ANHUI EXPRESSWAY COMPANY LIMITED
995
(1)
(2) A
(3)
(4)
(5) H
1 83 84 85
86 127
2023 8 18 520
EGM-1 EGM-6
2023 8 18 A
520 H HCM-1 HCM-4
H
H 183 17M
H 24 H
2023 8 17
H
2023 7 26
................................................................... iii
.............................................................. 1
...................................................... 84
........................................................ 86
........................................... I-1
......................................... II-1
............................ III-1
.................................. IV-1
............................................... V-1
.............................. VI-1
............... VII-1
................. VIII-1
......................................... IX-1
........................................... X-1
........................ XI-1
–i–
.............................. XII-1
................................................... XIII-1
........................................................ EGM-1
H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HCM-1
– ii –
A 1.00
A A
A 2023 8 18
520 A
(i) (ii) A
2023 4 17
31.63%
2023
4 3
2023 4 3
– iii –
2023 4 17
(i) (ii) A (iii)
2023 6 20
20 A
20 A A
15%
549,900,585
A H
H 995
A 600012
– iv –
2023 6 20
A
2023 6 20
2023 8 18
520
(i)
(ii) A (iii)
(iv)
–v–
1
6
A A
H 1.00
H H
H 2023 8 18
A
A
520
H
(i) (ii)
A
– vi –
1 4 6
2023 4 17 H
2023 7 21
– vii –
(i) 80% (ii)
A
A
A
A
(i)
2023 12 31 2023
2024 2025 (ii) 2024 12
31 2024 2025 2026
– viii –
A
2023
4 18
A 35 A
A
2022 10 3
– ix –
2023 6 20
571
A H
2023 6 20
(i)
(ii)
–x–
100%
II.
3.
2023 6 20
A
2022 12 31
26 1
%
– xi –
ANHUI EXPRESSWAY COMPANY LIMITED
995
520
1
5
(1)
(2) A
(3)
(4)
(5) H
–1–
I.
2023 4 3 2023 4 17 2023 4 28 2023 5 5
2023 5 16 2023 6 20 (i) (ii)
A (iii)
2023 4 17
(i) (ii) 2023
6 20
2023 4 17
A 2023 6 20 A
A 1,466,401,560
40% A A
30%
(i) (ii) A (iii)
(iv)
(i)
(ii) A (iii) (iv)
–2–
II.
1.
2023 4 17 2023 6 20
(1)
(2)
2022 12 31
3,661,003,900
–3–
3,661,003,900
5,000,000
3,666,003,900
(i) 85%
(ii) 15%
3,666,003,900 3,116,103,315
549,900,585
11.1(b)
–4–
7.19
2023 4 18 20 60 120 A
80%
–5–
1.
P1=P0-D
2.
P1=P0/(1+N)
3.
P1=(P0+A K)/(1+K)
4. (i)
(ii) (iii)
P1=(P0 – D+A K)/(1+N+K)
(i) P0
(ii) N
(iii) K
(iv) A
–6–
(v) D
(vi) P1
2023 3 31 2022 12 31
2023 6 9
6.64
(i)
3,116,103,315 85% (ii)
6.64
3,116,103,315
6.64
469,292,667 A
–7–
36
36
–8–
(i) A (20)
(ii) A
(18)
A
–9–
(i)
(ii)
(iii)
(iv)
– 10 –
(v)
(vi)
(vii)
(viii)
(ix)
(x)
(i) (ii)
(iii)
– 11 –
(iv)
(vi)
(v)
(v)
(x)
– 12 –
(a)
15
100%
(b) 30
(c) 30
60
– 13 –
(i)
(ii)
(iii)
(iv)
2.
2023 6 20
– 14 –
2023 6 20
(1)
(2)
2023 1 1 2039 12 27
2023 12 31
2023 2024 2025
2024 12 31
2024 2025 2026
– 15 –
(i) 2023 12 31
2023
224,993,000 2024 212,843,300
2025 222,480,400
(ii) 2024 12 31
2024
212,843,300 2025 222,480,400
2026 226,196,600
(i)
(ii)
– 16 –
(B – C)
A = x E–F
D
A=
B=
C=
D=
660,316,700 2023 12 31
661,520,300
2024 12 31
E=
F=
A0
– 17 –
G=H–I
G=
H= (i)
(ii)
I=
– 18 –
G<0
K
J =
L
J=
K=
L=
J<0
– 19 –
M = J x (1 + N)
M=
J=
N=
(i)
(ii)
– 20 –
1.00
O = P – (Q x R)
O=
P=
Q=
R=
– 21 –
30
3,666,003,900
– 22 –
14A.63
H
7.19
(a) 2023 3 31 H
7.91 2.7%
(b) 20
*
H 7.78 4.4%
(c) 60
*
H 7.46 8.9%
(d) 120
*
H 6.63 22.5%
*
(e) H 7.18
13.2%
* 1.13 2023 1 1 2023
6 30
– 23 –
A
7.19
(a) 2023 3 31 A
8.93 19.5%
(b) 20
^
A 8.88 19.0%
(c) 60
^
A 8.3 13.4%
(d) 120
^
A 7.66 6.1%
(e) A
9.22 22.0%
^ 2023 4 18
A A 2023
4 3 2023 4 17 A
H
6.64
(a) 2023 3 31 H
*
7.91 5.1%
(b) 2023 3 31 H
*#
7.30 2.8%
– 24 –
(c) 20
*
H 7.78 3.6%
(d) 20
*#
H 7.17 4.6%
(e) 60
*
H 7.46 0.6%
(f) 60
*#
H 6.86 9.4%
(g) 120
*
H 6.63 13.2%
(h) 120
*#
H 6.02 24.6%
*
(i) H 7.18
4.5%
*#
(j) H 6.57
14.2%
* 1.13 2023 1 1 2023
6 30
# 2022 12 31 0.55
0.6065
– 25 –
A
6.64
(a) 2023 3 31 A
8.93 25.6%
(b) 2023 3 31 A
#
8.38 20.8%
(c) 20
^
A 8.88 25.2%
(d) 20
^#
A 8.33
20.3%
(e) 60
^
A 8.3 20.0%
(f) 60
^#
A 7.75
14.3%
(g) 120
^
A 7.66 13.3%
(h) 120
^#
A 7.11
6.6%
– 26 –
(i) A 9.22
28.0%
(j) A
#
8.67 23.4%
^ 2023 4 18
A A 2023
4 3 2023 4 17 A
# 2022 12 31 0.55
0.6065
3.
14.61 10 11.1(a)
14.62 14A.68(7) 10 11
14.62 14A.68(7) 10 11
– 27 –
(a)
(b)
(c)
(a)
(b)
(c)
(d)
(e)
– 28 –
(f)
(g)
(h)
(i)
(j)
(k)
(l) ETC
(m) 95.5%
91%
(n)
(o)
(p)
– 29 –
3
2023 4 30
(k)
(m) ETC
2019 7 1 5%
2021 1 1 2023 12 31 15%
2019
(m)
4.
(i)
2022 12 31
2,762.23 2,737.51 (ii) 2023 2 28
2,807.79
2,785.27
– 30 –
2022 12 15
2022 9 30
2021 2022 12 31
2021 2022
12 31 12 31
344.83 289.76
258.62 217.31
2009 12 28
92.7
– 31 –
92.7
100
– 32 –
2009 12 28 2039 12 27
1 ≤9 0.45
2 10–19 0.80
–
3 ≤39 1.10
4 ≥40 1.30
JT/T489-2019
1 2 6,000 0.45
4,500
2 2 6,000 0.90
4,500
3 3 1.35
4 4 1.70
5 5 1.85
6 6 2.20
6 6 1.1
10 10
– 33 –
JT/T489-2019
1 ≤9 2 10
6,000
4,500
2 10–19 2 15
– 6,000
4,500
3 ≤39 3 20
4 – ≥40 4 25
5 – – 5 30
6 – – 6 30
5 5
2020 2021 2022 12 31 2023 2
28
– 34 –
1984
(Louis Berger Group, Inc.)
PPP
ISO 9001 ISO 14001
OHSAS18001
20
15
(i) (ii)
– 35 –
(iii)
[2010]178
5.
1996 8 15 H
A
1993 4 27
31.63%
100%
– 36 –
III. A
2023 4 17 A
2023 6 20 A
A
1,466,401,560 40% A
A 30%
A
A
1. A
A
1.00 A
A 35
A
A
A
A
– 37 –
A A
1,466,401,560
40% A
A
30%
A A
(i)
(ii) A A
A A
– 38 –
A A
A
(i)
80% (ii)
– 39 –
2022 12 31
2022 12 31 6.6396
2022 12 31
0.55
A
A
A A
– 40 –
A A
(i)
(ii)
A
(iii)
A
(iv)
A
A
(v) A
A
A
(ii)
(v)
A
– 41 –
A
A A
A
A A A
A A A
– 42 –
A
1,466,401,560
A
(RMB) (%)
549,900,585 37.50
916,500,975 62.50
1,466,401,560 100.00
62.50%
A 10%
A
A
– 43 –
A A
A
A
A A
A A
A
A
A A A
A
A
A
V.
1,658,610,000
1,165,600,000 A 493,010,000 H
(i)
– 44 –
(ii)
3,116,103,315 (a) 6.64
(b)
A
(iii) A (a) A
1,466,401,560 (b)
6.64 (c) A
(d) A
(e)
A A
A
(%) (%) (%) (%) (%) (%)
A 524,644,220 45.01 31.63 993,936,887 60.80 46.71 993,936,887 53.56 42.32
A 404,191,501 34.68 24.37 404,191,501 24.72 18.99 404,191,501 21.78 17.21
1
H 92,396,000 18.74 5.57 92,396,000 18.74 4.34 92,396,000 18.74 3.93
– 45 –
A
(%) (%) (%) (%) (%) (%)
A 928,835,721 79.69 56.00 1,398,128,388 85.52 65.70 1,398,128,388 75.34 59.53
H 92,396,000 18.74 5.57 92,396,000 18.74 4.34 92,396,000 18.74 3.93
A H
1,021,231,721 – 61.57 1,490,524,388 – 70.05 1,490,524,388 – 63.46
A A 236,764,279 20.31 14.27 236,764,279 14.48 11.13 457,607,887 24.66 19.48
H H 400,614,000 81.26 24.15 400,614,000 81.26 18.83 400,614,000 81.26 17.06
1,658,610,000 100.00 100.00 2,127,902,667 100.00 100.00 2,348,746,275 100.00 100.00
1. (1)
2. 100%
A
A
A
– 46 –
VI.
12
VII.
(i) 2022 12 31 2022 12 31
21,345,566,000 2,257,973,000 23,603,539,000
(ii) 2022 12 31 2022 12 31
7,808,394,000 38,567,000 7,846,961,000
VIII. A
2022 12 31 609
92.71 16.75
– 47 –
2023 3 31 2022 12 31
1 (%)
8.38 1,197,057 31.6%
6.51 926,406 24.5%
5.32 544,333 14.4%
9.26 254,062 6.7%
6.31 117,258 3.1%
9.22 113,021 3.0%
205 3.76 71,583 1.9%
10.75 336,807 8.9%
22.77 133,370 3.5%
2 20.45
24.76 94,124 2.5%
– 3,788,021 100.0%
– 48 –
1 2022 12 31
2
20.45 22.73 24.76
3
2022 12 31 85.2% 10
16.75 2039 12 27
45
20 60 120 A 80% 7.10
6.64 6.13 (i) (ii)
7.19 2022 12 31 7.2097
7.1896
(iii)
(iv)
1. –
(v)
– 49 –
H 20 60 120 H
4.4% 8.9% 22.5%
II.
2022 12 31
0.55
2022 12 31 2022 12
31 0.55 6.6597
2022 12 31 7.2097
6.6396 2022 12 31
7.1896
H 20 60 120
H 4.6% 9.4% 24.6%
H H
H
(i)
85% (ii) 15%
2023 3 31
2023 3 31 29.6
A
(i)
(ii)
A A
A
– 50 –
A H
85% 15%
– 51 –
– 52 –
– 53 –
A
A
– 54 –
A (i) 80% (ii)
56 (i) A
(ii) A 1. A
(iii)
(iv)
A A
A
H A H A
20 60 120 A H
29.0% 25.7% 30.5% A 30% A H
A A A H
– 55 –
A 2023 2025
A
2021 2023 2023
2021 2023
60%
(ii)
2023 2025
2023 2025
70%
2023 2025
2023 2025
75% 70%
IX.
25% 100%
14
– 56 –
524,644,220 A
31.63%
14A
A
A
A 14A
A
A
A
A
– 57 –
X.
(i) 524,644,220 A 31.63%
(ii) 1,021,231,721 928,835,721 A
92,396,000 H 61.57%
3,116,103,315
(i) 6.64
(ii)
A
(i) 46.71%
(ii) 70.05%
26.1
26.1
– 58 –
26
1 (i)
75% (ii)
50%
75%
XI.
– 59 –
A
A
A
–II.
1. –
A A
–III. A 1. A
A
A
A
(i) A
A
1.
2.
3.
3.01
3.02
– 60 –
3.03
3.04
3.05
3.06
3.07
3.08
3.09
3.10
3.11
3.12
3.13
3.14
4.
5.
6.
7.
8.
– 61 –
9.
10. 9
11.
12.
13. 7
14.
15.
16. 20
– 62 –
17.
18.
19.
20.
21.
22.
23.
