within one year 188,020,395.37 151,828,779.87
Total 6,435,971,150.00 5,944,716,050.00
Other explanations, including interest rate range: on June 30, 2024, the annual interest rate range of credit loans
was 2.60%-3.40%.
26.Bond payable
（1）Bond payable
In RMB
Items Balance year-end Year-beginning balance
Medium- term note 749,647,596.99 1,429,328,483.63
Interest payable when not due 6,534,246.57 40,680,000.01
Less:Long-term loans due within one
756,181,843.56 720,607,149.69
year
Total 749,401,333.95
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
（2）Changes of bonds payable(Not including the other financial instrument of preferred stock and perpetual capital securities that classify as financial
liability
In RMB
The
Overflow Whet
Name of the Interes Opening curre Withdraw Pay in current her
Book value Issue date Period Issue amount discount Closing balance
bond t rate balance nt interest at par period defau
amount lt
issue
19 Guangdong
February
Expressway 680,000,000.00 4.00% 2019.3.1-2024.3.1 680,000,000.00 702,730,437.38 4,396,712.30 -72,850.32 707,200,000.00 No
27,2019
MTN001
20 Guangdong
2020.3.17-
Expressway 750,000,000.00 3.00% March 13,2020 750,000,000.00 767,278,046.26 11,157,534.26 -246,263.04 22,500,000.00 756,181,843.56 No
2025.3.17
MTN001
Less: Bonds
payable and
720,607,149.69 756,181,843.56
due within 1
year
Total 1,430,000,000.00 749,401,333.95 15,554,246.56 -319,113.36 729,700,000.00
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
(3) Note to conditions and time of share transfer of convertible bonds
None
（4）Other financial instruments that are classified as financial liabilities
None
27.Lease liabilities
In RMB
Items Balance year-end Year-beginning balance
Long-term lease liabilities 22,143,050.96 24,964,446.02
Less：Financing costs are not
626,192.40 1,001,295.97
recognized
Less:Long-term loans due within one
13,298,853.19 10,480,947.08
year
Total 8,218,005.37 13,482,202.97
28. Long-term payable
In RMB
Items Balance year-end Year-beginning balance
Long-term payable 2,022,210.11 2,022,210.11
Total 2,022,210.11 2,022,210.11
(1) Long-term payable listed by nature of the account
In RMB
Items Balance year-end Year-beginning balance
Non-operating asset payable 2,022,210.11 2,022,210.11
Medium term bill underwriting fee 495,283.01
Less:Long-term loans due within one
495,283.01
year
Total 2,022,210.11 2,022,210.11
29. Deferred income
In RMB
Items Opening balance Increase Decrease Closing balance Cause
Government
395,976,324.09 5,031,151.95 390,945,172.14
subsidy
Lease income 33,103,584.45 3,884,608.74 29,218,975.71
Total 429,079,908.54 8,915,760.69 420,164,147.85
30. Stock capital
In RMB
Changed（+，-）
Balance Year-beginning Issuance of Bonus Capitalization Balance in year-end
Other Subtotal
new share shares of public
reserve
Total of
capital 2,090,806,126.00 2,090,806,126.00
shares
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
31. Capital reserves
In RMB
Increase in Decrease in
Year- beginning
Items the current the current Year-end balance
balance
period period
Share premium 548,804,033.11 548,804,033.11
(1) Capital invested by investors 2,508,408,342.99 2,508,408,342.99
(2) the impact of a business combination under the
-1,959,604,309.88 -1,959,604,309.88
common control
Other capital reserves 234,321,460.59 297,509.58 234,023,951.01
(1) Changes in other equity of the invested under
the equity method accounting（Note1, Note 2 and -3,134,180.11 297,509.58 -3,431,689.69
Note 3）
（2）Other 237,455,640.70 237,455,640.70
Total 783,125,493.70 297,509.58 782,827,984.12
- The situation of change in the current capital reserve is as follows:
Note 1.Hunan Lianzhi Technology Co., Ltd, an associate of Yuegao Capital (Holdings) Guangzhou Co., Ltd-a
subsidiary to the Company, repurchased the equity of other shareholders, resulting in a change in the long-term
equity investment of the subsidiary accounted for by the equity method, with a decrease in the capital reserve of
287,400.02 yuan.
Note 2.Hunan Lianzhi Technology Co., Ltd., an associate of Yuegao Capital (Holdings) Guangzhou Co., Ltd.-a
subsidiary of the Company, changed its capital reserve for the current period, and the Company adjusted the
book value of its long-term equity investment according to its shareholding ratio, resulting in a decrease in
capital reserve of RMB 13,111.96.
Note 3.The capital reserve of Yuetong Qiyuan Core Power Technology Co., Ltd., an associate of the subsidiary
Yuegao Capital (Holdings) Guangzhou Co., Ltd.-a subsidiary of the Company, was changed during the period,
and the Company adjusted the book value of the long-term equity investment according to the proportion of its
shareholding, resulting in an increase in capital reserve of RMB 3,002.40.
125
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
32. Other comprehensive income
In RMB
Amount of current period
Less：Amount Less：Prior
transferred into profit period included in After-tax
Year-beginning Amount After-tax Year-end
Items and loss in the current other composite Less：Income attribute to
balance incurred before attribute to the balance
period that recognied income transfer to tax expenses minority
income tax parent company
into other comprehensive retained income in shareholder
income in prior period the current period
1.Other comprehensive
income will be 233,410,186.1
163,865,781.83 91,140,960.54 21,596,556.18 69,544,404.36
reclassified into income or 9
loss in the future
Other comprehensive
income that cannot be
converted to profit and 4,754,735.83 4,754,735.83 4,754,735.83
loss under the equity
method
Changes in fair value of
228,655,450.3
investments in other 163,865,781.83 86,386,224.71 21,596,556.18 64,789,668.53
6
equity instruments
2.Other comprehensive
income reclassifiable to
-297,380.50 12,368,583.96 12,368,583.96 12,071,203.46
profit or loss in
subsequent periods
Including：Share of other
comprehensive income of
the investee that cannot be
-297,380.50 12,368,583.96 12,368,583.96 12,071,203.46
transferred to profit or
loss accounted for using
the equity method
126
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Total of other 245,481,389.6
163,568,401.33 103,509,544.50 21,596,556.18 81,912,988.32
comprehensive income 5
Other explanations, including the adjustment of the effective part of cash flow hedging profit and loss to the initial recognition amount of the hedged item:
127
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
33. Surplus reserve
In RMB
Items Year-beginning Increase in the current Decrease in the current Year-end balance
balance period period
Statutory surplus
1,520,627,456.34 1,520,627,456.34
reserve
Total 1,520,627,456.34 1,520,627,456.34
34. Retained profits
In RMB
Items Amount of this period Amount of last period
Before adjustments: Retained profits in last period
5,289,404,378.52 4,698,029,354.09
end
Adjust the total undistributed profits at the
5,289,404,378.52 4,698,029,354.09
beginning of the period
Add：Net profit belonging to the owner of the
855,465,441.00 1,633,811,033.68
parent company
Less: Statutory surplus reserve 147,570,987.32
Common stock dividend payable 1,143,670,950.92 894,865,021.93
Retained profit at the end of this term 5,001,198,868.60 5,289,404,378.52
35.Operation income and operation cost
（1）Detail
In RMB
Amount of this period Amount of last period
Items
Income Cost Income Cost
Main operation 2,204,260,409.98 699,856,213.37 2,310,707,369.57 726,266,759.50
Other operation 26,605,252.22 13,152,796.05 29,729,405.51 14,403,550.99
Total 2,230,865,662.20 713,009,009.42 2,340,436,775.08 740,670,310.49
（2）Breakdown information of operating income and operating cost:
In RMB
Amount of this period Amount of last period
Contract classification Income Cost Income Cost
Business
Including：Toll income 2,204,260,409.98 699,856,213.37 2,310,707,369.57 726,266,759.50
Advertising and other
15,478,999.23 11,038,252.86 16,696,279.15 12,432,246.43
revenue
Lease income 11,126,252.99 2,114,543.19 13,033,126.36 1,971,304.56
Total 2,230,865,662.20 713,009,009.42 2,340,436,775.08 740,670,310.49
Area
128
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Including：Guangdong 2,230,865,662.20 713,009,009.42 2,340,436,775.08 740,670,310.49
Total 2,230,865,662.20 713,009,009.42 2,340,436,775.08 740,670,310.49
36. Business tax and subjoin
In RMB
Items Amount of this period Amount of last period
Urban construction tax 4,227,749.67 4,414,027.47
Education surcharge 2,034,042.57 2,126,579.28
Property tax 878,639.76 579,768.50
Land use tax 631,353.05 523,762.40
Vehicle use tax 37,925.80 42,143.75
Stamp tax 21,502.93 136,313.89
Business tax 185,247.66 185,247.66
Locality Education surcharge 1,352,839.87 1,414,531.04
Total 9,369,301.31 9,422,373.99
37. Administrative expenses
In RMB
Items Amount of current period Amount of previous period
Wage 58,569,461.03 55,924,172.80
Depreciation of fixed assets 4,552,422.70 4,754,414.20
Intangible assets amortization 674,206.77 754,955.47
Low consumables amortization 265,968.99 305,671.18
Rental fee and Management fee 6,693,110.28 5,680,829.07
Business fee 367,086.05 276,707.37
Office expenses 3,258,077.16 3,253,204.38
Travel expenses 296,247.06 299,557.29
Consultation expenses 285,100.00
The fee for hiring agency 2,947,699.99 2,756,001.59
Repairs cost 143,741.27 152,240.53
Vehicle fee 1,116,937.56 1,353,271.68
Listing fee 143,396.22 143,396.22
Information cost and maintenance fee 527,208.63 559,255.14
Other 3,107,026.97 3,810,168.79
Total 82,947,690.68 80,023,845.71
38.R& D expenses
In RMB
Items Amount of this period Amount of last period
Wage 81,651.82
Total 81,651.82
129
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
39.Financial expenses
In RMB
Items Amount of this period Amount of last period
Interest expenses 86,505,113.33 109,161,060.69
Interest income -32,771,177.29 -18,067,700.31
Exchange Income and loss（Gain-）
Bank commission charge 75,260.20 56,504.09
Other 2,185.00 3,226.00
Total 53,811,381.24 91,153,090.47
40.Other gains
In RMB
Items Amount of this period Amount of last period
Government Subsidy-Cancel the Special Subsidy for Provincial Toll Station
5,023,474.53 5,023,474.62
Project of Expressway
Government Subsidy- Charging infrastructure incentive funds 7,677.42 5,576.34
Government subsidy-- Jiujiang Bridge structure health monitoring system
600,000.00
optimization and upgrade of vehicle purchase tax subsidy funds
Government subsidy- Expansion subsidy 25,500.00
Government subsidy- Maternity allowance 388,641.65 577,849.71
Veterans' VAT reduction and exemption 29,250.00 39,147.73
Withholding and remitting enterprise prepaid income tax fees 166,639.84 164,638.95
VAT additional deduction 1,845.02 13,786.43
