原标题：人车流量持续攀升 综合效益加快显现港珠澳大桥日益成为大湾区发展"纽带"（奋进强国路 阔 步新征程·重大工程巡礼）一桥连三地，天堑变通途。 港珠澳大桥车来车往、节奏繁忙——客流总量再创新高。 截至10月4日0时45分，今年经港珠澳大桥珠海公路口岸出入境的客流总量首次突破2000万人次，同比增 长达86%，超过去年全年总量。 车流量刷新单日纪录。 10月5日，港珠澳大桥通行车辆超2.12万辆次，其中港澳单牌车超过1.45万辆次。 习近平总书记强调："对港珠澳大桥这样的重大工程，既要高质量建设好，全力打造精品工程、样板工 程、平安工程、廉洁工程，又要用好管好大桥，为粤港澳大湾区建设发挥重要作用。 "2018年10月23日，港珠澳大桥正式开通。 近6年来，这一创下多项世界之最的"国之重器"，日益成为粤港澳大湾区发展的"纽带"。 人员往来更便捷，城市联系更紧密"早上，经港珠澳大桥，到珠海喝早茶；中午，到中山参观游览；晚 上，走深中通道到深圳吃晚饭，再返回香港。 "今年暑假，香港市民黎先生带着孩子体验粤港澳大湾区"一日游"，"一天转了三座城市、打卡两座超级 工程，感觉很棒！ ""港澳车辆'北上'政策落地1年多来， ...

Toll Revenue and Traffic Volume - The net toll revenue from the Guangzhou-Shenzhen Expressway, Guangzhu West Line Expressway, and the沿江 Expressway (Shenzhen section) totaled approximately RMB 2.331 billion, representing a year-on-year growth of 1%[3]. - The average daily toll revenue for the Guangzhou-Shenzhen Expressway increased by 0.3% to approximately RMB 7.71 million, while the average daily mixed traffic volume decreased by 4% to approximately 604,000 vehicles[5]. - The average daily toll revenue for the Guangzhu West Line Expressway increased by 0.6% to approximately RMB 3.43 million, with a decrease in average daily mixed traffic volume by 3% to approximately 253,000 vehicles[5]. - The average daily toll revenue for the沿江 Expressway (Shenzhen section) increased by 2% to approximately RMB 1.67 million, while the average daily mixed traffic volume decreased by 1% to approximately 180,000 vehicles[5]. - In the first half of 2024, the total toll revenue for the Guangzhou-Shenzhen Expressway was approximately RMB 1.403 billion, with a slight year-on-year increase of 0.9%[18]. - The average daily mixed traffic volume for the Guangzhou-Shenzhen Expressway in the first half of 2024 was approximately 604,000 vehicles, a decrease of 3.7% year-on-year[23]. - The toll revenue from Class 1 vehicles accounted for 82.6% of the total toll revenue for the Guangzhou-Shenzhen Expressway in the first half of 2024[24]. - The total toll revenue for the Guangzhou-Zhuhai West Line Expressway in the first half of 2024 was approximately RMB 623 million, with a year-on-year increase of 1.1%[29]. - The average daily mixed traffic volume for the Guangzhou-Zhuhai West Line Expressway in the first half of 2024 was approximately 253,000 vehicles, a decrease of 3.4% year-on-year[28]. - In the first half of 2024, the total toll revenue for the Shenzhen section of the Yangjiang Expressway was approximately RMB 305 million, with an average daily toll revenue of about RMB 1.67 million, reflecting a year-on-year increase of 2%[31]. Economic Indicators - The total social logistics volume in China reached RMB 167.4 trillion in the first half of 2024, reflecting a year-on-year growth of 5.8%[6]. - The GDP of China for the first half of 2024 was approximately RMB 61.68 trillion, with a year-on-year growth of 5%[6]. Infrastructure Development - The Guangdong Provincial Transportation Department emphasized the need to enhance the interconnectivity of transportation infrastructure in the Greater Bay Area, aiming to create a "one-hour living circle" by accelerating project planning and construction[9]. - The new regulations on infrastructure and public utility concessions will positively impact the development of operational expressways by extending the maximum concession period to 40 years[11]. - The revision of the toll road management regulations aims to strengthen the management of toll roads and protect the rights of both operators and users, promoting the development of the road sector[12]. - The opening of the Shenzhen-Zhongshan Channel on June 30, 2024, is expected to have a minor positive impact on traffic distribution for the Guangzhou-Shenzhen Expressway[19]. Financial Performance - The company reported a 1% year-on-year increase in total revenue for the first half of 2024, amounting to RMB 1.271 billion, with a net profit of RMB 296 million, representing a 40% increase compared to the previous year[40]. - The group's EBITDA rose by 7% year-on-year to approximately RMB 1.123 billion, with the Jiangyan Expressway (Shenzhen section) EBITDA increasing by 2% to approximately RMB 257 million[43]. - The net profit attributable to the group from the Jiangyan Expressway (Shenzhen section) was approximately RMB 105 million, a 2% increase from the previous year, while the share of net profit from the Guangshen joint venture increased by 49% to approximately RMB 233 million[47]. - The total interest and tax expenses for the group