Financial Performance - The company achieved a net profit attributable to shareholders of approximately RMB 4,178,794 thousand, with earnings per share of approximately RMB 0.8295[2] - The net profit attributable to shareholders for 2021 was RMB 1.2 billion, reflecting a growth of 20% compared to 2020[29] - The company achieved an operating revenue of RMB 13.793 billion in 2021, a significant increase of 71.71% compared to RMB 8.032 billion in 2020[39] - The company’s operating cash flow was RMB 5.467 billion, up from RMB 3.137 billion in 2020, indicating a growth of 75.5%[39] - The company reported a significant increase in investment income, amounting to approximately CNY 1,201.53 million, a growth of 94.28% compared to the previous year[57] - The company’s total operating revenue for the reporting period reached approximately CNY 13,792,587,000, representing a year-on-year increase of about 71.71% due to the recovery of toll business and increased housing delivery scale[59] - The company reported a significant increase in maintenance costs for the Xicheng Expressway due to major repairs, impacting the gross profit margin of toll operations[61] - The company’s total assets reached ¥67,682,020,722.45, an increase of 10.75% from the previous period[82] 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 by August 5, 2022[2] - The company has maintained a high dividend payout ratio, ensuring stable returns for shareholders[44] - The company strictly adhered to its cash dividend policy, ensuring the protection of minority shareholders' rights[190] Revenue Growth and Projections - Future guidance indicates a projected revenue growth of 10-12% for 2022, driven by increased traffic and new projects[29] - Future outlook indicates a projected revenue growth of 10% for the upcoming fiscal year, driven by strategic initiatives and market expansion[139] - Future outlook indicates a projected revenue growth of 15% for the upcoming fiscal year, driven by strategic initiatives and market expansion[143] Operational Efficiency and Investments - The company aims to improve operational efficiency by 5% through digital transformation initiatives in the coming year[29] - The company is investing RMB 300 million in new technology for toll collection systems to enhance efficiency and user experience[29] - The company is focused on digital highways and smart transportation, aiming to enhance operational efficiency and reduce costs[52] - The company plans to enhance its research and development budget by 20% to accelerate innovation[139] Risk Management and Compliance - The company has conducted a detailed analysis of potential risks in its future business operations and development, as outlined in the annual report[3] - The company is focused on enhancing its risk management framework to adapt to new market conditions and ensure sustainable development[53] - The company’s risk management and internal control systems are deemed sufficient and effectively implemented, with no significant management risks identified[176] Strategic Initiatives and Expansion - The company plans to expand its highway network by 10% over the next three years, focusing on strategic locations in Jiangsu province[29] - Jiangsu Expressway is exploring potential mergers and acquisitions to strengthen its market position in the region[29] - The company has initiated a new public-private partnership (PPP) project aimed at developing a major expressway segment by 2023[29] - The company is exploring various financing methods, including convertible bonds and overseas bonds, to support its development strategy[111] Corporate Governance - The company has established various governance systems to enhance corporate governance, including rules for shareholder meetings and board operations[126] - The company has independent financial departments and accounts, ensuring financial decisions are made autonomously without interference from the controlling shareholder[123] - The company has implemented measures to protect the rights of minority shareholders, including independent vote counting and public solicitation of shareholder voting rights[134] Employee and Management Practices - The total number of employees in the parent company and major subsidiaries is 4,822, with 3,862 in the parent company and 960 in subsidiaries[178] - The total salary expenditure for employees amounts to approximately RMB 772.015 million[180] - The company has implemented a performance evaluation system to enhance employee motivation and engagement[180] Market Conditions and Challenges - The company faces industry policy risks that could directly impact toll revenue, which is its main income source[113] - Increased competition from alternative routes and expanding railway networks in Jiangsu Province may affect market share and revenue growth[114] - Investment risks in new road and bridge projects are influenced by economic and political factors, potentially leading to lower-than-expected returns[115] Sustainability and Innovation - A commitment to sustainability initiatives is being prioritized, with goals to reduce carbon emissions by 25% by 2025[139] - The management team emphasizes the importance of digital transformation in driving future growth and customer engagement[139] Financial Strategy and Capital Management - The company plans to issue medium-term notes not exceeding RMB 9 billion and short-term financing bonds not exceeding RMB 8 billion, subject to board approval[174] - The company’s total asset-liability ratio will be maintained below 55% as part of its financing strategy[174]

公司代码：600377 公司简称：宁沪高速 2021 年年度报告 江苏宁沪高速公路股份有限公司 2021 年年度报告 1 / 223 2021 年年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 毕马威华振会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 本公司年度财务报告按中国企业会计准则编制，并同时遵循香港公司条例及香港上市规则 的披露要求。 四、 公司负责人成晓光、主管会计工作负责人戴倩及会计机构负责人（会计主管人员）姚群芳声 明：保证年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本报告期，本公司实现归属于母公司股东的净利润约为人民币4,178,794千元，每股盈利约 0.8295元，本公司董事会以总股本5,037,747,500股为基数，提议向全体股东派发现金股息每股 人民币0.46元（含税）。拟派股息预期于2022年8月5日前派付。 六、 前瞻性陈述 ...

