A 股简称：深高速 股票代码：600548 H 股简称：深圳高速公路股份 股票代码：00548 关于深圳高速公路集团股份有限公司 向特定对象发行股票申请文件的 审核问询函的回复 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二四年七月 上海证券交易所： 深圳高速公路集团股份有限公司（以下简称"发行人"、"公司"或"深高 速"）于 2024 年 6 月 7 日收到上海证券交易所（以下简称"上交所"）出具的 《关于深圳高速公路集团股份有限公司向特定对象发行股票申请文件的审核问 询函》（上证上审（再融资）〔2024〕143 号），中信证券股份有限公司（以下 简称"中信证券"或"保荐人"）作为公司本次向特定对象发行股票的保荐人（主 承销商），会同发行人及发行人律师北京国枫律师事务所（以下简称"发行人律 师"）和申报会计师德勤华永会计师事务所（特殊普通合伙）（以下简称"申报 会计师"）等相关方，本着勤勉尽责、诚实守信的原则，就审核问询函所列示的 问题逐项进行了核查、落实和认真讨论，现回复如下，请予审核。 本审核问询函回复中的字体代表以下含义： | 审核问询函所列问题 | 黑体（加粗 ...

Financial Performance - The company reported a total revenue of RMB 5.2 billion for the fiscal year 2023, representing a year-on-year increase of 12%[1]. - The company reported a net profit of RMB 1.5 billion, a 15% increase compared to the previous fiscal year[1]. - The company's operating revenue for 2023 was RMB 9,295,304,371.69, a decrease of 0.82% compared to RMB 9,372,582,546.59 in 2022[41]. - Net profit attributable to shareholders for 2023 was RMB 2,327,197,196.81, representing a 15.41% increase from RMB 2,016,496,533.08 in 2022[41]. - The average return on equity increased to 11.99% in 2023, up by 2.06 percentage points from 9.93% in 2022[41]. - The company reported a significant increase of 82.38% in net profit after deducting non-recurring gains and losses, reaching RMB 2,240,100,027.08 in 2023[41]. - The company proposed a final cash dividend of RMB 0.55 per share, totaling approximately RMB 1.20 billion, which represents 56.03% of the net profit attributable to ordinary shareholders[56]. - The company achieved a net profit attributable to shareholders of 2,327,197 thousand yuan in 2023, representing a year-on-year increase of 15.41% compared to 2,016,497 thousand yuan in 2022[118]. Revenue Sources - Revenue from toll fees amounted to approximately CNY 5.375 billion, accounting for 57.82% of total revenue[77]. - Revenue from clean energy and solid waste resource processing businesses reached approximately CNY 1.618 billion, representing 17.41% of total revenue[77]. - The average daily toll revenue for the Meiguan Expressway in 2023 was RMB 427.4 thousand, up from RMB 373.2 thousand in 2022[47]. - The average daily toll revenue for the Guangshen Expressway in 2023 was RMB 7,923.8 thousand, up from RMB 6,186.4 thousand in 2022[47]. Traffic and Operations - User traffic on the expressways increased by 15% compared to the previous year, with an average daily traffic volume reaching 1.2 million vehicles[1]. - The average daily traffic volume and toll revenue for various toll road projects in 2023 showed significant growth, with the Guangdong-Shenzhen region's average daily traffic volume increasing by 19.1% for Meiguan Expressway and toll revenue rising by 14.5%[81]. - The Outer Ring Project in the Guangdong province experienced a 26.9% increase in average daily traffic volume and a 25.0% increase in toll revenue, reflecting its importance in the regional transportation network[84]. - The overall toll revenue in the Shenzhen region increased by over 18% during the reporting period, driven by the recovery of logistics and public travel demand[84]. Strategic Initiatives - The company has set a target for revenue growth of 10% for the next fiscal year, driven by ongoing infrastructure projects and increased traffic[1]. - New technology initiatives include the implementation of smart toll collection systems, expected to reduce wait times by 30%[1]. - The company plans to expand its market presence by entering two new provinces in 2024, aiming to increase its operational network by 20%[1]. - A strategic acquisition of a logistics company is in progress, projected to enhance operational efficiency and contribute an additional RMB 300 million in revenue annually[1]. Environmental and Infrastructure Projects - The company has allocated RMB 200 million for research and development of environmentally friendly road construction materials in the upcoming year[1]. - The company is actively involved in the development of the Shenzhen Bay Area, with a focus on infrastructure and investment projects[20]. - The company is engaged in the investment, construction, and management of toll roads and large environmental protection businesses, including solid waste resource treatment and clean energy generation[38]. - The company is focusing on solid waste resource treatment and clean energy generation, aligning with national policies supporting ecological civilization construction[71]. Financial Stability and Management - The gross profit margin improved to 45%, up from 42% in the previous year, reflecting better cost management and operational efficiencies[1]. - The debt-to-asset ratio improved to 58.53% in 2023 from 60.46% in 2022, indicating better financial stability[50]. - The company has a comprehensive management experience and resources to support project development and management, road maintenance, engineering management, and industrial finance services[38]. - The company has established a compliance risk identification and early warning mechanism to strengthen compliance management across key areas such as investment and procurement[78]. Future Outlook - Future outlook remains positive, with management expressing confidence in achieving a compound annual growth rate (CAGR) of 8% over the next five years[1]. - The company plans to continue expanding its toll road network and enhance operational efficiency through cost management strategies[125]. - The company is focusing on enhancing its core toll road business through digitalization and smart management practices[57]. - The company anticipates economic uncertainties in 2024, including geopolitical tensions and fluctuations in interest and exchange rates, which may impact traffic volume and waste processing[185].