23.01
23.02
23.03
23.04
23.05
23.06
23.07
23.08
– 63 –
(ii)
2023 4 17
A
A 2023 2025
2023
2025 70%
2021 2023
2021 2023
60%
2023
A
A
A 2023 2025
2023
2025 75%
– 64 –
(iii)
A
A
(iv)
(v)
2022 12 31 3,661,003,900
5,000,000
3,666,003,900
– 65 –
2022
2022 12
31
50% A
36 A
A
A
(vi)
– 66 –
(vii)
2023 6 20
(viii) 9
A 9
(1) A 100%
– 67 –
(2) A 100%
100%
(3)
(4)
9
(ix)
A
(1) A
(2) A
– 68 –
(3) A
(4) A
(5) A
A
(6) A
(7) A
– 69 –
(x)
A
(1) A
(2)
(3)
(4)
– 70 –
(xi) 7
7
A
7
7
– 71 –
(xii)
A
26
A
A
– 72 –
(xiii)
26
(1)
(2)
(3)
(4)
– 73 –
(xiv) 20
20
20%
20
(xv)
A
2021 2022 2023 1 2
A
– 74 –
(xvi)
A
A
(1)
A
A
(2)
A
(3) A
(4)
A
– 75 –
(5) A
A A
(6)
A
(7) A
(8)
A
A
A
(i)
– 76 –
A (ii)
(iii)
6
2023 8
A
2024
A 2024
– 77 –
(xvii)
A
(xviii)
A 524,644,220
31.63%
A
993,936,887
46.71%
– 78 –
36
36
XII.
14A 2.8
2.1
– 79 –
XIII.
(i) (ii)
A (iii) (iv)
A (i)
(ii) A (iii)
H (i)
(ii) A (iii)
A H
(i)
A H
(ii)
– 80 –
A
A
A H
A
A H
A
A
2023 2 14
758 2023 2 17
A
24
H
24 H
– 81 –
XIV.
86 127
A
(i)
(ii)
– 82 –
XV.
(i) 84 85
(ii) 86 127
(iii)
2023 7 26
– 83 –
ANHUI EXPRESSWAY COMPANY LIMITED
995
(1)
(2) A
(3)
(4)
(5) H
2023 7 26
1 83 86 127
– 84 –
(i) (ii)
2023 7 26
– 85 –
1
6
(1)
(2)
2023 7 26
2023 4 3 2023 4 17 2023 4 28 2023 5 5 2023
5 16 2023 6 20 (i) (ii)
2023 4 17
(i) (ii)
2023 6 20
– 86 –
25% 100%
14
524,644,220 A
31.63%
14A
(i) 524,644,220 A 31.63%
(ii) 1,021,231,721 928,835,721 A
92,396,000 H 61.57%
3,116,103,315
(i) 6.64
(ii)
A
(i) 46.71%
(ii) 70.05%
26.1
26.1
– 87 –
14A 2.8
– 88 –
9.1
– 89 –
1.
1.1
1996 8 15 H
– 90 –
2020 2021 2022 12 31
2022 2023 3 31
2023
12 31 3 31
2020 2021 2022 2022 2023
3,015,554 4,029,476 5,206,366 966,251 1,145,087
1,380,501 2,306,988 2,222,171 721,494 530,104
815,255 1,543,113 1,415,624 404,834 478,671
2020 12 31 2020
3,015.6 2021 12 31 2021 4,029.5
2020 815.3
2021 1,543.1 89.3%
2021
(i)
(ii) 2020 2 17
5 6 3
2020
– 91 –
2021 4,029.5 2022 12 31
2022 5,206.4
(i)
1,309.0
(ii) 154.7 2022
2021 1,543.1 2022 1,415.6
(i)
(ii)
2022 3 31 2022 966.3
2023 3 31 2023 1,145.1
2023
2022 404.8 2023
478.7 18.3%
– 92 –
2022 2022
2022
12 31
1
% %
1. 100.0 8.38 134 1,197,057 31.6
2. 205 100.0 3.76 30 71,583 1.9
3. 100.0 6.51 110 926,406 24.5
4. 55.5 5.32 84 544,333 14.4
5. 100.0 9.26 54 254,062 6.7
6. 100.0 9.22 14 113,021 3.0
7. 55.5 6.31 14 117,258 3.1
8. 51.0 2 113 94,124 2.5
9. 100.0 10.75 6 336,807 8.9
10. 100.0 22.77 46 133,370 3.5
1. 2023 3 31
2.
20.45 22.73 24.76
2022 12 31
2022 12 31
70.5%
6.74
10.49 11.22
– 93 –
1.2
31.63%
2022 12 15
2009 12 28
92.7
2021 2022 12 31
2022 2023 2 28
12 31 2 28
2021 2022 2022 2023
344.8 289.8 54.4 57.0
258.6 217.3 40.8 42.8
– 94 –
2022 12 31 2023 2 28
2,737.5 2,785.3
2.
1.1
10.49
2022 70.5%
6.74
16.75 2023 3 31
15.3% 609 702
A
– 95 –
3.
2023 4 17
(i)
(ii) 2023 6 20
(i)
(ii)
2023 4 17 2023 6 20
(1)
(2)
(i)85% (ii)15%
3,661,003,900
– 96 –
3,661,003,900
5,000,000
3,666,003,900
(i) 85%
(ii) 15%
3,666,003,900 3,116,103,315
549,900,585
7.19 2023 4 18
20 60 120 A 80%
– 97 –
2023 3 31 2022 12 31
2023 6 9
6.64
3,116,103,315
6.64
469,292,667 A
– 98 –
36
36
(i) A (20)
(ii) A
– 99 –
2023 6 20
(1)
(2)
2023 1
1 2039 12 27
– 100 –
3,666,003,900
– 101 –
3.1
2023 6 20
100%
5,000,000 3,666,003,900
3.2
1.
(i)
(ii)
(iii)
(iv)
(a)
28 Yue Fuqiang
– 102 –
20
(b)
(c)
(d)
(i)
(ii)
– 103 –
13
– 104 –
A.
2022
12 31 2023 1 1 2039 12 27
(i)
(ii)
(iii) 2022 12 31
2023 2 28 (iv)
B.
4.8% 5%
– 105 –
C.
(i) (ii)
(iii) (iv)
2.84%
2022 12 31 10
10
2.84%
Aswath Damodaran
2023 1
7.16%
7.05% Fenebris
Expert Circle
http://www.market-risk-premia.com/cn.html
2022 12 5.61%
2022 12 31 10
6.93% 2.84%
4.09% 6.73%(i)
(ii)
(iii) Damodaran
– 106 –
2022 2022 12 31
(i)
(ii)
60%
(iii)
(i) (ii)
60%
2020 2022
0.6929
1.5%
(i) (ii)
1.5% (i)
(ii)
– 107 –
(i) (ii)
14.62 (iii)
2.
2023 1 1 2039 12 27
(i)
(ii)
(iii)
(iv)
(a)
38 29
(b)
(c) (d)
– 108 –
2023 1 1 2039 12 27
(i)
2013 2022 (ii)
(iii)
(i) (ii) (iv)
(i) (ii) 2010 2022
(iii) 2019 12 30
(iv)
2021
COVID-19 2022
2022
– 109 –
2021 2023
2039
(i)2021 2019 2010 2019
(ii) 2022
2021
2021
(i)
(ii)
2021 1 1 2023 12
31 15%
– 110 –
3.3
(i) 85% (ii) 15%
7.19
2023 3 31 2022 12 31
6.64
80% 20
60 120
20 60
120 A 80% 7.10
6.64 6.13
– 111 –
A
2022 4 17 2023 7 21
12
(i) A (ii) H (iii)2022 4 17
2023 6 12 2022 12 31
(iv) 2023 6 13
2023年4月3日至17日：暫停買賣A股
12
10
收市價（人民幣元）
3 - 17 April 2017: Suspension of trading of A shares
8
6
2023年6月13日：
4 2023年4月17日： 除息日
該公告刊發
2
0
日
日
日
日
日
日
日
日
1月 日
年 7日
年 7日
年 7日
年 7日
年 7日
年 7日
日
17
17
17
17
17
17
17
17
17
17
1
1
1
1
1
1
4月
5月
6月
7月
8月
9月
月
月
月
2月
3月
4月
5月
6月
7月
10
11
12
年
年
年
年
年
年
年
年
年
年
22
22
22
22
22
22
23
23
23
23
23
23
23
22
22
22
H股 A股 原發行價 經調整發行價
(i) H H 7.90 3.8%
(ii) H 7.81
5.1%
(iii) 30 H 7.78
5.4%
– 112 –
(iv) A A 8.93
19.5%
(v) A 8.58
16.2%
(vi) 30 A 8.71
17.5%
(i) H 7.18 5.5%
(ii) H
7.12 6.4%
(iii) 30
H 7.46 1.5%
(iv) A 9.22 28.0%
(v) A
9.64 31.1%
(vi) 30
A 10.24 35.2%
2022
– 113 –
7.19
6.64 A A
A 6.34 A 9.13 A 7.38
H 4.93 8.07 H
4.48 7.10 H 6.36 5.56
A H 2023 5 A
11.40 H 8.89 7.83
7.19 2022 12 31
7.21
2022 12 31 0.3% 2022
12 31 0.55
6.64 2022 12 31
30 A
28.0% 35.2%
(i)
A (ii) A
(iii)
2023 1 1
11
A
– 114 –
A A
(600900.SH) 2023 1 10 (30.0%)
(603260.SH) 2023 1 12 (36.0%)
2023 1 17 (29.2%)
(600425.SH)
(600301.SH) 2023 1 31 (61.4%)
(600961.SH) 2023 2 11 16.8%
2023 2 13 (8.0%)
(600970.SH)
2023 2 15 1.2%
(605319.SH)
(603612.SH) 2023 3 14 (42.6%)
2023 3 16 (0.8%)
(600372.SH)
(603708.SH) 2023 3 24 (22.2%)
2023 4 3 (9.9%)
(600861.SH)
(61.4%)
16.8%
(20.2%)
(28.0%)
A
– 115 –
61.4% 16.8%
20.2%
(i)
(ii) A (iii)
2022
3.4
36
20
(i) 36
(ii)
– 116 –
12 12
12
12
– 117 –
(i)
– 118 –
3.2 3.3
(ii)
4.
12
A H
A
2022 12 31
13.6% 2018 2022
14.2%
23.6
236.0 10.0%
2022 12 31 549.9
A
A
A
– 119 –
2022
30%
2021 12 31 14.96% 2022 12 31 22.08%
2021
A H
A 2023 7 21 12 H
37.1% A 12
H
3.3 A
H H
H
H
– 120 –
(i) (ii)
H A (iii)
H
5.
5.1
1,658,610,000
1,165,600,000 A 493,010,000 H
(i)
(ii)
3,116,103,315 (a) 6.64
(b)
A
– 121 –
(%) (%) (%) (%)
A 524,644,220 45.01 31.63 993,936,887 60.80 46.71
A 404,191,501 34.68 24.37 404,191,501 24.72 18.99
1
H 92,396,000 18.74 5.57 92,396,000 18.74 4.34
A 928,835,721 79.69 56.00 1,398,128,388 85.52 65.70
H 92,396,000 18.74 5.57 92,396,000 18.74 4.34
A H 1,021,231,721 – 61.57 1,490,524,388 – 70.05
A A 236,764,279 20.31 14.27 236,764,279 14.48 11.13
H H 400,614,000 81.26 24.15 400,614,000 81.26 18.83
1,658,610,000 100.00 100.00 2,127,902,667 100.00 100.00
1. (1)
2. 100%
– 122 –
(i)A 14.27%
11.13% (ii)H 24.15% 18.83%
A H (i) 2.
(ii) 4.
(iii) 3.2
(iv) 3.3
5.2
(i)
2022 12 31
2023 2 28
217.3 42.8
– 123 –
A
2023 2025
75%
(ii)
158
2022 12 31 135
23
2022 12 31
8.16
1,658,610,000
2,127,902,667
A
2022 12 31
7.40
(iii)
2022 12 31 2,903.8
3,835.8
2022 12 31 2,358.9
2022 12 31 18.8% 2022 12
31 3,386.1 2022 12
31 11.7%
– 124 –
(i)85%
(ii)15%
A
1,466,401,560 36.5% 10%
A
A
2022 12 31
236 4.
12
(iv)
21.76% 2022 12 31 22.08%
27.6
5.449
– 125 –
6.
(i) 524,644,220 A
31.63% (ii) 1,021,231,721
928,835,721 A 92,396,000 H 61.57%
5.1 (i)
46.71% (ii)
70.05% 26.1
26.1 (i) 75%
(ii) 50%
2.
– 126 –
2023 7 26
6 17
– 127 –
1.
2020 12 31 2021 12 31
2022 12 31 2020 12 31
2021 12 31 2022 12 31
2020 12 31 2021 12 31
2022 12 31
2020 12 31 2021 12 31 2022 12 31
– I-1 –
2020 12 31 2021 12 31 2022 12
31
12 31
2022 2021 2020
5,206,366 4,029,476 3,015,554
(2,984,195) (1,722,488) (1,635,053)
2,222,171 2,306,988 1,380,501
134,869 200,162 165,405
(162,308) (137,292) (110,965)
(126) 1,230 (1,737)
2,194,606 2,371,088 1,433,204
(226,521) (254,808) (250,580)
9,733 (90) (1,560)
1,977,818 2,116,190 1,181,064
(562,194) (573,077) (365,809)
1,415,624 1,543,113 815,255
1,445,457 1,511,965 867,549
(29,833) 31,148 (52,294)
1,415,624 1,543,113 815,255
– I-2 –
12 31
2022 2021 2020
0.8715 0.9116 0.5231
278 (2,391) 1,534
1,415,902 1,540,722 816,789
1,445,735 1,509,574 869,083
(29,833) 31,148 (52,294)
1,415,902 1,540,722 816,789
912,236 912,236 381,480
0.55 0.55 0.23
2020 12 31 2021 12
100% 2021 12 31
– I-3 –
2023 3 31
2023 3 31
2023 3 31
2023 3 31
1,145,087
(423,593)
649,216
(170,545)
478,671
459,463
19,208
0.2770
475,106
455,898
19,208
–
–
– I-4 –
2020 12 31 2021 12 31 2022 12 31
2020 12 31
2020 2021 12 31
2021 2022 12 31 2022
2020 2021 2022 4 29 2021 12 31
2021 142 239 2021
(www.anhui-expressway.net) (www.hkexnews.hk)
https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0429/2022042903161_c.pdf
2022 2023 4 26 2022 12 31
2022 144 241 2022 (www.anhui-
expressway.net) (www.hkexnews.hk)
https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0426/2023042602626_c.pdf
2021 2022 2021 2022
– I-5 –
2023 3 31
2023 3 31
2023
2023 2023 4 27 2023 3 31
2023 2023 14 20 2023
(www.anhui-expressway.net) (www.hkexnews.hk)
https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0427/2023042705377_c.pdf
2023 2023
2.
