Financial Performance - The company's operating revenue for Q1 2023 was RMB 3,629,503,688.10, representing a year-on-year increase of 32.95% compared to RMB 2,578,308,102.06 in the same period last year[4] - Net profit attributable to shareholders for the same period was RMB 1,178,526,591.22, reflecting a growth of 39.31% from RMB 801,565,294.39 in the previous year[4] - The net cash flow from operating activities reached RMB 1,623,269,207.65, marking a 40.38% increase compared to RMB 1,102,847,758.55 in the prior year[4] - Basic earnings per share for the reporting period was RMB 0.2436, an increase of 46.13% from RMB 0.1579 in the same period last year[4] - The diluted earnings per share also stood at RMB 0.2436, reflecting the same growth rate of 46.13%[4] - Operating profit for Q1 2023 was approximately RMB 1,602,956 thousand, reflecting a year-on-year growth of 47.17%, while net profit attributable to shareholders was about RMB 1,227,072 thousand, with earnings per share of RMB 0.2436, up 46.13%[17] - Net profit for Q1 2023 reached CNY 1,272,611,547.45, a significant increase of 51.6% compared to CNY 839,171,688.63 in Q1 2022[26] - Basic and diluted earnings per share for Q1 2023 were both CNY 0.2436, up from CNY 0.1667 in Q1 2022[26] Assets and Liabilities - Total assets at the end of the reporting period amounted to RMB 80,056,724,211.66, which is a 2.04% increase from RMB 78,458,345,074.07 at the end of the previous year[5] - The equity attributable to shareholders increased by 3.63% to RMB 33,100,439,813.04 from RMB 31,940,807,710.11 at the end of the last year[5] - Total liabilities amounted to CNY 40,689,474,269.11, an increase from CNY 40,508,013,176.12 at the end of 2022[22] - Long-term borrowings rose to CNY 16,563,234,640.15 from CNY 16,053,597,366.94, indicating an increase of approximately 3.2%[22] - Current liabilities decreased to CNY 13,332,261,018.04 from CNY 13,644,760,587.86, a reduction of approximately 2.3%[22] Revenue Breakdown - Revenue from toll road operations reached approximately RMB 2,228,360 thousand, up 22.22% compared to the same period last year, with average daily toll income for the Shanghai-Nanjing Expressway Jiangsu section at RMB 14,278.63 thousand, an increase of 18.93%[13] - Revenue from supporting businesses was approximately RMB 435,425 thousand, a growth of 35.77%, driven by a 42.62% increase in fuel sales revenue to RMB 401,661 thousand[13] - The construction period revenue surged by approximately 212.78% to RMB 572,227 thousand, primarily due to increased investment in road and bridge projects[14] - The group's total operating revenue for Q1 2023 was approximately RMB 3,629,504 thousand, representing a year-on-year increase of 32.95%[13] Shareholder Information - Total number of ordinary shareholders at the end of the reporting period was 28,099[9] - The largest shareholder, Jiangsu Transportation Holding Co., Ltd., holds 54.44% of shares[10] - The second largest shareholder, China Merchants Highway Network Technology Holdings, holds 11.69% of shares[10] - The company has a total of 27,702 A-share shareholders and 397 H-share shareholders[11] - The report indicates no related party transactions or strategic investors becoming major shareholders during the reporting period[11] Cash Flow and Investments - Operating cash flow for Q1 2023 was CNY 1,623,269,207.65, up 40.4% from CNY 1,156,311,870.41 in Q1 2022[29] - The company reported a net cash outflow from investing activities of CNY -2,060,079,127.24 in Q1 2023, compared to CNY -852,867,915.19 in Q1 2022[30] - Cash and cash equivalents at the end of Q1 2023 totaled CNY 924,652,229.62, a decrease from CNY 643,839,676.34 at the end of Q1 2022[30] - The company raised CNY 200,000,000.00 from minority shareholders in Q1 2023, compared to CNY 111,000,000.00 in Q1 2022[30] - Total cash inflow from financing activities in Q1 2023 was CNY 6,387,000,000.00, down from CNY 7,654,146,595.77 in Q1 2022[30] Other Income and Comprehensive Income - The company recognized government subsidies of RMB 6,877,639.70 related to normal business operations during the reporting period[7] - The total amount of non-recurring gains and losses for the period was RMB 48,545,082.28 after tax effects[7] - The company reported investment income of CNY 235,857,718.24 in Q1 2023, compared to CNY 174,885,706.91 in Q1 2022, representing a growth of about 34.8%[25] - The company’s total comprehensive income for Q1 2023 was CNY 1,216,100,535.92, a decrease from CNY 1,477,021,071.31 in Q1 2022[26] - Other comprehensive income attributable to the parent company for Q1 2023 was CNY -56,511,011.53, compared to CNY 637,849,382.68 in Q1 2022[26]

Financial Performance - The company achieved a net profit attributable to shareholders of approximately RMB 3,724,115 thousand, with earnings per share of approximately RMB 0.7392[3]. - The company's operating revenue for 2022 was CNY 13,255,603,107.72, a decrease of 7.05% compared to 2021[21]. - Net profit attributable to shareholders for 2022 was CNY 3,724,115,165.87, down 12% from the previous year[21]. - Basic earnings per share for 2022 was CNY 0.7392, reflecting a decrease of 12.99% year-over-year[23]. - The total profit for the year was RMB 4.581 billion, down 17.70% from RMB 5.566 billion in 2021[33]. - The company reported a significant increase in user traffic on its expressways, contributing to the overall revenue growth[16]. - The company reported a net loss of RMB 125,330,455.92 from subsidiaries merged under common control during the reporting period[27]. - The company reported a non-operating income of RMB 300,286,285.99 for the current period, compared to RMB 516,677,548.50 in the previous period[27]. - The company reported a net cash flow from operating activities of approximately CNY 5,527,921,046.44, a decrease of about 3.07% from the previous year[51]. Dividends and Shareholder Returns - The board proposed a cash dividend of RMB 0.46 per share (including tax), based on a total share capital of 5,037,747,500 shares, expected to be distributed on July 26, 2023[3]. - The company has maintained a high dividend payout ratio since its listing, reflecting its commitment to providing stable long-term returns to shareholders[40]. - The total distributable reserves for shareholders as of December 31, 2022, amounted to RMB 11,343,860,451.93, an increase from RMB 10,110,279,671.92 as of December 31, 2021, representing a growth of approximately 12.16%[96]. Revenue and Growth Strategies - Jiangsu Expressway Company reported a revenue of RMB 6.6 billion for the fiscal year 2022, representing a year-on-year increase of 4.4%[16]. - Future guidance indicates a targeted revenue growth of approximately 5% for the upcoming fiscal year, driven by increased toll revenues and new project completions[16]. - The company plans to expand its market presence by developing new highway projects, including the Jiangyin Yangtze River Bridge and the Suzhou-Jiaxing-Hangzhou Expressway[16]. - The company is exploring potential mergers and acquisitions to enhance its service offerings and market share[16]. - The company is actively exploring and developing transportation and new energy businesses to expand profit margins and achieve sustainable development[30]. Operational Efficiency and Cost Management - Jiangsu Expressway aims to improve its net asset return (ROE) by optimizing operational efficiency and reducing costs[13]. - The company has engaged KPMG as its auditor, ensuring compliance with the accounting standards set by the Ministry of Finance of the People's Republic of China[19]. - The company has established a comprehensive risk management system to enhance risk governance capabilities and ensure sustainable development[50]. - The company is focusing on enhancing its technological capabilities through the adoption of Building Information Modeling (BIM) and Geographic Information System (GIS) technologies[13]. - The company has completed the "cloud toll" system upgrade, enhancing toll collection efficiency and reducing special handling time to 30 