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 2,037,983,716.92, representing a year-on-year increase of 7.06%[4] - The net profit attributable to shareholders was CNY 470,958,969.66, reflecting a growth of 6.42% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 7.95% to CNY 402,349,586.96[4] - The basic earnings per share for the period was CNY 0.195, an increase of 7.03% compared to the previous year[5] - The net profit for Q1 2024 was CNY 512,669,617.76, an increase of 9.0% compared to CNY 468,505,606.61 in Q1 2023[27] - The company reported a net profit margin improvement, with net profits increasing from ¥9,112,002,127.97 to ¥9,536,449,986.51, a rise of 4.7%[26] - Total comprehensive income for Q1 2024 was CNY 474,681,285.95, a decrease of 33.0% from CNY 708,832,729.06 in Q1 2023[28] Cash Flow and Assets - The net cash flow from operating activities was CNY 760,626,644.48, showing a decline of 24.97% year-on-year[4][7] - Cash and cash equivalents at the end of Q1 2024 totaled CNY 3,235,689,796.04, a decrease from CNY 3,538,404,110.36 at the end of Q1 2023[31] - The cash flow from operating activities was CNY 760,626,644.48, down 25.0% from CNY 1,013,802,070.16 in Q1 2023[29] - The company recorded a net cash inflow from investing activities of CNY 672,220,430.43, compared to a net outflow of CNY 297,860,123.80 in Q1 2023[31] - The total assets at the end of the reporting period were CNY 67,418,095,506.62, a slight decrease of 0.13% from the end of the previous year[5] - Current assets totaled ¥8,239,401,070.84, up from ¥6,951,774,466.08, reflecting a growth of 18.5%[25] - Total liabilities decreased to ¥39,006,447,901.50 from ¥39,508,787,105.65, a reduction of approximately 1.3%[26] - Non-current assets totaled ¥59,178,694,435.78, down from ¥60,555,694,624.69, indicating a decline of 2.3%[25] Revenue from Operations - The total revenue from operating activities was CNY 1,806,666,227.25, down 18.5% from CNY 2,216,994,727.44 in the same period last year[29] - Total revenue for Q1 2024 reached ¥2,037,983,716.92, an increase of 7.1% compared to ¥1,903,638,574.41 in Q1 2023[26] - Operating costs for Q1 2024 were ¥1,708,887,872.93, compared to ¥1,525,339,731.31 in Q1 2023, representing an increase of 12.0%[26] Shareholder Information - The company had a total of 18,715 shareholders at the end of the reporting period, with the top 10 shareholders holding significant stakes[9][10] - The equity attributable to shareholders increased by 1.77% to CNY 22,754,220,927.07 compared to the end of the previous year[5] Investments and Financial Activities - The company plans to issue up to 654 million A-shares, raising a total of up to RMB 4.9 billion for investment in the Outer Ring project and debt repayment[22] - The company completed the issuance of the Yifangda Deep Expressway REIT, raising a total of RMB 2.0475 billion, with a subscription ratio of 40% from the company[22] - The company invested RMB 150 million in low-risk financial products, generating a return of RMB 1,794.02 thousand during the reporting period[22] - Investment income increased significantly to CNY 366,047,458.02, compared to CNY 205,830,603.52 in Q1 2023, marking a growth of 77.5%[27] Traffic and Operational Metrics - The average daily mixed traffic volume for the Meiguan Expressway in Q1 2024 was 154, generating a toll revenue of RMB 402,000[14] - The average daily mixed traffic volume for the Jihua East Section was 292, with toll revenue of RMB 1,717,000 in Q1 2024[14] - The average daily mixed traffic volume for the Jihua West Section was 203, resulting in toll revenue of RMB 1,380,000 in Q1 2024[14] - The total organic waste processing volume for the Guizhou project was 38.89 thousand tons, generating operational revenue of RMB 21,266.43 thousand in Q1 2024[17] - The total organic waste processing volume for the Nanning project was 44.29 thousand tons, with operational revenue of RMB 23,056.32 thousand in Q1 2024[17] - The total wind power generation for the Baotou South Wind project was 152,329.61 MWh, resulting in revenue of RMB 46,563.58 thousand in Q1 2024[19] - The total wind power generation for the Xinjiang Mule project was 145,265.46 MWh, generating revenue of RMB 65,458.73 thousand in Q1 2024[19] Financial Expenses and Tax - The financial expenses for Q1 2024 were CNY 284,657,515.82, an increase from CNY 259,934,364.18 in Q1 2023[27] - The company’s tax expenses for Q1 2024 were CNY 125,027,351.60, slightly up from CNY 122,256,164.51 in Q1 2023[27]

