2024 Annual Report
Guangdong Provincial Expressway Development Co., Ltd.
2024 Annual Report
March 4,2025
1
2024 Annual Report
I. Important Notice, Table of Contents and Definitions
The Board of Directors and the directors, Supervisory Committee and supervisors and Senior Executives of the
Company hereby warrant that at the year , there are no misstatement, misleading representation or important
omissions in this report and shall assume joint and several liability for the authenticity, accuracy and
completeness of the contents hereof.
Mr.Miao Deshan, The Company leader, Mr. Lu Ming, Chief financial officer and the Ms.Yan Xiaohong,
the person in charge of the accounting department (the person in charge of the accounting )hereby confirm the
authenticity and completeness of the financial report enclosed in this annual report.
All the directors attended the board meeting for reviewing the Annual Report.
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 profit distribution proposal reviewed and approved by the boarding meeting was summarized as follows:
2,090,806,126 for the base, the Company would distribute cash dividend to all the shareholders at the rate of
CNY 5.23 for every 10 shares (with tax inclusive) , 0 bonus shares（including tax）and no reserve would be
converted into share capital.
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2024 Annual Report
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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2024 Annual Report
Documents available for inspection
1. Accounting statements carried with personal signatures and seals of legal representative, Chief Financial
officer （ Chief accountant ） ,the person in charge of the accounting department (the person in charge of the
accounting )Financial Principal .
2. Original of Auditors’ Report carried with the seal of Certified Public Accountants as well as personal signatures
of certified Public accountants.
3. 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.
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2024 Annual Report
Definition
Terms to be defined Refers to Definition
Reporting period, This year Refers to January 1, 2024 to December 31, 2024
The annual report of the company was approved
Reporting date Refers to by the board of directors on 2024, that is March
3, 2025
YOY Refers to Compared with 2023
The Company ,This Company, Guangdong Provincial Expressway
Refers to
Guangdong Expressway Development Co.,Ltd.
Provincial Freeway Refers to Guangdong Provincial Freeway Co.,Ltd.
Guangfo Company Refers to Guangdong Guangfo Expressway Co., Ltd.
Yuegao Capital Investment (Guangzhou) Co.,
Guangdong Expressway Capital Refers to
Ltd.
Guanghui Company Refers to Guangdong Guanghui Expressway Co., Ltd.
Jiangzhu Expressway Guangzhu Section Co.,
Guangzhu East Company Refers to
Ltd.
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2024 Annual Report
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
Registered address 85 Baiyun Road, Guangzhou, Guangdong Province
Postal code of the Registered
510100
Address
Historical change of the 1992—1999，4/F,Dongjian Building,No.503,Dongfeng Road, Guangzhou;Since 1999, 85
company's registered address Baiyun Road, Guangzhou, Guangdong Province
45-46/F, Litong Plaza, No.32, Zhujiang East Road, Zhujiang New City, Tianhe Disrtict ,
Office Address
Guangzhou
Postal code of the office
510623
address
Internet Web Site www.gpedcl.com
E-mail ygs@gdcg.cn
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. Information disclosure and placed
Newspapers selected by the Company for information Securities Times, China Securities, Shanghai Securities Daily
disclosure and Hongkong Commercial Daily.
Internet website designated by CSRC for publishing the Annual
www.cninfo.com.cn
report of the Company
The place where the Annual report is prepared and placed Securities affair Dept of the Company
4.Changes in Registration
Organization Code 91440000190352102M
Changes in principal business activities since
No change
listing (if any)
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2024 Annual Report
On November 2000, In accordance with Cai Guan Zi (2008) No. 109
Document of Ministry of Finance and Yue Ban Han (2000) No. 574
Document of General Office of Guangdong People's Government, the state-
owned shares of Guangdong Expressway originally entrusted to Guangdong
Changes is the controlling shareholder in the past Expressway Company (now renamed as "Guangdong Provincial Expressway
(is any) Co., Ltd.") for management were transferred to Guangdong Communication
Group Co., Ltd. for holding and management. After the transfer of state-
owned shares, Guangdong Communication Group Co., Ltd. became the
largest shareholder of the Company. The nature of equity was defined as
state-owned shares.
5. Other Relevant Information
CPAs engaged
Yong Tuo Certified Public Accountants(Special General
Name of the CPAs
Partnership)
13/F, 2 Building, No.1 North Street , Guandongdian, Chaoyang
Office address：
District, Beijing
Names of the Certified Public Accountants as the signatories Sun Xiuqing, Huang Zhiyan
The sponsor performing persistent supervision duties engaged by the Company in the reporting period.
□ Applicable√ Not applicable
The Financial advisor performing persistent supervision duties engaged by the Company in the reporting period
□ Applicable√ Not applicable
6.Whether it has retroactive adjustment or re-statement on previous accounting data
□Yes√ No
Changed over
2024 2023 2022
last year（％）
Operating income（Yuan） 4,569,903,078.72 4,879,066,948.19 -6.34% 4,168,634,113.98
Net profit attributable to the shareholders of the
1,562,122,219.95 1,633,811,033.68 -4.39% 1,276,341,322.98
listed company（Yuan）
Net profit after deducting of non-recurring
gain/loss attributable to the shareholders of listed 1,644,578,715.04 1,705,099,801.05 -3.55% 1,310,871,115.42
company（Yuan）
Cash flow generated by business operation, net
3,256,363,593.91 3,831,785,563.47 -15.02% 2,752,026,558.38
（Yuan）
Basic earning per share(Yuan/Share) 0.75 0.78 -3.85% 0.61
Diluted gains per share(Yuan/Share) 0.75 0.78 -3.85% 0.61
Weighted average ROE(%) 15.52% 17.30% -1.78% 14.30%
Changed over
End of 2024 End of 2023 End of 2022
last year（％）
Gross assets（Yuan） 22,441,664,114.93 21,368,963,167.41 5.02% 20,267,998,963.78
Net assets attributable to shareholders of the
10,468,100,319.53 9,847,531,855.89 6.30% 9,075,659,162.81
listed company（Yuan）
The lower of the company’s net profit before and after the deduction of non-recurring gains and losses in the
last three fiscal years is negative, and the auditor's report of the previous year shows that the Company’s going
concern ability is uncertain.
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2024 Annual Report
□ Yes √No
The lower of the net profit before and after the deduction of the non-recurring gains and losses is negative.
□ Yes √No
7.The differences between domestic and international 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
8.Main Financial Index by Quarters
In RMB
First quarter Second quarter Third quarter Fourth quarter
Operating revenue 1,124,466,320.26 1,106,399,341.94 1,271,450,135.34 1,067,587,281.18
Net profit attributable to the shareholders of the
420,705,862.42 434,759,578.58 500,935,260.34 205,721,518.61
listed company
Net profit after deducting of non-recurring
gain/loss attributable to the shareholders of listed 434,155,502.39 449,703,900.81 515,479,932.95 245,239,378.89
company
Net Cash flow generated by business operation 808,097,600.77 795,158,408.91 928,285,020.28 724,822,563.95
Whether significant variances exist between the above financial index or the index with its sum and the
financial index of the quarterly report as well as semi-annual report index disclosed by the Company.
□Yes √No
9.Items and amount of non-current gains and losses
√Applicable □Not applicable
In RMB
Item Amount (2024) Amount (2023） Amount (2022) Notes
Non-current asset disposal gain/loss(including the write-off
6,080,729.08 12,740,003.03 62,389.24
part for which assets impairment provision is made)
Government subsidies recognized in current gain and
loss(excluding those closely related to the Company’s business 11,296,964.50 10,685,002.61 12,414,047.87
and granted under the state’s policies)
Gain and loss from change of the fair value arising from
transactional monetary assets, transactional financial liabilities
as held as well as the investment income arising from disposal
of the transactional monetary assets, transactional financial 2,637,409.20 2,456,768.00 10,400,000.00
liabilities and financial assets available for sale excluding the
effective hedging transaction in connection with the
Company’s normal business
Capital occupation charges on non-financial enterprises that are
1,284,835.59
recorded into current gains and losses
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2024 Annual Report
Reverse of the provision for impairment of accounts receivable
25,515.00
undergoing impairment test individually
Net amount of non-operating income and expense except the
-1,689,556.16 -4,515,527.98 -1,798,078.90
aforesaid items
Other non-recurring Gains/loss items 235,202.32 921,152.92 14,877,866.34
The impairment provision for the advance expenses that have
-121,834,522.51 -123,358,138.31 -97,749,481.71
occurred but need to be defined from the source of funds
Less :Influenced amount of income tax 9,343,308.39 988,084.33 -5,627,816.96
Influenced amount of minor shareholders’ equity (after tax) -28,875,751.28 -30,770,056.69 -21,610,132.76
Total -82,456,495.09 -71,288,767.37 -34,529,792.44 --
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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2024 Annual Report
III. Management Discussion & Analysis
I. Industry information of the Company during the reporting period
The Company's main business is the investment, construction, charging and maintenance management of toll
highways and bridges, which shall be classified into the road transport industry.
Highway industry is the basic and leading service industry of national economy, which can rationally allocate
relevant resources, improve the quality and efficiency of economic operation, and play a leading role in the
transportation industry. As an important part of the highway industry, the expressway is an important national
resource, which is characterized by high driving speed, large traffic capacity, low transportation cost and safe
driving, and plays an important role in promoting national economic growth, improving people's live quality and
safeguarding national security.
With the basic penetration of the "ten-vertical and ten-horizontal" comprehensive transportation corridor and
the basic completion of the "71118" national expressway network planning, China's expressway network has been
continuously extended, with significantly increased industry development. According to the statistical data of the
2023 Statistical Bulletin on Development of Transportation Industry issued by the Ministry of Transport, by the
end of 2023, the total mileage of expressways in China has reached 177,300 kilometers, with an increase of
183,600 kilometers. With China's economic development stepping into a new normal, the national economy is
constantly growing, and Guangdong-Hong Kong-Macao Greater Bay Area construction are further advanced, the
whole society's demand for supporting services of expressways is expected to increase continuously, and China's
expressway industry still witnesses a large development potential in the future.
As an important infrastructure industry for the development of national economy, most of the expressway
transportation demands are rigid demands, which are less affected by macroeconomic fluctuations and less
cyclical. As the operating income of expressway enterprises is mainly in cash, and the cash flow is abundant, it
ensures the stability and security of expressway industry operation and finance. When the economy is booming,
the rapid growth of traffic can drive the development of the industry to a certain extent; during the period of
economic adjustment, the expressway industry can better resist the market impact caused by macroeconomic
changes with its unique rigid demands. Therefore, the expressway industry is characterized by strong anti-risk
ability and stable investment income.
II.Main Business the Company is Engaged in During the Report Period
TheCompanyismainlyengagedintollingandmaintenanceofGuangfoExpressway,FokaiExpressway , Jingzhu
Expressway Guangzhu Section and Guanghui Expressway investmentintechnologicalindustries
andprovisionofrelevant consultation while investing in
ShenzhenHuiyanExpresswayCo.,Ltd.,GuangdongJiangzhongExpresswayCo.,Ltd.,ZhaoqingYuezhaoExpresswa
yCo.,Ltd.,GanzhouKangdaExpressway,GanzhouGankangExpresswayCo.,Ltd.,GuangdongYuepu Small
Refinancing Co., Ltd, Guoyuan Securities Co., Ltd., Garage electric pile Holding (Shenzhen) Co., Ltd.,
Guangdong 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.
III. 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
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2024 Annual Report
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.
IV. Main business analysis
Ⅰ.General
(1) The overall situation
In 2024, the Company adhered to the concept of "serving society for steady development", actively
responded to complex and changing economic environment and industry challenges, insisted on party building
leadership, maintained strategic focus, vigorously focused on improving quality and efficiency, and made
significant achievements in various aspects such as expressway operation, service improvement, and project
construction.
1）Aim at steady development of its main business and steadily promote the reconstruction and expansion
of multiple participating and controlling projects. During the reporting period, the Jiangmen-Zhongshan
Expressway reconstruction and expansion project was completed and opened to traffic; The reconstruction and
expansion projects of the Beijing-Zhuhai Expressway Guangzhou-Zhuhai Section, Huizhou-Yantian
Expressway, and Yuezhao Expressway were implemented in an orderly manner.
2）Promote the quality improvement and upgrading of expressway service areas. According to the overall
work deployment of the "High-quality Development Project of 100 counties, 1000 towns and 1000 villages",
with the goal of "two improvements and one integration", the Company has made every effort to build the
Foshan–Kaiping Expressway Yayao Service Area as a benchmark service area for "Supporting Agriculture and
Industrial Development" and the Foshan–Kaiping Expressway Zhishan Service Area (North Area) as the first
new energy service area in the province, which has been completed and put into operation by the end of 2024.
3）Comprehensively improve the passage service level of road sections. The Company supervised the
road section company to guarantee smooth and safe services during major holidays, strengthen and increase
patrol inspections by road administration, deepen the linkage and cooperation mechanism by road police and
emergency joint services, ensure excess rejection at entrances and accurate issuance of ETC at toll stations,
strengthen safety supervision of road occupation construction, and ensure road safety and unimpeded access.
(2) Participate in the holding of the expressway situation
Volume of vehicle traffic in Increase /Decrease(%) Toll income in 2024（Ten Increase
2024（Ten thousands thousands） /Decrease(%
vehicles）
Guangfo Expressway 9,923.53 4.53% - -
Fokai Expressway 9,018.41 0.58% 149,526.79 -1.72%
Jingzhu Expressway 6.28% -6.66%
7,788.64 107,975.71
Guangzhu East Section
Guanghui Expressway 8,671.69 -3.66% 192,480.52 -9.74%
Huiyan Expressway 4,598.69 -12.32% 20,402.13 -5.80%
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2024 Annual Report
Guangzhao Expressway 4,205.52 0.63% 53,629.85 -1.78%
Jiangzhong Expressway 5,971.11 25.21% 34,984.71 11.93%
Kangda Expressway 153.57 0.73% 30,533.45 4.68%
Gankang Expressway 420.09 -23.33% 21,271.61 -12.81%
Guangle Expressway 3,912.53 -1.59% 289,047.10 -6.92%
Note. According to the informal letter No. 24-[2022] Yue Transportation Operation-"Notice of the
Department of Transportation of Guangdong Province on Issues Concerning the Expiration of Toll Collection
of Guangfo Expressway" issued by Guangdong Provincial Department of Transportation, Guangfo Expressway
shall stop toll collection from 0:00 on March 3, 2022.
1 ） Guangzhou-Zhuhai Section of the Beijing-Zhuhai Expressway: The traffic volume increased and the toll
revenue decreased, which were due to factors such as the opening of the Shenzhen–Zhongshan Link and the
Nansha–Zhongshan Expressway, as well as the reconstruction and expansion projects.
2 ） Guangzhou-Huizhou Expressway: The addition of new road networks (Huizhou–Longmen Expressway,
Dongguan–Panyu Expressway) and the opening of Guangzhou-Shanwei High-speed Railway, Meizhou-
Longchuan High-speed Railway, and Guangzhou-Huizhou Intercity Railway, has had a certain diversion impact
on the traffic flow of Guangzhou-Huizhou Expressway, resulting in a year-on-year decrease in traffic flow and
toll revenue.
3）Huizhou-Yantian Expressway is mainly affected by the reconstruction and expansion construction, as well
as the closure of Longgang Station, resulting in a year-on-year decrease in traffic flow and toll revenue.
4）The reconstruction and expansion project of Jiangmen-Zhongshan Expressway was completed and opened
to traffic this year, achieving the opening of eight lanes in both directions, and a year-on-year increase in traffic
volume and toll revenue.
5）The Ganzhou-Kangqiao Expressway experienced a significant year-on-year decrease in traffic volume and
toll revenue due to changes in the road network, such as the early completion of the reconstruction and
expansion of the Daqing–Guangzhou Expressway (Ji'an-Nankang Section), the opening of the Ganzhou-
Nankang Express Way, and the opening of the Longxun Branch Line.
6）Guangzhou-Lechang Expressway: In 2024, due to the rainstorm weather in the flood season from April to
June, the diversion of Foshan-Qingyuan-Conghua Expressway Northern Section and Guangzhou-Lianzhou
Expressway and the impact of closed construction, the traffic volume and toll revenue decreased year-on-year.
2. Revenue and cost
(1)Component of Business Income
In RMB
2024 2023 Increase
Amount Proportion Proportion /decrease
Total operating revenue 4,569,903,078.72 100% 4,879,066,948.19 100% -6.34%
Industry
Highway 4,499,825,267.43 98.47% 4,810,921,181.65 98.60% -6.47%
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2024 Annual Report
2024 2023 Increase
Amount Proportion Proportion /decrease
transportations
Other 70,077,811.29 1.53% 68,145,766.54 1.40% 2.84%
Product
Highway
4,499,825,267.43 98.47% 4,810,921,181.65 98.60% -6.47%
transportations
Other 70,077,811.29 1.53% 68,145,766.54 1.40% 2.84%
Area
Guangfo Expressway -4,985.14 230,723.26 -102.16%
Fokai Expressway 1,495,267,944.19 32.72% 1,521,448,612.59 31.18% -1.72%
Jingzhu Expressway
1,079,757,126.95 23.63% 1,156,827,589.26 23.71% -6.66%
Guangzhu Section
Guanghui Expressway 1,924,805,181.43 42.12% 2,132,414,256.54 43.71% -9.74%
Other 70,077,811.29 1.53% 68,145,766.54 1.40% 2.84%
Sub-sales model
Highway
4,499,825,267.43 98.47% 4,810,921,181.65 98.60% -6.47%
transportations
Other 70,077,811.29 1.53% 68,145,766.54 1.40% 2.84%
(2)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/decr
Increase/decrea ease of gross
Increase/decreas
se of business profit rate
Gross e of revenue in
cost over the over the
Turnover Operation cost profit the same period
same period of same period
rate(%) of the previous
previous year of the
year(%)
(%) previous year
(%)
Industry
Highway
4,499,825,267.43 1,597,998,245.80 64.49% -6.47% -6.43% -0.01%
transportations
Product
Highway
4,499,825,267.43 1,597,998,245.80 64.49% -6.47% -6.43% -0.01%
transportations
Area
Fokai Expressway 1,495,267,944.19 551,806,608.73 63.10% -1.72% -8.68% 2.81%
Jingzhu
Expressway 1,079,757,126.95 362,140,500.92 66.46% -6.66% -7.27% 0.22%
Guangzhu Section
Guanghui
1,924,805,181.43 684,087,923.40 64.46% -9.74% -4.08% -2.09%
Expressway
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2024 Annual Report
Sub-sales model
Highway
4,499,825,267.43 1,597,998,245.80 64.49% -6.47% -6.43% -0.01%
transportations
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
(3)Whether the Company’s Physical Sales Income Exceeded Service Income
□ Yes √ No
(4)Degree of Performance of the Significant Sales Contract Signed up to this Report Period
□ Applicable √Not applicable
(5)Component of business cost
Industry category
In RMB
Industry 2024 2023
Increase/Decr
category Item Proportion in the Proportion in the
Amount Amount ease (%)
operating costs (%) operating costs (%)
Highway Depreciation
1,137,727,666.
transporta and 1,050,490,831.47 64.40% 65.35% -7.67%
65
tions Amortized
Highway Out of
transporta pocket 547,507,414.33 33.57% 570,060,780.97 32.75% -3.96%
tions expenses
Other Other 33,076,019.31 2.03% 33,029,810.55 1.90% 0.14%
(6)Whether Changes Occurred in Consolidation Scope in the Report Period
□Yes No
(7)Relevant Situation of Significant Changes or Adjustment of the Business, Product or Service in the
Company’s Report Period
□ Applicable √Not applicable
(8)Situation of Main Customers and Main Supplier
Main Customers
□ Applicable √Not applicable
Main Supplier
□ Applicable √Not applicable
3.Expenses
In RMB
2024 2023 Increase/Decrease(%) Notes
Administrative
203,389,242.59 189,461,539.01 7.35%
expenses
Financial expenses 126,040,674.05 121,774,781.75 3.50%
The R&D projects have
R & D expenses 5,083,785.20 3,245,205.00 56.66%
increased in this period.
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2024 Annual Report
4. Research and Development
√ Applicable □ Not applicable
Name of main R&D Project Expected impact on the future development of
Project purpose Goal to be achieved
project progress the Company
Based on the road conditions and expansion
plans of Guangzhou-Huizhou Expressway, it
explores the structural design of additional
The wear layer provides excellent road
pavement on the existing road surface, its high-
performance at the present stage and during the
performance wear layer materials, and the
reconstruction and expansion, and can be used
Research on Technology development laws of road performance that
as a structural functional layer to delay
for High Performance match the characteristics of the road surface, (1) Form the technical report of the Research
reflection cracks in the later stage of
Wear Layer of Additional studies the construction process and specific Closed on High Performance Wear Layer of
reconstruction and expansion, without milling
Road Surface for Extra application effects through physical engineering and Additional Road Surface for Extra Heavy
and planing, which conforms to the principle
Heavy Traffic Prior to research, and expands the study on the accepted Traffic Prior to Reconstruction and Expansion.
of green maintenance, with high economic
Reconstruction and applicability of additional high-performance (II) Train 1-2 engineering technical personnel.
applicability for use in the later stage, and
Expansion wear layer on existing road surface under extra
saves the cost of maintenance and expansion,
heavy traffic level conditions before
with good social and economic benefits.
reconstruction and expansion to form relevant
complete sets of technologies and provide
reference for similar projects in Guangdong
Province.
It proposes a research protocol based on cloud
computing, Internet of Things, millimeter wave The implementation of electronic inspection
Strengthen the investigation of related
Research and Application radar and other technologies to build a safety and digital supervision can effectively improve
Passed the technologies and functions; Improve the design
Project of Safety supervision system in digital work area for the the efficiency and level of safety management
proposal of the system and further optimize all
Supervision System in traditional mode of safety supervision on of road occupation construction under the
review functions.
Digital Work Area construction sites occupying expressway, in jurisdiction of the Company and reduce
order to improve the safety protection and casualties.
supervision level of on-site road construction.
Based on the stress performance requirements
of the concrete bridge spliced width with
Research on Splicing Improve the construction efficiency of small
medium and small spans, by exploring the The implementation of this topic has important
Technology of Bridge and medium-span bridges through the study on
overall and local mechanical properties of Passed the guiding significance for this project and
Irregular Structures under spliced width of bridges with different
spliced bridges, it systematically proposes the proposal subsequent reconstruction and expansion
Complex Construction structures, and directly reduce the investment
theoretical mechanism of different types of review projects in Greater Bay Area.
Conditions Based on in construction period by more than 15%.
structural splicing for medium and small spans,
Factory Production
which significantly improves the theoretical
level of splicing for bridges with different
15
2024 Annual Report
Name of main R&D Project Expected impact on the future development of
Project purpose Goal to be achieved
project progress the Company
structures in expressway reconstruction and
expansion.
With the increasing traffic volume, the
highways under the jurisdiction of Greater Bay
The implementation of this project will form a
Area, such as Guangzhou-Macao Expressway
Research on Soil The design, construction, evaluation of pipe number of design methods and technical
Nansha-Zhuhai Section (referred to as
Squeezing Effect and pile soil squeezing effect of squeezed branch systems with independent intellectual property
Guangzhou-Zhuhai East Line), are located in
Settlement Control of Deep piles, and intelligent construction of cement Passed the rights, provide technical support for the
soft soil development areas, and some
Soft Foundation in mixing piles in the study of soft foundation proposal reconstruction and expansion projects of
subgrade sections are still sinking, which has
Embankment of treatment for expansion and reconstruction in review expressways with deep soft foundation, and
high requirements for subgrade soft foundation
Reconstruction and the province are major issues that urgently need significantly improve the construction quality
treatment of expansion projects. The
Expansion Project to be studied and solved. of expressway reconstruction and expansion
implementation of the reform topic can
projects in soft foundation areas in China.
improve the level of soft foundation treatment
and reduce the later maintenance cost.
For the problems existing in the supervision
and maintenance of expressway drainage
facilities, such as unnecessary labor
consumption and lagging in finding problems,
At present, as there is no clear system for the The implementation of this project will form a
deploy water film monitoring equipment, pipe
drainage of ultra-wide road surface at home and number of design methods and technical
network robots and road surface inspection
abroad, it is very important to improve the systems with independent intellectual property
Research on the Design robots to collect key data for training and
comprehensive drainage capacity of ultra-wide rights, provide technical support for the
and Maintenance Passed the improving the drainage system evaluation
road surface by improving and optimizing the reconstruction and expansion project of wide
Technology of Wide Road proposal model, which is integrated into the drainage
design, construction and maintenance protocol road surface drainage system for expressways,
surface Drainage System review system supervision and maintenance system
of road surface drainage system and evaluating and significantly improve the construction
for Expressways based on cloud technology to realize the
the efficiency of drainage system, which will quality of the reconstruction and expansion
digital, visual and standardized management of
become the new normal in expressway project of wide road surface drainage system
drainage facilities blockage, damage and
construction in China. for expressways in China.
runoff pollution, and carry out the
demonstration application of advanced
information cloud platform in designated
sections.
Research on Based on the actual demand of collision Develop the key technology of the new Guangzhou-Aomen Expressway spans several
Comprehensive Measures prevention of existing bridge piers in specification for anti-collision research based Class I waterways. The implementation of this
Passed the
for Collision Prevention of reconstruction and expansion projects, through on existing bridges, and reduce the risk of ship topic can effectively reduce the risk of ship
proposal
Existing Bridges under systematic research on the structural collision by more than 15%; Develop an anti- collision and improve the safety of the project.
review
Complex Navigation characteristics of the bridge itself and the collision plan that meets the needs of existing
Conditions in channel environment, it studies the measures bridges and reduce the maintenance cost by
16
2024 Annual Report
Name of main R&D Project Expected impact on the future development of
Project purpose Goal to be achieved
project progress the Company
Reconstruction and that can be taken for the existing bridges to more than 20%.
Expansion Projects meet the current bridge specifications, make up
for the shortcomings of existing research, and
significantly improve the collision prevention
performance of expressway reconstruction and
expansion into bridges, which is of great
significance for ensuring the safety and
practicality of bridges and promoting their
application in construction projects.
According to the Notice on Issuing the
Development Outline and Work Breakdown
Sheet for Maintenance Management of
Guangdong Provincial Transportation Group's
"14th Five Year Plan" Expressway, through on-
site inspection and research, it establishes a
technical and economic analysis model for Technical research report on post-evaluation of
Evaluation after Bridge In the Improve the level of bridge management and
bridge maintenance engineering to deeply strengthening effect of box girder bridge of
Reinforcement mid-term maintenance
analyze the principle of post evaluation Foshan–Kaiping Expressway in service
methods and build a technical system for post
evaluation of bridge maintenance engineering
effects; and develops the evaluation guidelines
for technical measures such as maintenance,
treatment, reinforcement, and reconstruction of
expressway bridges in Guangdong Province.
There are 16 small-radius bends along the entire
Foshan–Kaiping Expressway, mainly in the
southern section, where vehicles are prone to
traffic accidents due to high speed, strong
Research on Traffic Safety centrifugal force, and close visual distance,
Research report on traffic safety improvement
Improvement Strategies for especially in rainy days, which can cause
countermeasures of Foshan–Kaiping
Expressway Sections with skidding and loss of control. In order to prevent Proposed Improve highway safety level
Expressway with large traffic volume and high
High Traffic Volume and and resolve road traffic risks and improve the
accident rate
Accidents driving safety level on Foshan–Kaiping
Expressway, a comprehensive evaluation of the
safety technology of Foshan–Kaiping
Expressway is proposed, combined with typical
traffic accidents for comprehensive analysis,
17
2024 Annual Report
Name of main R&D Project Expected impact on the future development of
Project purpose Goal to be achieved
project progress the Company
and a comprehensive improvement plan for
road traffic safety is proposed.
Through the research of such topic, it forms the
evaluation criteria and recommended
deployment principles for perception indicators
of holographic perception and digital front-end
Research on Key perception devices for expressways, and in
Technologies for Digital addition it can form a key technical system Research report on key technologies of digital
Application of Existing suitable for the operation and safety guarantee application of existing expressways based on Improve the level of digital and intelligent
Proposed
Expressways Based on of the Foshan–Kaiping Expressway through the high-precision digital basemap in Foshan– management and maintenance
High Precision Digital technical research on the integration of digital Kaiping Expressway
Base Maps data of mainline traffic flow and high-precision
digital base maps, so as to guide the
construction and management of expressways,
and provide reference for similar expressway
construction nationwide.
The main content is the research on lighting
Research on Intelligent control and dimming system. Through the
Research report on intelligent application of
Control Application of installation of conversion switches and lighting
street lighting system control in Jiujiang Bridge
Street Lighting System for controllers in the lighting control cabinet,
of Foshan–Kaiping Expressway and its Improve the level of digital and intelligent
Jiujiang Bridge and Its manual control, automatic time control, and Closed
north-south extended section. management and maintenance
North-South Extension of light sensitivity control can be achieved locally.
Foshan–Kaiping At the same time, remote control functions are
Expressway reserved for the higher-level dispatch center,
making lighting control intelligent and efficient.
The increasingly frequent transportation of
large items on highways poses new
requirements for the load-bearing capacity of
highways , especially bridges, and also
Research on Key
challenges on the evaluation of bridge capacity
Technologies for Safety
under overweight loads. To ensure the safe Technical guide for passage safety on
Evaluation of Highway Proposed Improve highway safety level
transportation of overweight and oversized highways for large item transportation
Transportation of Large
items through bridges, it is necessary to
Items
evaluate the bearing capacity of the bridge in a
relatively short period of time, in order to
determine whether it can pass and whether
temporary reinforcement or other reinforcement
18
2024 Annual Report
Name of main R&D Project Expected impact on the future development of
Project purpose Goal to be achieved
project progress the Company
measures need to be taken. The safety
evaluation of bridges will become a key link in
the transportation of large items on highways,
and its speed and safety are crucial.
19
2024 Annual Report
Company's research and development personnel situation
2024 2023 Increase /decrease
Number of Research and Development persons (persons) 81 0
Proportion of Research and Development persons 2.71% 0.00% 2.71%
Academic structure of R&D personnel
Bachelor 67 0
Master 9 0
Age composition of R&D personnel
Under the age of 30 12 0
30-40 years old 30 0
Over 40 years old 39 0
The Company's R & D investment situation
Increase
2024 2023
/decrease
Amount of Research and Development Investment ( RMB) 7,492,700.07 6,457,084.00 16.04%
Proportion of Research and Development Investment of Operation Revenue 0.16% 0.13% 0.03%
Amount of Research and Development Investment Capitalization ( RMB) 2,408,914.87 3,211,879.00 -25.00%
Proportion of Capitalization Research and Development Investment of Research
32.15% 49.74% -17.59%
and Development Investment
Reasons and influence of significant changes in R&D personnel composition of the Company
Applicable □ Not applicable
The Reason of the Prominent Change in Total Amount of Research and Development Input Occupying the
Business Income Year on Year
□ Applicable √Not applicable
Applicable □ Not applicable
Reasons for the drastic change of capitalization rate of R&D investment and its rationality explanation
□ Applicable √Not applicable
5.Cash Flow
In RMB
Item 2024 2023 Increase/Decrease(%)
Subtotal of cash inflow received from operation activities 5,072,283,780.29 5,514,711,610.62 -8.02%
Subtotal of cash outflow received from operation activities 1,815,920,186.38 1,682,926,047.15 7.90%
Net cash flow arising from operating activities 3,256,363,593.91 3,831,785,563.47 -15.02%
Subtotal of cash inflow received from investing activities 204,637,881.38 221,115,093.91 -7.45%
Subtotal of cash outflow for investment activities 2,241,932,456.33 1,705,898,439.58 31.42%
Net cash flow arising from investment activities -2,037,294,574.95 -1,484,783,345.67 -37.21%
Subtotal cash inflow received from financing activities 1,583,547,970.12 850,525,000.00 86.18%
Subtotal cash outflow for financing activities 3,240,033,342.17 2,779,864,198.30 16.55%
Net cash flow arising from financing activities -1,656,485,372.05 -1,929,339,198.30 14.14%
Net increase in cash and cash equivalents -442,004,349.42 416,969,202.67 -206.00%
Notes to the year-on-year change of the relevant data
√Applicable □ Not applicable
20
2024 Annual Report
(1) The subtotal of cash outflow from investment activities increased by 31.42% and the net cash flow from
investment activities decreased by 37.21% respectively year-on-year, mainly due to the continued construction
of the reconstruction and expansion project of Beijing-Zhuhai Expressway Guangzhou-Zhuhai Section.
(2) The subtotal of cash inflow from fund-raising activities increased by 86.18% year-on-year, mainly due to the
promotion of the reconstruction and expansion project of the Beijing-Zhuhai Expressway Guangzhou-Zhuhai
Section, with increased funding demand, and increased borrowing.
(3) The net increase in cash and cash equivalents decreased by 206% year-on-year, mainly due to the combined
impact of changes in net cash flows from operating activities, investment activities, and fund-raising activities.
Reasons of major difference between the cash flow of operation activity in report period and net profit of the
Company
□ Applicable √Not applicable
V. Analysis of Non-core Business
√ Applicable □Not applicable
In RMB
Proportion in Sustainable
Amount Explanation of cause
total profit (yes or no)
Investment
302,846,786.74 10.92% Operating accumulation of shareholding companies Yes
Income
Loss on fair Changes in fair value of equity investments measured at
2,637,409.20 0.10% No
value changes fair value, which are included in current profits and losses.
Non-operating
6,624,670.82 0.24% Mainly insurance claims and road property claims No
income
Non-operating
8,289,204.77 0.30% Mainly road property repair expenditure No
expenses
Mainly to accrue the credit loss of Guangzhou-Foshan
Credit -
-4.39% Expressway custody expenses receivable from No
impairment loss 121,656,189.18
Department of Transport of Guangdong Province
VI. Condition of Asset and Liabilities
1.Condition of Asset Causing Significant Change
In RMB
End of 2024 End of 2023
Notes to the
Proportion in Proportion in Proportion
significant
Amount the total Amount the total increase/decrease
change
assets(%) assets(%)
Monetary fund 4,289,826,663.22 19.12% 4,718,631,732.20 22.08% -2.96%
Accounts
82,361,054.69 0.37% 139,899,420.24 0.65% -0.28%
receivable
Investment real
2,225,911.46 0.01% 2,447,026.45 0.01% 0.00%
estate
Long-term 3,332,350,008.84 14.85% 3,095,578,288.00 14.49% 0.36%
21
2024 Annual Report
equity
investment
Fixed assets 8,872,808,692.97 39.54% 9,010,168,712.92 42.16% -2.62%
Construction in
2,665,392,094.81 11.88% 1,960,092,562.22 9.17% 2.71%
process
Use right assets 14,217,517.99 0.06% 24,967,509.81 0.12% -0.06%
Shore-term
110,085,708.33 0.52% -0.52%
loans
Long-term
6,728,264,750.00 29.98% 5,944,716,050.00 27.82% 2.16%
borrowing
Lease liabilities 2,730,189.11 0.01% 13,482,202.97 0.06% -0.05%
Overseas assets account for a relatively high proportion.
□ Applicable √ Not applicable
22
2024 Annual Report
2.Asset and Liabilities Measured by Fair Value
√Applicable □ Not applicable
In RMB
Purchased Sold
Impairment
Gain/Loss on fair value Cumulative fair value amount in amount in
provisions in Other
Item Opening amount change in the reporting change recorded into the the Closing amount
the reporting changes
period equity reporting reporting
period
period period
Financial assets
4.Other equity instrument
1,534,396,887.63 453,044,707.32 1,768,953,885.85
investment
5. Other non-current
183,856,768.00 2,637,409.20 186,494,177.20
financial assets
Subtotal of financial assets 1,718,253,655.63 2,637,409.20 453,044,707.32 0.00 0.00 0.00 0.00 1,955,448,063.05
Total of the above 1,718,253,655.63 2,637,409.20 453,044,707.32 0.00 0.00 0.00 0.00 1,955,448,063.05
Financial liabilities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other change
None
Did any significant change occur to the attribute of the Company’s main asset measurement during the reporting period?
□ Yes √No
23
2024 Annual Report
3. 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.
VII. Investment situation
1. General
√ Applicable □ Not applicable
Current Investment Amount(Yuan) Same period of last year (Yuan) Change rate
1,568,931,452.34 1,285,100,576.31 22.09%
24
2024 Annual Report
2.Condition of Acquiring Significant Share Right Investment during the Report Period
Applicable □Not applicable
In RMB
Whether
Progress Gain or
Name of the Share to
Main Investment Investment Capital Investment Product up to Anticipated Less or the Date of Disclosure
Company Proportion Partner Involve
Business Way Amount Source Horizon Type Balance Income Current Disclosure Index
Invested % in
Sheet Date Investment
Lawsuit
Guangdong
Road &
Bridge
On the basis
Construction Resolutions
Development of the term of the 13th
Zhaoqing
Increase Co., Ltd., of operation (Provisional)
Yuezhao Self Limited October
Expressway 233,500,000.00 25.00% Zhaoqing Completed No Meeting of
Higyway capital funds approved by company 21,2023
Highway the Tenth
Co., Ltd.
Development the Board of
Co., government Directors
Ltd.,Xunhao
International
Co., Ltd.
Xinyue On the basis
Resolutions
(Guangzhou)
of the term of the 20th
Guangdong Investment
Increase of operation (Provisional)
Jiangzhong Self Co., Ltd., Limited July
Expressway 52,350,000.00 15.00% Completed No Meeting of
Expressway capital funds Guangdong approved by company 21,2021
the Ninth
Co., Ltd. Highway
the Board of
Construction
government Directors
Co., Ltd.
Hainan Alpha Resolutions
Garage Fish of the 12th
electric pile Technology (Provisional)
Newly Self Limited September
Holding New Energy 15,312,000.00 17.40% Co., Ltd., Long-term Completed No Meeting of
established funds company 27,2023
(Shenzhen) Zhuhai Speed the Tenth
Co., Ltd Enterprise Board of
Management Directors
25
2024 Annual Report
Partnership
(limited
partnership)
Total -- -- 301,162,000.00 -- -- -- -- -- -- 0.00 0.00 -- -- --
3.Situation of the Significant Non-equity Investment Undergoing in the Report Period
Applicable □Not applicable
In RMB
Accrued Reasons for not
Industry Accrued Actual Realized Reaching the
Fixed Investment amount
Investment involved in Investment Amount Capital Project Anticipated Income up to Planned Disclosure
Project name investments in this reporting Disclosure Index
date
method investment up to the End of Source schedule income the End of Schedule and
or not period
projects Reporting Period Reporting Anticipated
Period Income
Nansha-Zhuhai
Announcement of
Section of
Resolution of the
Guangzhou- Self
October Second
Macao Self-built Yes Expressway 1,267,769,452.34 2,916,163,970.82 and 20.86% No
22,2022 (Provisional)
Expressway Was Loan
Meeting the Tenth
rebuilt and
Board of Directors
Expanded
Total -- -- -- 1,267,769,452.34 2,916,163,970.82 -- -- 0.00 0.00 -- -- --
4.Investment of Financial Asset
（1）Securities investment
√ Applicable □ Not applicable
In RMB
Book value Changes Purchase Sale Book value
Mode of Cumulative fair Gain/loss of
Security Security Stock Initial balance at the in fair amount in amount balance at the Accounting Sources
accounting value changes in the reporting
category code Abbreviation: investment cost beginning of the value of the this in the end of the items of funds
measurement equity period
reporting period the this period this reporting period
26
2024 Annual Report
period period
Other equity
Domestic
Everbright
and foreign 601818 517,560,876.80 FVM 682,239,337.60 392,875,756.48 40,699,105.31 910,436,633.28 instrument Self
Bank
stocks investment
Total 517,560,876.80 -- 682,239,337.60 0.00 392,875,756.48 0.00 0.00 40,699,105.31 910,436,633.28 -- --
Disclosure Date of Announcement on
Securities Investment Approved by the July 22,2009
Board of Directors
Disclosure Date of Announcement on
Securities Investment Approved by the August 7,2009
Shareholders Meeting(If any)
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.
27
2024 Annual Report
VIII. 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
28
2024 Annual Report
IX. 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 Company Registered Operating
Leading products and services Total assets Net assets Operating profit Net Profit
Name type capital Income
Jingzhu
Expressway RMB
The operation and management of
Guangzhu Subsidiary 2.8557 5,477,873,714.51 2,642,815,319.69 1,122,523,853.96 678,349,741.55 506,281,476.77
Guangzhu Expressway
Section Co., billion
Ltd.
Investment in and construction of Guanghui
Expressway Co., Ltd. and supporting
Guangdong facilities, the toll collection and maintenance
Guanghui Sharing management of Guanghui Expressway, The RMB
2.351678 4,513,218,555.75 4,209,045,556.78 1,939,250,120.24 1,228,865,752.80 905,929,261.28
Expressway company Guanghui Expressway's supporting gas
billion
Co., Ltd. station, 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
None.