2023 5 31
6,728.8
3,200.0 3,451.2
77.6
2023 5 31
2023 5
31
– I-6 –
3.
2022 12 31 5,206
2021 12 31 4,029 29.2% 2022 12 31
1,978 2021 12 31
2,116 6.54%
2023
2023 12 31
4.
12
– I-7 –
5.
2023 3 31
16.8
(a) 2022 12 31
(b) 2023 2 28
– I-8 –
Ernst & Young Tel : +852 2846 9888
27/F, One Taikoo Place 979 Fax : + 852 2868 4432
979 King’s Road 27 ey.com
Quarry Bay, Hong Kong
II-4 II-66
2020 2021 2022 12 31
2023 2 28
2020 2021 2022 12 31 2023 2 28
II-4 II-66
2023 7 26
2.1 2.2
– II-1 –
200
2.1 2.2
2.1 2.2
2020 2021 2022 12 31 2023 2
28
– II-2 –
2022 2 28
2.1 2.2
2410
2.1
2.2
II-4
18
2023 7 26
– II-3 –
I
12 31 2 28
2020 2021 2022 2022 2023
5 401,726 559,982 524,152 92,697 95,407
(206,846) (205,588) (225,197) (37,378) (37,171)
194,880 354,394 298,955 55,319 58,236
5 (3,214) – (4) – –
(8,990) (9,563) (9,192) (956) (1,227)
6 182,676 344,831 289,759 54,363 57,009
9 (45,669) (86,208) (72,440) (13,591) (14,252)
137,007 258,623 217,319 40,772 42,757
– II-4 –
12 31 2 28
2020 2021 2022 2023
10 2,670,658 2,529,478 2,388,298 2,364,768
11 71,480 116,288 208,528 205,686
12 553 – – –
13 111,095 105,347 99,598 98,640
2,853,786 2,751,113 2,696,424 2,669,094
14 – – 130 68
15 10,258 11,573 65,673 133,713
16 – – – 4,999
10,258 11,573 65,803 138,780
2,864,044 2,762,686 2,762,227 2,807,874
17 – – – 5,000
2,841,326 2,718,268 2,737,508 2,780,265
2,841,326 2,718,268 2,737,508 2,785,265
19 13,251 35,003 17,074 8,185
9,071 8,775 5,736 7,654
20 396 640 1,909 6,770
22,718 44,418 24,719 22,609
22,718 44,418 24,719 22,609
2,864,044 2,762,686 2,762,227 2,807,874
– II-5 –
2.1
2020 1 1 – 2,996,064 – – 2,996,064
– 137,007 – – 137,007
2.1 18 – (291,745) – – (291,745)
2020 12 31 2021 1 1 – 2,841,326 – – 2,841,326
– 258,623 – – 258,623
2.1 18 – (381,681) – – (381,681)
2021 12 31 2022 1 1 – 2,718,268 – – 2,718,268
– 167,785 – 49,534 217,319
2.1 18 – (198,079) – – (198,079)
2.1 – (2,687,974) 2,687,974 – –
2022 12 31 2023 1 1 – – 2,687,974 49,534 2,737,508
– II-6 –
2.1
2021 12 31
2022 1 1 – 2,718,268 – – 2,718,268
– 40,772 – – 40,772
2.1
18 – (46,673) – – (46,673)
2022 2 28 – 2,712,367 – – 2,712,367
2022 12 31 2023 1 1 – – 2,687,974 49,534 2,737,508
5,000 – – – 5,000
– – – 42,757 42,757
18 – – – – –
2023 2 28 5,000 – 2,687,974 92,291 2,785,265
– II-7 –
12 31 2 28
2020 2021 2022 2022 2023
21 332,299 513,664 427,945 64,451 73,741
(39,743) (80,756) (69,730) (17,778) (11,376)
292,556 432,908 358,215 46,673 62,365
(1,113) (51,227) (101,631) – –
302 – 26 – –
(811) (51,227) (101,605) – –
17 – – – – 5,000
2.1 18 (291,745) (381,681) (198,079) (46,673) –
2.1 – – (58,531) – (62,366)
(291,745) (381,681) (256,610) (46,673) (57,366)
– – – – 4,999
– – – – –
16 – – – – 4,999
– II-8 –
II
1.
2022 12
5,000,000
2020 2021 2022 12 31 2023 2 28
92.7 2009 12 28
2039 12 27
2.
2.1
2023
7 26 4.
2022 12 15
– II-9 –
2022 12 15
2022 9 30
(i)
2022 9 30
2022 9 30
(ii)
2022 9 30 12 15
2022 12 15
25%
– II-10 –
2.2
2.1 2.4 3
2023 1 1
2.3
10
2
28 2011
1
16
1 2020 1 3
1 2022 1
– II-11 –
1
2024 1 1
2
3
2022 2020 2024 1 1
2020 2022 5
2.4
– II-12 –
–
–
–
– II-13 –
– II-14 –
(a)
(i)
(ii)
(iii)
(b)
(i)
(ii)
– II-15 –
(iii)
(iv)
(v)
(vi) (a)
(vii) (a)(i)
(viii)
– II-16 –
17 30
10
7
9
6 9
– II-17 –
15 2.4
1
– II-18 –
2
15
– II-19 –
– II-20 –
(a) (b)
– II-21 –
12 12
90
– II-22 –
12
– II-23 –
– II-24 –
– II-25 –
– II-26 –
– II-27 –
– II-28 –
15
(a)
– II-29 –
8%
2019 5 16%
– II-30 –
8%
– II-31 –
3.
– II-32 –
1
4.
8
10%
– II-33 –
5.
12 31 2 28
2020 2021 2022 2022 2023
401,726 559,982 524,152 92,697 95,407
12 31 2 28
2020 2021 2022 2022 2023
6 (3,214) – (4) – –
(3,214) – (4) – –
– II-34 –
6.
12 31 2 28
2020 2021 2022 2022 2023
1,960 2,498 2,509 419 396
11,550 10,785 12,067 2,535 1,964
452 1,551 2,172 343 311
12,002 12,336 14,239 2,878 2,275
11 6,945 6,419 9,361 1,058 2,842
10 141,180 141,180 141,180 23,530 23,530
12 604 553 – – –
5 3,214 – 4 – –
– II-35 –
7.
12 31 2 28
2020 2021 2022 2022 2023
– – – – –
– – – – –
– – – – –
– – – – –
2020 2021 2022 12 31 2022 2023 2 28
2020 2021 2022 12 31
2022 2023 2 28
– II-36 –
8.
2020 2021 2022 12 31 2022 2023 2 28
12 31 2 28
2020 2021 2022 2022 2023
506 557 598 99 100
34 112 117 20 22
540 669 715 119 122
12 31 2 28
2020 2021 2022 2022 2023
1,000,000 5 5 5 5 5
– II-37 –
9.
12 31 2 28
2020 2021 2022 2022 2023
39,921 80,460 66,691 12,634 13,294
13 5,748 5,748 5,749 957 958
45,669 86,208 72,440 13,591 14,252
12 31 2 28
2020 2021 2022 2022 2023
182,676 344,831 289,759 54,363 57,009
25%
45,669 86,208 72,440 13,591 14,252
45,669 86,208 72,440 13,591 14,252
– II-38 –
10.
12 31 2 28
2020 2021 2022 2022 2023
4,235,405 4,235,405 4,235,405 4,235,405 4,235,405
(1,564,747) (1,705,927) (1,847,107) (1,729,457) (1,870,637)
2,670,658 2,529,478 2,388,298 2,505,948 2,364,768
2,811,838 2,670,658 2,529,478 2,529,478 2,388,298
6 (141,180) (141,180) (141,180) (23,530) (23,530)
2,670,658 2,529,478 2,388,298 2,505,948 2,364,768
2020 2021 2022 12 31 2022 2023 2 28
2020 2021 2022 12 31 2022 2023 2 28
2020 2021 2022 12 31 2022 2023 2 28
– II-39 –
11.
2020 12 31
2020 1 1
68,755 153,945 16,455 3,843 93,422 7,062 343,482
(21,439) (143,179) (14,496) (1,427) (82,113) – (262,654)
– – – – – – –
47,316 10,766 1,959 2,416 11,309 7,062 80,828
2020 1 1
47,316 10,766 1,959 2,416 11,309 7,062 80,828
– 117 – – 996 – 1,113
(704) (1,903) (675) (4) (230) – (3,516)
6 (2,198) (1,543) (397) (412) (2,395) – (6,945)
– 1,084 – – 5,978 (7,062) –
2020 12 31
44,414 8,521 887 2,000 15,658 – 71,480
2020 12 31
67,730 136,208 3,357 3,805 92,932 – 304,032
(23,316) (127,687) (2,470) (1,805) (77,274) – (232,552)
– – – – – – –
44,414 8,521 887 2,000 15,658 – 71,480
– II-40 –
2021 12 31
2021 1 1
67,730 136,208 3,357 3,805 92,932 – 304,032
(23,316) (127,687) (2,470) (1,805) (77,274) – (232,552)
– – – – – – –
44,414 8,521 887 2,000 15,658 – 71,480
2021 1 1
44,414 8,521 887 2,000 15,658 – 71,480
– – – 401 – 50,826 51,227
6 (2,190) (737) (173) (409) (2,910) – (6,419)
2021 12 31
42,224 7,784 714 1,992 12,748 50,826 116,288
2021 12 31
67,730 136,208 3,357 4,206 92,932 50,826 355,259
(25,506) (128,424) (2,643) (2,214) (80,184) – (238,971)
– – – – – – –
42,224 7,784 714 1,992 12,748 50,826 116,288
– II-41 –
2022 12 31
2022 1 1
67,730 136,208 3,357 4,206 92,932 50,826 355,259
(25,506) (128,424) (2,643) (2,214) (80,184) – (238,971)
– – – – – – –
42,224 7,784 714 1,992 12,748 50,826 116,288
2022 1 1
42,224 7,784 714 1,992 12,748 50,826 116,288
– 4,040 1,205 793 4,473 91,120 101,631
– – – (30) – – (30)
6 (3,873) (1,402) (532) (406) (3,148) – (9,361)
119,130 10,091 8,702 – 4,023 (141,946) –
2022 12 31
157,481 20,513 10,089 2,349 18,096 – 208,528
2022 12 31
186,860 150,339 13,264 4,012 101,428 – 455,903
(29,379) (129,826) (3,175) (1,663) (83,332) – (247,375)
– – – – – – –
157,481 20,513 10,089 2,349 18,096 – 208,528
– II-42 –
2022 2 28
2022 1 1
67,730 136,208 3,357 4,206 92,932 50,826 355,259
(25,506) (128,424) (2,643) (2,214) (80,184) – (238,971)
– – – – – – –
42,224 7,784 714 1,992 12,748 50,826 116,288
2022 1 1
42,224 7,784 714 1,992 12,748 50,826 116,288
( ) 6 (366) (123) (27) (75) (467) – (1,058)
2022 2 28
41,858 7,661 687 1,917 12,281 50,826 115,230
2022 2 28
67,730 136,208 3,357 4,206 92,932 50,826 355,259
(25,872) (128,547) (2,670) (2,289) (80,651) – (240,029)
– – – – – – –
41,858 7,661 687 1,917 12,281 50,826 115,230
– II-43 –
2023 2 28
2023 1 1
186,860 150,339 13,264 4,012 101,428 – 455,903
(29,379) (129,826) (3,175) (1,663) (83,332) – (247,375)
– – – – – – –
157,481 20,513 10,089 2,349 18,096 – 208,528
2023 1 1
157,481 20,513 10,089 2,349 18,096 – 208,528
6 (1,488) (341) (254) (72) (687) – (2,842)
2023 2 28
155,993 20,172 9,835 2,277 17,409 – 205,686
2023 2 28
186,860 150,339 13,264 4,012 101,428 – 455,903
(30,867) (130,167) (3,429) (1,735) (84,019) – (250,217)
– – – – – – –
155,993 20,172 9,835 2,277 17,409 – 205,686
– II-44 –
12.
2020 12 31
2020 1 1 1,157
6 (604)
2020 12 31 553
2020 12 31
1,357
(804)
553
2021 12 31
2021 1 1 553
6 (553)
2021 12 31 –
2021 12 31
1,357
(1,357)
–
– II-45 –
2022 12 31
2022 1 1 –
6 –
2022 12 31 –
2022 12 31
1,357
(1,357)
–
2022 2 28
2022 1 1 –
( ) 6 –
2022 2 28 –
2022 2 28
1,357
(1,357)
–
– II-46 –
2023 2 28
2023 1 1 –
6 –
2023 2 28 –
2023 2 28
1,357
(1,357)
–
– II-47 –
13.
2020 1 1 116,843
9 (5,748)
2020 12 31 2021 1 1 111,095
9 (5,748)
2021 12 31 2022 1 1 105,347
9 (5,749)
2022 12 31 2023 1 1 99,598
2021 12 31 2022 1 1 105,347
9 (957)
2022 2 28 (104,390)
2022 12 31 2023 1 1 99,598
9 (958)
2023 2 28 98,640
2020
2021 2022 12 31 2022 2023 2 28
2020 2021 2022 12 31 2022 2023 2 28
– II-48 –
14.
12 31 2 28
2020 2021 2022 2023
– – 130 68
– – – –
– – 130 68
15.
