Financial Performance - The company reported a net toll revenue of RMB 2,546 million for 2022, a decrease of 1.5% compared to RMB 2,565 million in 2021[4]. - The profit attributable to the company's owners for 2022 was RMB 279 million, down 60.8% from RMB 712 million in 2021[10]. - The total revenue for 2022 was RMB 2,050 million, a decrease of 20.1% from RMB 2,565 million in 2021[12]. - The company’s operating profit before interest, tax, depreciation, and amortization (EBITDA) for 2022 was RMB 1,748 million, a decrease of 22.3% from RMB 2,251 million in 2021[12]. - The company reported a significant drop in profit from joint ventures, with a contribution of RMB 354 million in 2022 compared to RMB 657 million in 2021[10]. - The profit attributable to the company's owners for 2022 was RMB 279 million, representing a year-on-year decline of 61%[20]. - Basic earnings per share for 2022 were RMB 0.0904[20]. - The company's share of EBITDA from three toll highways decreased by 23% from RMB 2.256 billion to RMB 1.741 billion[111]. - The group's share of net profit from the Guangzhou-Shenzhen joint venture decreased by 32% to RMB 318 million, down from RMB 466 million last year[116]. - The group's share of net profit from the Guangzhou-Zhuhai West Line joint venture dropped by 42% to RMB 94 million from RMB 163 million last year[116]. Debt and Financial Ratios - The company’s debt-to-asset ratio was 66% as of December 31, 2022, compared to 50% in 2021[5]. - The net debt-to-equity ratio was 40% as of December 31, 2022, up from 22% in 2021[5]. - The total assets decreased from RMB 19,870 million in 2021 to RMB 17,662 million in 2022, representing a decline of approximately 11.1%[134]. - The total liabilities increased from RMB 8,311 million in 2021 to RMB 10,276 million in 2022, an increase of about 23.6%[134]. - The net asset value attributable to the company's owners dropped significantly from RMB 8,361 million in 2021 to RMB 4,536 million in 2022, a decrease of approximately 45.8%[134]. - The debt-to-asset ratio rose from 22% in 2021 to 40% in 2022, indicating increased financial leverage[134]. - The net debt-to-equity ratio was recorded at 66% in 2022, reflecting a significant reliance on debt financing[134]. Investments and Acquisitions - The company completed a capital injection of RMB 2.998 billion to acquire a 51% stake in the Yanjiang Company, which became an indirect non-wholly owned subsidiary[7]. - The company completed a capital injection agreement of RMB 2.998 billion to acquire a 51% stake in the Yangtze River Expressway, which is now a non-wholly owned subsidiary[107]. - The company has invested approximately RMB 8.91 billion in the New Tang joint venture, including registered capital of RMB 4.56 billion and shareholder loans of RMB 2.10 billion[126]. - The group has injected RMB 29.98 billion into the Yangjiang company to acquire a 51% stake, financed by a new 7-year bank loan of RMB 17.98 billion and self-funding of RMB 12 billion[126]. Revenue and Traffic Trends - The company's revenue from investment projects for 2022 was RMB 2.05 billion, a year-on-year decrease of 20% due to reduced traffic volume caused by the ongoing COVID-19 pandemic in Guangdong Province[20]. - The average daily toll revenue and vehicle flow for the Guangzhou-Shenzhen and Guangzhou-Zhuhai expressways significantly declined year-on-year due to the ongoing impact of COVID-19 and competition from newly opened highways[23]. - Average daily toll revenue for the Guangzhou-Shenzhen Expressway decreased by 21% year-on-year to RMB 6.37 million, with average daily traffic volume down 20% to 74,000 vehicles[63]. - Average daily toll revenue for the Guangzhou-Zhuhai West Line Expressway fell by 22% year-on-year to RMB 2.948 million, with average daily traffic volume down 21% to 42,000 vehicles[63]. - Average daily toll revenue for the Yanjiang Expressway (Shenzhen section) decreased by 19% year-on-year to RMB 1.318 million, with average daily traffic volume down 16% to 141,000 vehicles[63]. Future Outlook and Strategic Goals - The company plans to focus on infrastructure development and related businesses in the Guangdong-Hong Kong-Macao Greater Bay Area[1]. - The company aims to enhance its market presence through strategic investments and partnerships in the region[1]. - The company plans to enhance its toll road operations and land resource activation in the Guangdong-Hong Kong-Macao Greater