seconds[34]. Investments and Acquisitions - The company completed the acquisition of 100% equity in Yunshan Qingneng Company, impacting financial reporting due to consolidation adjustments[24]. - The company invested approximately RMB 1.129 billion in the Longtan Bridge project during the reporting period, with a cumulative investment of RMB 3.136 billion, representing 50.14% of the total project investment[34]. - The company acquired 100% equity of Yunsong Qingneng for RMB 2,457 million, with a total installed capacity of 526.6 MW from its grid-connected projects by the end of the reporting period[37]. - The company is considering strategic acquisitions to bolster its market position, with a budget of 20 million allocated for potential deals[148]. Market Conditions and Challenges - The company experienced a decline in traffic volume and revenue due to policy changes affecting toll fees for trucks in the fourth quarter[24]. - The company is closely monitoring the differentiated toll policy being piloted in Jiangsu Province, which may impact future revenue streams[41]. - The Jiangsu government has implemented policies providing discounts on toll fees for certain vehicles, which may affect overall revenue[42]. - The company reported a GDP growth of 3.0% in 2022, indicating a resilient economic environment for the highway transportation industry[39]. Corporate Governance and Compliance - The company has complied with all applicable laws and regulations, with no significant violations reported for the year ending December 31, 2022[121]. - The company emphasizes the protection of shareholders' rights, particularly for minority investors, by ensuring independent vote counting and public solicitation of voting rights[141]. - The company has established various governance systems, including rules for shareholder meetings and board meetings, to enhance governance standards[132]. - The company has a strong governance structure with experienced board members, including individuals with extensive backgrounds in transportation management and financial oversight[145]. - The company has maintained a commitment to excellent corporate governance, adhering to laws and regulations, and has received recognition for its governance practices, including the "Best Board of Directors" award from Securities Times[128]. Employee Management and Development - The total number of employees in the company, including senior management, is 4,798, with 3,778 in the parent company and 1,020 in major subsidiaries[190]. - The total salary expenditure for employees amounted to approximately RMB 839.78 million, with 152 outstanding individuals and 26 advanced collectives recognized during the year[191]. - Training expenses for the year were approximately RMB 10.75 million, covering nearly 23,000 employee training sessions across all levels[192]. - The company has implemented five new systems related to salary management and has revised five existing systems to enhance performance evaluation[191]. Future Outlook and Strategic Initiatives - The company plans to focus on market expansion and new product development as part of its future strategy[99]. - The company aims to leverage new technologies and innovations to drive future growth and improve profitability[99]. - The company is focusing on green and low-carbon development in transportation, aligning with national goals for carbon neutrality[109]. - The company plans to invest approximately RMB 4,264,193,000 in 2023, a decrease of 44.2% compared to the actual expenditure of RMB 7,641,980,000 in 2022[113]. - The company is implementing a "smart highway" initiative, including the development of holographic perception and vehicle-road collaboration technologies[113].

Financial Performance - The company achieved a net profit attributable to shareholders of approximately RMB 3,724,115 thousand, with earnings per share of RMB 0.7392[6]. - The company reported total operating income of RMB 13.256 billion in 2022, a decrease of 7.05% compared to RMB 14.261 billion in 2021[21]. - Net profit attributable to shareholders was RMB 3.724 billion, down 12.99% from RMB 4.280 billion in 2021, with earnings per share of RMB 0.7392[21]. - The company generated operating cash flow of RMB 5.527 billion, slightly down from RMB 5.702 billion in 2021[21]. - The company’s return on equity (ROE) was 11.23%, compared to 13.90% in the previous year[21]. - The company’s total profit for the year was RMB 4.581 billion, down 17.70% from RMB 5.566 billion in 2021[21]. - The company reported a basic earnings per share of RMB 0.7392 for 2022, down from RMB 0.8496 in 2021, a decrease of 12.99%[139]. - The company’s total comprehensive income for 2022 was RMB 4.60 billion, compared to RMB 4.43 billion in 2021, an increase of 3.66%[139]. - The company incurred income tax expenses of CNY 833,033,706.01 for 2022, down from CNY 1,289,660,707.85 in 2021, a decrease of approximately 35.4%[148]. Assets and Liabilities - The group has a total asset scale of approximately RMB 78.458 billion and net assets attributable to shareholders of approximately RMB 31.941 billion[7]. - Total assets reached RMB 78.458 billion by the end of 2022, up from RMB 74.246 billion in 2021, while net assets attributable to shareholders decreased to RMB 31.941 billion from RMB 32.043 billion[21]. - The total debt ratio increased by 2.32 percentage points to 51.63%[74]. - The net asset liability ratio rose by 9.47 percentage points to 106.74%[74]. - The company’s total liabilities decreased to RMB 40.51 billion in 2022 from RMB 40.51 billion in 2021, remaining stable year-over-year[137]. - The company's retained earnings reached RMB 11.34 billion in 2022, up from RMB 10.11 billion in 2021, representing an increase of approximately 12.1%[137]. Investments and Acquisitions - The company completed the acquisition of 100% equity in Yunshan Qingneng for RMB 2,457 million, with the share transfer and business registration completed during the reporting period[13]. - The company invested CNY 2,457 million to acquire 100% equity of Yunsong Qingneng, which has a total installed capacity of 526.6 MW and produced 900 million kWh of clean energy in 2022[29]. - The total equity investment of the group during the reporting period is approximately RMB 6.156 billion, representing a growth of about 78.54% compared to 2021[85]. - The company plans to develop distributed photovoltaic projects with an installed capacity of 57.34 MW, leveraging local resource endowments[29]. Revenue Streams - The group achieved toll revenue of approximately RMB 7,323,017 thousand, a year-on-year decrease of about 11.38%, accounting for approximately 55.24% of total operating revenue[41]. - The group’s bundled services revenue was approximately RMB 1,124,123 thousand, a year-on-year decrease of 21.78%, primarily due to the termination of some service area lease contracts and reduced oil sales[42]. - The group’s electricity sales revenue reached approximately RMB 651,675 thousand, representing a year-on-year increase of about 39.81%, mainly driven by the full capacity operation of the Dong H5 offshore wind power project[44]. - Real estate sales revenue amounted to approximately RMB 674,079 thousand, a year-on-year decline of 34.46%, primarily due to a smaller delivery scale of real estate projects compared to the previous year[44]. Operational Efficiency - The company achieved a 99.98% 30-minute arrival rate and a 98.38% one-hour smooth traffic rate in 2022, indicating significant improvements in road traffic efficiency[23]. - The "Cloud Toll" system has been optimized, with 36 toll stations completing the "Cloud Toll" transformation, reducing special handling time to 30 seconds[23]. - The company maintains a 100% ratio of Class 1 and Class 2 bridges, ensuring high standards in bridge maintenance[24]. Corporate Governance and Compliance - The audit committee has reviewed and confirmed the annual report for the year ending December 31, 2022, with a standard unqualified audit opinion issued[3]. - The financial statements are prepared in accordance