12 31 2 28
2020 2021 2022 2023
10,258 11,573 7,142 12,816
– – 58,531 120,897
– – – –
10,258 11,573 65,673 133,713
12 31 2 28
2020 2021 2022 2023
1 10,258 11,573 65,673 133,713
24
– II-49 –
16
12 31 2 28
2020 2021 2022 2023
– – – 4,999
2020 2021 2022 12 31 2023 2 28
17.
12 31 2 28
2020 2021 2022 2023
– – – 5,000
18.
12 31 2 28
2020 2021 2022 2022 2023
291,745 381,681 198,079 46,673 –
– II-50 –
19.
12 31 2 28
2020 2021 2022 2023
250 355 305 300
– – – 793
1,987 1,896 1,602 1,700
2,638 870 699 550
8,376 31,882 14,468 4,842
13,251 35,003 17,074 8,185
2020 2021 2022 12 31 2023 2 28
3,229,000 3,215,000 2,314,000
2,409,000
2020 2021 2022 12 31 2023 2 28
24
20.
2020 12 31
2020 1 1 –
33,107
(32,711)
2020 12 31 396
– II-51 –
2021 12 31
2021 1 1 396
33,121
(32,877)
2021 12 31 640
2022 12 31
2022 1 1 640
45,666
(44,397)
2022 12 31 1,909
2023 2 28
2023 1 1 1,909
6,117
(1,256)
2023 2 28 6,770
24
– II-52 –
21.
12 31 2 28
2020 2021 2022 2022 2023
182,676 344,831 289,759 54,363 57,009
10 141,180 141,180 141,180 23,530 23,530
11 6,945 6,419 9,361 1,058 2,842
12 604 553 – – –
5 3,214 – 4 – –
334,619 492,983 440,304 78,951 83,381
– – (130) – 62
14,458 (1,315) 4,431 5,750 (5,674)
(17,174) 21,752 (17,929) (28,635) (8,889)
20 396 244 1,269 8,385 4,861
332,299 513,664 427,945 64,451 73,741
– II-53 –
2022 12 15
2022 9 30
(i) 2022 9 30
2022 9
30 (ii)
2022 9 30 12 15
22.
2020 2021 2022 12 31 2023 2 28
23.
12 31 2 28
2020 2021 2022 2023
– 18,055 – –
– II-54 –
24.
24
24
– II-55 –
(a)
– II-56 –
(b)
12 31 2 28
2020 2021 2022 2022 2023
8,990 9,563 9,192 956 1,227
(ii)
4,935 11,107 62,676 – 355
115 210 156 – –
– 256 17,555 – –
1,855 263 3,033 – –
59 – 2,127 – –
– – 334 – –
– – 437 – –
– 412 793 – –
6,964 12,248 87,111 – 355
– II-57 –
12 31 2 28
2020 2021 2022 2022 2023
– 1,903 1,781 306 324
6,353 1,326 1,242 213 226
6,353 3,229 3,023 519 550
12 31 2 28
2020 2021 2022 2022 2023
(iii)
401,726 559,982 524,152 92,697 95,407
12 31 2 28
2020 2021 2022 2022 2023
(iv)
422,790 575,466 544,333 101,227 92,595
(iv)
(131,045) (193,785) (287,724) (54,554) (30,229)
– II-58 –
(i)
(ii)
(iii) 2020 2021 2022 12 31 2022 2023 2
28 401,726,000
559,982,000 524,152,000 92,697,000 95,407,000
(iv) 2020 2021 2022 12 31 2022 2023 2 28
2.1
(c)
12 31 2 28
2020 2021 2022 2023
232 9,747 2,552 1,377
– – 11 11
– – 24 24
115 210 156 –
646 646 – –
415 387 440 440
363 429 499 499
1,855 263 – –
538 – – –
4,164 11,682 3,682 2,351
– 513 412 324
2,638 357 287 226
50 50 – –
2,688 920 699 550
– II-59 –
(d)
2020 12 31 2021 12 31 2022 12 31 2023 2 28
– – – – 58,531 – 120,897 –
10,258 – 11,573 – 7,142 – 12,816 –
10,258 – 11,573 – 65,673 – 133,713 –
25.
2020 12 31
10,258
11,264
– II-60 –
2021 12 31
11,573
33,107
2022 12 31
65,673
15,472
– II-61 –
2023 2 28
133,713
4,999
138,712
5,692
– II-62 –
26.
27.
– II-63 –
15
2020 12 31
1 1 3 3 5 5
11,264 – – – 11,264
– II-64 –
2021 12 31
1 1 3 3 5 5
33,107 – – – 33,107
2022 12 31
1 1 3 3 5 5
15,472 15,472
2023 2 28
1 1 3 3 5 5
5,692 5,692
– II-65 –
12 31 2 28
2020 2021 2022 2023
0.79% 1.61% 0.89% 0.81%
28.
2023 2 28
29.
2023 2 28
– II-66 –
A.
2022 12 31
2022 12 31
2022 2022 12 31
2023 7 26
2023 2 28
– III-1 –
2022
12 31
2022 2023
12 31 2 28
1 2 3 4
13,497,875 2,364,768 – – 15,862,643
6,045 – – – 6,045
1,216,473 205,686 – – 1,422,159
352,289 – – – 352,289
5,679 – – – 5,679
146,625 – – – 146,625
79,512 98,640 – – 178,152
711,599 – – – 711,599
115,509 – – – 115,509
16,131,606 2,669,094 – – 18,800,700
– III-2 –
2022
12 31
2022 2023
12 31 2 28
1 2 3 4
4,706 68 – – 4,774
537,733 133,713 – – 671,446
1,767,673 – – – 1,767,673
2,903,848 4,999 (549,901) – 2,358,946
5,213,960 138,780 (549,901) – 4,802,839
21,345,566 2,807,874 (549,901) – 23,603,539
77,560 – – – 77,560
6,201,986 – – – 6,201,986
36,798 – – – 36,798
113,853 – – – 113,853
6,430,197 – – – 6,430,197
– III-3 –
2022
12 31
2022 2023
12 31 2 28
1 2 3 4
835,269 8,185 – 15,958 859,412
30,160 7,654 – – 37,814
71,005 6,770 – – 77,775
441,763 – – – 441,763
1,378,197 22,609 – 15,958 1,416,764
7,808,394 22,609 – 15,958 7,846,961
13,537,172 2,785,265 (549,901) (15,958) 15,756,578
– III-4 –
1. 2022 12 31 2022
12 31
2. 2023 2 28
3. 2023 4 17
2023 6 20
(i) 85%
(ii) 15%
3,666,003,900 3,116,103,315
549,900,585
5
3,666,003,900
549,900,585 2022 12 31
549,900,585
4.
15,958,000
5. 2022 12 31 2023
2 28
– III-5 –
B.
Ernst & Young Tel : +852 2846 9888
27/F, One Taikoo Place Fax : +852 2868 4432
979 King’s Road ey.com
Quarry Bay, Hong Kong
2023 7 26
2022 12 31
2022 12 31
2022 12 31
2022 12 31
2022 12 31
2023 2 28
– III-6 –
4.29
7
1
4.29(7)
3420
4.29
7
– III-7 –
– III-8 –
(a)
(b)
(c) 4.29(1)
2023 7 26
– III-9 –
1.
2020 2021 2022 12 31 2023 2
28
2022 12 15
2009 12 28 92.7
2039 12 27
4.
– IV-1 –
12 31 2 28
2020 2021 2022 2022 2023
)
401,726 559,982 524,152 92,697 95,407
(206,846) (205,588) (225,197) (37,378) (37,171)
194,880 354,394 298,955 55,319) 58,236
(3,214) – (4) – –
(8,990) (9,563) (9,192) (956) (1,227)
182,676 344,831 289,759 54,363 57,009
(45,669) (86,208) (72,440) (13,591) (14,252)
137,007 258,623 217,319 40,772 42,757
– IV-2 –
2020 12 31 401.7
39.4% 2021 12 31 560.0
(i)2020 2020 (ii)
2020 79
2021 12 31 560.0
6.4% 2022 12 31 524.2
(i) 2022 (ii)2022
10%
2022 2 28 92.7 2023 2 28
95.4
(i) (ii)
(iii) (iv) (v)
2020 2021 12 31
206.8 205.6 2022 12 31 9.5%
225.2 2022 12 31 (i)
2022
(ii)2022
– IV-3 –
2022 2 28 37.4 2023 2 28
37.2
2020 2022 12 31 3.2
4
2021 2022
2021 2022 12 31 50.83
91.12 2022 9 2022
2023 2 28 120.9
4.
2022 9 30
2022
12 15 2022 9 30
2023 2 28
– IV-4 –
2023 3 31
2023 3 31
2020
2021 2022 12 31 9.0
9.6 9.2 2022 2023 2 28
1.0 1.2
2020 12 31 137.0
88.8% 2021 12 31 258.6
2021 12 31 2020
– IV-5 –
2021 12 31 258.6
16.0% 2022 12 31 217.3
(i)2022
(ii) 2022
2022 2 28 40.8 2023 2 28
42.8
2022 12 15
2020 2021 2022 12
31
2022 9 30
54 2023 2 28
5.0
2020 2021 2022 12 31 2023 2 28
2023 2 28
– IV-6 –
2023 2 28
2020 2021 2022 12 31
12.0
12.3 14.2 2022 2 28
2.9 21.0% 2023 2 28 2.3
2023 3 31 72
2020 2021 2022 12 31 2023 2 28
2020 2021 2022 12 31 2023 2 28
– IV-7 –
2.
2021 4,295,900,000,000
3.5% 2022 4,504,500,000,000 2022 31
2023 12 31
– IV-8 –
[2023] 1418
2023 6 20
– V-1 –
.
.
.
– V-2 –
.
.
.
.
– V-3 –
[2023] 1418
100%
2022 12 31
2022 12 31
– V-4 –
2022 12 31
366,100.39 92,349.52 33.73%
2022 12 31
2023 12 30
– V-5 –
[2023] 1418
100%
2022 12 31
.
– V-6 –
1
1666
1,600,000
1993 04 27
91340000MA2MT9QA0T
2
520
165,861
1996 08 15
91340000148973087E
– V-7 –
1.
500
2022 12 15
91341500MA8PU3NK68
2.
2022 12 500
100% 2022 12
3.
– V-8 –
(1)
2006 2 2009 12 28
92.7
100km/h 2 86 7
2 22 8
(2)
2012 12 4
[2012]545
30 2009 12 28 2039
12 27
(3)
[2019]144
– V-9 –
1
1 ≤9 0.45
2 10–19 0.8
3 – 1.1
4 ≤39 1.3
2
JT/T489-2019
1 2 6000mm
4500kg 0.45
2 2 6000mm
4500kg 0.9
3 3 1.35
4 4 1.7
5 5 1.85
6 6 2.2
6 1.1
10 10
– V-10 –
(4)
4.
276,222.70 2,471.83
273,750.87 2022
52,415.16 21,685.27
2022 2021
12 31 12 31
276,222.70 276,268.56
2,471.83 4,441.76
273,750.87 271,826.80
2022 2021
52,415.16 55,998.19
28,929.24 34,483.07
28,929.24 34,483.07
21,685.27 25,862.30
– V-11 –
2021 2022
(2023) 60904999_B04
5.
2006 2 15 38
( )
26
2023 2 17 26
100%
– V-12 –
.
100%
2023 4
.
2022 12 31 276,222.70
2,471.83 273,750.87
6,580.26
269,642.44
20,852.83
238,829.80
9,959.81
276,222.70
2,471.83
2,471.83
273,750.87
2022
12 31
(2023) 60904999_B04
– V-13 –
(1)
2022 12 15
2021 1 1 2022 12 15
2022 12
15 (2) 2022
12 15
2022 9
30
2022 9 30
2022 9 30
2022 9 30 2022 12 15
2021 2022
381,681,033.20 198,078,666.90
(3) 25% 2022 12 15
25%
– V-14 –
259,682.62
94.01%
1.
22,736.55
2.
5
54
– V-15 –
3.
1 (2023) 162,195.00 162,195.00
0004281
2 (2023) 4,608,369.48 4,608,369.48
0007733
(2023)
0010803
(2023)
0010802
3
4
– V-16 –
5
6
7
8
9 2011 97 102,487.18 102,487.18
10 232,921.16
5,105,972.82 4,873,051.66
4
– V-17 –
.
.
2022 12 31
.
– V-18 –
1. 2023 4
1. 2016 7 2
2. 2018 10 26
3. 2019 12 28
4. 2020 5 28
5. 2018 12 29
6. 2008 10 28
7. 2019 8 26
8. 2017 11 4
9. 2020
– V-19 –
10. 86
11. 91 1991
12. 12 2005 8 25
13. [2006]274
14. 32 2016 6
24
15. 36
16. [2022]39
17. [2022]136
18. [2018]32
19.
2020 8 11
20. [2005] 448
21. [2010]98
– V-20 –
22. 1993 12 13
134 2017 10 30 191
23. 50
2011 10 28 65
24. 417
25. [2018]47
26.
1. [2017]43
2. [2017]30
3. [2018]36
4. [2018]35
5. [2017]33
6. [2018]37
7. [2017]35
– V-21 –
8. [2018]38
9. [2017]37
10. [2017]38
11. [2017]39
12. [2019]35
13. [2017]42
14. [2017]46
15. [2017]47
16. [2017]48
1.
2.
3.
4.
5.
– V-22 –
6.
1.
2.
3.
[2012]545
4.
[2012]545
5. 2022 12
(LPR)
6.
7. 2022
8. [2016]36
9. 2019
39
10.
2023 [ 2023 1 ]
– V-23 –
11.
12. iFinD A
13.
12
14.
[2019]210
15. 2022 12
16. 2018 86
JTG3820-2018 JTG3830-2018
JTG/T3821-2018 JTG/T3831-
2018 JTG/T3832-2018
JTG/T3833-2018
17. [2020]32
18.
[2020]120
19.