29
2024 Annual Report
X. Structured subject situation controlled by the company
□ Applicable √ Not applicable
XI. Prospect for future development of the Company
In 2025, the Company will continue to focus on the main responsibility and business of expressways,
expand its scale and deepen its operations, and strive to achieve an operating income of RMB 4.447 billion and
control its operating costs within RMB 1.716 billion by 2025.
(I) Stabilize and expand the main business of expressways. Make investment decisions after the approval
of the Guangzhou-Huizhou Expressway reconstruction and expansion project; Cooperate to promote the
handover and acceptance of the Huizhou-Yantian Expressway reconstruction and expansion project; Steadily
promote the construction of the reconstruction and expansion project of Beijing-Zhuhai Expressway
Guangzhou-Zhuhai Section and Yuezhao Expressway; Continue to explore the sources of expressway projects,
properly conduct analysis and evaluation of reserve projects, seize investment and merger opportunities, and
expand effective investment.
(II) Deepen the quality improvement and upgrading of service areas. Consolidate and enhance the
effectiveness of the "micro reconstruction" of the Yayao service area on the Foshan–Kaiping Expressway,
strengthen the leadership of the demonstration service area for supporting agriculture and industrial
development, and further innovate measures for service optimization; Scientifically carry out the operation and
management of the Foshan–Kaiping Expressway Zhishan Service Area, and strive to improve the operational
and social benefits of the service area; Accelerate the acquisition, design, and construction of land for the
construction of the Foshan–Kaiping Expressway Zhishan Service Area (South Area).
(III) Ensure smooth and excellent service on expressways. Seriously carry out the work of ensuring road
safety, unimpeded access, and excellent services during major holidays, focus on preventing and resolving road
traffic safety risks, improve the operation service level and operation efficiency of road section, and supervise
the road section company to effectively manage congestion at toll stations and accurately issue ETC; Promote
special projects such as the construction of Guangzhou-Foshan and Foshan-Kaiping smart toll stations, further
consolidate the safety foundation of road traffic on operating expressways, resolutely
(IV) Enhance the platform's development capability. Increase support for platform company, strive to
leverage the market-oriented investment platform functions and roles of the Resource Development Branch and
Yuegao Capital Company, actively expand investment business, tap into resource development potential, and
improve comprehensive income.
30
2024 Annual Report
XII. Structured subject situation controlled by the company
□ Applicable √ Not applicable
Reception Place of Way of Types of Main contents discussed and information
Visitors received Basic index
time reception reception visitors provided
Fordetails,pleaserefert
othe"RecordFormofIn
The discussion mainly includes the
Meeting vestorRelationsActivit
China Cinda Feng Siqi;BNB Wealth Yao Shuang;Hengshen Company's operation, the main work
Room of iesofGuangdong
January Field Fund Luo Xujian;Fuangfa Securities Yu Muhan; CICC completed, the progress of the invested
Organization Provincial Expressway
26,2024 the research Research Department Feng Qibin, Zhang Wenjie; Anxin reconstruction and expansion projects,
Development Co..,
Securities Chen Jiamin and the Company's development plan and
Company Ltd."disclosedbytheint
work priorities.
eractiveplatform
（2024001）
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Huatai Securities Shen Xiaofeng, Lin Xiaying;China Life Li Company's operation, the main work
Room of iesofGuangdong
January Field Zhe Pei;Tenbagger Capital Zhuang Xiyang;Danen Capital completed, the progress of the invested
Organization Provincial Expressway
31,2024 the research Xiang Qianyu; Minsheng Royal fund Fu Yu; Xuanjia private reconstruction and expansion projects,
Development Co..,
fund Li Dazhi;Morgan Stanley Fund Wu Huiwen and the Company's development plan and
Company Ltd."disclosedbytheint
work priorities.
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（2024002）
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Company's operation, the main work
Room of Guotai Junan Securities Su Min, Yu Xin; Taikang Assets Xu iesofGuangdong
February1 Field completed, the progress of the invested
Organization Zhanjie, Wang Qi, Zhang Shou, Qiu Zheng, Zhou Provincial Expressway
,2024 the research reconstruction and expansion projects,
Mengdie Development Co..,
and the Company's development plan and
Company Ltd."disclosedbytheint
work priorities.
eractiveplatform
（2024003）
China Merchantrs Fund, Juming Investment, Qifeng Capital, Fordetails,pleaserefert
The discussion mainly includes the
Meeting Greatwall Wealth,Industrial Securities Asset othe"RecordFormofIn
Company's operation, the main work
Room of Management,Shanghai Elegant Investment,Shanghai vestorRelationsActivit
March Field completed, the progress of the invested
Organization Tuling,Guohua Xingyi,PSBC Wealtm , Great wall iesofGuangdong
18,2024 the research reconstruction and expansion projects,
Securities,CITIC Securities,Shifeng Assets,Ningquan Assets, Provincial Expressway
and the Company's development plan and
Company BOSC Assets,Shenghai Life, Shenzhen Weiming Hengyuan Development Co..,
work priorities.
Investment Management Co., Ltd., Lubomai Fund Ltd."disclosedbytheint
31
2024 Annual Report
Reception Place of Way of Types of Main contents discussed and information
Visitors received Basic index
time reception reception visitors provided
Management (China) Co., Ltd,Pingan Assets,Beijing Engine eractiveplatform
Fund, Penghua Fund, Industrial Securities,Nanyin Wealtm , （2024004）
Hongde Fund, China Merchants Securities Asset
Management,Xunyuan Assets,Zhongtai
Securities,Wisdomshire Asset, Happy Life,Western Leadbank
FMC,Tianan Life, Guangfa Securities,Southern Asset,Huaxia
Fund,Invesco Great Wall, Guotai Securuites, Dan Shui Quan,
Everbright PGIM,YuDe Capital,Shenghai Securities, Western
Securities, Yongan Insurance Essence self-run,CCB Capital,
Boshi Fund, Pingan Fund
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March Research &Investment Li Cheng；APS Asset Management completed, the progress of the invested
By Phone Organization Provincial Expressway
19,2024 the PTE Jason Zeng；Shanghai Yitang Shengshi Private Fund Wu reconstruction and expansion projects,
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Xiaochao；CICC Gu Yuanfan; Qianhe Capital Zou Tianye; and the Company's development plan and
Company Ltd."disclosedbytheint
HZBANK Weath Management Wan Sihua work priorities.
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Company's operation, the main work
Room of Zhiqiang;Quuanguo Fund Ge Shiqi; Guotai Fund Jiangt Ying; iesofGuangdong
March completed, the progress of the invested
By Phone Organization Truvalue Asset Gong Chao; CICC Capital Dong Junye; Yinhua Provincial Expressway
21,2024 the reconstruction and expansion projects,
Fund Jiaowei; CGS Tang Lei; Founder Securities proprietary Development Co..,
and the Company's development plan and
Company Liu Ran, Bank of China Fund Yang Can Ltd."disclosedbytheint
work priorities.
eractiveplatform
（2024006）
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Management Co., Ltd. Shi Changda; Orient Securities Co., Ltd. othe"RecordFormofIn
The discussion mainly includes the
Meeting Zhang Kaiyuan, Danshuiquan Yang Xinyi; BOSC ASSET vestorRelationsActivit
Company's operation, the main work
Room of Yan Feng; Morgan Stanley Zhang Diou; Pengyang Fund Sun iesofGuangdong
May 6, completed, the progress of the invested
By Phone Organization Biying; Western Leadbank FMC Wen Zhenyu; Taiping Asset Provincial Expressway
2024 the reconstruction and expansion projects,
Gao Hongzhi; Zhengyuan Investment Xiong Xiaoming; Development Co..,
and the Company's development plan and
Company Caitong Securities Asset Chen Jianxin; Ltd."disclosedbytheint
work priorities.
Guanfu Asset Bei Xuan; Hotland Innovation Asset Chen Rejin; eractiveplatform
Shanghai Shengyu Investment Wu Xiaochuan; China Life （2024007）
32
2024 Annual Report
Reception Place of Way of Types of Main contents discussed and information
Visitors received Basic index
time reception reception visitors provided
Zhou Yifu; Shanxi Asset Nan Xun; Caida Securities Zeng
Zhen; Taiping Asset Zhang Yang, Qing Hequan, Zhou
Zhanzhao; CCB Life asset Yang Chen
Fordetails,pleaserefert
Online othe"RecordFormofIn
Panoramic The discussion mainly includes the
vestorRelationsActivit
Network communic Company's operation, the main work
iesofGuangdong
June 24, "Investor Organization,I completed, the progress of the invested
ation on Investor Provincial Expressway
2024 Relation ndividual reconstruction and expansion projects,
online Development Co..,
Interactive and the Company's development plan and
Ltd."disclosedbytheint
Platform" platforms work priorities.
eractiveplatform
（2024008）
The Yangtze river transport Zhang Yinhan, Oriental self-run
Zhang Kaiyuan, Anxin Self-run Chen Jiamin; Guosen Self-run
Zhang Yao; Yuancheng Investment He Zonghuan; Mingyao
Investment Zhao Kangjie; Ningquan Investment Gao Xiran;
Fidelity Xia Qinyi; ICBC Credit Suisse Asset Xiong Gongtao;
AxA SPDB Investment Managers Zheng Doudou; Hongde Fordetails,pleaserefert
Fund Liu Yunchang; Western Leanbank FMC Zheng Diou; othe"RecordFormofIn
The discussion mainly includes the
Meeting Morgan Stanley Chen Zhiyuan; Guolian Fund Zhu Xiaoming; vestorRelationsActivit
Company's operation, the main work
Room of Baoying Fund Li Yafan; E fund Hong Helin;CCB Principal iesofGuangdong
August completed, the progress of the invested
By Phone Organization Asset Yang Yi; Southern Fund Zhang Lei; Dongwu Fund Zhou Provincial Expressway
30,2024 the reconstruction and expansion projects,
Weilin; Taikang Asset Ren Huifeng; ccb Life Yang Chen; Development Co..,
and the Company's development plan and
Company Pingan Life Zhang Zhenggang; Yongan Insurance Feng Ou; Ltd."disclosedbytheint
work priorities.
Zhongying Life Zheng Lin; BOfA SECURITIES Zeng Dilu; eractiveplatform
Zheshang securities Li Yi; Haitong Securities Luo Yujiang; （2024009）
Hufu Securities Yang Xinyi; Huachuang Securities Liang
Wanyi; Zhongtai Securities Shao Meileng; Fangzheng
Securities Deng Tianshu; CITIC Securities Lin Mujin; Industial
Securities Chen Erdong;
China Post Securities Zeng Fanji
China Merchants Securities Wang Chunhuan; China Merchants The discussion mainly includes the Fordetails,pleaserefert
Meeting
Securities Liu Ricong; ICBC She Shaobo; Shenzhen Company's operation, the main work othe"RecordFormofIn
August Room of Yuanwangjiao Investment Management Yu Guang; completed, the progress of the invested vestorRelationsActivit
By Phone Organization
30,2024 the Wwstern Leddbank FMC Wen Zhenyup; Huatai Securities Lin reconstruction and expansion projects, iesofGuangdong
Xiaying Huaneng Guicheng Trust Co., Ltd. Guo Runchen; and the Company's development plan and Provincial Expressway
Company
Guohai Securiaties Shi Yazhou; Guolian Securities Li Wei; work priorities. Development Co..,
33
2024 Annual Report
Reception Place of Way of Types of Main contents discussed and information
Visitors received Basic index
time reception reception visitors provided
Sinolink Securities Qiu Youfeng; Guangfa Securities Ltd."disclosedbytheint
Developmen Center Wang Hang; Mingshi Partners Private eractiveplatform
Fund Management (Zhuhai) Co., Ltd. Sun Yong; Zhongtian （2024010）
Rortune Xu Gaofei; Guangdong Private Equity Fund
Management (Wuhan) Co., Ltd. Cao Zhiping;
Unified letter Zheng Zongjie; Shanghai Tianni Investment Cao
Guojun
Tianfeng Securities Li Nintg; Baoying Fund Hou Jiamin;
SDIC Securities Co., Ltd. Chen Jiamin; Beijing Changquan
Fordetails,pleaserefert
Capital Management Wang Haibin; BOSC ASSET Yan Feng;
othe"RecordFormofIn
Tianfeng International Asset Harvest Prestige；Shenzhen The discussion mainly includes the
Meeting vestorRelationsActivit
Bolong Securities Huangjun; China Merchants fund Deng Yi; Company's operation, the main work
Room of iesofGuangdong
August Boshi Fund Xie Zelin; Morgan Stanley Zhang Diou; Shanghai completed, the progress of the invested
By Phone Organization Provincial Expressway
30,2024 the Yunhan Asset Management Bole; Xunyuan Asset Tian reconstruction and expansion projects,
Development Co..,
Chaoping; Xinyin Fund Chen Yuxiang; Beijing Runhui Asset and the Company's development plan and
Company Ltd."disclosedbytheint
Management Jia Siyuan; China Life Gu Qingzhe; Western work priorities.
eractiveplatform
Leadbank FMC Wen Zhenyu;
（2024011）
Greatwall Wealth Yang Haida; Shanghai Tuling Asset
Management Zhao Zhifeng; Xulie(Hainan)Fund Zhong Hua
Penghua Fund Zhang Jia; China Universal Asset Lao Jienan;
Industrial Fund Li Yong; Pingan Fund He Jie; Happy life
Zhang Wangyue;PICC Yin Jinze; Zhongyi Asset Ma Baoliang;
Fordetails,pleaserefert
Huabao Trust Zhu Yongxi; Huabao Tr4ust Li Bo; CITIBANK
othe"RecordFormofIn
Xing Xiaoyu; HSBC Asset Management (hk) Aiwei Li; The discussion mainly includes the
Meeting vestorRelationsActivit
Samsung Investment Feng Chen; Huaneng Guicheng Trust Liu Company's operation, the main work
Room of iesofGuangdong
Septembe Ling; Greatwall Wealth Jiang Wei; Yuexin Asset Chen completed, the progress of the invested
By Phone Organization Provincial Expressway
r 2,2024 the Jinhong; Pubo Asset Sun Zuojun; Mingyao Investment Zhao reconstruction and expansion projects,
Development Co..,
Kangjie; Aecn insumance Asset Xu Juanjuan; Tongju and the Company's development plan and
Company Ltd."disclosedbytheint
Investment Zhang Lifeng; Liu Ren Asset Liu Jungang; work priorities.
eractiveplatform
Kangteng Investment Yun Zhihuan
（2024013）
Zhihua; Hongshiliu He Ying; Huaxian wealth Liu Chensheng;
Evergreen vine assets Fu Xiaolin; Yongan Guofu Zheng Xitao;
CITIC Securities Hu Shimin; CITIC Securities Lin Mujin
Meeting CICC Gu Yuanfan; Chunhou Fund Liu Jun; Hengying The discussion mainly includes the Fordetails,pleaserefert
Septembe
By Phone Organization Asset ；Xiaowen LIN，Keywise；Hengying Asset ；Zhao Company's operation, the main work othe"RecordFormofIn
r 2,2024 Room of
Zherui; CICC Cai Rongzhuan; SunSimon， Pleiad Investment completed, the progress of the invested vestorRelationsActivit
34
2024 Annual Report
Reception Place of Way of Types of Main contents discussed and information
Visitors received Basic index
time reception reception visitors provided
the Advisors Limited；Jayden， XueYining，Fuanda Fund reconstruction and expansion projects, iesofGuangdong
Shenkun; Shanghai Kandao Asset Panjiang; Shenzhen and the Company's development plan and Provincial Expressway
Company
Shangchentg Asset Huang Xiangqian; Xian Pubu Asset Yang work priorities. Development Co..,
Sen; Nuoan Fund Xiuli SHAN， BlackRock AM North Asia Ltd."disclosedbytheint
Limited；Huang Youwen; Boc Investment Zhang Xiangdong; eractiveplatform
Southern Fund Zhang Lei; Anzhong Investment Liu Weiting; （2024013）
Aijian Securities Yu Qianguang; Shenghai Tianni Investment
Xie Chenjin, Cao Gluojun; Huizhi Capital Zhao Kangjie;
Zhenzhen Zhengyuan Investment Qi Chen; Ningbo Magic
party quantitative investment Management partnership-sh Lou
Fengye; Shenzhen Oriental Marathon Investment Management
Co., Ltd Bole; Boc Investment management Wang Han;,CPIC
Wei Wei; Suzhou Jingqian Investment Management Zhang
Xiaolin Hong Shaomeng; Fuanda Fund Zhu Yi; Huatai Asset
Chen Shaonan; Zhongou Fund LiaoXinyu， Value Partners
Limited.Zhao Hengyi; Shanghai Fucheng Futong Asset Ye
Junxian; Shenghai Minghe Investment Zhang Ling; Guangdong
Yupu Investment Zhu Chenhong,LiShu， LIU MIAO
,Zheng Jie;Shenwan Hongyuan Securities Zhang Liping;
Shenghai Tianni Investment Wang Boluo; Xunyuan Asset Tian
Chaoping; Everbright PGIM Lin Xiaofeng; hina Merchants
Securities Asset Management Department Hu Wen cen,
Sumitomo Mitsui AM-Clients Funds,Sun Yu; China Life AMP
Asset Management C., Ltd. Li Bowen; Jianghai Securities Yin
Wei; CITIC Securities Liu Chunmao; China Taiping Asset
Management Zhao Yang; Shanghai Yongxing Securities Asset
Management Xu Xiaohao; Western Leadbank FMC Ji Xu;
Zheshang Securities Weng Jinchong;
Cinda Fund Guo Min; Shanghai Jiuge Investment Zhou
Xiaodong, Cheng Dong;Changjiang Securities Feng Yuan;
CICC Pan Zhihua; Shanghai Electric Group Finance Co., Ltd.
Zhao Zhifeng; Beijing Chengquan Asset Management Wang
Haibin; Changjiang Asset Xu Xiaoyong, Huang Yiming, Xu
Jie; Beijing Hongdao Investment Management Lin Yuming,
Ding Kaisheng; Taiping Fund Shi Yangang; Shanghai Shengyu
Investment Zhang Yahui; Life Insurance Asset Management
Co., Ltd. Jia Duancun; Greatwall Wealth Hu Jiyuan; CITICPE
35
2024 Annual Report
Reception Place of Way of Types of Main contents discussed and information
Visitors received Basic index
time reception reception visitors provided
Geng Hua; Shenzhen Qianhai Chengshi Capital Management
Liang Yueqian; Capital Fund Huang Chaohao, Liu Teng, Liu
Xingwang, Zhang Zhenrong, Yang Yi;Huaxia Fund Zhu
Yuanfen, Tongxiao Zhicheng No.1 Wang ji; Rongtong Fund Su
Linjie; Guangfa Fund Sunmin; Shanghai Guyuan Investment
Lai Zhengjiana;
Sunshine Asset Zhuangyan,Guotai Junan Xu Xinpeng; CICC
Yifu;Xinhua Fund Management Yao Haiming; Shanghai
Dingtian Investment Bi Gaoang, Hebaoyan; Huatai Securities
Li Yanguang; Shanghai Coast Horn Private Equity Fund
Management Co., Ltd. Liu Ze; CITIC Pan Yunjiao; CICC
Huang Qiong, Zhang Wenjie; Jinmen Fanance Chen Meiling
CCB Prinelpal Asset Yang Yi; China Merchamts fund Sun
Yanqing; CITIC Securities Wang Kaisi; Fuguo Fund Zhang
Zeyue; Oriental self-run Zhang Kaiyuan; Huatai Self-run Li
Yanguang; Morgan Stanley Sun Liang; Minsheng Tonghui Lu Fordetails,pleaserefert
Ermao, Yuan Lecheng, Ai Mengqi; Nuoan Fund Huang othe"RecordFormofIn
Meeting Youwen; Huabao Trust Wang Qiaoxin, Li Bo WT Asset vestorRelationsActivit
October Room of Management Limited；Shenzhen Xinsize Investment iesofGuangdong
25, By Phone Organization Management Yang Jiayi; Huaneng Guicheng Trrst Guo o Provincial Expressway
the
2024 Runchen; New Silu Investment Wang MaoYi, Shanghai Leigen Development Co..,
Company Asset Management Co., Ltd. Yin Tao; Morgan Stanley Gu Ltd."disclosedbytheint
Yuanpan, Zhongyi Asset Management Co., Ltd. eractiveplatform
Ma Baoliang;Fude Sino Life Zhang Yixuan;China Wealth （2024014）
Management Co., Ltd.Liu Chunsheng; Zhengqi Energy
Technology Group Nie Rui; Shenzhen Red pomegranate
Investment Management Co., Ltd. He Ying
Xunyuan Asset Management Tian Chaoping; Shanghai Wuju
Fordetails,pleaserefert
Asset Management Wang Xin; China Merchants Fund Deng
othe"RecordFormofIn
Yi; Shanghai Jinxi Investment Managerment Partnership( LP) The discussion mainly includes the
Meeting vestorRelationsActivit
Deng Kewei; Taiwan Guotai Investment Co., Ltd. Company's operation, the main work
October Room of iesofGuangdong
Albert;Tianfeng Securities Co., Ltd. Li Ning; completed, the progress of the invested
25, By Phone Organization Provincial Expressway
the BOSC Asset Yan Feng; Shanghai Baoyin Private Equity Fund reconstruction and expansion projects,
2024 Development Co..,
Management Co., Ltd. Xie Lei; Essence Securities Chen and the Company's development plan and
Company Ltd."disclosedbytheint
Jiamin; Dongxing Securiaties ZhU Jiayi; Shanghai Huakun work priorities.
eractiveplatform
Construction and Equity Investment Fund.Management Co.,
（2024015）
Ltd. Mao Zhiwei; WT Asset Management Limited Wang
36
2024 Annual Report
Reception Place of Way of Types of Main contents discussed and information
Visitors received Basic index
time reception reception visitors provided
Qiaoxin; Western Leadbank FMC Wen Zhenyu; Yongan Guofu
Asset Management Co., Ltd. Zheng Xitao; Hongde Fund
Management Co., Ltd. Dong Xiaojun; China Life Liu Jinghui;
Shanghai Tuling Asset Management Co., Ltd. Zhao Zhifeng
Haitong Securities Yu Nan, Du Qingli; Guangdong Zhengyuan
Private Fund Management Co., Ltd.,bocom msig Life; Boyuan
Fund Management Co., Ltd.; Nuoan Fund Management Co.,
Ltd.; Yinhua Fund Management Co., Ltd.; Fordetails,pleaserefert
Shanghai Fenglan Asset Management Co., Ltd.; Haitong othe"RecordFormofIn
The discussion mainly includes the
Meeting Research Institute; Shhanghai Hundun Investment (Group) Co., vestorRelationsActivit
Company's operation, the main work
Room of Ltd.;Cinda Fund ; Minsheng Tonghui Asset Management Co., iesofGuangdong
Novembe completed, the progress of the invested
By Phone Organization Ltd.; Boyuan Fund Management Co., Ltd.; Provincial Expressway
r 21, 2024 the reconstruction and expansion projects,
Yizhi (Beijing) Investment Co., Ltd.;Pinan Fund; Hongtu Fund; Development Co..,
and the Company's development plan and
Company Infore Capital Management Hong Kong CompanyLimited； Ltd."disclosedbytheint
work priorities.
Orient Fund; Pingan Fund; Bank of China eractiveplatform
Investment Management; Shanghai Tuling Asset Management; （2024016）
Sunshine Asset Management; Wwstern Leadbank FMC; CICC;
Fullerton Fund Management Company Ltd.；Beijing Yihe
Jiufu Investment Management Co., Ltd.; Jingjun Investment
37
2024 Annual Report
XIII. Implementation of Market Value Management System and Valuation Enhancement Plan
Whether the Company has established a market value management system.
□Yes No
Whether the Company has disclosed the valuation enhancement plan.
□Yes No
XIV. 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
In order to respond to and practice the guiding ideology of "activating the capital market and boosting
investors' confidence" put forward at the Meeting of the Political Bureau of the CPC Central Committee and
"vigorously improving the quality and investment value of listed companies, taking more powerful and effective
measures to stabilize the market and confidence" put forward at the executive meeting of the State Council,
safeguard the interests of all shareholders and promote the long-term healthy and sustainable development of
the Company, Guangdong Provincial Expressway Development Co., Ltd. (hereinafter referred to as "the
Company") has formulated the action plan of "double improvement of both quality and returns". The
measures are as follows: (I) Adhere to high-quality development, focus on connotative growth, and optimize
resource allocation. (II) Effectively return to shareholders and share the fruits of development. (III) Deepen
market communication and strengthen investor relation management.
Since the disclosure of the action plan, the Company has taken multiple measures to implement its plan: (I)
Aim at the steady development of its main business, continuously promote the reconstruction and expansion
projects of the Beijing-Zhuhai Expressway Guangzhou-Zhuhai Section, Yuezhao Expressway, Huizhou-
Yantian Expressway, and Jiangmen-Zhongshan Expressway, to further expand and optimize the Company's
transportation network, and lay a solid foundation for the sustained growth and long-term development of the
Company. Promote the quality improvement and upgrading of expressway service areas, and make every effort
to transform the Yayao service area of the Foshan–Kaiping Expressway into a benchmark service area for
"supporting agriculture and industrial development", and create the Zhishan Service Area (North Area) as the
first new energy service area in the province. (II) Persist in implementing cash dividends. In the 2024 profit
distribution plan, the cash dividend ratio shall be maintained at 70% of the net profit attributable to the owners
of the parent company. (III) Fully utilize various communication channels such as general meeting of
shareholders, websites, analyst briefings, performance presentations, roadshows, one-to-many communication,
field research, telephone consultations, and the Shenzhen Stock Exchange's "Interactive Easy" to maintain close
interaction with investors, and organize a total of 8 institutional investor research and exchange meetings.
38
2024 Annual Report
IV. Corporate Governance
I. General situation
The Company strictly followed the requirement of laws and regulations in ,< the Securities
Law>,< Code of Corporate Governance for Listed Companies in China>, etc. and kept
on improving corporate governance structures, improving normative operation level. Company had stipulated
rules such as , rules of procedures in three meetings, working guide of special
committee in board of directors, working guide of general manager etc. and internal control system basically
covering all operating management such as company financial management, investment management,
information disclosure, related transaction, external guarantee, fund raising etc. All rules are well implemented.
In the report period, strictly following the relevant provisions of “Company Law”and “Regulations”, the
shareholder’s meeting of our bank effectively performed the functions. The board of directors is to be responsible
for the shareholder’s meeting, to take the ultimate responsibility for the bank’s operation and management and to
convene a meeting as well as performing the function and power according to legal procedure. In line with the
attitude which is responsible for all shareholders and keeping in close contact and communication with the board
of directors and the management, the board of supervisors carries out the assessment work on duty exercising for
the board of directors and the board of supervisors, effectively performing functions and obligations of
supervision.
Does there exist any difference in compliance with the corporate governance , the PRC Company Law and the
relevant provisions of CSRC,
□ Yes √No
There exist no difference in compliance with the corporate governance , the PRC Company Law and the
relevant provisions of CSRC.
II. Independence and Completeness in business, personnel , assets, organization and finance
1. Independent business
TheCompanyismainlyengagedintollingandmaintenanceofGuangfoExpressway,FokaiExpressway,Jingzhu
Expressway Guangzhu Section and Guanghui Expressway investmentintechnologicalindustries
andprovisionofrelevant consultaion while investing in Shenzhen Huiyan Expressway Co., Ltd., Guangdong
Jiangzhong Expressway Co.Ltd., Zhaoqing Yuezhao Expressway Co., Ltd., Ganzhou Kangda Expressway,
Ganzhou GankangExpresswayCo.,Ltd., Guangdong Yuepu Small Refinancing Co., Ltd, Guoyuan Securities Co.,
Ltd., Garage electric pile Holding (Shenzhen) Co., Ltd.,Guangdong Yuetong Qiyuan Chip Power Technology Co.,
Ltd.
The Company has outstanding main operation, independent and complete business and the ability of
independent operation. All business decisions of the Company were made independently, being completely
separated from the shareholder with actual control. Related transactions were carried out in light of the principle
of fair transaction, which did not harm the interests of the Company and other shareholders of the Company.
The content of related transactions was fully, timely and accurately disclosed, which did not have negative
influence on the Company.
2. Complete assets
The relationship of the Company's property right is clear. The assets injected by shareholders in the
Company are independent and complete and have clear property right. All capital was paid up and relevant
formalities of property right change were settled.
3. Independent personnel
39
2024 Annual Report
As for personnel relationship, the general manager, deputy general managers, the secretary to the board of
directors and financial controller of the Company were full-time employees and received salary from the
Company, who did not concurrently hold positions at the parent company.
All directors and supervisors of the Company were elected through legal procedure. The general manager,
deputy general managers, chief accountant, chief economic engineer and chief engineer were directly appointed
by the board of directors. Other managerial personnel of all levels were directly appointed by the general
manager. The Company owns independent power of personnel appointment and removal.
4. Independent finance
The Company, including subsidiaries established independent accounting department，independent accounting
system and regulations on financial management.
The Company independently opened bank account and did not deposit funds in the accounts of the finance
company or settlement center of the majority shareholder. The Company independently paid tax. The
Company's financial decisions were independently made. The majority shareholder did not interfere with the
use of funds by listed companies.
5. Independent organization
The board of directors, the supervisory committee and other internal organs of the Company operated
independently. Its organs are complete and independent.
III. Horizontal Competitions
□ Applicable √ Not applicable
IV. Annual General Meeting and Extraordinary Shareholders’ Meetings in the Reporting Period
1.Annual General Meeting
Investor
Meeting Disclosure
Sessions Type of meeting participation Disclosure index
Date date
ratio
The meeting examined and adopted the
Proposal Concerning Final Accounting
Report for 2023,
The meeting examined and adopted the
Proposal Concerning plan for Profit
Distribution for 2023;
The meeting examined and adopted the
Annual Proposal Concerning Overall budget
2023 Shareholders’ May 20, May
Shareholders’ 65.10% report of the Company for 2024;
general meeting 2024 21,2024
General Meeting
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;
6.The meeting examined and adopted
Annual Report for 2023 and its summary;
40
2024 Annual Report
The meeting examined and adopted the
Proposal for Hiring the 2024 Annual
Financial Report Audit Agency;
The 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;
1The 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.
The First The meeting examined and adopted the
provisional Provisional Proposal on Signing a Supplementary
December December
shareholders’ shareholders’ 36.22% Agreement to the Financial Services
12,2024 13,2024
General meeting of General meeting Agreement with Guangdong
2024 Communication Group Finance Co., Ltd
2. Request for extraordinary general meeting by preferred stockholders whose voting rights restore
□ Applicable √Not applicable
41
2024 Annual Report
V. Information about Directors, Supervisors and Senior Executives
1.Basic situation
The number of Number of Number of Reasons for
Starting Shares held at
Office Expiry date shares held in shares reduced in Other shares held at increase or
Name Sex Age Positions date of the year-
status of tenure the current the current changes(shares) the end of the decrease of
tenure begin(share)
period(shares) period(shares) period(shares) shares
Miao Board August 19, September
Male 53 In office
Deshan Chairman 2022 20,2025
Director,
December September
Lu Ming Male 46 Chief In office
25,2020 20,2025
accountant
Director,
Deputy October September
Zuo Jiang Female 52 In office
General 19,2015 20,2025
Manager
Cheng September September
Male 50 Director In office
Rui 20,2022 20,2025
Zeng December September
Male 54 Director In office
Zhijun 4,2017 20,2025
Yao September September
Male 53 Director In office
Xuechang 20,2022 20,2025
Wu May September
Male 46 Director In office
Guijun 20,2024 20,2025
November September
Wu Hao Female 52 Director In office
2,2020 20,2025
Zeng Independent May September
Female 55 In office
Xiaoqing director 20,2019 20,2025
You Independent September September
Male 56 In office
Dewei director 20,2022 20,2025
Yu Independent September September
Male 62 In office
Mingyuan director 20,2022 20,2025
42
2024 Annual Report
The number of Number of Number of Reasons for
Starting Shares held at
Office Expiry date shares held in shares reduced in Other shares held at increase or
Name Sex Age Positions date of the year-
status of tenure the current the current changes(shares) the end of the decrease of
tenure begin(share)
period(shares) period(shares) period(shares) shares
Zhang Independent December September
Male 59 In office
Renshou director 5,2023 20,2025
Independent December September
Liu Heng Male 41 In office
director 5,2023 20,2025
Chairman
of the August September
He Sen Male 51 In office
Supervisory 19,2022 20,2025
Committee
Wang May September
Female 53 Supervisor In office
Xiaobing 17,2022 20,2025
Deng December September
Male 49 Supervisor In office
Yunfeng 23,2021 20,2025
Zhou September September
Female 54 Supervisor In office
Dong 9,2022 20,2025
Deputy
Luo December September
Male 51 General In office
Baoguo 25,2020 20,2025
Manager
Deputy
Zhu April September
Male 42 General In office
Qijun 27,2023 20,2025
Manager
Yang Secretary to August September
Male 55 In office
Hanming the Board 28,2017 20,2025
Zhou legal September September
Male 44 In office
Yisan counsel 20,2022 20,2025
Director,
Wang April April 4,
Male 60 General Dimission 101,325 101,325 0
Chunhua 16,2013 2024
Manager
Kuang Male 39 Director Dimission May November
43
2024 Annual Report
The number of Number of Number of Reasons for
Starting Shares held at
Office Expiry date shares held in shares reduced in Other shares held at increase or
Name Sex Age Positions date of the year-
status of tenure the current the current changes(shares) the end of the decrease of
tenure begin(share)
period(shares) period(shares) period(shares) shares
Yu 17,2022 19,2024
You November March
Male 57 Director Dimission
Xiaocong 2,2020 6,2024
September March
Ke Lin Female 55 Supervisor Dimission 0 900 900
15,2017 6,2025
Total -- -- -- -- -- -- 101,325 900 101,325 0 900 --
During the reporting period, whether there is dismissal of directors and supervisors and decruitment of senior managers
Yes □No
1. Ms. Ke Lin, supervisor, reached the retirement age and resigned from her position as supervisor on March 6, 2024.
2. Mr. You Xiaocong, director, resigned from his position as the director on March 6, 2024 due to job transfer reasons. Mr. You Xiaocong will not hold any other
positions in the Company after his resignation.
3. Mr. Wang Chunhua, director and general manager, reached the retirement age and resigned from his position as the director and general manager on April 8, 2024.
Mr. Wang Chunhua will no longer hold any position in the Company after his resignation.
4. Mr. Kuang Yu, director, resigned from his position as the director on November 19, 2024 due to personal reasons. Mr. Kuang Yu will not hold any other
positions in the Company after his resignation.
Changes of directors, supervisors and senior executives
√ Applicable □ Not applicable
Name Positions Types Date Reason
Ke Lin Supervisor Dimission March 6,2024 Retirement
You Xiaocong Director Dimission March 6,2024 Job Change
Director, General
Wang Chunhua Dimission April 8,2024 Retirement
Manager
Kuang Yu Director Dimission November 19,2024 Personal reasons
44
2024 Annual Report
2.Posts holding
Professional backgrounds, major work experience and current duties in the Company of the incumbent directors,
supervisors and senior management:
Mr. Miao Deshan，He served as Chairman, with bachelor degree. Bachelor of Engineering degree, senior
engineer. From June 2011 to July 2022, he served successively as Deputy General Manager, Chief Engineer,
Deputy Secretary of the Party Committee, Director and General Manager of Guangdong Communications
Industrial Investment Co., Ltd. has been the Chairman of the Company since August 19, 2022. He is also the
Director of Guangdong Yuetong Qiyuanxin Power Technology Co., Ltd., the Company's shareholding company,
and the Legal Representative and Executive Director of Yuegao Capital Holdings (Guangzhou) Co., Ltd.
Mr. Lu Ming, He served as Director and Chief accountant of the Company, Graduate degree, MBA, senior
accountant ,from March 2009 to December 2020, served as the Manager, Deputy Business Director and
Business Director of the Financial Management Department of Guangdong Communications Group Co., Ltd.,
and from December 2018 to December 2019, he served as the first secretary of the Party Branch of Yinghuai
Management Office of Guangdong Nanyue Communications Longhuai Expressway Management Center. Since
December 25, 2020, he has served as the Chief Accountant of the Company, and since February 3, 2021, he has
served as a Director of the Company. He also serves as the Vice Chairman of Ganzhou Nankang–Dayu
Expressway Co., Ltd., the Company's shareholding company, the Director of Guangdong Yueke Science and
Technology Microfinance Co., Ltd., the Chairman of Beijing-Zhuhai Expressway Guangzhou-Zhuhai Section
Co., Ltd. and Guangdong Guangzhou-Huizhou Expressway Co., Ltd.
Ms. Zuo Jiang, Deputy General Manager of the Company, Graduate degree ， Master of Economics, Senior
Economist, Qualified as Legal Adviser of the Enterprise, Secretary of the Board of Directors. He has been
working in the Company since 1994. He has been the Minister of Securities Affairs of the Company since 1999.
He has been the Secretary of the Board of Directors and Director of Securities Affairs Department since March
2006. From October 2015 to July 2016, he was the Deputy General Manager and Secretary of the Board of
Directors And Minister of Securities Affairs. Since October 2015, he has been the Deputy General Manager of the
Company, and hold a concurrent post of Director of Guangdong Yueke Science and Technology Microfinance
Co., Ltd., director of Guoyuan Securities Co., Ltd. and General Manager, Party branch secretary of Yuegao
Capital lnvestment (Guangzhou)Co., Ltd.
Mr. Cheng Rui, Director of the Company, holds a master's degree in business administration, an economist,
with the Corporate Legal Adviser and Lawyer qualification.From August 2017 to May 2022, he served as
Deputy General Manager of Guangdong Expressway Development Co., Ltd., during which, from May 2019 to
August 2021, he was appointed as the First Secretary of the Party Organization in Shanhu Village, Jinhe Town,
Jiexi County, Jieyang City.Since May 2022 till now, he has served as the Director of Legal Affairs Department
of Guangdong Communications Group Co., Ltd. He has been the director of the Company since September 20,
2022.
Mr. Zeng Zhijun, economist, is a director of the Company, with master degree. From June 2010 September
2020, he has served as the deputy chief economist of Guangdong Provincial Expressway Co., Ltd. From
September 2015 to August 2021, he has served as Minister of Legal Affairs Department of Guangdong
Provincial Freeway Co.,Ltd.，Since September 2020, He serves as Minister of personnel resource department
of Guangdong Provincial Freeway Co.,Ltd.，Since December 4, 2017, he serves as Director of the Company.
Mr. Wu Guijun, he is the director of the Company, has a bachelor's degree, a master's degree in accounting,
and is a senior accountant. From July 2003 to June 2009, he successively served as the financial staff and
financial supervisor of Guangdong Jingtong Highway Engineering Construction Group Co., Ltd., the financial
45
2024 Annual Report
supervisor of the project management department of She Expressway No. 1 project, the staff of the financial
settlement center of Guangdong Communications Group Co., Ltd. from June 2009 to January 2010, the
supervisor of the audit and supervision department , and the deputy manager, deputy minister and minister of
the financial management department from January 2010 to December 2015 in Guangdong Communications
Group Co., Ltd. From December 2015 to November 2023, he served as the business supervisor of the financial
management department of Guangdong Communications Group Co., Ltd., and has been the chief accountant of
Guangdong Highway Construction Co., Ltd. since November 2023. He has been the Director of the Company
since May 20, 2024.
Mr. Yao Xuechang, Director of the Company, Bachelor Degree, MBA, Senior Engineer of road and bridge,
served as the Director and Deputy Secretary of the Party Branch of the Reconstruction and Expansion Project
Management Office of the Southern Section of Foshan-Kaiping Expressway from October 2015 to February
2020. From February 2020 to October 2021, he successively served as the Director and Deputy Secretary of the
Party Branch of Zhongshan-Jiangmen Expressway Reconstruction and Expansion Management Office, Deputy
Secretary and Director of the Party Branch of the Reconstruction and Expansion Project Management Office of
the Southern Section of Foshan-Kaiping Expressway, director and deputy secretary of the Party branch of the
Guangzhou-Zhuhai Expressway Reconstruction and Expansion Management Office. Since October 2021, he
has served as the Deputy Secretary and Director of the Party Branch of the Reconstruction and Expansion
Management Office of the Guangzhou-Zhuhai section of Beijing-Zhuhai Expressway and the Director of the
Reconstruction and Expansion Project Management Office of the Southern Section of Foshan-Kaiping
Expressway.He has been the Director of the Company since September 20, 2022.
Ms.Wu Hao,She is the director of the Company,with bachelor degree. From February 2012 to May 2020, She
successively served as deputy manager of the finance department, deputy manager of the investment business
department, and manager of the investment business department of Shandong Expressway Investment
Development Co., Ltd. She has served as the deputy general manager and member of party committee of
Shandong Expressway Investment Development Co., Ltdsince May 2020. From November 2, 2020, She has
served as director of the Company.