with Chinese accounting standards and comply with Hong Kong company regulations and listing rules[3]. - The company has fully adopted the new Corporate Governance Code and has not identified any significant deviations or violations[128]. - The board of directors consists of 13 members, with 10 being external appointees, ensuring sufficient independence in decision-making[129]. Future Outlook and Strategic Initiatives - The company aims to enhance high-quality development by optimizing its layout and leveraging financial investments as it celebrates its 30th anniversary[20]. - In 2023, the company plans to strengthen its core business and leverage innovation for high-quality growth, particularly in bridge projects and renewable energy applications[102]. - The company is committed to promoting green and low-carbon development in the transportation sector, aligning with national carbon peak and carbon neutrality goals[99]. - The company plans to explore new models for service areas, integrating logistics and public services to enhance operational efficiency[104]. Employee and Training Initiatives - The company has established a new compensation management system, with total employee compensation amounting to approximately RMB 831.67 million[131]. - Training expenses for the reporting period amounted to approximately RMB 10.75 million, covering nearly 23,000 employee training sessions[133].

Financial Performance - The company achieved a net profit attributable to shareholders of approximately RMB 3,724,115 thousand, resulting in earnings per share of approximately RMB 0.7392[4]. - The company reported a significant increase in revenue for the fiscal year 2022, with a year-on-year growth of 15%[13]. - The company's operating revenue for 2022 was CNY 13,255,603,107.72, a decrease of 7.03% compared to CNY 14,260,532,858.18 in 2021[22]. - Net profit attributable to shareholders of the listed company for 2022 was CNY 3,724,115,165.87, down 12.99% from CNY 4,280,010,033.09 in 2021[22]. - The basic earnings per share for 2022 was CNY 0.7392, representing a decrease of 12.99% compared to CNY 0.8496 in 2021[24]. - The total profit for the year was RMB 4.581 billion, down 17.70% compared to the previous year[33]. - The company achieved an operating revenue of RMB 13.256 billion in 2022, representing a year-on-year decrease of 7.05%[33]. - The company reported a significant increase in contract liabilities, decreasing by 61.89% to CNY 162,928,919.15 from CNY 427,561,162.30[70]. Dividend and Shareholder Returns - The board proposed a cash dividend of RMB 0.46 per share (including tax), based on a total share capital of 5,037,747,500 shares, with the expected payment date on July 26, 2023[4]. - The company has maintained a high dividend payout ratio since its listing, reflecting its commitment to providing stable returns to shareholders[40]. - The company distributed a cash dividend of RMB 2,317,363,850, which represents 62.22% of the net profit attributable to ordinary shareholders in the consolidated financial statements[143]. Risk Management and Compliance - The company has provided a detailed analysis of potential risks in its business operations and development in the annual report[6]. - The company has established a comprehensive risk management system to enhance risk governance capabilities[46]. - The company has implemented a comprehensive compliance management system, enhancing internal control and risk management across subsidiaries[147]. - The internal control audit report by KPMG confirmed effective financial reporting internal controls as of December 31, 2022[148]. - The company has received the highest A-level rating for information disclosure from the Shanghai Stock Exchange for three consecutive years, showcasing its compliance and governance effectiveness[40]. Business Operations and Strategy - The company has set a revenue guidance for 2023, projecting a growth rate of 10% to 12%[13]. - New product launches are expected to contribute an additional $50 million in revenue in the upcoming year[13]. - The company is investing $30 million in research and development for new technologies aimed at enhancing operational efficiency[13]. - Market expansion plans include entering two new provinces, which are projected to increase market share by 5%[13]. - The company is considering strategic acquisitions to enhance its service offerings, with a budget of $100 million allocated for potential deals[13]. - The company is exploring new operational models and has established a super experience center for electric vehicles, significantly increasing daily traffic and customer engagement[35]. Environmental and Social Responsibility - The company is committed to green and low-carbon development, aligning with national policies to achieve carbon peak and neutrality goals[92]. - The company reported a total of 1,099.886 kilometers of landscape greenbelt along highways in 2022, promoting environmental protection initiatives[155]. - The company achieved a 100% recycling rate for harmful waste materials such as waste asphalt residue, sealing tape, and sealing glue[157]. - The company expanded its "transportation + energy" sector by acquiring 100% equity of Yunshan Qingneng Company, which submitted 5 distributed photovoltaic power station project applications in 2022[157]. - The company actively participated in poverty alleviation and rural revitalization projects with a total investment of CNY 1.2 million, benefiting 4,555 individuals through various initiatives[161]. Governance and Management - The company maintains a robust governance structure, adhering to legal and regulatory requirements, and has received recognition for its investor relations efforts[98]. - The company has a structured remuneration policy for its board members and executives, ensuring transparency and accountability[103][104]. - The company has implemented a new governance structure to enhance operational and financial performance[120]. - The board held a total of 8 meetings during the year, with 7 conducted via a combination of in-person and communication methods[120]. - The company has a mix of executive and non-executive directors, with varying levels of remuneration reflecting their roles[103][104]. Financial Position and Investments - The total assets at the end of 2022 were CNY 78,458,345,074.07, an increase from CNY 74,246,831,643.32 at the end of 2021[22]. - The company completed the acquisition of 100% equity in Yunsong Qingneng Company for CNY 2,457,000,000, impacting financial reporting and necessitating adjustments to prior year data[24]. - The company raised RMB 29,866,170,000 in new direct financing during the reporting period, with interest-bearing debt totaling approximately RMB 35,426,657,000, an increase of about RMB 4,146,627,000 from the beginning of the period[77]. - The company plans to invest approximately RMB 4,264.19 million in 2023, a decrease of RMB 3,377.79 million compared to the actual expenditure of RMB 7,641.98 million in 2022[93]. Market and Competitive Landscape - The company experienced a decline in toll road traffic volume, which negatively affected its main business operations and financial performance[25]. - Increased competition from alternative transportation options and expanding railway networks in Jiangsu province may reduce market share and revenue growth[96]. - The real estate sector's prolonged inventory turnover could affect sales performance and the pace of exiting real estate funds, influenced by market conditions and regulatory policies[96]. Employee and Training Initiatives - The total number of employees in the parent company is 3,778, and the total number of employees in major subsidiaries is 1,020, resulting in a combined total of 4,798 employees[135]. - The company has established a training program that covered nearly 23,000 employee training sessions, with a training expenditure of approximately RMB 10.75 million[138]. - The total salary expenses for employees amounted to approximately RMB 839.78 million during the reporting period[136].

