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1、2021Annual Report1Guangdong Provincial Expressway Development Co., Ltd.2021Annual ReportMarch20222021Annual Report2I. Important Notice, Table of Contents and DefinitionsThe Board of Directors and the directors, Supervisory Committee and supervisors and Senior Executives of theCompany hereby warrant
2、that at the year , there are no misstatement, misleading representation or importantomissions in this report and shall assume joint and several liability for the authenticity, accuracy and completenessof the contents hereof.Mr.Zheng Renfa, The Company leader, Mr. Wang Chunhua, General Manager, Mr. L
3、u Ming, Chief financialofficer and the Ms.Zhou Fang, the person in charge of the accounting department (the person in charge of theaccounting )hereby confirm the authenticity and completeness of the financial report enclosed in this annualreport.All the directors attended the board meeting for revie
4、wing the Annual Report.The toll revenues of Expressway is main source of the major business income of the company , The chargestandard of vehicle toll must be submitted to the same level peoples government for review and approval after thetransport regulatory department of province, autonomous regio
5、n or municipality directly under the centralgovernment 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 thefuture price level when the cost
6、of the company rises still depend on the approval of relevant national policies andgovernment departments, and the company isnt able to make timely adjustment to the charge standard inaccordance with the its own operation cost or the change of market supply demand. So, the change of chargepolicy and
7、 the adjustment of charge standard also have influence on the expressways operated by the company tosome extent. So, the charging policy changes and charges adjustment will affect the highways operation of thecompany.The profit distribution proposal reviewed and approved by the boarding meeting was
8、summarized as follows:2,090,806,126 for the base, the Company would distribute cash dividend to all the shareholders at the rate of CNY5.70 for every 10 shares (with tax inclusive) , 0 bonus shares（including tax）and no reserve would be convertedinto share capital.2021Annual Report3Table of ContentsI
9、.Important Notice, Table of contents and DefinitionsII. Company Profile & Financial Highlights.III. Management Discussion &AnalysisIV. Corporate GovernanceV. Environmental & Social ResponsibilityVI. Important EventsVII. Change of share capital and shareholding of Principal ShareholdersVIII. Situatio
10、n of the Preferred SharesIX. Corporate BondX. Financial Report2021Annual Report4Documents available for inspection1. Accounting statements carried with personal signatures and seals of legal representative, General Manager,Chief Financial officer and Financial Principal.2. Original of Auditors Repor
11、t carried with the seal of Certified Public Accountants as well as personal signaturesof certified Public accountants.3. The texts of all the Companys documents publicly disclosed on the newspapers and periodicals designated byChina Securities Regulatory Commission in the report period.2021Annual Re
12、port5DefinitionTerms to be definedRefers toDefinitionReporting period, This yearRefers toJanuary 1, 2021 to December 31, 2021Reporting dateRefers toThe annual report of the company was approved by the board ofdirectors on 2021, that is March 15, 2022YOYRefers toCompared with 2020The Company /This Co
13、mpanyRefers toGuangdong Provincial Expressway Development Co.,Ltd.Communication GroupRefers toGuangdong Communication Group Co., Ltd.Provincial ExpresswayRefers toGuangdong Provincial Freeway Co.,Ltd.Fokai CompanyRefers toGuangdong Provincial Expressway Development Co.,Ltd.FokaiBranchReconstruction
14、and extension Project of theSouth Section of Fokai ExpresswayRefers toReconstruction and Expansion Project of Sanbao-Shuikou Sectionof Fokai Expressway.Guangfo CompanyRefers toGuangdong Guangfo Expressway Co., Ltd.Guangdong Expressway CapitalRefers toYuegao Capital Investment (Guangzhou) Co., Ltd.Gu
15、angzhu East CompanyRefers toJingzhu Expressway Guangzhu Section Co., Ltd.Guanghui CompanyRefers toGuangdong Guanghui Expressway Co., Ltd.2021Annual Report6II. Company Profile & Financial Highlights.1.Company ProfileStock abbreviation:Expressway A, Expressway BStock code：000429，200429Stock exchange f
16、or listingShenzhen Stock ExchangeName in Chinese广东省高速公路发展股份有限公司Abbreviation of RegisteredCompany (if any)粤高速English name (If any)Guangdong Provincial Expressway Development Co.Ltd.English abbreviation (If any)GPEDLegal RepresentativeZheng RenfaRegistered address85 Baiyun Road, Guangzhou, Guangdong P
17、rovincePostal code of the RegisteredAddress510100Historical change of thecompanys registered address19921999，4/F,Dongjian Building,No.503,Dongfeng Road, Guangzhou;Since 1999, 85Baiyun Road, Guangzhou, Guangdong ProvinceOffice Address45-46/F, Litong Plaza, No.32, Zhujiang East Road, Zhujiang New City