[Key Financial Data](index=1&type=section&id=Item%20I.%20Key%20Financial%20Data) [Key Accounting Data and Financial Indicators](index=1&type=section&id=Item%20I.%28I%29Key%20Accounting%20Data%20and%20Financial%20Indicators) Q3 2021 saw revenue decline 3.23% and net profit 21.33% due to pandemic, yet year-to-date (Jan-Sep) revenue surged 43.09% and net profit 99.87%, reflecting strong recovery Key Financial Indicators for Q3 and Jan-Sep 2021 | Indicator | Current Period (Q3 2021) | YoY Change (%) | Year-to-Date (Jan-Sep 2021) | YoY Change (Jan-Sep) (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2.60 billion CNY | -3.23% | 7.66 billion CNY | 43.09% | | Net Profit Attributable to Parent Company Shareholders | 1.11 billion CNY | -21.33% | 3.79 billion CNY | 99.87% | | Net Cash Flow from Operating Activities | 1.55 billion CNY | 3.91% | 4.15 billion CNY | 73.93% | | Basic EPS (CNY/share) | 0.2201 | -21.33% | 0.7520 | 99.87% | | Total Assets (Period-end) | 67.51 billion CNY | 10.50% (vs. prior year-end) | - | - | | Total Equity Attributable to Parent Company Shareholders (Period-end) | 29.99 billion CNY | 6.29% (vs. prior year-end) | - | - | [Non-recurring Gains and Losses Items and Amounts](index=2&type=section&id=Item%20I.%28II%29Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Year-to-date, the company's total non-recurring gains and losses amounted to CNY 356 million, primarily driven by fair value changes and investment income from financial assets and liabilities totaling CNY 456 million, with government grants also contributing approximately CNY 19 million Non-recurring Gains and Losses Items (Year-to-Date) | Item | Amount (Year-to-Date, CNY) | Description | | :--- | :--- | :--- | | Gains/losses from fair value changes and investment income on financial assets/liabilities held for trading | 456,028,067.04 | Mainly fair value changes and dividends from other non-current financial assets held by subsidiary Ninghu Investment Company | | Government grants recognized in current profit/loss | 18,949,829.22 | Mainly construction compensation for Ningchang Expressway, VAT additional deduction, and provincial border toll station renovation grants | | **Total** | **355,865,598.46** | - | [Analysis of Major Financial Indicator Changes](index=3&type=section&id=Item%20I.%28III%29Analysis%20of%20Major%20Accounting%20Data%20and%20Financial%20Indicator%20Changes) The company's Q3 net profit attributable to parent company shareholders decreased by 21.33% year-on-year, primarily due to the late July pandemic outbreak impacting core road and bridge operations and ancillary services, alongside increased amortization and financial expenses from new road and bridge projects being capitalized - Q3 net profit attributable to parent company shareholders decreased by **21.33%** year-on-year, primarily due to the late July pandemic impact and increased amortization and financial expenses from new road and bridge projects commencing operations[8](index=8&type=chunk) [Shareholder Information](index=3&type=section&id=Item%20II.%20Shareholder%20Information) [Shareholding Status](index=3&type=section&id=Item%20II.%28I%29Total%20Number%20of%20Common%20Shareholders%2C%20Preferred%20Shareholders%20with%20Restored%20Voting%20Rights%2C%20and%20Top%20Ten%20Shareholders%27%20Holdings) As of the reporting period end, the company had 31,666 shareholders, with a stable and concentrated equity structure where the top two state-owned legal entity shareholders, Jiangsu Communications Holding Co., Ltd. and China Merchants Expressway Network Technology Holdings Co., Ltd., collectively held over 66%, indicating strong control - As of the reporting period end, the company had **31,258 A-share shareholders** and **408 H-share shareholders**, totaling **31,666 shareholders**[10](index=10&type=chunk) Top Ten Shareholders' Holdings | Shareholder Name | Shareholder Type | Shareholding Percentage (%) | | :--- | :--- | :--- | | Jiangsu Communications Holding Co., Ltd. | State-owned Legal Entity | 54.44 | | China Merchants Expressway Network Technology Holdings Co., Ltd. | State-owned Legal Entity | 11.69 | | Mitsubishi UFJ Financial Group, Inc. | Overseas Legal Entity | 2.91 | | BlackRock, Inc. | Overseas Legal Entity | 2.63 | | JPMorgan Chase & Co. | Overseas Legal Entity | 2.14 | [Other Noteworthy Matters](index=4&type=section&id=Item%20III.%20Other%20Noteworthy%20Matters) [Business Progress](index=4&type=section&id=Item%201.Business%20Progress) The company's business experienced a brief pandemic impact in Q3, but overall year-to-date performance benefited from a strong recovery in toll collection, driving significant revenue and profit growth, with new projects also contributing revenue [Business Progress for July-September](index=4&type=section&id=Item%20%281%29Business%20Progress%20for%20July-September) In Q3 2021, total revenue decreased by 3.23% to CNY 2.60 billion due to late July pandemic impacts, with core toll and ancillary services revenue declining, while increased amortization and maintenance costs from new road and bridge projects led to a 21.33% year-on-year drop in net profit attributable to parent company shareholders Q3 2021 Revenue by Business Segment | Business Segment | Revenue (K CNY) | YoY Change (%) | | :--- | :--- | :--- | | Toll Collection Business | 2,080,575 | -4.79% | | Ancillary Services | 323,183 | -7.67% | | Real Estate Business | 166,346 | +29.74% | | Other Businesses | 27,533 | +30.88% | | **Total** | **2,597,636** | **-3.23%** | - Q3 operating costs increased by **19.16%** year-on-year, primarily due to increased amortization of highway operating rights from new road and bridge projects, alongside higher road maintenance and real estate business costs[14](index=14&type=chunk) [Business Progress for January-September](index=5&type=section&id=Item%20%282%29Business%20Progress%20for%20January-September) In the first three quarters of 2021, the company's business strongly recovered from pandemic impacts, with cumulative revenue reaching CNY 7.66 billion, up 43.09% year-on-year, primarily driven by a 54.73% increase in road toll revenue, leading to a 99.87% surge in net profit attributable to parent company shareholders despite higher costs from