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1、Guangdong Provincial Expressway Development Co.,Ltd.The Semi-Annual Report 20211Guangdong Provincial Expressway Development Co.,Ltd.The Semi-Annual Report 2021August2021Guangdong Provincial Expressway Development Co.,Ltd.The Semi-Annual Report 20212I.Important Notice,Table of Contents and Definition
2、sThe Board of Directors,the Supervisory Committee as well as all directors,supervisors and senior managementstaff of the Company warrant that this Report is factual,accurate and complete without any false record,misleading statement or material omission.And they shall be jointly and severally liable
3、 for that.Mr.Zheng Renfa,Company principal,Mr.Wang Chunhua,General Manager,Mr.Lu Ming,Chief of theaccounting work,Ms.Zhou Fang,Chief of the accounting organ(chief of accounting)hereby confirm theauthenticity and completeness of the financial report enclosed in this Semi-annual report.All the directo
4、rs have attended the meeting of the board meeting at which this report was examined.The toll revenues of Expressway is main source of the major business income of the company,The chargestandard of vehicle toll must be submitted to the same level peoples government for review and approval after thetr
5、ansport regulatory department of province,autonomous region 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 corresp
6、onding adjustment in thefuture price level when the cost 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
7、market supply demand.So,the change of chargepolicy and 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 Company has no plan of cash
8、 dividends carried out,bonus issued and capitalizing of common reserves either.Guangdong Provincial Expressway Development Co.,Ltd.The Semi-Annual Report 20213Table of ContentsI.Important Notice,Table of contents and DefinitionsII.Company Profile&Financial Highlights.III.Management Discussion&Analys
9、isIV.Corporate GovernanceV.Environmental&Social ResponsibilityVI.Important EventsVII.Change of share capital and shareholding of Principal ShareholdersVIII.Situation of the Preferred SharesIX.Corporate BondX.Financial ReportGuangdong Provincial Expressway Development Co.,Ltd.The Semi-Annual Report 2
10、0214Documents available for inspection1.Accounting statements carried with personal signatures and seals of legal representative,Chief Financial officerand Financial Principal.2.Original of Auditors Report carried with the seal of Certified Public Accountants as well as personal signaturesof certifi
11、ed Public accountants.Guangdong Provincial Expressway Development Co.,Ltd.The Semi-Annual Report 20215DefinitionTerms to be definedRefers toDefinitionReporting periodRefers toJanuary 1,2021 to June 30,2021Reporting dateRefers toThe semi annual report of the company was approved by the boardof direct
12、ors of 2021,that is,August 26,2021YOYRefers toCompared with January-June 2020The Company/This CompanyRefers toGuangdong Provincial Expressway Development Co.,Ltd.Communication GroupRefers toGuangdong Communication Group Co.,Ltd.Provincial ExpresswayRefers toGuangdong Provincial Freeway Co.,Ltd.Const
13、ruction CompanyRefers toGuangdong Highway Construction Co.,Ltd.Technology Company/GuangdongExpressway TechnologyRefers toGuangdong Expressway Technology Investment Co.,LtdFokai CompanyRefers toGuangdong Fokai Expressway Co.,Ltd.Reconstruction and extension Project of theSouth Section of Fokai Expres
14、swayRefers 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.Guangzhu TransportationRefers toGuangzhou Guangzhu Transporatio
15、n Investment ManagementCo.,Ltd.Guangzhu East CompanyRefers toJingzhu Expressway Guangzhu Section Co.,Ltd.Guanghui CompanyRefers toGuangdong Guanghui Expressway Co.,Ltd.Major assets restructuringRefers toGuangdongProvincialExpresswayDevelopmentCo.,Ltd.acquired21%equityofGuangdongGuangzhou-HuizhouExpr
16、essway Co.,Ltd.held by Guangdong Provincial ExpresswayCo.,Ltd.by paying cash in 2020.Guangdong Provincial Expressway Development Co.,Ltd.The Semi-Annual Report 20216II.Company Profile&Financial Highlights.1.Company ProfileStock abbreviation:Expressway A,Expressway BStock code：000429，200429Stock exch
17、ange for 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(Ifany)GPEDLegal RepresentativeZheng Renfa2.Contact person and contact mannerBoard secretarySec
18、urities affairs RepresentativeNameYang HanmingLiang JirongContactaddress46/F,Litong Plaza,No.32,Zhujiang East Road,Zhujiang New City,Tianhe Disrtict,Guangzhou45/F,Litong Plaza,No.32,Zhujiang East Road,Zhujiang New City,Tianhe Disrtict,GuangzhouTel020-29004619020-29004523Fax020-38787002020-38787002E-