rose by 8% year-on-year to approximately RMB 239 million, influenced by increased toll revenue[46]. - The group's financial costs increased by 14% year-on-year to approximately RMB 87 million, primarily due to rising interest rates on HKD loans[50]. - The group anticipates a year-on-year adverse change in performance for the current year due to the reversal of road surface responsibility provisions, but maintains a cautiously optimistic long-term outlook[52]. - The group aims to maintain a regular dividend payout ratio of 100% of recurring income for the year[52]. - The net profit attributable to equity shareholders for the group was approximately RMB 241 million, a 40% increase compared to RMB 172 million in the previous year[50]. Cash and Debt Management - As of June 30, 2024, the group's cash and cash equivalents amounted to RMB 957 million, a slight increase from RMB 950 million as of December 31, 2023[56]. - The group's net debt as of June 30, 2024, was RMB 3.52 billion, compared to RMB 3.17 billion at the end of 2023, indicating an increase in leverage[56]. - The total liabilities of the group reached RMB 17.06 billion as of June 30, 2024, compared to RMB 17.04 billion at the end of 2023, reflecting a slight increase[61]. - The asset-liability ratio increased to 40% as of June 30, 2024, up from 38% at the end of 2023, indicating a rise in financial leverage[61]. - The group's cash and cash equivalents in the Liangjiang Company increased to RMB 228 million as of June 30, 2024, from RMB 102 million at the end of 2023[56]. - The group's share of cash and cash equivalents in the Guangshen joint venture rose to RMB 493 million as of June 30, 2024, compared to RMB 349 million at the end of 2023[59]. - The total amount of bank loans due within one year increased to RMB 1,912,798,000 from RMB 1,817,816,000, marking a rise of 5.2%[158]. - The company’s bank loans increased to RMB 4,032 million in 2023 from RMB 3,957 million in 2022, indicating a 1.9% growth[179]. Corporate Governance and Compliance - The company has adhered to all provisions of the corporate governance code during the review period, except for the absence of the chairman at the annual general meeting due to other work commitments[93]. - The company is committed to maintaining compliance with the Hong Kong Stock Exchange listing rules and corporate governance standards[194]. - The company’s board of directors includes experienced professionals with diverse backgrounds in finance and management, ensuring effective oversight and strategic direction[194]. Employee Management and Development - The company is committed to providing competitive compensation and benefits, including retirement contributions and medical insurance, to enhance employee productivity[88]. - The company has implemented a training program to address skill gaps identified in performance evaluations, aiming to improve employee productivity[88]. - The company has 556 employees as of June 30, 2024, including 494 employees from Jiang Company[88]. Investment and Land Development - The cumulative contract sales amount for the Park City project reached approximately RMB 3.669 billion, with an average selling price of RMB 25,000 per square meter[35]. - The Guangzhou-Shenzhen expansion project is expected to have a total investment of approximately RMB 29.4 billion, with the company planning to contribute no more than RMB 3.7 billion[36]. - The company is actively communicating with relevant government departments to explore land development opportunities along the Guangzhou-Shenzhen Expressway[38]. - The company aims to expand its market presence in the Greater Bay Area, focusing on infrastructure and urban development projects[193]. - The company holds a 15% equity stake in the Guangzhou Zhentong Industrial Development Co., which is involved in the new land development project[192]. Financial Results and Shareholder Returns - The interim dividend declared is RMB 0.078 per share, equivalent to HKD 0.08522358, representing 100% of the profit attributable to equity shareholders for the six months ended June 30, 2024[76]. - The company plans to pay an interim dividend of RMB 0.078 per share or HKD 0.08522358, with the payment date scheduled for November 8, 2024[197]. - The company declared dividends amounting to RMB 355,935 thousand for the six months ended June 30, 2024[114]. - The company plans to maintain a consistent dividend payout ratio of 100% for the upcoming periods[182].