Total 5,617,528.46 6,449,973.78
41. Investment income
In RMB
Items Amount of this period Amount of last period
Long-term equity investment income by equity
112,802,071.88 109,631,134.53
method
Investment income of trading financial assets
601,253.78
during the holding period
Dividends earned during the holding period on
40,699,105.31 71,249,739.36
investments in other equity instrument
Other -80,000.00
Total 153,501,177.19 181,402,127.67
42. Credit impairment losses
In RMB
Items Amount of this period Amount of last period
Impairment losses on account receivable -1,421,666.67 -1,945,429.56
Impairment losses on other receivable -43,453,436.90 -43,681,523.62
Total -44,875,103.57 -45,626,953.18
43. Non-Operation income
In RMB
The amount of non-operating
Items
Amount of current period Amount of previous period gains & losses
Non-current assets are 11,338.66 11,338.66
130
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
damaged and scrapped for
profit
Insurance claim income 1,753,159.58 967,952.70 1,753,159.58
Road property claim income 1,178,677.32 1,126,095.64 1,178,677.32
Other 27,682.96 54,244.51 27,682.96
Total 2,970,858.52 2,148,292.85 2,970,858.52
44. Non-Operation expenses
In RMB
Items Amount of current period Amount of previous period Recorded in the amount of the
non-recurring gains and losses
Non-current assets are
damaged and scrapped for -20,648.15 15,753.62 -20,648.15
profit
Including：Fixed assets -20,648.15 15,753.62 -20,648.15
Road rehabilitation
1,751,559.00 176,042.00 1,751,559.00
expenditure
Fine 570.97
Other 44,258.11 47,856.00 44,258.11
Total 1,775,168.96 240,222.59 1,775,168.96
45. Income tax expense
(1) Lists of income tax expense
In RMB
Items Amount of current period Amount of previous period
Current income tax expense 350,892,709.36 287,619,631.20
Deferred income tax expense -1,009,073.13 81,420,752.61
Total 349,883,636.23 369,040,383.81
(2) Adjustment process of accounting profit and income tax expense
In RMB
Items Amount of current period
Total of profit 1,487,167,571.19
Current income tax expense accounted by tax and relevant
371,791,892.80
regulations
Influence of income tax before adjustment -173,240.93
Influence of non taxable income -39,944,680.03
Impact of non-deductible costs, expenses and losses 8,540,466.59
Effect of deductible losses from using previously unrecognized
9,669,197.80
deferred income tax assets
Income tax expense 349,883,636.23
46. Items of cash flow statement
(1) Cash related to business activities
Cash received from other activities relating to operation
131
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
In RMB
Items Amount of current period Amount of previous period
Interest income 25,962,851.96 14,000,060.50
Unit current account 29,712,714.85 40,874,222.93
Qijiang new city south interchange
185,000,000.00
construction subsidy funds
Total 55,675,566.81 239,874,283.43
Other cash paid in relation to operation activities
In RMB
Items Amount of current period Amount of previous period
Management expense 11,488,664.49 10,883,695.76
Unit current account 25,555,665.99 27,999,921.65
Total 37,044,330.48 38,883,617.41
（2）Cash related to Investment activities
Cash receivable related to other Investment activities
In RMB
Items Amount of current period Amount of previous period
Bid security related to long-term assets,
3,692,567.08
etc
Total 3,692,567.08
Cash paid related to other investment activities
In RMB
Items Amount of current period Amount of previous period
Bid security related to long-term assets,
1,700,000.00
etc
Other 1,600.00
Total 1,701,600.00
Important cash received in relation to the investment activities
In RMB
Items Amount of current period Amount of previous period
Cash received from dividends and dividends
26,551,300.00
of other equity investments
Cash received from dividends of associated 19,579,614.82 20,150,000.47
Total 19,579,614.82 46,701,300.47
Cash Payable related to other Investment activities
In RMB
Items Amount of current period Amount of previous period
Cash paid for other equity investments 56,080,000.00
Cash paid for by investing in associates 89,312,000.00 45,000,000.00
Cash paid for the reconstruction and expansion of
the Nansha-Zhuhai section of the Guangzhou- 665,071,908.34 492,110,381.74
Macao Expressway
Cash paid for the reconstruction and expansion of
192,355,097.00
the Luogang-Lingkeng section of the Guanghui
132
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Expressway
Total 946,739,005.34 593,190,381.74
（3）Cash related to Financing activities
Other cash received in relation to financing activities
In RMB
Items Amount of current period Amount of previous period
Interest income from special borrowing 1,460,847.67
Total 1,460,847.67
Other cash paid related with financing activities
In RMB
Items Amount of current period Amount of previous period
Issuance fee of medium-term notes 537,769.75 1,001,869.75
Cash paid for the lease liabilities 2,951,128.41 7,325,653.27
Total 3,488,898.16 8,327,523.02
Changes in various liabilities arising from financing activities
Applicable □Not applicable
In RMB
Items Year-beginning Increase in the current period Decrease in the current
Year-end
balance period
balance
Non-
Non-cash
Cash changes Cash changes cash
changes
changes
Other payable-
27,809,510.32 1,476,537,004.13 290,401,407.05 1,213,945,107.40
Dividend payable
Short-loans 110,085,708.33 180,000,000.00 2,862,020.84 2,742,312.50 290,205,416.67
Long-term loans
（Including part
6,096,544,829.87 600,000,000.00 98,272,932.68 170,826,217.18 6,623,991,545.37
due within one
year）
Bond payable
（Including part
1,470,008,483.64 15,873,359.92 729,700,000.00 756,181,843.56
due within one
year）
Long-term payable
（Including part
2,517,493.12 495,283.01 2,022,210.11
due within one
year）
Lease liabilities
（Including part
23,963,150.05 375,103.57 2,821,395.06 21,516,858.56
due within one
year）
Total 7,730,929,175.33 780,000,000.00 1,593,920,421.14 1,196,986,614.80 8,907,862,981.67
47. Supplement Information for cash flow statement
133
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
（1）Supplement Information for cash flow statement
In RMB
Supplement Information Amount of current Amount of
period previous period
I. Adjusting net profit to cash flow from operating activities
Net profit 1,137,283,934.96 1,194,178,337.32
Add：Credit loss preparation 44,875,103.57 45,626,953.18
Impairment loss provision of assets
Depreciation of fixed assets, oil and gas assets and consumable biological assets 512,541,181.48 542,423,799.22
Depreciation of Use right assets 5,374,995.90 5,042,953.50
Amortization of intangible assets 12,101,858.87 12,833,960.75
Amortization of Long-term deferred expenses
Loss on disposal of fixed assets, intangible assets and other long-term deferred assets
Fixed assets scrap loss -31,986.81 15,753.62
Loss on fair value changes
Financial cost 85,814,169.34 109,276,885.58
Loss on investment -153,501,177.19 -181,402,127.67
Decrease of deferred income tax assets 4,543,405.40 82,208,258.88
Increased of deferred income tax liabilities -5,552,478.53 -787,506.27
Decrease of inventories
Decease of operating receivables -44,835,241.50 -82,590,730.82
Increased of operating Payable 4,642,244.19 287,090,654.41
Other
Net cash flows arising from operating activities 1,603,256,009.68 2,013,917,191.70
II. Significant investment and financing activities that without cash flows:
Conversion of debt into capital
Convertible corporate bonds maturing within one year
Financing of fixed assets leased
3．Movement of cash and cash equivalents：
Ending balance of cash 4,955,371,380.26 5,274,773,267.75
Less: Beginning balance of cash equivalents 4,701,657,434.00 4,284,688,231.33
Add：End balance of cash equivalents
Less: Beginning balance of cash equivalents
Net increase of cash and cash equivalent 253,713,946.26 990,085,036.42
（2）Composition of cash and cash equivalents
In RMB
134
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Items Balance in year-end Balance in year-Beginning
4,955,371,380.26 4,701,657,434.00
Cash
28,703.17 35,130.15
Of which: Cash in stock
Bank savings could be used at any time 4,954,828,976.28 4,701,108,299.37
Other monetary capital could be used at
513,700.81 514,004.48
any time
Balance of cash and cash equivalents at
4,955,371,380.26 4,701,657,434.00
the period end
（3） Monetary funds that are not cash and cash equivalents
In RMB
Reasons other than cash and cash
Items Current amount Previous amount
equivalents
Land reclamation funds in fund
Land reclamation funds 1,221,200.00 1,221,200.00
custody account
Unexpired accrued interest 21,604,195.03 15,753,098.20 Not actually received
Total 22,825,395.03 16,974,298.20
48. Lease
(1) The Company as lessee
Applicable □Not applicable
Variable lease payments not included in the measurement of lease liabilities
□Applicable Not applicable
Short-term lease or lease cost of low-value assets with simplified treatment
□Applicable Not applicable
Involving after-sale leaseback transactions
Applicable □Not applicable
Items Current amount
Interest expense of lease liabilities 375,103.57
Variable lease payments not included in the measurement of lease liabilities
Short-term lease or lease cost of low-value assets with simplified treatment 131,314.30
Income from subletting right-to-use assets
Total cash outflow related to leasing 3,089,008.41
(2) The Company as lessor
Operating lease as lessor
Applicable □Not applicable
135
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
In RMB
In which: income related to variable
Items Lease income lease payment not included in lease
receipts
Operating lease income 11,126,252.99
Total 11,126,252.99
Financial lease as lessor
□Applicable Not applicable
Undiscounted lease receipts for each of the next five years
□Applicable Not applicable
VIII. Equity in other entities
1. Equity in subsidiary
(1) The structure of the enterprise group
136
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
In RMB 10,000
Main Shareholding Ratio
Registered Registration Nature of Obtaining
Name of Subsidiary Places of (%)
capital Place Business Method
Operation direct indirect
Under the same
Expressway
Guangfo Expressway Co., Ltd. 20,000.00 Guangzhou Guangzhou 75.00% control business
Management
combination
Under the same
Guanghui Expressway Co., Expressway
235,167.80 Guangzhou Guangzhou 51.00% control business
Ltd. Management
combination
Under the same
Jingzhu Expressway Guangzhu Expressway
285,570.00 Zhongshan Guangzhou 75.00% control business
Section Co.,Ltd. Management
combination
Yuegao Capital Investment
Investment(Guangzhou)Co., 37,550.00 Guangzhou Guangzhou 100.00% Establishment
management
Ltd.