Financial Performance - The total revenue for the year-to-date reached RMB 9,484,797,722.84, representing an increase of 24.0% compared to RMB 7,659,400,764.81 in the same period last year[3]. - The net profit attributable to shareholders decreased by 19.11% to RMB 1,228,979,476.26 from RMB 1,542,538,210.92 year-on-year[5]. - The basic earnings per share for the quarter was RMB 0.2488, down 19.11% from RMB 0.2230 in the same period last year[6]. - The company's operating revenue for the year-to-date period increased due to new electricity sales from Yunshan Qingneng and recognition of construction income under the total amount method for eligible PPP projects[16]. - Net profit attributable to shareholders decreased due to reduced toll revenue and service area business income, as well as increased financial expenses from the commencement of interest capitalization for the Wufengshan Bridge[16]. - Basic earnings per share for the year-to-date period showed a decline, reflecting the overall decrease in net profit attributable to shareholders[16]. - In the July to September period, the group achieved total operating revenue of approximately RMB 4,608.05 million, a year-on-year increase of 70.06%[22]. - Net profit attributable to shareholders for the July to September 2022 period was approximately RMB 1,253,606 thousand, representing an increase of about 11.60% compared to the same period last year[23]. - For the first nine months of 2022, total operating revenue reached approximately RMB 9,484,798 thousand, a year-on-year increase of about 19.23%[24]. - Operating profit for the first nine months was approximately RMB 3,913,975 thousand, a decrease of about 20.56% year-on-year, with net profit attributable to shareholders at approximately RMB 3,109,037 thousand[27]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 76,676,946,117.37, reflecting a year-on-year increase of 3.31% from RMB 67,662,020,722.45[7]. - Total liabilities increased to RMB 39,438.89 million as of September 30, 2022, from RMB 36,609.25 million at the end of 2021[36]. - The company's total equity as of September 30, 2022, was RMB 37,238.06 million, a slight decrease from RMB 37,611.37 million at the end of 2021[37]. - Long-term investments rose to RMB 10,717.15 million as of September 30, 2022, compared to RMB 10,155.55 million at the end of 2021[34]. - The total cash outflow from financing activities increased to ¥32,578,795,033.01 in 2022, up from ¥21,980,338,745.93 in 2021, reflecting higher dividend and interest payments[46]. Cash Flow - The net cash flow from operating activities showed a decline of 6.40% compared to the previous period[6]. - Cash flow from operating activities decreased by 6.40% year-on-year, impacted by the decline in toll and service area business income due to the pandemic[16]. - Cash flow from operating activities generated a net amount of ¥4,016,242,502.77, a decrease from ¥4,290,901,509.18 in the previous year[45]. - Cash inflow from investment activities decreased to ¥11,697,230,664.63 in the first three quarters of 2022, down 20% from ¥14,609,761,960.03 in the same period of 2021[46]. - Net cash flow from investment activities improved to -¥2,689,267,770.59 in 2022, compared to -¥6,388,577,321.89 in 2021, indicating a reduction in cash outflow[46]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 32,177, with a total of 31,771 A-share shareholders and 406 H-share shareholders[21]. - The top shareholder, Jiangsu Transportation Holding Co., Ltd., holds 54.44% of the shares, totaling 2,742,578,825 shares[18]. Acquisitions and Investments - The company completed the acquisition of 100% equity in Jiangsu Yunshan Clean Energy Investment Holdings Co., Ltd. for RMB 2,457,000,000, enhancing its market position[8]. - The company completed the acquisition of 100% equity in Yunsong Qingneng for RMB 2,457 million, resulting in consolidation of the company in the financial statements[28]. - The company increased its stake in Jiangsu Longtan Bridge Co. from 53.6% to 57.33% by investing RMB 2,095.37 million in the Longtan Bridge North Connection Project, with total investment reaching RMB 1,446.17 million as of the reporting period[29]. Other Financial Metrics - The weighted average return on net assets was 9.62%, indicating a stable performance despite the challenges faced[6]. - Non-operating income included government subsidies amounting to RMB 7,471,476.70, primarily related to highway construction compensation[10]. - The company reported a loss of RMB 4,562,248.88 from the disposal of non-current assets during the reporting period[9]. - The average daily traffic flow on the Shanghai-Nanjing Expressway decreased by about 23.99% year-on-year, with average daily revenue dropping by about 15.68%[25].