Financial Performance - The net toll revenue for the GDS Expressway, GZ West Line Expressway, and the Yangjiang Expressway (Shenzhen section) totaled approximately RMB 2.331 billion, representing a year-on-year growth of 1%[3] - The profit attributable to equity shareholders increased by 40% year-on-year to approximately RMB 241 million, primarily due to a reduction in depreciation and amortization expenses and a decrease in net foreign exchange losses[2] - The company reported a net profit attributable to equity shareholders of RMB 240,618,000 for the six months ended June 30, 2024, up from RMB 171,744,000 in 2023, marking an increase of 40.1%[70] - The company recorded a net profit of RMB 296,406,000, compared to RMB 225,139,000 in the prior year, reflecting a year-on-year increase of approximately 31.6%[60] - The total operating profit before tax for the six months ended June 30, 2024, was RMB 402,377,000, compared to RMB 331,397,000 in 2023, reflecting an increase of 21.5%[70] Revenue and Sales - The total contract sales amount for the Park Shang City during the review period was approximately RMB 422 million[3] - The total toll revenue for the Guangzhou-Shenzhen Expressway was approximately RMB 1.403 billion, with a daily average toll revenue of about RMB 7.71 million, reflecting a slight year-on-year increase of 0.3%[12] - Toll revenue increased to RMB 304,672,000 for the six months ended June 30, 2024, compared to RMB 296,296,000 in 2023, reflecting a growth of 2.3%[75] - The cumulative contract sales amount for the Park Shangcheng project reached approximately RMB 3.669 billion, with an average selling price of RMB 25,000 per square meter[27] Dividends - The company declared an interim dividend of RMB 0.078 per share, equivalent to a payout ratio of 100% of the profit attributable to equity shareholders for the six months ended June 30, 2024[2] - The interim dividend declared for the six months ended June 30, 2024, is RMB 7.80 per share, up from RMB 5.55 per share in 2023, reflecting a 40.7% increase[80] - The total amount of interim dividends payable is approximately RMB 240,372,000 for 2024, compared to RMB 171,034,000 for 2023, indicating a significant increase of 40.5%[81] Economic Indicators - The total social logistics volume in China reached RMB 167.4 trillion in the first half of 2024, reflecting a year-on-year growth of 5.8%[5] - The GDP of China for the first half of 2024 was approximately RMB 61.68 trillion, with a year-on-year growth of 5%[5] - The Greater Bay Area's GDP exceeded RMB 14.0 trillion, accounting for about 11% of the national GDP, indicating significant regional economic activity and potential[6] Infrastructure and Development - The new regulations on infrastructure and public utility concessions extend the maximum concession period to 40 years, which may positively impact the development of operational expressways[7] - The company is positioned to benefit from the ongoing development of the Greater Bay Area, which aims to enhance transportation infrastructure and promote regional economic integration[6] - The completion of the Shenzhen-Zhongshan Channel on June 30, 2024, is expected to have a positive impact on the operational performance of the Guangzhou-Shenzhen Expressway[12] Financial Position - As of June 30, 2024, the group's cash and cash equivalents amounted to RMB 957 million, while bank loans stood at RMB 4.003 billion[38] - The group's total assets reached RMB 17,059 million as of June 30, 2024, compared to RMB 17,036 million on December 31, 2023, indicating a slight increase of 0.14%[42] - The group's total liabilities stood at RMB 9,465 million as of June 30, 2024, up from RMB 9,333 million as of December 31, 2023, representing an increase of approximately 1.41%[42] - The debt-to-asset ratio was 40% as of June 30, 2024, compared to 38% on December 31, 2023, indicating a rise in leverage[42] Operational Metrics - The average daily toll revenue for the GDS Expressway increased by 0.3% year-on-year to approximately RMB 7.709 million, while the average daily mixed traffic volume decreased by 4% to approximately 604,000 vehicles[4] - The contribution of Class 1 vehicles to toll revenue on the Guangzhou-Shenzhen Expressway was 82.6%, while their contribution to mixed traffic volume was 91.9%[12] - The use of ETC electronic payment cards accounted for approximately 66% of toll revenue and 63% of traffic volume on the Guangzhou-Shenzhen Expressway[12] Costs and Expenses - The depreciation and amortization expenses for the company's share of the expressway projects totaled approximately RMB 481 million, a decrease of 4% compared to the previous year[32] - The company's financial costs increased to RMB 87,217,000 in the first half of 2024, compared to RMB 78,895,000 in 2023, representing an increase of 10.8%[77] - The company reported a foreign exchange loss of RMB 50,913 thousand, an improvement from a loss of RMB 77,894 thousand in the previous year, indicating a reduction of about 34.5%[62] Future Outlook - The company plans to invest approximately RMB 29.4 billion in the expansion of the Guangzhou-Shenzhen Expressway, with an expected capital contribution of no more than RMB 3.7 billion from the company[29] - The company is actively communicating with Guangdong Highway Construction to explore opportunities for land value release along the Guangzhou-Shenzhen Expressway, aiming for enhanced investment returns[30] - The group expects a negative year-on-year change in performance due to provisions related to road resurfacing responsibilities for the Guangzhou-Shenzhen joint venture[36]

Revenue and Traffic Volume - For the first quarter of 2024, the average daily toll revenue for the Guangzhou-Shenzhen Expressway was RMB 7,540, showing no change from the previous year[2]. - The average daily mixed traffic volume for the Guangzhou-Shenzhen Expressway decreased by 4% to 584 thousand vehicles compared to the same period last year[2]. - The average daily toll revenue for the Guangzhou-Zhuhai West Line Expressway remained stable at RMB 3,374, with no change from the previous year[2]. - The average daily mixed traffic volume for the Guangzhou-Zhuhai West Line Expressway also decreased by 4% to 247 thousand vehicles[2]. - The average daily toll revenue for the Shenzhen section of the Jiangnan Expressway increased by 4% to RMB 1,607 compared to the previous year[2]. Financial Performance - The total revenue for the group for the three months ended March 31, 2024, was RMB 279,147 thousand, a decrease from RMB 350,332 thousand in the same period last year[5]. - The net profit for the group for the same period was RMB 140,570 thousand, compared to RMB 131,313 thousand in the previous year, representing an increase of 7%[6]. - The basic earnings per share for the group increased to RMB 3.65 from RMB 3.48 in the previous year[5]. Assets and Liabilities - The total assets of the group as of March 31, 2024, were RMB 12,672,753 thousand, an increase from RMB 12,413,183 thousand at the end of the previous year[9]. - The total liabilities of the group increased to RMB 4,863,785 thousand from RMB 4,710,124 thousand at the end of the previous year[10]. Cash Flow and Investments - Operating cash flow for the three months ended March 31, 2024, was RMB 73,429 thousand, a decrease from RMB 194,696 thousand in the same period last year[11]. - Net cash used in investing activities was RMB (191,732) thousand, compared to RMB 175,479 thousand in the previous year[11]. - Net cash generated from financing activities was RMB 30,699 thousand, a significant improvement from RMB (69,308) thousand in the same period last year[11]. - Cash and cash equivalents decreased by RMB 87,604 thousand, compared to an increase of RMB 300,867 thousand in the previous year[11]. - Cash and cash equivalents as of January 1, 2024, were RMB 483,617 thousand, up from RMB 474,015 thousand at the same time last year[11]. - The impact of foreign exchange rate changes on cash and cash equivalents was RMB 389 thousand, compared to a negative impact of RMB (622) thousand in the previous year[11].