Notes: holding proportion in subsidiary different from voting proportion: None
Basis of holding half or less voting rights but still been controlled investee and holding more than half of the
voting rights not been controlled investee: None
Significant structure entities and controlling basis in the scope of combination: None
Basis of determine whether the Company is the agent or the principal: None
(2) Important Non-wholly-owned Subsidiary
In RMB
Shareholdin Dividends
Profit or Loss Owned by Equity Balance of the
g Ratio of Distributed to the
the Minority Minority Shareholders
Name of Subsidiary Minority Minority
Shareholders in the in the End of the
Shareholder Shareholders in the
Current Period Period
s (%) Current Period
Guangfo Expressway Co., Ltd. 25.00% -10,530,011.61 23,808,694.21
Guangdong Guanghui Expressway
49.00% 219,266,641.83 202,463,907.05 2,072,993,626.63
Co., Ltd.
Jingzhu Expressway Guangzhu
25.00% 73,081,863.74 129,110,889.29 502,652,824.47
Section Co.,Ltd.
Holding proportion of minority shareholder in subsidiary different from voting proportion
None
137
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
(3) The main financial information of significant not wholly owned subsidiary
In RMB
Year-end balance
Name
Current assets Non- current assets Total assets Current Liabilities Non- current liabilities Total liabilities
Guangfo Expressway Co., Ltd. 106,751,420.91 13,867,334.12 120,618,755.03 25,383,978.20 25,383,978.20
Guangdong Guanghui
2,042,882,660.13 2,481,558,162.07 4,524,440,822.20 172,744,863.19 121,096,721.00 293,841,584.19
Expressway Co., Ltd.
Jingzhu Expressway Guangzhu
502,199,188.53 4,274,218,539.53 4,776,417,728.06 1,211,768,625.88 1,554,037,804.31 2,765,806,430.19
Section Co.,Ltd.
（Continued）
Year-beginning balance
Name
Current assets Non- current assets Total assets Current Liabilities Non- current liabilities Total liabilities
Guangfo Expressway Co., Ltd. 148,592,352.43 14,240,888.13 162,833,240.56 25,478,417.30 25,478,417.30
Guangdong Guanghui
2,039,529,187.55 2,500,576,138.59 4,540,105,326.14 211,040,982.63 132,756,400.96 343,797,383.59
Expressway Co., Ltd.
Jingzhu Expressway Guangzhu
388,634,507.85 3,710,550,073.86 4,099,184,581.71 1,229,752,786.81 986,454,394.82 2,216,207,181.63
Section Co.,Ltd.
In RMB
Amount of current period Amount of previous period
Name Total Total
Business Cash flows from Cash flows from
Net profit Comprehensive Business income Net profit Comprehensive
income operating activities operating activities
income income
Guangfo Expressway
1,075,325.65 -42,120,046.43 -42,120,046.43 1,253,117.75 1,472,953.28 -40,639,507.32 -40,639,507.32 -2,029,459.25
Co., Ltd.
Guangdong Guanghui
897,321,456.20 447,482,942.51 447,482,942.51 622,120,569.23 1,024,822,529.29 507,331,189.13 507,331,189.13 777,984,620.05
Expressway Co., Ltd.
Jingzhu Expressway
Guangzhu Section 585,937,746.82 292,327,454.95 292,327,454.95 439,692,114.09 574,690,822.31 280,406,973.97 280,406,973.97 495,884,944.24
Co.,Ltd.
138
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
(4) Significant restrictions of using enterprise group assets and pay off enterprise group debt
None
(5) Provide financial support or other support for structure entities incorporate into the scope of
consolidated financial statements
None
Other note
2. The transaction of the Company with its owner’s equity share changed but still controlling the
subsidiary
(1) Significant joint venture arrangement or associated enterprise
None
（2）Affect of the transaction on the minority equity and owner's equity attributable to the parent
company
None
3. Equity in joint venture arrangement or associated enterprise
(1) Significant joint venture arrangement or associated enterprise
Main Proportion Accounting treatment
Registration of the investment of
Name operating Business nature
place Directly Indirectly joint venture or
place associated enterprise
Zhaoqing Yuezhao Highway Zhaoqing, Zhaoqing, Expressway
25.00% Equity method
Co., Ltd. Management
Guangdong Guangdong
Shenzhen Huiyan Expressway Expressway
Shenzhen Shenzhen 33.33% Equity method
Co., Ltd. Management
Guangdong Jiangzhong Expressway
Zhongshan , Zhongshan , 15.00% Equity method
Expressway Co., Ltd. Management
Ganzhou kangda Expressway Expressway
Gangzhou Ganzhou 30.00% Equity method
Co., Ltd. Management
Ganzhou Gankang Expressway
Gangzhou Ganzhou 30.00% Equity method
Expressway Co., Ltd. Management
Guangdong Yuepu Science
Hand all kinds of
and Technology Microfinance Guangzhou Guangzhou 15.48% Equity method
small loans
Co., Ltd.
Guangyuan Securities Co.,
Hefei Hefei Security business 2.37% Equity method
Ltd.
Research and
Hunan Lianzhi Technology
Changsha Changsha experimental 13.11% Equity method
Co., Ltd.
development
SPIC Yuetong Qiyuan Chip New Energy
Guangzhou Guangzhou 7.14% Equity method
Power Technology Co., Ltd service
Software and
Shenzhen Garage Electric Pile
Shenzhen Shenzhen Information 17.40% Equity method
Technology Co., Ltd
technology
Notes to holding proportion of joint venture or associated enterprise different from voting proportion:
None
139
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Basis of holding less than 20% of the voting rights but has a significant impact or holding 20% or more voting
rights but does not have a significant impact:
Guangdong Jiangzhong Expressway Co., Ltd., Guangyuan Securities Co., Ltd.，Yuepu Small Refinancing Co.,
Ltd.and Hunan Lianzhi Technology Co., Ltd. SPIC Yuetong Qiyuan Chip Power Technology Co., Ltd.and
Shenzhen Garage Electric Pile Technology
Co.,Ltd. holds 20% of the voting rights, but has the power to participate in making decisions on their financial a
nd operating decisions, and therefore deemed to be able to exert significant influence over the investee.
(2) Main financial information of significant joint venture
None
(3) Main financial information of significant associated enterprise
In RMB
Year-end balance/ Amount of Year-beginning balance/ Amount
current period of previous period
Guoyuan Securities Co., Ltd. Guoyuan Securities Co., Ltd.