18、, Tianhe Disrtict ,GuangzhouPostal code of the office address510623Internet Web SE-2. Contact person and contact mannerBoard secretarySecurities affairs RepresentativeNameYang HanmingLiang JirongContactaddress46/F, Litong Plaza, No.32, Zhujiang East Road,Zhujiang New City, Tianhe District , Guangzho
19、u45/F, Litong Plaza, No.32, Zhujiang East Road,Zhujiang New City, Tianhe District , GuangzhouTel020-29004619020-29004523Fax020-38787002020-38787002E-mailH3. Information disclosure and placedNewspapers selected by the Company forinformation disclosureSecurities Times, China Securities, Shanghai Secur
20、ities Daily andHongkong Commercial Daily.2021Annual Report7Internet website designated by CSRC for publishingtheAnnual report of the CThe place where theAnnual report is prepared andplacedSecurities affair Dept of the Company4.Changes in RegistrationOrganization Code91440000190352102MChanges in prin
21、cipal business activities sincelisting (if any)No changeChanges is the controlling shareholder in thepast (is any)On November 2000, In accordance with Cai Guan Zi (2008) No. 109Document of Ministry of Finance and Yue Ban Han (2000) No. 574 Documentof General Office of Guangdong Peoples Government, t
22、he state-owned sharesof Guangdong Expressway originally entrusted to Guangdong ExpresswayCompany (now renamed as Guangdong Provincial Expressway Co., Ltd.) formanagement were transferred to Guangdong Communication Group Co., Ltd.for holding and management.After the transfer of state-owned shares,Gua
23、ngdong Communication Group Co., Ltd. became the largest shareholder ofthe Company. The nature of equity was defined as state-owned shares.5. Other Relevant InformationCPAs engagedName of the CPAsYong Tuo Cerified PublicAccountants(Special General Partnership)Office address：13/F, 2 Building, No.1 Nor
24、th Street , Guandongdian, Chaoyang District, BeijingNames of the Certified PublicAccountants as the signatoriesShi Shaoyu,Huang ZhiyanThe sponsor performing persistent supervision duties engaged by the Company in the reporting period.Applicable Not applicableThe Financial advisor performing persiste
25、nt supervision duties engaged by the Company in the reporting periodApplicable Not applicableNameOffice addressName of sponsorConsitent supervision periodChina International CapitalCorporation Limited27-28/F, 2 Black， No1. GuomaoBuilding, Jianguomen WaiStreet, Chaoyang District,BeijingXie Yi ,Long H
26、ai2020-20212021Annual Report86.Summary of Accounting data and Financial indexWhether it has retroactive adjustment or re-statement on previous accounting dataYes No20212020Changes of this period oversame period of Last year(%)2019Before adjustmentAfter adjustmentAfter adjustmentBefore adjustmentAfte
27、r adjustmentOperating income（Yuan）5,288,057,677.933,790,348,876.263,790,348,876.2639.51%3,057,935,584.434,999,016,766.74Net profit attributable to theshareholders of the listed company（Yuan）1,700,406,981.99867,842,774.78867,842,774.7895.93%1,258,628,101.711,469,187,067.83Net profit after deducting o
28、fnon-recurring gain/loss attributable tothe shareholders of listed company（Yuan）1,693,091,639.41704,821,643.20704,821,643.20140.22%1,249,576,930.751,249,579,043.32Cash flow generated by businessoperation, net（Yuan）3,669,744,721.162,636,187,241.052,636,187,241.0539.21%1,988,551,897.833,222,681,187.05
29、Basic earning per share(Yuan/Share)0.810.420.4292.86%0.600.70Diluted gains per share(Yuan/Share)0.810.420.4292.86%0.600.70Weighted average ROE(%)20.11%8.27%8.27%11.84%13.09%14.18%End of 2021End of 2020Changed over last year（）End of 2019Before adjustmentAfter adjustmentAfter adjustmentBefore adjustme
30、ntAfter adjustmentGross assets（Yuan）18,875,766,799.3119,748,578,658.1119,748,578,658.11-4.42%17,674,545,340.7820,666,939,285.90Net assets attributable to shareholdersof the listed company（Yuan）8,982,437,985.177,933,136,499.117,933,136,499.1113.23%9,823,426,849.7510,557,360,463.782021Annual Report9Re
31、troactive adjustment or restatement of causes: Merger of enterprises under the same controlThe lower of the companys net profit before and after the deduction of non-recurring gains and losses in the last three fiscal years is negative, and the auditors reportof the previous year shows that the Comp
32、anys going concern ability is uncertain. Yes NoThe lower of the net profit before and after the deduction of the non-recurring gains and losses is negative. Yes No2021Annual Report107.The differences between domestic and international accounting standards(1) Simultaneously pursuant to both Chinese a
33、ccounting standards and international accounting standardsdisclosed in the financial reports of differences in net income and net assets.Applicable Not applicableNone(2). Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chineseaccounting standards.A