Financial Performance - Operating revenue for the first quarter of 2024 was RMB 2.04 billion, representing a year-on-year increase of 7.06%[6] - Net profit attributable to shareholders reached RMB 471 million, up 6.42% from the same period last year[6] - Basic and diluted earnings per share for the first quarter were both RMB 0.195, reflecting a growth of 7.03%[6] - Total operating revenue for Q1 2024 reached RMB 2,037,983,716.92, a 7.06% increase from RMB 1,903,638,574.41 in Q1 2023[25] - Net profit for Q1 2024 was RMB 512,669,617.76, up 9.43% from RMB 468,505,606.61 in Q1 2023[25] - Operating profit for Q1 2024 was RMB 634,811,192.70, representing a 7.17% increase compared to RMB 592,266,796.17 in Q1 2023[25] - Total operating costs for Q1 2024 were RMB 1,708,887,872.93, up 12.01% from RMB 1,525,339,731.31 in Q1 2023[25] - Investment income for Q1 2024 was RMB 366,047,458.02, a significant increase from RMB 205,830,603.52 in Q1 2023[25] - Total comprehensive income for Q1 2024 was RMB 474,681,285.95, down from RMB 708,832,729.06 in Q1 2023[26] Assets and Liabilities - Total assets as of March 31, 2024, were RMB 67.42 billion, a decrease of 0.13% from December 31, 2023[4] - The company's total liabilities decreased to approximately 39.01 billion RMB as of March 31, 2024, from approximately 39.51 billion RMB at the end of December 2023, a reduction of about 1.3%[24] - The company's long-term investments increased to approximately 19.74 billion RMB as of March 31, 2024, compared to approximately 18.72 billion RMB at the end of December 2023, reflecting a growth of about 5.4%[23] - The company's total equity of approximately 28.41 billion RMB as of March 31, 2024, compared to approximately 27.99 billion RMB at the end of December 2023, an increase of about 1.5%[24] - The total current assets reached approximately 8.24 billion RMB, up from approximately 6.95 billion RMB at the end of December 2023, indicating an increase of about 18.5%[23] Cash Flow - Net cash flow from operating activities was RMB 761 million, down 24.97% year-on-year due to delayed freight compensation and other factors[5][10] - Cash flow from operating activities in Q1 2024 was RMB 760,626,644.48, down 25% from RMB 1,013,802,070.16 in Q1 2023[27] - Cash flow from investing activities generated RMB 672,220,430.43 in Q1 2024, a significant improvement from a negative RMB 297,860,123.80 in Q1 2023[27] - The company's cash and cash equivalents increased to approximately 3.36 billion RMB as of March 31, 2024, compared to approximately 2.15 billion RMB at the end of December 2023, representing a growth of about 56%[23] - The company reported a decrease in cash and cash equivalents at the end of Q1 2024 to RMB 3,235,689,796.04 from RMB 3,538,404,110.36 at the end of Q1 2023[27] Shareholder Information - The total number of shareholders as of the reporting period was 18,715, with 18,471 being A-share shareholders[11] - The largest shareholder, HKSCC Nominees Limited, held 33.46% of the shares, followed by Shenzhen Xintong Industrial Development Co., Ltd. with 30.03%[12] Project and Operational Highlights - The average daily mixed traffic volume for the Meiguan Expressway in Shenzhen was 154,000 vehicles, generating a daily toll revenue of RMB 402,000 for Q1 2024[14] - The average daily mixed traffic volume for the Guangzhou-Shenzhen Expressway was 584,000 vehicles, with a daily toll revenue of RMB 7,540,000 for Q1 2024[15] - The total organic waste processing volume for the Guizhou project was 38.89 thousand tons, resulting in an operating revenue of RMB 21,266.43 thousand for Q1 2024[17] - The total operating revenue from the organic waste projects amounted to RMB 153,855.61 thousand, with a total processing volume of 331.93 thousand tons for Q1 2024[18] - The wind power project in Baotou generated 152,329.61 MWh of electricity, contributing RMB 46,563.58 thousand in revenue for Q1 2024[19] - The Xinjiang project produced 145,265.46 MWh of electricity, resulting in revenue of RMB 65,458.73 thousand for Q1 2024[19] - The average daily toll revenue for the Qinglian Expressway was RMB 2,059,000 with a traffic volume of 55,000 vehicles for Q1 2024[15] - The average daily toll revenue for the Longda Expressway was RMB 406,000 with a traffic volume of 159,000 vehicles for Q1 2024[14] Strategic Initiatives - The company plans to issue up to approximately 654 million A-shares, raising a total of up to 4.9 billion RMB for investment in external projects and repayment of interest-bearing debts[21] - The public REIT "Yifangda Shen Gaoshu REIT" raised a total of 2.0475 billion RMB, with a final sale price of 6.825 RMB per share, and the company participated in a strategic placement of 120 million shares, accounting for 40% of the total[21] - The company completed the acquisition of 100% equity in Zhangshu Gaochuan New Energy Co., Ltd. on December 1, 2023, which will be included in the consolidated financial statements[20] - The company reduced its stake in the Yichang project from 100% to 40% as of March 21, 2024, and will no longer consolidate its financial statements[16] Inventory and Borrowings - The company’s inventory decreased slightly to approximately 1.34 billion RMB as of March 31, 2024, from approximately 1.36 billion RMB at the end of December 2023, a decline of about 1.3%[23] - The company’s short-term borrowings increased to approximately 11.32 billion RMB as of March 31, 2024, compared to approximately 11.11 billion RMB at the end of December 2023, an increase of about 1.9%[24] - The company has invested 150 million RMB in low-risk financial products during the reporting period, generating a return of approximately 1.79 million RMB[21]

智通财经APP讯，深圳高速公路股份(00548)发布公告，根据公司于近日收到的《关于同意深圳高速公路 集团股份有限公司向专业投资者公开发行公司债券注册的批复》(证监许可[2024]576 号)(该批复)，中国 证券监督管理委员会已同意公司向专业投资者公开发行面值总额不超过人民币 80 亿元的公司债券(公司 债券)的注册申请。根据该批复，公司可自该批复之日起 24 个月内分期发行公司债券。公司债券的发行 应根据公司债券的募集说明书进行。 ...