Financial Performance - The company reported a revenue of RMB 2,951 million for 2023, an increase of 44% compared to RMB 2,050 million in 2022[14]. - The net profit attributable to equity shareholders for 2023 was RMB 528 million, up from RMB 279 million in 2022, representing a growth of 89%[13]. - The operating profit before interest, tax, depreciation, and amortization (EBITDA) for 2023 was RMB 2,455 million, an increase from RMB 1,748 million in 2022[14]. - The company’s share of profits from joint ventures was RMB 691 million in 2023, compared to RMB 354 million in 2022, marking a significant increase[13]. - Basic earnings per share for 2023 were RMB 0.1715, reflecting a significant increase compared to the previous year[17]. - The company reported a loss of RMB 53 million from corporate activities in 2023, an improvement from a loss of RMB 27 million in 2022[13]. - The company's revenue from investment projects amounted to approximately RMB 2.951 billion, with a profit attributable to equity shareholders of about RMB 528 million, representing a year-on-year increase of 89%[20]. Debt and Financial Ratios - The company’s debt-to-equity ratio was reported at 40% for 2023, indicating a stable financial position[10]. - Total assets as of December 31, 2023, were RMB 12.413 billion, while total liabilities reached RMB 4.834 billion, resulting in a debt-to-asset ratio of 38%[18]. - The company’s net debt-to-equity ratio was 64% as of December 31, 2023, indicating a significant increase in leverage compared to previous years[18]. - The group’s net debt to equity ratio for the group was 64% in 2023, slightly improved from 66% in 2022, indicating a reduction in leverage[96]. Dividends - The company proposed a final dividend of RMB 0.1155 per share, subject to shareholder approval at the 2024 annual general meeting[19]. - The total regular dividend for the year ended December 31, 2023, is proposed to be RMB 0.171 per share, a 90% increase compared to RMB 0.090 per share in the previous year[27]. - The regular dividend payout ratio for the year is 100% of the profit attributable to equity shareholders[27]. - The total dividend for the year will amount to RMB 17.10 per share, up from RMB 9.00 per share in the previous year, indicating an increase of 89.44%[181]. Strategic Focus and Expansion - The company plans to focus on infrastructure development in the Guangdong-Hong Kong-Macao Greater Bay Area as part of its strategic expansion[11]. - The company aims to enhance its market presence through strategic acquisitions and partnerships in the coming years[11]. - The company plans to accelerate the revitalization of land resources along the expressway and expand investment opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area[24]. - The company aims to obtain approval for the expansion project of the Guangzhou to Shenzhen section of the Jinggang'ao Expressway, which is crucial for sustainable development[24]. Toll Revenue and Traffic - In 2023, the total toll revenue for the Guangzhou-Shenzhen Expressway reached approximately RMB 28.92 billion, representing a year-on-year increase of 28%[23]. - The average daily toll revenue and mixed vehicle flow for the Guangzhou-Shenzhen Expressway increased by 28% and 20% respectively compared to the previous year[23]. - The total toll revenue for the Guangzhu West Line Expressway was approximately RMB 13.04 billion, with average daily toll revenue and mixed vehicle flow rising by 25% and 22% respectively[23]. - The total toll revenue for the Shenzhen Section of the Jiangjiang Expressway was approximately RMB 6.29 billion, with average daily toll revenue and mixed vehicle flow increasing by 31% and 34% respectively[23]. Management and Governance - The company has a strong management team with extensive experience in project management and corporate governance[32]. - The board includes members with backgrounds in finance, engineering, and logistics, enhancing the company's strategic capabilities[33]. - The company has established a governance structure to enhance operational efficiency and shareholder value[114]. - The board of directors consists of four executive directors, two non-executive directors, and three independent non-executive directors, ensuring a strong independent element[118]. Risk Management - The company has adopted a comprehensive risk management framework that includes identifying, communicating, mitigating, and reporting significant risks, including ESG risks[149]. - The group faces significant risks including macroeconomic, financial, exchange rate, road safety, and toll system security risks[157]. - The company emphasizes corporate ethics and compliance with laws and regulations to maintain its reputation[163]. Employee and Board Diversity - The company is committed to creating a gender-diverse work environment during the recruitment process[124]. - As of December 31, 2023, the gender ratio among employees is 39% female and 61% male, reflecting a balanced gender representation[124]. - The company has implemented competitive remuneration policies and employee benefits, including retirement contributions and medical insurance[111]. Investor Relations - The company actively engages in investor relations activities, participating in over 20 events and communicating with more than 100 investors and analysts throughout the year[173]. - The annual general meeting serves as a key communication channel with shareholders, allowing direct interaction with the board[172]. - The company has maintained regular updates on its website to ensure timely and accurate dissemination of important corporate information, including various announcements and financial reports[174].