[2019]33
20. [2019]969
– V-24 –
21. 2018
22. 2018
23. 2018
24. 2018
25. 2018
26. 2018
27. 2018
28. 2018
29. 2018
30.
31. 2022 12
32.
33.
34.
2022 20
35. (2022)136
36.
– V-25 –
1.
(2023) 60904999_B04
2. (2006)
3.
4. GB/T 50291-2015
5. GB/T 18508-2014
6.
7.
.
– V-26 –
2009 13
– V-27 –
1.
(1)
(2)
2.
(1)
=
– V-28 –
A.
=
a.
b.
– V-29 –
2022
12 20 (LPR)
=
1/2
B.
= + 100%
C.
=
– V-30 –
(2)
=
A.
a.
= + + + +
2022
– V-31 –
2022 12 20
(LPR)
= + + +
1/2
– V-32 –
b.
= + +
2022 20
2022 6 1 2022 12 31
30 2.0
c.
=
– V-33 –
B.
a.
= +
×100%
b.
1
100%
1 100%
c.
= + 100%
C.
=
– V-34 –
(3)
= + +
1+
=
– V-35 –
(4)
(5)
3.
– V-36 –
1.
(DCF)
2.
– V-37 –
(1)
(2)
(3)
3.
(1)
P = E+ C (1)
E
P
n
Ri
P =∑ ＋P (1+ r) -n (2)
i=1 (1+ r)i n×
– V-38 –
Ri i
r
n
Pn
C
C =C1+C2 (3)
C1
C2
(2)
R= + (4)
– V-39 –
(3)
(CAPM) r:
r (CAPM) r
r = rf +βe×(rm+ rf )+ε (5)
rf
rm
e
2012 12 4
[2012]545
30 2009 12 28 2039 12 27 2039
12 27
– V-40 –
.
1.
2.
1.
2.
3.
4.
5.
– V-41 –
6.
7.
8.
9.
1.
2.
– V-42 –
.
1.
2.
3.
1.
2.
3.
– V-43 –
4.
5.
6.
7.
8.
9.
10.
11.
12. ETC
13. 95.5% 91%
– V-44 –
14.
15.
16.
.
2022 12 31
276,222.70 353,595.48 77,372.78
28.01%
2,471.83 2,471.83
273,750.87 351,123.65 77,372.78
28.26%
– V-45 –
%
E=D/B
B C D=C-B
100%
1 6,580.26 6,580.72 0.46 0.01
2 269,642.44 347,014.76 77,372.32 28.69
3 20,852.83 25,714.42 4,861.60 23.31
4 238,829.80 311,340.52 72,510.73 30.36
5 9,959.81 9,959.81 – –
6 276,222.70 353,595.48 77,372.78 28.01
7 2,471.83 2,471.83 – –
8 2,471.83 2,471.83 – –
9 273,750.87 351,123.65 77,372.78 28.26
273,750.87 366,100.39 92,349.52
33.73%
– V-46 –
1.
366,100.39
351,123.65 14,976.74
4.27%
(1)
(2)
2.
366,100.39
– V-47 –
.
1.
– V-48 –
2.
1 (2023) 162,195.00 162,195.00
0004281
2 (2023) 4,608,369.48 4,608,369.48
0007733 (2023)
0010803
(2023)
0010802
3
4
5
6
– V-49 –
7
8
9 2011 97 102,487.18 102,487.18
10 232,921.16
5,105,972.82 4,873,051.66
1. 9
– V-50 –
2. 10
3. N44039 N43933 AH4498
AC5260 N44468 AJ0817 N44372 N3S693 N1Y809
N8L158 AF0Q21 AB7W91 AE1F76 AF9B93
AR3C56
– V-51 –
1
1 124.61 2022 12 15 0.27
2023 12 31
1. 2023 4 28
(2023) 0007733 (2023)
0010803 (2023) 0010802
4,658,864.07
– V-52 –
2. 500
2023 2 28
1.
2.
3.
4.
– V-53 –
5.
(1)
(2)
(3)
6.
7.
8.
– V-54 –
9.
10.
.
– V-55 –
2022 12 31 2023 12 30
.
2023 6 20
– V-56 –
2023 6 20
– V-57 –
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
– V-58 –
1.
(1)
(2)
(3)
E=P+C
E
P
Ri
P =∑ ＋Pn× (1+ r) -n
i=1 (1+ r)i
– V-59 –
Ri i
r
n
Pn
C
C=C 1 + C2
C1
C2
(1)
R= +
– V-60 –
(2)
(CAPM)
r
r = rf +βe×(rm+ rf )+ε
rf
rm
e
(3)
2012 12 4
[2012]545
30 2009 12 28 2039 12 27
2039 12 27
– V-61 –
2.
(1) rf
(CCDC)
(%)
2022 12 31 3 2.05
6 2.07
1 2.10
2 2.35
3 2.40
5 2.64
7 2.82
10 2.84
30 3.20
2009 12 28 2039
12 27 12
[2020]38
17 10
rf 2.84%
– V-62 –
(2) rm
A
rm
12
[2020]38
300
10
A
rm=9.57%
=rm rf 9.57% 2.84% 6.73%
– V-63 –
(3) e
256
u
e=0.6929
Beta Beta
1 600033.SH 0.5773 0.6707
2 600035.SH 0.7937 0.5920
3 601518.SH 0.8421 0.8934
4 000429.SZ A 0.4780 0.5661
5 000755.SZ 0.7598 0.6369
6 600012.SH 1.0109 0.7981
0.7436 0.6929
– V-64 –
(4)
=1.50%
3 10 0.30
1 20 0.20
13
1 20 0.20
2 10 0.20
1 15 0.15
2 20 0.40
1 5 0.05
1.50
– V-65 –
(5) CAPM
100.00%
–
–
rf 2.84%
rm 9.57%
25.00%
0.6929
0.6929
1.50%
CAPM 9.00%
9.00%
3.
(1)
(i)
1 2 3 4 1 2 3 4 5 6
2 2
2010 934 26 27 36 187 180 65 – – – 1,455 1,952
648 79 16 27 315 154 35 – – – 1,274 1,632
472 50 12 20 226 122 34 – – – 936 1,237
362 31 10 16 160 103 29 – – – 711 966
162 16 3 8 74 84 25 – – – 372 579
554 49 14 23 220 135 37 – – – 1,031 1,365
– V-66 –
1 2 3 4 1 2 3 4 5 6
2 2
2011 1,739 42 131 122 415 887 767 – – – 4,103 7,861
1,345 97 89 105 517 790 697 – – – 3,640 7,013
1,118 64 84 98 408 753 696 – – – 3,221 6,530
933 46 82 92 304 727 690 – – – 2,874 6,122
666 23 68 79 194 702 687 – – – 2,419 5,607
1,211 64 91 101 401 777 706 – – – 3,351 6,731
2012 2,715 56 147 168 533 1,082 1,336 – – – 6,037 11,826
2,134 111 117 150 584 934 1,201 – – – 5,231 10,369
1,860 79 113 142 467 890 1,200 – – – 4,751 9,814
1,596 58 111 135 351 857 1,194 – – – 4,302 9,293
1,306 37 96 124 260 832 1,194 – – – 3,849 8,789
1,980 77 118 146 471 924 1,221 – – – 4,938 10,120
2013 3,450 72 131 186 697 1,432 1,889 – – – 7,857 15,831
2,785 128 85 156 719 1,293 1,808 – – – 6,974 14,458
2,400 89 79 148 570 1,247 1,806 – – – 6,339 13,741
2,086 70 76 140 451 1,215 1,799 – – – 5,837 13,165
1,748 51 60 128 355 1,193 1,799 – – – 5,334 12,615
2,572 92 87 153 595 1,282 1,818 – – – 6,599 14,097
2014 4,277 71 110 173 745 1,619 2,288 – – – 9,283 18,717
3,528 125 67 148 775 1,532 2,246 – – – 8,421 17,565
3,126 87 61 142 647 1,474 2,226 – – – 7,763 16,754
2,641 64 56 132 491 1,436 2,218 – – – 7,038 15,940
2,300 50 45 124 397 1,424 2,220 – – – 6,560 15,441
3,262 89 68 145 646 1,506 2,242 – – – 7,958 17,048
– V-67 –
1 2 3 4 1 2 3 4 5 6
2 2
2015 5,442 76 117 182 735 1,683 2,304 – – – 10,539 20,125
4,614 123 81 159 791 1,609 2,265 – – – 9,642 18,971
4,069 86 76 151 637 1,528 2,237 – – – 8,784 17,901
3,615 67 70 144 516 1,501 2,229 – – – 8,142 17,188
2,977 50 41 123 396 1,486 2,231 – – – 7,304 16,308
4,270 90 79 154 655 1,574 2,256 – – – 9,078 18,325
2016 6,293 71 101 170 743 1,754 2,100 – – – 11,232 20,299
5,543 116 81 146 894 1,771 2,132 – – – 10,683 19,849
4,831 75 75 136 712 1,687 2,109 – – – 9,625 18,588
4,228 58 66 130 570 1,636 2,087 – – – 8,775 17,588
3,510 44 36 112 431 1,614 2,081 – – – 7,828 16,566
5,049 82 75 141 720 1,710 2,108 – – – 9,885 18,881
2017 7,224 74 103 173 796 2,289 2,781 – – – 13,440 25,355
6,649 136 94 148 1,060 2,276 2,806 – – – 13,169 25,122
5,598 76 85 138 813 2,164 2,758 – – – 11,632 23,264
4,819 59 72 132 644 2,102 2,721 – – – 10,549 21,967
3,945 43 36 113 484 2,062 2,702 – – – 9,385 20,659
5,892 91 82 143 826 2,201 2,765 – – – 12,000 23,710
2018 7,848 64 86 150 816 2,637 2,936 – – – 14,537 27,419
7,049 109 87 128 1,023 2,639 3,003 – – – 14,038 27,113
6,070 61 80 118 824 2,531 2,900 – – – 12,584 25,180
5,179 53 61 112 656 2,417 2,857 – – – 11,335 23,618
4,243 37 26 93 498 2,357 2,773 – – – 10,027 21,941
6,315 75 73 123 820 2,543 2,920 – – – 12,869 25,541
– V-68 –
1 2 3 4 1 2 3 4 5 6
2 2
2019 8,832 58 92 131 982 3,559 3,704 – – – 17,358 33,920
7,757 124 87 112 1,143 3,438 3,754 – – – 16,415 32,934
6,653 62 80 101 928 3,382 3,520 – – – 14,726 30,450
5,691 51 66 93 763 3,105 3,487 – – – 13,256 28,454
4,724 32 23 76 595 3,018 3,427 – – – 11,895 26,753
6,985 79 74 105 941 3,326 3,621 – – – 15,132 31,074
2020 6,782 22 38 61 687 454 544 448 355 3,255 12,646 25,241
5,885 69 51 63 800 461 538 473 354 3,412 12,106 25,208
5,033 29 46 56 686 441 522 465 352 3,312 10,942 23,686
4,271 17 33 48 572 424 515 458 352 3,239 9,929 22,414
3,500 9 9 34 469 407 504 445 353 3,112 8,842 20,886
5,291 38 39 55 677 443 528 461 353 3,299 11,184 23,894
2021 9,302 28 50 75 1,183 822 455 750 588 4,920 18,173 36,978
8,229 90 74 83 1,346 833 460 773 584 5,078 17,550 36,881
7,014 28 65 75 1,186 802 433 765 583 4,866 15,817 34,432
5,980 19 49 61 1,006 775 425 757 582 4,724 14,378 32,512
4,928 10 13 44 856 747 411 742 582 4,551 12,884 30,415
7,371 47 56 71 1,165 804 442 761 584 4,885 16,187 34,864
2022 8,187 16 25 45 1,098 848 386 668 585 4,144 16,002 32,229
8,476 17 26 47 1,139 882 403 696 611 4,317 16,614 33,524
8,703 67 69 63 1,398 901 435 724 608 4,676 17,644 35,751
7,563 19 60 59 1,244 876 401 717 606 4,490 16,035 33,498
6,574 14 41 48 1,074 852 395 711 605 4,422 14,736 31,947
5,584 8 9 33 915 828 389 701 605 4,346 13,418 30,341
7,662 34 47 53 1,203 873 410 711 605 4,486 16,084 33,525
– V-69 –
(1) 2020
JT/T-489 2003 2020 1 1
JT/T-489 2019
2020
(2)
JTGB01-2014
2019
2020 2021
2009 15 /
2010 2,391 /
2011 13,721 /
2012 21,310 55.31%
2013 29,438 38.14%
2014 35,457 20.45%
2015 37,757 6.49%
2016 37,651 -0.28%
2017 44,244 17.51%
2018 47,581 7.54%
2019 56,102 17.91%
2020 41,378 -26.25%
2021 57,678 39.39%
2022 53,988 -6.40%
– V-70 –
3%
2017 -2019 2020
2021
2019 2022 2021
(i) (ii)
2022
2022 10 1 2022 12 31
9 2022
(ii)
– V-71 –
(a)
OD
(b)
(c)
OD
(d)
(e)
[2019]144
– V-72 –
(f)
1 2 3 4 1 2 3 4 5 6
2023 10,523 28 68 80 1,220 846 336 620 548 4,162 18,431 34,491
2024 10,310 31 67 81 1,187 821 320 600 538 4,077 18,033 33,742
2025 10,662 36 70 86 1,219 842 323 613 556 4,216 18,623 34,842
2026 10,846 40 72 90 1,232 849 320 616 567 4,296 18,929 35,429
2027 10,845 44 73 93 1,223 842 311 609 567 4,296 18,901 35,372
2028 11,036 48 75 97 1,242 849 307 612 578 4,373 19,217 35,958
2029 11,373 53 78 103 1,276 868 307 623 596 4,508 19,786 37,019
2030 11,780 59 81 110 1,317 891 309 637 618 4,671 20,474 38,303
2031 12,182 64 84 116 1,362 916 313 653 640 4,836 21,167 39,603