Bay Area, expecting a gradual recovery in traffic volume in 2023[28]. - The company aims to solidify its core toll road business and advance land development projects, targeting improved sales outcomes for ongoing projects[28]. - The strategic goal during the 14th Five-Year Plan period is to establish a "3+1" industrial structure focusing on toll roads, land development, and innovation parks, with an emphasis on new industries[26]. - The company expects a recovery in social transportation volume in 2023 due to the optimization of COVID-19 prevention measures, which will support the operational performance of its expressways[61]. Corporate Governance and Management - The company has appointed several new executive directors with extensive experience in management and legal affairs, enhancing its leadership team[39][40][42][43][45]. - The board of directors includes five executive directors, two non-executive directors, and four independent non-executive directors, with over one-third being independent[163]. - The company has established a corporate governance structure to ensure compliance with governance codes and enhance shareholder value[155]. - The board is responsible for formulating the company's medium to long-term development strategy, which includes the "14th Five-Year" development plan approved on August 4, 2022[159]. - The company has implemented a board diversity policy since January 2019 to promote diverse perspectives in decision-making[169]. - The company has established an executive committee responsible for reviewing and approving daily business operations, composed of all executive directors[177]. Employee and Training Initiatives - The company is committed to competitive compensation packages and provides medical insurance to all employees, along with personal accident insurance for senior staff[153]. - The company has implemented training programs aimed at improving employee productivity and addressing skill gaps identified in performance evaluations[153]. - The company provided comprehensive training and orientation for newly appointed board members regarding its main business operations and practices[192]. - The board members received timely updates on business developments and legal responsibilities throughout the year[192].

Financial Performance - Net toll revenue decreased by 21% year-on-year to RMB 2.019 billion, primarily due to the ongoing COVID-19 pandemic in Guangdong Province, which significantly reduced social transportation volume[2]. - Profit attributable to owners of the company fell by 61% year-on-year to RMB 279 million, mainly due to the decline in toll revenue and foreign exchange losses from RMB depreciation[2]. - The group's net profit for the year was RMB 818 million, a decline of 61% compared to RMB 2.09 billion last year[44]. - The net profit attributable to the company's owners for 2022 was RMB 278,572,000, down from RMB 711,434,000 in 2021[92]. - The company reported a net exchange loss after tax of RMB 74,848,000 in 2022, compared to a gain of RMB 17,719,000 in 2021[94]. - The total dividends declared decreased from RMB 568,006 thousand in 2021 to RMB 509,642 thousand in 2022, a decline of about 10.3%[106]. Toll Revenue and Traffic Volume - The average daily toll revenue and traffic volume for the year showed a significant decline due to the impact of the COVID-19 pandemic and the diversion effects from newly opened highways[6]. - Daily average toll revenue for the Guangzhou-Shenzhen Expressway decreased by 21% year-on-year to RMB 6.37 million, with total vehicle flow down 20% to 74,000 vehicles[14]. - Daily toll revenue for Guangshen Expressway decreased by 21% from RMB 8,087 thousand in 2021 to RMB 6,372 thousand in 2022[16]. - Daily equivalent full-length vehicle flow for Guangshen Expressway dropped by 20% from 93 thousand vehicles in 2021 to 74 thousand vehicles in 2022[16]. - Daily toll revenue for Guangzhu West Line Expressway fell by 22% from RMB 3,758 thousand in 2021 to RMB 2,948 thousand in 2022[16]. - Daily equivalent full-length vehicle flow for Guangzhu West Line Expressway decreased by 21% from 53 thousand vehicles in 2021 to 42 thousand vehicles in 2022[16]. Acquisitions and Investments - The company completed the acquisition of a 51% stake in the Yangjiang Company, which has been consolidated into the group's financial statements[2]. - The company completed a capital injection agreement of RMB 2.998 