Stock Code：000429，200429 Stock Abbreviation ：Guangdong Expressway A, Guangdong Expressway B
Announcement No.:2017-038
Summary of 2017 Semi-Annual Report of Guangdong Provincial
Expressway Development Co., Ltd.
1 Important notes
The summary is abstract from full-text of semi-annual report, for more details information , investors should
found in the full-text of annual report that published on website of Shenzhen Stock Exchange and other website
appointed by CSRC.
Director, Supervisor, Senior Manager Objection Statement: None.
All the directors have attended the meeting of the board meeting at which this report was examined
Non-standard audit advice
□ Applicable √ Not applicable
The Board of Directors considered the plan for the distribution of ordinary shares in the reporting period or the
plan for the transfer of capital reserve.
□ Applicable √ Not applicable
The company plans not to send cash dividends, do not send bonus shares, not to increase the share capital.
The Board of Directors decided to adopt the Preplan Preference Share Profit Distribution Plan for the reporting
period
□ Applicable √ Not applicable
II Company basic information
1.Company Profile
Stock abbreviation Guangdong Expressway A,B Stock code 000429、200429
Stock exchange for listing Shenzhen Stock Exchange
Contact person and contact
Board secretary Securities affairs Representative
manner
ZhenRenfa(Chairman of the Board of Direct
Name ors acting on behalf of the Secretary) Liang Jirong
Tel 020-29004619 020-29004523
E-mail ygs@gdcg.cn 139221590@qq.com
2. Summary of Accounting data and shareholder change
Indicate by tick mark whether the Company needs to retroactively restate any of its accounting data
□Yes √ No
In RMB
Reporting period Same period of last YoY+/-（%）
year
Operating income（RMB） 1,440,222,563.74 1,333,492,179.77 8.00%
Net profit attributable to the shareholders of the
892,848,012.53 505,899,144.29 76.49%
listed company（RMB）
Net profit after deducting of non-recurring
gain/loss attributable to the shareholders of 641,933,600.43 356,881,714.84 79.87%
listed company（RMB）
Cash flow generated by business operation, net
1,022,392,235.37 932,882,829.38 9.59%
（RMB）
Basic earning per share(RMB/Share) 0.43 0.29 48.28%
Diluted gains per
0.43 0.29 48.28%
share(RMB/Share)(RMB/Share)
Weighted average income/asset ratio（%） 10.55% 8.39% 2.16%
As at the end of the As at the end of last
YoY+/-（%）
reporting period year
Gross assets（RMB） 16,073,707,033.01 16,072,445,216.59 0.01%
Shareholders’ equity attributable to shareholders
8,403,487,736.14 8,289,020,301.39 1.38%
of the listed company（RMB）
3.Particulars about top ten shareholders
In share
Total number of preferred
Total number of common
shareholders that had restored the
shareholders at the end of the 76,384 voting right at the end of the 0
reporting period
reporting period (if any) (note 8)
Particulars about shares held above 5% by shareholders or top ten shareholders
Changes Number of share pledged/frozen
Proportion Number of Amount of Amount of
Nature of in
Shareholders of shares shares held at restricted un-restricted
shareholder reportin
held（%） period -end shares held shares held State of share Amount
g period
Guangdong
State-owned
Communication 24.55% 513,382,595 410,002,853 103,379,742
legal person
Group Co.,Ltd
Guangdong
Highway State-owned
22.30% 466,325,020 466,325,020
Construction legal person
Co., Ltd,
Yadong Fuxing Domestic non
Yalian State-owned 9.68% 202,429,149 202,429,149 Pledge 202,429,000
Investment Co.,
Ltd. Legal person
Tibet Yingyue Domestic non
Investment State-owned 4.84% 101,214,574 101,214,574
Management
Co., Ltd. Legal person
Guangdong
State-owned
Expressway 2.53% 52,937,491 52,937,491
legal person
Co., Ltd.