2032 12,580 69 88 122 1,406 940 315 669 662 5,000 21,851 40,888
2033 12,962 75 91 128 1,447 962 317 683 683 5,158 22,507 42,121
2034 13,336 81 94 135 1,487 984 319 696 704 5,313 23,148 43,328
2035 13,961 89 99 145 1,545 1,021 323 719 737 5,562 24,201 45,294
2036 14,457 95 104 152 1,589 1,049 329 737 764 5,759 25,035 46,855
2037 14,861 102 107 159 1,621 1,071 332 750 785 5,920 25,709 48,117
2038 15,218 108 110 166 1,648 1,089 334 761 805 6,061 26,299 49,221
2039 15,562 114 113 173 1,672 1,106 336 770 823 6,198 26,867 50,285
JTGB01-2014
– V-73 –
2023 2024 2025 2026 2027
54,311.18 53,130.23 54,860.15 55,784.61 55,693.81
2028 2029 2030 2031 2032
56,613.56 58,281.19 60,301.89 62,347.51 64,368.81
2033 2034 2035 2036 2037
66,309.96 68,209.97 71,302.95 73,758.83 75,745.29
2038 2039
77,483.12 79,157.20
(2)
(a)
– V-74 –
(b)
2023
2023 2024 2029
(c) 2023
2024
(d)
2022
(e)
0.33% 0.23%
(f) (2022)136
1% 1.5%
– V-75 –
(g)
17 –30 3% 3.2%-5.7%
10 3% 9.7%
10 3% 9.7%
7 3% 13.9%
9 3% 10.8%
9 3% 10.8%
6 3% 16.2%
30
2
– V-76 –
(h)
2023 2024 2025 2026 2027
5,119.71 5,355.70 5,603.48 5,863.66 6,136.84
370.00 377.00 385.00 393.00 401.00
25.87 25.31 26.14 26.58 26.53
87.43 85.53 88.32 89.81 89.66
355.00 377.00 401.00 426.00 453.00
304.14 297.53 307.22 312.39 311.89
1,803.14 1,845.69 1,860.34 1,843.50 1,828.01
14,185.84 14,185.84 14,185.84 14,185.84 14,185.84
1,100.92 1,180.30 1,262.01 1,349.36 1,443.68
– – – – –
23,352.07 23,729.90 24,119.35 24,490.14 24,876.45
– V-77 –
2028 2029 2030 2031 2032
6,423.68 6,724.86 7,041.11 7,373.16 7,721.82
409.00 417.00 425.00 434.00 443.00
26.97 27.77 28.73 29.70 30.67
91.14 93.82 97.08 100.37 103.62
482.00 512.00 544.00 578.00 614.00
317.04 326.37 337.69 349.15 360.47
1,819.77 1,755.38 1,713.77 1,791.17 1,788.55
14,185.84 14,185.84 14,185.84 14,185.84 14,185.84
1,541.55 1,641.75 1,748.46 1,862.11 1,983.15
– – 50.25 – 53.64
25,296.99 25,684.79 26,171.93 26,703.51 27,284.76
2033 2034 2035 2036 2037
8,087.91 8,472.31 8,875.92 9,299.72 9,744.70
452.00 461.00 470.00 479.00 489.00
31.59 32.50 33.97 35.14 36.09
106.75 109.81 114.79 118.74 121.94
653.00 694.00 738.00 785.00 835.00
371.34 381.98 399.30 413.05 424.17
1,770.69 1,836.22 1,955.14 2,138.93 2,317.87
14,185.84 14,185.84 14,185.84 14,185.84 14,185.84
2,112.05 2,249.33 2,395.54 2,551.25 2,717.08
– 56.84 – 61.47 63.12
27,771.17 28,479.83 29,168.50 30,068.14 30,934.82
– V-78 –
2038 2039
10,211.94 18,130.92
499.00 509.00
36.91 37.71
124.74 127.43
888.00 944.00
433.91 443.28
2,571.38 2,843.55
14,185.84 13,077.17
2,893.69 3,049.06
– 65.96
31,845.42 39,228.09
2039
2039 2023
2038
(3)
3%
– V-79 –
0.03%
0.06%
70%
2023 [2023]1
2023 1–6
2023 2024 2025 2026 2027
222.54 235.85 240.40 244.30 244.66
2028 2029 2030 2031 2032
247.46 253.10 260.26 267.71 275.11
2033 2034 2035 2036 2037
282.26 289.24 299.79 309.14 316.71
2038 2039
323.26 331.70
– V-80 –
(4)
(a)
2023
2024
(b)
2023 2024 2025 2026 2027
736.29 784.14 835.11 889.40 947.21
1.23 1.23 1.23 1.23 1.23
737.51 785.37 836.34 890.62 948.44
– V-81 –
2028 2029 2030 2031 2032
1,008.78 1,074.35 1,144.18 1,218.55 1,297.76
1.23 1.23 1.23 1.23 1.23
1,010.00 1,075.57 1,145.41 1,219.78 1,298.98
2033 2034 2035 2036 2037
1,382.11 1,471.95 1,567.62 1,669.52 1,778.04
1.23 1.23 1.23 1.23 1.23
1,383.34 1,473.18 1,568.85 1,670.75 1,779.27
2038 2039
1,893.61 2,016.70
1.23 1.23
1,894.84 2,017.92
(5)
25% 25%
2011 26
– V-82 –
2023 2024 2025 2026 2027
29,999.06 28,379.11 29,664.06 30,159.55 29,624.25
0.00 0.00 0.00 0.00 0.00
25% 25% 25% 25% 25%
7,499.77 7,094.78 7,416.01 7,539.89 7,406.06
2028 2029 2030 2031 2032
30,059.11 31,267.71 32,724.29 34,156.51 35,509.95
0.00 0.00 50.25 0.00 53.64
25% 25% 25% 25% 25%
7,514.78 7,816.93 8,193.63 8,539.13 8,890.90
2033 2034 2035 2036 2037
36,873.19 37,967.71 40,265.81 41,710.80 42,714.49
0.00 56.84 0.00 61.47 63.12
25% 25% 25% 25% 25%
9,218.30 9,506.14 10,066.45 10,443.07 10,694.40
2038 2039
43,419.60 37,579.49
0.00 65.96
25% 25%
10,854.90 9,411.36
– V-83 –
(6)
(i)
2023 2024 2025 2026 2027
1,803.14 1,845.69 1,860.34 1,843.50 1,828.01
14,185.84 14,185.84 14,185.84 14,185.84 14,185.84
2028 2029 2030 2031 2032
1,819.77 1,755.38 1,713.77 1,791.17 1,788.55
14,185.84 14,185.84 14,185.84 14,185.84 14,185.84
2033 2034 2035 2036 2037
1,770.69 1,836.22 1,955.14 2,138.93 2,317.87
14,185.84 14,185.84 14,185.84 14,185.84 14,185.84
2038 2039
2,571.38 2,843.55
14,185.84 13,077.17
– V-84 –
(ii)
(2022)136
(2)
(iii)
2023 2024 2025 2026 2027
568.57 568.57 568.57 568.57 568.57
2028 2029 2030 2031 2032
568.57 568.57 568.57 568.57 568.57
2033 2034 2035 2036 2037
568.57 568.57 568.57 568.57 568.57
2038 2039
568.57 862.70
– V-85 –
(7)
= + +
– V-86 –
=
= + +
= 12
= +
=
=
=
– V-87 –
2023 2024 2025 2026 2027
693.59 726.63 762.49 799.64 837.97
13.46 13.70 13.94 14.18 14.43
740.04 723.95 747.52 760.12 758.88
2,562.79 2,608.07 2,654.93 2,700.15 2,747.40
-1,115.69 -1,143.80 -1,130.97 -1,126.21 -1,136.12
628.95 -28.10 12.82 4.76 -9.91
2028 2029 2030 2031 2032
879.07 922.69 968.98 1,017.83 1,069.24
14.70 14.95 15.26 15.60 15.97
771.41 794.14 821.67 849.54 877.08
2,798.69 2,846.92 2,906.17 2,970.64 3,040.90
-1,133.51 -1,115.15 -1,100.26 -1,087.66 -1,078.61
2.61 18.36 14.88 12.60 9.05
2033 2034 2035 2036 2037
1,123.35 1,180.28 1,241.35 1,305.15 1,372.00
16.29 16.73 17.17 17.73 18.28
903.53 929.42 971.57 1,005.03 1,032.10
3,101.62 3,186.57 3,270.01 3,376.56 3,480.31
-1,058.45 -1,060.13 -1,039.93 -1,048.65 -1,057.94
20.17 -1.69 20.21 -8.72 -9.29
2038 2039
1,442.19 2,132.59
18.85 23.04
1,055.78 1,078.59
3,589.48 4,387.98
-1,072.66 -1,153.76
-14.72 -81.10
– V-88 –
(iii)
(8)
2023 2024 2025 2026 2027
54,311.18 53,130.23 54,860.15 55,784.61 55,693.81
23,352.07 23,729.90 24,119.35 24,490.14 24,876.45
222.54 235.85 240.40 244.30 244.66
737.51 785.37 836.34 890.62 948.44
0.00 0.00 0.00 0.00 0.00
29,999.06 28,379.11 29,664.06 30,159.55 29,624.25
29,999.06 28,379.11 29,664.06 30,159.55 29,624.25
7,499.77 7,094.78 7,416.01 7,539.89 7,406.06
22,499.30 21,284.33 22,248.04 22,619.66 22,218.19
16,557.56 16,600.10 16,614.75 16,597.91 16,582.42
628.95 -28.10 12.82 4.76 -9.91
1,211.21 765.74 835.84 741.03 830.60
37,216.69 37,146.80 38,014.13 38,471.78 37,979.92
– V-89 –
2028 2029 2030 2031 2032
56,613.56 58,281.19 60,301.89 62,347.51 64,368.81
25,296.99 25,684.79 26,171.93 26,703.51 27,284.76
247.46 253.10 260.26 267.71 275.11
1,010.00 1,075.57 1,145.41 1,219.78 1,298.98
0.00 0.00 0.00 0.00 0.00
30,059.11 31,267.71 32,724.29 34,156.51 35,509.95
30,059.11 31,267.71 32,724.29 34,156.51 35,509.95
7,514.78 7,816.93 8,193.63 8,539.13 8,890.90
22,544.33 23,450.78 24,530.65 25,617.38 26,619.05
16,574.18 16,509.79 16,518.44 16,545.59 16,596.61
2.61 18.36 14.88 12.60 9.05
687.59 1,306.21 937.74 1,021.34 823.58
38,428.32 38,636.00 40,096.47 41,129.02 42,383.03
2033 2034 2035 2036 2037
66,309.96 68,209.97 71,302.95 73,758.83 75,745.29
27,771.17 28,479.83 29,168.50 30,068.14 30,934.82
282.26 289.24 299.79 309.14 316.71
1,383.34 1,473.18 1,568.85 1,670.75 1,779.27
0.00 0.00 0.00 0.00 0.00
36,873.19 37,967.71 40,265.81 41,710.80 42,714.49
36,873.19 37,967.71 40,265.81 41,710.80 42,714.49
9,218.30 9,506.14 10,066.45 10,443.07 10,694.40
27,654.89 28,461.57 30,199.36 31,267.73 32,020.08
16,525.10 16,647.48 16,709.55 16,954.81 17,135.40
20.17 -1.69 20.21 -8.72 -9.29
902.65 829.09 1,524.67 1,166.69 900.34
43,257.17 44,281.66 45,364.03 47,064.57 48,264.44
– V-90 –
2038 2039
77,483.12 79,157.20
31,845.42 39,228.09
323.26 331.70
1,894.84 2,017.92
0.00 0.00
43,419.60 37,579.49
43,419.60 37,579.49
10,854.90 9,411.36
32,564.70 28,168.12
17,325.80 16,849.37
-14.72 -81.10
683.58 481.65
49,221.64 44,616.95
(9)
(i)
(ii)
– V-91 –
(10)
360,242.78
2023 2024 2025 2026 2027
37,216.69 37,146.80 38,014.13 38,471.78 37,979.92
0.0900 0.0900 0.0900 0.0900 0.0900
0.9578 0.8787 0.8061 0.7395 0.6785
35,646.65 32,641.07 30,644.33 28,451.77 25,768.14
2028 2029 2030 2031 2032
38,428.32 38,636.00 40,096.47 41,129.02 42,383.03
0.0900 0.0900 0.0900 0.0900 0.0900
0.6224 0.5710 0.5239 0.4806 0.4409
23,918.97 22,062.02 21,004.93 19,766.31 18,686.64
2033 2034 2035 2036 2037
43,257.17 44,281.66 45,364.03 47,064.57 48,264.44
0.0900 0.0900 0.0900 0.0900 0.0900
0.4045 0.3711 0.3404 0.3123 0.2865
17,496.83 16,431.87 15,443.19 14,698.78 13,828.55
2038 2039
49,221.64 44,616.95
0.0900 0.0900
0.2629 0.2413
12,938.01 10,764.11
360,192.18
50.60
360,242.78
– V-92 –
4.
C1
C2
5,853.08 5,853.08
5,853.08 5,853.08
11.36 4.54
11.36 4.54
C1 5,853.08 5,853.08
C2 11.36 4.54
C 5,864.44 5,857.61
– V-93 –
5.