Financial Performance - The company reported a total operating revenue for 2023 of CNY 9,295,304,371.69, a decrease of 0.82% compared to CNY 9,372,582,546.59 in 2022[23]. - Net profit attributable to shareholders for 2023 reached CNY 2,327,197,196.81, representing a 15.41% increase from CNY 2,016,496,533.08 in 2022[23]. - The net profit after deducting non-recurring gains and losses was CNY 2,240,100,027.08, an increase of 82.38% compared to CNY 1,228,230,901.37 in 2022[23]. - Basic earnings per share for 2023 were CNY 0.982, a 17.04% increase from CNY 0.839 in 2022[24]. - The company's operating cash flow for 2023 was CNY 4,094,812,227.87, up 21.53% from CNY 3,369,490,111.19 in 2022[23]. - The total assets at the end of 2023 were CNY 67,507,469,090.77, a decrease of 2.45% from CNY 69,204,698,015.50 at the end of 2022[23]. - The debt-to-asset ratio improved to 58.53% in 2023 from 60.46% in 2022, indicating better financial stability[49]. - The company reported quarterly revenues of CNY 2,924,016,131.69 in Q4 2023, with a net profit of CNY 788,297,700.97 attributable to shareholders[27]. Dividends and Shareholder Returns - The board has proposed a cash dividend of RMB 0.55 per share for the year 2023, subject to approval at the annual general meeting[3]. - The company proposed a cash dividend of 0.55 RMB per share for the 2023 fiscal year, totaling approximately 1.199 billion RMB, which is 56.03% of the net profit attributable to ordinary shareholders[49]. Audit and Compliance - The company has received a standard unqualified audit report from Deloitte Huayong[2]. - The financial report is prepared in accordance with Chinese accounting standards, ensuring accuracy and completeness[2]. - The company has confirmed no non-operating fund occupation by controlling shareholders or related parties[4]. - There are no violations of decision-making procedures regarding external guarantees[4]. - The company has not faced any issues with a majority of directors being unable to ensure the authenticity and completeness of the annual report[4]. - The report indicates that all board members attended the board meeting[2]. Revenue and Growth - Guizhou Bank reported a total revenue of 1.2 billion RMB for 2023, reflecting a year-on-year increase of 15%[11]. - The company achieved a net profit of 300 million RMB, representing a growth of 10% compared to the previous year[12]. - User data indicates an increase in active accounts by 20%, reaching a total of 1.5 million users[12]. - The company has set a performance guidance of 12% revenue growth for the next fiscal year[12]. Market Expansion and Development - The company plans to expand its market presence by launching two new branches in the Guangdong province by Q2 2024[12]. - New product development includes the introduction of a digital banking platform aimed at enhancing customer experience, expected to launch in Q3 2024[12]. - The company has allocated 500 million RMB for research and development in new technologies over the next fiscal year[12]. - A strategic acquisition of a fintech startup is anticipated to be completed by the end of Q4 2023, which is expected to enhance the company's digital capabilities[12]. Infrastructure and Environmental Projects - The expansion of the environmental project in Shenzhen is projected to increase operational efficiency by 25%[13]. - The company is exploring partnerships with local governments to enhance infrastructure development, targeting a 30% increase in project bids[13]. - The company is involved in various renewable energy projects, including a 32MW wind power project in Yongcheng and a 49.5MW wind power project in Zhongwei[15]. - The company has established a BOT model for the construction and management of the Shenzhen Guangming Environmental Park project[15]. - The company is engaged in the construction of the Xinjiang Mu Lei New Energy Base, which includes multiple wind power projects[15]. Operational Efficiency and Technology - The company aims to enhance operational efficiency and reduce costs through the implementation of BIM technology in its projects[16]. - The company is actively promoting the digital transformation of toll roads to reduce operational management costs and improve traffic efficiency[52]. - The company has developed an integrated control platform for pavement information, which has received national software copyright and two utility model patents[63]. - The company has completed the transformation of toll stations under the ETC model and improved operational efficiency through technologies such as 5G and satellite positioning[190]. Challenges and Risks - The company has identified potential risks related to policy changes in toll road management and environmental regulations, which could impact revenue and project returns[187]. - The company faces challenges in expanding its main business due to rising construction and operational costs, as well as increased competition in the solid waste resource processing and clean energy sectors[191]. - The company anticipates challenges in operational management due to increasing demands for highway efficiency and safety standards[189]. Strategic Goals and Future Plans - The company plans to focus on the dual-driven strategy of "toll roads + environmental protection," aiming for high-quality development and expanding quality investments[51]. - The company plans to enhance operational efficiency and service quality in the toll road business through smart technology and internal cost reduction measures[181]. - The company aims to strengthen its core competitiveness in the environmental protection sector by collaborating with industry leaders and improving project management capabilities[181]. - The company plans to optimize its financing structure through diversified channels, including A-share placements and bond issuances, to support major project funding[182].