Guangfa Domestic non
Securities Co., State-owned 1.45% 30,364,372 30,364,372
Ltd. Legal person
Domestic
Feng Wuchu natural person 1.04% 21,724,797
shares
PERSHING Foreign legal
0.90% 18,744,850
LLC person
Xinyue Co., Foreign legal
0.63% 13,201,086
Ltd. person
Bank of
Communication
s－Hybrid
securities
Other 0.54% 11,222,170
investment fund
in Huaan
strategy
optimization
Guangdong Communication Group Co., Ltd. is the parent company of Guangdong Expressway Co.,
Explanation on associated Ltd. and Guangdong Highway Construction Co., Ltd.. It is unknown whether there is relationship
relationship among the between other shareholders and whether they are persons taking concerted action specified in the
aforesaid shareholders Regulations on Disclosure of Information about Change in Shareholding of Shareholders of Listed
Companies.
4. Change of the controlling shareholder or the actual controller
Change of the controlling shareholder in the reporting period
□ Applicable √ Not Applicable
There was no any change of the controlling shareholder of the Company in the reporting period.
Change of the actual controller in the reporting period
□ Applicable √ Not applicable
There was no any change of the actual controller of the Company in the reporting period.
5.The total number of shareholders of the Company's preferred shares and the shareholdings of the top 10
preferred shareholders
□ Applicable √ Not Applicable
The Company did not have any shareholding in the report period.
6. The corporate bonds
Whether the company has a public offering and listed on the stock exchange, and in the semi-annual report
approved the date of the report did not expire or due to full payment of corporate bonds.
no
III. Discussion and analysis by the management
1.General
In the first half of 2017, the company, according to the annual business plan established by the board of
directors, soundly did a good job of each work:
1. Continuously deepened the operation and management, simultaneously adopted many measures, and
ensured the completion of the work goal of ensuring the smooth traffic, ensuring security and ensuring income. In
the first half of 2017, the main business income was RMB 1.44 billion, up by 8.03% over the same period of last
year, meaning 46.68% of the annual plan was completed; and the operating costs was RMB 534 million, a
decrease of 4.47% from the same period last year, representing completed 42.72% of the annual plan.
2. Steadily advancing the merger and consolidation matter of Fokai Company, and as of the date of this report,
Guangdong Provincial Expressway Development Co., Ltd Fokai Branch Company had been set up and the
relevant industrial and commercial registration procedures were completed, hence the management work of Fokai
Expressway was formally transferred to the Fokai Branch Company from the Fokai Company.
3. Approved by the 11th meeting (provisional) of the 8th term Board of Directors, the Company invested RMB
4.5 million to set up the wholly-owned subsidiary to carry out the equity investment business, thus to prominently
strength the cooperation with the strategic investors and to seek new equity investment projects, with a goal of
share-control, so as to grasp the good equity investment opportunities and to gradually perfect the company's asset
layout in financial and similar financial filed.
4. Guangdong Provincial Expressway Development Co., Ltd Resource Development Branch Company was
incorporated and registered by the company in order to promote the development of commercial resources such as
lands along the highways under share-control by the company.
The Company is an infrastructure industry, with main business in developing and operating expressway and big
bridges. It is one of the main institutions of developing expressway and big bridge in Guangdong Expressway
System. The expressway industry is the industry helped by government.
In the report period, the vehicle traffic and toll income of the controlled subsidiaries and joint ventures of the
Company are as follows:
Volume of vehicle Increase Toll income in the first Increase
traffic in the first /Decrease(%) half year of 2017 /Decrease(%)
half year of （RMB’0000）
2017( vehicles)
Guangfo Expressway 29,100,569 9.50% 19,879.86 4.17%
Fokai Expressway 27,969,945 16.70% 58,924.50 3.51%
Jingzhu Expressway 35,362,654 17.21% 62,042.30 14.56%
Guangzhu East Section
Huiyan Expressway 18,279,214 7.24% 11,154.81 5.08%
Guanghui Expressway 25,119,239 17.10% 84,633.89 5.69%
Yuezhao Expressway 13,540,362 -5.42% 24,529.10 -15.41%
Jiangzhong Expressway 25,033,807 22.53% 21,684.65 10.49%
Kangda Expressway 1,269,793 6.92% 12,120.85 4.91%
Gangkang Expressway 1,379,527 19.12% 6,458.55 -11.83%
Overall situation: except the Yue Zhao Expressway and Gan Kang Expressway recorded a negative growth,
the rest maintained various extents of growth compared to the same period last year, thereinto GuangZhudong and
Jiang Zhong section had a growth rate more than 10%, and Guangfo, Fokai, Guanghui, Huiyan and Kangda had a
growth rate around 5%.