Ms. Zeng Xiaoqing, independent director of the Company, PhD; Current professor and doctoral supervisor at
the School of Transportation, Tongji University, director of the Joint Experimental Center for Traffic Information
Control, and vice president and secretary-general of the Shanghai Creative Studies Institute; Holder of bachelor's,
master's and doctoral degrees in Tongji University, with academic titles such as Multi Grid Architect at Tsinghua
University, Postdoctoral Fellow at Tokyo Institute of Technology, Visiting Scholar at DAAD in Germany, and
Outstanding Achievement Award for Global Female Engineers. Her teaching and research fields include digital
artificial intelligence, traffic security and environmental protection, ADS rail transit control and safety, and
ecological green construction. She has been an independent director of the Company since May 20, 2019.
Mr. You Dewei, the independent director of the Company with a master's degree in law, served as the
Senior Partner and Lawyer of Guangdong Zongheng Tianzheng Law Firm from June 1997 to January 2019, and
as the Supervisor, Senior Partner and Lawyer of Guangdong ETR Law Firm since January 2019. Meanwhile, he
is also a part-time External Director of the supervision enterprise of Guangdong State-owned Assets
Supervision and Administration Commission, part-time External Director of Guangdong Port and Shipping
Group, Independent Director of Guangzhou Academy of Building Research Co., Ltd., Independent Director of
Guangsheng Nonferrous Metals Co., Ltd., and one of the first batch of 35 mediators in the Mediation Center of
Guangdong Lawyers Association, Deputy Director of the 11th State-owned Assets Law Committee of
Guangdong Lawyers Association, Deputy Director of the 12th Compliance and Risk Control Law Committee of
46
2024 Annual Report
Guangdong Lawyers Association, Executive Director of China Health Law Society, Executive Director of
Guangdong Health Law Society, Director of Guangdong Law Society's Corporate Compliance Research
Society, Director of Guangdong Law Society's Medicine and Food Law Research Society, Deputy Director of
Guangzhou Lawyers Association's Medicine and Health Business Legal Committee, an Arbitrator of Shenzhen
Court of International Arbitration, Arbitrator of Qingyuan Arbitration Committee, Member of Guangdong
Province's Eighth Five-Year Plan Law Popularization Lecturer Group, and Member of Guangzhou Municipal
Bureau of Justice's "Warm Enterprise Action" 100-expert Lawyer Legal Service Group. He has been an
independent director of the Company since September 20, 2022.
Mr. Yu Mingyuan, an Independent Director of the Company, Bachelor of Engineering, second-class
researcher, and Expert enjoying special government allowance from the State Council, once served as the
Director of the Highway and Comprehensive Transportation Development Research Center of the Research
Institute of Highway, Ministry of Transport. Since July 2021, he has also served as an Independent Director of
Jiangsu Shanghai-Nanjing Expressway Co., Ltd., since December 2022, as an Independent Director of Hubei
Chutian Intelligent Transportation Co., Ltd., and since September 20, 2022, as an Independent Director of the
Company.
Mr. Yu Mingyuan has been engaged in research on transportation policies and strategies for a long time.
He has made outstanding achievements in the fields of toll road policy and institutional innovation, highway
management system reform, highway operation management, transportation economy and new business
supervision, highway transportation development strategy and planning, as well as highway transportation
related regulations. He has led more than 40 national and provincial scientific research projects, and has led and
participated in major special research and the formulation and revision of policies and regulations of the
Ministry for multiple times. He has repeatedly interpreted national and industry policies related to transportation
on mainstream media such as CCTV. He has won 1 provincial and ministerial level science and technology
special prize, 4 first prizes, 2 second prizes, and 5 third prizes; He has published more than 30 papers and
articles in various academic journals and newspapers, and has successively won the titles of exemplary
individual of Spiritual Civilization in the National Transportation Industry and One Hundred Excellent
Engineers. He is an expert in the expert database of the National Science and Technology Progress Award, an
expert in the academic department of the Chinese Academy of Sciences, a high-level talent of the Chinese
Association for Science and Technology, an expert in the expert database of the Ministry of Transport, an
expert in the PPP expert database of the Ministry of Finance, and a member of the expert committee of the
China Highway & Transportation Society.
Mr. Zhang Renshou is an independent director of the Company. He is a doctoral supervisor, a postdoctoral
cooperative supervisor, an MPACC master's supervisor, and an MBA supervisor. He used to be the dean of the
College of Modern Industry of Guangzhou University and the dean of the Sino-Canadian School of
International Education of Guangzhou University. He is currently a professor of the Department of Accounting
of School of Management of Guangzhou University, the dean of the Institute of Performance and Strategic
Management of Guangzhou University, the dean of the South China Institute of Big Data in the Guangdong-
Hong Kong-Macao Greater Bay Area, and the deputy dean of the Guangdong New Era Career Development
Research Institute. He has been an independent director of the Company since December 5, 2023.
Government agency experts: Expert in the demonstration of major administrative decisions by the
Guangzhou Municipal Government; Member of the Expert Group of the Budget Committee of the Guangzhou
Municipal People's Congress; Member of the Expert Group of the Economic Commission of the Guangzhou
Municipal People's Congress; Expert in Industrial Economic Operation Analysis of Guangdong Province;
Social Supervisor in Food Safety of Guangdong Province; Special Researcher of Guangzhou Tax Service, State
47
2024 Annual Report
Taxation Administration; Consulting Expert in Major Administrative Decisions of Shaoguan Municipal
People's Government; Senior Financial Expert and Industrial Development Consulting Expert of Department of
Finance, Department of Science and Technology, and Department of Industry and Information Technology of
Guangdong Province.
Academic institution experts: Member of the 8th Committee of the Guangdong Social Sciences
Association; President of Guangdong South China Economic Development Research Association; External
Member of Guangdong Provincial Bureau of Statistics; Social Supervisor of Guangdong Provincial Food and
Drug Safety Supervision Commission; Member of the Academic Committee of Guangdong Local Public
Finance Research Center; Member of the Academic Committee of Guangdong Coastal Economic Belt
Development Research Center.
Mr. Liu Heng, Ph.D., doctoral supervisor, project expert of the National Foundation and Provincial
Department of Science and Technology, is strategic consultant of many enterprises, etc. From June 2015 to June
2023, he served as an associate professor at Sun Yat-sen University, and since June 2023, he has been a
professor at Sun Yat-sen University. Since August 2022, he has served as an independent director of
Guangdong Zhaoqing Xinghu Biotechnology Co., Ltd. He has been an independent director of the Company
since December 5, 2023.
Mr. He Sen, Chairman of the Board of Supervisors of the Company, Bachelor Degree, MBA, Senior
Accountant, has been appointed Chairman of the Board of Supervisors of Guangdong Communications Group
Co., Ltd. since March 2016. Since August 19, 2022, he has served as Chairman of the Board of Supervisors of
the Company.
Ms. Wang Xiaobing, supervisor of the Company, bachelor's degree in literature, Senior Economist and
Accountant. She started working in December 1993 and served as the deputy department manager, business
department manager, and president's secretary of Zhanjiang Securities Co., Ltd. from December 1993 to
February 2000. From 2001 to August 2008, she worked as an employee of the Financial Settlement Center and
deputy manager of the Comprehensive Office of Guangdong Provincial Transportation Group Co., Ltd. From
August 2008 to December 2024, she served as a dispatched supervisor of Guangdong Provincial Transportation
Group Co., Ltd. From December 2024, she began engaging in internal audit work in the Audit Department of
Guangdong Provincial Transportation Group Co., Ltd. Since May 17, 2022, she has served as the Supervisor of
the Board of Supervisors of the Company.
Mr. Deng Yunfeng, supervisor of the Company, bachelor degree, MBA, senior engineer. He served as Party
Secretary of Guangzhou-Foshan Expressway Co., Ltd. from February 2014 to July 2018; Minister of Party and
Mass Work Department of the Company from July 2018 to the present, and also vice chairman of the trade union
of the Company and chairman of the trade union of its headquarters from March 2021 to the present. He has
served as the employee supervisor of the ninth board of supervisors of the Company since December 23, 2021. He
has served as the Minister of the Human Resources Department of the Company since January 2025.
Ms. Zhou Dong, Supervisor of the Company, Bachelor of Economics, and Senior Accountant. From April
2003 to January 2018, she served as Deputy Director of the Financial Management Department of the Company.
Since January 2018, she has served as Deputy Secretary of the Discipline Inspection Committee of the
Company and Director of the Discipline Inspection and Audit Department of the Company. Since September
2022, She has served as Employee Supervisor of the Board of Supervisors of the Company.She is also the
Chairman of the Board of Supervisors of Ganzhou Gankang Expressway Co., Ltd., a shareholding company of
the Company, Supervisor of Guangdong Lechang-Guangzhou Expressway Co., Ltd. and Supervisor of
Shenzhen Huizhou-Shenzhen Expressway Co., Ltd.and Yuegao Capital Holdings (Guangzhou) Co., Ltd.
48
2024 Annual Report
Mr. Luo Baoguo, Deputy General Manager of the Company, Master of Engineering, Senior Engineer.
From July 1999 to December 2003, he successively served as the Project Chief Engineer, Deputy Manager of
the Project Department, Manager of the Project Management Department, Deputy Manager of the Branch,
Manager of the Operating Contract Department, and Employee Supervisor of Guangdong Highway Engineering
Construction Group Co., Ltd. From March 2007 to July 2014, he successively served as the Director of the
Project Development Office and Director of the Investment Development Department of Guangdong Provincial
Expressway Development Co., Ltd. From August 2014 to July 2017, he served as the Director, General
Manager, and Deputy Secretary of the Party Committee of Guangdong Foshan–Kaiping Expressway Co., Ltd.
From August 2017 to December 2020, he served as the General Manager (Person in Charge) and Deputy
Secretary of the Party Committee of Guangdong Foshan–Kaiping Branch of Guangdong Provincial Expressway
Development Co., Ltd. Since December 25, 2020, he has served as the Deputy General Manager of the
Company. He also served as the chairman of Zhaoqing Yuezhao Highway Co., Ltd., the company's
shareholding company, the vice chairman of Guangdong Jiangmen-Zhongshan Expressway Co., Ltd., the vice
chairman of Shenzhen Huizhou-Yantian Expressway Co., Ltd. and the director of Guangdong Guangzhou-
Huizhou Expressway Co., Ltd.
Mr. Zhu Qijun, Deputy General Manager of the Company, holds a master's degree in arts and is a political
engineer. From August 2016 to February 2022, he successively served as the secretary of the Party branch, the
deputy general manager and the chairman of the labor union of the commercial operation and management
branch of Guangdong Litong Real Estate Investment Co., Ltd. (after upgrading), during which he concurrently
served as the deputy general manager of Guangdong Gaoda Property Development Co., Ltd. and the deputy
general manager of Guangdong Litong Property Development Co., Ltd. From February 2022 to May 2022, he
served as the director of the planning and marketing center of Guangdong Litong Development and Investment
Co., Ltd. From May 2022 to March 2023, he served as the director of the business planning department of
Guangdong Urban Transportation Investment Co., Ltd. and Guangdong Litong Development and Investment
Co., Ltd., and concurrently served as a director of Guangdong Traffic Engineering Co., Ltd. during the period.
He has been the Deputy General Manager of the Company since April 27, 2023. Also serves as the chairman
and legal representative of the Company's direct subsidiary, Guangzhou-Foshan Expressway Co., Ltd.
Mr. Zhou Yisan, General Counsel of the Company, Master of Law, corporate lawyer, second-class legal
adviser of state-owned enterprises, has the qualifications of secretary of the board of directors, securities,
futures and funds. From April 2016 to October 2017, he served as Deputy Director of Investment Development
Department and Legal Affairs Department of the Company; from October 2017 to now, he served as Director of
Legal Affairs of the Company; from September 2019 to September 2022, he served as Employee Supervisor of
the Ninth Board of Supervisors of the Company; and from September 20, 2022, he served as General Counsel
of the Company. Meanwhile, he also serves as the Director of Beijing-Zhuhai Expressway Guangzhou-Zhuhai
Section Co., Ltd., the holding company of the Company, Supervisor of Guangdong Yueke Science and
Technology Microfinance Co., Ltd. and Director of Guangdong Guangzhou-Huizhou Expressway Co., Ltd.
Mr. Yang Hanming, he has been the Secretary of the Board， bachelor's degree, senior economist, corporate
legal adviser, with the board secretary qualifications. Since March 2000, he has served in the company as Deputy
Director of the Investment Planning Department, Director of the Legal Affairs Department, and Director of the
Investment Development Department.Since August 2017, he has been the Secretary of the Board of the Company,
vice Chairman of Ganzhou Gankang Expressway Co., Ltd., Director of Guangdong Jiangzhong Expressway Co.,
ltd. and supervisor of Guangdong Yueke Science and Technology Microfinance Co., Ltd., From September 2019
to August 2023,, he served as Minister of Development Dept of the Company. He also serves as the vice
Chairman of Gangzhou Gankang Expressway Co., Ltd., a joint stock company of the Company. and vice
49
2024 Annual Report
chairman of Jingzhu Expressway Guangzhu Section Co., Ltd.
Office taking in shareholder companies
√Applicable □Not applicable
Expiry Does he /she receive
Sharing date
Names of the Titles engaged in date of remuneration or
Names of the shareholders of office
persons in office the shareholders office allowance from the
term
term shareholder
Guangdong Communication Minister of Legal
Cheng Rui May 1,2022 Yes
Group Affairs.
Guangdong Highway November
Wu Guijun Chief accountant Yes
Construction Co., Ltd. 1,2023
Beijing-Zhuhai Expressway
Deputy secretary
Guangzhou-Zhuhai section October
Yao Xuechang and director of the Yes
reconstruction and expansion 1,2021
Party branch.
management Office
General Counsel,
Guangdong Provincial Freeway September
Zeng Zhijun Minister of Human Yes
Co.,Ltd. 1,2020
Resources
Dispatched
Guangdong Communication chairman of the March
He Sen Yes
Group Co., Ltd. supervisory 1,2016
committee
Guangdong Communication Audit work of the December
Wang Xiaobing Yes
Group Co., Ltd. audit Department 13,2024
Notes to post-
In addition to serving as directors and supervisors, the above-mentioned persons do not hold any other positions
holding in
in the company.
shareholder’s unit
Offices taken in other organizations
√Applicable □Not applicable
Does he/she receive
Titles engaged in Starting date Expiry
Name of the remuneration or
Name of other organizations the other of office date of
persons in office allowance from other
organizations term office term
organization
Tongji University's School of
Zeng Xiaoqing Professor and June 1,2007 Yes
Transportation Engineering
Tongji University's Joint
Zeng Xiaoqing Experimental Center for Director June 30,2003 No
Traffic Information Control
January
You Dewei Guangdong ETR Law Firm Lawyer Yes
1,2019
You Dewei Guangdong ETR Law Firm Senior partner March 2019 June 2023 Yes
You Dewei Guangdong ETR Law Firm Chief Supervisor June 2022 June 2023 Yes
Guangdong Province SASAC
You Dewei External director July 2019 Yes
supervises enterprises
You Dewei Guangdong Ganghang Group External director July 2019 Yes
Guangdong Provincial
You Dewei Independent August 2022 Yes
Academy of Building Research
50
2024 Annual Report
Group Co., Ltd. director
Rising Nonferrous Metals Independent January
You Dewei August 2022 Yes
Share Co., ltd. director 2025
China Southern Airlines Independent December
You Dewei Yes
General Aviation Co., Ltd director 2022
Zhuhai Rural Commercial Executive
You Dewei June 2023 Yes
Bank Co., Ltd supervisor
The Council of the Health Law
Research Association of the
You Dewei Vice chairman May 2023 No
Guangdong Provincial Law
Society
March
Guangdong Enterprise Vice chairman March 2023 No
You Dewei Federation, Guangdong 2024
Entrepreneurs Association Doctoral supervisor March 2024
The 11th State-owned Assets
Law Professional Committee
You Dewei Vice director March 2017 No
of Guangdong Lawyers
Association
The 12th Compliance Risk
Control Legal Professional
You Dewei Vice director April 2022 No
Committee of Guangdong
Lawyers Association
You Dewei China Health Law Society Executive director June 2019 No
Guangdong Health Law December
You Dewei Executive director No
Society 2021
Guangdong Provincial Law December
You Dewei Society of Medicine and Food Director No
2020
Law Research Associatio
Pharmaceutical and Health
Business Legal Professional September
You Dewei Vice director No
Committee of Guangzhou Law 2020
Association
Shenzhen Court of February
You Dewei Arbitrator No
International Arbitration 2019
Qingyuan Arbitration February
You Dewei Arbitrator No
Commission 2016
Guangzhou Municipal Bureau
of Justice "warm enterprise September
You Dewei Member No
action" 100 experts lawyers 2016
legal service
Research Institute of Highway Second-level October
Yu Mingyuan Yes
Ministry of Transport researcher 2022
China Highway Society
Yu Mingyuan Executive director July 2022 No
Investment Branch
Jiangsu Ninghu Expressway Independent
Yu Mingyuan June 2024 Yes
Co., Ltd. director
Hubei Chutian Smart Independent December
Yu Mingyuan Yes
Communication Co., Ltd. director 2022
Accounting Department, February
Zhang Renshou Professor Yes
School of Management, 2004
51
2024 Annual Report
Guangzhou University
Counsellors 'Office of
Zhang Renshou Guangdong Provincial People's Special researcher July 2024 No
Government
Guangdong South China
October
Zhang Renshou Economic Development President No
2022
Research Association
Soshan Electrical and Lighting Independent October
Zhang Renshou Yes
Co., Ltd. director 2021
Beijing Scienkong Technology Independent October
Zhang Renshou Yes
Co., ltd. director 2024
Independent December
Zhang Renshou JRCB（Unlisted Company） Yes
director 2018
Guangdong Zhaoqing Xinghu Independent
Liu Heng August 2022 Yes
Biotechnology Co., Ltd director
Shandong Expressway Member of Party
Wu Hao Investment Development Co., committee, deputy May 2020 Yes
Ltd. general manager
Description of
employment in No
other units
Punishments to the current and leaving board directors, supervisors and senior managers during the report
period by securities regulators in the recent three years
□ Applicable √Not applicable
3. Remuneration to directors, supervisors and senior executives
Decision-making procedures, basis for determination and actual payment of the remuneration to directors ,
supervisors and senior executives
The remuneration of members of the Tenth board of directors and supervisory committee was examined
and determined at the second provisional shareholders’ general meeting in 2022.
1.Non-independent directors are not entitled to directors' remuneration.
2. Independent directors are entitled to directors' remuneration，Directors who have not held other positions in
the Company and the controlling shareholder of the Company and its related parties are remunerated by the
directors of the Company, and the standard is RMB 8,000 (tax included) per person per month. In addition, the
expenses incurred by the independent directors at the board of directors and the shareholders' general meeting
and the expenses incurred in exercising their functions and powers in accordance with the articles of association
may be reimbursed in the company.
Remuneration to directors, supervisors and senior executives in the reporting period
In RMB 10,000
Office Total remuneration received Whether to get paid in the
Name Sex Age Positions
status from the Company company related party
Miao
Male 53 Board Chairman In Office 79.97 No
Deshan
Director , Chief
Lu Ming Male 46 In Office 65.79 No
Accountant
52
2024 Annual Report
Office Total remuneration received Whether to get paid in the
Name Sex Age Positions
status from the Company company related party
Director, Deputy
Zuo Jiang Female 52 General In Office 66.61 No
Manager
Cheng
Male 50 Director In Office 0 Yes
Rui
Zeng
Male 54 Director In Office 0 Yes
Zhijun
You
Male 53 Director In Office 0 Ye
Xiaocong
Wu
Male 46 Director In Office 0 Yes
Guijun
Wu Hao Female 52 Director In Office 0 No
Zeng Independent
Female 55 In Office 9.6 No
Xiaoqing director
You Independent
Male 56 In Office 9.6 No
Dewei director
Yu Independent
Male 62 In Office 9.6 No
Mingyuan director
Zhang Independent
Male 59 In Office 9.6 No
Renshou director
Independent
Liu Heng Male 41 In Office 9.6 No
director
Chairman of the
He Sen Male 51 Supervisory In Office 0 No
Committee
Wang
Female 53 Supervisor In Office 0 No
Xiaobing
Deng
Male 49 Supervisor In Office 58.7 No
Yunfeng
Zhou
Female 54 Supervisor In Office 59.91 No
Dong
Luo Deputy General
Male 51 In Office 66.77 No
Baoguo Manager
Zhu Deputy General
Male 42 In Office 64.07 No
Qijun Manager
Yang Secretary to the
Male 55 In Office 60.93 No
Hanming Board
Zhou Chief legal
Male 44 In Office 60.71 No
Yisan adviser
Director,
Wang
Male 60 General Dimission 32.25 No
Chunhua
Manager
You
Male 57 Director Dimission 0 Yes
Xiaocong
Kuang
Male 39 Director Dimission 0 No
Yu
53
2024 Annual Report
Office Total remuneration received Whether to get paid in the
Name Sex Age Positions
status from the Company company related party
Ke Lin Male 55 Supervisor Dimission 23.12 No
Total -- -- -- -- 686.83 --
Other
□Applicable Not applicable
VI. Performance of directors' duties during the reporting period
1. Information of the board meetings during the reporting period
Convening Disclosure
Session Meeting resolution
date date
The meeting examined and adopted of the Proposal on Provision for Asset
Impairment, Proposal on the Write-off of Asset Impairment Provision and Proposal
The 17th
meeting of the January January on the Signing of the 2024-2026 Entrusted Operation and Management Contract of
Tenth Board of 30,2024 31,2024 the Guangzhou-Zhuhai North Section of the Guangdong Beijing-Zhuhai
Directors
Expressway between Guangzhou-Zhuhai East Company and Guangzhou-Zhuhai
North Section Company.
The meeting examined and adopted of the Proposal on Changes in Accounting
Policies, Proposal Concerning Final Accounting Report for 2023, Proposal
Concerning Preplan for Profit Distribution for 2023, Proposal Concerning Overall
budget report of the Company for 2024, the Work Report of the Board of Directors
for 2023, the Business Report of the General Manager for 2023, Annual Report for
2023 and its summary, Proposal the report on evaluation of the Company's internal
control in 2023, Proposal for Hiring the 2024 Annual Financial Report Audit
Agency, Proposal for Hiring the 2024 Internal Control Audit Institution, Proposal
on Confirming the Continuous Risk Assessment Report of Guangdong
Communication Group Finance Co., Ltd., Proposal on the Report on the Control of
Debt Risk of 2023, Proposal on the Report on the analysis of Debt Risk of 2023,
The 18th
meeting of the March 15, March 16, Proposal on confirming the difference between the actual profit and the profit
Tenth Board of 2024 2024 forecast of Guanghui Expressway , Proposal on the Impairment Test Report of the
Directors
Subject Assets of Major Asset Restructuring, Proposal on the Preparation of the
Shareholder Return Plan of Guangdong Provincial Expressway Development Co.,
Ltd. for the Next Three Years (2024-2026), Proposal on the 2023 Environmental,
Social and Governance (ESG) Report of the Company, Proposal on Concerning the
Company Daily Associated Transactions Predicted of 2024, Proposal on the
Investment Plan for 2024, Proposal on Deliberating the 2024 Management Target
Responsibility Letter for Members of the Company's Management Level, Proposal
on the 2023 Gross Salary Distribution Plan of the Company, Proposal on
Nominated Candidate for Director of the Tenth Board of Directors, Proposal on the
2023 Audit Work Report and 2024 Internal Audit Work Plan of Guangdong
Expressway.
The 19th The meeting examined and adopted of the Proposal concerning the First Quarter of
April 26, April 29,
meeting of the
2024 2024 2024 , Proposal on holding the 2023 annual shareholders' General Meeting .
Tenth Board of
54
2024 Annual Report
Directors
The meeting examined and adopted of the Proposal for semi-annual report 2024
The 20th and its summary, Proposal on Confirming the Continuous Risk Assessment Report
meeting of the August 29, August of Guangdong Communication Group Finance Co., Ltd., Proposal on the scrapping
Tenth Board of 2024 30,2024
and disposal of mechanical and electrical and rescue vehicles and other assets of
Directors
Guangdong Provincial Expressway Development Co., Ltd. Fokai Branch.
The 21st
meeting of the September September The meeting examined and adopted of the Proposal on the Listing and Transfer of
Tenth Board of 24,2024 25,2024 Equity of Hunan Lianzhi Technology Co., Ltd. by Yuegao Capital
Directors
The meeting examined and adopted of the Proposal concerning the Third Quarter of
2024, Proposal on the Change of Accounting Estimates, Proposal on Signing a
The 22nd Supplementary Agreement to the Financial Services Agreement with Guangdong
meeting of the October October
Communication Group Finance Co., Ltd., Proposal on Amending the Management
Tenth Board of 24,2024 25,2024
Directors System for Asset Impairment Provision and Write-off of Guangdong Provincial
Expressway Development, Proposal on Adjusting the Investment Scale of the
Shenzhen Section Reconstruction and Expansion Project of Huiyan Expressway
The 23rd
meeting of the November November The meeting examined and adopted of the Proposal for Holding 2024 First
Tenth Board of 26,2024 27,2024 Provisional Shareholders' General Meeting
Directors
The meeting examined and adopted of the Proposal on the Guangzhu Section
The 24th Company Entrusting Tongyi Company to be Responsible for the Development and
meeting of the December December
Operation of Gas Station in Zhongshan (Former Minzhong) Service Area, Proposal
Tenth Board of 13,2024 14,2024
Directors on the Contractual Assessment Results of the Tenure System of the Company's
Managerial Members in 2023.
The meeting examined and adopted of the Proposal on the Guangdong Expressway
2024 Total Salary Budget Allocation Plan, roposal on the Implementation Measures
The 25th for the ‘Three Importance and One Greatness Decision-making System’ of
meeting of the December December
Guangdong Provincial Expressway Development Co., Ltd., Proposal on the
Tenth Board of 26,2024 27,2024
Directors Amendment of the Rules of Procedure of the Board of Directors,
Proposal on Amending the Management System for Directors, Supervisors and
Senior Managers Holding Company Shares and Changes.
2. Attendance of directors at the board meetings and the general meeting of shareholders
Attendance of directors at the board meetings and the general meeting of shareholders
Number of Number of
Whether to
board Number of board Number of
Number of attend the General
meetings board meetings board
Name of board board meetings of
attended meetings attended by meetings
director meetings meeting in shareholders
during the attended in means of attended by
absent from person twice attended
reporting person communicati proxy
in a row
period on
Miao Deshan 9 3 6 0 0 No 2
Lu Ming 9 4 5 0 0 No 2
55
2024 Annual Report
Zuo Jiang 9 4 5 0 0 No 2
Cheng Rui 9 4 5 0 0 No 2
Zeng Zhijun 9 3 6 0 0 No 2
Wu Guijun 6 3 3 0 0 No 2
Yao
9 0 9 0 0 No 2
Xuechang
Wu Hao 9 0 9 0 0 No 2
Zeng
9 0 9 0 0 No 2
Xiaoqing
You Dewei 9 3 6 0 No 2
Yu
9 2 7 0 0 No 2
Mingyuan
Zhang
9 4 5 0 0 No 2
Renshou
Liu Heng 9 3 6 0 0 No 2
You
1 1 0 0 0 No 0
Xiaocong
Wang
2 2 0 0 0 No 0
Chunhua
Kuang Yu 6 0 6 0 0 No 1
Explanation of failure to attend the board meeting in person twice in a row
None
3. Directors' objections to related matters of the Company
Whether the director raises any objection to the relevant matters of the Company
□ Yes √ No
During the reporting period, the directors did not raise any objection to the relevant matters of the Company.
4. Other descriptions of directors' performance of duties
Whether the directors' suggestions on the Company have been adopted
√Yes □ No
The director's statement on whether the relevant suggestions of the Company have been adopted or not
During the reporting period, all the directors of the Company diligently performed the duties entrusted by the
general meeting of shareholders, carefully evaluated and considered the Company's operation management,
investment, corporate governance and other matters, actively proposed, scientifically discussed and collectively
made decisions in the board meeting, and put forward multiple suggestions that meet the Company's development
needs at the present stage, which were adopted by the Company in the form of resolutions of the Board of
Directors.
56
2024 Annual Report
VII. Situation of special committees under the Board of Directors during the reporting period
Other
Number of Details of
Committee Convening Put forward important opinions and information
Member information meetings Meeting content objections
name date suggestions of duty
convened (if any)
performance
Listen to the audit plan of the annual
audit accountant for the 2023 financial
Conduct consultation and communication
report of Guangdong Expressway,
on the details of the audit plan, and
January including the audit scope, audit staff,
propose suggestions for modification, as
15,2024 audit work schedule, accounting policy
well as requirements for rigorous and
changes, accounting estimates, key audit
timely completion of the audit.
matters, major issues in the early stage,
etc.
1. Listen to the report on the audit of the
2023 financial report of Guangdong
Expressway; 2. Review and approve the
1. Review the initial draft of the 2023
Proposal on the 2023 Internal Control
annual audit report and raise inquiries
Evaluation Report; 3. Review and
February regarding issues such as accounts
approve the Proposal on the Company's
Chairman of the 28,2024 receivable and R&D expenses; 2. Review
2023 Audit Report and 2024 Internal
Audit committee:Zhang and approve other proposals of the
6 Audit Plan; 4. Review and approve the
Committee Renshou, Member: meeting.
Proposal on the Internal Control
You Dewei, Liu Heng
Evaluation Work Plan for Guangdong
Expressway in 2024.
1. Listen to the financial information
presented in the Company's 2023 1. Agree to the 2023 Annual Report and
Annual Audit Report and 2023 Annual 2023 Annual Audit Report of Guangdong
Report; 2. Review and approve the Expressway; 2. Review the work situation
March 11,
Proposal on Hiring an Audit Institution of the audit institution in 2023 and agree to
2024
for 2024 Financial Reports; 3. Review renew the contract with the audit
and approve the Proposal on Hiring an institutions for 2024 financial reports and
Audit Institution for 2024 Internal internal control.
Control.
Listen to the financial information Inquire about the financial information in
April 25,
presented in the Company's first quarter the first quarter report of 2024 and agree to
2024
report of 2024. the proposal.
57
2024 Annual Report
Other
Number of Details of
Committee Convening Put forward important opinions and information
Member information meetings Meeting content objections
name date suggestions of duty
convened (if any)
performance
Listen to the review and financial
August information presented in the 2024 semi- Agree to the financial information in the
26,2024 annual report by the Company's Finance Company's 2024 semi-annual report.
Department.
1. Inquire about the financial information
in the Company's third quarter report of
2024, and agree to the financial
information in the third quarter report of
2024 after review; 2. Review the Proposal
on Changes in Accounting Estimates,
believe that the change in such accounting
1. Listen to the financial information
estimates complies with the Accounting
presented in the Company's third quarter
October Standards for Business Enterprises No. 28-
report of 2024; 2. Listen to the report on
22,2024 Accounting Policies, Accounting
the Proposal on Changes in Accounting
Estimates, and Accounting Error
Estimates.
Correction issued by the Ministry of
Finance and relevant regulations of the
Shenzhen Stock Exchange, and that there
is no manipulation of financial indicators
such as profits and owners' equity through
changes in accounting policies and
estimates, and agree to this proposal.
Review materials such as the 2023
Salary Distribution Results of the
Guangdong Expressway Leading Group Agree to the two proposals of this meeting
March
and the 2024 Operation and and submit them to the Company's Board
11,2024
Remuneration Chairman of the Management Target Responsibility of Directors for review.
and Committee：You Letter for the Company Management
3
Assessment Dewei, Member: Members.
Committee Kuang Yu,Liu Heng. Agree to the Proposal on the Contractual
Review and approve the Proposal on the
Assessment Results of the Term System
December Contractual Assessment Results of the
for the Company Management Members in
10,2024 Term System for the Company
2023, and agree to submit them to the
Management Members in 2023.
Company's Board of Directors for review.
58
2024 Annual Report
Other
Number of Details of
Committee Convening Put forward important opinions and information
Member information meetings Meeting content objections
name date suggestions of duty
convened (if any)
performance
Agree to the Proposal on the Allocation
Review and approve the Proposal on the
Plan for the Total Salary Budget of
December Allocation Plan for the Total Salary
Guangdong Expressway in 2024 and
24,2024 Budget of Guangdong Expressway in
submit it to the Company's Board of
2024.
Directors for review.
Chairman of the Agree to the Implementation of the
Committee：Miao Company's 2023 Development Strategy
Review the Implementation of the
Strategy Deshan, Member : March and Plan, and the 2024 Work Plan, which
1 Company's 2023 Development Strategy
Committee Wang Chunhua, Yu 11,2024 objectively reflects the relevant situation of
and Plan, and the 2024 Work Plan.
Mingyuan, Liu Heng, the implementation of the Company's 2023
Zeng Xiaoqing development plan.
Agree to the Summary Report on
Comprehensive Risk Management and
Review the Summary Report on
Internal Control System of Guangdong
Comprehensive Risk Management and
March 11, Provincial Expressway Development Co.,
Internal Control System of Guangdong
2024 Ltd. in 2023, which objectively reflects the
Provincial Expressway Development
Company's comprehensive risk
Co., Ltd. in 2023.
management and internal control
Chairman of the
management work in 2023.
Risk Committee：Zhfang
The three committee members
Management Renshou, Member : 2
unanimously agreed that: 1. The evaluation
Committee Miao Deshan, You Review the Proposal on the Results of
results objectively reflected the current risk
Dewei Risk Assessment in 2024 and the
situation of the Company. 2. The Summary
Proposal on the Summary Report on
December Report on Comprehensive Risk
Comprehensive Risk Management and
26,2024 Management and Internal Control System
Internal Control System of Guangdong
of Guangdong Provincial Expressway
Provincial Expressway Development
Development Co., Ltd. in 2024 objectively
Co., Ltd. in 2024.
reflected the Company's risk management
work in 2024.
Agree to the Compliance Management
Chairman of the Review the Compliance Management
Report of Guangdong Provincial
Compliance Committee：You December Report of Guangdong Provincial
1 Expressway Development Co., Ltd. in
Committee Dewei, Member: Yu 26,2024 Expressway Development Co., Ltd. in
2024, which objectively reflects the
Mingyuan, Wu Hao. 2024.
Company's compliance management work
59
2024 Annual Report
Other
Number of Details of
Committee Convening Put forward important opinions and information
Member information meetings Meeting content objections
name date suggestions of duty
convened (if any)
performance
in 2024.
60
2024 Annual Report
VIII.Theworkingstatusoftheboardofsupervisors
Theboardofsupervisorsfindsoutwhetherthecompanyhasrisksduringthemonitoringactivitiesduringthereportingperi
od
□ Yes √ No
TheSupervisoryCommitteehasnoobjectiontothesupervisionmattersduringthereportingperiod.
IX. Particulars about employees.
1.Number of staff, professional structure and educational background
Number of in-service staff of the parent company(person) 99
Number of in-service staff of the main subsidiaries(person) 2,895
The total number of the in-service staff(person) 2,994
The total number of staff receiving remuneration in the current
2,994
period(person)
Retired staff with charges paid by the parent company and
135
main subsidiaries (person)
Professional
Category Number of persons（person）
Operating personnel 2,426
Sale personnel 0
Technology Personnel 384
Financial personnel 65
Management personnel 119
Total 2,994
Education
Category Number of persons（person）
Holders of master’s degree or above 61
Graduates of regular university 739
Graduates of junior colleges 1,602
Other 592
Total 2,994
2. Remuneration policies
Guangdong Expressway adheres to the principle of efficiency-orientation, efficiency and fairness, and
combination of incentives and constraints, with positive incentives and focus on long term. According to
national laws, regulations and policies, it establishes an annual salary system for the assessment of enterprise
leaders and a performance-based salary system for management personnel, and adopts a total salary budget to
be included in comprehensive budget management. According to the interrelated performance contributions of
labor, management and skills, employee salaries are closely linked with personal performance and enterprise
benefits.
The Company provides various benefits that comply with laws and regulations. Employees are entitled to
various benefits such as social insurance, enterprise annuity, supplementary medical care, and trade union
mutual aid insurance, to ensure that employees share the fruits of development and stimulate their work
enthusiasm.
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2024 Annual Report
3.Training plan
Each business department organizes employees to participate in the business post training organized by the
competent department of industry and social professional training institutions according to the employee job
characteristics, employee job performance and industry development trend of the department. In order to help
enterprises develop with high quality and efficiently complete the task of state-owned enterprise reform, it is
planned to carry out special training on state-owned enterprise reform; in order to improve employees' working
satisfaction, it is planned to carry out special training on employees' mental health and physical health care. Carry
out continuing education and training for professional and technical personnel. Carry out various training
activities such as special education and incorruption education in cooperation with the party and the masses,
supervision and examination, etc.
4.Outsourcing situation
□ Applicable √ No Applicable
X. Specification of profit distribution and capitalizing of common reserves
Formulation, implementation or adjustment of the profit distribution policy, especially the cash dividend policy
during the reporting period
□Applicable √ Not applicable
During the reporting period, the Company made a profit and the profit available to shareholders of the parent
company was positive, but no cash dividend distribution plan was put forward.
□ Applicable √ Not applicable
Profit distribution and capitalization of capital reserve during the reporting period
√ Applicable □ Not applicable
Bonus shares for every ten shares(Shares) 0
Cash dividend for every ten shares (Yuan)(Tax-included) 5.23
A total number of shares as the distribution basis(shares) 2,090,806,126
Cash dividend amount (yuan, including tax 1,093,491,603.90
Other means (such as repurchase of shares) cash dividend
0.00
amount (yuan)
Total cash dividend (yuan, including tax) 1,093,491,603.90
Distributable profit (yuan) 5,647,838,088.10
The proportion of the total cash dividend (including other
100%
means) in the total profit distribution
Proportion of cash dividend in the distributable profit
The Company is in a fast growth stage, there for the cash dividend will reach 80% of the profit distribution at least. Cash dividend
distribution policy.
Details of profit distribution or reserve capitalization Preplan
1. Limited to 10% of the registered capital of the Parent company, the net profit of the company, i.e. 163,460,199.30 yuan, is to be
allocated for statutory common reserve fund；
2.The profit for 2024 is to be distributed as follows: 1,093,491,603.90 yuan. is to be allocated as the fund for dividend distribution
for 2024. with the total shares at the end of 2024, i.e., 2,090,806,126 shares, as the base, cash dividend of 5.23 yuan (including
tax) is to be distributed for every 10 shares .The remaining undistributed profits are to be carried forward to the next year. The
foreign exchange translation of the cash dividends for shareholders holding B share and overseas corporate shares will be
determined according to HKD:RMB bank’s Middle rate quoted by People’s Bank of China on the first working day after 2024
annual shareholders’ general meeting makes resolution on dividend distribution.
62
2024 Annual Report
XI. Implementation Situation of Stock Incentive Plan of the Company, Employee Stock Ownership Plan
or Other Employee Incentive Measures
□Applicable √ Not applicable
None
XII. Construction and implementation of internal control system during the reporting period
1. Construction and implementation of internal control
The Company has established a sound corporate governance structure, with clear responsibilities of general
meeting of shareholders, Board of Directors, Board of Supervisors and management, established corporate
governance rules centered by the Articles of Association, rules of procedure of general meeting of shareholders,
Board of Supervisors, Board of Directors and specialized committees there under, standardized operation of
general meeting of shareholders, Board of Directors and Board of Supervisors, held and convened relevant
meetings in accordance with the provisions of the Company Law and the Articles of Association, and reached legal
and valid resolutions. The general meeting of shareholders is the highest authority of the Company; the Board of
Supervisors is responsible for the general meeting of shareholders, and the supervision of directors and
management to perform their duties according to law is sound and effective. The Board of Directors shall be
responsible to the general meeting of shareholders and exercise the business decision-making power according to
law. It is provided with an Audit Committee, the independent directors meet the quorum, and the decision-making
procedures and management rules of procedure of the Board of Directors are scientific and transparent; the
management is efficient and rigorous in implementing the resolutions of the Board of Directors.
The Company has set up 10 functional departments, including Investment Development Department, Human
Resources Department, Financial Management Department, Infrastructure Management Department, Operation
and Management Department, Discipline Inspection and Audit Department, Securities Affairs Department,
Comprehensive Affairs Department, Legal Affairs Department and Party and Mass Work Department. The
distribution of powers and responsibilities and business processes of all functional departments are clear and
reasonable, forming a working mechanism of duty performance, responsibility shouldering, mutual restriction and
coordination. The Company has established a perfect control system for parent-subsidiary companies, and formed
a sound internal control system for each subsidiary company. Meanwhile, the Company has established and
improved rules and regulations related to risk assessment, fraud risk control, information and communication, and
maintained effective internal control.