Revenue Growth - Net toll revenue increased by 28% year-on-year to approximately RMB 2.582 billion, driven by the recovery in domestic social transportation volume and stable economic growth in cities along expressways[2]. - Profit attributable to equity shareholders rose by 89% to approximately RMB 528 million, primarily due to increased toll revenue, reversal of provisions for road resurfacing responsibilities, and performance growth from the Park City project[4]. - The net toll revenue for the year reached approximately RMB 4.825 billion, representing a year-on-year growth of 28%[13]. - The average daily toll revenue and mixed traffic volume for all expressways showed significant growth, indicating a recovery in domestic transportation demand[13]. - Total revenue for the toll highway projects reached RMB 2,951,830 thousand, with a net profit attributable to equity shareholders of RMB 528,483 thousand[84]. - The group's revenue for 2023 was RMB 944,777, up 19.6% from RMB 789,701 in 2022[86]. Project Contributions - The Park City project contributed approximately RMB 42 million in profit for the year, with the first phase of residential units delivered to buyers starting in Q3 2023[7]. - The average selling price for the Park City project was approximately RMB 23,000 per square meter, with total contract sales amounting to approximately RMB 970 million in the year[37]. - The Park City project has cumulative contract sales of approximately RMB 3.247 billion to date, with an average selling price of approximately RMB 25,000 per square meter[37]. Economic Environment - The GDP of Guangdong Province grew by 4.8% year-on-year, reaching approximately RMB 13.57 trillion, contributing to a favorable operating environment for the company[5]. - The company anticipates a positive macroeconomic environment in 2024, while remaining cautious of external challenges[8]. - The GDP growth rates for Guangzhou, Dongguan, and Shenzhen in 2023 were 4.6%, 2.6%, and 6.0% respectively, indicating stable economic growth that supports expressway operations[21]. - The domestic automobile sales in 2023 reached approximately 30.09 million units, representing a year-on-year growth of 12%, which positively impacts the toll road business[20]. Dividend Proposals - The company proposed a final dividend of RMB 0.1155 per share, with a total payout ratio of 100% of profit attributable to equity shareholders[4]. - The total regular dividend for the year is proposed at RMB 0.171 per share, a 90% increase from RMB 0.090 per share in the previous year[10]. - The group aims to maintain a regular dividend payout ratio of 100% of recurring income for the year[47]. Infrastructure Developments - The company plans to focus on the expansion of the Guangzhou-Shenzhen section of the Jinggang'ao Expressway, with significant progress made in 2023, including the approval of key construction segments[7]. - The completion of the Dongguan-Fan Expressway's third phase is expected to provide an alternative route for vehicles, potentially affecting traffic flow on the Guangzhou-Shenzhen Expressway[21]. - The Shenzhen-Zhongshan Corridor is anticipated to open in June 2024, which may also impact traffic patterns on the Guangzhou-Shenzhen Expressway[21]. - The second phase of the Yanjiang Expressway is under construction and is expected to positively impact operational performance upon completion in June 2024[31]. Financial Performance - EBITDA for the three toll road projects rose by 38% from approximately RMB 1.741 billion in 2022 to approximately RMB 2.394 billion in 2023[42]. - The group's profit attributable to equity shareholders for the year is approximately RMB 528 million, an increase of 89% compared to RMB 279 million last year[46]. - The company's total administrative expenses and depreciation increased by 28% to approximately RMB 1.032 billion in 2023[43]. - The company's interest expenses from the Guangzhou-Shenzhen joint venture rose by 74% to approximately RMB 66 million due to increased loan rates[44]. Cash and Assets - As of December 31, 2023, total assets amounted to RMB 17,036 million, a decrease from RMB 17,662 million in 2022[53]. - Total liabilities decreased to RMB 9,333 million in 2023 from RMB 10,276 million in 2022, resulting in a debt-to-asset ratio of 38% compared to 40% in the previous year[53]. - The cash and cash equivalents of the group headquarters increased to RMB 3.82 billion from RMB 3.17 billion year-on-year[49]. - The group’s net debt-to-equity ratio was 64% in 2023, a slight improvement from 66% in 2022[53]. Regulatory and Compliance - The board confirmed compliance with all corporate governance codes during the review year, emphasizing a commitment to enhancing shareholder value[69]. - The company is currently evaluating the impact of new and revised International Financial Reporting Standards that will take effect in 2024, with no significant impact expected on the consolidated financial statements[79]. Joint Ventures and Collaborations - The company is actively communicating with relevant government departments to explore land development opportunities along the Guangshen Expressway[40]. - The shareholding structure of the Xintang joint venture consists of 15% by Shenwan Infrastructure, 20% by Lilu Investment, 5% by Lixin Investment, and 60% by Shenzhen Runtou[106].