Financial Performance - The company reported a significant increase in revenue, reaching RMB 1.2 billion, representing a 15% year-over-year growth[1]. - Operating revenue for the first half of 2022 was CNY 4,553,627,185.10, a decrease of 10.04% compared to CNY 5,061,764,712.00 in the same period last year[24]. - Net profit attributable to shareholders of the listed company was CNY 1,748,339,678.13, down 34.75% from CNY 2,679,329,242.91 year-on-year[24]. - Net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,628,796,407.56, a decrease of 31.85% compared to CNY 2,389,901,746.70 in the previous year[24]. - Net cash flow from operating activities was CNY 2,168,829,015.43, down 16.57% from CNY 2,599,589,338.93 in the same period last year[24]. - The company's operating revenue decreased by approximately 10.04% year-on-year to about RMB 4.554 billion, while total profit fell by approximately 37.00% to about RMB 2.164 billion[38]. - Net profit attributable to shareholders was approximately RMB 1.748 billion, with earnings per share of approximately RMB 0.347[38]. - The overall gross margin decreased by 14.03 percentage points to 42.11%[50]. User Engagement and Market Expansion - User data showed an increase in active users to 5 million, up 20% compared to the previous period[1]. - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in market share by the end of the fiscal year[1]. - The company provided a positive outlook for the next quarter, projecting a revenue growth of 10% to 12%[1]. Investments and Acquisitions - Research and development investments increased by 30%, focusing on innovative technologies in the transportation sector[1]. - The company completed a strategic acquisition of a local competitor for RMB 500 million, enhancing its service capabilities[1]. - The company acquired 100% equity of Yunsong Qingneng for RMB 2,457,000 thousand, focusing on clean energy projects including solar and offshore wind power[43]. Operational Efficiency and Cost Management - A new partnership with a technology firm aims to improve operational efficiency, projected to reduce costs by 15%[1]. - The company plans to enhance its digital infrastructure, with an investment of RMB 200 million over the next year[1]. - The company has established a modern enterprise management structure to enhance operational efficiency and reduce risks[36]. Sustainability Initiatives - The management emphasized the importance of sustainability initiatives, aiming for a 40% reduction in carbon emissions by 2025[1]. - The group has implemented various pollution prevention measures and complies with environmental regulations, ensuring no units are classified as key polluters[123][124]. - The group achieved a 100% recycling rate for milling materials in asphalt pavement projects, recovering 4,048 cubic meters of waste in the first half of 2022[126]. Financial Health and Debt Management - Total assets at the end of the reporting period were CNY 70,067,364,005.70, an increase of 3.55% from CNY 67,662,020,722.45 at the end of the previous year[25]. - The total liabilities of the group at the end of the reporting period were approximately RMB 34,563,605,000, with a debt-to-asset ratio of about 49.33%, an increase of approximately 1.59 percentage points from the beginning of the period[82]. - The group has actively expanded financing channels and adjusted debt structure to lower financing costs, effectively controlling financing expenses during the reporting period[84]. Challenges and Risks - Net profit attributable to shareholders decreased due to negative impacts from the pandemic in Shanghai and Suzhou, leading to a decline in cash flow from operating activities[27]. - The company is facing risks from industry policy changes that could directly impact toll revenue, which is its main income source[109]. - The competitive landscape is becoming increasingly challenging, with the expansion of the highway network potentially reducing market share and revenue growth[110]. Future Plans and Strategic Focus - New product launches are expected to contribute an additional RMB 300 million in revenue over the next six months[1]. - The company plans to start the expansion of the southern section of the Xiyi Expressway in January 2023, with an estimated total investment of approximately RMB 7.75491 billion, expected to be completed by June 2026[39]. - The group plans to optimize its debt structure and reduce financing costs to support operational and development needs, with a registered short-term financing limit of approximately RMB 4 billion and unused credit facilities of no less than RMB 10 billion[113].

[Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This chapter provides essential definitions for company abbreviations, group entities, project names, and accounting standards used throughout the report - The chapter defines common terms, including company abbreviations, group entities, road and bridge project names, professional terminology, and accounting standards, to facilitate understanding of the report content[10](index=10&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides the company's fundamental information and a detailed analysis of its key financial performance indicators, highlighting the impact of external factors on results [Company Basic Information](index=7&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section details the company's fundamental information, including its names, legal representative, contact details, addresses, website, and multi-market stock listing information Stock Listing Information | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Ninghu Expressway | 600377 | | H-share | The Stock Exchange of Hong Kong Limited | Jiangsu Ninghu Expressway | 00177 | | ADR | United States | JEXYY | 477373104 | [Key Accounting Data and Financial Indicators](index=8&type=section&id=%E4%B8%83%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company experienced significant declines in key financial metrics, including a 10.04% decrease in operating revenue and a 34.75% drop in net profit attributable to shareholders, primarily due to regional pandemic impacts Key Financial Performance Summary | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,553,627,185.10 yuan | 5,061,764,712.00 yuan | -10.04 | | Net Profit Attributable to Shareholders of the Listed Company | 1,748,339,678.13 yuan | 2,679,329,242.91 yuan | -34.75 | | Net Profit Attributable to Shareholders of the Listed Company (Excluding Non-recurring Gains and Losses) | 1,628,796,407.56 yuan | 2,389,901,746.70 yuan | -31.85 | | Net Cash Flow from Operating Activities | 2,168,829,015.43 yuan | 2,599,589,338.93 yuan | -16.57 | | Basic EPS (Yuan/share) | 0.3470 | 0.5319 | -34.76 | | Weighted Average ROE (%) | 5.55 | 8.93 | Decreased by 3.38 percentage points | - The company attributed the performance decline primarily to the negative impact of the pandemic in Shanghai and Southern Jiangsu on its core road and bridge operations, alongside a decrease in the performance of associated road and bridge enterprises[21](index=21&type=chunk) - Non-recurring gains and losses totaled **119.5 million yuan** during the period, mainly from disposal of non-current assets, government grants, and fair value changes and investment income from held-for-trading financial assets[21](index=21&type=chunk)[22](index=22&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the company's operational performance, core competencies, and financial results, highlighting the impact of the pandemic and strategic initiatives [Industry and Principal Business Overview](index=10&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company, as Jiangsu Province's sole listed road and bridge entity, primarily invests in, constructs, operates, and manages toll roads and bridges within the province, while also expanding into "transportation+" and financial services - As of the end of the reporting period, the Group directly operates and invests in **17 road and bridge projects**, owning or holding stakes in over **910 kilometers** of open toll roads and bridges[23](index=23&type=chunk) - As of the end of the reporting period, the Group's total assets were approximately **70.067 billion yuan**, with net assets attributable to shareholders of the listed company around **30.402 billion