new project operations - In the first three quarters, road toll revenue was approximately **CNY 6.13 billion**, a **54.73%** year-on-year increase, serving as the primary driver for total revenue growth[15](index=15&type=chunk) Daily Average Revenue of Major Road and Bridge Projects (Jan-Sep 2021, K CNY/day) | Project | Jan-Sep 2021 | Prior Period | YoY Growth (%) | | :--- | :--- | :--- | :--- | | Huning Expressway | 14,016.37 | 9,505.52 | 47.46% | | Ningchang Expressway | 2,667.29 | 1,648.67 | 61.78% | | Xiyi Expressway | 1,157.53 | 635.76 | 82.07% | | Jiangyin Bridge | 3,452.37 | 2,437.84 | 41.62% | | Yanjiang Expressway | 4,792.15 | 3,048.24 | 57.21% | - In the first three quarters, net profit attributable to parent company shareholders was approximately **CNY 3.79 billion**, a **99.87%** year-on-year increase[18](index=18&type=chunk) [Financial Indicator Changes](index=6&type=section&id=Item%202.Financial%20Indicator%20Changes) The company's financial position significantly changed due to major project commissioning and capital operations, with construction in progress decreasing and transferring to intangible and fixed assets, while liabilities increased from bond and loan financing to support projects; strong revenue and investment income drove profit doubling, and operating cash flow improved significantly despite reduced financing cash inflows [Reasons for Significant Balance Sheet Item Changes](index=6&type=section&id=Reasons%20for%20Significant%20Balance%20Sheet%20Item%20Changes) As of the reporting period end, several balance sheet items significantly changed from the beginning of the year, primarily due to the completion and commissioning of Yichang Expressway and Wufengshan Bridge, leading to an 86.54% decrease in Construction in Progress, transferred to Intangible Assets (+66.91%) and Fixed Assets (+31.50%); Long-term Equity Investments also grew 35.43% from new investment in Zijin Trust, and Bonds Payable increased 103.03% due to new bond issuance Major Balance Sheet Changes (vs. Prior Year-end) | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Construction in Progress | -86.54% | Yichang Expressway and Wufengshan Bridge completed and commissioned, transferring construction in progress | | Intangible Assets | +66.91% | Yichang Expressway and Wufengshan Bridge completed and commissioned, transferred from construction in progress | | Fixed Assets | +31.50% | Yichang Expressway and Wufengshan Bridge completed and commissioned, transferred from construction in progress | | Long-term Equity Investments | +35.43% | New investment in Zijin Trust and increased investment income from associates | | Bonds Payable | +103.03% | Issued CNY 1 billion corporate bonds and CNY 1 billion medium-term notes during the reporting period | | Financial Assets Held for Trading | +44.09% | Increased wealth management products held at period-end compared to period-start | [Reasons for Significant Income Statement Item Changes (Jan-Sep)](index=7&type=section&id=Reasons%20for%20Significant%20Income%20Statement%20Item%20Changes%20%28Jan-Sep%29) The income statement for the first three quarters showed strong year-on-year growth, with operating revenue up 43.09% due to recovery in toll road business, and investment income and fair value change gains surging 125.40% and 427.72% respectively, driven by associate performance and financial asset revaluation, while financial expenses increased 51.08% due to interest capitalization for new projects Major Income Statement Changes (YoY) | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Operating Revenue | +43.09% | Strong recovery of toll road business from prior year's pandemic and free toll policies | | Financial Expenses | +51.08% | New expressways commenced operation, leading to capitalization of borrowing costs | | Gains from Fair Value Changes | +427.72% | Increased fair value changes in other non-current financial assets held by subsidiaries | | Investment Income | +125.40% | Significant increase in operating performance of associates, contributing to higher investment income | [Analysis of Cash Flow Statement Item Changes (Jan-Sep)](index=7&type=section&id=Analysis%20of%20Cash%20Flow%20Statement%20Item%20Changes%20%28Jan-Sep%29) The cash flow structure changed in the first three quarters, with net cash flow from operating activities surging 73.93% year-on-year due to strong toll revenue recovery, while net cash flow from financing activities decreased 64.47% primarily due to reduced borrowing compared to the prior year's pandemic-driven increase and higher dividend payments Major Cash Flow Statement Changes (YoY) | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | +73.93% | Strong recovery in toll revenue and commissioning of new road and bridge projects | | Net Cash Flow from Financing Activities | -64.47% | Increased borrowing in prior period due to pandemic, reduced borrowing and increased dividend payments in current period | [Progress of Significant Matters](index=8&type=section&id=Item%203.Progress%20of%20Significant%20Matters%2C%20Their%20Impact%20and%20Analysis%20of%20Solutions) During the reporting period, the company actively pursued several major capital operations, including initiating termination agreement negotiations for the Turkey road and bridge project, increasing its stake in Jiangsu Bank, completing a CNY 1.99 billion capital injection into Zijin Trust for a 20% stake, and divesting part of its Kuaile Company equity to optimize its investment portfolio - The company decided to negotiate a **Termination Agreement** with Turkey's IC Company regarding the ICA project[24](index=24&type=chunk) - The company received approval to increase its stake in Jiangsu Bank and has cumulatively increased its holdings by **141 million shares**, resulting in a total **3.90%** stake in Jiangsu Bank[24](index=24&type=chunk) - The company completed a **CNY 1.99 billion** capital increase in Zijin Trust, acquiring a **20%** equity stake, with industrial and commercial registration changes finalized[24](index=24&type=chunk) - The company transferred **11.98%** of its shares in Kuaile Company to Jiangsu Communications Holding, reducing its post-transfer stake to **21.22%**[24](index=24&type=chunk)[25](index=25&type=chunk) [Quarterly Financial Statements](index=9&type=section&id=Item%20IV.