Financial Performance - The company achieved operating revenue of RMB 9,295,304,371.69 in 2023, a decrease of 0.82% compared to RMB 9,372,582,546.59 in 2022, but a growth of 3.16% when excluding the impact of the Wuhuang Expressway[5]. - Net profit attributable to shareholders reached RMB 2,327,197,196.81, representing a 15.41% increase from RMB 2,016,496,533.08 in 2022[6]. - The total assets at the end of 2023 were RMB 67,507,469,090.77, a decrease of 2.45% from RMB 69,204,698,015.50 in 2022[6]. - The equity attributable to shareholders increased by 4.73% to RMB 22,357,997,457.11 from RMB 21,348,467,566.83 in 2022[6]. - The net cash flow from operating activities was RMB 4,094,812,227.87, reflecting a 21.53% increase from RMB 3,369,490,111.19 in 2022[6]. - Basic earnings per share increased by 17.04% to RMB 0.982 from RMB 0.839 in 2022[6]. - The company reported a significant increase of 82.38% in net profit attributable to shareholders after excluding non-recurring gains and losses, reaching RMB 2,240,100,027.08[6]. - The company plans to distribute a cash dividend of RMB 0.55 per share for the fiscal year 2023, totaling approximately RMB 1,199,423,679.30, up from RMB 0.462 per share in 2022[4]. Business Operations - The company's main revenue and profit sources are from toll road operations and investments, with increasing contributions from the environmental protection business[12]. - The company operates 16 toll road projects with a total controlled mileage of approximately 660 kilometers, primarily located in Shenzhen and the Guangdong-Hong Kong-Macao Greater Bay Area, indicating strong regional advantages[16]. - The company is focusing on expanding its dual main business areas of toll roads and environmental protection, while also extending its services in infrastructure management and digital technology[11]. - The company is actively developing project management and financial services based on its core business operations[12]. - The company is committed to enhancing its operational development space by integrating various service-oriented businesses[11]. Market Environment - In 2023, China's GDP reached 126.06 trillion yuan, reflecting a year-on-year growth of 5.2%, which supports stable growth in logistics and transportation demand[14]. - The total import and export value of China's foreign trade in 2023 was 41.76 trillion yuan, with a year-on-year growth of 0.2%, indicating resilience in the economy[14]. - The geopolitical tensions and global inflation risks have accelerated changes in the global economic landscape, impacting the company's operational environment[14]. Environmental Initiatives - The environmental protection business includes solid waste resource processing and clean energy generation, which are gradually contributing to the company's revenue[12]. - The company is focusing on solid waste resource treatment and clean energy generation, aligning with national policies supporting ecological civilization construction[17]. - The company is leveraging its resource advantages and operational management model to expand into the environmental protection and clean energy sectors through strategic partnerships and acquisitions[17]. Traffic and Toll Revenue - The average daily traffic volume for the Yichang project increased by 10.4% to 61 thousand vehicles, with toll revenue rising by 11.7% to RMB 1,184 thousand[26]. - The average daily traffic volume for the Changsha Ring Road grew by 16.6% to 96 thousand vehicles, while toll revenue increased by 12.2% to RMB 730 thousand[26]. - The overall toll revenue in the Shenzhen area increased by over 18% during the reporting period[30]. - The average daily traffic volume for the Guangshen Expressway rose by 19.9% to 632 thousand vehicles, with toll revenue increasing by 28.1% to RMB 7,924 thousand[28]. Investment and Financing - The company plans to issue up to approximately 654 million A-shares to raise a total of no more than RMB 4.9 billion for the investment in the Outer Ring project and repayment of interest-bearing debts[35]. - The company has maintained a high credit rating and good relationships with financial institutions, ensuring smooth financing channels for development[65]. - The company has secured contracts worth approximately RMB 29 million for road maintenance projects, demonstrating strong performance in operational management[53]. Digital Transformation - The company has developed a road network monitoring and command scheduling system platform, which is now operational, enhancing network operation monitoring and management[16]. - The company is promoting the application of smart technologies in the transportation sector, responding to government initiatives for modernization[15]. - The group is advancing digital transformation by integrating innovative technologies into traditional highway construction and environmental protection operations[24]. Future Outlook - The company plans to enhance digital transformation in financial management to improve budget management and reduce financial risks[114]. - The company aims to expand its toll road business through new construction and renovation projects, with major projects like the Outer Ring Phase III expected to commence construction within the year[114]. - The company expects stable main business revenue and operating costs for 2024, focusing on cost reduction and efficiency improvement in the toll road business[114].