yuan**[23](index=23&type=chunk) [Core Competitiveness Analysis](index=10&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness stems from its strategic location in the Yangtze River Delta, high-quality road and bridge assets, advanced operational concepts, professional management, comprehensive risk management, and robust multi-listing financing platform - Company's core competencies include: - **Unique Geographic Advantage**: Operating in the economically vibrant Yangtze River Delta region - **High-Quality Road and Bridge Assets**: Controlling or participating in **17 toll road and bridge projects**, all central to Jiangsu Province's expressway network - **Leading Operational Philosophy**: Focused on building digital expressways and smart transportation - **Professional Management Team**: Experienced and capable in operational management and capital operations - **Comprehensive Risk Management**: Established a large risk control system integrating legal, compliance, internal control, and risk coordination - **Strong Financing Platform**: Listed in Hong Kong, Shanghai, and New York, ensuring smooth financing channels[27](index=27&type=chunk) [Discussion and Analysis of Operations](index=11&type=section&id=%E4%B8%89%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In the first half of 2022, the company navigated pandemic challenges by focusing on its core business, advancing investments, and entering the new energy sector, despite a 10.04% revenue decline and a 34.75% drop in net profit Financial Performance Summary | Financial Indicator | Amount in Reporting Period | YoY Change | | :--- | :--- | :--- | | Operating Revenue | Approx. **4.554 billion yuan** | -10.04% | | Total Profit | Approx. **2.164 billion yuan** | -37.00% | | Net Profit Attributable to Shareholders of the Listed Company | Approx. **1.748 billion yuan** | -34.75% | | EPS | Approx. **0.347 yuan** | - | | Net Operating Cash Flow | Approx. **2.169 billion yuan** | - | | Weighted Average ROE | 5.55% | - | [Road and Bridge Main Business](index=11&type=section&id=%E8%B7%AF%E6%A1%A5%E4%B8%BB%E4%B8%9A) The road and bridge main business was severely impacted by the pandemic, resulting in a 17.71% decrease in toll revenue, with core asset Huning Expressway experiencing a 36.84% drop in daily traffic and a 26.09% decline in daily revenue Road and Bridge Project Performance | Road and Bridge Project | Average Daily Traffic (vehicles/day) | Traffic YoY | Average Daily Revenue (thousand yuan/day) | Revenue YoY | | :--- | :--- | :--- | :--- | :--- | | Huning Expressway | 66,925 | -36.84% | 10,503.52 | -26.09% | | Ningchang Expressway | 35,619 | -27.80% | 2,200.38 | -20.12% | | Xicheng Expressway | 48,394 | -42.79% | 1,102.36 | -35.83% | | Jiangyin Bridge | 54,704 | -41.77% | 2,322.77 | -32.59% | | Sujiahang Expressway | 33,287 | -37.27% | 1,771.41 | -28.87% | | Yanjiang Expressway | 37,218 | -36.13% | 3,844.29 | -19.23% | - The company steadily advanced major project investments, with approximately **426 million yuan** invested in the Longtan Bridge project during the reporting period, bringing cumulative investment to **3.889 billion yuan**[28](index=28&type=chunk)[29](index=29&type=chunk) - The company plans to increase capital in Longtan Bridge Company for the construction of the North Connection Project and is actively preparing for the expansion of the southern section of Xiyi Expressway[28](index=28&type=chunk)[29](index=29&type=chunk) [Ancillary Businesses](index=13&type=section&id=%E9%85%8D%E5%A5%97%E4%B8%9A%E5%8A%A1) The Group's ancillary service business revenue decreased by 36.26% to 448 million yuan due to pandemic impacts, with service area leasing revenue down 57.03% and oil sales revenue down 32.08% - Ancillary service business revenue was approximately **448 million yuan**, a year-on-year decrease of **36.26%**[32](index=32&type=chunk) - Service area leasing revenue was approximately **48.75 million yuan**, a year-on-year decrease of **57.03%**; oil sales revenue was approximately **390 million yuan**, a year-on-year decrease of **32.08%**, with oil sales gross profit significantly down by **73.58%**[32](index=32&type=chunk) [New Energy Business](index=13&type=section&id=%E6%96%B0%E8%83%BD%E6%BA%90%E4%B8%9A%E5%8A%A1) To diversify profit sources and support green development, the company acquired 100% equity of Yunshan Qingneng Company for 2.457 billion yuan, officially entering the new energy sector with a focus on solar and wind power generation - The company invested **2.457 billion yuan** to acquire 100% equity of Yunshan Qingneng Company, entering the new energy sector, with the acquisition's industrial and commercial registration completed in July[32](index=32&type=chunk) [Real Estate Business](index=13&type=section&id=%E5%9C%B0%E4%BA%A7%E4%B8%9A%E5%8A%A1) The Group's real estate business recognized sales revenue of approximately 274 million yuan, a 9% increase, but gross profit significantly declined by 56.38% to 70.77 million yuan due to increased project settlement costs - Real estate business recognized sales revenue of approximately **274 million yuan**, a year-on-year increase of **9%**; however, operating gross profit decreased by **56.38%** year-on-year[32](index=32&type=chunk) [Other Businesses](index=13&type=section&id=%E5%85%B6%E4%BB%96%E4%B8%9A%E5%8A%A1) Other business segments showed mixed performance, with investment income from associated road and bridge companies decreasing by 41.47%, while investment income from associated financial companies increased by 243.24% - Investment income from associated road and bridge companies decreased by **41.47%**, while investment income from financial companies increased by **243.24%**[32](index=32&type=chunk) - Dividend income from other equity instruments and non-current financial assets was approximately **398 million yuan**, a year-on-year increase of **55.16%**[32](index=32&type=chunk) [Financial Analysis of Key Operating Conditions](index=14&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section provides a detailed analysis of changes in financial statement items, including a 10.04% decrease in operating revenue due to the pandemic, an 18.74% increase in operating costs, and a 63.78% surge in financial expenses Key Financial Statement Item Changes | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | Main Reasons for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 4,553,627,185.10 | 5,061,764,712.00 | -10.04 | Pandemic impact on toll and ancillary business revenue | | Operating Cost | 2,636,097,654.96 | 2,220,101,069.51 | 18.74 | Increased real estate project delivery costs and PPP project accounting treatment change | | Financial Expenses | 481,451,513.40 | 293,958,394.97 | 63.78 | Capitalization of Wufengshan Bridge loan interest and increase in interest-bearing debt | | Investment Income | 797,779,932.39 | 712,266,896.33 | 12.01 | Growth in financial investment dividends and wealth management income | | Fair Value Change Income | 35,105,006.37 | 314,007,325.26 | -88.82 | Year-on-year decrease in fair value growth of other non-current financial assets | [Corporate Governance](index=27&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) This section outlines changes in the company's board of directors and senior management, along with its profit distribution policy [Changes in Directors, Supervisors, and Senior Management](index=27&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's board and senior management saw changes, including the resignation of the chairman and an independent non-executive director, and the appointment of new directors and a senior executive - Cheng Xiaoguang resigned as chairman due to work reasons, and Lin Hui resigned as an independent non-executive director due to term expiration[64](index=64&type=chunk) - Chen Yunjiang, Wang Feng, and Ge Yang were elected as new directors, and Li Peidong was appointed as a senior executive[64](index=64&type=chunk) [Profit Distribution Plan](index=27&type=section&id=%E4%B8%89%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company has no proposed profit distribution or capital reserve capitalization plan for the first half of 2022 - Half-year proposed profit distribution plan and capital reserve capitalization plan: Not applicable[65](index=65&type=chunk) [Environmental and Social