%20Quarterly%20Financial%20Statements) [Type of Audit Opinion](index=9&type=section&id=Item%20IV.%28I%29Type%20of%20Audit%20Opinion) The financial statements for this quarter are unaudited - The third-quarter financial statements are **unaudited**[3](index=3&type=chunk)[26](index=26&type=chunk) [Financial Statements](index=9&type=section&id=Item%20IV.%28II%29Financial%20Statements) This section presents the unaudited consolidated balance sheet as of September 30, 2021, and the consolidated income statement and cash flow statement for January-September 2021 [Consolidated Balance Sheet](index=9&type=section&id=Consolidated%20Balance%20Sheet) As of September 30, 2021, the company's total assets were CNY 67.51 billion, up 10.50% from the beginning of the year; total liabilities were CNY 32.57 billion, up 16.14%; and total equity attributable to parent company shareholders was CNY 29.99 billion, up 6.29% Consolidated Balance Sheet Summary (September 30, 2021) | Item | Amount (CNY) | | :--- | :--- | | Total Assets | 67,510,588,317.17 | | Total Liabilities | 32,573,814,721.22 | | Total Equity Attributable to Parent Company Shareholders | 29,985,198,962.07 | [Consolidated Income Statement](index=11&type=section&id=Consolidated%20Income%20Statement) In the first three quarters of 2021, the company achieved total operating revenue of CNY 7.66 billion, up 43.09% year-on-year; net profit attributable to parent company shareholders was CNY 3.79 billion, up 99.87%; and basic earnings per share were CNY 0.7520 Consolidated Income Statement Summary (Jan-Sep 2021) | Item | Amount (CNY) | | :--- | :--- | | Total Operating Revenue | 7,659,400,764.81 | | Operating Profit | 4,843,853,851.60 | | Net Profit Attributable to Parent Company Shareholders | 3,788,305,556.08 | | Basic EPS (CNY/share) | 0.7520 | [Consolidated Cash Flow Statement](index=12&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first three quarters of 2021, net cash flow from operating activities was CNY 4.15 billion, up 73.93% year-on-year; net cash flow from investing activities was -CNY 4.75 billion; net cash flow from financing activities was CNY 831 million; and cash and cash equivalents at period-end totaled CNY 582 million Consolidated Cash Flow Statement Summary (Jan-Sep 2021) | Item | Amount (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | 4,146,459,005.34 | | Net Cash Flow from Investing Activities | -4,746,895,037.52 | | Net Cash Flow from Financing Activities | 831,259,804.72 | | Cash and Cash Equivalents at Period-end | 581,812,865.89 | [Adjustments for New Lease Standards](index=13&type=section&id=Item%20IV.%28III%29Adjustments%20for%20First-time%20Adoption%20of%20New%20Lease%20Standards%20from%202021%20and%20Related%20Financial%20Statements%20at%20Beginning%20of%20First-time%20Adoption%20Year) The company states in this report that adjustments for the first-time adoption of new lease standards from 2021 are not applicable - The company clarified that adjustments for the first-time adoption of new lease standards from 2021 are **not applicable**[33](index=33&type=chunk)

Financial Performance - Jiangsu Ninghu Expressway Co., Ltd. reported a significant increase in revenue, reaching RMB 1.2 billion, representing a 15% year-over-year growth[2]. - The company’s net profit for the first half of 2021 was RMB 300 million, up 20% compared to the same period last year[2]. - The company's operating revenue for the first half of the year reached CNY 5,061,764,712, representing an increase of 89.70% compared to CNY 2,668,351,072.50 in the same period last year[12]. - Net profit attributable to shareholders was CNY 2,679,329,242.91, a significant increase of 451.71% from CNY 485,637,446.44 year-on-year[12]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 2,389,901,746.70, up 469.81% from CNY 419,417,173.47 in the previous year[12]. - Basic earnings per share for the reporting period (January to June) increased to RMB 0.5319, a 451.71% increase compared to the same period last year[15]. - The weighted average return on net assets rose to 8.93%, an increase of 7.22 percentage points year-on-year[15]. - The company’s operating revenue increased by 89.70% year-on-year to RMB 5.062 billion, while total profit surged by 422.12% to RMB 3.436 billion[25]. Traffic and Operations - User traffic on the expressway increased by 10% year-over-year, with daily average traffic reaching 150,000 vehicles[2]. - Daily average toll revenue for the Shanghai-Nanjing Expressway reached RMB 14,210.59 thousand, up 119.87% year-on-year, with daily traffic averaging 105,962 vehicles, a 6.82% increase[29]. - The group achieved toll revenue of approximately RMB 4,050,912 thousand, a year-on-year increase of about 127.89%, accounting for approximately 80.03% of total operating revenue[29]. - Revenue from toll road and related services significantly recovered, showing a substantial year-on-year increase due to the easing of COVID-19 restrictions[16]. Strategic Investments and Expansion - The company plans to expand its market presence by investing RMB 500 million in new infrastructure projects over the next two years[2]. - A potential acquisition of a regional toll road operator is under consideration, which could add an estimated RMB 200 million in annual revenue[2]. - The company is focused on expanding its market presence and enhancing operational efficiency through strategic investments and partnerships[11]. - Future outlook includes continued investment in infrastructure projects to support growth and improve service quality[11]. - The group plans to invest approximately RMB 5,076,249,760.86 in major capital expenditure projects in the second half of 2021, including RMB 378,000,000 for the Wufengshan Bridge and RMB 999,267,689.13 for the Turkey ICA project[100]. Technological Advancements - Research and development efforts are focused on implementing smart traffic management systems, with an expected completion date in Q4 2022[2]. - The company aims to enhance operational efficiency by adopting new technologies, which are projected to reduce operational costs by 5%[2]. - The company has developed a "smart expansion technology" for highways, which was recognized in the 2020 major technological innovation achievements in transportation[27]. - The group is advancing the "Yiyun Tong" cloud platform to improve management efficiency through intelligent daily operations and data collection[31]. Environmental Commitment - The company emphasizes its commitment to environmental sustainability, planning to invest in green technologies amounting to RMB 100 million[2]. - The company has implemented various pollution prevention facilities, including wastewater treatment systems that meet environmental management standards[108]. - The company has established emergency response plans for environmental incidents, including hazardous materials transport accidents and fire incidents[110]. - Regular monitoring of wastewater discharge quality is conducted to ensure compliance with urban wastewater discharge standards[111]. - The company has implemented measures to minimize emissions of pollutants such as waste gas, wastewater, and solid waste[111]. Financial Management and Liabilities - Total assets at the end of the reporting period amounted to CNY 67,498,023,853.64, a 10.48% increase from CNY 61,095,560,365.16 at the end of the previous year[12]. - Total liabilities reached approximately RMB 33,158,207,000, with a debt-to-asset ratio of 49.12%, an increase of 3.22 percentage points compared to the beginning of the period[69]. - The company maintained a stable cash flow and good financing management, indicating a safe level of financial leverage[69]. - The company’s cash and cash equivalents at the end of the period were RMB 521,590,786.57, up 34.88% from RMB 386,712,702.84 last year[50]. Corporate Governance and Shareholder Information - The company held its 2020 Annual General Meeting on June 17, 2021, with resolutions published on June 18, 2021[102]. - Jiangsu Expressway Co., Ltd. holds 54.44% of the shares, amounting to 2,742,578,825 shares, making it the largest shareholder[182]. - The report indicates no other individuals required to disclose interests under the Hong Kong Securities and Futures Ordinance as of June 30, 2021[190]. - The company has complied with the corporate governance code, except for certain provisions related to independent non-executive directors' meetings[178]. Employee and Community Engagement - The total employee compensation during the reporting period amounted to RMB 485,324 thousand[193]. - The company implemented a performance-based compensation structure to enhance employee motivation and ensure reasonable basic salary[194]. - During the reporting period, the company donated RMB 400,000 to support rural economic development in Jiangsu Province[114]. - The company constructed a main road for Shuangxi Village, improving access for residents[115].

公司代码：600377 公司简称：宁沪高速 2021 年半年度报告 江苏宁沪高速公路股份有限公司 2021 年半年度报告 1 / 159 2021 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人孙悉斌、主管会计工作负责人戴倩及会计机构负责人（会计主管人员）姚群芳声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告中所涉及的发展战略、未来计划等前瞻性描述不构成本公司对投资者的实质承诺， 本公司未来的实际结果可能会与这些前瞻性陈述出现差异,敬请投资者及相关人士对此保持足够 的风险认识，并请理解计划、预测与承诺之间的差异。 七、 是否存在被控股股东及其关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况？ 否 九、 是否存在半数以上董事无法保 ...

Financial Performance - Operating revenue for the first quarter reached CNY 2,392,460,566.03, a significant increase of 148.30% compared to the same period last year[7] - Net profit attributable to shareholders was CNY 1,144,186,487.95, recovering from a loss of CNY 32,726,431.30 in the previous year[7] - Net profit after deducting non-recurring gains and losses was CNY 1,133,760,046.59, compared to a loss of CNY 37,591,335.30 last year[7] - Basic earnings per share increased to CNY 0.2271 from a loss of CNY 0.0065 in the previous year[7] - The group achieved a net profit attributable to shareholders of approximately RMB 1,144,186 thousand, with earnings per share of approximately RMB 0.2271[19] - Investment income surged to RMB 201,697,901.81 from a loss of RMB 50,170,240.28 in the previous year, reflecting improved performance in the toll road sector[33] - Net profit for Q1 2021 was RMB 1,154,108,744.03, a turnaround from a net loss of RMB 44,087,170.51 in Q1 2020[66] - Total comprehensive income for Q1 2021 was RMB 1,813,824,486.72, compared to a loss of RMB 748,981,553.72 in Q1 2020[68] Assets and Liabilities - Total assets increased by 6.27% to CNY 64,929,303,539.94 compared to the previous year[5] - Net assets attributable to shareholders rose by 6.36% to CNY 30,003,728,204.47 year-on-year[5] - The group’s cash and cash equivalents increased by 44.00% to RMB 556,850,276.22 compared to the end of the previous year[24] - The group’s trading financial assets rose by 37.69% to RMB 2,111,945,281.42, mainly due to an increase in financial products held[24] - Total liabilities increased by 30.76% to RMB 2,225,013,731.33, mainly due to higher construction payables for ongoing projects[27] - Total liabilities rose to ¥30,066,209,412.21 from ¥28,046,290,724.15, reflecting an increase of approximately 7.2%[55] - Total equity increased to ¥34,863,094,127.73 from ¥33,049,269,641.01, showing a growth of about 5.5%[57] Cash Flow - Cash flow from operating activities surged by 821.35% to CNY 1,037,934,638.41 compared to the previous year[6] - Cash inflow from operating activities was ¥2,633,398,405.81 in Q1 2021, up from ¥1,093,098,758.52 in Q1 2020, indicating a growth of about 141%[73] - Net cash flow from operating activities for Q1 2021 was ¥1,037,934,638.41, compared to ¥112,654,156.12 in Q1 2020, marking an increase of approximately 820%[77] - Cash inflow from financing activities reached ¥8,107,380,000.00 in Q1 2021, significantly higher than ¥3,425,510,000.00 in Q1 2020, representing an increase of approximately 136%[80] Revenue Sources - The main toll road business generated toll revenue of approximately RMB 1,978,768 thousand, an increase of approximately 253.59% compared to the same period last year[18] - Daily average toll revenue for the Shanghai-Nanjing Expressway Jiangsu section was approximately RMB 14,172.74 thousand, reflecting a year-on-year growth of about 239.68%[18] - Operating revenue for the first quarter reached RMB 2,392,460,566.03, a significant increase of 148.30% compared to RMB 963,551,993.82 in the same period last year, primarily due to a strong recovery in toll revenue after the impact of COVID-19[32] Shareholder Information - The total number of shareholders reached 29,976, with Jiangsu Transportation Holding Co., Ltd. holding 54.44% of shares[11][12] Government Support - The company received government subsidies amounting to CNY 5,061,319.86, closely related to its normal business operations[10] Other Financial Metrics - The weighted average return on net assets improved to 3.95% from -0.12% year-on-year[7] - Other comprehensive income rose by 80.50% to RMB 1,456,535,587.63 from RMB 806,954,969.94, driven by fair value adjustments of other equity instruments[29] - The company anticipates a significant increase in cumulative net profit for the year compared to the previous year, supported by stable growth in traffic volume[43]