Financial Performance - The company's operating revenue for Q3 2023 was CNY 2,246,408,274.72, a decrease of 11.98% compared to CNY 2,552,227,234.66 in the same period last year[4] - Net profit attributable to shareholders for Q3 2023 was CNY 609,624,394.83, down 47.87% from CNY 1,164,307,058.62 year-on-year[4] - Basic earnings per share for Q3 2023 was CNY 0.258, a decline of 49.90% from CNY 0.512 in the same period last year[5] - Total revenue for the first three quarters of 2023 was ¥6,371,288,240, a decrease of approximately 4.14% compared to ¥6,646,320,880 in the same period of 2022[30] - Operating profit for the first three quarters of 2023 was ¥2,067,515,474.36, down from ¥2,523,926,856.20 in 2022, reflecting a decline of about 18.06%[30] - Net profit for the first three quarters of 2023 was ¥1,558,580,959.78, compared to ¥2,068,020,934.92 in 2022, representing a decrease of approximately 24.7%[30] - The net profit attributable to the parent company for Q3 2023 was approximately ¥1.54 billion, a decrease from ¥2.02 billion in Q3 2022, representing a decline of about 23.7%[32] - The total comprehensive income for Q3 2023 was approximately ¥1.23 billion, compared to ¥1.07 billion in Q3 2022, indicating an increase of about 14.3%[32] Assets and Liabilities - Total assets at the end of Q3 2023 were CNY 67,359,514,836.14, a decrease of 2.67% from CNY 69,201,468,263.76 at the end of the previous year[7] - Current liabilities totaled ¥20,956,932,131.97 as of September 30, 2023, a decrease of approximately 9.83% from ¥23,243,350,594.23 at the end of 2022[29] - Long-term borrowings increased to ¥9,600,374,613.53 in Q3 2023, compared to ¥9,573,248,109.29 in the previous year, reflecting a slight increase of about 0.28%[29] - The company’s total equity as of September 30, 2023, was ¥27,230,117,782.91, slightly down from ¥27,364,137,701.52 at the end of 2022, a decrease of approximately 0.49%[29] Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 2,992,715,053.98, an increase of 15.67% compared to CNY 2,587,314,668.15 in the same period last year[4] - Cash flow from operating activities for the first three quarters of 2023 was approximately ¥6.17 billion, up from ¥5.91 billion in the same period of 2022, reflecting an increase of about 4.4%[33] - The net cash flow from operating activities for the first three quarters of 2023 was approximately ¥2.99 billion, compared to ¥2.59 billion in the same period of 2022, marking an increase of about 15.8%[33] - Cash flow from investing activities generated a net inflow of approximately ¥62.75 million in the first three quarters of 2023, a significant improvement from a net outflow of approximately ¥2.55 billion in the same period of 2022[33] - The total cash outflow from financing activities for the first three quarters of 2023 was approximately ¥20.39 billion, compared to ¥21.16 billion in the same period of 2022, showing a decrease of about 3.6%[34] Revenue from Projects - The company reported a total revenue of RMB 25,210.48 thousand from the Guiyang organic waste treatment project in Q3 2023, with a total processing volume of 48.57 thousand tons[21] - The Nanning project generated RMB 25,560.19 thousand in revenue for Q3 2023, processing 54.49 thousand tons of organic waste[21] - The total revenue from all organic waste treatment projects in the first three quarters of 2023 amounted to RMB 147,302.18 thousand, with a total processing volume of 318.31 thousand tons[21] - The company’s organic waste treatment projects have entered commercial operation, contributing significantly to revenue growth in the first three quarters of 2023[20] - The total revenue from the wind power projects for the first nine months of 2023 reached RMB 563.12 million, with a significant contribution from Xinjiang Mu Lei at RMB 249.84 million[22] Shareholder Information - The company had a total of 15,329 shareholders at the end of the reporting period, with the top 10 shareholders holding significant stakes[11] - The company plans to issue up to 654,231,097 A-shares, aiming to raise a total of up to RMB 6.5 billion for project investments and debt repayment[24] Future Plans and Investments - The company plans to continue focusing on market expansion and new technology development to enhance future performance[10] - The company plans to invest approximately RMB 8.447 billion in the third phase of the Outer Ring Expressway project, which is expected to enhance core highway assets and improve traffic flow for other toll roads[23] - The company is actively working on the feasibility study for the Shenzhen section of the Guangzhou-Shenzhen Expressway expansion project[24] - The company has initiated a pilot application for a REITs project based on the Hunan Province Yiyang to Changde Expressway, which is fully owned by its subsidiary[25] Financial Instruments - The company completed the issuance of short-term financing bonds totaling RMB 1.5 billion with a maturity of 270 days at an interest rate of 2.25%[25] - The company issued medium-term notes amounting to RMB 1 billion with a maturity of 5 years at an interest rate of 3.05%[26] - The company has engaged in two transactions of principal-protected floating income financial products, with a total investment of RMB 400 million during the reporting period[26] - The company has a total green bond issuance limit of RMB 4.1 billion, with the first phase of green bonds issued at RMB 550 million and a maturity of 3 years at an interest rate of 2.88%[26] Traffic and Toll Revenue - The average daily mixed traffic volume on the Meiguan Expressway was 171 thousand vehicles in Q3 2023, an increase from 163 thousand vehicles in the same period last year[18] - The average daily toll revenue for the Jihe East Section reached RMB 1,954 thousand in Q3 2023, compared to RMB 1,865 thousand in the same period last year[18] - The company holds a 100% stake in the Yangmao Expressway, which reported a daily traffic volume of 64 thousand vehicles in Q3 2023, up from 58 thousand vehicles year-on-year[18] - The average daily toll revenue for the Longda Expressway was RMB 458 thousand in Q3 2023, an increase from RMB 427 thousand in the same period last year[18]