Responsibility](index=29&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E7%8E%AF%E5%A2%83%E4%B8%8E%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB) This section details the company's environmental management practices, pollution prevention measures, and commitment to green development, including its non-status as a key polluting entity [Environmental Information](index=29&type=section&id=%E4%B8%80%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) The company is not classified as a key polluting entity and has implemented an environmental management system with various measures to prevent pollution and promote green, low-carbon maintenance technologies - The company is not classified as a key polluting entity and strictly adheres to environmental regulations, having established a long-term environmental protection management system[69](index=69&type=chunk) - During the reporting period, the company revised five environmental management systems based on ISO 14001 to strengthen pollution prevention and control for exhaust gas, wastewater, solid waste, and noise[72](index=72&type=chunk) - The company is committed to building a green transportation business and effectively reducing carbon emissions by promoting green and low-carbon maintenance technologies and exploring new energy investments[74](index=74&type=chunk) [Significant Matters](index=31&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers the company's major related-party transactions, significant contracts, and other important events, including a key acquisition and an accounting estimate change [Major Related Party Transactions](index=32&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E2%97%A0%E5%85%B3%E8%BF%9E%E4%BA%A4%E6%98%93) This section discloses various related-party transactions, including the acquisition of Yunshan Qingneng Company for 2.457 billion yuan and the termination of the planned acquisition of Turkey's ICA company - The company acquired 100% equity of Yunshan Qingneng Company from its controlling shareholder, Jiangsu Communications Holding Co., Ltd., for **2.457 billion yuan**, with the industrial and commercial registration completed after the reporting period[93](index=93&type=chunk) - The company terminated its plan to acquire a **51%** stake in Turkey's ICA company and related shareholder loans due to the failure of transaction parties to reach a consensus on refinancing arrangements[96](index=96&type=chunk) [Major Contracts and Their Performance](index=48&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section details the company's service area leasing status, impacted by the pandemic, and its guarantee for a wholly-owned subsidiary, with a remaining guarantee balance of 120 million yuan - Due to the ongoing impact of the pandemic, Huning Expressway's Huanglishu, Xianrenshan, and Meicun service areas terminated their original lease contracts on December 31, 2021, entering a transitional operating period maintained by the original tenants[105](index=105&type=chunk) - The company provided a maximum guarantee of **670 million yuan** for its wholly-owned subsidiary, Factoring Company, with a guarantee balance of **120 million yuan** at the end of the reporting period, representing **0.34%** of the company's net assets[106](index=106&type=chunk) [Other Significant Matters](index=51&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) This section highlights the company's adoption of new accounting standards and a significant change in accounting estimate for highway operating rights amortization, which positively impacted net profit - The company changed its accounting estimate for the amortization of highway operating rights from April 1, 2022, adopting adjusted future remaining traffic flow for calculation, which is treated prospectively[109](index=109&type=chunk) Impact of Accounting Estimate Change on Consolidated Financial Statements | Accounting Estimate Change Impact | Impact Amount on Consolidated Financial Statements (Yuan) | | :--- | :--- | | Increase in Intangible Assets | 78,030,141.99 | | Decrease in Operating Costs | 78,030,141.99 | | Increase in Net Profit Attributable to Parent Company | 49,802,081.81 | [Share Changes and Shareholder Information](index=52&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details the company's stable share capital structure and shareholder composition, including the total number of shareholders and major equity holders [Shareholder Information](index=52&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital and equity structure remained unchanged, with 29,868 common shareholders and Jiangsu Communications Holding Co., Ltd. as the largest shareholder - As of June 30, 2022, the total number of common shareholders was **29,868**[113](index=113&type=chunk) Major Shareholders | Shareholder Name | Shares Held at Period End | Proportion (%) | | :--- | :--- | :--- | | Jiangsu Communications Holding Co., Ltd. | 2,742,578,825 | 54.44 | | China Merchants Expressway Network & Technology Holdings Co., Ltd. | 589,059,077 | 11.69 | | Mitsubishi UFJ Financial, Group Inc. | 146,754,597 | 2.91 | | BlackRock, Inc. | 134,467,514 | 2.67 | [Preferred Shares Information](index=55&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section confirms that the company has no preferred shares during the reporting period - The company had no preferred shares during this reporting period[120](index=120&type=chunk) [Bond Information](index=56&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section provides an overview of the company's outstanding corporate bonds and non-financial enterprise debt financing instruments, along with an analysis of key solvency ratios [Overview of Various Bonds](index=56&type=section&id=%E4%B8%80%E3%80%81%E4%BC%81%E4%B8%9A%E5%80%BA%E5%80%BA%E5%88%B8%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%80%BA%E5%88%B8%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) This section details the company's outstanding corporate bonds and interbank debt financing instruments, noting a slight increase in asset-liability ratio and a decrease in profit-related solvency indicators due to pandemic impacts - As of the end of the reporting period, the company had **3 outstanding corporate bonds**, totaling **2.8 billion yuan**[123](index=123&type=chunk) - As of the end of the reporting period, the company's outstanding interbank non-financial enterprise debt financing instruments included **4 billion yuan** in medium-term notes and **7.701 billion yuan** in super short-term commercial papers[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk) Key Bond-Related Financial Indicators | Key Indicator | End of Current Period / Current Period | End of Prior Year / Prior Period | Change | | :--- | :--- | :--- | :--- | | Asset-Liability Ratio (%) | 49.33 | 47.74 | Increased by 1.59 percentage points | | Interest Coverage Ratio | 5.4633 | 8.2690 | -33.93% | | Cash Interest Coverage Ratio | 6.4326 | 8.7618 | -26.58% | [Financial Report](index=63&type=section&id=%E7%AC%AC%E5%8D%81%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with key accounting policies and detailed notes [Financial Statements](index=63&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the unaudited consolidated and parent company financial statements, showing total assets of 70.067 billion yuan and total liabilities of 34.564 billion yuan as of June 30, 2022 Consolidated Financial Statement Summary (as of June 30, 2022 / Jan-Jun 2022) | Statement Item (Consolidated) | 2022年6月30日 / 2022年1-6月 (RMB Yuan) | | :--- | :--- | | **Balance Sheet:** | | | Total Assets | 70,067,364,005.70 | | Total Liabilities | 34,563,605,458.69 | | Equity Attributable to Parent Company Owners | 30,402,137,677.62 | | **Income Statement:** | | | Operating Revenue | 4,553,627,185.10 | | Net Profit Attributable to Parent Company Shareholders | 1,748,339,678.13 | | **Cash Flow Statement:** | | | Net Cash Flow from Operating Activities | 2,168,829,015.43 | [Significant Accounting Policies and Estimates](index=75&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section outlines the company's financial statement preparation basis, accounting standards, and key accounting policies and estimates, including the amortization of highway operating rights and financial instrument classification - The company's financial statements