The Company has set up an Audit Committee under the Board of Directors to supervise the effective
implementation of the Company's internal control and self-evaluation of internal control. The Company has set up
the Discipline Inspection and Audit Department, which is responsible for supervising the establishment and
operation of the Company's internal control system, evaluating the Company's risk control and evaluating the
effectiveness of the Company's internal control. It has defined the standards of internal control defect
identification, rectification procedures and internal control self-evaluation procedures, and formed an effective
internal control supervision system.
2.Details of major internal control defects found during the reporting period
□ Yes √ No
XIII. Management and control of the Company's subsidiaries during the reporting period
□Applicable √ Not applicable
63
2024 Annual Report
XIV. Internal control self-evaluation report or internal control audit report
1.Self-evaluation report on internal control
Disclosure date of appraisal report on
March 4,,2025
internal control
Disclosure index of appraisal report on
www.cninfo.com.cn
internal control
The ratio of the total assets of units
included in the scope of evaluation
accounting for the total assets on the 100.00%
company's consolidated financial
statements
The ratio of the operating income of
units included in the scope of evaluation
accounting for the operating income on 100.00%
the company's consolidated financial
statements
Standards of Defects Evaluation
Type Financial Report Non-financial Report
The qualitative criteria for the evaluation The qualitative criteria for the evaluation
of internal control deficiencies in of internal control deficiencies in non-
financial reports confirmed by the financial reports confirmed by the
Company is as follows: The following Company is as follows: Material
situations (including but not limited to) deficiencies: serious violations and being
shall be deemed as “material sentenced to heavy fines or need taking
deficiencies” in the internal control of criminal responsibility; utterly disregard
the financial report. (1) There are major the rules of law, illegal behaviors in the
frauds made by the directors, or operation and management are
supervisors, or senior management particularly severe and the circumstance
personnel in the company’s management is very bad, which leads to the
activities; (2)There are material suspension or cessation to the company's
misstatements in the current financial daily operation and management
Qualitative standard
report but the internal control failed to activities, and leads to the audit report
find the misstatements during its with a disclaimer of opinion or a
operation; (3) The supervisions made by negative opinion issued by the CPA; the
the company's audit committee and the negative news spread all over the
internal audit organization on the internal country, which caused severe damage to
control are invalid; (4) The control the company’s reputation; resulted in
environment is invalid; (5)The material decease of a number of workers or
deficiencies found and reported to the citizens, or resulted in damages that are
management but are not corrected within unable to recover to workers or citizens;
a reasonable time; (6)There is an reached the circumstance(grade II) of
administrative punishment from the major environmental event. Significant
securities regulatory deficiencies: illegal and being punished;
institution due to accounting errors. disregard the requirements of the
64
2024 Annual Report
The following situations (including but company’s management system and the
not limited to) shall be deemed as relevant rules of law, there are illegal
“significant deficiencies” in the internal acts of using the authority to seek illegal
control of the financial report and interests in the work, which significantly
there are intense signs for the situations affect the efficiency and the result of
becoming “material deficiencies”: (1) daily operation and management
Frauds made by staff in key positions; activities and lead to the audit report with
(2)The supervisory function on qualified opinion issued by the CPA; the
compliance is invalid, and the violations negative news spread in a region, which
of regulations may have a significant caused the large-extent damage to the
impact on the reliability of the financial company’s reputation; resulted in
report; (3)The significant deficiencies decease of a worker or a citizen, or
reported to the management but are not resulted in damages that need long time
corrected within a reasonable period. to recover to workers or citizens;
The following situations (including but reached the circumstance(grade Ⅲ) of
not limited to) shall be deemed as big environmental event. General
“general deficiencies” in the internal deficiencies: minor violations; the
control of the financial report. (1) Frauds awareness of management under in
made by staff in non key positions, or compliance with laws and regulations is
business operators execute the weak, lacking of business and
implementation procedures not strictly management knowledge, and there are
conforming to the company’s policy but phenomena such as being slack in
resulted in no significant impact on the performing management duties, being
reliability of the financial report. (2)The passive and poorly execute the institution
supervisory function on compliance is in the work, which shall affect the
invalid, and the violations of regulations efficiency and the result of daily
may not have a significant impact on the operation and management activities and
reliability of the financial report; (3)The lead to small effects to the company’s
general deficiencies reported to the management goal; the negative news
management but are not corrected within spread within the company, which
a reasonable period. caused the little-extent damage to the
company’s
reputation; shortly affected the health of
the workers or citizens and the workers
or citizens can be recovered in a short
time; reached the circumstance(grade Ⅳ)
of general environmental event.
The qualitative criteria for the evaluation The qualitative criteria for the evaluation
of internal control deficiencies in of internal control deficiencies in
financial reports confirmed by the financial reports confirmed by the
Standards of Quantization Company is as follows: Material Company is as follows: Material
deficiencies: potential misstatement≧ deficiencies: potential misstatement≧
1% of the total amount of the 1% of the total amount of the
owner’s equity or RMB 200 million; owner’s equity or RMB 200 million;
65
2024 Annual Report
significant deficiencies: 0.5% of the total significant deficiencies: 0.5% of the total
amount of the owner’s equity or RMB amount of the owner’s equity or RMB
100 million≤potential misstatement＜1% 100 million≤potential misstatement＜1%
of the total amount of the owner’s equity of the total amount of the owner’s equity
or RMB 200 million; general or RMB 200 million; general
deficiencies: potential misstatement＜ deficiencies: potential misstatement＜
0.5% of the total amount of the owner’s 0.5% of the total amount of the owner’s
equity or RMB 100 million Standards of equity or RMB 100 million Standards of
Quantization Quantization
Number of major defects in financial
0
reporting（a）
Number of major defects in non financial
0
reporting (a)
Number of important defects in financial
0
reporting（a）
Number of important defects in non
0
financial reporting（a）
2. Internal Control audit report
√ Applicable □Not applicable
Review opinions in the internal control audit report
In our opinion, Guangdong Expressway has maintained effective financial report internal control in all material aspects according
to the basic standards for Enterprise internal control and relevant regulations ended December 31, 2024.
Disclosure of internal audit report Disclosure
Disclosure date of audit report
March 4,,2025
of internal control
Disclosure index of audit report
www.cninfo.com.cn
of internal control (full-text)
Internal audit report’s opinion Unqualified audit opinion
Non-financial reporting has material deficiencies No
Has the CPAs issued a qualified auditor’s report of internal control .
□ Yes √No
Does the internal control audit report issued by the CPAs agree with the self-assessment report of the Board of
Directors
√Yes □No
XV. Rectification of self-examination problems in special governance actions of listed companies
None.
66
2024 Annual Report
V. Environmental & Social Responsibility
I. 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.
Measures and effects taken to reduce its carbon emissions during the reporting period
□Applicable √ Not applicable
Reasons for not disclosing other environmental information
None
II. Social responsibilities
For details of CSR work, please refer to the "2024 Environmental, Social and Governance (ESG) Report of
Guangdong Provincial Expressway Development Co., Ltd" disclosed on Cninfo Information Network
(www.cninfo.com.cn) on March 4, 2025
III. Consolidate and expand the achievements of poverty alleviation and rural revitalization
None
67
2024 Annual Report
VI. Important Events
I. Commitments to fulfill the situation
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
commitment Period of commitment Fulfillment
Commitment Commitment maker Type Contents
1. The explanations, commitment and
information provided by the Company for this
transaction are authentic, accurate and complete,
and there are no false records, misleading
statements or major omissions. 2. The
information provided by the Company to the
Commitment on intermediaries that provide professional services
authenticity, such as auditing, evaluation, legal and financial
Commitment November
Guangdong accuracy and consulting for this transaction is authentic, Normal
on share 25, Permanently effective
Expressway completeness of accurate and complete original written performance
reform 2020
the information information or duplicate information, and the
provided duplicate or photocopy of the information is
consistent with its original information or
original copy; The signatures and seals of all
documents are authentic, and the legal
procedures required for signing and sealing have
been fulfilled and legal authorization has been
obtained; There are no false records, misleading
68
2024 Annual Report
Time of making
commitment Period of commitment Fulfillment
Commitment Commitment maker Type Contents
statements or major omissions. 3. The Company
guarantees that it will provide timely
information about this transaction in accordance
with relevant laws and regulations, relevant
regulations of China Securities Regulatory
Commission and Shenzhen Stock Exchange,
ensure the authenticity, accuracy and
completeness of such information, and
guarantee that there are no false records,
misleading statements or major omissions. 4.
The Company shall bear individual and joint
legal responsibilities for the authenticity,
accuracy and completeness of the information
provided or disclosed for this exchange. In case
of any loss caused to investors due to violation
of the above commitments, the Company will
bear corresponding liability for compensation
according to law.
1. The explanations, commitment and
All directors, Commitment on information provided by the Promisee for this
supervisors and senior authenticity, transaction are authentic, accurate and complete,
Commitment November
management accuracy and and there are no false records, misleading Normal
on share 25, Permanently effective
personnel of completeness of statements or major omissions. 2. The performance
reform 2020
Guangdong the information information provided by the Promisee to the
Expressway provided intermediaries that provide professional services
such as auditing, evaluation, legal and financial
69
2024 Annual Report
Time of making
commitment Period of commitment Fulfillment
Commitment Commitment maker Type Contents
consulting for this transaction is authentic,
accurate and complete original written
information or duplicate information, and the
duplicate or photocopy of the information is
consistent with its original information or
original copy; The signatures and seals of all
documents are authentic, and the legal
procedures required for signing and sealing have
been fulfilled and legal authorization has been
obtained; There are no false records, misleading
statements or major omissions. 3. The Promisee
guarantees that it will provide timely
information about this transaction in accordance
with relevant laws and regulations, relevant
regulations of China Securities Regulatory
Commission and Shenzhen Stock Exchange,
ensure the authenticity, accuracy and
completeness of such information, and
guarantee that there are no false records,
misleading statements or major omissions. 4. If
this transaction is suspected of false records,
misleading statements or major omissions in the
information provided or disclosed, and is put on
file for investigation by judicial organs or by
China Securities Regulatory Commission, the
transfer of its shares with interests in the listed
70
2024 Annual Report
Time of making
commitment Period of commitment Fulfillment
Commitment Commitment maker Type Contents
company will be suspended until the
investigation conclusion of the case is obtained.
5. The Promisee shall bear individual and joint
legal responsibilities for the authenticity,
accuracy and completeness of the information
provided or disclosed for this exchange. In case
of any loss caused to investors due to violation
of the above commitments, the Promisee will
bear corresponding liability for compensation
according to law.
1. I promise not to transfer benefits to other
units or individuals without compensation or
under unfair conditions, nor to damage the
interests of the Company by other means. 2. I
promise to restrain my job consumption
All directors, behavior. 3. I promise not to use the assets of
supervisors and senior Commitment on the Company to engage in any investment and
Commitment November
management filling measures to consumption activities unrelated to my duties. 4. Normal
on share 25, Permanently effective
personnel of dilute immediate I promise that the salary system formulated by performance
reform 2020
Guangdong reward the Board of Directors or the Remuneration
Expressway Committee of Guangdong Expressway will be
linked with the implementation of the reward
filling measures of Guangdong Expressway. 5.
If Guangdong Expressway plans to implement
equity incentive, I promise that the exercise
conditions of equity incentive of Guangdong
71
2024 Annual Report
Time of making
commitment Period of commitment Fulfillment
Commitment Commitment maker Type Contents
Expressway to be announced will be linked with
the implementation of the reward filling
measures. 6. In case of any loss caused to
Guangdong Expressway or its shareholders due
to violation of the above commitments or refusal
to perform the above commitments, I will bear
corresponding compensation responsibilities
according to law.
1. The Company and its holding subsidiaries
will not use the controlling shareholder's
holding relationship with Guangdong
Expressway to conduct business activities that
harm the legitimate rights and interests of
Guangdong Expressway, its minority
shareholders and its holding subsidiaries. 2. The
This letter of commitment is valid from
Guangdong Commitment on Company and its holding subsidiaries will not
Commitment the date of signing to the date when the
Provincial Freeway avoiding use the information obtained from Guangdong Normal
on share June 26,2015 Provincial Expressway is no longer
Co.,Ltd. horizontal Expressway and its holding subsidiaries to performance
reform controlled by the controlling shareholder
competition engage in the main business competing with
of Guangdong Expressway
Guangdong Expressway or its holding
subsidiaries, and will not engage in any acts or
activities that damage or may damage the
legitimate rights and interests of Guangdong
Expressway, its minority shareholders and its
holding subsidiaries. 3. If the Company and its
holding subsidiaries transfer any toll roads,
72
2024 Annual Report
Time of making
commitment Period of commitment Fulfillment
Commitment Commitment maker Type Contents
bridges, tunnels and related ancillary facilities or
rights invested or managed by the Company to a
company other than Guangdong
Communications Group Co., Ltd. and the
company directly or indirectly controlled by it,
Guangdong Expressway will be entitled to the
preemptive right under the same conditions,
unless the transferee is explicitly designated by
the relevant government authorities under the
premise permitted by relevant laws and
regulations. 4. In the future, if the Company and
its holding subsidiaries invest in the
construction of expressways parallel to or in the
same direction within 20 km from each side of
the expressway controlled by Guangdong
Expressway, Guangdong Expressway will enjoy
the priority of investment over Guangdong
Communications Group Co., Ltd. and its
directly or indirectly controlled companies
except Guangdong Expressway and its holding
subsidiaries, except for the projects whose
investment entities are clearly designated by the
relevant government authorities under the
premise permitted by relevant laws and
regulations.
Normal
Commitment Guangdong Commitment on The Company will not damage the June 26,2015 This letter of commitment is valid from
performance
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Time of making
commitment Period of commitment Fulfillment
Commitment Commitment maker Type Contents
on share Provincial Freeway maintaining the independence of Guangdong Expressway due to the date of signing to the date when the
reform
Co.,Ltd. independence of the increase of shares held by the Company after Provincial Expressway is no longer
listed companies the completion of this major asset restructuring, controlled by the controlling shareholder
and will continue to maintain the principle of of Guangdong Expressway
separation from Guangdong Expressway in
terms of assets, personnel, finance, organization
and business, and strictly abide by the relevant
regulations of China Securities Regulatory
Commission on the independence of listed
companies, and will not use Guangdong
Expressway to provide guarantees, nor occupy
Guangdong Expressway funds illegally, so as to
maintain and protect the independence of
Guangdong Expressway and protect the
legitimate rights and interests of other
shareholders of Guangdong Expressway.
1. After the completion of this major asset
restructuring, the Company and the companies
directly or indirectly controlled by the Company
Commitment on This letter of commitment is valid from
Guangdong and other related parties will try to avoid related
Commitment reducing and the date of signing to the date when the
Provincial Freeway transactions with Guangdong Expressway and June 26, Normal
on share standardizing Provincial Expressway is no longer
Co.,Ltd. its holding subsidiaries; Related transactions 2015 performance
reform related controlled by the controlling shareholder
that are really necessary and unavoidable are
transactions of Guangdong Expressway
carried out in accordance with the principles of
fairness, equity and compensation of equal
value. The transaction price is determined at a
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Commitment Commitment maker Type Contents
reasonable price recognized by the market. The
transaction approval procedures and information
disclosure obligations are performed in
accordance with relevant laws, regulations and
normative documents, and the interests of
Guangdong Expressway and its minority
shareholders are effectively protected. 2. The
Company guarantees to exercise shareholders'
rights and fulfill shareholders' obligations in
strict accordance with relevant laws and
regulations, rules and normative documents
promulgated by China Securities Regulatory
Commission, business rules promulgated by
Shenzhen Stock Exchange and Articles of
Association of Guangdong Provincial
Expressway Development Co., Ltd., and it will
not use the controlling position of Guangdong
Expressway's controlling shareholders to seek
improper benefits or damage the legitimate
rights and interests of Guangdong Expressway
and its minority shareholders.
Commitment on 1. The information involved in the explanations
Guangdong
Commitment authenticity, and commitment provided by the Company for November
Provincial Freeway Normal
on share accuracy and this transaction are authentic, accurate and 25, Permanently effective
Co.,Ltd. performance
reform completeness of complete, and there are no false records, 2020
the information misleading statements or major omissions. 2.
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Commitment Commitment maker Type Contents
provided The information provided by the Company to
the intermediaries that provide professional
services such as auditing, evaluation, legal and
financial consulting for this transaction is
authentic, accurate and complete original
written information or duplicate information,
and the duplicate or photocopy of the
information is consistent with its original
information or original copy; The signatures and
seals of all documents are authentic, and the
legal procedures required for signing and
sealing have been fulfilled and legal
authorization has been obtained; There are no
false records, misleading statements or major
omissions. 3. The Company guarantees that it
will provide timely information about this
transaction in accordance with relevant laws and
regulations, relevant regulations of China
Securities Regulatory Commission and
Shenzhen Stock Exchange, ensure the
authenticity, accuracy and completeness of such
information, and guarantee that there are no
false records, misleading statements or major
omissions.
Commitment Guangdong Commitment on The Company and the companies directly or June 18, This letter of commitment is valid from
Normal
on share the date of signing to the date when the
Communications maintaining the indirectly controlled by the Company except 2015 performance
reform Provincial Expressway is no longer
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Commitment Commitment maker Type Contents
Group independence of Guangdong Expressway and its holding controlled by the controlling shareholder
of Guangdong Expressway
listed companies subsidiaries will not damage the independence
of Guangdong Expressway due to the increase
in the shares of Guangdong Expressway held by
the Company and the companies directly or
indirectly controlled by the Company except
Guangdong Expressway and its holding
subsidiaries after the completion of this major
asset restructuring, and will continue to maintain
the principle of separation from Guangdong
Expressway in terms of assets, personnel,
finance, organization and business, and strictly
abide by the relevant regulations of China
Securities Regulatory Commission on the
independence of listed companies, and will not
use Guangdong Expressway to provide
guarantees, nor occupy Guangdong Expressway
funds illegally, so as to maintain and protect the
independence of Guangdong Expressway and
protect the legitimate rights and interests of
other shareholders of Guangdong Expressway.
1. The Company and the companies directly or This letter of commitment is valid from
Commitment on
Commitment Guangdong indirectly controlled by the Company except the date of signing to the date when the
avoiding Normal
on share Communications Guangdong Expressway and its holding June 26,2015 Provincial Expressway is no longer
horizontal performance
reform Group subsidiaries will not use the controlling controlled by the controlling shareholder
competition
shareholder's holding relationship with of Guangdong Expressway
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Commitment Commitment maker Type Contents
Guangdong Expressway to conduct business
activities that harm the legitimate rights and
interests of Guangdong Expressway, its
minority shareholders and its holding
subsidiaries. 2. The Company and the
companies directly or indirectly controlled by
the Company except Guangdong Expressway
and its holding subsidiaries will not use the
information obtained from Guangdong
Expressway and its holding subsidiaries to
engage in the main business competing with
Guangdong Expressway or its holding
subsidiaries, and will not engage in any acts or
activities that damage or may damage the
legitimate rights and interests of Guangdong
Expressway, its minority shareholders and its
holding subsidiaries. 3. If the Company and
other companies directly or indirectly controlled
by the Company except Guangdong Expressway
and its holding subsidiaries transfer any toll
roads, bridges, tunnels and related ancillary
facilities or interests invested or managed by the
Company to companies other than the Company
directly or indirectly controlled by the
Company, Guangdong Expressway shall be
entitled to the preemptive right under the same
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Commitment Commitment maker Type Contents
conditions, unless the transferee is explicitly
designated by the relevant government
authorities under the premise permitted by
relevant laws and regulations. 4. In the future, if
the Company and the companies directly or
indirectly controlled by the Company except
Guangdong Expressway and its holding
subsidiaries invest in the construction of
expressways parallel to or in the same direction
within 20 km from each side of the expressway
controlled by Guangdong Expressway,
Guangdong Expressway will be entitled to the
priority investment right compared with the
Company and the companies directly or
indirectly controlled by the Company except
Guangdong Expressway and its holding
subsidiaries, except for the projects whose
investment entities are clearly designated by the
relevant government authorities under the
premise permitted by relevant laws and
regulations.
Commitment on 1. After the completion of this major asset This letter of commitment is valid from
Commitment Guangdong reducing and restructuring, the Company and other companies the date of signing to the date when the
Normal
on share Communications standardizing and other related parties directly or indirectly June 18,2015 Provincial Expressway is no longer
performance
reform Group related controlled by the Company except Guangdong controlled by the controlling shareholder
transactions Expressway and its holding subsidiaries will try of Guangdong Expressway
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Commitment Commitment maker Type Contents
to avoid related transactions with Guangdong
Expressway and its holding subsidiaries;
Related transactions that are really necessary
and unavoidable are carried out in accordance
with the principles of fairness, equity and
compensation of equal value. The transaction
price is determined at a reasonable price
recognized by the market. The transaction
approval procedures and information disclosure
obligations are performed in accordance with
relevant laws, regulations and normative
documents, and the interests of Guangdong
Expressway and its minority shareholders are
effectively protected. 2. The Company
guarantees to exercise shareholders' rights and
fulfill shareholders' obligations in strict
accordance with relevant laws and regulations,
rules and normative documents promulgated by
China Securities Regulatory Commission,
business rules promulgated by Shenzhen Stock
Exchange and Articles of Association of
Guangdong Provincial Expressway
Development Co., Ltd., and it will not use the
controlling position of controlling shareholders
to seek improper benefits or damage the
legitimate rights and interests of Guangdong
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Commitment Commitment maker Type Contents
Expressway and its minority shareholders.
1. The explanations, commitment and
information provided by the Company for this
transaction are authentic, accurate and complete,
and there are no false records, misleading
statements or major omissions. 2. The
information provided by the Company to the
intermediaries that provide professional services
such as auditing, evaluation, legal and financial
consulting for this transaction is authentic,
Commitment on accurate and complete original written
authenticity, information or duplicate information, and the
Commitment Guangdong November
accuracy and duplicate or photocopy of the information is Normal
on share Communications 25, Permanently effective
completeness of consistent with its original information or performance
reform Group 2020
the information original copy; The signatures and seals of all
provided documents are authentic, and the legal
procedures required for signing and sealing have
been fulfilled and legal authorization has been
obtained; The validity of the originals of each
document has not been revoked within its
validity period, and such originals are held by
their respective legal holders up to now; There
are no false records, misleading statements or
major omissions. 3. The Company guarantees
that if there are false records, misleading
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Time of making
commitment Period of commitment Fulfillment
Commitment Commitment maker Type Contents
statements or major omissions in the
information provided or disclosed for this
transaction, which are filed for investigation by
judicial organs or filed for investigation by
China Securities Regulatory Commission,
before the investigation conclusion is revealed,
the Company promises to suspend the transfer
of shares with interests in Guangdong
Expressway, and submit the written application
for suspension of transfer and the stock account
to the Board of Directors of Guangdong
Expressway within two trading days after
receiving the notice of filing inspection, and the
Board of Directors of Guangdong Expressway
will apply for locking on behalf of the Company
to the stock exchange and the registration and
clearing company; If the application for locking
is not submitted within two trading days, the
Board of Directors of Guangdong Expressway is
authorized to directly submit the identity
information and account information of the
Company to the stock exchange and the
registration and clearing company after
verification and apply for locking; If the Board
of Directors of Guangdong Expressway fails to
submit the Company's identity information and
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Time of making
commitment Period of commitment Fulfillment
Commitment Commitment maker Type Contents
account information to the stock exchange and
the registration and clearing company, the stock
exchange and the registration and clearing
company are authorized to directly lock the
relevant shares. If the investigation results show
that there are violations of laws and regulations,
the Company promises to lock in shares and use
them voluntarily for compensation arrangements
of relevant investors. 4. The Company shall bear
individual and joint legal responsibilities for the
authenticity, accuracy and completeness of the
information provided or disclosed for this
exchange. In case of any loss caused to
Guangdong Expressway or investors due to
violation of the above commitments, the
Company will bear corresponding liability for
compensation according to law.
1. It will not interfere with the business
activities of Guangdong Expressway beyond
authority, and will not encroach on the interests
Commitment on
Commitment Guangdong of Guangdong Expressway. 2. In case of any November
fulfilling filling Normal
on share Communications loss caused to Guangdong Expressway or 25, Permanently effective
measures to dilute performance
reform Group investors due to violation of the above 2020
immediate reward
commitments, the Company will bear
corresponding liability for compensation
according to law.
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Commitment Commitment maker Type Contents
1. The land occupied and used by Guangzhou-
Huizhou Expressway with a total area of
3,732,185.08 square meters has not yet obtained
the ownership certificate. The Company
undertakes that: (1) The ownership of the land
use right of the above-mentioned land is clear
with no dispute, and Guangzhou-Huizhou
Expressway can legally occupy and use the
above-mentioned land; (2) Guangzhou-Huizhou
Expressway will continue to effectively occupy
and use the relevant land before the ownership
Commitment on certificate is obtained, and will not be materially
Commitment Guangdong November
land and real adversely affected thereby; (3) After the Normal
on share Communications 25, Permanently effective
estate of Guanghui completion of this transaction, if Guangdong performance
reform Group 2020
Expressway Expressway suffers losses as a shareholder of
Guangzhou-Huizhou Expressway, for losses
suffered because Guangzhou-Huizhou
Expressway occupies and uses the above-
mentioned land without ownership certificate, or
engages in engineering construction on such
land, the Company will bear the actual losses
suffered by Guangdong Expressway. 2. The
land occupied and used by Guangzhou-Huizhou
Expressway with a total area of 12,324,867.92
square meters is currently registered under the
name of Guangdong Changda Highway
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Time of making
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Commitment Commitment maker Type Contents
Engineering Co., Ltd. (now renamed as "Poly
Changda Engineering Co., Ltd.", hereinafter
referred to as "Changda Company"), of which
8,799,336.79 square meters of land has obtained
the ownership certificate, and the other
3,525,531.13 square meters of land has not yet
obtained the ownership certificate. The
Company promises that after the completion of
this transaction, if Guangdong Expressway
suffers losses as a shareholder of Guangzhou-
Huizhou Expressway and because Guanghui
Expressway occupies and uses the land
registered under the name of Changda
Company, the Company will bear the actual
losses suffered by Guangdong Expressway. 3.
The property ownership certificate has not been
obtained for the property with a total area of
72,364.655 square meters occupied and used by
Guangzhou-Huizhou Expressway. The
Company promises that: (1) The ownership of
the above-mentioned property without
ownership certificate currently used by
Guanghui Expressway is clear with no dispute,
and Guangzhou-Huizhou Expressway can
legally occupy and use the above-mentioned
property; (2) Guangzhou-Huizhou Expressway
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Commitment Commitment maker Type Contents
will continue to effectively occupy and use the
above-mentioned property before the property
ownership certificate is obtained, and will not be
materially adversely affected; (3) After the
completion of this transaction, if Guangdong
Expressway suffers losses as a shareholder of
Guangzhou-Huizhou Expressway and because
Guangzhou-Huizhou Expressway occupies and
uses the above-mentioned property without
relevant property ownership certificate, the
Company will bear the actual losses suffered by
Guangdong Expressway.
1. The explanations, commitment and
information provided by the Company for this
transaction are authentic, accurate and complete,
and there are no false records, misleading
Commitment on statements or major omissions. 2. The
authenticity, information provided by the Company to the
Commitment November
Guangdong Guanghui accuracy and intermediaries that provide professional services Normal
on share 25, Permanently effective
Expressway Co., Ltd. completeness of such as auditing, evaluation, legal and financial performance
reform 2020
the information consulting for this transaction is authentic,
provided accurate and complete original written
information or duplicate information, and the
duplicate or photocopy of the information is
consistent with its original information or
original copy; The signatures and seals of all
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Time of making
commitment Period of commitment Fulfillment
Commitment Commitment maker Type Contents
documents are authentic, and the legal
procedures required for signing and sealing have
been fulfilled and legal authorization has been
obtained; There are no false records, misleading
statements or major omissions. 3. The Company
guarantees that it will provide timely
information about this transaction in accordance
with relevant laws and regulations, relevant
regulations of China Securities Regulatory
Commission and Shenzhen Stock Exchange,
ensure the authenticity, accuracy and
completeness of such information, and
guarantee that there are no false records,
misleading statements or major omissions. 4.
The Company shall bear individual and joint
legal responsibilities for the authenticity,
accuracy and completeness of the information
provided or disclosed for this exchange. In case
of any loss caused to investors due to violation
of the above commitments, the Company will
bear corresponding liability for compensation
according to law.
In order to promote the smooth progress of the It continued to push forward the progress
Commitment Guangdong
issue of shares, the cash purchase of assets and of accreditation, and completed the Normal
on share Communication Other commitment April 27,2019
the raising of matching funds (hereinafter registration procedures of relevant land performance
reform Group Co., Ltd
referred to as "the major asset restructuring") and real estate ownership within three
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Time of making
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Commitment Commitment maker Type Contents
approved by Guangdong Expressway years after the relevant policies were clear
Development Co., Ltd. at its second and the relevant land and real estate met
extraordinary shareholders' meeting in 2015, the conditions for handling the
with regard to all the land and real estate registration procedures of ownership, in
(hereinafter referred to as "relevant land and real accordance with the relevant laws and
estate") owned by Guangdong Fokai regulations and the requirements of the
Expressway Co., Ltd. (hereinafter referred to as competent government departments
"Fokai Company") and Jingzhu Expressway
Guangzhu Section Co., Ltd. (hereinafter referred
to as "Guangzhu East Company") without
ownership certificates (hereinafter referred to as
"relevant land and real estate") disclosed in the
report of Guangdong Expressway Development
Co., Ltd. on issuing shares and paying cash to
purchase assets and raising matching funds and
related transactions, the company undertook to
urge Fokai Company and Guangzhu East
Company to go through the ownership
registration formalities according to the
following plan under the condition that it is
conducive to safeguarding the rights and
interests of listed companies; Continued to push
forward the progress of accreditation, and
completed the registration procedures of
relevant land and real estate ownership within
three years after the relevant policies were clear
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Commitment Commitment maker Type Contents
and the relevant land and real estate met the
conditions for handling the registration
procedures of ownership, in accordance with the
relevant laws and regulations and the
requirements of the competent government
departments.
The predicted net profit of Guangdong
Guanghui Expressway Co., Ltd. after deducting
non-recurring gains and losses in 2020, 2021
and 2022 (hereinafter referred to as "predicted
net profit") is RMB 652,477,500, RMB
1,112,587,300 and RMB 1,234,200,900
Guangdong
Commitment respectively. According to the special audit November
Provincial Freeway Performance Normal
on share opinion issued by the accounting firm, if the 25, 2020-2022
Co.,Ltd. commitment performance
reform accumulated realized net profit of Guangdong 2020
Guangzhou-Huizhou Expressway Co., Ltd. at
the end of any fiscal year does not reach the
accumulated predicted net profit within the
compensation period, Guangdong Provincial
Freeway Co.,Ltd. will compensate in cash as
agreed.
The proposal on change of performance
Guangdong
Commitment commitment of the major asset restructuring
Provincial Freeway Performance August Normal
on share project in 2020 and signing the supplementary 2020-2023
Co.,Ltd. commitment 23,2023 performance
reform agreement to the profit compensation agreement
was reviewed in approved in the Company's
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Time of making
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Commitment Commitment maker Type Contents
first extraordinary general meeting of
shareholders in 2023, agreed to change the
performance commitment of the major asset
restructuring project in 2020, and agreed the
Company to sign the "Supplementary
Agreement to the Profit Compensation
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)
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2024 Annual Report
2.The existence of the company's assets or projects earnings forecasts and earnings reporting period is
still in the forecast period, the company has assets or projects meet the original profit forecast made and
the reasons explained
□Applicable Not applicable
II. Particulars about the non-operating occupation of funds by the controlling shareholder
□ Applicable √ Not applicable
None
III. Illegal provision of guarantees for external parties
□ Applicable √ Not applicable
None
IV. Explanation of the Board of Directors on the latest "Non-standard Audit Report"
□ Applicable √ Not applicable
V. Notes for “non-standard audit report” of CPAs firm during the Reporting Period by board of
directors and supervisory board
□ Applicable √ Not applicable
VI. Explain change of the accounting policy, accounting estimate and measurement methods as compared
with the financial reporting of last year.
Applicable □Applicable
(I) Changes in accounting policies
The Ministry of Finance issued Interpretation No. 17 of the Accounting Standards for Business Enterprises
on October 25, 2023 (hereinafter referred to as "Interpretation No. 17"). According to the requirements of the
Ministry of Finance, the content of "Classification of Current Liabilities and Non Current Liabilities" was
implemented from January 1, 2024. According to relevant requirements, the Company has made corresponding
changes in its accounting policies, and such accounting policy changes have not had any impact on the
Company's financial statements.
(II) Significant changes in accounting estimates
After being reviewed and approved at the 22nd (temporary) meeting of the 10th Board of Directors of the
Company, the Guangzhou-Aomen Expressway Nansha-Zhuhai Section - Zhongshan Urban Area-Zhuhai
Section was completed and opened to traffic in September 2024. The entire line is expected to be opened to
traffic by the end of 2027. The Company estimates that the approved toll period is 25 years after the entire line
is opened, so the depreciation period of the Zhongshan Urban Area-Zhuhai Section has been adjusted to
December 31, 2052. In response to the accounting estimate changes, the Company adopts the future application
method, and its impact on the accounting statement items for this year is as follows:
Affected report item name and affected amount
Fixed asset Increase by RMB 6,541,409.40
Payable taxes and fees Increase by RMB 1,635,352.35
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2024 Annual Report
Affected report item name and affected amount
Deferred income tax liability Decrease by RMB 314,226.46
Operating cost Decrease by RMB 6,541,409.40
Income tax expenses Increase by RMB1,321,125.89
Minority shareholders' equity Increase by RMB 1,305,070.88
Minority shareholders' profits and losses Increase by RMB 1,305,070.88
Net assets attributable to the parent company Increase by RMB3,915,212.63
Net profit attributable to the parent company Increase by RMB 3,915,212.63
VII.Explain change of the consolidation scope as compared with the financial reporting of last year.
□ Applicable √ Not applicable
None
VIII. Engagement/Disengagement of CPAs
CPAs currently engaged
Yong Tuo Certified Public Accountants (Special General
Name of the domestic CPAs
Partnership)
Remuneration for domestic accounting firm (Ten thousands yuan) 110.45
Successive years of the domestic CPAs offering auditing services 5 years
Name of CPA Sun Xiuqing, Huang Zhiyan
Continuous years of audit services of certified public accountants
5
of domestic public accounting firms
Name of the Overseas CPAs（If any None
Remuneration for overseas accounting firm (Ten thousands yuan)
0
（If any）
Successive years of the overseas CPAs offering auditing services
None
（If any）
Name of CPA（If any） None
Continuous years of audit services of certified public accountants
None
of overseas public accounting firms（if any）
Has the CPAs been changed in the current period
□Yes √ No
A detailed explanation of the change of employment and accounting firm
√Applicable □ Not applicable
On March 15, 2024, the "Proposal on Hiring the Internal Control Audit Agency for 2024 was approved in
the 18th meeting of the Tenth session of the board of directors, and it agreed that the Company will continue to
hire Yongtuo Accounting Firm (LLP) as the internal control auditor for 2024. The expected audit fee shall not exceed
RMB 300,000.On May 20, 2024, the "Proposal on Hiring the Internal Control Audit Agency for 2024" was
approved in the Company's 2023 Annual General Meeting of Shareholders.
IX. Situation of Facing Listing Suspension and Listing Termination after the Disclosure of the Yearly
Report
□Applicable √ Not applicable
X. Relevant Matters of Bankruptcy Reorganization
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2024 Annual Report
□Applicable √ Not applicable
None
XI. Matters of Important Lawsuit and Arbitration
□Applicable √ Not applicable
None
XII. Situation of Punishment and Rectification
□Applicable √ Not applicable
None
XIII. Credit Condition of the Company and its Controlling Shareholders and Actual Controllers
□Applicable √ Not applicable
According to the National Enterprise Credit Information Publicity System, the company's controlling
shareholder, Guangdong Communication Group Co., Ltd., has a good credit record with no records of legal
violations or administrative penalties."
XIV. Material related transactions
1. Related transactions in connection with daily operation
□Applicable √ Not applicable
None
2. Related-party transactions arising from asset acquisition or sale
□Applicable √ Not applicable
None
3. Related-party transitions with joint investments
□Applicable √ Not applicable
None
4. Credits and liabilities with related parties
□Applicable √ Not applicable
None
5. Transactions with related finance company, especially one that is controlled by the Company
√ Applicable □Not applicable
Deposit business
Related party Relationshi Maximum daily Deposi Beginning The amount of this period
p deposit t balance(RMB'00000 Total deposit Total amount is
Ending
limit(RMB'00000 interest ） amount withdrawn for this balance(RMB'00000
） rate (RMB'00000 period(RMB'00000 ）
range ） ）
Guangdong
Controlled
Communication
by the same 0.35%-
s Group 350,000 267,814.82 1,319,850.72 1,308,587.44 279,078.10
parent 2.85%
Finance Co.,
company
Ltd
Loan business
Related party Relationshi Beginning The amount of this period Ending
Loan Loant
p balance(RMB'00000 balance(RMB'00000
limit(RMB'00000 interes Total loan amount Total repayment
）
93
2024 Annual Report
） t rate ） of the current amount of the
range period(RMB'00000 current
） period(RMB'00000
）
Guangdong Controlled
Communicatio by the
2.20%
ns Group same 300,000 - 40,632.92 75,701.30 31,073.38 85,260.84
Finance Co., parent 2.70%
Ltd company
Credit extension or other financial services
Related party Relationship Business type Total Actual amount
amount(RMB'00000） incurred(RMB'00000）
Guangdong Communications Controlled by the Credit
300,000 74,000
Group Finance Co., Ltd same parent company extension
6. Transactions between the financial company controlled by the Company and related parties
□ Applicable √Not applicable
There is no deposit, loan, credit or other financial business between the financial company controlled by the
Company and related parties.
7. Other significant related-party transactions
√ Applicable □Not applicable
1. The 17th (Provisional) meeting of the 10th Board of Directors of the Company reviewed and approved the
Proposal on the Commissioned Operation and Management Contract of Guangdong Beijing-Zhuhai
Expressway Guangzhou-Zhuhai North Section in 2024-2026 signed between Guangzhou-Zhuhai East Company
and Guangzhou-Zhuhai North Section Company.Approved the signing of the "Entrusted Operation and
Management Contract for the Guangzhou-Zhuhai North Section of Guangdong Beijing-Zhuhai Expressway for
2024-2026" between the Beijing-Zhuhai Expressway Guangzhou-Zhuhai Section Co., Ltd-a holding subsidiary
and Guangdong Beijing-Zhuhai Expressway Guangzhou-Zhuhai North Section Co., Ltd., with a total contract
amount of no more than RMB 84 million.
2. The 18th (Provisional) meeting of the 10th Board of Directors of the Company reviewed and approved the
Proposal on Concerning the Company Daily Associated Transactions Predicted of 2024.Agree on the predicted
daily associated transactions for the company headquarters, wholly-owned and holding subsidiaries of 2024,The
total transaction amount does not exceed RMB 63.8115 million .
3. The 22nd (extraordinary) meeting of the 10th Board of Directors and the first extraordinary general meeting
of shareholders in 2024 have reviewed and approved the Proposal to Sign a Supplementary Agreement to the
Financial Service Agreement with Guangdong Transportation Group Finance Co., Ltd.Agreed that the
Company and Guangdong Communication Group Finance Co., Ltd. Signing a supplementary agreement to the
"Financial Services Agreement", and during the validity period of the agreement, increase the deposit limit of
Guangdong Communication Group Finance Co., Ltd., and stipulate that the total daily balance of deposits
absorbed from the Company and its affiliated enterprises shall not exceed 3.5 billion yuan.
4. The 24th (Provisional) meeting of the 10th Board of Directors of the Company reviewed and approved the
Proposal on the Guangzhu Section Company Entrusting Tongyi Company to be Responsible for the
Development and Operation of Gas Station in Zhongshan (Former Minzhong) Service Area.Agreed: 1. The
94
2024 Annual Report
Beijing Zhuhai Expressway Guangzhou Zhuhai Section Co., Ltd. entrusts Guangdong Tongyi Expressway
Service Area Co., Ltd. to be responsible for the development and operation of the gas station in the Zhongshan
(Former Minzhong) service area of the Guangzhou-Zhuhai section of the Beijing-Zhuhai Expressway; 2. The
Beijing Zhuhai Expressway Guangzhou Zhuhai Section Co., Ltd. and Guangdong Tongyi Expressway Service
Area Co., Ltd. signed a contract for the development and operation of gas station in the service area for a period
of three years (that is, from December 2024 to December 2027), and the total contract amount does not exceed
54 million 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
Announcement on Related-Party
Transactions of Subsidiary Entrusted January 31,2024 www.cninfo.com.cn
Operations
Estimates announcement of the Daily
March 16,2024 www.cninfo.com.cn
Related Party Transaction of 2024
Announcement of related party
October 25,2024 www.cninfo.com.cn
transaction
Announcement of related party
December 14,2024 www.cninfo.com.cn
transaction
XV. 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 a rental income of RMB 28,438,950.74, with the main leased
assets of 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.