转自：大湾区之声 2019年2月18日，《粤港澳大湾区发展规划纲要》正式发布。五年来，大湾区建设稳步推进、硕果累累。 五年间，大湾区之声记者专访百余位嘉宾，从大湾区建设初期的谈机遇、谈方向，建言献策；到不断推进纵深发展过程中，具体领域的谋共识、谋合作， 共话新篇。我们见证并记录了富有活力和国际竞争力的一流湾区，一步步从蓝图走向现实。 建言大湾区 发挥各自优势 紧抓发展机遇 澳门工会联合总会会长何雪卿认为，大湾区的建设带给澳门很多机遇，要通过加强职业认证、职员培训等合作，促进澳门职工素质快速提升。 中国（深圳）综合开发研究院院长樊纲认为，结合香港的优势，前海可以在经济产业、社会民生等方面多与香港联动发展，衔接规则、对接机制，并用好 香港的专业人才、金融市场和国际市场。 合开发研究院院长 格力电器董事长兼总裁董明珠表示，大湾区的发展需要用行动一点点去堆积。大湾区建设如火如荼为"中国制造"营造了良好的环境，这种氛围的形成非常 重要。 SMC 图格力电器股份有限公司董事长兼总裁 e with the state the been and and and and and and and and and and and ...

Financial Performance - The company's net profit attributable to equity shareholders increased by 22% to approximately RMB 337 million for the nine months ended September 30, 2023, up from RMB 275 million in the same period last year[6]. - Total revenue for the nine months ended September 30, 2023, was RMB 392,045,000, compared to RMB 617,277,000 in the same period of 2022[7]. - The company reported a total comprehensive income of RMB 334,843,000 for the nine months ended September 30, 2023, compared to RMB 125,495,000 in the same period of 2022[9]. - Financial costs increased significantly to RMB 124,653,000 in the first nine months of 2023, compared to RMB 27,788,000 in the same period of 2022[7]. Cash Flow and Investments - Cash generated from operating activities for the nine months ended September 30, 2023, was RMB 399,645,000, significantly up from RMB 57,855,000 in the same period of 2022[13]. - Net cash generated from investing activities was RMB 417,773,000 for the nine months ended September 30, 2023, compared to RMB 201,201,000 in the previous year[13]. - The company raised new bank loans totaling RMB 838,574,000 during the nine months ended September 30, 2023, compared to RMB 580,554,000 in the same period of 2022[13]. - The company reported a net cash increase of RMB 187,781,000 for the nine months ended September 30, 2023, compared to a decrease of RMB 65,481,000 in the same period of 2022[13]. - The company’s operating cash flow after tax payments was RMB 397,046,000 for the nine months ended September 30, 2023, compared to RMB 42,370,000 in the same period of 2022[13]. Assets and Liabilities - The total assets of the company as of September 30, 2023, were RMB 12,208,988,000, slightly down from RMB 12,220,047,000 at the end of 2022[11]. - As of September 30, 2023, the total liabilities amounted to RMB 4,765,646,000, a slight decrease from RMB 4,834,260,000 as of December 31, 2022[12]. - The total equity increased to RMB 7,443,342,000 as of September 30, 2023, compared to RMB 7,385,787,000 as of December 31, 2022[12]. - The company’s total assets and liabilities as of September 30, 2023, were RMB 12,208,988,000, slightly down from RMB 12,220,047,000 as of December 31, 2022[12]. Toll Revenue and Traffic Flow - Average daily toll revenue for the Guangzhou-Shenzhen Expressway increased by 24% to RMB 7,901,000 in the first nine months of 2023 compared to RMB 6,395,000 in the same period of 2022[3]. - Average daily mixed vehicle flow for the Guangzhou-Zhuhai West Line Expressway rose by 19% to 3,590,000 vehicles in the first nine months of 2023 from 3,012,000 vehicles in 2022[3]. - The average daily toll revenue for the Shenzhen section of the Jiangdong Expressway increased by 23% to RMB 1,811,000 in Q3 2023 compared to RMB 1,474,000 in Q3 2022[2]. - The average daily mixed vehicle flow for the Shenzhen section of the Jiangdong Expressway increased by 22% to 198,000 vehicles in Q3 2023 compared to 162,000 vehicles in Q3 2022[2]. Real Estate Performance - The average selling price for the Park City project was approximately RMB 23,000 per square meter, with total contract sales amounting to approximately RMB 825 million in the first three quarters of 2023[5]. Acquisition - The company completed the acquisition of a 51% stake in the Jiangjiang Company for RMB 2,998,000,000 on November 30, 2022, enhancing its operational capabilities in the Jiangjiang Expressway project[14]. Cash and Cash Equivalents - The cash and cash equivalents as of September 30, 2023, were RMB 665,426,000, down from RMB 1,795,411,000 at the end of the previous year[13].