Current assets
Non-current assets
Total assets 149,899,188,846.34 133,200,177,000.85
Current liabilities
Non-current Liabilities
Total liabilities
Minority Shareholders’ Equity
Shareholders’ equity attributable to shareholders of
35,646,559,004.05 34,578,952,207.02
the parent
Pro rata share of the net assets calculated 845,322,117.04 820,004,900.93
Adjustment items
--Goodwill 207,095,632.54 207,095,632.54
-- Internal transactions did not achieve profits
--Other
The book value of equity investments in joint ventur
1,052,417,749.58 1,027,100,533.47
es
Fair value of equity investment of associated
627,104,446.92 706,786,035.06
enterprises with open quotation
Buinsess incme 3,084,447,258.13 3,110,841,516.79
Net profit 1,000,675,806.65 914,347,343.11
Net profit from terminated operations
Other comprehensive income 722,087,847.89 510,710,079.37
Total comprehensive income 1,722,763,654.54 1,425,057,422.48
Dividends received from associates during the year 15,522,387.30 15,522,387.30
(4) Summary financial information of insignificant joint venture or associated enterprise
In RMB
Year-end balance/ Amount of current Year-beginning balance/ Amount of
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
period previous period
Joint venture：
Total amount of the pro rata calculation
of the following items
Associated enterprise：
Total book value of the investment 2,242,520,805.69 2,068,477,754.53
Total amount of the pro rata calculation
of the following--Net profit ms
--Net profit 89,085,788.26 87,613,916.46
--Total comprehensive income 89,085,788.26 87,613,916.46
(5) Note to the significant restrictions of the ability of joint venture or associated enterprise transfer
funds to the Company
None
(6) The excess loss of joint venture or associated enterprise
None
(7) The unrecognized commitment related to joint venture investment
None
(8) Contingent liabilities related to joint venture or associated enterprise investment
None
4. Significant common operation
None
5. Equity of structure entity not including in the scope of consolidated financial statements
None
6.Other note
None
IX. Government subsidies
1. At the end of the reporting period, government subsidies recognized according to the amount
receivable
□Applicable Not applicable
Reasons for not receiving the estimated amount of government subsidies at the expected time
□Applicable Not applicable
2. Liabilities involving government subsidies
Applicable □Not applicable
In RMB
New Amount Amount Other
Accounting Beginning subsidy included in transferred to changes in Closing Related to
subject balance amount in non-operating other income in the balance assets/income
the current income in the the current current
141
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
period current period period period
Deferred
395,976,324.09 5,031,151.95 390,945,172.14 Asset-related
income
Total 395,976,324.09 5,031,151.95 390,945,172.14
3. Government subsidies included in current profits and losses
Applicable □Not applicable
In RMB
Accounting subject Amount incurred in the current period Amount incurred in the previous period
Other income 5,419,793.60 6,232,400.67
X. Risks Related to Financial Instruments
1. Risks Related to Financial Instruments
The company has the main financial instruments, such as bank deposits, receivables and payables, investments,
loans and so on. Please refer to the relevant disclosure in Notes for the details. The risks associated with these
financial instruments mainly include credit risk, market risk and liquidity risk. The company’s management
shall manage and monitor these risks and ensure above risks to be controlled within certain scope.
The targets and policies of risk management
The target of risk management is to obtain the proper balance between the risk and benefit, to reduce the negative
impact that is caused by the risk of the Company to the lowest level, and to maximize the benefits of shareholders
and other equity investors. Based on the targets of risk management, the basic strategy of the Company’s risk
management is to identify and analyze the risks which are faced by the Company, establish suitable risk tolerance
baseline and proceed the risk management, and supervise a variety of risks timely and reliably, and control the
risks within a limited range.
1.Market risk
（1）Foreign exchange risk
Foreign exchange risk refers to the risk of loss due to exchange rate fluctuations generally. Our foreign exchange
risk is mainly related to Hong Kong Dollar. Besides annual distribution of B-share shareholder dividends, other
major business activities of our Company are settled in RMB. During the reporting period, due to the short credit
period of the Company's income and expenditure related to foreign currency, it was not affected by foreign
exchange risk.
（2）Interest rate risk- Risk of cash flow changes
The Company's risk of cash flow changes in financial instruments caused by interest rate changes is mainly
related to floating rate bank borrowings. The Company's policy is to maintain the floating interest rate of these
borrowings, and at the same time to reasonably reduce the risk of interest rate fluctuation by shortening the term
of a single loan and specifically agreeing on prepayment terms.
（3）Other price risk
The investments held by the Company are classified as financial assets measured at fair value and whose changes
142
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
are included in other comprehensive income and are measured at fair value on the balance sheet date. Therefore,
the Company bears the risk of changes in the securities market.
2.Credit risk
As of June 30,2024, the largest credit risk exposure that may cause financial losses of the Company mainly comes
from the loss of financial assets of the Company caused by the failure of the other party to perform its obligations.
In order to reduce credit risk, the Company only deals with recognized and reputable customers. In addition, the
Company reviews the recovery of each single receivables on each balance sheet date to ensure that adequate bad
debt provisions are made for unrecoverable amounts. Consequently, the Company's management believes that the
Company's credit risk has been greatly reduced.
The Group's working capital is deposited in banks with higher credit rating, so the credit risk of working capital is
relatively low.
Financial assets overdue or impaired;
(1) Aging analysis of financial assets with overdue impairment: Not existed
(2) Analysis of financial assets that have suffered single impairment: Refer to "4, Other Receivables" in V and "7,
Investment in Other Equity Instruments" in VII(6) of this section for details.
3.Liquidity risk
When managing liquidity risks, the Company maintains sufficient cash and cash equivalents as deemed by the
management and monitor them to meet the Company's operational needs and reduce the impact of cash flow
fluctuations. The management of the Company monitors the use of bank loans and ensures compliance with the
loan agreement.
XI. The disclosure of the fair value
1. Closing fair value of assets and liabilities calculated by fair value
In RMB
Closing fair value
Items Fir value Fir value Fir value
measurement items at measurement items measurement items at Total
level 1 at level 2 level 3
I. Consistent fair value
-- -- -- --
measurement
(I) Trading financial assets 183,856,768.00 183,856,768.00
1. Financial assets measured at fair
value and whose changes are included 183,856,768.00 183,856,768.00
in the current profit and loss
（2）Equity instrument investment 183,856,768.00 183,856,768.00
（III）Other equity instrument
745,758,172.48 875,024,939.86 1,620,783,112.34
investment
Total assets continuously measured at
745,758,172.48 875,024,939.86 1,620,783,112.34
fair value
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
II. Non –persistent measure -- -- -- --
2. Market price recognition basis for consistent and inconsistent fair value measurement items at level 1.
As at the end of the period, the company holds shares 235,254,944 shares of China Everbright Bank
According to the closing price of June 30,2024 of 3.17 yuan, the final calculation of fair value was
745,758,172.48 yuan.
3. Fair value of financial assets and liabilities not measured at fair value, The valuation techniques
adopted and the qualitative and quantitative information of important parameters for continuous and
non-continuous level 3 fair value measurement items
In RMB
Items Fair value as of June Valuation technology Unobservable input
30,2024 value
Unlisted equity Hire a third party for evaluation or enjoy the share of the net Net book assets of the
1,058,881,707.86
investment book assets of the investee based on the shareholding ratio invested unit
4. Fair value of financial assets and liabilities not measured at fair value
The Company's financial assets and liabilities measured in amortized cost mainly include: accounts receivable,
other receivables, contract assets, short-term loans, accounts payable, other payables, non-current liabilities due
within one year, long-term loans, bonds payable and long-term payables.
There is no significant difference between the book value of financial assets and liabilities not measured at fair
value and the fair value.
XII. Related parties and related-party transactions
1. Parent company information of the enterprise
The parent
The parent company
Registered Redistricted company of the
Name Nature of the Company's
address capital Company’s vote
shareholding ratio
ratio
Equity management, traffic
Guangdong
infrastructure construction 26.8 billion
communication Guangzhou 24.56% 50.12%
and railway project yuan
Group Co., Ltd
operation
Notes ：
Guangdong Communication Group Co., Ltd. is the largest shareholder of the Company. legal representative: Deng
Xiaohua. Date of establishment: June 23, 2000. As of June 30, 2024,Registered capital: 26.8 billion yuan. It is a
solely state-owned limited company. Business scope： equity management, organization of asset reorganization
and optimized allocation, raising funds by means including mortgage, transfer of property rights and joint stock
system transformation, project investment, operation and management, traffic infrastructure construction, highway
and railway project operation and relevant industries, technological development, application, consultation and
services, highway and railway passenger and cargo transport, ship industry, relevant overseas businesses; The
value-added communication business.
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
The finial control of the Company was State owned assets supervision and Administration Commission of
Guangdong Provincial People's Government.
2.Subsidiaries of the Company
Subsidiaries of this enterprise, see VIII(1) the rights of other entity
3. Information on the joint ventures and associated enterprises of the Company
Details refer to the VIII-3, Interests in joint ventures or associates
Information on other joint venture and associated enterprise of occurring related party transactions with the
Company in reporting period, or form balance due to related party transactions in previous period:
Name Relation with the Company
Shenzhen Huiyan Expressway Co., Ltd. Associated enterprises of the Company
Zhaoqing Yuezhao Highway Co., Ltd. Associated enterprises of the Company
Ganzhou Kangda Expressway Co., Ltd. Associated enterprises of the Company
Ganzhou Gankang Expressway Co., Ltd. Associated enterprises of the Company
Guangdong Jiangzhong Expressway Co., Ltd. Associated enterprises of the Company
4. Other Related parties
Name Relation with the Company
Guangdong East Thinking Management Technology
Fully owned subsidiary of the parent company
Development Co., Ltd.
Guangdong Expressway Media Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Expressway Technology Investment Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Humen Bridge Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Hualu Traffic Technology Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Communications Testing Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Litong Development Investment Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Highway Science and Education Center Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Litong Technology Investment Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Litong Property Investment Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Union Electron Service Information technology
Fully owned subsidiary of the parent company
Co., ltd.