3.Situation of Entrusting Others for Managing Spot Asset
(1)Situation of Entrusted Finance
95
2024 Annual Report
□ Applicable √ Not applicable
None
(2)Situation of Entrusted Loans
□ Applicable √ Not applicable
None
4. Other significant contract
□ Applicable √ Not applicable
None
XVI. Explanation on other significant events
√Applicable□ Not applicable
After being reviewed and approved at the third extraordinary general meeting of shareholders in 2020, the
Company acquired 21% equity of Guangdong Guangzhou-Huizhou Expressway Co., Ltd. held by Guangdong
Expressway Co., Ltd. in cash in 2020 (hereinafter referred to as "this transaction"). The Company has signed the
Profit Compensation Agreement between Guangdong Provincial Expressway Development Co., Ltd. and
Guangdong Expressway Co., Ltd. (hereinafter referred to as the "Profit Compensation Agreement") with
Guangdong Expressway, and Guangdong Expressway made commitments to Guangzhou-Huizhou
Expressway's net profits for the years 2020, 2021, and 2022 (hereinafter referred to as the "Performance
Commitment Period"). After being reviewed and approved at 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 Expressway
Co., Ltd. (hereinafter referred to as the "Supplementary Agreement"), with the Performance Commitment
Period adjusted to the years of 2020, 2021, and 2023.
According to the Special Audit Report on the Profit Forecast Implementation of Guangdong Guangzhou-
Huizhou Expressway Co., Ltd. (YZZ Zi (2024) No. 310039) issued by Yongtuo Certified Public Accountants
LLP (Special General Partnership) on March 15, 2024, Guangzhou-Huizhou Expressway achieved a cumulative
net profit of RMB 2,951,041,600 after deducting non recurring gains and losses in 2020, 2021 and 2023, and a
cumulative net profit of RMB 2,999,265,700 after deducting non recurring gains and losses in the performance
commitment period of 2020, 2021 and 2023, with the actual cumulative profit RMB 48,224,100 less than the
promised cumulative amount, which has triggered the provisions of Article 2.3 of the Profit Compensation
Agreement and Article 2.1 of the Supplementary Agreement, thus Guangdong Expressway had to pay
performance compensation to the Company. According to the performance commitment compensation formula
stipulated in the above agreement, the performance commitment compensation amount that the Guangdong
Expressway should pay is RMB 40,092,886.12.
As of July 2, 2024, the Company has received the above-mentioned performance commitment
compensation amount from Guangdong Expressway. Guangdong Expressway has fulfilled its performance
commitment and compensation obligations for major asset restructuring projects in 2020.
Date of
disclosing Description of the website for disclosing provisional
Description of provisional announcement
provisional announcements
announcement
Announcement on the completion of cash
2024-7-4 http://www.cninfo.com.cn
compensation for the implementation of
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2024 Annual Report
performance commitments for major asset
restructuring projects in 2020.
XVII. Significant event of subsidiary of the Company
□Applicable Not applicable
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2024 Annual Report
VII. Change of share capital and shareholding of Principal Shareholders
I. Changes in share capital
1. Changes in share capital
In shares
Before the change Increase/decrease（+，-） After the Change
Amount Proportion Capitalization of
Share Bonus
common reserve Other Subtotal Quantity Proportion
allotment shares
fund
1.Shares with
- -
conditional 438,827,545 20.99% 438,727,120 20.98%
100,425 100,425
subscription
1.State-owned shares 410,105,738 19.61% 410,105,738 19.61%
2.State-owned legal
21,712,738 1.04% 21,712,738 1.04%
person shares
3.Other domestic - -
7,009,069 0.34% 6,908,644 0.33%
shares 100,425 100,425
Including ：
- -
Domestic Legal 6,539,722 0.31% 6,402,633 0.31%
137,089 137,089
person shares
Domestic natural
469,347 0.02% 36,664 36,664 506,011 0.02%
person shares
4.Foreign shares 0 0.00% 0 0.00%
Including：Foreign
0 0.00% 0 0.00%
legal person shares
Foreign natural
0 0.00% 0 0.00%
person shares
II.Shares with
unconditional 1,651,978,581 79.01% 100,425 100,425 1,652,079,006 79.02%
subscription
1.Common shares in
1,303,329,906 62.34% -900 -900 1,303,329,006 62.34%
RMB
2.Foreign shares in
348,648,675 16.68% 101,325 101,325 348,750,000 16.68%
domestic market
3.Foreign shares in
0 0.00% 0 0.00%
foreign market
4.Other 0 0.00% 0 0.00%
III. Total of capital
2,090,806,126 100.00% 0 0 2,090,806,126 100.00%
shares
Reasons for share changed
√Applicable □Not applicable
1. During the reporting period, 137,089 shares held by "domestic legal persons" were converted into shares
held by "domestic natural persons".
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2024 Annual Report
2. During the reporting period, The
101,325"restrictedsharesheldbydomesticnaturalpersons"heldbytheresigneddirector,General Manager Mr.Wang
Chunhuawereconvertedinto"unrestrictedshares"
3.During the reporting period, the 900 shares of "shares with no restricted sale condition" held by Ms Ke
Lin, the resigned supervisor, were converted into "shares with restricted sale condition held by domestic natural
persons".
Approval of Change of Shares
□Applicable √Not applicable
Ownership transfer of share changes
□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 Date of
Shareholder Unrestricted Shares in Reason for Restricted
Restricted Restricted Restriction
Name Shares This the End of Shares
Shares Shares This Removal
Term the Term
Term
Wang Outgoing executives
101,325 0 101,325 0 July 2024
Chunhua locked up shares
Outgoing executives
Ke Lin 0 900 0 900 2026
locked up shares
Total 101,325 900 101,325 900 -- --
II. Securities issue and listing
1.Explanation of the Situation of the Security Issue(No Preferred Shares) in the Report Period
□ Applicable √ Not applicable
2.Change of asset and liability structure caused by change of total capital shares and structure
□ Applicable √ Not applicable
3.About the existing employees’ shares
□Applicable √Not applicable
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2024 Annual Report
III. Shareholders and actual controlling shareholder
1. Number of shareholders and shareholding
In Shares
Total preference
Total number of shareholders with
common The total number of preferred shareholders voting rights
Total shareholders at the end voting
shareholders at the 53,703 of the month from the date of 49,738 0 recovered at end 0
rights
end of the disclosing the annual report of last month
restored at period-end (if any)(Note 8)
reporting period before annual
report disclosed(if any)(Note8)
Particulars about shares held above 5% by shareholders or top ten shareholders(Excludes shares lent through refinancing)
Proportion of Amount of Amount of Number of share pledged/frozen
Number of shares Changes in
Shareholders Nature of shareholder shares held restricted un-restricted
held at period -end reporting period State of share Amount
（%） shares held shares held
Guangdong Communication State-owned legal
24.56% 513,485,480 0 410,105,738 103,379,742 Not applicable 0
Group Co.,Ltd person
Guangdong Highway State-owned legal
22.30% 466,325,020 0 0 0 Not applicable 0
Construction Co., Ltd, person
Shangdong Expressway
State-owned legal
Investment Development Co., 9.68% 202,429,927 -8,713,918 0 0 Not applicable 0
person
Ltd.
Guangdong Provincial State-owned legal
2.53% 52,937,491 0 19,582,228 33,355,263 Not applicable 0
Freeway Co.,Ltd. person
China Pacific Life Insurance
Co., Ltd.-China Pacific Life
Equity Dividend Product (Life
Other 1.81% 37,812,274 33,699,856 0 0 Not applicable 0
Proprietary Trading) Entrusted
Investment (Changjiang
Pension)
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2024 Annual Report
China Construction Bank Co.,
Ltd－Yinhua rich theme
Other 1.43% 30,000,000 10,378,359 0 0 Not applicable 0
hybrid securities investment
fund
HKSCC Overseas legal person 0.75% 15,632,849 -17,363,666 0 0 Not applicable 0
Xinyue Co., Ltd. Overseas legal person 0.63% 13,201,086 0 0 0 Not applicable 0
State-owned legal
Orient Securities 0.61% 12,696,113 1,492,300 0 0 Not applicable 0
person
Agricultural Bank of China
Co.,Ltd-China Post Core
Other 0.57% 12,000,000 0 0 0 Not applicable 0
Growth Mixed Securities
Investment Fund
Guangdong Communication Group Co., Ltd. is the parent company of Guangdong Highway Construction Co., Ltd.，
Strategic investor or general legal person becoming top-10 ordinary Guangdong Provincial Freeway Co.,Ltd. and Xinyue Co., Ltd., It is unknown whether there is relationship between other
shareholder due to rights issue (if any) (see note 3) shareholders and whether they are persons taking concerted action specified in the Regulations on Disclosure of
Information about Change in Shareholding of Shareholders of Listed Companies.
Related or acting-in-concert parties among shareholders above None
Above shareholders entrusting or entrusted with voting rights, or
None
waiving voting rights
Top 10 shareholders including the special account for repurchase (if
None
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 Share type
Name of the shareholder
the end of the reporting period Share type Quantity
RMB Common
Guangdong Highway Construction Co., Ltd, 466,325,020 466,325,020
shares
RMB Common
Shangdong Expressway Investment Development Co., Ltd. 202,429,927 202,429,927
shares
RMB Common
Guangdong Communication Group Co.,Ltd 103,379,742 103,379,742
shares
China Pacific Life Insurance Co., Ltd.-China Pacific Life Equity Dividend Product (Life Proprietary RMB Common
37,812,274 37,812,274
Trading) Entrusted Investment (Changjiang Pension) shares
RMB Common
Guangdong Provincial Freeway Co.,Ltd. 33,355,263 33,355,263
shares
China Construction Bank Co., Ltd－Yinhua rich theme hybrid securities investment fund 30,000,000 RMB Common 30,000,000
101
2024 Annual Report
shares
RMB Common
HKSCC 15,632,849 15,632,849
shares
Foreign shares
Xinyue Co., Ltd. 13,201,086 13,201,086
placed in domestic
RMB Common
Orient Securities 12,696,113 12,696,113
shares
RMB Common
Agricultural Bank of China Co.,Ltd-China Post Core Growth Mixed Securities Investment Fund 12,000,000 12,000,000
shares
Guangdong Communication Group Co., Ltd. is the parent company of Guangdong
Highway Construction Co., Ltd. ，Guangdong Provincial Freeway Co.,Ltd. and
Explanation on associated relationship or consistent action among the top 10 shareholders of non-restricted
Xinyue Co., Ltd. ,It is unknown whether there is relationship between other
negotiable shares and that between the top 10 shareholders of non-restricted negotiable shares and top 10
shareholders and whether they are persons taking concerted action specified in the
shareholders
Regulations on Disclosure of Information about Change in Shareholding of
Shareholders of Listed Companies.
Top 10 ordinary shareholders conducting securities margin trading (if any) (see note 4) None
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.
102
2024 Annual Report
2.Controlling shareholder
Nature of Controlling Shareholders: Local state holding
Type: Legal person
Legal Date of
Name of the Controlling shareholder Organization code Principal business activities
representative/Leader incorporation
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
Guangdong Communication Group
Deng Xiaohua June 23,2000 91440000723838552J infrastructure construction, highway and railway project operation and relevant
Co., Ltd.
industries, technological development, application, consultation and services,
highway and railway passenger and cargo transport, ship industry, relevant
overseas businesses; Value added telecommunication services.
Equity in other domestic and foreign
listed companies held by the
controlling shareholder by means of Guangdong Communication Group Co., Ltd. holds 74.12% equity of Guangdong Yueyun Traffic Co., Ltd., a company listing H shares.
control and mutual shareholding in
the reporting period
Changes of controlling shareholder in reporting period
□ Applicable √ Not applicable
No changes of controlling shareholder for the Company in reporting period.
103
2024 Annual Report
3．Information about the controlling shareholder of the Company
Actual controller nature：Local state owned assets management
Actual controller type：Legal person
Legal
Name of the actual Date of
representative Organization code Principal business activities
controller incorporation
/Leader
As an ad hoc organization
directly under the Guangdong
provincial government, it is
State-owned Assets authorized by the Guangdong
supervision and provincial government to
administration represent the Guangdong
Commission of Zhi Guangnan June 26,2004 114400007583361658 provincial government to
Guangdong perform the investor's duties
Provincial People’s for the supervised enterprises
Government in accordance with the law,
specializing in the
supervision of state-owned
assets.
Equity of other
domestic/foreign
listed As an ad hoc organization directly under the Guangdong provincial government, it is
company with share authorized by the Guangdong provincial government to represent the Guangdong
controlling and share provincial government to perform the investor's duties for the supervised enterprises in
participation by accordance with the law, specializing in the supervision of state-owned assets.
controlling
shareholder in
reporting period
Changes of controlling shareholder in reporting period
□ Applicable √ Not applicable
No changes of controlling shareholder for the Company in reporting period
Block Diagram of the ownership and control relations between the company and the actual
controller
104
2024 Annual Report
State-owned Assets Supervision
and Administration Commission
the people’s Government of
Guangdong Province
100%
Guangdong Communication
Group Co., Ltd.
Guangdong Province Guangdong Highway Guangdong Province Guangdong
Transportation Construction Co., Ltd. Expressway Co., Ltd. Xinyue Co., Ltd.
Development Co.,
Ltd
0.10% 22.30% 24.56% 2.53% 0.63%
Guangdong Provincial Expressway Development Co., Ltd
The actual controller controls the company by means of trust or managing the assets in other way
□Applicable √Not applicable
4.The cumulative number of shares pledged by the controlling shareholder or the largest
shareholder of the company and its person acting in concert accounts for 80% of the
number of shares held by the company
□Applicable √Not applicable
5.Particulars about other legal person shareholders with over 10% share held
√ Applicable □ Not applicable
Legal
Legal person Date of Register Main operation business or management
person/person in
shareholder foundation capital activities
charge of the unit
Highway, bridge, tunnel bridge, traffic
infrastructure construction, investment and
Guangdong
14.3 management, technical consulting, leasing of
Highway April
Wang Kangchen billion road construction machinery; sales of
Construction 16,1987
yuan construction materials, construction
Co., Ltd.
machinery equipment; vehicle rescue services
(operated by the branch).
6.Situation of Share Limitation Reduction of Controlling Shareholders, Actual Controllers,
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2024 Annual Report
Restructuring Party and Other Commitment Subjects
□Applicable √Not applicable
IV. Specific implementation of share repurchase during the reporting period
Progress in implementation of share repurchase
□ Applicable √Not applicable
Implementation progress of reducing repurchased shares by centralized bidding
□ Applicable √Not applicable
106
2024 Annual Report
VIII. Situation of the Preferred Shares
□Applicable √Not applicable
The Company had no preferred shares in the reporting period.
IX. Corporate Bond
I. Enterprise bond
□ Applicable √ Not applicable
No such cases in the reporting period.
II. Corporate bond
□ Applicable √ Not applicable
No such cases in the reporting period.
107
2024 Annual Report
III. Debt financing instruments of non-financial enterprises
√Applicable □ Not applicable
1.Basic information
In RMB 10,000
Bond Interest
Bond name Bond short name Bond code Issue day Value date Due day Servicing way Trading
balance rate
GuangdongProvincialExpre Due payments once a year,
sswayDevelopmentCo.,Ltd. 20 Guangdong March March March Theprincipalandthelastinstalmenti Interbank
102000367 74,989.80 3%
2020firstphasemedium- Expressway MTN001 13,2020 17,2020 17,2025 nterestarepaidinonelumpsumonthe market
termnotes redemptiondate.
Circulationandtransferinthenationalinter-
Applicabletradingmechanism bankbondmarket,itslistingandcirculationwillbecarriedoutinaccordancewiththerelevantregulationspromulgatedbytheNatio
nalInterbankFundingCenter
Overdue and unpaid bonds
□ Applicable √ Not applicable
2. Trigger and implementation of option clauses and investor protection clauses of the issuer or investor
□ Applicable √ Not applicable
3.Information of intermediary agency
Name of signing Contact person of intermediary
Name of bond project Name of intermediary agency Office Address Tel
accountant agency
20 Guangdong Expressway China Lianhe Credit Rating No.2 Jianguomenwai Street, Chaoyang 010-
No Yang Ting
MTN001 Co., Ltd. District, Beijing 85679696
Whether the above agency changes during the reporting period
□ Yes √No
4. Use of raised funds
In RMB
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2024 Annual Report
Whether it is consistent with the
Operation of special Rectification of illegal
Name of bond Total amount of Used Unused purpose, use plan and other
Agreed use of raised funds account for raised use of raised funds (if
project raised funds amount amount agreements stipulated in the
funds (if any) any)
prospectus
20 Guangdong Used to repay the issuer's
Expressway 750,000,000 existing debt and 750,000,000 0 No No Yes
MTN001 supplement working capital
The raised funds are used for construction projects
□ Applicable √ Not applicable
During the reporting period, the Company changed the use of funds raised from the above bonds
□ Applicable √ Not applicable
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2024 Annual Report
5.Adjustment of credit rating results during the reporting period
□ Applicable √ Not applicable
6 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
IV. Convertible bond
□ Applicable √ Not applicable
No such cases in the reporting period.
V. 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
VI.Overdue interest-bearing debts except bonds at the end of the reporting period
□ Applicable √ Not applicable
VII.Whether there are any violations of rules and regulations during the reporting period
□ Yes √ No
VIII. 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
Item At the end of last year
period change
Current ratio 2.71 3.22 -15.84%
Debt ratio 41.20% 41.93% -0.73%
Quickratio 2.71 3.22 -15.84%
At the same time rate of
Amount of this period Amount of last period
change
Net profit after deducting
164,457.87 170,509.98 -3.55%
non-recurring profit and loss
EBITDA total debt ratio 52.07% 56.83% -4.76%
Time interest earned ratio 12.19 12.1 0.74%
Cash interest guarantee times 16.75 17.61 -4.88%
EBITDATime interest earned
16.62 16.5 0.73%
ratio
Repayment of debt (%) 100.00% 100.00% 0.00%
Payment of interest (%) 100.00% 100.00% 0.00%
110
2024 Annual Report
X. Financial Report
I. Audit report
Type of audit opinion Standard Unqualified audit opinion
Date of signature of audit report March 3,2025
Yong Tuo Certified Public Accountants (special
Name of audit firm
general partnership)
Ausit report Number YZSZ (2025) No. 110002
Names of the Certified Public Accountants Sun Xiuqing, Huang Zhiyan
To all shareholders of Guangdong Provincial Expressway Development Co., Ltd.
I. Opinion
We have audited the financial statements of Guangdong Provincial Expressway Development Co.,
Ltd. (hereinafter referred to as "the Company"), which comprise the balance sheet as at December
31, 2024, and the income statement, the statement of cash flows and the statement of changes in
owners' equity for the year then ended and notes to the financial statements.
In our opinion, the attached financial statements are prepared, in all material respects, in
accordance with Accounting Standards for Business Enterprises and present fairly the financial
position of the Company as at December 31, 2024 and its operating results and cash flows for the
year then ended.
II. Basis for Our Opinion
We conducted our audit in accordance with the Auditing Standards for Certified Public
Accountants in China. Our responsibilities under those standards are further described in the
Auditor's Responsibilities for the Audit of the Financial Statements section of our report. According
to the Code of Ethics for Chinese CPA, we are independent of the Company in accordance with the
Code of Ethics for Chinese CPA and we have fulfilled our other ethical responsibilities in
accordance with these requirements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion.
III. Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial statements of the current period. These matters were addressed in the
context of our audit of the financial statements as a whole, and in forming our opinion thereon, and
we do not provide a separate opinion on these matters. We have identified the following items as
key audit items that need to be communicated in the audit report.
1. Item description
As stated in "Note III, (XV) Fixed Assets to the Financial Statements" and "Note V, (X) Fixed
Assets to the Financial Statements", the book value of Guangdong Expressway on toll roads at the
end of 2024 was RMB 8,196,804,742.94, and the depreciation amount for toll roads in 2024 was
RMB 932,615,007.31. Guangdong Expressway's depreciation on toll roads are made according to
111
2024 Annual Report
the traffic flow method, and the current depreciation amount is calculated according to the
proportion of the actual traffic flow in the current period to the total estimated remaining traffic
flow. The total estimated remaining traffic flow is a prediction of the total traffic flow of toll roads
within the approved remaining toll period, which is a major accounting estimate. Therefore, we
determine the pricing and depreciation of toll roads as key audit items.
2. Audit response
In response to the above key audit matter, we have implemented the following main audit
procedures:
(1)Understand, evaluate and test the internal control of the management of the Company on
the daily management and accounting treatment of toll roads;
(2)Check whether the actual traffic flow data applied by Guangdong Expressway Company
in the depreciation calculation of toll roads is consistent with the actual traffic flow data obtained
by Guangdong Expressway Company from external service units;
(3)Evaluate the independence and professional competence of the third-party organization
employed by the Company that carries out traffic flow forecast;
(4) Understand the methods used in traffic flow forecast reports issued by third-party
organizations to forecast the traffic flow in the future, and evaluate the reliability of traffic flow
forecast reports by comparing the predicted traffic flow for the past year with the actual traffic
flow for that period;
(5) Recalculate the depreciation of roads and bridges to verify the accuracy of the
depreciation amount of roads and bridges in the financial statements.
IV. Other information
The management of Guangdong Expressway Company is responsible for other information. Other
information includes the information covered in the 2023 annual report of Guangdong Expressway
Company, but does not include the financial statement and our audit report.
Our audit opinion on the financial statements does not cover other information, and we do not issue
any form of verification conclusion on other information.
In combination with our audit of the financial statements, our responsibility is to read other
information, and consider in such process whether other information is materially inconsistent with
the financial statements or the information we learned during the audit, or whether there appears to
be a material misstatement.
Based on the work that we have already performed, if we determine that other information contains
material misstatements, we should report such fact. In this regard, we have nothing to report.
V. Responsibilities of Management and Those Charged with Governance for the Financial
Statements
The Company's management is responsible for preparing the financial statements in accordance
with the requirements of Accounting Standards for Business Enterprises to achieve a fair
presentation, and for designing, implementing and maintaining internal control that is necessary to
ensure that the financial statements are free from material misstatements, whether due to frauds or
errors.
In preparing the financial statements, management of the Company is responsible for assessing the
Company's ability to continue as a going concern, disclosing matters related to going concern and
112
2024 Annual Report
using the going concern basis of accounting unless management either intends to liquidate the
Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company's financial reporting
process.
VI. Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor's report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with the audit standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
(1) Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, omissions, misrepresentations, or the override of internal
control.
(2) Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances.
(3) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management of the Company.
(4) Conclude on the appropriateness of using the going concern assumption by the management of
the Company, and conclude, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Company's ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor's report to the related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor's report. However, future events or conditions may cause the
Company to cease to continue as a going concern.
(5) Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in
a manner that achieves fair presentation.
(6) Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Company to express an opinion on the financial statements and bear
all liability for the opinion.
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit matters, including any significant deficiencies in
internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with
113
2024 Annual Report
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence, and
where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters
that were of most significance in the audit of the financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor's report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare circumstances,
we determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits of
such communication.
Yong Tuo Certified Public CPA：
Accountants Co., Ltd.(Special
Sun Xiuqing
General Partnership)
(Project partner) ：
CPA： Huang Zhiyan
Beijing China March 3,2025
114
2024 Annual Report
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.
December 31,2024
In RMB
Item December 31, 2024 January 1, 2024
Current asset：
Monetary fund 4,289,826,663.22 4,718,631,732.20
Settlement provision
Outgoing call loan
Transactional financial assets
Derivative financial assets
Notes receivable
Account receivable 82,361,054.69 139,899,420.24
Financing of receivables
Prepayments 3,732,159.00 8,488,165.87
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts
receivable
Other account receivable 148,857,119.34 89,578,207.76
Including：Interest receivable
Dividend receivable 28,621,800.58 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 6,167,340.16 34,805.71
Total of current assets 4,530,944,336.41 4,956,632,331.78
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 3,332,350,008.84 3,095,578,288.00
Other equity instruments investment 1,768,953,885.85 1,534,396,887.63
Other non-current financial assets 186,494,177.20 183,856,768.00
115
2024 Annual Report
Item December 31, 2024 January 1, 2024
Property investment 2,225,911.46 2,447,026.45
Fixed assets 8,872,808,692.97 9,010,168,712.92
Construction in progress 2,665,392,094.81 1,960,092,562.22
Production physical assets
Oil & gas assets
Use right assets 14,217,517.99 24,967,509.81
Intangible assets 197,694,153.19 221,328,753.00
Including：Data resources
Development expenses
Including：Data resources
Goodwill
Long-germ expenses to be amortized
Deferred income tax asset 32,679,298.44 39,836,115.11
Other non-current asset 837,904,037.77 339,658,212.49
Total of non-current assets 17,910,719,778.52 16,412,330,835.63
Total of assets 22,441,664,114.93 21,368,963,167.41
Current liabilities
Short-term loans 110,085,708.33
Loan from Central Bank
Borrowing funds
Transactional financial liabilities
Derivative financial liabilities
Notes payable
Account payable 226,104,482.05 214,450,590.80
Advance receipts 250,984.74 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 22,412,317.23 20,622,986.18
Tax payable 131,748,260.36 155,123,590.65
Other account payable 272,118,036.92 150,293,516.43
Including：Interest payable
Dividend payable 32,714,825.12 27,809,510.32
Fees and commissions payable
Reinsurance fee payable
Liabilities held for sales
Non-current liability due within 1 year 1,017,246,515.19 883,412,159.65
Other current liability 73,697.84 368,676.26
Total of current liability 1,669,954,294.33 1,537,004,459.22
Non-current liabilities：
116
2024 Annual Report
Item December 31, 2024 January 1, 2024
Reserve fund for insurance contracts
Long-term loan 6,728,264,750.00 5,944,716,050.00
Bond payable 749,401,333.95
Including：preferred stock
Sustainable debt
Lease liability 2,730,189.11 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 511,971,907.34 429,079,908.54
Deferred income tax liability 330,830,731.06 284,451,199.04
Other non-current liabilities
Total non-current liabilities 7,575,819,787.62 7,423,152,904.61
Total of liability 9,245,774,081.95 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 782,661,218.56 783,125,493.70
Less：Shares in stock
Other comprehensive income 366,149,871.08 163,568,401.33
Special reserve
Surplus reserves 1,684,087,655.64 1,520,627,456.34
Common risk provision
Retained profit 5,544,395,448.25 5,289,404,378.52
Total of owner’s equity belong to the parent
10,468,100,319.53 9,847,531,855.89
company
Minority shareholders’ equity 2,727,789,713.45 2,561,273,947.69
Total of owners’ equity 13,195,890,032.98 12,408,805,803.58
Total of liabilities and owners’ equity 22,441,664,114.93 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
In RMB
Item December 31, 2024 January 1,2024
Current asset：
Monetary fund 1,827,026,427.48 2,464,109,767.51
Transactional financial assets
Derivative financial assets
Notes receivable
117
2024 Annual Report
Item December 31, 2024 January 1,2024
Account receivable 19,832,233.51 31,718,251.28
Financing of receivables
Prepayments 2,429,028.94 6,668,377.73
Other account receivable 436,815,407.73 1,021,305,845.87
Including：Interest receivable
Dividend receivable 28,621,800.58 1,205,472.90
Inventories
Including：Data resources
Contract assets
Assets held for sales
Non-current asset due within 1 year
Other current asset 6,128,385.43
Total of current assets 2,292,231,483.09 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 7,846,717,402.01 6,942,986,509.74
Other equity instruments investment 1,768,953,885.85 1,534,396,887.63
Other non-current financial assets
Property investment 1,973,769.72 2,194,888.20
Fixed assets 4,722,709,889.80 4,929,287,711.63
Construction in progress 308,615,083.86 241,492,676.67
Production physical assets
Oil & gas assets
Use right assets 13,566,418.32 24,137,970.26
Intangible assets 116,330,587.32 124,092,435.10
Including：Data resources
Development expenses
Including：Data resources
Goodwill
Long-germ expenses to be amortized
Deferred income tax asset 28,274,192.91 33,747,359.73
Other non-current asset 2,060,000.00
Total of non-current assets 14,809,201,229.79 13,832,336,438.96
Total of assets 17,101,432,712.88 17,356,138,681.35
Current liabilities
Short-term loans
Transactional financial liabilities
Derivative financial liabilities
Notes payable
Account payable 116,590,086.29 119,520,338.64
118
2024 Annual Report
Item December 31, 2024 January 1,2024
Advance receipts 250,984.74 250,984.74
Contract Liabilities
Employees’ wage payable 7,715,710.30 7,453,993.89
Tax payable 23,752,944.73 8,185,707.22
Other account payable 306,323,712.32 374,738,279.30
Including：Interest payable
Dividends Payable 32,714,825.12 27,809,510.32
Dividend payable
Liabilities held for sales
Non-current liability due within 1 year 931,134,209.98 824,960,532.88
Other current liability 18,906.24 52,275.94
Total of current liability 1,385,786,554.60 1,335,162,112.61
Non-current liabilities：
Long-term loan 5,172,549,750.00 5,464,096,050.00
Bond payable 749,401,333.95
Including：preferred stock
Sustainable debt
Lease liability 2,730,189.11 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 273,537.20 3,555,984.68
Deferred income tax liability 117,617,593.90 61,555,338.93
Other non-current liabilities
Total non-current liabilities 5,295,193,280.32 6,294,036,202.63
Total of liability 6,680,979,834.92 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 366,149,871.08 163,568,401.33
Special reserve
Surplus reserves 1,504,115,388.08 1,340,655,188.78
Retained profit 5,484,377,888.80 5,156,907,046.00
Total of owners’ equity 10,420,452,877.96 9,726,940,366.11
Total of liabilities and owners’ equity 17,101,432,712.88 17,356,138,681.35
119
2024 Annual Report
3.Consolidated Income statement
In RMB
Item 2024 2023
I. Income from the key business 4,569,903,078.72 4,879,066,948.19
Incl：Business income 4,569,903,078.72 4,879,066,948.19
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 1,988,786,259.66 2,078,327,690.70
Incl：Business cost 1,631,074,265.11 1,740,818,258.17
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 23,198,292.71 23,027,906.77
Sales expense
Administrative expense 203,389,242.59 189,461,539.01
R & D costs 5,083,785.20 3,245,205.00
Financial expenses 126,040,674.05 121,774,781.75
Including：Interest expense 176,538,813.65 214,338,558.69
Interest income 56,039,879.15 94,065,812.39
Add: Other income 11,532,166.82 11,606,155.53
Investment gain（“-”for loss） 302,846,786.74 312,359,708.13
Incl: investment gains from affiliates 192,051,727.06 215,712,728.62
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 2,637,409.20 2,456,768.00
Credit impairment loss -121,656,189.18 -123,166,054.97
Impairment loss of assets -10,443,015.96
Assets disposal income -721,318.52
III. Operational profit（“-”for loss） 2,775,755,674.12 2,993,552,818.22
Add ：Non-operational income 6,624,670.82 4,745,630.19
Less: Non-operating expense 8,289,204.77 21,397,141.51
IV. Total profit(“-”for loss) 2,774,091,140.17 2,976,901,306.90
Less：Income tax expenses 671,178,358.12 714,561,170.84
V. Net profit 2,102,912,782.05 2,262,340,136.06
(I) Classification by business continuity
1.Net continuing operating profit 2,102,912,782.05 2,262,340,136.06
120
2024 Annual Report
Item 2024 2023
2.Termination of operating net profit
(II) Classification by ownership
1.Net profit attributable to the owners of parent
1,562,122,219.95 1,633,811,033.68
company
2.Minority shareholders’ equity 540,790,562.10 628,529,102.38
VI. Net after-tax of other comprehensive income 202,581,469.75 -7,065,255.34
Netofprofitofothercomprehensiveincomeattributabletoo 202,581,469.75 -7,065,255.34
wnersoftheparentcompany.
（I）Other comprehensive income items that will not
be reclassified into gains/losses in the subsequent 182,511,260.27 -17,180,132.51
accounting period
1.Re-
measurementofdefinedbenefitplansofchangesinnetdebt
ornetassets
2.Othercomprehensiveincomeundertheequitymethodinv
6,593,511.61
esteecannotbereclassifiedintoprofitorloss.
3. Changes in the fair value of investments in other
175,917,748.66 -17,180,132.51
equity instruments
4. Changes in the fair value of the company’s credit
risks
5.Other
（II）
Othercomprehensiveincomethatwillbereclassifiedintopr 20,070,209.48 10,114,877.17
ofitorloss.
1.Othercomprehensiveincomeundertheequitymethodinv 20,070,209.48 10,114,877.17
esteecanbereclassifiedintoprofitorloss.
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.Translationdifferencesincurrencyfinancialstatements
7.Other
Netofprofitofothercomprehensiveincomeattributableto
Minority shareholders’ equity
VII. Total comprehensive income 2,305,494,251.80 2,255,274,880.72
Total comprehensive income attributable to the owner
1,764,703,689.70 1,626,745,778.34
of the parent company
Total comprehensive income attributable minority 540,790,562.10 628,529,102.38
121
2024 Annual Report
Item 2024 2023
shareholders
VIII. Earnings per share
（I）Basic earnings per share 0.75 0.78
(II)Diluted earnings per share 0.75 0.78
Thecurrentbusinesscombinationundercommoncontrol,thenetprofitsofthecombinedpartybeforeachie
vednetprofitofRMB0.00,lastperiodthecombinedpartyrealizedRMB0.00.
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
Item 2024 2023
I. Income from the key business 1,508,500,575.92 1,535,585,466.23
Incl：Business cost 554,664,684.30 610,980,785.63
Business tax and surcharge 8,089,920.77 8,076,686.24
Sales expense
Administrative expense 128,949,733.56 119,191,042.73
R & D expense 3,195,423.45 3,245,205.00
Financial expenses 177,510,575.54 214,571,226.30
Including：Interest expenses 205,562,083.83 240,441,217.03
Interest income 33,491,134.51 27,292,545.80
Add：Other income 3,570,579.12 4,252,550.47
Investment gain（“-”for loss） 1,159,856,692.42 1,044,240,085.29
Including: investment gains from affiliates 196,194,159.84 215,529,559.56
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 -721,318.52
II. Operational profit（“-”for loss） 1,798,796,191.32 1,628,013,156.09
Add ：Non-operational income 1,334,982.13 1,232,923.08
Less：Non -operational expenses 1,199,248.86 9,053,337.37
III. Total profit(“-”for loss) 1,798,931,924.59 1,620,192,741.80
Less：Income tax expenses 164,329,931.57 144,482,868.61
IV. Net profit 1,634,601,993.02 1,475,709,873.19
1.Net continuing operating profit 1,634,601,993.02 1,475,709,873.19
2.Termination of operating net profit
V. Net after-tax of other comprehensive income 202,581,469.75 -7,065,255.34
（I）Other comprehensive income items that will not be
182,511,260.27 -17,180,132.51
reclassified into gains/losses in the subsequent accounting
122
2024 Annual Report
Item 2024 2023
period
1.Re-
measurementofdefinedbenefitplansofchangesinnetdebtornetasse
ts
2.Othercomprehensiveincomeundertheequitymethodinvesteecan
6,593,511.61
notbereclassifiedintoprofitorloss.
3. Changes in the fair value of investments in other equity
175,917,748.66 -17,180,132.51
instruments
4. Changes in the fair value of the company’s credit risks
5.Other
(II)Othercomprehensiveincomethatwillbereclassifiedintoprofito 20,070,209.48 10,114,877.17
rloss
1.Othercomprehensiveincomeundertheequitymethodinvesteecan 20,070,209.48 10,114,877.17
bereclassifiedintoprofitorloss.