P=360,242.78
C=5,857.61
E=366,100.39
273,750.87
366,100.39 92,349.52 33.73%
10% 406,162.45 10.94% 10% 346,523.52 -5.35%
5% 386,131.36 5.47% 5% 356,088.48 -2.73%
0% 366,100.39 0.00% 0% 366,100.39 0.00%
-5% 346,069.40 -5.47% -5% 376,585.35 2.86%
-10% 326,038.46 -10.94% -10% 387,571.20 5.86%
– V-94 –
(a)
(b)
(c)
– V-95 –
– V-96 –
2023 7 26
520
100% 2023 6 20
2023 4 30
2022 12 31 2023 4 30
2023 4 30 100%
– VI-1 –
2023 6 20
2023 6 20
100%
2023 6 20
14.61 10
(i) 14.62(3) 10.3(b)
(ii) 11.1(b)
20 22
2023 6 20
– VII-1 –
14.62(3) 10.3(b)
11.1(b)
– VII-2 –
2023 6 20
100%
2023 6 20 2022 12 31
100%
2023 6 20
14.61
10
20 22
– VIII-1 –
3000
14.62(2)
10
– VIII-2 –
– VIII-3 –
2023 6
– IX-1 –
1.
(a)
(b)
92.7 100km/h 2009 12 28
3 4.27 74 23 8
9.19 85 188 41% 4 2
1 2012 12 4
[2012]545
30 2009 12 28 2039 12 27
(c)
105 312 318
210 209
210
– IX-2 –
56
2.
(a)
– IX-3 –
(b)
(i)
(ii) 417
(iii) JTG B01-2014
(iv) [2010]178
(v)
(vi)
1 2 3 4 1 2 3 4 5 6
2 2
2010 934 26 27 36 187 180 65 – – – 1,455 1,952
648 79 16 27 315 154 35 – – – 1,274 1,632
472 50 12 20 226 122 34 – – – 936 1,237
362 31 10 16 160 103 29 – – – 711 966
162 16 3 8 74 84 25 – – – 372 579
554 49 14 23 220 135 37 – – – 1,031 1,365
2011 1,739 42 131 122 415 887 767 – – – 4,103 7,861
1,345 97 89 105 517 790 697 – – – 3,640 7,013
1,118 64 84 98 408 753 696 – – – 3,221 6,530
933 46 82 92 304 727 690 – – – 2,874 6,122
666 23 68 79 194 702 687 – – – 2,419 5,607
1,211 64 91 101 401 777 706 – – – 3,351 6,731
– IX-4 –
1 2 3 4 1 2 3 4 5 6
2 2
2012 2,715 56 147 168 533 1,082 1,336 – – – 6,037 11,826
2,134 111 117 150 584 934 1,201 – – – 5,231 10,369
1,860 79 113 142 467 890 1,200 – – – 4,751 9,814
1,596 58 111 135 351 857 1,194 – – – 4,302 9,293
1,306 37 96 124 260 832 1,194 – – – 3,849 8,789
1,980 77 118 146 471 924 1,221 – – – 4,938 10,120
2013 3,450 72 131 186 697 1,432 1,889 – – – 7,857 15,831
2,785 128 85 156 719 1,293 1,808 – – – 6,974 14,458
2,400 89 79 148 570 1,247 1,806 – – – 6,339 13,741
2,086 70 76 140 451 1,215 1,799 – – – 5,837 13,165
1,748 51 60 128 355 1,193 1,799 – – – 5,334 12,615
2,572 92 87 153 595 1,282 1,818 – – – 6,599 14,097
2014 4,277 71 110 173 745 1,619 2,288 – – – 9,283 18,717
3,528 125 67 148 775 1,532 2,246 – – – 8,421 17,565
3,126 87 61 142 647 1,474 2,226 – – – 7,763 16,754
2,641 64 56 132 491 1,436 2,218 – – – 7,038 15,940
2,300 50 45 124 397 1,424 2,220 – – – 6,560 15,441
3,262 89 68 145 646 1,506 2,242 – – – 7,958 17,048
2015 5,442 76 117 182 735 1,683 2,304 – – – 10,539 20,125
4,614 123 81 159 791 1,609 2,265 – – – 9,642 18,971
4,069 86 76 151 637 1,528 2,237 – – – 8,784 17,901
3,615 67 70 144 516 1,501 2,229 – – – 8,142 17,188
2,977 50 41 123 396 1,486 2,231 – – – 7,304 16,308
4,270 90 79 154 655 1,574 2,256 – – – 9,078 18,325
– IX-5 –
1 2 3 4 1 2 3 4 5 6
2 2
2016 6,293 71 101 170 743 1,754 2,100 – – – 11,232 20,299
5,543 116 81 146 894 1,771 2,132 – – – 10,683 19,849
4,831 75 75 136 712 1,687 2,109 – – – 9,625 18,588
4,228 58 66 130 570 1,636 2,087 – – – 8,775 17,588
3,510 44 36 112 431 1,614 2,081 – – – 7,828 16,566
5,049 82 75 141 720 1,710 2,108 – – – 9,885 18,881
2017 7,224 74 103 173 796 2,289 2,781 – – – 13,440 25,355
6,649 136 94 148 1,060 2,276 2,806 – – – 13,169 25,122
5,598 76 85 138 813 2,164 2,758 – – – 11,632 23,264
4,819 59 72 132 644 2,102 2,721 – – – 10,549 21,967
3,945 43 36 113 484 2,062 2,702 – – – 9,385 20,659
5,892 91 82 143 826 2,201 2,765 – – – 12,000 23,710
2018 7,848 64 86 150 816 2,637 2,936 – – – 14,537 27,419
7,049 109 87 128 1,023 2,639 3,003 – – – 14,038 27,113
6,070 61 80 118 824 2,531 2,900 – – – 12,584 25,180
5,179 53 61 112 656 2,417 2,857 – – – 11,335 23,618
4,243 37 26 93 498 2,357 2,773 – – – 10,027 21,941
6,315 75 73 123 820 2,543 2,920 – – – 12,869 25,541
2019 8,832 58 92 131 982 3,559 3,704 – – – 17,358 33,920
7,757 124 87 112 1,143 3,438 3,754 – – – 16,415 32,934
6,653 62 80 101 928 3,382 3,520 – – – 14,726 30,450
5,691 51 66 93 763 3,105 3,487 – – – 13,256 28,454
4,724 32 23 76 595 3,018 3,427 – – – 11,895 26,753
6,985 79 74 105 941 3,326 3,621 – – – 15,132 31,074
– IX-6 –
1 2 3 4 1 2 3 4 5 6
2 2
2020 6,782 22 38 61 687 454 544 448 355 3,255 12,646 25,241
5,885 69 51 63 800 461 538 473 354 3,412 12,106 25,208
5,033 29 46 56 686 441 522 465 352 3,312 10,942 23,686
4,271 17 33 48 572 424 515 458 352 3,239 9,929 22,414
3,500 9 9 34 469 407 504 445 353 3,112 8,842 20,886
5,291 38 39 55 677 443 528 461 353 3,299 11,184 23,894
2021 9,302 28 50 75 1,183 822 455 750 588 4,920 18,173 36,978
8,229 90 74 83 1,346 833 460 773 584 5,078 17,550 36,881
7,014 28 65 75 1,186 802 433 765 583 4,866 15,817 34,432
5,980 19 49 61 1,006 775 425 757 582 4,724 14,378 32,512
4,928 10 13 44 856 747 411 742 582 4,551 12,884 30,415
7,371 47 56 71 1,165 804 442 761 584 4,885 16,187 34,864
2022
8,187 16 25 45 1,098 848 386 668 585 4,144 16,002 32,229
8,476 17 26 47 1,139 882 403 696 611 4,317 16,614 33,524
8,703 67 69 63 1,398 901 435 724 608 4,676 17,644 35,751
7,563 19 60 59 1,244 876 401 717 606 4,490 16,035 33,498
6,574 14 41 48 1,074 852 395 711 605 4,422 14,736 31,947
5,584 8 9 33 915 828 389 701 605 4,346 13,418 30,341
7,662 34 47 53 1,203 873 410 711 605 4,486 16,084 33,525
(1) 2020 JT/
T-489-2003 2020 1 1
JT/T-489-2019
2020
– IX-7 –
(2)
JTGB01-2014
2019
2020 2021
OD
2021
2021 16,187
3-2 2021
18,173
17,550
15,817
14,378
12,884
16,187
– IX-8 –
OD
17
3-3
3-3 OD
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
OD
– IX-9 –
OD 3-7
3-7 pcu/d
12,998 6.4% 14,616 7.2% 27,614 6.8%
22,552 11.1% 26,900 13.2% 49,452 12.2%
4,153 2.0% 5,240 2.6% 9,393 2.3%
11,297 5.6% 11,342 5.6% 22,639 5.6%
33,240 16.3% 28,520 14.0% 61,760 15.2%
12,900 6.3% 7,775 3.8% 20,675 5.1%
29,311 14.4% 27,748 13.6% 57,059 14.0%
53,864 26.5% 53,013 26.1% 106,877 26.3%
4,056 2.0% 6,712 3.3% 10,768 2.6%
8,685 4.3% 7,664 3.8% 16,349 4.0%
10,405 5.1% 13,931 6.8% 24,336 6.0%
203,461 100.0% 203,461 100.0% 406,922 100.0%
pcu/d
– IX-10 –
106877 pcu/d 61760 pcu/d
26.3% 15.2%
3-6
G4221
3-8
3-6
34,864 pcu/d 69.7% G4221
15,154 pcu/d 30.3%
– IX-11 –
3-8
(pcu/d)
34,864 69.7%
G4221 15,154 30.3%
50,018 100.0%
pcu/d
3-9 3-8
100
3-9
1 4/8 100-120
2 4 100
– IX-12 –
3 4 80-100
4 4 120
5 4 80-120
6 4 100
3-8
– IX-13 –
3-9
3-10 2023 G4221
S30
2026
2020-2035
2034
3-10
1 G4221 4 2023 9
2 S30 +S09 + 4/6 2026
+
3 4 2034
– IX-14 –
3-11
3-11
2023 –2025 6.0% 6.5% 6.0% 6.5%
2026 –2030 5.5% 6.0% 5.5% 6.0%
2031 –2035 4.5% 5.5% 5.0% 5.5%
2036 –2040 3.5% 5.0% 4.0% 5.0%
(1)
=
– IX-15 –
3-12
2023 –2025 0.75 0.75 0.70 0.80
2026 –2030 0.70 0.70 0.65 0.75
2031 –2035 0.65 0.65 0.60 0.70
2036 –2040 0.60 0.60 0.55 0.65
– IX-16 –
2023 –2025 0.70 0.70 0.65 0.70
2026 –2030 0.65 0.65 0.60 0.65
2031 –2035 0.60 0.60 0.55 0.60
2036 –2040 0.55 0.55 0.50 0.55
3-13
2023 –2025 4.5% 4.9% 4.2% 5.2%
2026 –2030 3.9% 4.2% 3.6% 4.5%
2031 –2035 2.9% 3.6% 3.0% 3.9%
2036 –2040 2.1% 3.0% 2.2% 3.3%
2023 –2025 4.2% 4.6% 3.9% 4.6%
2026 –2030 3.6% 3.9% 3.3% 3.9%
2031 –2035 2.7% 3.3% 2.8% 3.3%
2036 –2040 1.9% 2.8% 2.0% 2.8%
(2)
– IX-17 –
G4221
G4221 2023 9 G4221
2025
2023 2027
2023 2026
2027 + + +
S30
2022 8 29
10 20
S30 2025 S09
34.5 120
S18 S90 S30 37
10 2023 2027
G5011
53.3 120
34.5 2023 2026
2027
– IX-18 –
2020-2035
3-14
1 G4221 4 2023 9
2 S30 +S09 + + 4/6 2026
3 4 2034
3-11
– IX-19 –
G4221
S208 G4212
177.780 1
19.045
3-12 G4221
G4221
– IX-20 –
G4221
G4221
3-13 3-15
3-15
G4221 G4221 541 291 6.0
2023 9 +G4211
G42 532 250 6.0
+
+G40
G4221 G4221 541 1,434 7.5
2023 9 +G4211
G42 532 1,335 7.6
+
+G40
3-15
G4221
G4221
G4221
– IX-21 –
S30 +S09 + +
2022 8 29
10 20
S30 2025 S09
34.5 120 S18
S90 S30 37
10 2023 2027
G5011
53.3 120
34.5 2023 2026
2027
3-14 S30 +S09 + +
– IX-22 –
S30 +S09 + +
S30
S30
S30 3-15
3-16
3-15
– IX-23 –
3-16
G42 + 532 250 6.0
+G40
S30 G42 +S30 534 269 5.4
2026 +S09 +
+
G42 + 532 1,335 7.6
+G40
S30 G42 +S30 534 1,372 7.0
2026 +S09 +
+
– IX-24 –
3-16
S30
S30
2020-2035
3-16
– IX-25 –
G45 G42+G35
3-17 3-17
3-17
– IX-26 –
3-17
G45 G45 +S12 318 153 3.7
+ 280 121 3.4
2034 +G35
G42+G35 +G40 309 133 3.7
+G35
G45 G45 +S12 318 819 4.5
+ 280 650 4.1
2034 +G35
G42+G35 +G40 309 715 4.5
+G35
– IX-27 –
G42+G35 G45
G45
342.5 295 169 80
7
3-22
– IX-28 –
3-22
377
4 250
2
|
350
– IX-29 –
2026
4.0%
= +
2035 2039
G4221 3-24
3-24
2035
2039 45,294 pcu/d 50,285 pcu/d 54.6%
54.4% G4221 2035 2039 37,623 pcu/d 42,125 pcu/d
45.4% 45.6% 3-30
– IX-30 –
3-302035 2039
2035 2039
(pcu/d) (pcu/d)
45,294 54.6% 50,285 54.4%
G4221 37,623 45.4% 42,125 45.6%
82,917 100.0% 92,410 100.0%
pcu/d
2023
2022
2021 2023 1 5
2022 0.61% 2022 10.71% 2021
3.79% 2021 16.06%
3-31
– IX-31 –
3-31
2023 57.10% 0.15% 0.37% 0.43% 6.62% 4.59% 1.82% 3.36% 2.98% 22.58% 100.00%
2024 57.17% 0.17% 0.37% 0.45% 6.58% 4.56% 1.78% 3.33% 2.98% 22.61% 100.00%
2025 57.25% 0.19% 0.38% 0.46% 6.54% 4.52% 1.73% 3.29% 2.99% 22.64% 100.00%
2026 57.30% 0.21% 0.38% 0.48% 6.51% 4.49% 1.69% 3.26% 2.99% 22.70% 100.00%
2027 57.38% 0.23% 0.38% 0.49% 6.47% 4.45% 1.64% 3.22% 3.00% 22.73% 100.00%
2030 57.53% 0.29% 0.40% 0.54% 6.43% 4.35% 1.51% 3.11% 3.02% 22.81% 100.00%
2034 57.61% 0.35% 0.41% 0.58% 6.42% 4.25% 1.38% 3.01% 3.04% 22.95% 100.00%
2035 57.69% 0.37% 0.41% 0.60% 6.38% 4.22% 1.33% 2.97% 3.05% 22.98% 100.00%
2039 57.92% 0.43% 0.42% 0.64% 6.22% 4.12% 1.25% 2.87% 3.06% 23.07% 100.00%
3-33
3-33
G4221 2023 9 -7.2%
2025 -1.9%
4.0%
– IX-32 –
S30 +S09 + 2026 -5.9%
+ 9.5%
2034 2.2%
3
– IX-33 –
G4221 G4221
7.2%
S30 +S09 + +
9.5%
5.9%
350
4.0%
1.9%
2020-2035
2.2%
– IX-34 –
(c)
2022 11
(d)
(OD)
OD
(i) 2021 2022
COVID-19
(OD)
(ii)
– IX-35 –
(iii) OD
(iv)
(v)
[2019]144
(vi)
(x)
(y)
95.5% 91%
– IX-36 –
OD
2
(e)
2023 2039
2023 2024 2025 2026 2027 2030 2034
2035 2039
– IX-37 –
(i) G4221 2023 9
(ii) 2025
(ii) 2026
(iii) 2034
2022 2021
2021
2022 2021
2021
GDP GDP 2020 2022
2021
2021 GDP 6.1% 2015 2019
GDP 7.5% 8.7% 2021
– IX-38 –
2021
3.