Guangdong Lulutong Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Luoyang Expressway Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Provincial Freeway Co.,Ltd. Fully owned subsidiary of the parent company
Guangdong Highway Construction Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Communication Group Finance Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Tongyi Expressway Service Area Co., Ltd Fully owned subsidiary of the parent company
Guangdong Xinyue Traffic Investment Co., Ltd. Fully owned subsidiary of the parent company
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Name Relation with the Company
Guangdong Yueyun Traffic Rescue Co., Ltd. Fully owned subsidiary of the parent company
Guangzhou Xinyue Traffic Technology Co., Ltd. Fully owned subsidiary of the parent company
Guangzhou Xinyue Asphalt Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Traffic Development Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Yueyun Traffic Co., Ltd. Fully owned subsidiary of the parent company
Poly Changda Engineering Co., Ltd. Shares of parent company
Guangdong Communication Planning & Design Institute Co.,
Shares of parent company
Ltd.
Guangdong Changda Road Conservation Co., Ltd. Shares of parent company
Guangzhou Aitesi Communication equipment Co., Ltd. Associated enterprises controlled by the same parent company
Guangdong Jingzhu Expressway Guangzhu North Section Co.,
Associated enterprises controlled by the same parent company
Ltd.
Guangdong Feida Traffic Engineering Co., Ltd. Associated enterprises controlled by the same parent company
Guangdong Road Network Digital Media Information
Fully owned subsidiary of the parent company
Technology Co. Ltd
Hunan Lianzhi Technology Co., Ltd. A wholly owned subsidiary of the Company
Guangzhongjiang Expressway Project Management Dept Managed by the parent company
5. List of related-party transactions
(1)Information on acquisition of goods and reception of labor service
Acquisition of goods and reception of labor service
In RMB
Content of related Amount of current period Amount of previous
Related parties
transaction
period
1.Business cost
Guangdong Union electronic services co.,
Service 12,275,722.05 13,229,622.13
Ltd.
Guangdong Yueyun Traffic Rescue Co., Ltd. Rescue service fee 2,522,231.00 1,803,701.00
Poly Changda Engineering Co., Ltd. Project fund, service 2,294,955.00 242,574.00
Guangdong Xinyue Traffic Investment Co.,
Project fund, service 1,704,368.33 1,767,361.32
Ltd.
Guangdong Feida Traffic Engineering Co.,
Maintenance 1,694,722.00
Ltd.
Guangdong Hualu Traffic Technology Co.,
Project 1,108,098.00 306,348.00
Ltd.
Guangdong Humen Bridge Co., Ltd. Service 609,023.79 330,692.01
Guangdong Litong Technology Investment
Maintenance 148,273.60 499,250.40
Co., Ltd.
Guangdong Highway Science and Education
Trairing expense 23,100.00
Center Co., Ltd.
Guangdong East Thinking Management
Service 10,000.00
Technology Development Co., Ltd.
Guangdong Expdressway Technology
Depreciation cost -36,790.74
Investment Co., Ltd.
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Content of related Amount of current period Amount of previous
Related parties
transaction
period
Guangdong Tongyi Expressway Service Area
Service 176,962.71
Co., Ltd
Subtotal 22,353,703.03 18,356,511.57
2.Financial cost
Guangdong Communication Group Finance Borrowing Interest
5,992,273.61 6,590,997.21
Co., Ltd. expresses
Guangdong Communication Group Finance
Deposit interest income -19,060,829.63 -9,965,887.73
Co., Ltd.
Guangdong Communication Group Finance
Commission charge 1,320.00 3,785.00
Co., Ltd.
Guangdong Communication Group Co.,
Interest 7,402,083.32
Ltd.
Subtotal -13,067,236.02 4,030,977.80
3.Administrative expenses
Guangdong Highway Science and Education
Training expense 232,570.00
Center Co., Ltd.
Guangdong East Thinking Management
Maintenance，Service 140,490.57
Technology Development Co., Ltd.
Guangdong Tongyi Expressway Service Area
Service 111,078.80 74,591.29
Co., Ltd
Guangdong Litong Property Development Management Fee, water
84,476.00
Co., Ltd. and electricity
Guangdong Highway Construction Co.,Ltd. Training expense 29,310.00
Subtotal 597,925.37 74,591.29
4）Construction in process
Poly Changda Engineering Co., Ltd. Purchase assets 228,857,141.00
Guangdong Communication Planning &
Purchase assets 3,176,898.00 5,422,739.00
Design Institute Co., Ltd.
Guangdong East Thinking Management
Purchase assets 1,255,000.00
Technology Development Co., Ltd.
Guangdong Hualu Traffic Technology Co.,
Purchase assets 303,342.00
Ltd.
Guangdong Communication Group Finance
Interest capitalized 236,805.56
Co., Ltd.
Guangdong Communications Testing Co.,
LT Purchase assets 2,028,475.00
Td.
Guangdong Highway Construction Co., Ltd. Purchase assets 480,000.00
Subtotal 233,829,186.56 7,931,214.00
5）Non-operating expenses
Construction liquidated
Poly Changda Engineering Co., Ltd. 1.00
damages
Subtotal 1.00
Related transactions on sale goods and receiving services
In RMB
Related party Content
Amount of current period Amount of previous
147
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
period
1.Business income
Jingzhu Expressway Guangzhu North Commission management
10,983,491.20 10,977,500.00
section Co., Ltd. fee
Guangdong Traffic Development Co., Ltd. electricity 585,883.25 486,046.23
Zhaoqing Yuezhao Highway Co., Ltd. Salaries of expatriate staff 642,558.25 613,816.63
Ganzhou Gankang Expressway Co., Ltd. Salaries of expatriate staff 627,422.20 578,774.80
Shenzhen Huiyan Expressway Co., Ltd. Salaries of expatriate staff 602,004.93 464,466.28
Guangdong Tongyi Expressway Service
electricity 565,006.00 479,678.14
Area Co., Ltd
Ganzhou Kangda Expressway Co., Ltd. Salaries of expatriate staff 168,794.31 142,237.06
Guangdong Jiangzhong Expressway Co.,
Salaries of expatriate staff 85,317.61 168,312.27
Ltd.
Poly Changda Engineering Co., Ltd. water and electricity bills 9,087.96 21,011.51
Guangdong Yueyun Traffic Rescue Co.,
Water and electricity 6,530.45 5,770.73
Ltd.
Guangdong Expressway Media Co., Ltd. Water and electricity 1,387.31 4,637.51
Subtotal 14,277,483.47 13,942,251.16
2）Non-operating income
Guangdong Feida Traffic Engineering Co., Construction liquidated
4,000.00
Ltd damages
Construction liquidated
Poly Changda Engineering Co., Ltd. 2,500.00
damages
Subtotal 6,500.00
(2) Information of related lease
The Company was lessor：
In RMB
The lease income The lease income
Name of lessee Category of lease assets
confirmed in this year confirmed in last year
Guangdong Expressway Advertising lease
945,860.93 543,695.69
Technology Co., Ltd.
Poly Changda Engineering
Land and Equipment lease 600,002.15 555,557.14
Co., Ltd.
Guangdong Expressway Advertising lease
498,654.95 1,292,283.51
Media Co., Ltd.
Guangdong Traffic
Rental income of charging pile 315,372.65 267,958.87
Development Co., Ltd.
Guangzhou Xinyue
Property lease 17,142.86
TrafficTechnology Co., Ltd.
Guangdong Litong
Technology Investment Co., Land lease 1,067,169.99
Ltd.
Total 2,377,033.54 3,726,665.20
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
The company was lessee：
In RMB
Variable lease
payments not
Rental charges for short-term included in lease Interest expenses on lease
Rent paid Increased use right assets
and low-value assets (if any) liabilities liabilities assumed
measurement (if
any)
Category of
Lessor
leased assets Amount of Amount of Amoun Amount Amount of Amount of Amount of Amount of Amount Amount of
current period previous t of of current period previous period current previous of previous period
period current previou period period current
period s period period
Guangdong Litong
Office space
Development Investment Co., 131,314.30 126,971.46 2,594,667.06 5,065,766.04 364,868.32 276,207.92 30,404,063.26
Ltd
Guangdong Litong Real Estate Office space
18,093.00 52,128.00 15,732.00 2,408.30 1,490.55 230,671.46
Investment Co., Ltd
Guangdong Motor Car rental fee
570,000.00
Transportation Group Co., Ltd
Total 131,314.30 715,064.46 2,646,795.06 5,081,498.04 367,276.62 277,698.47 30,634,734.72
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
(3 ）Rewards for the key management personnel
In RMB
Items
Amount of current period Amount of previous period
Rewards for the key management
2,759,500.00 2,969,700.00
personnel
（4） Transactions with associated financial companies
（1）Deposit business
Related party Relationship Maximum daily Deposit Beginning balance The amount of this period
deposit interest （Ten thousand Ending balance
Total amount for Total amount is
limit(（Ten rate yuan） （Ten thousand
this period（Ten withdrawn for
thousand range yuan）
thousand yuan） this period（Ten
yuan）
thousand yuan）
Guangdong Controlled
Communications by the same 0.35%-
300,000.00 267,814.82 802,532.31 821,188.10 249,159.03
Group Finance parent 2.85%
Co., Ltd company
（2）Loan business
Related party Relationship Beginning balance The amount of this
（Ten thousand period
Loant
yuan） Total loan
Loan limit（Ten interest Ending balance（Ten
amount of the
thousand yuan） rate thousand yuan）
current
range
period(（Ten
thousand yuan）
Guangdong Controlled
Communications by the same 2.55%-
400,000.00 40,632.92 18,738.18 926.47 58,444.63
Group Finance parent 3.30%
Co., Ltd company
The balance of the above-mentioned loan to Guangdong Communications Group Finance Co., Ltd. includes the
"unoverdue interest" part.