Toll Revenue and Traffic Volume - The net toll revenue from Guangshen Expressway, Guangzhu West Line Expressway, and Yanjiang Expressway (Shenzhen section) totaled approximately RMB 2.303 billion, representing a year-on-year growth of 26%[5]. - Average daily toll revenue and mixed vehicle traffic volume for Guangshen Expressway increased by 27% and 24% year-on-year, reaching approximately RMB 7.69 million and 627 vehicles respectively[6]. - Average daily toll revenue and mixed vehicle traffic volume for Guangzhu West Line Expressway increased by 20% and 22% year-on-year, reaching approximately RMB 3.41 million and 262 vehicles respectively[6]. - Average daily toll revenue and mixed vehicle traffic volume for Yanjiang Expressway (Shenzhen section) increased by 29% and 39% year-on-year, reaching approximately RMB 1.64 million and 182 vehicles respectively[6]. - In the first half of 2023, total toll revenue for the Guangzhou-Shenzhen Expressway was approximately RMB 1.391 billion, with daily toll revenue and mixed traffic volume increasing by 27% and 24% year-on-year, reaching about RMB 7.69 million and 627,000 vehicles respectively[11]. - The contribution of Class 1 vehicles to toll revenue and mixed traffic volume accounted for 83.4% and 92.2% of the total for the Guangzhou-Shenzhen Expressway[11]. - The average daily mixed vehicle traffic volume across all expressways showed significant recovery, indicating a positive trend in transportation demand[5]. Economic and Market Context - The GDP of Guangdong Province grew by 5.0% year-on-year, reaching approximately RMB 6.3 trillion in the first half of 2023[7]. - The total population of the Greater Bay Area exceeded 86 million, with a GDP exceeding RMB 13.0 trillion, accounting for about 11% of the national GDP[8]. - The company anticipates positive impacts on its highway business performance due to the recovery of the domestic economy and supportive government policies[7]. - In the first half of 2023, national automobile sales reached approximately 13.24 million units, reflecting a year-on-year growth of 9.8%, which is beneficial for the company's toll road business[10]. Company Performance and Financials - The total revenue for the group for the six months ended June 30, 2023, was RMB 1.26 billion, representing a year-on-year increase of 27%[30]. - The contribution from toll expressway projects amounted to RMB 1.23 billion, with a year-on-year increase of 27%[30]. - The group reported a net profit attributable to equity shareholders of RMB 172 million, reflecting a year-on-year decrease of 16%[30]. - The total comprehensive income for the period was RMB 147,245 thousand, compared to RMB 143,708 thousand in 2022, reflecting a slight increase of about 2.5%[70]. - The company reported a loss of approximately RMB 78 million, compared to a loss of RMB 10 million in the previous year[34]. - The company’s total tax expenses increased by 4% year-on-year to approximately RMB 221 million, influenced by rising toll revenues[32]. Investments and Projects - The company aims to leverage its strengths in infrastructure investment to capitalize on opportunities in highway and urban renewal projects[8]. - The expansion project of the Guangzhou-Shenzhen Expressway aims to increase its length by 118.2 kilometers, with an estimated cost exceeding RMB 40 billion[15]. - The company is actively pursuing land development opportunities along the Guangzhou-Shenzhen Expressway, with a compensation agreement for land recovery valued at approximately RMB 317 million[16]. - The feasibility study for the expansion of the Guangzhou to Dongguan section has been approved, and the project is moving forward to obtain necessary government approvals[15]. - The company is in discussions with Guangdong Highway Construction regarding the establishment of a joint venture for land development projects[16]. Cash Flow and Debt Management - As of June 30, 2023, the group's cash and cash equivalents amounted to RMB 813 million, an increase from RMB 317 million in the previous year[37]. - The group's net debt at headquarters increased to RMB 3,113 million from RMB 2,901 million in the previous year[37]. - The total maximum investment for the new joint venture is capped at RMB 6.8 billion, with respective contributions from partners based on their ownership percentages[36]. - The company’s interest expenses for the Shenzhen section decreased by 12% to approximately RMB 37 million due to successful negotiations to lower loan rates[32]. - The company reported a foreign exchange loss of approximately RMB 28 million, an improvement from a loss of RMB 42 million in the previous year[34]. Employee and Corporate Governance - The company had 64 employees as of June 30, 2023, excluding joint ventures, and offers competitive compensation and training programs[59]. - Major shareholders include Shenzhen Investment Holdings International Capital Holdings Limited, holding 2,213,449,666 shares, representing approximately 71.83% of the issued share capital[57]. - The board of directors confirmed compliance with all corporate governance codes during the review period[60]. - The company emphasizes family-friendly employment policies and invests in human resource development through training programs[59]. Future Outlook and Strategic Initiatives - The group maintains a cautious optimism for future performance, supported by stable dividends from joint ventures and positive impacts from the recovery of domestic transportation volumes[35]. - The company plans to continue focusing on market expansion and new technology development to enhance future performance[148]. - The management has indicated a cautious outlook for the remainder of 2023, with a focus on stabilizing financial performance[156]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its portfolio[156].