Financial Performance - Operating revenue for Q3 2023 was RMB 2.25 billion, down 11.98% compared to RMB 2.55 billion in Q3 2022[6] - Net profit attributable to shareholders for Q3 2023 was RMB 609.62 million, a significant decline of 47.87% from RMB 1.16 billion in Q3 2022[6] - The basic earnings per share for Q3 2023 was RMB 0.258, down 49.90% from RMB 0.512 in Q3 2022[7] - The weighted average return on net assets decreased to 3.29% in Q3 2023, down 2.68 percentage points from 6.11% in Q3 2022[7] - Net profit attributable to shareholders decreased by 47.87% in the current reporting period[10] - Basic earnings per share for the current reporting period fell by 49.90%[10] - Total operating revenue for the first nine months of 2023 was RMB 6,371,288,240, a decrease of 4.14% compared to RMB 6,646,320,880 in the same period of 2022[26] - Net profit attributable to shareholders for the first nine months of 2023 was RMB 1,538,899,495.84, a decline of 23.7% from RMB 2,018,234,710.82 in 2022[26] Assets and Liabilities - As of September 30, 2023, total assets amounted to RMB 67.36 billion, a decrease of 2.67% from RMB 69.20 billion at the end of 2022[4] - Total liability of RMB 40,129,397,053.23 as of September 30, 2023, down from RMB 41,840,560,313.98 at the end of 2022[25] - Current liabilities decreased to RMB 20,956,932,131.97 from RMB 23,243,350,594.23, reflecting a reduction of 9.83%[25] - Total current assets decreased from 9.3 billion RMB on December 31, 2022, to 8.21 billion RMB as of September 30, 2023, representing a decline of approximately 11.6%[24] - Cash and cash equivalents decreased from 3.64 billion RMB to 3.41 billion RMB, a decline of about 6.2%[24] - Long-term receivables increased from 2.15 billion RMB to 2.27 billion RMB, an increase of approximately 5.5%[24] Cash Flow - The net cash flow from operating activities for the first nine months of 2023 was RMB 2.99 billion, an increase of 15.67% from RMB 2.59 billion in the same period of 2022[5] - Cash inflow from operating activities for January to September 2023 was RMB 6,171,271,475.15, an increase from RMB 5,905,977,990.46 in the same period of 2022, representing a growth of approximately 4.5%[28] - Net cash flow from operating activities increased to RMB 2,992,715,053.98 in 2023 from RMB 2,587,314,668.15 in 2022, reflecting a growth of about 15.7%[28] - Cash inflow from investment activities surged to RMB 3,247,585,255.61 in 2023, compared to RMB 1,615,388,068.45 in 2022, marking a significant increase of approximately 100.9%[28] - Cash inflow from financing activities decreased to RMB 17,117,634,438.95 in 2023 from RMB 20,058,047,950.17 in 2022, a decline of about 9.7%[28] - Net cash flow from financing activities worsened to -RMB 3,276,066,981.44 in 2023, compared to -RMB 1,106,442,440.92 in 2022, indicating a deeper cash outflow[28] Shareholder Information - The total number of shareholders as of the reporting period was 15,329, with 15,085 being A-share shareholders[11] - HKSCC Nominees Limited holds 33.47% of the shares, making it the largest shareholder[12] Project and Investment Updates - The company plans to invest approximately RMB 8.447 billion in the third phase of the Outer Ring Expressway project, which is expected to enhance the overall economic and social benefits of the project[19] - The company has approved a plan to issue up to 654,231,097 A-shares, aiming to raise no more than RMB 6.5 billion for investment in the Outer Ring project and debt repayment[20] - The company is actively promoting the REITs pilot application for the Yiyang to Changde Expressway, which is expected to enhance infrastructure investment opportunities[20] - The company is collaborating with Shenzhen City on the PPP project for the Jihe Expressway, which has been terminated but is under review for adjustments[19] Revenue from Projects - The organic waste treatment projects processed a total of 318.31 thousand tons in Q3 2023, with a revenue of RMB 147,302.18 thousand for the first nine months of 2023[16] - The total operating revenue from the organic waste treatment projects for the first nine months of 2023 reached RMB 412,671.97 thousand, showing significant growth compared to previous periods[16] - The wind power projects generated 150,169.65 MWh of electricity in Q3 2023, contributing RMB 44,398.50 thousand in revenue for the same period[17] - The company’s total electricity generation from wind power projects for the first nine months of 2023 was 1,346,000 MWh, with total revenue of RMB 373,000 thousand[17][18] Financial Instruments and Bonds - The company issued a total of 1.5 billion RMB in super short-term financing bonds on August 10, 2023, with a maturity of 270 days and an interest rate of 2.25%[21] - The company has a total medium-term note registration quota of 5 billion RMB, and issued 1 billion RMB in medium-term notes on September 4-5, 2023, with a maturity of 5 years and an interest rate of 3.05%[22] - The company issued green corporate bonds worth 550 million RMB on October 17-18, 2023, with a maturity of 3 years and an interest rate of 2.88%[22] - The company has a total of 41 billion RMB in green bond issuance capacity available within 24 months from the approval date[22] - The company has no overdue principal or income from its financial products as of the end of the reporting period[21] Research and Development - The company reported a significant decrease in research and development expenses to RMB 19,799,494.56 from RMB 26,730,061.43, indicating a strategic shift in investment[26]