（3）Credit extension or other financial services
Related party Relationship Business type Total amount（Ten Actual amount incurred
thousand yuan） （Ten thousand yuan）
Guangdong Communications Group Controlled by the Credit
400,000.00 58,400.00
Finance Co., Ltd same parent company extension
The Company respectively signed the "Cash Management Business Cooperation Agreement" with Guangdong
Communications Group Finance Co., Ltd and the Guangdong Branch of Industrial and Commercial Bank of
China on December 25, 2017; and signed the "Cash Management Business Cooperation Agreement" with
Guangdong Communications Group Finance Co., Ltd and the Guangdong Branch of Industrial and Commercial
Bank of China on December 22, 2017 respectively, joined the cash pool of Guangdong Communications Group
Finance Co., Ltd.
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Guangdong Guanghui Expressway Co., Ltd respectively signed the "Cash Management Business Cooperation
Agreement" with Guangdong Communications Group Finance Co., Ltd and Agricultural Bank of China Co., Ltd
Guangdong Branch on May 19, 2020, joined the cash pool of Guangdong Communications Group Finance Co.,
Ltd.
（5）Asset transfer and debt restructuring of related parties
None
(6) Other related-party transactions
1）On June 15, 2016,The company’s 29th meeting (Provisional) of the seventh board of directors was convened.
The Proposal on Entrustment of Construction Management of the Renovation and Expansion Project of Sanbao-
to-Shuikou Section of Shengyang-to-Haikou National Expressway was deliberated in the meeting, agreed that
Guangdong Provincial Fokai Expressway Co., Ltd entrusts Guangdong Provincial Highway Construction Co., Ltd
with the construction management of the renovation and expansion project of Sanbao-to-Shuikou Section of
Shengyang-to-Haikou National Expressway, and handling the related matters of the entrustment of the
construction management. The above transactions have been approved and implemented by the board of directors
of Guangdong Fokai Expressway Co., Ltd.
2）On November 30, 2022, the fifth (interim) meeting of the 10th Board of Directors of the Company reviewed
and approved the Proposal on Entrusted Construction Management of the Reconstruction and Expansion Project
of Nansha-Zhuhai Section of Guangzhou-Macao Expressway, and agreed that the subsidiary Guangzhou-Zhuhai
Section of Beijing-Zhuhai Expressway Co., Ltd. entrusted Guangdong Provincial Highway Construction Co., Ltd.
to carry out the whole-process construction management of the reconstruction and expansion project of Nansha-
Zhuhai Section of Guangzhou-Macao Expressway. The above transactions have been approved and implemented
by the Board of Directors of Guangzhu Section of Beijing-Zhuhai Expressway Co., Ltd, The above transactions
have been approved and implemented by the board of directors of Beijing-Zhuhai Expressway Guangzhou-Zhuhai
Section Co., Ltd.
6. Receivables and payables of related parties
（1）Receivables
In RMB
Amount at year end Amount at year beginning
Name Related party Balance of Bad debt Balance of Bad debt
Book Provision Book Provision
Account Guangdong Union electron Service Co.,
90,123,591.02 104,739,306.92
receivable Ltd.
Account
Guangdong Humen Bridge Co., Ltd. 18,978,390.78 8,382,454.42
receivable
Account Guangdong Expressway Technology
6,491,696.72 6,548,536.49
receivable Investment Co., Ltd.
Account Jingzhu Expressway Guangzhu North
5,821,250.01 8,643,475.02
receivable Section Co., Ltd.
Account
Guangdong Expressway Media Co., Ltd. 524,341.18 538,491.00
receivable
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Amount at year end Amount at year beginning
Name Related party Balance of Bad debt Balance of Bad debt
Book Provision Book Provision
Account
Guangdong Traffic Development Co., Ltd. 108,275.44
receivable
Account
Poly Changda Engineering Co., Ltd. 503,879.00
receivable
Account Guangdong Litong Technology Investment
475,529.20
receivable Co., Ltd.
Total 122,047,545.15 129,831,672.05
Guangdong Feida Traffic Engineering
Prepayment 2,478,186.00 2,478,186.00
Co., Ltd.
Guangdong Union electron Service Co.,
Prepayment 120,116.91
Ltd.
Guangdong Highway Science and
Prepayment 65,340.00
Education Center Co., Ltd.
Total 2,663,642.91 2,478,186.00
Other Account
Guangdong Provincial Freeway Co.,Ltd. 40,092,886.12 40,092,886.12
receivable
Other Account Guangdong Litong Development
1,846,377.94 1,846,377.94
receivable Investment Co., Ltd.
Other Account Guangdong Union electron Service Co.,
50,000.00 136,509.59
receivable Ltd.
Other Account Guangdong Litong Property Development
12,062.00 12,062.00
receivable Co., Ltd.
Other Account Guangdong Humen Bridge Co., Ltd.
15,000.00 15,000.00
receivable
Other Account Guangdong Expressway Technology
5,220.10 1,520.08
receivable Investment Co., Ltd.
Other Account Guangdong Yueyun Traffic Rescue Co.,
1,802.76
receivable Ltd.
Other Account
Guangdong Expressway Media Co., Ltd. 656,495.57
receivable
Total 42,023,348.92 42,760,851.30
Other Non-
Poly Changda Engineering Co., Ltd. 136,143,013.70 120,487,501.70
Current Assets
Other Non- Guangdong Communication Planning &
2,986,673.00
Current Assets Design Institute Co., Ltd.
Other Non- Guangdong Hualu Traffic Technology Co.,
1,715,012.00
Current Assets Ltd.
Other Non- Guangdong Xinyue Traffic Investment
834,973.80 834,973.80
Current Assets Co., Ltd.
Other Non-
Guangdong Traffic Development Co., Ltd. 333,398.00 333,398.00
Current Assets
Other Non- Guangdong East Thinking Management
251,000.00 251,000.00
Current Assets Technology Development Co., Ltd.
Total 142,264,070.50 121,906,873.50
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
（2）Payables
In RMB
Amount at year Amount at year
Name Related party
end beginning
Short-term loan Guangdong Communication Group Finance Co., ltd. 290,205,416.70 110,085,708.33
Total 290,205,416.70 110,085,708.33
Account payable Guangdong Feida Traffic Engineering Co., Ltd. 11,928,849.40 21,943,925.23
Account payable Guangdong Xinyue Traffic Investment Co., Ltd. 6,339,609.72 6,044,263.15
Account payable Poly Changda Engineering Co., Ltd. 4,918,897.30 17,531,275.30
Account payable Guangzhongjiang Expressway Project Management Dept 2,747,739.00 2,747,739.00
Guangdong Communication Planning & Design Institute
Account payable 2,447,826.10 2,513,096.78
Co., Ltd.
Account payable Guangdong Hualu Traffic Technology Co., Ltd. 2,349,046.71 3,590,461.17
Account payable Guangdong Lulutong Co., Ltd. 1,682,944.86 1,682,944.86
Account payable Guangdong Expressway Technology Investment Co., Ltd. 866,490.00 866,490.00
Account payable Guangdong Union Electron Service Co.,Ltd. 806,526.31 927,837.89
Account payable Guangdong Yueyun Traffic Rescue Co., Ltd. 535,271.00 261,800.00
Account payable Guangzhou Xinyue Asphalt Co., Ltd. 494,704.00 494,704.00
Account payable Guangdong Litong Technology Investment Co., Ltd. 472,380.00 472,380.00
Account payable Guangdong Changda Road Maintenance Co. Ltd. 231,869.00 231,869.00
Account payable Hunan Lianzhi Technology Co., Ltd. 217,010.00 217,010.00
Guangdong East Thinking Management Technology
Account payable 98,500.00 1,588,922.00
Development Co., Ltd.
Account payable Guangdong Motor Transportation Group Co., Ltd 184,000.00
Account payable Guangdong CommunicationTest Co., Ltd. 157,501.00
Guangdong Communications Technology Research and
Account payable 32,016.00
Development Co., Ltd.
Total 36,137,663.40 61,488,235.38
Advance received Guangdong Xinyue Traffic Investment Co., Ltd. 17,142.86
Advance received Guangdong Union Electron Service Co.,Ltd. 1,313,348.00
Total 17,142.86 1,313,348.00
Other Payable account Poly Changda Engineering Co., Ltd. 22,391,752.46 20,510,879.46
Other Payable account Guangdong Hualu Traffic Technology Co., Ltd. 3,427,620.06 2,121,826.06
Other Payable account Guangdong Road Construction Co., Ltd. 2,141,665.79 2,004,376.13
Other Payable account Guangdong Expressway Technology Investment Co., Ltd. 1,717,958.26 1,717,958.26
Other Payable account Guangdong Xinyue Traffic Technology Co., Ltd. 1,653,523.70 1,653,523.70
Other Payable account Guangdong Communication Test Co., Ltd. 1,573,310.00 1,573,310.00
Other Payable account Guangdong Feida Traffic Engineering Co., Ltd. 1,552,963.37 1,773,643.35
Other Payable account Guangdong Xinyue Traffic Investment Co., Ltd. 1,077,649.49 900,742.71
Guangdong Communication Planning & Design Institute
Other Payable account 962,700.00 462,700.00
Co., Ltd.