Revenue and Financial Performance - Net toll revenue increased by 26% year-on-year to approximately RMB 1.23 billion, driven by the recovery of domestic transportation volume and the economic stability of cities along the highways [2]. - The total revenue for the group for the six months ended June 30, 2023, was RMB 1.26 billion, representing a year-on-year increase of 27% [24]. - For the six months ended June 30, 2023, total revenue was RMB 444,125,000, an increase from RMB 352,977,000 in the same period last year, reflecting a growth of approximately 26% [50]. - The profit before tax decreased to RMB 272,728,000 from RMB 311,504,000 year-on-year, representing a decline of about 12.5% [50]. - The net profit for the period was RMB 225,139,000, slightly down from RMB 232,597,000 in the previous year, showing a decrease of approximately 3.2% [50]. - The net profit attributable to equity shareholders decreased by 16% year-on-year to approximately RMB 172 million, primarily due to increased financial costs [2]. - The company's share of joint venture profits increased to RMB 218,917,000, up from RMB 208,727,000 year-on-year [79]. Toll Revenue and Traffic Volume - Average daily toll revenue for the Guangshen Expressway grew by 27% to approximately RMB 7.69 million, with average daily mixed traffic volume increasing by 24% to 627,000 vehicles [4]. - Average daily toll revenue for the Guangzhu West Line Expressway rose by 20% to approximately RMB 3.41 million, with average daily mixed traffic volume up by 22% to 262,000 vehicles [4]. - Average daily toll revenue for the Yanjiang Expressway (Shenzhen section) increased by 29% to approximately RMB 1.64 million, with average daily mixed traffic volume rising by 39% to 182,000 vehicles [4]. - In the first half of 2023, the total toll revenue for the Guangzhou-Shenzhen Expressway was approximately RMB 1.391 billion, with daily toll revenue and mixed traffic volume increasing by 27% and 24% year-on-year, respectively [9]. - The average daily mixed traffic volume on the Guangzhou-Shenzhen Expressway reached approximately 627,000 vehicles, indicating strong operational performance [9]. Dividends and Shareholder Returns - The company plans to maintain a full-year dividend payout ratio of 100% based on recurring income, with an interim dividend of RMB 0.0555 per share [2]. - The interim dividend declared is RMB 0.0555 per share, equivalent to HKD 0.06043062, representing 100% of the profit attributable to equity shareholders for the six months ended June 30, 2023 [44]. Economic and Market Context - The GDP of Guangdong Province grew by 5.0% year-on-year in the first half of 2023, contributing to the overall economic recovery in the region [5]. - The Greater Bay Area's GDP exceeded RMB 13.0 trillion in 2022, accounting for about 11% of the national GDP, indicating significant economic potential [6]. - The Guangdong provincial government has implemented policies to support the development of new energy vehicles, which is expected to boost consumer confidence and stimulate demand in the automotive sector [8]. - In the first half of 2023, national automobile sales reached approximately 13.24 million units, reflecting a year-on-year growth of 9.8% [8]. Infrastructure Development and Projects - The expansion project of the Guangzhou-Shenzhen Expressway aims to extend 118.2 kilometers, increasing from the current 6 lanes to 8-12 lanes, with an estimated cost exceeding RMB 40 billion [12]. - The company is actively pursuing land development opportunities along the Guangzhou-Shenzhen Expressway, with a compensation contract for land recovery valued at approximately RMB 317 million [13]. - The expansion of the Dongguan section of the Guangzhou-Shenzhen Expressway is being planned in conjunction with land development, focusing on key interchanges for future research [13]. - The company is currently constructing a 5.7 km section of the Shenzhen Jiang Expressway, which is part of the larger infrastructure development plan [81]. Financial Costs and Liabilities - The group's financial costs surged by 443% to approximately RMB 76 million, up from RMB 14 million in the same period last year, primarily due to rising interest rates [28]. - The total interest and tax expenses for the group increased by 4% to approximately RMB 221 million, compared to RMB 212 million in the previous year [26]. - The repayment profile indicates that 41% of the group's borrowings are due within one year, up from 29% at the end of 2022 [37]. - The total borrowings, including joint ventures, reached approximately RMB 76.03 billion, an increase from RMB 74.54 billion at the end of 2022 [35]. Corporate Governance and Compliance - The company maintained compliance with all corporate governance codes during the review period [48]. - The board of directors consists of four executive directors and five non-executive directors, ensuring a diverse governance structure [85]. - The company is committed to improving corporate governance standards in accordance with the listing rules and guidelines [82].