(a)
2023 2024 2025 2026 2027 2030 2034 2035 2039
14,508 14,093 14,518 14,659 15,234 16,962 19,177 20,123 22,391
16,302 15,895 16,395 16,611 17,262 19,221 21,731 22,746 25,271
18,026 17,625 18,198 18,487 19,211 21,391 24,185 25,267 28,037
20,104 19,712 20,372 20,748 20,157 21,401 24,196 25,278 28,049
20,435 20,054 20,731 21,130 20,582 21,896 24,755 25,845 28,665
20,852 20,463 21,154 21,562 21,002 22,343 25,261 26,372 29,250
18,431 18,033 18,623 18,929 18,901 20,474 23,148 24,201 26,867
– IX-39 –
(b)
2023 559,405,181 3.62% 1
2024 547,241,380 -2.17%
2025 565,059,568 3.26%
2026 574,581,466 1.69%
2027 573,646,200 -0.16%
2028 583,119,628 1.65%
2029 600,296,207 2.95%
2030 621,109,451 3.47%
2031 642,179,351 3.39%
2032 662,998,759 3.24%
2033 682,992,587 3.02%
2034 702,562,651 2.87%
2035 734,420,391 4.53%
2036 759,715,903 3.44%
2037 780,176,436 2.69%
2038 798,076,085 2.29%
2039 2 815,319,127 2.16%
2023–2039 11,202,900,371
(1) 2022 539,876,096
– IX-40 –
2022 2023 1–2
2023 1–2 2023 2 28 2022 2022 12 31
2,167,937.36 2,448,724.82 2,130,336.88 2,406,559.58
784,759.15 842,010.12 779,880.66 837,342.55
1,223,697.31 1,447,233.81 1,192,481.24 1,411,242.04
79,669.15 89,209.85 520,636.64 573,051.80
31,216.08 35,491.77 144,501.71 166,186.97
(%) 2.58 2.48 12.48 12.09
0.19 0.17 0.87 0.78
– X-1 –
.
2021 2022 2023 1–2
2023 2022 2021 2020
2 28 12 31 12 31 12 31
2,167,937.36 2,130,336.88 1,992,086.30 2,076,273.34
784,759.15 779,880.66 797,585.36 862,129.74
1,383,178.21 1,350,456.22 1,194,500.94 1,214,143.60
1,223,697.31 1,192,481.24 1,138,910.95 1,150,351.21
2023 1–2 2022 2021 2020
79,669.15 520,636.64 392,095.82 293,381.75
44,443.64 197,693.20 211,912.74 118,341.64
32,721.98 141,400.40 154,531.59 81,672.57
31,216.08 144,501.71 151,416.79 86,925.59
– X-2 –
2023 1–2 2022 2021 2020
75,579.64 193,770.00 209,706.08 170,632.40
-111,023.47 247,704.19 20,018.39 -122,502.25
6,956.29 8,327.23 -91,104.49 -42,274.44
-28,487.54 45,606.97 138,619.99 5,855.71
2023 2022 2021 2020
2 28 12 31 12 31 12 31
2023 1–2 2022 2021 2020
0.19 0.87 0.91 0.52
61.73% 43.24% 59.69% 47.91%
36.20% 36.61% 40.04% 41.52%
2.58% 12.48% 12.58% 7.74%
– X-3 –
2023 2022
2 28 12 31
519,862.69 473,149.93
10,041.42 –
127.91 92.97
41,159.44 53,774.43
450.60 483.56
635.80 475.32
572,277.86 527,976.21
14,662.53 14,662.53
11,550.89 11,550.89
71,649.06 71,159.94
34,929.88 35,228.93
113,491.67 116,220.22
25,940.17 26,028.07
1,584,633.12 1,584,023.91
19,589.65 19,708.90
1,876,446.96 1,878,583.37
2,448,724.82 2,406,559.58
49,831.08 61,991.12
6,368.05 4,143.51
4,863.72 2,847.80
8,793.25 5,035.17
62,325.38 64,369.44
52,673.44 49,603.58
7,929.56 7,291.31
192,784.48 195,281.94
– X-4 –
2023 2022
2 28 12 31
627,585.59 620,198.59
7,755.97 7,755.97
11,169.76 11,385.27
2,714.31 2,720.78
649,225.64 642,060.61
842,010.12 837,342.55
1,447,233.81 1,411,242.04
159,480.89 157,974.99
1,606,714.70 1,569,217.03
2,448,724.82 2,406,559.58
– X-5 –
2023 1–2 2022
89,209.85 573,051.80
34,164.24 317,806.21
351.29 3,268.08
2,347.26 17,343.81
2,284.67 14,426.60
3,500.57 22,652.06
1,218.10 8,031.67
216.30 1,598.87
– 3,809.04
-133.63 61.36
-5.30 -12.61
– –
– 864.88
50,139.78 226,528.64
4.86 126.60
0.09 32.80
50,144.56 226,622.44
13,146.88 63,536.77
36,997.67 163,085.67
1,505.91 -3,101.31
35,491.77 166,186.97
36,997.67 163,113.48
35,491.77 166,214.79
1,505.91 -3,101.31
0.17 0.78
0.17 0.78
– X-6 –
2023 6 20
2023 6 20
100%
38 10
10
2023 6 20
2022 12 31
– XI-1 –
10
– XI-2 –
2023 6 20
520
2023 2 28
2023 2 28
2023 6 20 38
2023 2 28
10
2023 2 28
2023 2 28 2023 2
28 2023 2 28
– XII-1 –
5101
500
3111
– XII-2 –
2022 12 31
– XII-3 –
1.
2.
A H (i) (ii)
(iii)
A H
2022 10 31 6.74 5.02
2022 11 30 7.14 5.95
2022 12 30 7.31 6.29
2023 1 31 7.90 7.14
2023 2 28 8.37 7.34
2023 3 31 8.93 7.91
– XIII-1 –
A H
2023 4 14 H 7.8
2023 4 28 9.48 7.99
2023 5 31 10.52 8.00
2023 6 19 10.36 7.43
2023 6 30 10.48 7.57
2023 7 21 9.22 7.18
A H 2023
5 16 2023 5 8 A 11.4 H 8.89 2022
10 28 2022 10 25 A 6.34 H 4.93
2023 3 31
6.64 (i) A 8.93 25.6%
A 8.38 20.8% (ii)
H 7.91 5.1% H 7.30 2.8%
(i) 1.13 2023 1 1 2023 6
30
(ii) 2022 12 31
0.55 0.6065
(iii) A H
– XIII-2 –
3.
(i)
A 1,165,600,000 1,165,600,000
H 493,010,000 493,010,000
1,658,610,000 1,658,610,000
(ii) (a) 6.64
(b)
A
A 1,165,600,000 1,165,600,000
(a)
6.64
(b)
A
469,292,667 469,292,667
H 493,010,000 493,010,000
2,127,902,667 2,127,902,667
– XIII-3 –
(iii) A (a) A
1,466,401,560 (b)
6.64 (c) A
(d)
A A
A 1,165,600,000 1,165,600,000
(a)
6.64
(b)
A
469,292,667 469,292,667
A (a)
A
1,466,401,560 (b)
6.64
(c) A
A 220,843,608 220,843,608
H 493,010,000 493,010,000
2,348,746,275 2,348,746,275
– XIII-4 –
A A
A
2022 12 31
– XIII-5 –
4.
XV XV
7 8
352
5%
XV 2 3
336
1 (%) (%)
A 524,644,220(L) 45.01 31.63
H 92,396,000(L) 18.74 5.57
A 404,191,501(L) 34.68 24.37
– XIII-6 –
1 (%) (%)
H 98,525,221(L) 19.98 5.94
99,825,933(S) 20.25 6.02
1. L S
XV
2 3
336
– XIII-7 –
5.
(i)
(ii)
(iii)
(iv)
(v)
A
6.
(i)
– XIII-8 –
(ii)
XV
(iii)
(5)
(2)
(iv) (1) (2) (3) (5)
(2) (3) (4)
22 8
(v)
(vi)
XV
(vii)
XV
(viii)
– XIII-9 –
V.
(i)
(ii)
(iii) 22 8
(iv)
(v)
(vi)
(vii)
– XIII-10 –
(viii) (1) (2)(a) (b)
(ix)
(x)
XV
7.
(i)
(ii)
(a) 6
(b) 12 (c) 12
8.
– XIII-11 –
9.
(a) 2022 12 31
(b)
10.
8.10
11.
1
4 6
– XIII-12 –
2022 12 31
12.
(a)
(b)
(c)
(d) 2022 10 19
423,232,000
38,900,000
(e) China Merchants Union (BVI)
Limited
IC TA naat Sanayi ve Ticaret
A.. 2022 3 9 2019
12 23 ICA IC TA ASTALDI üncü Boaz Kprüsü ve
– XIII-13 –
Kuzey Marmara Otoyolu Yatrm ve letme A.. Eurasia Motorway Maintenance and
Operations Limited51%
2022 3 10
(f)
G50 PPP PPP
2021 12 31 (i)
PPP 400 (ii)
1,000 2021 12 31
2022 1 28
(g) 2021
12 31 PPP 1,514
1,215
2021 12 31 2022 1 28
(h) 2021 12 31
396,000,000
4,000,000 2021 12 31
2022 1 28
– XIII-14 –
(i) 2021 10 13
(i)
100% 2,210,000,000
(ii) 2021 7 31
1,971,244,442.59 3.85% 5.19%
2021 10 13
2021 11 30
13.
www.anhui-expressway.net www.hkexnews.hk
www.sfc.hk
(a)
(b)
(c) 2021 12 31 2022 12 31
(d)
(e)
(f)
– XIII-15 –
(g) 12.
(h)
(i)
(j)
(k)
(l)
(m)
(n)
(o) A
(p)
(q)
(r)
(s)
(t)
(u)
– XIII-16 –
14.
(a)
1999 3
2003 7
(b) 520
(c) 1 5
(d) H
183 17M
(e) 1666
(f) 1993 4 27
100%
(g) 68 9
(h) 1 3 6
(i)
– XIII-17 –
ANHUI EXPRESSWAY COMPANY LIMITED
995
2023 8 18
520
2023 7 26
1.
2.
3.
3.01
3.02
3.03
3.04
3.05
– EGM-1 –
3.06
3.07
3.08
3.09
3.10
3.11
3.12
3.13
3.14
4.
5.
6.
7.
8.
9.
10. 9
– EGM-2 –
11.
12.
13. 7
14.
15.
16. 20
17.
18.
19.
20.
– EGM-3 –
21.
22.
23.
23.01
23.02
23.03
23.04
23.05
23.06
23.07
23.08
2023 7 26
– EGM-4 –
1. 1 19 21 23 20
(a) 3
(i)
(ii)
(b) 20
50% (c) 21
75%
A A
23 (i)
(ii)
2. H 2023 8 15 2023 8 18
H
2023 8 18 H H
3. H 2023 8 14 4 30
H
183 17 1712 1716
4. H
5.
6. H
24 183 17M
– EGM-5 –
7.
8.
www.
hkexnews.hk
9.
10.
– EGM-6 –
H
ANHUI EXPRESSWAY COMPANY LIMITED
995
H
2023 8 18
A
520 H H
2023 7 26
1.
1.01
1.02
1.03
1.04
1.05
1.06
1.07
1.08
– HCM-1 –
H
1.09
1.10
1.11
1.12
1.13
1.14
2.
3.
4.
5.
A
6.
6.01
6.02
6.03
6.04
6.05
6.06
– HCM-2 –
H
6.07
6.08
2023 7 26
1. H
2. H H 2023 8 15 2023 8
18 H
2023 8 18 H H H
3. H H 2023 8 14 4 30
H
183 17 1712 1716
4. H H
H
5.
6. H
H
24 183 17M
– HCM-3 –
H
7. H
H
H
H
8.
H
H
www.hkexnews.hk
9. H
10. H H
– HCM-4 –