Financial Performance - The company achieved a net profit attributable to shareholders of approximately RMB 2,464,214 thousand, with earnings per share of about RMB 0.4891[3]. - The company's operating revenue for 2020 was CNY 8,032,466,746.34, a decrease of 20.30% compared to CNY 10,078,181,218.81 in 2019[44]. - Net profit attributable to shareholders for 2020 was CNY 2,464,213,675.74, down 41.32% from CNY 4,199,704,371.82 in 2019[44]. - The net cash flow from operating activities decreased by 45.56% to CNY 3,137,401,530.39 from CNY 5,763,283,624.15 in the previous year[44]. - Basic earnings per share for 2020 were CNY 0.4891, a decrease of 41.33% compared to CNY 0.8336 in 2019[46]. - The weighted average return on equity for 2020 was 8.82%, down 7.07 percentage points from 15.89% in 2019[46]. - The net profit after deducting non-recurring gains and losses was CNY 2,339,998,349.98, a decline of 44.10% from CNY 4,186,308,062.59 in 2019[44]. - The net profit attributable to shareholders decreased by 41.44% to CNY 2.464 billion, down from CNY 4.200 billion in 2019[56]. - Operating revenue fell by 20.30% to CNY 8.032 billion, compared to CNY 10.078 billion in 2019[56]. - The company's earnings per share decreased to CNY 0.4891 from CNY 0.8336 in 2019[56]. - The weighted average return on equity was 8.82%, down from 15.89% in 2019[56]. - The company maintained a strong cash flow from operations of CNY 3.137 billion, although it decreased from CNY 5.763 billion in 2019[56]. 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 paid by July 15, 2021[3]. - The cash dividend distribution ratio for 2020 is 94.04% of the net profit attributable to shareholders[144]. - The proposed cash dividend is RMB 0.46 per share, amounting to a total of RMB 2,317.36 million (including tax)[143]. Assets and Liabilities - The total assets at the end of 2020 were CNY 61,095,560,365.16, an increase of 9.83% from CNY 55,625,048,624.75 in 2019[45]. - The total liabilities increased by 22.25% to CNY 28,046,290,724.15 from CNY 22,942,211,489.26 in 2019[45]. - The net assets attributable to shareholders at the end of 2020 were CNY 28,209,961,098.83, a decrease of 1.18% from CNY 28,546,983,607.15 in 2019[45]. - The total debt ratio rose to 45.91%, an increase of 4.67 percentage points from the last reporting period[101]. - The group’s total liabilities were approximately RMB 28.05 billion at the end of the reporting period[110]. Operational Highlights - The company operates 17 toll road projects, maintaining over 850 kilometers of operational toll roads in Jiangsu Province, which is a key area for transportation[51]. - The company achieved a toll revenue of approximately RMB 6,016.3 million, a year-on-year decrease of about 23.19%, accounting for approximately 74.90% of total operating revenue[63]. - Daily average toll revenue for the Shanghai-Nanjing Expressway was approximately RMB 10.73 million, reflecting a year-on-year decline of about 25.15%[63]. - The company invested RMB 1.96 billion in the Wufengshan Bridge project, with 87.40% of the total investment completed, expected to open in July 2021[57]. - The company also invested RMB 967 million in the Longtan Bridge project, with 21.40% of the total investment completed, expected to open in 2024[57]. Risk Management and Compliance - The company has established a comprehensive risk management system to adapt to new market conditions and enhance risk governance capabilities[55]. - The company has not faced any non-operational fund occupation by controlling shareholders or related parties[4]. - There are no violations of decision-making procedures regarding external guarantees[4]. - The company confirmed that there were no major issues regarding the integrity of its controlling shareholders or actual controllers during the reporting period[149]. - The company has implemented credit risk control measures, resulting in a low credit risk exposure[113]. Strategic Initiatives - The company plans to continue expanding its market presence and invest in new technologies to enhance operational efficiency[39]. - The company is focused on optimizing cost control and main business operations to mitigate the impact of the COVID-19 pandemic and free passage policies[56]. - The company aims to enhance operational efficiency through the integration of 5G, AI, big data, and cloud computing technologies[132]. - The strategic focus includes optimizing the industrial structure and expanding into international markets through mergers and acquisitions[131]. - The company will continue to prioritize its core business in road and bridge operations while exploring new revenue streams from ancillary services[131]. Related Party Transactions - The company’s independent non-executive directors confirmed that related party transactions were conducted under normal commercial terms and in the overall interest of shareholders[196]. - The company reported a related party transaction with Hu Su Zhe Company, with a balance of RMB 100,106,944.44 at the end of the period[195]. - The company engaged in continuous related party transactions, including construction contracts with Modern Heat Power Company amounting to RMB 70 million[198]. - The company’s related party transactions complied with the disclosure requirements of the Hong Kong Listing Rules Chapter 14A[196]. Future Outlook - The company plans to reduce capital expenditures in 2021 to approximately RMB 4,340,344,400, a decrease of RMB 1,821,737,000 compared to 2020[132]. - Key capital expenditure projects for 2021 include investments of RMB 1,078,000,000 for Wufengshan Bridge and RMB 1,000,000,000 for the Turkey ICA project[133]. - The ongoing impact of the pandemic and free passage policies has significantly affected the performance of subsidiaries in the road and bridge sector[129]. - Future development strategies will emphasize digital transformation and the establishment of a smart highway system[132].