Guangdong Union electronic services co., Ltd.
Other Payable account 613,711.92 691,060.06
Other Payable account Guangdong Lulutong Co., Ltd. 569,391.54 607,161.54
Guangdong East Thinking Management Technology
Other Payable account 582,470.18 394,220.18
Development Co., Ltd.
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Amount at year Amount at year
Name Related party
end beginning
Other Payable account Changda Municipal Engineering(Guangdong) Co., Ltd. 500,000.00
Other Payable account Guangzhongjiang Expressway Project Management Dept 200,000.00 200,000.00
Other Payable account Guangdong Tongyi Expressway Service Area Co., Ltd. 120,000.00 120,000.00
Other Payable account Guangdong Expressway Media Co., Ltd. 50,000.00 50,000.00
Other Payable account Guangdong Litong Technology Investment Co., Ltd. 44,116.43 85,919.24
Other Payable account Guangdong Yueyun Traffic Rescue Co. Ltd. 2,000.00 2,000.00
Other Payable account Hunan Lianzhi Technology Co., Ltd. 19,797.00
Total 39,180,833.20 34,889,117.69
Non-current liabilities
Guangdong Communication Group Finance Co., ltd. 4,240,833.34 4,243,466.66
due 1 year
Non-current liabilities
Guangdong Litong Development Investment Co., Ltd. 12,960,863.65 9,964,510.62
due 1 year
Non-current liabilities
Guangdong Litong Property Development Co., Ltd. 90,047.93 100,255.11
due 1 year
Total 17,291,744.92 14,308,232.39
Lease Liability Guangdong Litong Property Development Co., Ltd. 8,123,730.85 13,349,882.62
Lease Liability Guangdong Litong Property Development Co., Ltd. 15,889.82 55,402.33
Total 8,139,620.67 13,405,284.95
Long-term loans Guangdong Communication Group Finance Co., ltd. 290,000,000.00 292,000,000.00
Total 290,000,000.00 292,000,000.00
7. Related party commitment
In 2020, the Company acquired 21% of the equity of Guangdong Guanghui Expressway Co., Ltd. (hereinafter
referred to as "Guanghui Expressway") held by Guangdong Provincial Expressway Co., Ltd. (hereinafter
referred to as "Provincial Company")-a related partyby paying cash, and signed the "Profit Compensation
Agreement" and the "Supplementary Agreement to the Profit Compensation Agreement" with Provincial
Company, stipulating the calculation rules for the performance compensation period and compensation amount
of the equity acquisition.
As of December 31, 2023, the amount of performance commitment compensation receivable calculated in
accordance with the Profit Compensation Agreement and the Supplemental Agreement to the Profit
Compensation Agreement confirmed by both parties was RMB 40,092,886.12.
In July 2024, the Company has received a performance compensation of RMB 40,092,886.12 from the
Provincial Company.
XIII. Stock payment
None
XIV. Commitments
1. Significant commitments
Significant commitments at balance sheet date
154
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Capital commitments
Items June 30,2024 December 31,2023
Contracted but not recognized in the
financial statements
Building long-term asset commitments - 6,925,220,205.30 7,020,477,401.30
Expressway construction
2. Contingency
(1) Significant contingency at balance sheet date
As of June 30,2924, the Company did not need to disclose important commitments.
(2) The Company have no significant contingency to disclose, also should be stated
The Company has no important contingency that need to disclosed
XV. Events after balance sheet date
None
XVI. Other important events
1. Previous accounting errors collection
None
2. Segment information
（1） If the company has no reporting division, or fails to disclose the total assets and liabilities of each
reporting division, the reasons shall be explained
The company's business for the Guangfo Expressway , the Fokai Expressway ,Guanghui Expressway and Jingzhu
Expressway Guangzhu Section toll collection and maintenance work, the technology industry and provide
investment advice, no other nature of the business, no reportable segment.
2.Other important transactions and events have an impact on investors decision-making
In 2022, the Company received the Notice of Department of Transport of Guangdong Province on Relevant
Matters Concerning the Disposal of Guangzhou-Foshan Expressway at the Expiration of Toll Collection
(GJYBH [2022] No.24), and the Guangzhou-Foshan Expressway operated by its holding subsidiary Guangfo
Expressway Co., Ltd. stopped charging from 0: 00 on March 3, 2022, retaining the existing toll collection
facilities to operate as usual at zero rate, exempting all vehicles passing through this section from tolls, and
collecting tolls from vehicles in other sections on behalf. After the toll is stopped, Guangfo Company will
continue to be responsible for the management and maintenance of Guangzhou-Foshan Expressway.
The source of funds for custody expenses paid by Guangfo Company needs to be further determined. As of June
30, 2024, custody expenses paid by Guangfo Company were RMB 264,561,056.92.
XV.Notes of main items in financial reports of parent company
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
1. Account receivable
（1） Disclosure by aging
In RMB
Aging Balance in year-end Balance Year-beginning
Within 1 year（Including 1 year） 28,166,032.89 31,718,251.28
Total 28,166,032.89 31,718,251.28
（2） According to the bad debt provision method classification disclosure
In RMB
Amount in year-end Balance Year-beginning
Categor Book Balance Bad debt provision Book Book Balance Bad debt provision Book
y Amount Proportio Amo Proportio value Amount Proportio Amo Proportio value
n(%) unt n(%) n(%) unt n(%)
Accrual
of bad
debt
28,166,03 28,166,03 31,718,25 31,718,25
provisio 100.00% 100.00%
2.89 2.89 1.28 1.28
n by
portfoli
o
Includin
g：
Aging
28,166,03 28,166,03 31,718,25 31,718,25
portfoli 100.00% 100.00%
2.89 2.89 1.28 1.28
o
28,166,03 28,166,03 31,718,25 31,718,25
Total 100.00% 100.00%
2.89 2.89 1.28 1.28
Accrual of bad debt provision by portfolio: The aging
In RMB
Balance in year-end
Aging
Account receivable Bad debt provision Expected credit loss rate (%
Within 1 year 28,166,032.89
Total 28,166,032.89
Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method of
other receivables if the provision for bad debts of bills receivable is accrued according to the general model of
expected credit loss:
□ Applicable √ Not applicable
（3） Accounts receivable withdraw, reversed or collected during the reporting period
None
（4） The actual write-off accounts receivable
None
(5) Top 5 of the closing balance of the accounts receivable collected according to the arrears party
In RMB
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Closing Accounts
balance receivable Proportion of Amount of
Amount of
Company Name of the and contract total accounts ending balance
ending balance
contract assets ending receivable % for bad debts
assets balance
Guangdong Union Electronic
28,036,334.79 99.54%
Services Co., Ltd.
Guangdong Expressway
129,698.10 0.46%
Technology Investment Co., Ltd.