are prepared on a going concern basis, adhering to Chinese Enterprise Accounting Standards, with management confident in sufficient credit lines despite current liabilities exceeding current assets[156](index=156&type=chunk)[157](index=157&type=chunk)[159](index=159&type=chunk) - Core accounting policies include: amortization of highway operating rights using the traffic flow method; determination of real estate development product costs using the specific identification method; and classification of financial assets based on business model and contractual cash flow characteristics[187](index=187&type=chunk)[203](index=203&type=chunk)[172](index=172&type=chunk) - A significant accounting estimate change was implemented from April 1, 2022, involving the use of adjusted future remaining traffic flow to calculate the amortization of highway operating rights[233](index=233&type=chunk) [Notes to Consolidated Financial Statement Items](index=99&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on key consolidated financial statement items, including a significant increase in trading financial assets to 4.347 billion yuan and intangible assets primarily comprising highway operating rights at 36.791 billion yuan - The ending balance of trading financial assets was **4.347 billion yuan**, a significant increase from **2.647 billion yuan** at the beginning of the period, primarily due to increased investments in wealth management products[238](index=238&type=chunk) - The ending balance of long-term equity investments was **9.935 billion yuan**, mainly comprising investments in associated companies such as Yanjiang Company, Zijin Trust, Suzhou Expressway Management, and Yangtze Bridge Company[271](index=271&type=chunk)[272](index=272&type=chunk) - The ending book value of intangible assets was **36.791 billion yuan**, with highway operating rights (in operation) accounting for **34.051 billion yuan**[292](index=292&type=chunk)[293](index=293&type=chunk) [Interests in Other Entities](index=142&type=section&id=%E4%B9%9D%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section discloses the company's equity interests in subsidiaries, joint ventures, and associates, highlighting significant non-wholly owned subsidiaries and key associates contributing to investment income - The company holds interests in several significant non-wholly owned subsidiaries, such as Guangjingsicheng Company (**85%** stake) and Wufengshan Bridge Company (**64.5%** stake), with minority interests totaling **5.102 billion yuan**[379](index=379&type=chunk)[381](index=381&type=chunk) - Important associated companies include Yangtze Bridge Company (**26.66%** stake), Suzhou Expressway Management Company (**23.86%** stake), Zijin Trust (**20.00%** stake), and Yanjiang Company (indirect **25.15%** stake)[385](index=385&type=chunk) [Related Parties and Related Party Transactions](index=150&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%20%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section provides a detailed disclosure of the company's related party relationships and various related party transactions, emphasizing adherence to market pricing and proper approval procedures - The company's parent company and ultimate controlling party is Jiangsu Communications Holding Co., Ltd., holding a **54.44%** stake[405](index=405&type=chunk) - During the reporting period, the largest related party procurement item was road maintenance fees paid to Modern Road and Bridge Company, amounting to **282 million yuan**[409](index=409&type=chunk) - During the reporting period, the company engaged in deposit and loan transactions with the related party Finance Company, with an ending deposit balance of **473 million yuan** and a loan balance of **631 million yuan**[562](index=562&type=chunk)[563](index=563&type=chunk)

Financial Performance - Operating revenue for the first quarter reached CNY 2,578,308,102.06, representing a year-on-year increase of 7.77%[3] - Net profit attributable to shareholders of the listed company was CNY 795,301,448.02, a decrease of 30.49% compared to the same period last year[3] - Basic earnings per share were CNY 0.1579, reflecting a decline of 30.47% year-on-year[3] - The group achieved an operating profit of approximately RMB 1,034,888 thousand in Q1 2022, a decrease of 30.57% year-on-year, with net profit attributable to shareholders of approximately RMB 795,301 thousand, resulting in earnings per share of approximately RMB 0.1579, down 30.47% year-on-year[18] - Operating profit for Q1 2022 was ¥1,034,887,586.26, down 30.6% from ¥1,490,608,891.01 in Q1 2021[29] - Net profit attributable to shareholders for Q1 2022 was ¥785,441,990.66, a decrease of 31.9% from ¥1,154,108,744.03 in Q1 2021[30] Cash Flow - The net cash flow from operating activities amounted to CNY 1,102,847,758.55, an increase of 6.25% compared to the previous year[3] - Cash flow from operating activities for Q1 2022 was ¥1,102,847,758.55, an increase from ¥1,037,934,638.41 in Q1 2021[34] - Cash inflow from investment activities for Q1 2022 was ¥1,028,353,849.98, a decrease from ¥2,288,839,274.39 in Q1 2021[35] - Cash outflow from investment activities totaled $1,813,849,634.39 in Q1 2022, a decrease of 56.2% compared to $4,139,681,039.57 in Q1 2021[36] - Net cash flow from financing activities was negative $325,088,712.11 in Q1 2022, contrasting with a positive $983,672,977.99 in Q1 2021[37] - The net increase in cash and cash equivalents was negative $7,736,737.97 in Q1 2022, compared to a positive increase of $170,765,851.22 in Q1 2021[38] Assets and Liabilities - Total assets at the end of the reporting period were CNY 68,629,183,231.63, up 1.43% from the end of the previous year[3] - Total assets as of March 31, 2022, amounted to ¥68,629,183,231.63, compared to ¥67,662,020,722.45 as of December 31, 2021[27] - Total liabilities decreased from RMB 32,302,127,737.00 as of December 31, 2021, to RMB 31,845,998,872.84 as of March 31, 2022[26] - The company reported a total of RMB 12,296,623,275.50 in current liabilities as of March 31, 2022, down from RMB 12,969,343,154.73 as of December 31, 2021[25] - Long-term borrowings remained stable at approximately RMB 13,027,823,778.95 as of March 31, 2022, compared to RMB 13,028,697,541.04 as of December 31, 2021[26] Business Segments - The toll road business generated revenue of approximately RMB 1,823,287 thousand, a decrease of 7.86% compared to the same period last year[13] - The real estate business reported operating revenue of approximately RMB 222,296 thousand, a significant increase of 199.09% year-on-year[14] - The oil sales segment achieved revenue of approximately RMB 281,621 thousand, an increase of 10.68% year-on-year, despite a 58.88% drop in gross profit margin[14] - The average daily revenue for the Shanghai-Nanjing Expressway Jiangsu section was approximately RMB 12,006.38 thousand, down 15.29% year-on-year[13] - The group's average daily traffic volume for the Shanghai-Nanjing Expressway was 86,544 vehicles, a decrease of 18.08% year-on-year[16] - The Wuxi Ring Taihu Expressway saw a daily revenue increase of 45.21%, with an average daily income of RMB 215.75 thousand[15] - The average daily revenue for the Changji Expressway increased by 34.34% year-on-year, reaching RMB 255.12 thousand[17] Shareholder Information - The company reported a total of 30,805 ordinary shareholders at the end of the reporting period[8] - The Jiangsu Transportation Holding Co., Ltd. holds 2,742,578,825 shares, representing the largest shareholding in the company[11] - The company has not identified any related party relationships among the top shareholders during the reporting period[12] Investment Activities - The company decided to terminate the acquisition of a toll bridge project in Turkey due to failure to reach consensus on refinancing arrangements, with the termination agreement signed on March 9, 2022[19] - The company approved an investment of up to RMB 698,458.72 thousand for the construction of the Longtan Bridge North Connection Project, increasing its stake in Jiangsu Longtan Bridge Co., Ltd. from 53.6% to 57.33%[20] - The registered capital of Suzhou Highway Management Co., Ltd. increased to RMB 254,339.29 thousand, resulting in a decrease in the company's shareholding from 30.01% to 23.86%[21]