1. For Guangfo area, the personnel and materials transportation are more closely related, the surrounding real
estate supporting was good, and the demand for logistics and transportation has been increased, thus the vehicle
flow increased.
2. Since the completion of expansion of Fokai Expressway in 2012, it has entered a stable growth period, and
the small vehicle flow maintained a sustained growth momentum, with a relatively fast growth of short-distance
vehicles.
3. Due to the impact of Bridge Closure of Hong Qili bridge of Fan Zhong Highway (S111), the vehicle flow
of the section between the Xiang Lingshan station to the Sanjiao Station of Guuang-Zhu-Dong Expressway
increased, thus it had an obvious increase of toll revenue. Furthermore, the opening of Jiangluo Expressway has a
positive impact on its vehicle flow growth.
4. The completion of the Extension of Huizhou section of Hui Yan Expressway-that is connected to Hui Yan
Expressway-and it's opening to traffic had a positive impact on the vehicle flow of Hui Yan Expressway, plus the
natural growth of the traffic volume, so those had a positive impact on the toll revenue.
5. Guanghui Expressway has been benefiting from the surrounding road network connectivity, so several toll
stations in Lianhui, Huiwan and Boshen had large percentage increase of traffic flow, but there was an increasing
obvious tendency that the growth of traffic flow and the revenue growth did not grow in same pace, which
indicated that the short distance traffic increased.
6. The Jangzhong Expressway's traffic flow and toll revenue growth were mainly caused by the positive
impact brought by the opening to traffic of Zhongjiang phase 1 and Jiang Luo Expressway and the second phase
maintenance of Shakou Bridge and Shijiao Bridge of 105 State Road of February 25, 2017.
7. The YueZhao Expressway had a decrease in toll revenue that caused by the following reasons: (1)
affecting by the opening of the periphery Jiang Luo Expressway and Guangfo Expressway, the toll revenue
decreased; (2) The implementation of temporary traffic control measures-namely restricting the passage of large
trucks-at Baitu toll station exit at Zhaoqing Bridge and the expansion and relocation project of Ziyun road had a
negative impact.
8. Affecting by the full opening to traffic of Xunquan Expressway from the end of October 2015 and
connection between Jiangxi Ruixun section and Guangdong Ping Xing section from the end of 2015, the traffic
flow of Gan Kang Expressway was affected, resulting in a decrease in toll revenue compared to the same period
last year.
2.Matters relating to financial report
(1)Explain change of the accounting policy, accounting estimate and measurement methods as compared with the
financial reporting of last year.
√ Applicable □Not applicable
In accordance with requirements of the Notice Concerning Printing of the Revised Accounting Standards for
Business Enterprises No. 16- Governmental Subsidies (CK[2017] No.15), the company shall include the
governmental subsidies related to the enterprise daily activities into the other income or offset relevant costs
subject to the economic business property; and include those irrelevant to the enterprise daily activities into the
non-business income. Therefore, the company shall adopt the prospective application for such accounting policy
change, which will not produce any influence on profits and losses, total assets and net assets listed in the current
and previous periods.
(2)Explain retrospective restatement due to correction of significant accounting errors in the reporting period
□Applicable √ Not applicable
N/A
(3)Explain change of the consolidation scope as compared with the financial reporting of last year.
□Applicable √Not applicable
There was no change in the scope of the consolidated financial statements during the reporting period.