Total 28,166,032.89 100.00%
（6）Account receivable which terminate the recognition owning to the transfer of the financial assets
None
(7)The amount of the assets and liabilities formed by the transfer and the continues involvement of
accounts receivable
None
2.Other accounts receivable
In RMB
Items Balance in year-end Balance Year-beginning
Dividend receivable 41,904,578.21 1,205,472.90
Other receivable 755,734,118.78 1,020,100,372.97
Total 797,638,696.99 1,021,305,845.87
(1) Interest receivable
None
（2）Dividend receivable
1)Dividend receivable
In RMB
Items Balance in year-end Balance Year-beginning
Guangdong Radio and Television Networks investment
1,205,472.90 1,205,472.90
No.1 Limited partnership enterprise
China Everbright Bank Co., Ltd 40,699,105.31
Total 41,904,578.21 1,205,472.90
2)Significant dividend receivable aged over 1 year
In RMB
Whether with
Balance in
Items Aging Reasons for non-recovery impairment and the
year-end
judgment basis
Guangdong Radio and Television The partnership agreement expires and
Over 5 No, it can be
Networks investment No.1 Limited 1,205,472.90 can be recovered after the extension
years recovered in the future
partnership enterprise procedures are completed
Total 1,205,472.90
3）Bad-debt provision
157
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
□ Applicable √ Not applicable
（3） Other accounts receivable
1) Other accounts receivable classified
In RMB
Items Balance in year-end Balance Year-beginning
Deposit 2,297,364.74 2,277,164.74
Petty cash 1,186,400.00 1,232,661.91
Compensation for performance
40,092,886.12 40,092,886.12
commitments receivable
Payment from related parties within the
711,730,768.23 975,923,541.67
scope of the merger
Other 426,699.69 574,118.53
Total 755,734,118.78 1,020,100,372.97
2） Disclosure by aging
In RMB
Aging Balance in year-end Balance Year-beginning
Within 1 year(Including 1 year） 41,870,282.91 44,648,632.53
1-2 years 2,230,791.74 975,012,062.00
2-3 years 711,199,562.00 28,611.55
Over 3 years 433,482.13 411,066.89
3-4 years 28,611.55 7,699.35
4-5 years 7,699.35 23,848.70
Over 5 years 397,171.23 379,518.84
Total 755,734,118.78 1,020,100,372.97
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
3） According to the bad debt provision method classification disclosure
In RMB
Amount in year-end Balance Year-beginning
Category Book Balance Bad debt provision Book value Book Balance Bad debt provision Book value
Amount Proportion(%) Amount Proportion(%) Amount Proportion(%) Amount Proportion(%)
Including：
Accrual of bad debt
755,734,118.78 100.00% 755,734,118.78 1,020,100,372.97 100.00% 1,020,100,372.97
provision by portfolio
Including
CSF Portfolio 3,483,764.74 0.46% 3,483,764.74 3,509,826.65 0.34% 3,509,826.65
Very low credit risk
financial asset 40,519,585.81 5.36% 40,519,585.81 40,667,004.65 3.99% 40,667,004.65
portfolio
Risk-free
711,730,768.23 94.18% 711,730,768.23 975,923,541.67 95.67% 975,923,541.67
combination
Total 755,734,118.78 100.00% 755,734,118.78 1,020,100,372.97 100.00% 1,020,100,372.97
159
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Accrual of bad debt provision by single：The portfolio
In RMB
Balance Year-beginning Balance in year-end
Name Bad debt Bad debt Withdrawal
Book balance Book balance Reason
provision provision proportion
Cast deposit
3,483,764.74
portfolio
Very low credit
risk financial 40,519,585.81
asset portfolio
Risk-free
711,730,768.23
combination
Total 755,734,118.78
Make provision for bad debts according to the general model of expected credit losses
None。
Loss provision changes in current period, change in book balance with significant amount
□Applicable √ Not applicable
4）Accounts receivable withdraw, reversed or collected during the reporting period
None
5) The actual write-off other accounts receivable in the period:
None
6) Top 5 of the closing balance of the other accounts receivable collected according to the arrears party
None
7） Reported in other receivables due to centralized management of funds
None
8）Top 5 of the closing balance of the prepayment collected according to the prepayment target
Proportion of the Closing
total year end balance
Name Nature Closing balance Aging balance of the of bad
accounts debt
receivable(%) provision
Reconstruction and
expansion of 2-3
711,187,500.00
investment funds and years
Jingzhu Expressway Guangzhu Section Co., Ltd. interest 94.18%
Within
Interest 543,268.23
1 year
160
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Proportion of the Closing
total year end balance
Name Nature Closing balance Aging balance of the of bad
accounts debt
receivable(%) provision
Provisional estimate of
restructuring Within
Guangdong Provincial Freeway Co.,Ltd. 40,092,886.12 5.31%
performance 1 year
compensation number
Security Deposits and Within
7,131.00
Earnest Money 1 year
Guangdong Litong Development Investment Co., Vehicle parking 3-4
22,980.00 0.24%
Ltd. deposit years
1-2
Lease deposit 1,816,266.94
years
Vehicle parking 3-4
4,200.00
deposit years
First Pacific Davis Property Consultant
Water and electricity 1-2
(Guangzhou) Co., Ltd 92,116.80 0.06%
costs working capital years
Management fee 1-2
322,408.00
deposit years
Within
Huang Honggui Petty cash 190,000.00 0.03%
1 year
Total 754,278,757.09 99.82%
9)Accounts receivable involved with government subsidies
None
10) Other account receivable which terminate the recognition owning to the transfer of the financial
assets
None
11) The amount of the assets and liabilities formed by the transfer and the continues involvement of other
accounts receivable
None
3. Long-term equity investment
In RMB
End of term Beginning of term
Items Impairment Impairment
Book Balance Book value Book Balance Book value
provision provision
Investment in
4,216,142,963.43 4,216,142,963.43 3,952,330,463.43 3,952,330,463.43
subsidiaries
Investment in
joint ventures and 3,177,294,208.44 3,177,294,208.44 2,990,656,046.31 2,990,656,046.31
associates
161
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Total 7,393,437,171.87 7,393,437,171.87 6,942,986,509.74 6,942,986,509.74
（1）Investment to the subsidiary
In RMB
Increase /decrease in reporting period
Initial Closing
balance of Withdraw
Opening Decreased balance of
Name the Add n Othe Closing balance
balance investmen impairmen
impairmen investment impairmen r
t provision t t provision
t provision
Jingzhu
Expressway
1,396,171,883.0 263,812,500.0 1,659,984,383.0
Guangzhu
8 0 8
Section Co.,
Ltd.
Guangfo
Expressway 154,982,475.25 154,982,475.25
Co., ltd.
Yuegao
Capital
Investment 375,500,000.00 375,500,000.00
(Guangzhou
) Co., Ltd.
Guanghui
2,025,676,105.1 2,025,676,105.1
Expressway
0 0
Co., Ltd.
3,952,330,463.4 263,812,500.0 4,216,142,963.4
Total
3 0 3
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
（2）Investment to joint ventures and associated enterprises
In RMB
Increase /decrease in reporting period
Initial Closing
Announced
balance of Decrease Investment Other Provision balance of
Opening the Other for Closing
Name Increase in in income under change for Othe impairme
balance impairme comprehensi distributing balance
nt investment investme equity s in impairme r nt
ve income cash dividend
provision nt method equity nt provision
or profit
I. Joint ventures
II. Associated enterprises
Zhaoqing
Yuezhao 142,000,000. 30,049,890.6 99,500,000.0
367,104,015.00 439,653,905.64
Highway Co., 00 4 0
Ltd.
Guangdong
Jiangzhong 31,500,000.0
557,686,679.66 8,230,842.00 4,057,227.52 593,360,294.14
Expressway 0
Co., Ltd.
Ganzhou
Gankang 11,602,814.1
181,054,819.12 192,657,633.24
Expressway 2
Co., Ltd.
Ganzhou
Kangda 20,570,257.4
257,929,704.98 278,499,962.47
Expressway 9
Co., Ltd.
ShenzhenHuiy
13,417,646.3
an Expressway 377,922,183.98 391,339,830.30
2
Co., Ltd.
Guoyuan 1,027,100,533. 23,716,283.6 17,123,319.7 15,522,387.3 1,052,417,749.
Securities 47 2 9 0 58
163
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
Co.,Ltd.
Guangdong
Yuepu Science
and
221,858,110.10 7,506,722.97 229,364,833.07
Technology
Microfinance
Co., Ltd.
2,990,656,046. 173,500,000. 115,094,457. 17,123,319.7 119,079,614. 3,177,294,208.
Subtotal
31 00 16 9 82 44
2,990,656,046. 173,500,000. 115,094,457. 17,123,319.7 119,079,614. 3,177,294,208.
Total
31 00 16 9 82 44
The recoverable amount is determined by the net amount of fair value minus disposal expenses
□Applicable Not applicable
The recoverable amount is determined according to the present value of the expected future cash flow
□Applicable Not applicable
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
4. Business income and Business cost
In RMB
Items Amount of current period Amount of previous period
Revenue Cost Revenue Cost
Main business 743,464,662.48 251,313,774.04 734,319,820.33 242,491,456.98
Other 4,261,694.44 113,922.96 6,352,612.68 1,795,927.53
Total 747,726,356.92 251,427,697.00 740,672,433.01 244,287,384.51
5.Investment income
In RMB
Items
Amount of current period Amount of previous period
Long-term equity investment income
598,060,407.87 404,052,121.37
accounted by cost method
Long-term equity investment income
115,094,457.16 108,689,822.92
accounted by equity method
Dividend income from other equity
instrument investments during the 40,699,105.31 71,249,739.36
holding period
Other 11,332,376.43 12,728,947.34
Total 765,186,346.77 596,720,630.99
XVI. Supplementary Information
1.Current non-recurring gains/losses
√ Applicable □Not applicable
In RMB
Items Amount Notes
Non-current asset disposal gain/loss 31,986.81
Government subsidies recognized in current gain and loss(excluding those closely related
5,419,793.60
to the Company’s business and granted under the state’s policies)
Capital occupation charges on non-financial enterprises that are recorded into current
690,943.99
gains and losses
Net amount of non-operating income and expense except the aforesaid items 1,163,702.75
Other non-recurring Gains/loss items 197,734.86
The impairment provision for the advance expenses that have occurred but need to be
-43,453,436.90
defined from the source of funds
Less :Influenced amount of income tax 1,876,040.52
Influenced amount of minor shareholders’ equity (after tax) -9,431,353.21
Total -28,393,962.20 --
Details of other profit and loss items that meet the non-recurring profit and loss definition
√Applicable□ Not applicable
Due to the special nature of the impairment provision for management and maintenance expenses advanced by
the Guangzhou-Foshan Expressway to be clarified, it will affect the normal judgment of the Company's
operating performance and profitability by the user of the report.
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Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2024
For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on
information disclosure for Companies Offering their Securities to the Public-Non-recurring Gains and Losses
and its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information
Disclosure for Companies offering their securities to the public-non-recurring Gains and losses which have been
defined as recurring gains and losses, it is necessary to explain the reason.
□ Applicable√ Not applicable
2. Return on equity (ROE) and earnings per share (EPS)
Weighted average EPS（Yuan/share）
Profit as of reporting period
ROE (%) EPS-basic EPS-diluted
Net profit attributable to common
8.45% 0.41 0.41
shareholders of the Company
Net profit attributable to common
shareholders of the Company after
8.73% 0.42 0.42
deduction of non-recurring profit
and loss
3. Differences between accounting data under domestic and overseas accounting standards
（ 1 ） ． Simultaneously pursuant to both Chinese accounting standards and international accounting
standards disclosed in the financial reports of differences in net income and net assets.
□ Applicable□√ Not applicable
（2）. Differences of net profit and net assets disclosed in financial reports prepared under overseas and
Chinese accounting standards.
□ Applicable□√ Not applicable
(3) .Explanation of the reasons for the differences in accounting data under domestic and foreign account
ing standards. If the data that has been audited by an overseas audit institution is adjusted for differences,
the name of the overseas institution should be indicated
166