19、mailH3.Other1.Way of contactWhether registrations address,offices address and codes as well as website and email of the Company changed inreporting period or notApplicable Not applicableRegistrations address,offices address and codes as well as website and email of the Company has no change inreport
20、ing period,found more details in annual report 2020.2.Information inquiryWhether information disclosure and preparation place changed in reporting period or notApplicable Not applicableNone of the official presses,website,and place of enquiry has been changed in the semi report period.For detailsple
21、ase find the Annual Report 2020.4.Summary ofAccounting Data and Financial IndicatorsGuangdong Provincial Expressway Development Co.,Ltd.The Semi-Annual Report 20217Whether it has retroactive adjustment or re-statement on previous accounting dataYes NoRetroactive adjustment or restatement of causesMe
22、rger of enterprises under the same controlReporting periodSame period of last yearYoY+/-（%）Before adjustmentAfter adjustmentAfter adjustmentOperating income（yuan）2,488,474,669.81660,898,961.791,117,754,309.27122.63%Net profit attributable to theshareholders of the listed company（yuan）848,860,350.64-
23、5,830,257.1824,616,425.763,348.35%Net profit after deducting ofnon-recurring gain/loss attributable tothe shareholders of listed company（yuan）842,743,158.64-9,514,717.42-9,514,717.428,957.26%Cash flow generated by businessoperation,net（yuan）1,815,293,217.25417,906,104.34709,663,295.81155.80%Basic ea
24、rning per share(yuan/Share)0.41-0.00280.014,000.00%Diluted gains per share(yuan/Share)0.41-0.00280.014,000.00%Weighted average income/asset ratio（%）10.16%-0.06%0.23%9.93%As at the end ofthe reportingperiodAs at the end of last yearYoY+/-（%）Before adjustmentAfter adjustmentAfter adjustmentGross asset
25、s（yuan）19,948,560,358.4319,748,578,658.1119,748,578,658.111.01%Shareholders equity attributable toshareholders of the listed company（yuan）8,184,145,884.557,933,136,499.117,933,136,499.113.16%5.Differences between accounting data under domestic and overseas accounting standards1 Simultaneously pursua
26、nt to both Chinese accounting standards and international accounting standards disclosedin the financial reports of differences in net income and net assets.Applicable Not applicableNone2.Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chineseaccou
27、nting standards.Applicable Not applicableGuangdong Provincial Expressway Development Co.,Ltd.The Semi-Annual Report 20218None6.Items and amount of non-current gains and lossesApplicable Not applicableIn RMBItemsAmountNoteNon-current asset disposal gain/loss(including the write-off partfor which asse
28、ts impairment provision is made)-135,447.06Government subsidies recognized in current gain andloss(excluding those closely related to the Company s businessand granted under the states policies)9,298,314.52Net amount of non-operating income and expense except theaforesaid items2,335,345.98Other non-
29、recurring Gains/loss items624,054.51Less:Influenced amount of income tax3,030,247.74Influenced amount of minor shareholdersequity(after tax)2,974,828.21Total6,117,192.00-For the Company s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 oninformation disclosure for Compa
30、nies 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 information Disclosurefor Companies offering their securities to the public-non-recurring Gains and losses which have been defined a
31、srecurring 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 as defined by the informationdisclosure explanatory Announcement No.1-Non recurring gain/loss in the report period.Guangdong Provi
32、ncial Expressway Development Co.,Ltd.The Semi-Annual Report 20219III.Management Discussion&Analysis.Main Business the Company is Engaged in During the Report PeriodThe Company is an infrastructure industry,with main business in developing and operating expressway and bigbridges.It is one of the main
33、 institutions of developing expressway and big bridge in Guangdong ExpresswaySystem.The expressway industry is the industry helped by government.The Company is mainly engaged in tolling and maintenance of Guangfo Expressway,Fokai Expressway andJingzhu Expressway Guangzhu Section investment in techno
34、logical industries and provision of relevantconsultation while investing in Shenzhen Huiyan Expressway Co.,Ltd.,Guangzhou Guanghui Expressway Co.,Ltd.,Guangdong Jiangzhong Expressway Co.,Ltd.,Zhaoqing Yuezhao Expressway Co.,Ltd.,Ganzhou Kangda Expressway,Ganzhou Gankang Expressway Co.,Ltd.,Guangdong
35、 Yueke Technology Petty Loan Co.,Ltd.,Guangdong Guangle Expressway Co.,Ltd.,Guoyuan Securities Co.,Ltd.and Hunan Lianzhi Technology Co.,Ltd.As of the end of the reporting period,the company s share-controlled expressway is 306.78 km,and theshare-participation expressway is 295.88 km.II.Analysis On c