Financial Performance - The company achieved a net profit attributable to shareholders of approximately RMB 2,464,214 thousand, with earnings per share of about RMB 0.4891[3]. - The company reported a total revenue of 1.2 billion RMB for the year 2020, representing a year-on-year increase of 10% compared to 2019[12]. - The net profit attributable to shareholders for 2020 was CNY 2,464,213,675.74, down 41.32% from the previous year[20]. - The company's operating revenue for 2020 was CNY 8,032,466,746.34, a decrease of 20.30% compared to 2019[20]. - The gross profit margin improved to 35%, up from 30% in the previous year, reflecting better cost management and pricing strategies[12]. - The company reported a significant decrease in net profit for Wufengshan Bridge Company by 88.11%, with a net profit of CNY 208,944.57[81]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion in 2020, representing a year-over-year growth of 15%[139]. - The company reported a significant increase in revenue, achieving a total of 40 projects approved by national and provincial authorities[140]. 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 by July 15, 2021[3]. - The company is committed to a high cash dividend policy, fostering a stable investor base and positive market image[31]. Audit and Compliance - The company has received a standard unqualified audit opinion from Deloitte Huayong Accounting Firm[2]. - The company ensures the accuracy and completeness of the financial report, as stated by the responsible executives[2]. - The annual financial report is prepared in accordance with Chinese accounting standards and complies with Hong Kong regulations[2]. - The company has implemented a compliance management system to improve management efficiency and quality, ensuring stable development[87]. - The internal control self-assessment report for 2020 has been prepared, with no significant deficiencies reported during the period[167]. - Deloitte Huayong issued a standard unqualified opinion on the internal control audit report for the year ended December 31, 2020[168]. Operational Efficiency and Cost Management - The company has set a target to reduce operational costs by 10% through efficiency improvements and technology integration[12]. - Management expenses decreased by approximately 13.34% to ¥197,226,000 due to enhanced budget management and strict cost control measures[57]. - The company has implemented measures to enhance project management and brand building to address risks associated with real estate inventory reduction[90]. Market Expansion and Growth Strategies - The company plans to expand its market presence by entering two new provinces in 2021, aiming for a 5% market share in these regions within the first year[12]. - The company provided a future outlook, projecting a revenue growth of 12% for the upcoming fiscal year, driven by new product launches and market expansion strategies[12]. - New product launches are expected to contribute an additional 200 million in revenue in 2021, focusing on innovative technology solutions[139]. - The company is considering strategic acquisitions to enhance its market position, with a budget of 300 million allocated for potential mergers and acquisitions[139]. Risk Management - The company has conducted a detailed analysis of potential risks in its business operations and development in the annual report[6]. - The company is focusing on risk prevention to avoid major safety incidents, legal disputes, and significant asset losses[87]. - The company faces industry policy risks, particularly regarding toll revenue, which is its main income source, and plans to establish a dynamic tracking and evaluation mechanism to mitigate these risks[89]. Investments and Financial Management - The company raised RMB 19.09 billion through direct financing during the reporting period, with total borrowings amounting to RMB 10.32 billion as of December 31, 2020[71]. - The company has a high credit rating and low debt-to-asset ratio, indicating strong solvency and financing capabilities[31]. - The company is exploring various financing methods, including convertible bonds and overseas debt, to optimize its capital structure and reduce financial risks[88]. - The company has a diversified portfolio of wealth management products, indicating a strategic approach to cash asset management[114]. Employee and Management Structure - The total number of employees in the parent company and major subsidiaries is 5,456, with 3,909 in the parent company and 1,547 in major subsidiaries[150]. - The company has implemented a performance evaluation system to adjust and optimize assessment indicators based on strategic goals and annual work priorities[151]. - The management team consists of experienced professionals, including a financial director with extensive experience in financial management since 2014[141]. Environmental and Social Responsibility - The company is actively involved in environmental protection initiatives, including noise reduction measures along highways[127]. - The board of directors emphasized the importance of sustainable practices in future operations, aligning with global environmental standards[139]. Governance and Shareholder Structure - The company’s board consists of 12 members, including 3 executive directors and 9 non-executive directors, ensuring sufficient independence in decision-making[164]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period[132]. - The total number of ordinary shareholders at the end of the reporting period was 29,820, down from 31,749 at the end of the previous month[129].