34、pplicable Not applicableNone8.Main Financial Index by QuartersIn RMBFirst quarterSecond quarterThird quarterFourth quarterOperating income1,257,975,487.271,230,499,182.541,485,357,499.711,314,225,508.41Net profit attributable to theshareholders of the listed company399,100,166.26449,760,184.38545,38
35、9,653.71306,156,977.64Net profit after deducting ofnon-recurring gain/loss attributableto the shareholders of listedcompany395,414,595.12447,328,563.52537,138,406.69313,210,074.08Net Cash flow generated bybusiness operation849,020,540.34966,272,676.911,072,587,838.82781,863,665.099.Items and amount
36、of non-current gains and lossesApplicable Not applicableIn RMBItemsAmount (2021)Amount (2020）Amount (2019)NotesNon-current asset disposal gain/loss(including the write-offpart for which assets impairment provision is made)4,350,214.54-8,261,533.187,607,268.21Government subsidies recognized in curren
37、t gain andloss(excluding those closely related to the Companys businessand granted under the states policies)16,348,006.078,359,291.8287,937.00Current net gains and losses occurred from period-begin to546,213,524.55701,856,178.512021Annual Report11ItemsAmount (2021)Amount (2020）Amount (2019)Notescom
38、bination day by subsidiaries resulting from businesscombination under common controlNet amount of non-operating income and expense except theaforesaid items-5,840,734.56-1,069,827.30-1,393,149.65Other non-recurring Gains/loss items1,252,349.09974,321.891,652,603.05Less :Influenced amount of income t
39、ax4,027,139.542,214.321,130,270.54Influenced amount of minor shareholdersequity (after tax)4,767,353.02383,192,431.88489,072,542.07Total7,315,342.58163,021,131.58219,608,024.51-Details of other profit and loss items that meet the non-recurring profit and loss definitionApplicable Not applicableNoneF
40、or the Companys non-recurring gain/loss items as defined in the Explanatory Announcement No.1 oninformation disclosure for Companies Offering their Securities to the Public-Non-recurring Gains and Losses andits non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on info
41、rmation Disclosurefor Companies offering their securities to the public-non-recurring Gains and losses which have been defined asrecurring gains and losses, it is necessary to explain the reason.Applicable Not applicableNone of Non-recurring gain /loss items recorgnized as recurring gain /loss/items
42、 as defined by the informationdisclosure explanatory Announcement No.1- Non recurring gain/loss in the report period.2021Annual Report12III. Management Discussion & AnalysisI. Industry information of the Company during the reporting periodThe Companys main business is the investment, construction, c
43、harging and maintenance management of tollhighways and bridges, which shall be classified into the highway management and maintenance industry.Highway industry is the basic and leading service industry of national economy, which can rationally allocaterelevant resources, improve the quality and effi
44、ciency of economic operation, and play a leading role in thetransportation industry. As an important part of the highway industry, the expressway is an important nationalresource, which is characterized by high driving speed, large traffic capacity, low transportation cost and safedriving, and plays
45、 an important role in promoting national economic growth, improving peoples live quality andsafeguarding national security.With the basic penetration of the ten-vertical and ten-horizontal comprehensive transportation corridor andthe basic completion of the 71118 national expressway network planning
46、, Chinas expressway network has beencontinuously extended, with significantly increased industry development. According to the statistical data of the2020 Statistical Bulletin on Development of Transportation Industry issued by the Ministry of Transport, by theend of 2020, the total mileage of expre
47、ssways in China has reached 161,000 kilometers, ranking first in the world,with an increase of 11,400 kilometers, and a year-on-year increase of 7.62%. With Chinas economic developmentstepping into a new normal, the national economy is constantly growing, the strategies such as coordinateddevelopmen
48、t of Beijing-Tianjin-Hebei, regional integration of the Yangtze River Delta, development of theYangtze River Economic Belt, and Guangdong-Hong Kong-Macao Greater Bay Area construction are furtheradvanced, the whole societys demand for supporting services of expressways is expected to increase contin
49、uously,and Chinas 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 expresswaytransportation demands are rigid demands, which are less affected by macroeconomic fluctuations and
50、 lesscyclical. As the operating income of expressway enterprises is mainly in cash, and the cash flow is abundant, itensures 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