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.Translationdifferencesincurrencyfinancialstatements
7.Other
VI. Total comprehensive income 1,837,183,462.77 1,468,644,617.85
VII. Earnings per share
（I）Basic earnings per share
(II)Diluted earnings per share
123
2024 Annual Report
5. Consolidated Cash flow statement
In RMB
Item 2024 2023
I.Cash flows from operating activities
Cash received from sales of goods or rending of
4,745,448,281.75 4,951,961,030.30
services
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
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 326,835,498.54 562,750,580.32
Sub-total of cash inflow 5,072,283,780.29 5,514,711,610.62
Cash paid for purchasing of merchandise and
349,338,366.27 356,711,777.61
services
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 502,767,262.92 495,860,299.67
Taxes paid 861,499,760.74 732,384,642.28
Other cash paid for business activities 102,314,796.45 97,969,327.59
Sub-total of cash outflow from business activities 1,815,920,186.38 1,682,926,047.15
Net cash generated from /used in operating activities 3,256,363,593.91 3,831,785,563.47
II. Cash flow generated by investing
Cash received from investment retrieving 39,614,562.90 80,429,567.10
Cash received as investment gains 158,293,859.68 140,568,804.28
Net cash retrieved from disposal of fixed assets,
1,470,189.30 116,722.53
intangible assets, and other long-term assets
Net cash received from disposal of subsidiaries or
124
2024 Annual Report
Item 2024 2023
other operational units
Other investment-related cash received 5,259,269.50
Sub-total of cash inflow due to investment activities 204,637,881.38 221,115,093.91
Cash paid for construction of fixed assets, intangible
2,036,600,945.23 1,539,385,895.45
assets and other long-term assets
Cash paid as investment 201,662,000.00 166,330,000.00
Net increase of loan against pledge
Net cash received from subsidiaries and other
operational units
Other cash paid for investment activities 3,669,511.10 182,544.13
Sub-total of cash outflow due to investment activities 2,241,932,456.33 1,705,898,439.58
Net cash flow generated by investment -2,037,294,574.95 -1,484,783,345.67
III.Cash flow generated by financing
Cash received as investment 192,500,000.00 175,000,000.00
Including: Cash received as investment from minor
192,500,000.00 175,000,000.00
shareholders
Cash received as loans 1,350,955,084.00 675,525,000.00
Other financing –related cash received 40,092,886.12
Sub-total of cash inflow from financing activities 1,583,547,970.12 850,525,000.00
Cash to repay debts 1,270,080,259.00 1,038,658,425.00
Cash paid as dividend, profit, or interests 1,957,815,078.56 1,727,111,491.46
Including: Dividend and profit paid by subsidiaries
566,774,796.34 569,575,174.55
to minor shareholders
Other cash paid for financing activities 12,138,004.61 14,094,281.84
Sub-total of cash outflow due to financing activities 3,240,033,342.17 2,779,864,198.30
Net cash flow generated by financing -1,656,485,372.05 -1,929,339,198.30
IV. Influence of exchange rate alternation on cash
-4,587,996.33 -693,816.83
and cash equivalents
V.Net increase of cash and cash equivalents -442,004,349.42 416,969,202.67
Add: balance of cash and cash equivalents at the
4,701,657,434.00 4,284,688,231.33
beginning of term
VI ..Balance of cash and cash equivalents at the end
4,259,653,084.58 4,701,657,434.00
of term
125
2024 Annual Report
6. Cash Flow Statement of the Parent Company
In RMB
Item 2024 2023
I.Cash flows from operating activities
Cash received from sales of goods or rending of services 1,561,429,158.48 1,569,576,641.63
Tax returned
Other cash received from business operation 114,438,110.42 178,378,550.98
Sub-total of cash inflow 1,675,867,268.90 1,747,955,192.61
Cash paid for purchasing of merchandise and services 113,313,804.87 126,343,176.79
Cash paid to staffs or paid for staffs 162,987,657.26 161,391,920.54
Taxes paid 199,803,534.19 100,391,735.11
Other cash paid for business activities 166,979,810.96 152,266,887.57
Sub-total of cash outflow from business activities 643,084,807.28 540,393,720.01
Net cash generated from /used in operating activities 1,032,782,461.62 1,207,561,472.60
II. Cash flow generated by investing
Cash received from investment retrieving
Cash received as investment gains 1,020,921,447.70 933,027,040.76
Net cash retrieved from disposal of fixed assets, intangible
1,073,952.30 18,092.53
assets, and 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 1,021,995,400.00 933,045,133.29
Cash paid for construction of fixed assets, intangible assets and
260,396,069.30 113,805,594.78
other long-term assets
Cash paid as investment 186,350,000.00 163,250,000.00
Net cash received from subsidiaries and other operational units
Other cash paid for investment activities
Sub-total of cash outflow due to investment activities 446,746,069.30 277,055,594.78
Net cash flow generated by investment 575,249,330.70 655,989,538.51
III. Cash flow generated by financing
Cash received as investment
Cash received as loans 10,955,084.00
Other financing –related ash received 40,092,886.12
Sub-total of cash inflow from financing activities 51,047,970.12
Cash to repay debts 922,119,384.00 67,189,300.00
Cash paid as dividend, profit, or interests 1,357,397,095.53 1,130,578,984.77
Other cash paid for financing activities 12,058,626.61 14,014,903.84
Sub-total of cash outflow due to financing activities 2,291,575,106.14 1,211,783,188.61
Net cash flow generated by financing -2,240,527,136.02 -1,211,783,188.61
IV. Influence of exchange rate alternation on cash and cash
-4,587,996.33 -693,816.83
equivalents
V.Net increase of cash and cash equivalents -637,083,340.03 651,074,005.67
Add: balance of cash and cash equivalents at the beginning of 2,462,888,567.51 1,811,814,561.84
126
2024 Annual Report
Item 2024 2023
term
VI ..Balance of cash and cash equivalents at the end of term 1,825,805,227.48 2,462,888,567.51
127
2024 Annual Report
7. Consolidated Statement on Change in Owners’ Equity
Amount in this period
In RMB
2024
Owner’s equity Attributable to the Parent Company
Other Equity instrument
Item Less: Other Specializ Common Minor shareholders’ Total of owners’
Capital Othe
Share Capital Preferre Sustain Shares Comprehensive ed Surplus reserves risk Retained profit Subtotal equity equity
Other reserves r
d stock able in stock Income reserve provision
debt
I.Balance at the end
2,090,806,126.00 783,125,493.70 163,568,401.33 1,520,627,456.34 5,289,404,378.52 9,847,531,855.89 2,561,273,947.69 12,408,805,803.58
of last year
Add: Change of
accounting
policy
Correcting of
previous errors
Other
II.Balance at the
beginning of 2,090,806,126.00 783,125,493.70 163,568,401.33 1,520,627,456.34 5,289,404,378.52 9,847,531,855.89 2,561,273,947.69 12,408,805,803.58
current year
III.Changed in the
-464,275.14 202,581,469.75 163,460,199.30 254,991,069.73 620,568,463.64 166,515,765.76 787,084,229.40
current year
（1）Total
comprehensive 202,581,469.75 1,562,122,219.95 1,764,703,689.70 540,790,562.10 2,305,494,251.80
income
128
2024 Annual Report
2024
Owner’s equity Attributable to the Parent Company
Other Equity instrument
Item Less: Other Specializ Common Minor shareholders’ Total of owners’
Capital Othe
Share Capital Preferre Sustain Shares Comprehensive ed Surplus reserves risk Retained profit Subtotal equity equity
Other reserves r
d stock able in stock Income reserve provision
debt
（II）Investment
or decreasing of 192,500,000.00 192,500,000.00
capital by owners
1．OrdinaryShares
investedbysharehol 192,500,000.00 192,500,000.00
ders
2 ． Holdersofother
equityinstrumentsin
vestedcapital
3．Amount of
shares paid and
accounted as
owners’ equity
4．Other
（III）Profit
163,460,199.30 -1,307,131,150.22 -1,143,670,950.92 -566,774,796.34 -1,710,445,747.26
allotment
1.Providing of
163,460,199.30 -163,460,199.30
surplus reserves
2.Providing of -1,143,670,950.92 -1,143,670,950.92 -566,774,796.34 -1,710,445,747.26
129
2024 Annual Report
2024
Owner’s equity Attributable to the Parent Company
Other Equity instrument
Item Less: Other Specializ Common Minor shareholders’ Total of owners’
Capital Othe
Share Capital Preferre Sustain Shares Comprehensive ed Surplus reserves risk Retained profit Subtotal equity equity
Other reserves r
d stock able in stock Income reserve provision
debt
common risk
provisions
3．Allotment to
the owners (or
shareholders)
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
130
2024 Annual Report
2024
Owner’s equity Attributable to the Parent Company
Other Equity instrument
Item Less: Other Specializ Common Minor shareholders’ Total of owners’
Capital Othe
Share Capital Preferre Sustain Shares Comprehensive ed Surplus reserves risk Retained profit Subtotal equity equity
Other reserves r
d stock able in stock Income reserve provision
debt
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 -464,275.14 -464,275.14 -464,275.14
IV. Balance at the
2,090,806,126.00 782,661,218.56 366,149,871.08 1,684,087,655.64 5,544,395,448.25 10,468,100,319.53 2,727,789,713.45 13,195,890,032.98
end of this term
131
2024 Annual Report
Amount in last year
In RMB
2023
Owner’s equity Attributable to the Parent Company
Other Equity instrument Minor
Item Less: Other Total of owners’
Specialize Common risk shareholders’
Share Capital Preferred Capital reserves Shares in Comprehensive Surplus reserves Retained profit Other Subtotal equity
Sustaina Other d reserve provision equity
stock stock Income
ble debt
I.Balance at the
2,090,806,126.00 743,133,557.03 170,633,656.67 1,373,056,469.02 4,698,029,354.09 9,075,659,162.81 2,293,020,019.86 11,368,679,182.67
end of last year
Add: Change of
accounting
policy
Correcting of
previous errors
Other
II.Balance at the
beginning of 2,090,806,126.00 743,133,557.03 170,633,656.67 1,373,056,469.02 4,698,029,354.09 9,075,659,162.81 2,293,020,019.86 11,368,679,182.67
current year
III.Changed in
39,991,936.67 -7,065,255.34 147,570,987.32 591,375,024.43 771,872,693.08 268,253,927.83 1,040,126,620.91
the current year
（1）Total
comprehensive -7,065,255.34 1,633,811,033.68 1,626,745,778.34 628,529,102.38 2,255,274,880.72
income
（II）Investment
40,092,886.12 40,092,886.12 175,000,000.00 215,092,886.12
or decreasing of
132
2024 Annual Report
2023
Owner’s equity Attributable to the Parent Company
Other Equity instrument Minor
Item Less: Other Total of owners’
Specialize Common risk shareholders’
Share Capital Preferred Capital reserves Shares in Comprehensive Surplus reserves Retained profit Other Subtotal equity
Sustaina Other d reserve provision equity
stock stock Income
ble debt
capital by owners
1 ． OrdinaryShar
esinvestedbyshar 175,000,000.00 175,000,000.00
eholders
2．Holdersofothe
requityinstrument
sinvestedcapital
3．Amount of
shares paid and
accounted as
owners’ equity
4．Other 40,092,886.12 40,092,886.12 40,092,886.12
（III）Profit
147,570,987.32 -1,042,436,009.25 -894,865,021.93 -535,275,174.55 -1,430,140,196.48
allotment
1.Providing of
147,570,987.32 -147,570,987.32
surplus reserves
2.Providing of
common risk -894,865,021.93 -894,865,021.93 -535,275,174.55 -1,430,140,196.48
provisions
3．Allotment to
133
2024 Annual Report
2023
Owner’s equity Attributable to the Parent Company
Other Equity instrument Minor
Item Less: Other Total of owners’
Specialize Common risk shareholders’
Share Capital Preferred Capital reserves Shares in Comprehensive Surplus reserves Retained profit Other Subtotal equity
Sustaina Other d reserve provision equity
stock stock Income
ble debt
the owners (or
shareholders)
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
134
2024 Annual Report
2023
Owner’s equity Attributable to the Parent Company
Other Equity instrument Minor
Item Less: Other Total of owners’
Specialize Common risk shareholders’
Share Capital Preferred Capital reserves Shares in Comprehensive Surplus reserves Retained profit Other Subtotal equity
Sustaina Other d reserve provision equity
stock stock Income
ble debt
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 -100,949.45 -100,949.45 -100,949.45
IV. Balance at the
2,090,806,126.00 783,125,493.70 163,568,401.33 1,520,627,456.34 5,289,404,378.52 9,847,531,855.89 2,561,273,947.69 12,408,805,803.58
end of this term
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2024 Annual Report
8.Statement of change in owner’s Equity of the Parent Company
Amount in this period
In RMB
2024
Other Equity instrument
Less:
Other
Item Prefe Susta Shares Specialized Total of owners’
Share capital Capital reserves Comprehensive Surplus reserves Retained profit Other
rred inabl Other in reserve equity
stock e Income
stock
debt
I.Balance at the end of last year 2,090,806,126.00 975,003,604.00 163,568,401.33 1,340,655,188.78 5,156,907,046.00 9,726,940,366.11
Add: Change of accounting policy
Correcting of previous errors
Other
II.Balance at the beginning of
2,090,806,126.00 975,003,604.00 163,568,401.33 1,340,655,188.78 5,156,907,046.00 9,726,940,366.11
current year
III.Changed in the current year 202,581,469.75 163,460,199.30 327,470,842.80 693,512,511.85
（I）Total comprehensive income 202,581,469.75 1,634,601,993.02 1,837,183,462.77
(II) Investment or decreasing of
capital by owners
1 ． OrdinarySharesinvestedbyshar
eholders
2．Holdersofotherequityinstrumen
tsinvestedcapital
3.Amount of shares paid and
accounted as owners’ equity
4．Other
136
2024 Annual Report
2024
Other Equity instrument
Less:
Other
Item Prefe Susta Shares Specialized Total of owners’
Share capital Capital reserves Comprehensive Surplus reserves Retained profit Other
rred inabl Other in reserve equity
stock e Income
stock
debt
-
（III）Profit allotment 163,460,199.30 -1,143,670,950.92
1,307,131,150.22
1.Providing of surplus reserves 163,460,199.30 -163,460,199.30
2．Allotment to the owners (or -
-1,143,670,950.92
shareholders) 1,143,670,950.92
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
137
2024 Annual Report
2024
Other Equity instrument
Less:
Other
Item Prefe Susta Shares Specialized Total of owners’
Share capital Capital reserves Comprehensive Surplus reserves Retained profit Other
rred inabl Other in reserve equity
stock e Income
stock
debt
(V) Special reserves
1. Provided this year
2．Used this term
（VI）Other
IV. Balance at the end of this term 2,090,806,126.00 975,003,604.00 366,149,871.08 1,504,115,388.08 5,484,377,888.80 10,420,452,877.96
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2024 Annual Report
Amount in last year
In RMB
2023
Other Equity instrument
Less: Other
Item Specialized Total of owners’
Share Capital Preferred Sustai Capital reserves Shares in Comprehensive Surplus reserves Retained profit Other
Other reserve equity
stock nable stock Income
debt
I.Balance at the end of last year 2,090,806,126.00 934,908,293.69 170,633,656.67 1,193,084,201.46 4,723,633,182.06 9,113,065,459.88
Add: Change of accounting policy
Correcting of previous errors
Other
II.Balance at the beginning of current
2,090,806,126.00 934,908,293.69 170,633,656.67 1,193,084,201.46 4,723,633,182.06 9,113,065,459.88
year
III.Changed in the current year 40,095,310.31 -7,065,255.34 147,570,987.32 433,273,863.94 613,874,906.23
（I）Total comprehensive income -7,065,255.34 1,475,709,873.19 1,468,644,617.85
(II) Investment or decreasing of capital
40,092,886.12 40,092,886.12
by owners
1 ． OrdinarySharesinvestedbysharehol
ders
2 ． Holdersofotherequityinstrumentsin
vestedcapital
3.Amount of shares paid and
accounted as owners’ equity
4．Other 40,092,886.12 40,092,886.12
（III）Profit allotment 147,570,987.32 -1,042,436,009.25 -894,865,021.93
139
2024 Annual Report
2023
Other Equity instrument
Less: Other
Item Specialized Total of owners’
Share Capital Preferred Sustai Capital reserves Shares in Comprehensive Surplus reserves Retained profit Other
Other reserve equity
stock nable stock Income
debt
1.Providing of surplus reserves 147,570,987.32 -147,570,987.32
2．Allotment to the owners (or
-894,865,021.93 -894,865,021.93
shareholders)
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
140
2024 Annual Report
2023
Other Equity instrument
Less: Other
Item Specialized Total of owners’
Share Capital Preferred Sustai Capital reserves Shares in Comprehensive Surplus reserves Retained profit Other
Other reserve equity
stock nable stock Income
debt
2．Used this term
（VI）Other 2,424.19 2,424.19
IV. Balance at the end of this term 2,090,806,126.00 975,003,604.00 163,568,401.33 1,340,655,188.78 5,156,907,046.00 9,726,940,366.11
141
2024 Annual Report
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.,
142
2024 Annual Report
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).
TheCompanyismainlyengagedintollingandmaintenanceofGuangfoExpressway,FokaiExpressway,Jingzhu
143
2024 Annual Report
Expressway Guangzhu Section and Guanghui Expressway investmentintechnologicalindustries
andprovisionofrelevant consultaion while investing in Shenzhen Huiyan Expressway Co., Ltd., Guangdong
Jiangzhong Expressway Co.Ltd., Zhaoqing Yuezhao Expressway
Co.,Ltd.,GanzhouKangdaExpressway,GanzhouGankangExpresswayCo.,Ltd., Guangdong Yuepu Small
Refinancing Co., Ltd., Guoyuan Securities Co., Ltd, Hunan Lianzhi Technology Co., Ltd. Garage electric pile
Holding (Shenzhen) Co., Ltd .and Guangdong 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 March
3 ,2025.
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.
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.
144
2024 Annual Report
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, Importance criteria determination method and selection basis
Applicable □Not applicable
Item Materiality standard
Material receivables with
Those whose single provision amount accounts for more than 5% of the ending balance of various
bad debt provision accrued
receivables
individually
Material recovery or reversal
Those whose amount of single collection or reversal accounts for more than 5% of the ending
of bad debt provisions for
balance of various receivables
receivables
Material write-off of Those whose single write off amount accounts for more than 5% of the ending balance of various
receivables receivables
Material prepayments with Those whose amount with a single account age of more than one year accounts for more than 10% of
an age of more than one year the ending balance of prepayments, and an amount of more than RMB 5 million
Material projects under
Those with a single project investment budget of more than RMB 10 million
construction
Material accounts payable
Those whose amount with a single age of more than one year accounts for more than 5% of the
and other payables with an
balance of accounts payable or other payables
age of over one year
The subsidiaries whose year-end net assets, total year-end assets, current operating income, and total
Material non-wholly-owned
current profit account for more than 10% of the Company's year-end net assets, total year-end assets,
subsidiaries
current operating income, and total current profit
Those whose ending book value of a long-term equity investment in a single investee accounts for
Material joint venture or more than 5% of the Company's ending net assets, or whose current investment income (loss
associated enterprises calculated in absolute amount) under the equity method of long-term equity investment accounts for
more than 5% of the Company's consolidated current net profits
Material commitments Those with an amount for a single type of more than RMB 500 million
Material contingencies Those with a single amount of more than RMB 10 million
Those whose cash received from or paid for a single investment activity account for more than 5% of
Material investment
the total cash inflow or outflow
activities
6.Accountings for Business Combinations under the Same Control & Business Combinations not under the
Same Control
1.Business Combinations under the Same Control
145
2024 Annual Report
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
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.Business Combinations not under the Same Control
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
146
2024 Annual Report
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
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.
7. 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
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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
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
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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.
8.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 be measured reliably and have low risks of change.
9.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.
10.Financial instruments(Excluding impairment)
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.
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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
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
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
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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; ③
The 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.
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
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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. westbank 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
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.
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11. 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
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
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difference is deemed as impairment profit.
(5) Method of determining credit losses of various financial assets
For financial assets with individual credit risk assessment, the Company always selects to measure the loss
provision according to the amount equivalent to the expected credit loss within the duration.
Based on the characteristics of credit risk, the Company divides the financial assets that have not suffered
credit impairment in individual assessment into different portfolios:
① Basis for determining the combination of credit risk characteristics
Item 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 Notes receivable and other receivables with extremely low credit risk according to the
with 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 of financial assets.
The accrual method of loss provision measured by different portfolios:
Item 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 (%)
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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.
12.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.
The Company lists the obligation to transfer goods or provide services to customers for consideration
received or receivable from customers as contractual liabilities.
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
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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. `
13. 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;
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
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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 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
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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.
14.Investment Property
The measurement mode of investment property
The measurement by the cost 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.
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.
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15.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.
1）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:
Depreciation Expected useful Residual rate Annual depreciation
Type
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%
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
16.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
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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.
(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 equipment can maintain normal and stable operation for a period of time and be accepted by relevant
personnel.
17.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.
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(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.
18.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
19. 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.
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20. 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.
(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.
21.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
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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.
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.
22. 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
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expected value or the most likely amount, but the transaction price including the variable consideration shall not
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.
23. 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 will make provision for impairment of the excess and recognize it as an asset
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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.
24. 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
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subsidies other than those measured according to the amount receivable shall be recognized when the subsidies
are actually received.
25.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.
26.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 can be reasonably determined that the ownership of the leased assets will be acquired at the expiration of
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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 and the unguaranteed residual value and its present value as unrealized financing income, and
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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.
27. 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 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.
28. Fair value measurement
Fair value refers to the price that a market participant must pay to sell or transfer a liability in an orderly
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2024 Annual Report
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.
29.Change of main accounting policies and estimations
(1)Change of main accounting policies
Applicable □Not applicable
In RMB
Name of report item materially
Contents and reasons of changes in accounting policies Impact amount
affected
The Ministry of Finance issued Interpretation No. 17 of the Accounting
Standards for Business Enterprises on October 25, 2023 (hereinafter
referred to as "Interpretation No. 17"). According to the requirements of Current liabilities and non
0.00
the Ministry of Finance, the content of "Classification of Current current liabilities
Liabilities and Non Current Liabilities" will be implemented from January
1, 2024.
（2）Changes in important accounting estimates
Applicable □Not applicable
In RMB
Contents and
reasons of changes Commencement
Approval procedure Name of affected report item and affected amount
in accounting time of application
estimates
The Nansha-Zhuhai Reviewed and In response to the accounting estimate changes, the
October 1,2024
Section - approved by the 22nd Company adopts the future application method, and its
169
2024 Annual Report
Zhongshan Urban (extraordinary) impact on the accounting statement items for this year is as
Area-Zhuhai meeting of the 10th follows:
Section of Board of Directors of he impact of consolidated financial statements
Guangzhou-Aomen the Company on Fixed assets increased by RMB 6,541,409.40
Expressway of the October 24, 2024 Tax payable increased by RMB 1,635,352.35
Company have been
Deferred income tax liabilities decreased by RMB
completed and
314,226.46
opened to traffic in
September 2024. Operating costs decreased by RMB 6,541,409.40
The entire line is Income tax expenses increased by RMB 1,321,125.89
expected to be Minority shareholders' equity increased by RMB
opened to traffic by 1,305,070.88
the end of 2027. Minority shareholders' profits and losses increased by RMB
The Company 1,305,070.88
estimates that the Net assets attributable to the parent company increased by
approved toll period RMB 3,915,212.63
is 25 years after the Net profits attributable to the parent company increased by
entire line is RMB 3,915,212.63
opened, so the
depreciation period
of the Zhongshan
Urban Area-Zhuhai
Section has been
adjusted to
December 31, 2052.
（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
VI. Taxation
1. Major category of taxes and tax rates
Tax category Tax basis Tax rate
VAT Taxable income 3%,5%,6%,9% and13%
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
Item Amount in year-end Balance Year-beginning
Cash 10,267.08 35,130.15
Bank deposit 1,498,518,288.65 2,039,934,390.23
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2024 Annual Report
Item Amount in year-end Balance Year-beginning
Other 29,469,450.78 16,267,102.68
Money deposited with a finance
2,761,828,656.71 2,662,395,109.14
Company
Total 4,289,826,663.22 4,718,631,732.20
Other note
The interest receivable is RMB 28,952,378.64 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(Including 1 year） 74,944,771.52 131,238,586.90
1-2 years 6,577,116.50 9,116,666.67
2-3 years 1,116,666.67
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
Subtotal 85,782,218.69 143,498,917.57
Bad debt provision 3,421,164.00 3,599,497.33
Total 82,361,054.69 139,899,420.24
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2024 Annual Report
（2） 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(%)
Accrual of bad debt
3,143,664.00 3.66% 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
provision by 82,638,554.69 96.34% 277,500.00 0.34% 82,361,054.69 140,355,253.57 97.81% 455,833.33 0.32% 139,899,420.24
portfolio
Including：
Aging portfolio 75,809,821.02 88.38% 277,500.00 0.37% 75,532,321.02 140,355,253.57 97.81% 455,833.33 0.32% 139,899,420.24
Other portfolio 6,828,733.67 7.96% 6,828,733.67
Total 85,782,218.69 3,421,164.00 82,361,054.69 143,498,917.57 3,599,497.33 139,899,420.24
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2024 Annual Report
Accrual of bad debt provision by single：
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 73,609,821.02
1-2 years 1,083,333.33 54,166.67 5.00%
2-3 years 1,116,666.67 223,333.33 20.00%
Total 75,809,821.02 277,500.00
Accrual of bad debt provision by portfolio: Other portfolio
In RMB
Balance Year-beginning
Name
Book balance Bad debt provision Withdrawal proportion
Very low credit risk financial
6,828,733.67
asset portfolio
Total 6,828,733.67
Note：
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 Reversed or
Category Write- Closing balance
balance Accrual collected Other
off
amount
Accrual of bad debt provision by
3,143,664.00 3,143,664.00
single item
Accrual of bad debt provision by 455,833.33 178,333.33 277,500.00
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2024 Annual Report
credit risk
Total 3,599,497.33 178,333.33 3,421,164.00
（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
Closing Accounts
Proportion of Amount of
Amount of balance of receivable and
Company Name total accounts ending balance
ending balance the contract contract assets receivable % for bad debts
assets ending balance
Guangdong Union
Electronic Services Co., 56,215,234.69 56,215,234.69 65.53%
Ltd.
Guangdong Jingzhu
Expressway Guangzhu 9,311,649.31 9,311,649.31 10.85%
North section Co., Ltd.
Guangdong Expressway
Technology Investment 6,828,733.67 6,828,733.67 7.96%
Co., Ltd.
Guangdong Humen Bridge
5,720,146.53 5,720,146.53 6.67%
Co., Ltd.
Guangdong Taiheng
Expressway Development 3,143,664.00 3,143,664.00 3.66% 3,143,664.00
Co., Ltd.
Total 81,219,428.20 81,219,428.20 94.67% 3,143,664.00
3.Other accounts receivable
In RMB
Item Balance in year-end Balance Year-beginning
Dividend receivable 28,621,800.58 1,205,472.90
Other receivable 120,235,318.76 88,372,734.86
Total 148,857,119.34 89,578,207.76
（1） Interest receivable：
None
（2）Dividend receivable
1)Dividend receivable
In RMB
Item Balance in year-end Balance Year-beginning
Guangdong Radio and Television Networks investment
797,664.04 1,205,472.90
No.1 Limited partnership enterprise
Guandong Guangle Expressway Co., Ltd. 21,615,181.62
Guoyuan Securities Co., Ltd. 6,208,954.92
Total 28,621,800.58 1,205,472.90
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2024 Annual Report
2）Significant dividend receivable aged over 1 year
None
（3） Other accounts receivable
1) Other accounts receivable classified
In RMB
Nature Balance in year-end Balance Year-beginning
Petty cash 3,142,132.02 3,537,793.93
On behalf of money 342,942,142.53 221,107,620.02
Deposit 2,736,640.19 2,736,640.19
Equity transfer payment receivable 107,111,100.00 39,682,898.02
Compensation for performance
40,092,886.12
commitments receivable
Other 7,245,446.55 2,322,516.60
Subtotal 463,177,461.29 309,480,354.88
Less：Bad debt provision 342,942,142.53 221,107,620.02
Total 120,235,318.76 88,372,734.86
2）Disclosure by aging
In RMB
Aging Balance in year-end Balance Year-beginning
Within 1 year(Including 1 year） 238,920,756.17 209,212,525.26
1-2 years 125,624,239.66 98,008,543.71
2-3 years 97,761,543.71 220,243.57
Over 3 years 870,921.75 2,039,042.34
3-4 years 31,680.00 1,184,699.35
4-5 years 2,095.07 23,848.70
Over 5 years 837,146.68 830,494.29
Subtotal 463,177,461.29 309,480,354.88
Less：Bad debt provision 342,942,142.53 221,107,620.02
Total 120,235,318.76 88,372,734.86
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2024 Annual Report
3） According to the bad debt provision method classification disclosure
Applicable □Not applicable
In RMB
Closing balance Opening balance
Category Book balance Bad debt provision Book balance Bad debt provision
Book value Book value
Amount Proportion % Amount Proportion % Amount Proportion % Amount Proportion %
Accrual of bad debt provision by single 342,942,142.53 74.04% 342,942,142.53 100.00% 221,107,620.02 71.44% 221,107,620.02 100.00%
Including：
Accrual of bad debt provision by portfolio 120,235,318.76 25.96% 120,235,318.76 88,372,734.86 28.56% 88,372,734.86
Including：
CSF Portfolio 5,878,772.21 1.27% 5,878,772.21 6,274,434.12 2.03% 6,274,434.12
Very low credit risk financial asset portfolio 114,356,546.55 24.69% 114,356,546.55 81,424,616.85 26.31% 81,424,616.85
Total 463,177,461.29 100.00% 342,942,142.53 74.04% 120,235,318.76 309,480,354.88 100.00% 221,107,620.02 71.44% 88,372,734.86
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2024 Annual Report
Accrual of bad debt provision by single：
In RMB
Balance Year-beginning Balance in year-end
Withdraw
Name Bad debt Bad debt al
Book Balance Book Balance Reason
provision provision proportio
n
The source of funds
for custody expenses
paid by Guangzhou-
Foshan Expressway
Department of on behalf needs to be
Transport of 221,107,620.02 221,107,620.02 342,942,142.53 342,942,142.53 100.00% further defined, and
Guangdong the provision for bad
debts shall be made
in full according to
the principle of
prudence
Total 221,107,620.02 221,107,620.02 342,942,142.53 342,942,142.53
Accrual of bad debt provision by portfolio: Other portfolio
In RMB
Balance in year-end
Name
Book balance Bad debt provision Withdrawal proportion
CSF Portfolio 5,878,772.21
Very low credit risk financial
114,356,546.55
asset portfolio
Total 120,235,318.76
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 Total
Expected credit loss over for the entire duration
losses over the
life (no credit impairment) (credit impairment
next 12 months
occurred)
Balance as at January 1,2024 221,107,620.02 221,107,620.02
Balance as at January 1,2024 in
current
This period of provision 121,834,522.51 121,834,522.51
Balance as at December
342,942,142.53 342,942,142.53
31,2024
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
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2024 Annual Report
4) 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 Reversed or
Category Closing balance
balance Accrual collected Write-off Other
amount
Accrual of bad debt
221,107,620.02 121,834,522.51 342,942,142.53
provision by single
Total 221,107,620.02 121,834,522.51 342,942,142.53
Wherethecurrentbaddebtsbackorrecoversignificantamounts:
None
5）Other account receivables actually cancel after write-off
None
6）Top 5 of the closing balance of the other accounts receivable collected according to the arrears party
In RMB
Proportio
n of the
total year
end
Closing balance of
Name Nature Closing balance Aging balance of
bad debt provision
the
accounts
receivable
(%)
Within 1
121,834,522.51 121,834,522.51
Department of Transport of Highway maintenance year
74.03%
Guangdong Province expenditure 123,358,138.31 1-2 years 123,358,138.31
97,749,481.71 2-3 years 97,749,481.71
Hunan Lianzhi Technology Within 1
Equity transfer 107,111,100.00 23.13%
Co., Ltd. year
Guangdong Highway
Within 1
Construction Co., Ltd. Current fund 6,707,300.48 1.45%
year
Jiangluo Branch
Guangdong Litong Vehicle parking deposit 1,816,266.94 1-2 years
Development Investment Co., 0.39%
Vehicle parking deposit 22,980.00 3-4 years
Ltd.
Vehicle parking deposit,
First Pacific Davis Property Management fee deposit,
414,524.80 1-2 years
water and electricity
Consultant (Guangzhou) Co., 0.09%
charges working capital
Ltd Vehicle parking deposit,
4,200.00 3-4 years
Management fee deposit,
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2024 Annual Report
water and electricity
charges working capital
Total 459,018,514.75 99.09% 342,942,142.53
4.Prepayments
（1）Aging analysis
In RMB
Balance in year-end Balance Year-beginning
Aging Amount Proportion（%） Amount Proportion（%）
Within 1 year 3,572,359.00 95.72% 8,310,359.63 97.90%
1-2 years 19,800.00 0.53% 37,806.24 0.45%
Over 3 years 140,000.00 3.75% 140,000.00 1.65%
Total 3,732,159.00 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
In RMB
Name Relations with the Amount Aging Reasons for non- Proportion %
Company settlement
China Ping An Property Non- Related Within 1 year Unliquidated
Insurance Co. Ltd. Guangdong party 1,215,595.47 32.57%
Branch
Guangdong Communications Within 1 year Unliquidated
Related party 711,457.00 19.06%
Testing Co., Ltd
China Pacific Property Insurance Non- Related Within 1 year Unliquidated
682,354.65 18.28%
Co., Ltd. Guangdong Branch party
Non- Related Within 1 year Unliquidated
Sinopec Sales Co., Ltd. 413,860.54 11.09%
party
Non- Related
Excellence Appraisal 140,000.00 Over 3 year Unliquidated 3.75%
party
Total 3,163,267.66 84.75%
5.Other current assets
In RMB
Item
Year-end balance Year-beginning balance
Tazx to be deducted 353.70
Tax to be certified 6,064,511.82
Advance tax payment 38,954.73 34,805.71
VAT retention tax credits 63,519.91
Total 6,167,340.16 34,805.71
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2024 Annual Report
6.Other Equity instrument investment
In RMB
Losses accumulated Reason designated as
Gains included in Losses included in Gains accumulated Dividend
in other being measured at
other other in other income
comprehensive fair value and change
Name Closing balance Opening balance comprehensive comprehensive comprehensive recognized in
income at the end being included in
income in the income in the income at the end of the current
of the current other comprehensive
current period current period the current period period
period income
Guangle
Expressway Co., 799,120,728.12 796,722,655.90 2,398,072.22 50,772,426.39
Ltd.
Guangdong Radio
and Television
Networks
investment No.1 59,396,524.45 55,434,894.13 3,961,630.32 9,396,524.45
Limited
partnership
enterprise
China Everbright
910,436,633.28 682,239,337.60 228,197,295.68 392,875,756.48
Bank Co., Ltd.
Huaxia Securities
Co., Ltd.
（Notes1）
Huazheng Asset
Management Co.,
Ltd.（Notes2）
Total 1,768,953,885.85 1,534,396,887.63 234,556,998.22 453,044,707.32
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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2024 Annual Report
Breakdown disclosure of investment in non-tradable equity instruments in the current period
In RMB
Amount of other Reasons for other
Dividend Reasons for designation as measured
Cumulative Cumulative consolidated income consolidated income
Item income at fair value and changes included in
gain loss transferred to retained transferred to retained
recognized other comprehensive income
earnings earnings
Non-transactional purpose
Guangle Expressway Co., Ltd. 60,826,640.73 50,772,426.39
for shareholding
Guangdong Radio and Television
Non-transactional purpose
Networks investment No.1 797,664.04 9,396,524.45
for shareholding
Limited partnership enterprise
Non-transactional purpose
China Everbright Bank Co., Ltd. 40,699,105.31 392,875,756.48
for shareholding
Non-transactional purpose
Huaxia Securities Co., Ltd. 5,400,000.00
for shareholding
Huazheng Asset Management Non-transactional purpose
1,620,000.00
Co., Ltd. for shareholding
Total 102,323,410.08 453,044,707.32 7,020,000.00
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2024 Annual Report
7. Long-term equity investment
In RMB
Increase/decrease
Closing
Impairment Investment profit Adjustment of
Invested Cash bonus or Withdrawal of balance of
Beginning balance provision begin- Additional Negative and loss recognized other Changes of Closing balance
enterprise profits announced impairment Other impairment
year balance comprehensive other equity
investment investment under the equity to issue provision provision
income
method
I. Joint venture
2. Affiliated Company
Zhaoqing
Yuezhao
367,104,015.00 233,500,000.00 53,004,724.37 99,500,000.00 554,108,739.37
Highway Co.,
Ltd.
Guangdong
Jiangzhong
557,686,679.66 52,350,000.00 -6,793,579.68 4,057,227.52 599,185,872.46
Expressway
Co., Ltd.
Ganzhou
Gankang
181,054,819.12 15,315,233.14 17,700,000.00 178,670,052.26
Expressway
Co., Ltd.
Ganzhou
Kangda
257,929,704.98 43,565,066.95 30,000,000.00 271,494,771.93
Expressway
Co., Ltd.
Shenzhen
Huiyan 377,922,183.98 23,880,675.18 401,802,859.16
Expressway
182
2024 Annual Report
Increase/decrease
Closing
Impairment Investment profit Adjustment of
Invested Cash bonus or Withdrawal of balance of
Beginning balance provision begin- Additional Negative and loss recognized other Changes of Closing balance
enterprise profits announced impairment Other impairment
year balance comprehensive other equity
investment investment under the equity to issue provision provision
income
method
Co., Ltd.
Guoyuan
Securities Co., 1,027,100,533.47 54,403,149.25 26,663,721.09 21,731,342.22 1,086,436,061.59
Ltd.
Guangdong
Yuepu Small
221,858,110.10 12,818,890.63 9,488,418.92 225,188,581.81
Refinancing
Co., Ltd(Note)
Hunnan
Lianzhi
101,742,014.92 100,332,598.01 -1,108,904.93 -300,511.98
Technology
Co., .Ltd.
Guangdong
Yuetong
Qiyuan Chip
3,180,226.77 -1,947,723.45 4,371.34 1,236,874.66
Power
Technology
Co., Ltd.
Shenzhen
Garage Electric
Pile 15,312,000.00 -1,085,804.40 14,226,195.60
Technology
Co., Ltd
Subtotal 3,095,578,288.00 301,162,000.00 100,332,598.01 192,051,727.06 26,663,721.09 -296,140.64 182,476,988.66 3,332,350,008.84
Total 3,095,578,288.00 301,162,000.00 100,332,598.01 192,051,727.06 26,663,721.09 -296,140.64 182,476,988.66 3,332,350,008.84
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2024 Annual Report
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
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2024 Annual Report
8.Other non-current financial assets
In RMB
Item Closing balance Opening 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
83,510,134.11 84,159,575.05
Co., Ltd.
CMST Intelligent Logistics Technology Co., Ltd. 102,984,043.09 99,697,192.95
Total 186,494,177.20 183,856,768.00
9. Investment property
(1) Investment property adopted the cost measurement mode
√ Applicable □Not applicable
In RMB
Item 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 147,545.63 73,569.36 221,114.99
(1)Withdrawal or amortization 147,545.63 73,569.36 221,114.99
3.Decreased amount of the period
（1）Disposal
（2）Other Out
185
2024 Annual Report
Item Houses and buildings Land use right Total
4.Closing balance 11,284,833.89 2,125,784.00 13,410,617.89
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
4.Closing balance
IV. Book value
1.Closing book value 1,379,864.36 846,047.10 2,225,911.46
2.Opening book 1,527,409.99 919,616.46 2,447,026.45
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
The reason for the obvious discrepancy between the foregoing information and the information used in the
impairment test of previous years or the external information
The reason for the obvious discrepancy between the information used in the Company's impairment test in
previous years and the actual situation in the current year
Other note
（2） Details of investment property failed to accomplish certification of property
□Applicable Not applicable
（3） Details of investment property failed to accomplish certification of property
In RMB
Item Book balance Reason
Transportation and other ancillary
Houses and Building 702,553.75
facilities, Not accreditation
10. Fixed assets
In RMB
Item Year-end balance Year-beginning balance
Fixed assets 8,872,664,544.10 9,010,154,405.32
186
2024 Annual Report
liquidation of fixed assets 144,148.87 14,307.60
Total 8,872,808,692.97 9,010,168,712.92
187
2024 Annual Report
(1) List of fixed assets
In RMB
Jingzhu
Electricity
Guangfo Guanghui Expressway House and Machinery Transportatio
Item Fokai Expressway equipment and Total
Expressway buildings equipment n equipment
Expressway Guangzhu
other
section
I. Original price
1.Opening balance 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
2.Increased amount of
101,807,560.31 566,943,069.54 120,346,759.94 177,221,376.93 2,245,196.48 8,389,892.80 976,953,856.00
the period
（1）Purchase 4,780,833.57 2,245,196.48 7,768,782.80 14,794,812.85
（2）Transfer of project
11,129,358.87 566,943,069.54 120,338,907.19 163,848,233.08 621,110.00 862,880,678.68
under construction
(3)Increased of Enterprise
consolidation
（4）Other 90,678,201.44 7,852.75 8,592,310.28 99,278,364.47
3.Decreased amount of
7,731,206.12 316,358.40 89,858,988.88 11,284,943.00 6,833,818.85 116,025,315.25
the period
（1）Disposal or scrap 316,358.40 31,325,373.44 11,284,943.00 3,565,977.71 46,492,652.55
（3）Other out 7,731,206.12 58,533,615.44 3,267,841.14 69,532,662.70
4.Closing balance 1,460,270,190.66 11,038,279,201.71 6,825,195,881.48 5,703,414,303.99 768,926,071.93 1,818,659,626.05 51,382,804.53 149,139,892.20 27,815,267,972.55
II. Accumulated
depreciation
1.Opening balance 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
2.Increased amount of the
359,299,524.59 389,225,290.47 184,090,192.25 28,784,283.58 67,138,774.29 2,261,514.37 11,746,435.73 1,042,546,015.28
period
（1）Withdrawal 359,299,524.59 389,225,290.47 184,090,192.25 28,784,283.58 62,439,957.49 2,261,514.37 11,746,435.73 1,037,847,198.48
（2）Other 4,698,816.80 4,698,816.80
188
2024 Annual Report
Jingzhu
Electricity
Guangfo Guanghui Expressway House and Machinery Transportatio
Item Fokai Expressway equipment and Total
Expressway buildings equipment n equipment
Expressway Guangzhu
other
section
3.Decreased amount of
294,170.46 29,928,192.44 10,584,595.85 3,320,654.56 44,127,613.31
the period
(1)Disposal or scrap 294,170.46 29,891,401.70 10,584,595.85 3,320,654.56 44,090,822.57
（3）Other out 36,790.74 36,790.74
4.Closing balance 1,460,270,190.66 6,562,818,550.85 5,105,719,582.43 3,701,546,510.96 527,919,871.76 1,425,208,920.05 38,510,186.33 107,277,205.29 18,929,271,018.33
III. Impairment provision
1.Opening balance 2,889,394.16 10,394,796.45 48,219.51 13,332,410.12
2.Increased amount of the
period
(1)Withdrawal
3.Decreased amount of the
period
(1)Disposal or scrap
4.Closing balance 2,889,394.16 10,394,796.45 48,219.51 13,332,410.12
IV. Book value
1.Closing book value 4,475,460,650.86 1,719,476,299.05 2,001,867,793.03 238,116,806.01 383,055,909.55 12,872,618.20 41,814,467.40 8,872,664,544.10
2.Opening book 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
189
2024 Annual Report
(2)Temporarily idle fixed assets
In RMB
Original book Accumulated Impairment
Item Book value Note
value depreciation provision
House and
2,604,578.00 2,474,349.10 130,228.90
buildings
Electricity
equipment and 32,630.00 19,115.68 13,514.32
other
Total 2,637,208.00 2,493,464.78 143,743.22
(3) Fixed assets leasing-out by operational lease
In RMB
Item Year-end balance
House and buildings 16,387,611.26
Machinery equipment 1,297,445.08
Total 17,685,056.34
（4） Details of fixed assets failed to accomplish certification of property
In RMB
Item Book balance Reason
Transportation and other ancillary
House and buildings 213,042,512.36
facilities，Not accreditation.