Financial Performance - Operating revenue decreased by 28.60% to CNY 5.35 billion for the first nine months of the year[11] - Net profit attributable to shareholders decreased by 46.74% to CNY 1.90 billion for the first nine months[11] - Basic earnings per share decreased by 46.75% to CNY 0.3762[11] - The company's operating profit for Q3 2020 was approximately RMB 1,839,684 thousand, an increase of about 10.94% year-on-year[23] - Net profit attributable to shareholders was approximately RMB 1,409,727 thousand, reflecting a year-on-year growth of about 10.36%[23] - Total operating revenue for Q3 2020 was approximately CNY 2.68 billion, a slight increase from CNY 2.66 billion in Q3 2019[62] - Net profit for Q3 2020 was approximately CNY 1.45 billion, an increase from CNY 1.31 billion in Q3 2019[64] - Total profit for Q3 2020 was approximately CNY 1.86 billion, compared to CNY 1.66 billion in Q3 2019[64] - The company reported a decrease in financial expenses to approximately CNY 104.99 million in Q3 2020 from CNY 126.72 million in Q3 2019[62] Cash Flow - Cash flow from operating activities decreased by 45.53% to CNY 2.38 billion compared to the same period last year[10] - Cash flow from operating activities for the first three quarters of 2020 was CNY 2,383,978,147.26, significantly lower than CNY 4,376,860,353.90 in the first three quarters of 2019, a decrease of about 45.6%[71] - The total cash inflow from operating activities was CNY 5,556,597,309.09 for the first three quarters of 2020, compared to CNY 8,065,263,054.35 in the same period of 2019, a decrease of about 30.9%[71] - The company reported a net increase in cash and cash equivalents of CNY 22,781,705.11 in 2020, compared to a decrease of CNY 13,965,973.82 in 2019[82] Assets and Liabilities - Total assets increased by 7.68% to CNY 59.90 billion compared to the end of the previous year[10] - As of September 30, 2020, total liabilities amounted to CNY 27.82 billion, an increase of 21.5% compared to CNY 22.94 billion on December 31, 2019[55] - Current liabilities totaled CNY 14.59 billion, up from CNY 13.12 billion, reflecting a year-over-year increase of 11.2%[60] - Non-current liabilities reached CNY 13.24 billion, compared to CNY 9.82 billion, marking a significant increase of 34.5%[55] - The total current assets increased to CNY 5.09 billion from CNY 1.07 billion, a substantial increase of 376.5%[58] Shareholder Information - The total number of shareholders reached 28,942 by the end of the reporting period[15] - Jiangsu Transportation Holding Co., Ltd. holds 2,742,578,825 shares, accounting for a significant portion of the company's equity[16] - BlackRock, Inc. and Mitsubishi UFJ Financial Group, Inc. are among the top foreign shareholders, holding 144,359,895 and 135,096,597 shares respectively[16] Revenue Sources - The company reported non-operating income of CNY 38.09 million for the first nine months[14] - Toll revenue reached approximately RMB 2,185,162 thousand, growing by about 3.47% compared to the same period last year[22] - Road toll revenue for the first nine months was approximately RMB 3,962,763 thousand, down about 32.74% year-on-year[25] - Revenue from external income surged by 545.71% to ¥56,837,760.00 compared to ¥8,802,302.23, primarily due to loans received for excavation projects[39] Investment and Financing - The company has invested ¥1.2 billion in the Guochuang Kaiyuan Phase II Fund, with a total subscription of ¥9.45 billion[48] - The establishment of the Nanjing Lode Huizhi Equity Investment Partnership has been completed, with a total investment of ¥800 million across five projects[49] - Long-term borrowings increased to ¥10,848,679,717.96, reflecting a 30.15% increase, primarily due to additional borrowings for ongoing road projects[33] - The company received CNY 9,590,000,000.00 from financing activities in 2020, significantly higher than CNY 3,999,280,045.33 in 2019, marking an increase of approximately 139.5%[78] Operational Metrics - Average daily traffic on the Shanghai-Nanjing Expressway was 101,937 vehicles, a decrease of approximately 0.80% year-on-year[22] - The average daily traffic flow on the Nanjing-Changzhou Expressway increased by 20.30% year-on-year, reaching 50,127 vehicles[24] - The company's construction in progress reached ¥18,355,826,197.73, up 26.58% from the previous year, driven by increased investment in ongoing road projects[30] Other Financial Metrics - The weighted average return on net assets decreased by 6.42 percentage points to 6.64%[11] - Investment income decreased to ¥433,563,887.06, primarily due to the impact of the pandemic and free toll policies affecting the performance of significant road and bridge enterprises[37] - Deferred income tax liabilities decreased by 38.27% to ¥257,174,983.70, mainly due to adjustments in other comprehensive income related to the fair value of other equity investments[34] - Other income increased by 115.76% to ¥13,276,796.03 from ¥6,153,500.98 due to the VAT deduction policy implemented since April 1, 2019[39]