36、ore CompetitivenessThe toll revenue of expressway industry mainly depends on the regional economic development.Theregional economy is the critical factor that influences the traffic volume.The Guangfo expressway and the Fokaiexpressway,controlled by the company,are part of the National Expressway Ne
37、twork Planning-“Five vertical andseven horizontal”,Jingzhu Expressway Guangzhu Section is a fast and convenient expressway,GuanghuiExpressway is an important section of the national key highway-the 15th Hengshanwei to Yunnan Qingshuihehighway,And many of the companys equity-participation expressways
38、 that are part of the main skeleton of theGuangdong Provincial Expressway Planning-“Ten vertical and five horizontal”,which provides a strongguarantee for stable traffic volume.Meanwhile,the regional economy is the critical factor that influences thetraffic volume,as Guangdong province is the econom
39、ically developed region,with years continuous highgrowth of GDP,so that provides the stable rising demand for the company.III.Main business analysis.GeneralWhether the same as the main business disclosure engaged in the company during the reporting period Yes NoIn2020,The sudden new coronavirus epid
40、emic(hereinafter referred to as the epidemic),the first-level response to nationwide emergency was launched,and the original toll-free period during the holidays(January 24 to January30)-legal Spring Festival was extended to February 8,According to the relevant regulations of the Ministry of Transpo
41、rt,From 0:00 on February 17,2020 to 24:00 On May 5,2020 the toll fees for vehicles on roads across thecountry previously toll charged shall be exempted.This policy resulted in a decrease in the companys operatingincome for the first half of 2020.In the First half of 2021,the number of toll days the
42、company participated in theholding expressway increased by 79 days YOY.The toll revenue of each expressway increased of the Companyare as follows:Guangdong Provincial Expressway Development Co.,Ltd.The Semi-Annual Report 202110ItemsVolume of vehicle trafficin the first half year of2021Toll income in
43、 the first halfyear of 2021Toll income in the first halfyear of 2020（Ten thousand）Increase/Decrease(%）Guangfo Expressway38,137,49121,506.8210,118.98112.54%Fokai Expressway41,173,86668,716.5028,802.15138.58%Jingzhu ExpresswayGuangzhu East Section35,139,83354,681.6821,943.09149.20%Guanghui Expressway3
44、8,899,25299,166.7944,716.78121.77%Huiyan Expressway25,705,51811,662.365,571.51109.32%Yuezhao Expressway18,466,74426,278.8313,169.3199.55%Jiangzhong Expressway32,632,82923,390.608,711.84168.49%Guangle Expressway19,828,928163,513.7964,411.57153.86%Kangda Expressway743,20215,008.005,872.95155.54%Gangka
45、ng Expressway2,434,6499,899.573,880.08155.14%Among them,the Fokai Expressway was influenced by the opening of the entire Kaiyang Expressway after itcompleted the reconstruction and it is connected to Fokai Expressway,the traffic capacity of the main line hasbeen greatly improved,and it has also indu
46、ced new traffic while the flow of traffic has returned,thus the tollincome has increased significantly;Influenced by the opening of the Xinggan North Extension Expressway,Kangda Expressway has shortened the mileage from Zhejiang to Guangzhou and some traffic flow returned;onthe other hand,the overal
47、l logistics industry has recovered,truck traffic has increased,and the toll revenue hasalso increased significantly.Year-on-year change of main financial dataIn RMBThis report periodSame period lastyearYOYchange（%）Cause changeOperating income2,488,474,669.811,117,754,309.27122.63%During the same per
48、iod last year,due to theimpact of the new coronavirus epidemic andthe exemption of expressway tolls,the tollrevenues decreased significantly;howeverthe tolls are restored normally in the currentperiod,and the toll revenues increasesignificantly.Operating cost889,127,742.43777,474,885.2614.36%Adminis
49、trativeexpenses93,357,035.3978,662,061.9518.68%Financial expenses120,868,584.07120,703,176.540.14%Income tax expenses354,025,065.4794,128,013.74276.11%During the same period last year,due to theGuangdong Provincial Expressway Development Co.,Ltd.The Semi-Annual Report 202111This report periodSame pe
50、riod lastyearYOYchange（%）Cause changeimpact of the new coronavirus epidemic andtheexemptionofexpresswaytolls,theCompanystaxableincomehasdroppedsignificantly.Cash flow generatedby business operation,net1,815,293,217.25709,663,295.81155.80%During the same period last year,due to theimpact of the new c