(5) Information of impairment test of fixed assets
□Applicable Not applicable
（6）liquidation of fixed assets
In RMB
Item Year-end balance Year-beginning balance
House and buildings 22,187.94
Machinery equipment 63,915.86
Transportation equipment 14,307.60
Office equipment and other 58,045.07
Total 144,148.87 14,307.60
11. Project under construction
In RMB
Item Year-end balance Year-beginning balance
Project under construction 2,665,392,094.81 1,960,092,562.22
Total 2,665,392,094.81 1,960,092,562.22
190
2024 Annual Report
（1）Project under construction
In RMB
Year-end balance Year-beginning balance
Item Book balance Provision for Book value Book balance Provision for Book value
devaluation devaluation
Reconstruction and Expansion of Nansha-Zhuhai section of Guangzhou-
2,228,897,400.42 2,228,897,400.42 1,648,394,518.48 1,648,394,518.48
Macao Expressway
Reconstruction and Expansion of Fokai Expressway Sanbao to Shuikou 235,837,836.81 235,837,836.81 197,907,850.29 197,907,850.29
Reconstruction and expansion project of the Huizhou Xiaojinkou-
Guangzhou Luogang Section of Jinan-Guangzhou Expressway and the
86,685,695.45 86,685,695.45 21,813,587.29 21,813,587.29
Huizhou Xiaojinkou-Lingkeng Section of Guangzhou-Huizhou
Expressway
Jiujiang Bridge navigable hole anti-collision reinforcement project 30,758,087.65 30,758,087.65 16,070,965.65 16,070,965.65
Guangzhou-Shantou Railway Crossing project 19,446,564.43 19,446,564.43 19,446,564.43 19,446,564.43
Jiangxi-Shenzhen high-speed railway cross-section expansion project 15,664,172.98 15,664,172.98 15,664,172.98 15,664,172.98
Anti-collision reinforcement project of Jilie River Bridge 12,126,194.00 12,126,194.00
Fokai Expressay intelligent transformation project 8,770,999.00 8,770,999.00 20,482,399.73 20,482,399.73
Charging pile project of Yayao service area 7,200,000.00 7,200,000.00
Emergency treatment project of the left cutting slope of k13 6,076,917.00 6,076,917.00
Yayao service area water-saving post station project 2,979,043.98 2,979,043.98
Boluo Central Station office and living facilities renovation and
13,281,042.37 13,281,042.37
expansion project
Other 10,949,183.09 10,949,183.09 7,031,461.00 7,031,461.00
Total 2,665,392,094.81 2,665,392,094.81 1,960,092,562.22 1,960,092,562.22
191
2024 Annual Report
(2) Changes of significant construction in progress
In RMB
Including:
capitalization Capitalization
Capitalization Source
Name of Transferred to Other Project of of
Budget Opening balance Increase End balance Proportion % of of
project fixed assets decrease process interest interest
interest funding
this rate (%)
period
Reconstruction
and Expansion
of Nansha-
Zhuhai section 1,373,598.92 1,648,394,518.48 1,267,769,452.34 687,266,570.40 2,228,897,400.42 20.86% 20.86% 112,774,368.81 58,088,606.08 2.59% Other
of Guangzhou-
Macao
Expressway
Reconstruction
and Expansion
of Fokai
342,621.00 197,907,850.29 155,769,483.33 108,461,658.64 9,377,838.17 235,837,836.81 86.77% 99.03% 82,030,506.58 4,232,028.71 2.93% Other
Expressway
Sanbao to
Shuikou
Jiujiang
Bridge
navigable hole
3,641.96 16,070,965.65 14,687,122.00 30,758,087.65 84.45% 84.45% Other
anti-collision
reinforcement
project
Fokai
Expressay
intelligent 3,396.35 20,482,399.73 8,240,000.00 19,951,400.73 8,770,999.00 84.57% 84.57% Other
transformation
project
Anti-collision
reinforcement
1,241.19 12,126,194.00 12,126,194.00 97.70% 97.70% Other
project of Jilie
River Bridge
192
2024 Annual Report
Including:
capitalization Capitalization
Capitalization Source
Name of Transferred to Other Project of of
Budget Opening balance Increase End balance Proportion % of of
project fixed assets decrease process interest interest
interest funding
this rate (%)
period
Geological
hazard
investigation
and 1,200.00 11,129,358.87 11,129,358.87 92.74% 100.00% Other
remediation
project for
expressways
Jiangxi-
Shenzhen
high-speed
railway cross- 1,696.69 15,664,172.98 15,664,172.98 92.32% 92.32% Other
section
expansion
project
Guangzhou-
Shantou
Railway 2,146.00 19,446,564.43 19,446,564.43 90.62% 90.62% Other
Crossing
project
Boluo Central
Station office
and living
facilities 1,700.00 13,281,042.37 3,550,999.18 16,832,041.55 100.00% 100.00% Other
renovation and
expansion
project
Reconstruction
and expansion
project of the 3,052,000.00 21,813,587.29 64,872,108.16 86,685,695.45 0.28% 0.28% Other
Huizhou
Xiaojinkou-
193
2024 Annual Report
Including:
capitalization Capitalization
Capitalization Source
Name of Transferred to Other Project of of
Budget Opening balance Increase End balance Proportion % of of
project fixed assets decrease process interest interest
interest funding
this rate (%)
period
Guangzhou
Luogang
Section of
Jinan-
Guangzhou
Expressway
and the
Huizhou
Xiaojinkou-
Lingkeng
Section of
Guangzhou-
Huizhou
Expressway
Emergency
treatment
project of the 1,025.01 6,076,917.00 6,076,917.00 59.29% 59.29% Other
left cutting
slope of k13
Total 1,953,061,101.22 1,544,221,634.88 843,641,030.19 9,377,838.17 2,644,263,867.74 194,804,875.39 62,320,634.79
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.
194
2024 Annual Report
(3)Provision for impairment of construction projects in the current period
None
（4）Provision for impairment of construction in this period
□Applicable Not applicable
（5） Engineering Materials：
None
12.Use right assets
（1）List of Use right assets
In RMB
House and Machinery Transportation Other
Item 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
673,169.06 673,169.06
of the period
（1）Transfer or hold
291,478.61 291,478.61
for sale
（2）Disposal
subsidiary
（3）Other out 381,690.45 381,690.45
4.Closing balance 30,634,734.72 357,112.19 0.00 1,007,747.00 31,999,593.91
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
10,234,967.40 71,422.44 263,712.39 107,017.44 10,677,119.67
the period
（1）Withdrawal 10,234,967.40 71,422.44 263,712.39 107,017.44 10,677,119.67
3.Decreased amount
600,296.91 600,296.91
of the period
（1）Disposition 218,606.46 218,606.46
（3）Other out 381,690.45 381,690.45
4.Closing balance 17,068,316.40 285,689.76 428,069.76 17,782,075.92
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
195
2024 Annual Report
IV. Book value
1.Closing book value 13,566,418.32 71,422.43 579,677.24 14,217,517.99
2.Opening book value 23,801,385.72 142,844.87 336,584.54 686,694.68 24,967,509.81
（2）Impairment test of the use right assets
□Applicable Not applicable
13. Intangible assets
(1) List of intangible assets
In RMB
The Turnpike
Item Land use right Software Total
franchise
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 1,425,889.00 1,425,889.00
(1) Purchase 578,683.00 578,683.00
(2)Internal Development
(3)Increased of Enterprise
Combination
（4）Other 847,206.00 847,206.00
3.Decreased amount of the
7,362,377.62 7,362,377.62
period
（1）Disposal 7,362,377.62 7,362,377.62
4.Closing balance 2,701,738.76 21,528,949.66 318,348,741.86 342,579,430.28
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 period 15,411.24 2,068,504.96 22,976,572.61 25,060,488.81
(1) Withdrawal 15,411.24 2,068,504.96 22,976,572.61 25,060,488.81
3.Decreased amount of the period 7,362,377.62 7,362,377.62
（1）Disposal 7,362,377.62 7,362,377.62
4.Closing balance 2,397,366.22 17,138,010.21 125,349,900.66 144,885,277.09
III. Impairment provision
1.Opening balance
2.Increased amount of the period
(1) Withdrawal
3.Decreased amount of the period
196
2024 Annual Report
（1）Disposal
4.Closing balance
IV. Book value
1.Closing book value 304,372.54 4,390,939.45 192,998,841.20 197,694,153.19
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
（2） Data resources recognized as intangible assets
□Applicable Not applicable
(3)Details of Land use right failed to accomplish certification of property
In RMB
Reason for not obtaining the title
Item Book value
certificate
Gonghe Town Land 304,372.54 Reasons left over from history
（4）Impairment test of Intangible assets
□Applicable Not applicable
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
Item Deductible temporary Deferred income tax Deductible temporary Deferred income tax
difference assets difference assets
Assets impairment provisions 13,332,410.12 3,333,102.53 13,332,410.12 3,333,102.53
Credit impairment provision 3,421,164.00 855,291.00 3,599,497.33 899,874.33
Asset appraisal, appreciation,
98,987,720.57 24,746,930.14 106,786,384.50 26,696,596.13
depreciation and amortization
Deferred income 914,020.10 228,504.89 10,976,324.09 2,744,080.99
Lease liabilities 13,482,202.36 3,370,550.57 23,963,150.05 5,990,787.46
Advance lease 579,677.24 144,919.31 686,694.68 171,673.67
Total 130,717,194.39 32,679,298.44 159,344,460.77 39,836,115.11
(2) Deferred income tax liabilities had not been off-set
In RMB
Balance in year-end Balance Year-beginning
Item Deductible Deductible
Deferred income tax Deferred income tax
temporary temporary
liabilities liabilities
difference difference
Changes in the fair value of other
453,044,707.32 113,261,176.83 218,487,709.10 54,621,927.27
equity instruments
197
2024 Annual Report
Deductible temporary differences in
771,743,732.23 192,935,933.05 843,459,192.41 210,864,798.09
the formation of asset impairment
Difference of amortization method of
14,267,696.94 3,566,924.23 11,266,760.17 2,816,690.05
franchise of toll road
Changes in the fair value of trading
15,494,177.20 3,873,544.30 12,856,768.00 3,214,192.00
financial assets
Tax accounting difference of use right
14,217,517.98 3,554,379.50 24,967,509.81 6,241,877.43
asset
Tax accounting differences of projects
50,341,919.28 12,585,479.82 26,766,856.80 6,691,714.20
under construction
Depreciation for Fixed assets 4,213,173.33 1,053,293.33
Total 1,323,322,924.28 330,830,731.06 1,137,804,796.29 284,451,199.04
(3) Deferred income tax assets or liabilities listed by net amount after off-set
None
(4)Details of income tax assets not recognized
In RMB
Item Balance in year-end Balance in year-begin
Deductible temporary difference 349,962,142.53 228,127,620.02
Total 349,962,142.53 228,127,620.02
(5)Deductible losses of the un-recognized deferred income tax asset will expire in the following years
None
15 .Other non-current assets
In RMB
Balance in year-end Balance Year-beginning
Book balance Provision Book value Book balance Provision Book value
Item for for
devaluatio devaluatio
n n
Prepaid engineering fees 652,374,568.29 652,374,568.29 337,943,920.69 337,943,920.69
Prepaid target payment for
paddy filed of Guanghui
Expressway 183,725,550.00 183,725,550.00
Reconstruction and
extension project
Prepaid business tax 1,311,921.48 1,311,921.48 1,714,291.80 1,714,291.80
Prepaid Equipment
491,998.00 491,998.00
Payment
Total 837,904,037.77 837,904,037.77 339,658,212.49 339,658,212.49
16.Assets with restricted right of ownership
In RMB
Balance in year-end Balance in year-begin
Item
Book balance Book value Restrictio Restriction Book Book value Restriction Restriction
198
2024 Annual Report
n type information balance type information
Monetary Special Special funds for Special Special funds for
1,221,200.00 1,221,200.00 1,221,200.00 1,221,200.00
fund funds land reclamation funds land reclamation
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
Item Balance in year-end Balance Year-beginning
Credit Borrowing 110,000,000.00
Interest payable not due 85,708.33
Total 110,085,708.33
（2）Overdue short-term borrowings
None
18.Account payable
（1） List of account payable
In RMB
Item Balance in year-end Balance Year-beginning
Within 1 year（Including 1 year） 126,545,685.15 114,450,217.03
1-2 years（including2 years） 5,678,510.59 36,069,234.79
2-3 years（including 3 years） 33,415,222.43 7,388,237.28
Over 3 years 60,465,063.88 56,542,901.70
Total 226,104,482.05 214,450,590.80
（2）Significant payable aging more than 1 year
In RMB
Item Balance in year-end Reason
Foshan Natural Resources Bureau. 30,507,598.21 Unsettled
Heshan Natural Resources Bureau 9,186,893.60 Unsettled
Total 38,697,851.81
19.Other accounts payable
In RMB
Item Balance in year-end Balance Year-beginning
Dividend payable 32,714,825.12 27,809,510.32
Other account payable 239,403,211.80 122,484,006.11
Total 272,118,036.92 150,293,516.43
（1）Interest payable
None
（2）Dividends payable
In RMB
199
2024 Annual Report
Item Balance in year-end Balance Year-beginning
Common stock dividends 32,714,825.12 27,809,510.32
Total 32,714,825.12 27,809,510.32
Other explanations, including significant dividends payable that have not been paid for more than 1 year, it shall
disclose the reasons for non-payment:
Including significant unpaid dividends payable over one year, the unpaid reason shall be disclosed:
Finaldividendpayable 29,100,751.91 yuan for more a year in unpaid dividends to shareholders over the year was
mainly due to non- payment of shareholder dividends did not provide information on interest- bearing bank, did
not share reform of shareholders to receive dividends or provide application to
toreceivedividendsthebankinformationisincorrect,resultinginfailuretopayadividendorrefund.
（3）Other accounts payable
(1) Other accounts payable listed by nature of the account
In RMB
Item Year-end balance Year-Beginning balance
Provisional receipts payable 110,062,692.40
Estimated project cost 30,011,025.21 30,309,146.51
Deposit, warranty and security deposit 78,610,611.67 61,910,555.42
Other 20,718,882.52 30,264,304.18
Total 239,403,211.80 122,484,006.11
(2) Other significant accounts payable with aging over one year
In RMB
Item Closing balance Unpaid/un-carry over reason
Poly Changda Highway Engineering Co.,
19,266,493.18 The settlement conditions are not met
Ltd.
Yayao to Xiebian extension 12,416,663.00 The settlement conditions are not met
Total 31,683,156.18
20. Prepayment received
(1) List of Prepayment received
In RMB
Item Balance in year-end Balance Year-beginning
Within 1 year（Including 1 year） 250,984.74 1,564,332.74
1-2 years（Including 2 years） 331,925.18
2-3 years（Including 3 years） 750,973.00
Total 250,984.74 2,647,230.92
（2）Significant payable aging more than 1 year
None
21. Payable Employee wage
（1）Payable Employee wage
200
2024 Annual Report
In RMB
Item Year-beginning Increase in the Decrease in the
Year-end balance
balance current period current period
I. Short-term compensation 20,622,986.18 461,409,069.68 459,619,738.63 22,412,317.23
II.Post-employmentbenefits-
74,581,910.24 74,581,910.24
definedcontributionplans
III. Dismissal benefits 100,000.00 100,000.00
Total 20,622,986.18 536,090,979.92 534,301,648.87 22,412,317.23
（2）Short-term Remuneration
In RMB
Item Year-beginning Increase in the Decrease in the
Year-end balance
balance current period current period
1.Wages, bonuses, allowances
465,063.49 348,974,762.91 348,974,762.91 465,063.49
and subsidies
2.Employee welfare 32,032,846.13 31,680,007.46 352,838.67
3. Social insurance premiums 26,896,065.83 26,896,065.83
Including ：Medical
16,887,260.36 16,887,260.36
insurance
Work injury insurance 2,594,955.72 2,594,955.72
Other 7,413,849.75 7,413,849.75
4.Public reserves for housing 40,383,918.00 40,383,918.00
5.Union funds and staff
17,837,887.34 11,466,338.95 10,029,846.57 19,274,379.72
education fee
8.Other 2,320,035.35 1,655,137.86 1,655,137.86 2,320,035.35
Total 20,622,986.18 461,409,069.68 459,619,738.63 22,412,317.23
（3）Definedcontributionplanslisted
In RMB
Balance Year- Increase in this period Payable in this period Balance in year-end
Item
beginning
1. Basic old-age
44,359,310.39 44,359,310.39
insurance premiums
2.Unemployment
2,444,429.87 2,444,429.87
insurance
3.Enterprise annuity
27,778,169.98 27,778,169.98
payment
Total 74,581,910.24 74,581,910.24
22. Tax Payable
In RMB
Item Balance in year-end Balance Year-beginning
VAT 11,949,894.06 13,544,679.07
201
2024 Annual Report
115,297,349.98 136,932,738.04
Enterprise Income tax
Individual Income tax 3,105,569.26 2,928,147.86
City Construction tax 746,433.27 863,204.59
Education subjoin 360,283.46 417,048.11
Locality Education subjoin 221,651.77 259,424.11
Property tax 14,964.15 14,778.41
Stamp tax 52,114.41 163,570.46
Total 131,748,260.36 155,123,590.65
23. Non-current liabilities due within 1 year
In RMB
Item Balance year-end Year-beginning balance
Long-term loans due within 1 year 238,719,839.52 151,828,779.87
Payable Bonds due within 1 year 767,774,662.42 720,607,149.69
Long-term payable due within 1 year 495,283.01
Lease liabilities due within 1 year 10,752,013.25 10,480,947.08
Total 1,017,246,515.19 883,412,159.65
24.Other current liabilities
In RMB
Item Balance year-end Year-beginning balance
Tax to be rewritten 73,697.84 368,676.26
Total 73,697.84 368,676.26
25. Long-term loan
(1) Category of long-term loan
In RMB
Item Balance year-end Year-beginning balance
Credit loan 6,961,526,050.00 6,090,651,225.00
Interest payable when not due 5,458,539.52 5,893,604.87
Less:Long-term loans due within one year -238,719,839.52 -151,828,779.87
Total 6,728,264,750.00 5,944,716,050.00
Other explanations, including interest rate range: on December 31, 2024, the annual interest rate range of credit
loans was 2.20%-2.80%.
26.Bond payable
（1）Bond payable
In RMB
Item Balance year-end Year-beginning balance
Medium- term note 749,897,950.11 1,429,328,483.63
Interest payable when not due 17,876,712.31 40,680,000.01
Less:Long-term loans due within one year -767,774,662.42 -720,607,149.69
Total 749,401,333.95
202
2024 Annual Report
（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 Withdraw Overflow Pay in Whethe
Interest Issue Issue Opening Closing
Name of the bond Book value Period current interest at discount current r
rate date amount balance balance
issue par amount period default
19 Guangdong 2019.3.1-
680,000,000.00 4.00% 2019.2.27 680,000,000.00 702,730,437.38 4,396,712.30 -72,850.32 707,200,000.00 No
Expressway MTN001 2024.3.1
20 Guangdong 2020.3.17-
750,000,000.00 3.00% 2020.3.13 750,000,000.00 767,278,046.26 22,500,000.02 -496,616.16 22,500,000.00 767,774,662.42 No
Expressway MTN001 2025.3.17
Less: Bonds payable and - -
due within 1 year 720,607,149.69 767,774,662.42
Total —— 749,401,333.95 26,896,712.30 -569,466.48 729,700,000.00 ——
(3) Note to conditions and time of share transfer of convertible bonds
None
203
2024 Annual Report
27.Lease liabilities
In RMB
Item Balance year-end Year-beginning balance
Long-term lease liabilities 13,819,230.25 24,964,446.02
Less：Financing costs are not
-337,027.89 -1,001,295.97
recognized
Less:Long-term loans due within one
-10,752,013.25 -10,480,947.08
year
Total 2,730,189.11 13,482,202.97
28. Long-term payable
In RMB
Item 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
Item 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
Item Opening balance Increase Decrease Closing balance Cause
Government
395,976,324.09 100,000,000.00 10,062,303.99 485,914,020.10
subsidy
Lease income 33,103,584.45 803,911.43 7,849,608.64 26,057,887.24
Total 429,079,908.54 100,803,911.43 17,911,912.63 511,971,907.34 --
30. Stock capital
In RMB
Changed（+，-）
Balance Year- Balance in year-
Issuance of Bonus Capitalizatio
beginning Other Subtotal end
new share shares n of public
reserve
Total of
2,090,806,126.00 2,090,806,126.00
capital shares
31. Capital reserves
204
2024 Annual Report
In RMB
Increase in Decrease in
Year- beginning
Item 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
-1,959,604,309.88 -1,959,604,309.88
the common control
Other capital reserves 234,321,460.59 4,371.34 468,646.48 233,857,185.45
(1) Changes in other equity of the invested under the
-3,134,180.11 4,371.34 468,646.48 -3,598,455.25
equity method accounting（Note）
（2）Other 237,455,640.70 237,455,640.70
Total 783,125,493.70 4,371.34 468,646.48 782,661,218.56
- 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.
Note3 ： Capital reserve decreased by RMB 168,134.50 yuan, because the subsidiary Yuegao Capital
Holdings (Guangzhou) Co., Ltd. disposed of all the equity of its joint venture Hunan Lianzhi Technology Co.,
Ltd.;
Note 4. 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 4,371.34.
205
2024 Annual Report
32. Other comprehensive income
In RMB
Amount of current period
Less：Prior period
Less：Amount transferred into
included in other After-tax
Year-beginning profit and loss in the current After-tax attribute Year-end
Item Amount incurred composite income Less：Income attribute to
balance period that recognied into other to the parent balance
before income tax transfer to retained tax expenses minority
comprehensive income in prior company
income in the current shareholder
period
period
1.Other comprehensive income will
be reclassified into income or loss in 163,865,781.83 241,150,509.83 58,639,249.56 182,511,260.27 346,377,042.10
the future
Other comprehensive income that
cannot be converted to profit and 6,593,511.61 6,593,511.61 6,593,511.61
loss under the equity method
Changes in fair value of investments
163,865,781.83 234,556,998.22 58,639,249.56 175,917,748.66 339,783,530.49
in other equity instruments
2.Other comprehensive income
reclassifiable to profit or loss in -297,380.50 20,070,209.48 20,070,209.48 19,772,828.98
subsequent periods
Including：Share of other
comprehensive income of the
investee that cannot be transferred to -297,380.50 20,070,209.48 20,070,209.48 19,772,828.98
profit or loss accounted for using the
equity method
Total of other comprehensive
163,568,401.33 261,220,719.31 58,639,249.56 202,581,469.75 366,149,871.08
income
206
2024 Annual Report
33. Surplus reserve
In RMB
Item Year-beginning Increase in the current Decrease in the current Year-end balance
balance period period
Statutory surplus
1,520,627,456.34 163,460,199.30 1,684,087,655.64
reserve
Total 1,520,627,456.34 163,460,199.30 1,684,087,655.64
34. Retained profits
In RMB
Item Amount of this period Amount of last period
Before adjustments: Retained profits in
5,289,404,378.52 4,698,029,354.09
last period end
Adjust the total undistributed profits at
5,289,404,378.52 4,698,029,354.09
the beginning of the period
Add：Net profit belonging to the owner
1,562,122,219.95 1,633,811,033.68
of the parent company
Less: Statutory surplus reserve 163,460,199.30 147,570,987.32
Common stock dividend payable 1,143,670,950.92 894,865,021.93
Retained profit at the end of this term 5,544,395,448.25 5,289,404,378.52
As regards the details of adjusted the beginning undistributed profits
(1)As the retroactive adjustment on Enterprise Accounting Standards and its related new regulations, the
affected beginning undistributed profits are RMB 0.00.
(2) As the change of the accounting policy, the affected beginning undistributed profits are RMB 0.00.
(3) As the correction of significant accounting error, the affected beginning undistributed profits are RMB 0.00 .
(4) As the change of consolidation scope caused by the same control, the affected beginning undistributed
profits are RMB 0.00.
(5) Other adjustment of the total affected beginning undistributed profits are RMB 0.00 .
35.Operation income and operation cost
In RMB
Amount of this period Amount of last period
Item
Income Cost Income Cost
Main operation 4,499,825,267.43 1,597,998,245.80 4,810,921,181.65 1,707,788,447.62
Other operation 70,077,811.29 33,076,019.31 68,145,766.54 33,029,810.55
Total 4,569,903,078.72 1,631,074,265.11 4,879,066,948.19 1,740,818,258.17
Which the net profit before and after deducting non-recurring gains and losses is lower or whether it is negative
□Yes No
Breakdown information of operating income and operating cost:
In RMB
Contract Amount of this period Amount of last period
classification Income Cost Income Cost
Business
207
2024 Annual Report
Contract Amount of this period Amount of last period
classification Income Cost Income Cost
Including：
Toll income 4,499,825,267.43 1,597,998,245.80 4,810,921,181.65 1,707,788,447.62
Service and other 41,638,860.55 28,243,600.33 35,835,539.37 29,101,132.89
Lease income 28,438,950.74 4,832,418.98 32,310,227.17 3,928,677.66
Area
Including：
Guangdong 4,569,903,078.72 1,631,074,265.11 4,879,066,948.19 1,740,818,258.17
Total 4,569,903,078.72 1,631,074,265.11 4,879,066,948.19 1,740,818,258.17
36. Business tax and subjoin
In RMB
Item Amount of this period Amount of last period
Urban construction tax 8,667,915.53 9,225,865.33
Education surcharge 4,165,305.23 4,442,563.50
Property tax 3,850,171.38 2,721,041.99
Land use tax 3,069,272.41 2,944,638.40
Vehicle use tax 74,895.16 75,872.65
Stamp tax 229,744.59 292,097.60
Business tax 370,495.32 370,495.32
Locality Education surcharge 2,770,493.09 2,955,331.98
Total 23,198,292.71 23,027,906.77
37. Administrative expenses
In RMB
Ites Amount of current period Amount of previous period
Wage 149,686,581.85 131,055,433.95
Depreciation of fixed assets 9,228,538.74 9,647,982.73
Intangible assets amortization 1,269,077.32 1,590,376.26
Low consumables amortization 694,842.82 1,078,568.34
Rental fee and Management fee 13,343,318.54 13,337,176.42
Office expenses 7,395,865.42 8,062,827.48
Travel expenses 761,021.72 839,933.40
Consultation expenses 812,692.46 839,977.37
The fee for hiring agency 4,115,335.79 3,781,983.80
Listing fee 660,598.20 703,481.20
Information cost and maintenance fee 4,140,056.87 3,549,110.16
Other 11,281,312.86 14,974,687.90
Total 203,389,242.59 189,461,539.01
38.R& D expenses
208
2024 Annual Report
In RMB
Item Amount of this period Amount of last period
Wage 1,718,236.48
Entrusted development fee 3,365,548.72 3,245,205.00
Total 5,083,785.20 3,245,205.00
39.Financial expenses
In RMB
Item Amount of this period Amount of last period
Interest expenses 176,538,813.65 214,338,558.69
Interest income -56,039,879.15 -94,065,812.39
Exchange Income and loss（Gain-） 4,544,807.46 716,683.26
Bank commission charge 996,932.09 785,352.19
Total 126,040,674.05 121,774,781.75
40.Other gains
In RMB
Item Amount of this period Amount of last period
Government Subsidy-Cancel the Special Subsidy for
10,046,949.15 10,046,949.21
Provincial Toll Station Project of Expressway
Government Subsidy- Charging infrastructure incentive
15,354.84 12,553.40
funds
Government Subsidy- Vehicle purchase tax revenue
600,000.00
subsidies for local funds
Government subsidy- Stable job subsidies 531,511.22 25,500.00
Government subsidy- Maternity allowance 703,149.29 660,829.32
Withholding and remitting enterprise prepaid income tax
166,639.84 168,720.03
fees
VAT additional deduction 1,844.66 23,955.84
Veterans' VAT reduction and exemption 66,717.82 67,647.73
Total 11,532,166.82 11,606,155.53
41. Changes in the fair value of the earning
In RMB
Item Amount of this period Amount of last period
Other non-current financial assets 2,637,409.20 2,456,768.00
Total 2,637,409.20 2,456,768.00
42. Investment income
In RMB
Item Amount of this period Amount of last period
Long-term equity investment income by equity method 192,051,727.06 215,712,728.62
Disposition of the investment income generated by the
6,777,025.39 24,875,986.37
long-term equity investment
Dividends earned during the holding period on investments
102,323,410.08 71,249,739.36
in other equity instrument
Investment income of other non-current financial assets
409,788.62 601,253.78
during the holding period
Other 1,284,835.59 -80,000.00
209
2024 Annual Report
Total 302,846,786.74 312,359,708.13
43. Credit impairment losses
In RMB
Item Amount of this period Amount of last period
Impairment losses on account receivable 178,333.33 192,083.34
Impairment losses on other receivable -121,834,522.51 -123,358,138.31
Total -121,656,189.18 -123,166,054.97
44. Asset impairment loss
In RMB
Item Amount of this period Amount of last period
Loss on impairment of fixed assets -10,443,015.96
Total -10,443,015.96
45.Assets disposal income
In RMB
Item Amount of this period Amount of last period
Non-current assets disposal gains -721,318.52
Including：Income from disposal of
-723,124.34
Fixed assets
Disposal gains or losses of the leased
1,805.82
assets
Total -721,318.52
46. Non-Operation income
In RMB
The amount of non-operating
Item
Amount of current period Amount of previous period gains & losses
Non-current assets are
damaged and scrapped for 56,349.73 2,230.09 56,349.73
profit
Insurance claim income 2,474,658.93 1,571,199.75 2,474,658.93
Road property claim income 2,877,260.24 2,473,459.99 2,877,260.24
Relocation compensation
income 118,500.00 22,000.00 118,500.00
Other 1,097,901.92 676,740.36 1,097,901.92
Total 6,624,670.82 4,745,630.19 6,624,670.82
47. Non-Operation expense
In RMB
The amount of non-operating
Item
Amount of current period Amount of previous period gains & losses
Non-current assets are
damaged and scrapped for 31,327.52 12,138,213.43 31,327.52
profit
Including：Fixed assets 31,327.52 12,138,213.43 31,327.52
210
2024 Annual Report
Road rehabilitation
7,669,259.00 8,652,598.72 7,669,259.00
expenditure
Fine 2,248.20 575.45 2,248.20
Other 586,370.05 605,753.91 586,370.05
Total 8,289,204.77 21,397,141.51 8,289,204.77
48. Income tax expense
(1) Lists of income tax expense
In RMB
Item Amount of current period Amount of previous period
Current income tax expense 676,281,258.99 643,000,314.19
Deferred income tax expense -5,102,900.87 71,560,856.65
Total 671,178,358.12 714,561,170.84
(2) Adjustment process of accounting profit and income tax expense
In RMB
Item Amount of current period
Total 2,774,091,140.17
Current income tax expense accounted by tax and relevant
693,522,785.04
regulations
Influence of income tax before adjustment -173,240.92
Influence of non taxable income -71,302,546.84
Impact of non-deductible costs, expenses and losses 24,840,892.89
The current period does not affect the deferred tax assets
24,290,467.95
recognized deductible temporary differences or deductible loss
Income tax expense 671,178,358.12
49.Items of Cash flow statement
（1）Cash related to operating activities
Other cash received from business operation
In RMB
Item Amount of current period Amount of previous period
Interest income 44,591,923.66 82,916,438.52
Unit current account 182,243,574.88 94,834,141.80
Special government subsidies 100,000,000.00 385,000,000.00
Total 326,835,498.54 562,750,580.32
Other cash paid related to operating activities
In RMB
Item Amount of current period Amount of previous period
Management expense 32,363,363.13 34,024,091.22
Unit current account 69,951,433.32 63,945,236.37
Total 102,314,796.45 97,969,327.59
211
2024 Annual Report
（2）Cash related to Investment activities
Cash receivable related to other Investment activities
In RMB
Item Amount of current period Amount of previous period
Interest on occupation of fund 1,366,702.42
Receipt of returned bid bond 3,892,567.08
Total 5,259,269.50
Important cash received in relation to the investment activities
In RMB
Item Amount of current period Amount of previous period
Disposition of cash received by associated 39,614,562.90 80,429,567.10
Cash received from dividends and dividends
81,116,037.32 71,850,993.14
of other equity investments
Cash received from dividends of associated 76,768,033.74 68,717,811.14
Total 197,498,633.96 220,998,371.38
Cash Payable related to other Investment activities
In RMB
Item Amount of current period Amount of previous period
Equity transaction service fee 169,611.10 182,544.13
Return Bid deposit 3,499,900.00
Total 3,669,511.10 182,544.13
Cash Payable related to other Investment activities
In RMB
Item 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 201,662,000.00 110,250,000.00
Cash paid for the reconstruction and expansion of
the Nansha-Zhuhai section of the Guangzhou- 1,514,598,632.64 1,373,291,244.83
Macao Expressway
Total 1,716,260,632.64 1,539,621,244.83
（3）Cash related to Financing activities
Other cash received in relation to financing activities
In RMB
Item Amount of current period Amount of previous period
Performance commitment compensation 40,092,886.12
Total 40,092,886.12
Cash paid related to other Financing activities
In RMB
Item 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 11,600,234.86 13,092,412.09
Total 12,138,004.61 14,094,281.84
Changes in various liabilities arising from financing activities
Applicable □Not applicable
212
2024 Annual Report
In RMB
Item Year-beginning Increase in the current period Decrease in the current period Year-end
Non-cash Non-cash balance
Cash changes Cash changes
balance changes changes
Other payable-
Dividend 27,809,510.32 1,711,737,004.13 1,706,808,191.94 23,497.39 32,714,825.12
payable
Other payable-
Fractional 1,291,256.87 1,291,256.87
Dividend
Short-loans 110,085,708.33 180,000,000.00 5,316,145.83 295,401,854.16
Long-term
loans
（Including 6,096,544,829.87 1,170,955,084.00 195,469,968.01 495,985,292.36 6,966,984,589.52
part due within
one year）
Bond payable
（Including
1,470,008,483.64 27,466,178.78 729,700,000.00 767,774,662.42
part due within
one year）
Long-term
payable
（Including
2,517,493.12 29,716.99 525,000.00 2,022,210.11
part due
within one
year）
Lease
liabilities
（Including 23,963,150.05 664,268.08 11,069,615.77 75,600.00 13,482,202.36
part due within
one year）
Total 7,732,220,432.20 1,350,955,084.00 1,940,683,281.82 3,239,489,954.23 1,390,354.26 7,782,978,489.53
50. Supplement Information for cash flow statement
（1）Supplement Information for cash flow statement
In RMB
Supplement Information Amount of current period Amount of previous period
I. Adjusting net profit to cash flow from operating activities
Net profit 2,102,912,782.05 2,262,340,136.06
Add：Impairment loss provision of assets 10,443,015.96
Credit loss preparation 121,656,189.18 123,166,054.97
Depreciation of fixed assets, oil and gas assets and consumable
1,036,083,773.12 1,121,749,435.32
biological assets
Depreciation of Use right assets 10,677,119.67 10,417,949.40
Amortization of intangible assets 24,957,444.17 26,628,234.56
Amortization of Long-term deferred expenses 350,625.00 350,625.00
Loss on disposal of fixed assets, intangible assets and other long-
721,318.52
term deferred assets
213
2024 Annual Report
Fixed assets scrap loss -25,022.21 12,135,983.34
Loss on fair value changes -2,637,409.20 -2,456,768.00
Financial cost 181,083,621.11 215,055,241.95
Loss on investment -302,846,786.74 -312,359,708.13
Decrease of deferred income tax assets 7,156,816.67 89,208,863.35
Increased of deferred income tax liabilities -12,259,717.54 -17,648,006.70
Decrease of inventories
Decease of operating receivables -80,518,246.74 -161,409,427.85
Increased of operating Payable 74,285,172.90 452,543,414.34
Other 94,765,913.95 1,620,519.90
Net cash flows arising from operating activities 3,256,363,593.91 3,831,785,563.47
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 4,259,653,084.58 4,701,657,434.00
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 -442,004,349.42 416,969,202.67
（2）Composition of cash and cash equivalents
In RMB
Item Balance in year-end Balance in year-Beginning
Cash 4,259,653,084.58 4,701,657,434.00
Of which: Cash in stock 10,267.08 35,130.15
Bank savings could be used at any time 4,259,125,745.36 4,701,108,299.37
Other monetary capital could be used at any time 517,072.14 514,004.48
Balance of cash and cash equivalents at the period end 4,259,653,084.58 4,701,657,434.00
（3） Monetary funds that are not cash and cash equivalents
In RMB
Reasons other than cash and cash
Item 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 28,952,378.64 15,753,098.20 Not actually received
Total 30,173,578.64 16,974,298.20
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51. 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
In RMB
Item Current amount
Interest expense of lease liabilities 663,346.05
Variable lease payments not included in the measurement of lease liabilities
Short-term lease or lease cost of low-value assets with simplified treatment 1,144,692.90
Income from subletting right-to-use assets
Total cash outflow related to leasing 12,941,624.86
(2) The Company as lessor
Operating lease as lessor
Applicable □Not applicable
In RMB
In which: income related to variable lease
Item Lease income
payment not included in lease receipts
Operating lease income 28,438,950.74
Total 28,438,950.74
Financial lease as lessor
□Applicable Not applicable
Undiscounted lease receipts for each of the next five years
□Applicable Not applicable
Adjustment between undiscounted lease receipts and net lease investments
（3） Recognize the profits and losses of financial lease sales as a manufacturer or distributor
□Applicable Not applicable
VIII. Equity in other entities
1. Equity in subsidiary
(1) The structure of the enterprise group
In RMB
Shareholding Ratio
Main Places of Registration Nature of Obtaining
Name of Subsidiary Registered capital (%)
Operation Place Business Method
direct indirect
Expressway Under the same
Guangfo Expressway Co., Ltd. 200,000,000.00 Guangzhou Guangzhou 75.00%
Management control
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business
combination
Under the same
Expressway control
Guanghui Expressway Co., Ltd. 2,351,678,000.00 Guangzhou Guangzhou 51.00%
Management business
combination
Under the same
Jingzhu Expressway Guangzhu Expressway control
2,855,700,000.00 Zhongshan Guangzhou 75.00%
Section Co.,Ltd. Management business
combination
Yuegao Capital Investment
375,500,000.00 Guangzhou Guangzhou 100.00% Establishment
Investment(Guangzhou)Co., Ltd. management
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
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(2) Important Non-wholly-owned Subsidiary
In RMB
Profit or Loss
Owned by the Dividends Distributed to Equity Balance of the Equity Balance of the
Shareholding Ratio of Minority Minority the Minority Minority Shareholders Minority Shareholders
Shareholders (%) Shareholders in Shareholders in the in the End of the in the End of the
the Current Current Period Period Period
Period
Guangdong Guanghui
49.00% 443,905,338.02 437,663,907.05 2,062,432,322.82
Expressway Co., Ltd.
Jingzhu Expressway Guangzhu
25.00% 126,570,369.19 129,110,889.29 660,703,829.92
Section Co.,Ltd.
Holding proportion of minority shareholder in subsidiary different from voting proportion
None
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(3) The main financial information of significant not wholly owned subsidiary
In RMB
Year-end balance Year-beginning balance
Name Non- current Non- current
Current assets Non- current assets Total assets Current Liabilities Total liabilities Current assets Non- current assets Total assets Current Liabilities Total liabilities
liabilities liabilities
Guangdong
Guanghui
2,202,032,502.09 2,311,186,053.66 4,513,218,555.75 200,417,595.58 103,755,403.39 304,172,998.97 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
421,031,319.91 5,056,842,394.60 5,477,873,714.51 674,646,315.03 2,160,412,079.79 2,835,058,394.82 388,634,507.85 3,710,550,073.86 4,099,184,581.71 1,229,752,786.81 986,454,394.82 2,216,207,181.63
Guangzhu
Section Co.,Ltd.
In RMB
Amount of current period Amount of previous period
Name Total Total
Cash flows from Cash flows from
Business income Net profit Comprehensiv Business income Net profit Comprehensive
operating activities operating activities
e income income
Guangdong Guanghui
1,939,250,120.24 905,929,261.28 905,929,261.28 1,325,346,450.31 2,151,996,795.83 1,077,811,437.35 1,077,811,437.35 1,574,951,846.34
Expressway Co., Ltd.
Jingzhu Expressway Guangzhu
1,122,523,853.96 506,281,476.77 506,281,476.77 924,689,753.54 1,191,507,531.28 521,658,129.01 521,658,129.01 1,127,045,720.91
Section Co.,Ltd.
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(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
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
Proportion Accounting
treatment of
Main the
Registration investment
Name operating Business nature
place Directly Indirectly of joint
place venture or
associated
enterprise
Zhaoqing, Zhaoqing, Expressway Equity
Zhaoqing Yuezhao Highway Co., Ltd. 25.00%
Management method
Guangdong Guangdong
Expressway Equity
Shenzhen Huiyan Expressway Co., Ltd. Shenzhen Shenzhen 33.33%
Management method
Guangdong Jiangzhong Expressway Expressway Equity
Zhongshan , Zhongshan , 15.00%
Co., Ltd. Management method
Expressway Equity
Ganzhou kangda Expressway Co., Ltd. Gangzhou Ganzhou 30.00%
Management method
Ganzhou Gankang Expressway Co., Expressway Equity
Gangzhou Ganzhou 30.00%
Ltd. Management method
Guangdong Yuepu Small Refinancing Hand all kinds of Equity
Guangzhou Guangzhou 15.48%
Co., Ltd(Note) small loans method
Equity
Guangyuan Securities Co., Ltd. Hefei Hefei Security business 2.37%
method
Guangdong Yuetong Qiyuan Chip Equity
Guangzhou Guangzhou New Energy service 6.67%
Power Technology Co., Ltd method
Garage electric pile Holding (Shenzhen) Equity
Shenzhen Shenzhen New Energy service 17.40%
Co., Ltd method
Note to holding proportion of joint venture or associated enterprise different from voting proportion:
None
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:
GuangdongJiangzhongExpresswayCo.,Ltd.,Guangyuan Securities Co., Ltd.，Yuepu Small Refinancing Co.,
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Ltd. Garage electric pile Holding (Shenzhen) Co., Ltd.and Guangdong Yuetong Qiyuan Chip Power Technology Co.,
Ltd..holds20%ofthevotingrights,buthasthepowertoparticipateinmakingdecisionsontheirfinancialandoperatingdec
isions,andthereforedeemedtobeabletoexertsignificantinfluenceovertheinvestee.