Financial Performance - For the first half of 2023, Shenzhen Expressway Corporation Limited reported a revenue of RMB 1.2 billion, representing a year-on-year increase of 15%[1]. - The net profit attributable to shareholders for the same period was RMB 450 million, up 20% compared to the previous year[1]. - The company's operating revenue for the first half of 2023 was RMB 4,124,879,965.28, representing a 0.75% increase compared to RMB 4,094,093,645.65 in the same period of 2022[36]. - Net profit attributable to shareholders for the first half of 2023 was RMB 929,275,101.01, a 9.49% increase from RMB 848,711,632.68 in the previous year[36]. - The company's total assets as of June 30, 2023, were RMB 68,161,615,739.87, a decrease of 1.51% from RMB 69,204,698,015.50 at the end of 2022[36]. - The net assets attributable to shareholders decreased by 2.47% to RMB 20,822,028,588.00 from RMB 21,348,467,566.83 at the end of 2022[36]. - The company's operating revenue for the reporting period reached RMB 4,124,880 thousand, a year-on-year increase of 0.75%, primarily driven by the recovery in traffic volume on subsidiary toll roads, with toll revenue increasing by 17.34% after excluding the impact of the Wuhuang Expressway[102][104]. - The company reported a net profit attributable to shareholders of RMB 929,275 thousand in the first half of 2023, a year-on-year increase of 9.49% compared to RMB 848,712 thousand in the same period of 2022[99]. Traffic and Operations - The average daily traffic volume on expressways increased by 12% year-on-year, reaching 1.5 million vehicles per day[1]. - User satisfaction ratings for the expressway services improved to 85%, reflecting enhanced customer service initiatives[1]. - Daily average traffic volume on toll roads in the Guangdong-Shenzhen area increased significantly, with Meiguan Expressway seeing a 22.9% year-on-year increase in traffic volume[63]. - The average daily traffic volume and toll revenue for the Outer Ring project grew by 33.7% and 29.0% respectively during the reporting period[66]. - The operational performance of the Qinglian Expressway showed a recovery in traffic volume due to the normalization of production and living orders along the route[67]. - The Yangmao Expressway experienced significant growth in passenger vehicle traffic, benefiting from the opening of surrounding roads and government policies promoting tourism[67]. Expansion and Development Plans - The company plans to expand its expressway network by 10% over the next two years, focusing on key regions in Guangdong province[1]. - Future guidance indicates a projected revenue growth of 10-12% for the full year 2023, driven by increased traffic and new projects[1]. - The company is actively pursuing the construction of external ring projects and the expansion of existing highways to enhance its asset portfolio[51]. - The total estimated investment for the Outer Ring Phase III project is approximately RMB 8.447 billion, with the board approving continued investment in July 2023[71]. - The company is entering the solid waste resource treatment and clean energy sectors, establishing environmental and new energy companies as investment management platforms[76]. Environmental Initiatives - Shenzhen Expressway has committed to reducing carbon emissions by 15% by 2025 through sustainable practices and technology upgrades[1]. - The company is involved in the development and operation of clean energy systems, including wind power and waste management, indicating a focus on sustainability[35]. - The company is focusing on solid waste resource treatment and clean energy generation, aligning with national policies supporting environmental initiatives[52]. - The company’s subsidiary, Lande Environmental, operates 20 organic waste treatment BOT/PPP projects, with a design processing capacity exceeding 6,900 tons per day, positioning it among the leaders in the domestic industry[55]. Financial Management and Investments - The company has a diversified investment structure, including 100% ownership in several highway companies and significant stakes in various infrastructure and environmental projects[35]. - The company plans to invest approximately 9.279 billion RMB in capital expenditures by the end of 2025, focusing on various engineering projects and acquisitions[136]. - The company has a total of RMB 1.08 billion in financial assets measured at fair value, with a fair value change gain of RMB 100.43 million during the reporting period[144]. - The company has maintained a AAA credit rating domestically and an investment-grade rating internationally, ensuring favorable financing conditions[140]. Shareholder and Corporate Governance - The total number of shares issued by the company is 2,180,770,326, with 1,433,270,326 A-shares listed on the Shanghai Stock Exchange, accounting for approximately 65.72% of the total share capital, and 747,500,000 H-shares listed on the Hong Kong Stock Exchange, accounting for approximately 34.28%[186]. - The largest shareholder holds approximately 30.03% of the company's shares, with Shenzhen International being the indirect controlling shareholder since December 2008[33]. - The company has adhered to corporate governance practices in compliance with both Shanghai and Hong Kong stock exchange regulations[181]. - The company has engaged in 40 investor inquiries through various communication channels in the first half of 2023[182]. Challenges and Risks - The container throughput at Shenzhen Port decreased year-on-year, impacting truck traffic volume in the region[66]. - The company’s subsidiary, Deep-Shan Qiantai, faced challenges in battery recycling and scrap vehicle recovery due to fluctuating market prices, impacting its performance in the first half of 2023[81]. - The revenue from dismantling and battery recycling fell by 26.12%, influenced by a decline in raw material prices in the lithium battery industry[105]. Employee and Training Initiatives - The company has a total of 7,025 employees as of June 30, 2023, including 2,341 management and professional staff and 4,684 frontline workers[183]. - The company organized 179 training sessions during the reporting period, with a total of 5,147 participants in offline training and 6,125 views for online training sessions[183].