(2) Main financial information of significant joint venture
None
(3) Main financial information of significant associated enterprise
In RMB
Year-end balance/ Amount of current Year-beginning balance/ Amount of
period previous period
Guoyuan Securities Co., Ltd. Guoyuan Securities Co., Ltd.
Current assets
Non-current assets
Total assets 172,526,443,220.18 133,200,177,000.85
Current liabilities
Non-current Liabilities
Total liabilities
Minority Shareholders’ Equity
Shareholders’ equity attributable to
37,081,084,070.93 34,578,952,207.02
shareholders of the parent
Proratashareofthenetassetscalculated 879,340,429.05 820,004,900.93
Adjustment items
--Goodwill 207,095,632.54 207,095,632.54
-- Internal transactions did not achieve
profits
--Other
Thebookvalueofequityinvestmentsinjoint
1,086,436,061.59 1,027,100,533.47
ventures
Fair value of equity investment of
associated enterprises with open 865,114,385.52 706,786,035.06
quotation
Buinsess incme 7,838,551,047.28 6,375,088,522.72
Net profit 2,285,774,152.02 1,868,664,593.05
Net profit from terminated operations
Other comprehensive income 1,124,398,377.85 426,564,437.75
Total comprehensive income 3,410,172,529.87 2,295,229,030.80
Dividendsreceivedfromassociatesduringt
21,731,342.22 15,522,387.30
heyear
(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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period previous period
Joint venture：
Total amount of the pro rata calculation
of the following items
Associated enterprise：
Total book value of the investment 2,245,913,947.25 2,068,477,754.53
Total amount of the pro rata calculation
of the following--Net profit ms
--Net profit 137,648,577.81 171,074,736.63
--Total comprehensive income 137,648,577.81 171,074,736.63
(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
Accounting Beginning New subsidy Amount Amount Other Related to
Closing balance
subject balance amount in the included in transferred to changes assets/incom
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current period non-operating other income in in the e
income in the the current current
current period period period
Deferred
395,976,324.09 100,000,000.00 10,062,303.99 485,914,020.10 Asset-related
income
Total 395,976,324.09 100,000,000.00 10,062,303.99 485,914,020.10
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 11,296,964.50 11,345,831.93
Total 11,296,964.50 11,345,831.93
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 are included in other comprehensive income and are measured at fair value on the balance sheet date.
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Therefore, the Company bears the risk of changes in the securities market.
2.Credit risk
As of December 31,2024, 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 ,
Investment in Other Equity Instruments" in V(7) 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
Item Fir value Fir value Fir value
measurement items measurement items measurement items Total
at level 1 at level 2 at level 3
I. Consistent fair value
-- -- -- --
measurement
（2）Equity instrument investment 186,494,177.20 186,494,177.20
（III）Other equity instrument
910,436,633.28 858,517,252.57 1,768,953,885.85
investment
Total assets continuously measured at
910,436,633.28 186,494,177.20 858,517,252.57 1,955,448,063.05
fair value
II. Non –persistent measure -- -- -- --
2. Market price recognition basis for consistent and inconsistent fair value measurement items at level 1.
Asattheendoftheperiod,thecompanyholdsshares235,254,944sharesofChinaEverbrightBank
AccordingtotheclosingpriceofDecember 31,2024 of 3.87 yuan, the final calculation of fair value was
910,436,633.28 yuan.
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2024 Annual Report
3. For Level 2 items measured at fair value continuously and non-continuously, the valuation techniques
and qualitative and quantitative information of significant parameters are adopted
The fair value of the assets held by the Company and measured by Level 2 fair value is determined by the
market method;
Other non current financial assets held by the Company and measured at Level 2 fair value are non
transactional equity instrument investments, and their fair value is determined based on the prices of similar
assets in active or non-active markets.
4. For Level 3 items measured at fair value continuously and non-continuously, the valuation techniques
and qualitative and quantitative information of significant parameters are adopted
The Level 3 fair value measurement held by the Company is designated for non transactional equity
instrument investments measured at fair value with changes recognized in other comprehensive income, mainly
for equity investment projects with no observable active market data verification and with financial forecasts
made by using their own data.
5. Valuation technology changes that occurred during this period and reasons for changes
The non transactional equity instrument investments held by the Company, which are measured at fair
value with changes recognized in current profits and losses, were evaluated at fair value by using the income
method in the same period last year. However, in this period, due to the inability to obtain previously used
information for financial forecasting and the fact that the Company can obtain similar asset quotes in the market,
we have changed to evaluate the fair value by using the market method.
XII. Related parties and related-party transactions
1. Parent company information of the enterprise
The parent The parent
Redistricted company of the company of the
Name Registered address Nature
capital Company's Company’s vote
shareholding ratio ratio
Equity
management,
Guangdong traffic
communication Guangzhou infrastructure 26.8 billion yuan 24.56% 50.12%
Group Co., Ltd construction and
railway project
operation
Note ：
Guangdong Communication Group Co., Ltd. is the largest shareholder of the Company. legal representative:
Deng Xiaohua. Date of establishment: June 23, 2000. As of December 31,2024,Registered capital: 26.8 billion
yuan. It is a solely state-owned limited company. Business scope： equity management, organization of asset
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2024 Annual Report
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.
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
Subsidiariesofthisenterprise,seeVIII(1)therightsofotherentity
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
Guangdong Yuetong Qiyuan Chip Power Technology 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 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 Provincial Freeway Co.,Ltd. Fully owned subsidiary of the parent company
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2024 Annual Report
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
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
Guangdong Guangle Expressway Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Communication Group Financial Shared Service
Fully owned subsidiary of the parent company
Center Co., Ltd
Guangdong Motor Transportation Group 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 Communications Technology Research and
Fully owned subsidiary of the parent company
Development Co., Ltd
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
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
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
Over the
Amount of Amount of
Content of related trading Amount of last
Related parties
transaction current period previous limit or period
not?
period
1.Business cost
Guangdong Union electronic services
Service 24,393,142.01 16,890,482.70
co., Ltd.
Poly Changda Engineering Co., Ltd. Project fund, service 24,184,238.00 25,010,914.00
Guangdong Communications Testing
Project fund, service 10,352,698.00 8,502,733.00
Co., Ltd.
Guangdong Xinyue Traffic Investment
Project fund, service 8,999,520.04 9,330,032.04
Co., Ltd.
Guangzhou Xinyue Asphalt Co., Ltd. Purchase 8,656,240.65 3,265,078.03
Guangdong Feida Traffic Engineering
Maintenance 6,602,624.00 6,368,019.00
Co., Ltd.
Guangdong Yueyun Traffic Rescue Co., Rescue service fee 4,967,400.00 3,607,400.00
226
2024 Annual Report
Over the
Amount of Amount of
Content of related trading Amount of last
Related parties
transaction current period previous limit or period
not?
period
Ltd.
Guangdong Hualu Traffic Technology
Project 4,249,608.18 5,126,252.67
Co., Ltd.
Guangdong Lulutong Co., Ltd. Project fund, service 1,822,181.00 2,286,315.00
Guangdong Litong Technology
Maintenance 1,728,839.48 1,331,428.00
Investment Co., Ltd.
Guangdong East Thinking Management Maintenance，
1,406,378.17 1,437,278.17
Technology Development Co., Ltd. Service
Guangdong Humen Bridge Co., Ltd. Service 1,150,688.38 1,141,771.80
Guangdong Communication Planning &
Project labour service 1,002,277.44 1,860,809.74
Design Institute Co., Ltd.
Guangdong Highway Science and
Training expense 662,840.00
Education Center Co., Ltd
Guangdong Expressway Technology
Maintenance, Test 598,500.00 1,110,878.00
Investment Co., Ltd.
Guangdong Communications
Technology Research and Development Service 192,096.00 64,032.00
Co., Ltd
Guangdong Tongyi Expressway Service
Service 154,584.00 131,379.00
Area Co., Ltd
Hunan Lianzhi Monitoring Technology
Maintenance 147,282.00
Co., Ltd.
Hunan Lianzhi Monitoring Technology
Project 296,763.00
Co., Ltd.
Guangdong Expressway Media Co., Ltd. Project 136,000.00
Subtotal 101,271,137.35 87,897,566.15
2.Financial cost
Guangdong Communication Group Borrowing Interest
11,415,261.10 10,157,805.55
Finance Co., Ltd. expresses
Guangdong Communication Group Deposit interest
-28,914,447.25 -73,213,480.41
Finance Co., Ltd. income
Guangdong Communication Group
Commission charge 4,612.02
Finance Co., Ltd.
Borrowing Interest
Guangdong Communication Group 14,123,611.10
expresses
Subtotal -17,499,186.15 -48,927,451.74
3.Administrative expenses
Guangdong Highway Science and
Training expense 1,202,402.19
Education Center Co., Ltd
Guangdong East Thinking Management Maintenance，
968,211.32 510,000.00
Technology Development Co., Ltd. Service
Guangdong Union electronic services
maintenance fee 879,986.00 798,700.00
co., Ltd.
Guangdong Highway Construction
Trairing expense 530,110.72
Co.,Ltd.
227
2024 Annual Report
Over the
Amount of Amount of
Content of related trading Amount of last
Related parties
transaction current period previous limit or period
not?
period
Guangdong Communication Group
Service 351,582.90
Financial Shared Service Center Co., Ltd
Guangdong Tongyi Expressway Service
Service 129,318.80 16,000.00
Area Co., Ltd
Guangdong Litong Property Management Fee,
101,893.11 29,004.77
Development Co., Ltd. water and electricity
Guangdong Expressway Media Co., Ltd. Work safety funds 101,120.00
Guangdong Provincial Freeway Co.,Ltd. Travel expense 8,200.00
Monitoring service
Guangdong Xinyue Traffic Investment
fee and installation 214,882.00
Co., Ltd.
fee
Guangdong Litong Development
Management Fee 259,619.11
Investment Co., Ltd.
Subtotal 4,272,825.04 1,828,205.88
4.R & D
Guangdong Communication Planning & Scientific research
1,545,656.31 963,646.00
Design Institute Co., Ltd. project
Guangdong Communications Testing Scientific research
316,299.00 527,165.00
Co., Ltd. project
Guangdong Hualu Traffic Technology Scientific research
16,104.90 481,823.00
Co., Ltd. project
Subtotal 1,878,060.21 1,972,634.00
5.Fixed assets
Guangdong Feida Traffic Engineering
Purchase assets 11,081,330.36 2,611,574.00
Co., Ltd.
Guangdong Xinyue Traffic Investment
Purchase assets 5,049,951.00 2,783,766.00
Co., Ltd.
Guangdong Communication Planning &
Purchase assets 3,000,244.05 2,432,390.24
Design Institute Co., Ltd.
Guangdong Hualu Traffic Technology
Purchase assets 1,905,520.15 2,128,295.94
Co., Ltd.
Guangdong Lulutong Co., Ltd. Purchase assets 996,550.00 1,734,994.86
Guangdong Communications Testing
Purchase assets 774,006.00 1,435,396.00
Co., Ltd.
Guangdong Litong Technology
Purchase assets 380,000.00 227,490.00
Investment Co., Ltd.
Guangdong Expressway Technology
Purchase assets 88,232.91
Investment Co., Ltd.
Guangdong East Thinking Management
Purchase assets 434,800.00
Technology Development Co., Ltd.
Poly Changda Engineering Co., Ltd. Purchase assets 2,833,368.00
Subtotal 23,275,834.47 16,622,075.04
4）Construction in process
Poly Changda Engineering Co., Ltd. Purchase assets 493,403,076.00 124,024,328.00
Guangdong Communication Planning &
Purchase assets 15,223,406.23 26,337,631.00
Design Institute Co., Ltd.
Guangdong Traffic Development Co., Purchase assets 7,200,000.00
228
2024 Annual Report
Over the
Amount of Amount of
Content of related trading Amount of last
Related parties
transaction current period previous limit or period
not?
period
Ltd.
Guangdong Communication Group
Purchase assets 5,597,723.65 45,833.33
Finance Co., Ltd.
Guangdong Feida Traffic Engineering
Purchase assets 4,938,836.00 18,510,159.00
Co., Ltd.
Guangdong Hualu Traffic Technology
Purchase assets 3,570,763.04 1,668,179.00
Co., Ltd.
Guangdong Xinyue Traffic Investment
Purchase assets 2,373,193.00 29,103.00
Co., Ltd.
Guangdong East Thinking Management
Purchase assets 1,321,170.00
Technology Development Co., Ltd.
Guangdong Motor Transportation Group
Purchase assets 173,900.00
Co., Ltd
Guangdong Communications Group
Purchase assets 88,015.98
Financial Shared Service Center Co., Ltd
Guangdong Highway Construction Co.,
Purchase assets 29,053.56 480,000.00
Ltd.
Guangdong Highway Science and
Purchase assets 13,300.00
Education Center Co., Ltd
Guangdong Communications Testing
Purchase assets 2,028,475.00
Co., Ltd
Subtotal 533,932,437.46 173,123,708.33
7.Intangible assets
Guangdong Feida Traffic Engineering
Purchase assets 245,081.00
Co., Ltd.
Guangdong Xinyue Traffic Investment
Purchase assets 60,472.00
Co., Ltd.
Subtotal 305,553.00
8.Non-operating expenses
Expenditure on
Guangdong Feida Traffic Engineering
electromechanical 1,005,769.00 487,087.00
Co., Ltd.
system repair
Guangdong Xinyue Traffic Investment
Sporadic repair fees 271,138.43 83,018.00
Co., Ltd.
Expenses for civil
Poly Changda Engineering Co., Ltd. engineering 1.00
restoration
Subtotal 1,276,907.43 570,106.00
Related transactions on sale goods and receiving services
In RMB
Amount of current period Amount of previous
Related party Content
period
1.Business income
Jingzhu Expressway Guangzhu North section Commission 25,259,811.30 24,620,471.71
229
2024 Annual Report
Co., Ltd. management fee
Guangdong Provincial Government loan Commission
6,148,490.59
repayment highway Management Center management fee
Guangdong Tongyi Expressway Service Area
Water and electricity 1,174,889.20 1,192,276.53
Co., Ltd
Salaries of expatriate
Zhaoqing Yuezhao Highway Co., Ltd. 1,132,902.61 888,933.32
staff
Salaries of expatriate
Ganzhou Gankang Expressway Co., Ltd. 1,036,052.35 938,851.79
staff
Salaries of expatriate
Shenzhen Huiyan Expressway Co., Ltd. 1,031,504.73 880,596.24
staff
Guangdong Traffic Development Co., Ltd. Water and electricity 1,005,319.71 1,254,801.91
Salaries of expatriate
Ganzhou Kangda Expressway Co., Ltd. 816,030.16 467,198.40
staff
Salaries of expatriate
Guangdong Jiangzhong Expressway Co., Ltd. 518,825.92 494,509.32
staff
Yuetong Qiyuan Chip Power Technology Co., Salaries of expatriate
396,039.60
Ltd. staff
Guangdong Yueyun Traffic Rescue Co., Ltd. Water and electricity 21,129.68 19,879.27
water and electricity
Poly Changda Engineering Co., Ltd. 9,087.96 60,413.75
bills
Guangdong Expressway Media Co., Ltd. Water and electricity 2,581.63 9,274.73
Guangdong Litong Technology Investment Co.,
Electricity 1,651.77 8,948.76
Ltd.
Subtotal 38,554,317.21 30,836,155.73
2）Non-operating income
Construction
Poly Changda Engineering Co., Ltd. 11,000.00 1,200.00
liquidated damages
Construction
Guangdong Xinyue Traffic Investment Co., Ltd. 7,500.00 24,462.00
liquidated damages
Construction
Guangdong Feida Traffic Engineering Co., Ltd 2,000.00
liquidated damages
Subtotal 18,500.00 27,662.00
(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 Tongyi Expressway
Service Area Lease 2,512,175.38 924,116.72
Service Area Co., Ltd
Guangdong Expressway Technology Advertisinglease
2,393,287.84 2,750,824.41
Co., Ltd.
Guangdong Expressway Technology
Communication pipeline lease 2,352,418.65 5,232,174.45
Co., Ltd.
Guangdong Expressway Media Co., Advertisinglease
2,346,482.15 2,430,365.96
Ltd.
Poly Changda Engineering Co., Ltd. Land lease 600,002.15 555,557.14
Poly Changda Engineering Co., Ltd. Equipment lease 445,910.62 445,910.48
Guangdong Litong Technology Communication Piping 428,101.21 2,095,121.23
230
2024 Annual Report
Investment Co., Ltd.
Guangdong Traffic Development Co.,
Equipment lease 315,372.65
Ltd.
Guangdong Expressway Technology
Property lease 252,751.02 339,864.33
Co., Ltd.
Guangzhou Xinyue Traffic
Land lease 34,285.71
Technology Co., Ltd.
Guangdong Expressway Technology
Land lease 18,285.71
Investment Co., Ltd.
Guangdong Litong Technology
Land lease 31,809.52
Investment Co., Ltd.
Total 11,699,073.09 14,805,744.24
231
2024 Annual Report
- The company was lessee：
In RMB
Variable lease payments not
Rental charges for short-term and Interest expenses on lease
included in lease liabilities Rent paid Increased use right assets
low-value assets (if any) liabilities assumed
Categor measurement (if any)
y of
Lessor Amount of Amount of Amount of Amount of Amount of Amount of Amount of Amount of Amount of Amount of
leased
assets
current period previous period current previous current period previous current previous current previous period
period period period period period period
Guangdong Litong Offices
Decelopment pace 253,942.90 10,612,381.77 10,255,100.13 647,871.15 719,705.56 30,634,734.72
Investment Co., Ltd
Guangdong Litong Offices
Property
pace 156,000.00 24,124.00 104,256.00 79,712.00 4,000.28 4,697.99 230,671.46
Development Co.,
Ltd.
Guangdong Motor
Transportation Car r 184,750.00 570,000.00
Group Co., Ltd
Jingzhu Offices
Expressway
pace 79,378.00 10,701.43
Guangzhu North
section Co., Ltd.
Total 594,692.90 594,124.00 10,716,637.77 10,414,190.13 651,871.43 735,104.98 30,865,406.18
232
2024 Annual Report
(3 ）Rewards for the key management personnel
In RMB'00000
Item
Amount of current period Amount of previous period
Rewards for the key management
686.83 718.92
personnel
（4） Transactions with associated financial companies
（1）Deposit business
Related party Relationship Maximum daily Deposit Beginning The amount of this period
deposit interest balance(RMB'00000）
Total amount for this Total amount is Ending
limit(RMB'00000） rate balance(RMB'00000）
period(RMB'00000） withdrawn for this
range
period(RMB'00000）
Guangdong Controlled
Communications by the same 0.35%-
350,000.00 267,814.82 1,319,850.72 1,308,587.44 279,078.10
Group Finance parent 2.85%
Co., Ltd company
（2）Loan business
Related party Relationship Beginning The amount of this period
Loant
balance(RMB'00000）
Loan interest Ending
Total loan amount of Total repayment
limit(RMB'00000） rate balance(RMB'0000
the current amount of the current
range
period(RMB'00000） period(RMB'00000）
Guangdong Controlled by
Communications the same 2.20%-
300,000.00 40,632.92 75,701.30 31,073.38 85,260.84
Group Finance parent 2.70%
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 Total Actual amount
type amount(RMB'00000） incurred(RMB'00000）
Guangdong Communications Group Controlled by the same Credit
300,000.00 74,000.00
Finance Co., Ltd 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.
Guangdong Guanghui Expressway Co., Ltd respectively signed the "Cash Management Business
Cooperation Agreement" with Guangdong Communications Group Finance Co., Ltd and Agricultural Bank of
233
2024 Annual Report
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.,
56,215,234.69 104,739,306.92
receivable Ltd.
Account Jingzhu Expressway Guangzhu North
9,311,649.31 8,643,475.02
receivable Section Co., Ltd.
Account
Guangdong Humen Bridge Co., Ltd. 5,720,146.53 8,382,454.42
receivable
Account Guangdong Expressway Technology
6,828,733.67 6,548,536.49
receivable Investment Co., Ltd.
Account
Guangdong Expressway Media Co., Ltd. 1,219,406.25 538,491.00
receivable
Account Poly Changda Engineering Co., Ltd. 503,879.00 503,879.00
234
2024 Annual Report
receivable
Account Guangdong Litong Technology
475,529.20
receivable Investment Co., Ltd.
Total 79,799,049.45 129,831,672.05
Guangdong Communications Testing
Prepayment 711,457.00
Co., Ltd
Guangdong Feida Traffic Engineering
Prepayment 2,478,186.00
Co., Ltd.
Total 711,457.00 2,478,186.00
Other Account Guangdong Guangle ExpresswayCo.,
21,615,181.62
receivable Ltd.
Other Account Guangdong Higyway Construction Co.,
6,707,300.48
receivable Ltd. Jiangluo Branch
Other Account Guangdong Litong Development
1,839,246.94 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 Humen Bridge Co., Ltd.
15,000.00 15,000.00
receivable
Other Account Guangdong Litong Property
19,193.00 12,062.00
receivable Development Co., Ltd.
Other Account Guangdong Expressway Technology
7,730.44 1,520.08
receivable Investment Co., Ltd.
Other Account Guangdong Yueyun Traffic Rescue Co.,
2,725.82
receivable Ltd.
Other Account
Guangdong Expressway Media Co., Ltd. 656,495.57
receivable
Other Account
Guangdong Provincial Freeway Co.,Ltd. 40,092,886.12
receivable
Total 30,256,378.30 42,760,851.30
Other Non-
Poly Changda Engineering Co., Ltd. 130,778,141.60 120,487,501.70
Current Assets
Other Non- Guangdong Xinyue Traffic Investment
17,423,070.00 834,973.80
Current Assets Co., Ltd.
Other Non- Guangdong Hualu Traffic Technology
1,715,012.00
Current Assets Co., Ltd.
Other Non- Guangdong Traffic Development Co.,
333,398.00 333,398.00
Current Assets Ltd.
Other Non- Guangdong East Thinking Management
251,000.00 251,000.00
Current Assets Technology Development Co., Ltd.
Total 150,500,621.60 121,906,873.50
（2）Payables
In RMB
Amount at year
Name Related party Amount at year end
beginning
Short-term loan Guangdong Communication Group Finance Co., ltd. 110,085,708.33
Total 110,085,708.33
Account payable Poly Changda Engineering Co., Ltd. 21,105,254.30 17,531,275.30
Account payable Guangdong Feida Traffic Engineering Co., Ltd. 14,154,370.37 21,943,925.23
235
2024 Annual Report
Amount at year
Name Related party Amount at year end
beginning
Account payable Guangdong Xinyue Traffic Investment Co., Ltd. 7,251,728.23 6,044,263.15
Account payable Guangdong Hualu Traffic Technology Co., Ltd. 3,692,531.87 3,590,461.17
Guangzhongjiang Expressway Project Management
Account payable 2,747,739.00 2,747,739.00
Dept
Account payable Guangdong Lulutong Co., Ltd. 2,278,123.00 1,682,944.86
Account payable Guangzhou Xinyue Asphalt Co., Ltd. 2,068,875.00 494,704.00
Account payable Guangdong Union Electron Service Co.,Ltd. 1,213,419.78 927,837.89
Guangdong East Thinking Management Technology
Account payable 1,072,905.56 1,588,922.00
Development Co., Ltd.
Guangdong Communication Planning & Design
Account payable 1,019,151.90 2,513,096.78
Institute Co., Ltd.
Account payable Guangdong CommunicationTest Co., Ltd. 830,124.00 157,501.00
Account payable Guangdong Litong Technology Investment Co., Ltd. 713,769.34 472,380.00
Guangdong Communication Group Financial Shared
Account payable 282,411.49
Service Center Co., Ltd
Account payable Guangdong Yueyun Traffic Rescue Co., Ltd. 261,800.00 261,800.00
Guangdong Expressway Technology Investment Co.,
Account payable 48,004.00 866,490.00
Ltd.
Account payable Guangdong Changda Road Maintenance Co. Ltd. 231,869.00
Account payable Hunan Lianzhi Technology Co., Ltd. 217,010.00
Account payable Guangdong Motor Transportation Group Co., Ltd 184,000.00
Guangdong Communications Technology Research
Account payable 32,016.00
and Development Co., Ltd.
Total 58,740,207.84 61,488,235.38
Advance received Guangdong Union Electron Service Co.,Ltd. 1,313,348.00
Total 1,313,348.00
Other Payable account Poly Changda Engineering Co., Ltd. 28,546,224.97 20,510,879.46
Guangdong Communication Planning & Design
Other Payable account 2,857,255.10 462,700.00
Institute Co., Ltd.
Other Payable account Guangdong Hualu Traffic Technology Co., Ltd. 2,422,446.06 2,121,826.06
Other Payable account Guangdong Feida Traffic Engineering Co., Ltd. 2,267,431.65 1,773,643.35
Guangdong Expressway Technology Investment Co.,
Other Payable account 1,480,359.66 1,717,958.26
Ltd.
Guangdong Union electronic services co., Ltd.
Other Payable account 1,238,234.09 691,060.06
Other Payable account Guangdong Xinyue Traffic Investment Co., Ltd. 962,439.99 900,742.71
Other Payable account Guangdong Lulutong Co., Ltd. 739,076.64 607,161.54
Other Payable account Guangzhou Xinyue Asphalt Co., Ltd. 702,198.00
Guangdong East Thinking Management Technology
Other Payable account 588,886.62 394,220.18
Development Co., Ltd.
Other Payable account Guangdong Xinyue Traffic Technology Co., Ltd. 317,085.50 1,653,523.70
Guangzhongjiang Expressway Project Management
Other Payable account 200,000.00 200,000.00
Dept
Other Payable account Guangdong Tongyi Expressway Service Area Co., Ltd. 120,000.00 120,000.00
Other Payable account Guangdong Communication Test Co., Ltd. 96,954.00 1,573,310.00
Other Payable account Guangdong Litong Technology Investment Co., Ltd. 50,836.53 85,919.24
236
2024 Annual Report
Amount at year
Name Related party Amount at year end
beginning
Other Payable account Guangdong Expressway Media Co., Ltd. 50,000.00 50,000.00
Other Payable account Guangdong Yueyun Traffic Rescue Co. Ltd. 2,000.00 2,000.00
Other Payable account Guangdong Road Construction Co., Ltd. 2,004,376.13
Other Payable account Hunan Lianzhi Technology Co., Ltd. 19,797.00
Total 42,641,428.81 34,889,117.69
Non-current liabilities
Guangdong Litong Development Investment Co., Ltd. 10,619,693.51 9,964,510.62
due 1 year
Non-current liabilities
Guangdong Communication Group Finance Co., ltd. 4,608,361.15 4,243,466.66
due 1 year
Non-current liabilities
Guangdong Litong Property Development Co., Ltd. 55,401.73 100,255.11
due 1 year
Total 15,283,456.39 14,308,232.39
Lease Liabilities Guangdong Litong Development Investment Co., Ltd. 2,730,189.11 13,349,882.62
Lease Liabilities Guangdong Litong Property Development Co., Ltd. 55,402.33
Total 2,730,189.11 13,405,284.95
Long-term loans Guangdong Communication Group Finance Co., ltd. 848,000,000.00 292,000,000.00
Total 848,000,000.00 292,000,000.00
XIII. Share-based payment
1. General share-based payment
□ApplicableNot applicable
2. Share-based payment settled by equity
□ApplicableNot applicable
3. Share-based payment settled by cash
□ApplicableNot applicable
4. The current shares will pay the fee
□ApplicableNot applicable
XIV. Commitments
1. Significant commitments
Significant commitments at balance sheet date
(1) Capital commitments
In RMB
Item December 31,2024 December 31,2023
Contracted but not recognized in the financial
statements
237
2024 Annual Report
Building long-term asset commitments - 6,254,265,422.40 7,020,477,401.30
Expressway construction
2. Contingency
(1) Significant contingency at balance sheet date
As of December 31,2924, 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
1.Profit distribution
In RMB
Number of dividends to be distributed for every 10
5.23
shares (RMB)
Number of bonus shares to be distributed for every
0
10 shares (shares)
Number of converted shares to be distributed for
0
every 10 shares (shares)
Number of dividends for every 10 shares declared
after deliberation and approval (RMB)
Number of bonus shares for every 10 shares
declared after deliberation and approval (shares)
Number of converted shares for every 10 shares
declared after deliberation and approval (shares)
1. Limited to 10% of the registered capital of the Parent company, the net
profit of the company, i.e. 163,460,199.30 yuan, is to be allocated for
statutory common reserve fund；
2.The profit for 2024 is to be distributed as follows: 1,093,491,603.90 yuan.
is to be allocated as the fund for dividend distribution for 2024. with the
total shares at the end of 2024, i.e., 2,090,806,126 shares, as the base, cash
Profit distribution scheme
dividend of 5.23 yuan (including tax) is to be distributed for every 10
shares .The remaining undistributed profits are to be carried forward to the
next year. The foreign exchange translation of the cash dividends for
shareholders holding B share and overseas corporate shares will be
determined according to HKD:RMB bank’s Middle rate quoted by People’s
Bank of China on the first working day after 2024 annual shareholders’
general meeting makes resolution on dividend distribution.
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
238
2024 Annual Report
Expressway Guangzhu Section toll collection and maintenance work, the technology industry and provide
investment advice, no other nature of the business, no reportable segment.
3.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
December 31, 2024, custody expenses paid by Guangfo Company were RMB342,942,142.53.
XVII.Notes of main items in financial reports of parent company
1. Account receivable
（1） Disclosure by aging
In RMB
Aging Balance in year-end Balance Year-beginning
Within 1 year（Including 1 year） 19,832,233.51 31,718,251.28
Total 19,832,233.51 31,718,251.28
239
2024 Annual Report
（2） 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(%)
Accrual of bad
debt provision by 19,832,233.51 100.00% 19,832,233.51 31,718,251.28 100.00% 31,718,251.28
portfolio
Including：
Aging portfolio 19,832,233.51 100.00% 19,832,233.51 31,718,251.28 100.00% 31,718,251.28
Total 19,832,233.51 100.00% 19,832,233.51 31,718,251.28 100.00% 31,718,251.28
240
2024 Annual Report
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 19,832,233.51
Total 19,832,233.51
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
Accounts
Proportion of Amount of
Amount of Closing balance of receivable and
Company Name total accounts ending balance
ending balance the contract assets contract assets receivable % for bad debts
ending balance
Guangdong Union
Electronic 19,832,233.51 19,832,233.51 100.00%
Services Co., Ltd.
Total 19,832,233.51 19,832,233.51 100.00%
2.Other accounts receivable
In RMB
Item Balance in year-end Balance Year-beginning
Dividend receivable 28,621,800.58 1,205,472.90
Other receivable 408,193,607.15 1,020,100,372.97
Total 436,815,407.73 1,021,305,845.87
(1) Interest receivable
None
（2）Dividend receivable
1)Dividend receivable
In RMB
Item Balance in year-end Balance Year-beginning
Guangdong Radio and Television Networks investment No.1
797,664.04 1,205,472.90
Limited partnership enterprise
Guangdong Guangle Expressway Co., Ltd. 21,615,181.62
Guoyuan Securities Co., Ltd. 6,208,954.92
Total 28,621,800.58 1,205,472.90
241
2024 Annual Report
2)Significant dividend receivable aged over 1 year
None
3）Bad-debt provision
□ Applicable √ Not applicable
（3） Other accounts receivable
1) Other accounts receivable classified
In RMB
Item Balance in year-end Balance Year-beginning
Deposit 2,277,164.74 2,277,164.74
Petty cash 950,000.00 1,232,661.91
Investment in reconstruction and
397,834,010.41 975,923,541.67
expansion and interest
Compensation for performance
40,092,886.12
commitments receivable
Provisional payment receivable 6,707,300.48
Other 425,131.52 574,118.53
Total 408,193,607.15 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） 8,003,997.50 44,648,632.53
1-2 years 2,251,101.35 975,012,062.00
2-3 years 397,512,062.00 28,611.55
Over 3 years 426,446.30 411,066.89
3-4 years 27,180.00 7,699.35
4-5 years 2,095.07 23,848.70
Over 5 years 397,171.23 379,518.84
Total 408,193,607.15 1,020,100,372.97
242
2024 Annual Report
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(%)
Accrual of bad debt
408,193,607.15 100.00% 408,193,607.15 1,020,100,372.97 100.00% 1,020,100,372.97
provision by single
Including：
CSF Portfolio 3,227,164.74 0.79% 3,227,164.74 3,509,826.65 0.34% 3,509,826.65
Very low credit risk
7,132,432.00 1.75% 7,132,432.00 40,667,004.65 3.99% 40,667,004.65
financial asset portfolio
Risk-free combination 397,834,010.41 97.46% 397,834,010.41 975,923,541.67 95.67% 975,923,541.67
Total 408,193,607.15 100.00% 408,193,607.15 1,020,100,372.97 100.00% 1,020,100,372.97
243
2024 Annual Report
Accrual of bad debt provision by portfolio:. Other
In RMB
Balance in year-end
Name
Book balance Bad debt provision Withdrawal proportion
Cast deposit portfolio 3,227,164.74
Very low credit risk financial asset portfolio 7,132,432.00
Risk-free combination 397,834,010.41
Total 408,193,607.15
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 prepayment collected according to the prepayment target
In RMB
Name Relations with the Amount Aging Reasons for Proportion
Company non-settlement %
Reconstruction and
Jingzhu Expressway Guangzhu expansion of investment 397,500,000.00 2-3 years
97.46%
Section Co., Ltd. funds and interest
Interest 334,010.41 Within 1 year
Guangdong Highway
Construction Co., Ltd. Jiangluo Current fund 6,707,300.48 Within 1 year 1.64%
Branch
Guangdong Litong Vehicle parking deposit 1,816,266.94 1-2 years
Development Investment Co., 0.45%
Lease deposit 22,980.00 3-4 years
Ltd.
First Pacific Davis Property Vehicle parking deposit 92,116.80 1-2 years
Water and electricity
Consultant (Guangzhou) Co., 322,408.00 1-2 years
costs working capital 0.10%
Ltd
Management fee deposit 4,200.00 3-4 years
Huang Honggui Petty cash 190,000.00 Within 1 year 0.05%
Total 406,989,282.63 99.70%
3. Long-term equity investment
In RMB
End of term Beginning of term
Item Impairment Impairment
Book Balance Book value Book Balance Book value
provision provision
Investment in
4,529,830,463.43 4,529,830,463.43 3,952,330,463.43 3,952,330,463.43
subsidiaries
Investment in
joint ventures and 3,316,886,938.58 3,316,886,938.58 2,990,656,046.31 2,990,656,046.31
associates
Total 7,846,717,402.01 7,846,717,402.01 6,942,986,509.74 6,942,986,509.74
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2024 Annual Report
（1）Investment to the subsidiary
In RMB
Increase /decrease in reporting period
Initial balance of the Withdrawn Closing balance of
Name Opening balance Add Decreased Closing balance
impairment provision impairment Other impairment provision
investment investment
provision
Jingzhu Expressway
1,396,171,883.08 577,500,000.00 1,973,671,883.08
Guangzhu Section Co., Ltd.
Guangfo Expressway Co.,
154,982,475.25 154,982,475.25
ltd.
Yuegao Capital Investment
375,500,000.00 375,500,000.00
(Guangzhou) Co., Ltd.
Guanghui Expressway Co.,
2,025,676,105.10 2,025,676,105.10
Ltd.
Total 3,952,330,463.43 577,500,000.00 4,529,830,463.43
（2）Investment to joint ventures and associated enterprises
In RMB
Initial Increase /decrease in reporting period Closing
balance of Investment Other Other Announced for Provision balance of
Name Opening balance the Increase in Decrease in Closing balance
income under comprehensive changes distributing cash for Other impairment
impairment investment investment
provision equity method income in equity dividend or profit impairment provision
I. Joint ventures
II. Associated enterprises
Zhaoqing Yuezhao
367,104,015.00 233,500,000.00 53,004,724.37 99,500,000.00 554,108,739.37
Highway Co., Ltd.
Guangdong
Jiangzhong
557,686,679.66 52,350,000.00 -6,793,579.68 4,057,227.52 599,185,872.46
Expressway Co.,
Ltd.
Ganzhou Gankang 181,054,819.12 15,315,233.14 17,700,000.00 178,670,052.26
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2024 Annual Report
Initial Increase /decrease in reporting period Closing
balance of Investment Other Other Announced for Provision balance of
Name Opening balance the Increase in Decrease in Closing balance
income under comprehensive changes distributing cash for Other impairment
impairment investment investment
provision equity method income in equity dividend or profit impairment provision
Expressway Co.,
Ltd.
Ganzhou Kangda
Expressway Co., 257,929,704.98 43,565,066.95 30,000,000.00 271,494,771.93
Ltd.
ShenzhenHuiyan
Expressway Co., 377,922,183.98 23,880,675.18 401,802,859.16
Ltd.
Guoyuan Securities
1,027,100,533.47 54,403,149.25 26,663,721.09 21,731,342.22 1,086,436,061.59
Co.,Ltd.
Guangdong Yueke
Science and
Technology 221,858,110.10 12,818,890.63 9,488,418.92 225,188,581.81
Microfinance Co.,
Ltd.
Subtotal 2,990,656,046.31 285,850,000.00 196,194,159.84 26,663,721.09 182,476,988.66 3,316,886,938.58
Total 2,990,656,046.31 285,850,000.00 196,194,159.84 26,663,721.09 182,476,988.66 3,316,886,938.58
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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2024 Annual Report
4. Business income and Business cost
In RMB
Item Amount of current period Amount of previous period
Revenue Cost Revenue Cost
Main business 1,495,267,944.19 553,643,384.05 1,521,448,612.59 606,338,219.48
Other 13,232,631.73 1,021,300.25 14,136,853.64 4,642,566.15
Total 1,508,500,575.92 554,664,684.30 1,535,585,466.23 610,980,785.63
5.Investment income
In RMB
Item
Amount of current period Amount of previous period
Long-term equity investment income accounted by
842,860,407.87 730,452,121.37
cost method
Long-term equity investment income accounted by
196,194,159.84 215,529,559.56
equity method
Dividend income from other equity instrument
102,323,410.08 71,249,739.36
investments during the holding period
Other 18,478,714.63 27,008,665.00
Total 1,159,856,692.42 1,044,240,085.29
XVIII. Supplementary Information
1.Current non-recurring gains/losses
√ Applicable □Not applicable
In RMB
Item Amount Notes
Non-current asset disposal gain/loss 6,080,729.08
Government subsidies recognized in current gain and loss(excluding those closely
11,296,964.50
related to the Company’s business and granted under the state’s policies)
Gain and loss from change of the fair value arising from transactional monetary assets,
transactional financial liabilities as held as well as the investment income arising from
disposal of the transactional monetary assets, transactional financial liabilities and 2,637,409.20
financial assets available for sale excluding the effective hedging transaction in
connection with the Company’s normal business
Capital occupation charges on non-financial enterprises that are recorded into current
1,284,835.59
gains and losses
Net amount of non-operating income and expense except the aforesaid items -1,689,556.16
Other non-recurring Gains/loss items 235,202.32
The impairment provision for the advance expenses that have occurred but need to be
-121,834,522.51
defined from the source of funds
Less :Influenced amount of income tax 9,343,308.39
Influenced amount of minor shareholders’ equity (after tax) -28,875,751.28
Total -82,456,495.09 --
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
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2024 Annual Report
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
2. Return on equity (ROE) and earnings per share (EPS)
Earnings per share
Weighted average
Profit as of reporting period Basic Diluted
ROE (%)
EPS(RMB/Share) EPS(RMB/Share)
Net profits belong to common stock stockholders of the
15.52% 0.75 0.75
Company
Net profits belong to common stock stockholders of the
16.34% 0.79 0.79
Company after deducting nonrecurring gains and losses
3. Difference of the accounting data under accounting rules in and out of China
(1) Difference of the net profit and net assets disclosed in financial report, under both IAS (International
Accounting Standards) and Chinese GAAP (Generally Accepted Accounting Principles)
□ApplicableNot applicable
(2) Difference of the net profit and net assets disclosed in financial report, under both foreign accounting
rules and Chinese GAAP (Generally Accepted Accounting Principles)
□ApplicableNot applicable
(3) Explain accounting difference over the accounting rules in and out of China; as for the difference
adjustment for data audited by foreign auditing organ, noted the name of such foreign organ
248