billion to acquire a 51% stake in the Yanjiang Company, which is now a non-wholly owned subsidiary[41]. - The company completed the acquisition of the target company, resulting in an indirect ownership of approximately 71.83% of the issued shares[71]. - The company agreed to invest RMB 2,998,000,000 in Jiangsu Company to acquire a 51% stake, with the remaining 49% paid in cash, classified as an internal transfer[77]. Dividend and Payout Policy - The board proposed a final dividend of RMB 0.0325 per share, with a total payout ratio of 100% of profit attributable to owners[4]. - The proposed final dividend for the year ended December 31, 2022, is RMB 0.0325 per share, totaling RMB 0.09 per share for the year, a decrease of 54% compared to RMB 0.1975 per share in the previous year[11]. - The group aims to maintain a regular dividend payout ratio of 100% of recurring income, supported by stable dividends from joint ventures[47]. Economic Environment - Guangdong Province's GDP grew by 1.9% year-on-year, reaching approximately RMB 13 trillion, providing a favorable operating environment for the company[5]. - The national GDP in 2022 increased by 3% to about RMB 121 trillion, reflecting the resilience of the Chinese economy[17]. - The overall domestic macroeconomic environment is expected to improve, although external challenges remain significant[14]. Future Outlook and Strategic Plans - The company plans to leverage its Hong Kong listing platform to develop a "3+1" industrial structure focusing on toll roads, land development, and innovation industry parks[8]. - The company anticipates a gradual recovery in traffic volume in 2023 due to improved pandemic control measures, which will enhance operational performance[14]. - The company aims to leverage synergies with its controlling shareholder to acquire quality resources in the Guangdong-Hong Kong-Macao Greater Bay Area and explore market investment opportunities[14]. - The company will actively pursue external mergers and acquisitions to support strategic implementation and enhance asset and revenue stability[14]. Financial Position and Liabilities - The group's total assets decreased from RMB 19,870 million in 2021 to RMB 17,662 million in 2022, reflecting a decline of approximately 11.1%[52]. - The group's net assets attributable to the owners decreased from RMB 8,361 million in 2021 to RMB 4,536 million in 2022, a drop of about 45.8%[52]. - The total liabilities increased from RMB 8,311 million in 2021 to RMB 10,276 million in 2022, representing an increase of approximately 23.6%[52]. - The liquidity ratio for the group was 22% in 2022, compared to 40% in 2021, indicating a decrease in financial stability[52]. - The group's net debt to equity ratio of 66% indicates a high level of leverage[52]. Compliance and Governance - The company adhered to corporate governance codes and maintained compliance throughout the year[68]. - All directors and relevant employees confirmed compliance with the securities trading code in 2022[69].

Revenue and Profitability - Average toll revenue for Guangzhou-Shenzhen Expressway decreased by 16% to RMB 7,322,000 in Q3 2022 from RMB 8,766,000 in Q3 2021[1] - Average daily full-length vehicle flow for Guangzhou-Shenzhen Expressway dropped by 14% to 87,000 vehicles in Q3 2022 compared to 101,000 vehicles in Q3 2021[1] - Average toll revenue for Guangzhou-Zhuhai West Line Expressway fell by 13% to RMB 3,466,000 in Q3 2022 from RMB 3,980,000 in Q3 2021[1] - Average daily full-length vehicle flow for Guangzhou-Zhuhai West Line Expressway decreased by 11% to 50,000 vehicles in Q3 2022 from 56,000 vehicles in Q3 2021[1] - Total revenue for the nine months ended September 30, 2022, was RMB 47,735,000, down from RMB 61,975,000 in the same period of 2021, representing a decline of approximately 23%[5] - The company's net profit for the nine months ended September 30, 2022, was RMB 225,228,000, a decrease of 54% from RMB 489,887,000 in the same period of 2021[5] - Basic earnings per share for the nine months ended September 30, 2022, was RMB 7.2, down from RMB 15.7 in the same period of 2021[5] - Revenue from the Guangzhou-Shenzhen Expressway for the nine months ended September 30, 2022, was RMB 785,651 thousand, a decrease from RMB 910,038 thousand in 2021[11] - The total segment revenue for the nine months ended September 30, 2022, was RMB 1,350,115 thousand, compared to RMB 1,472,673 thousand in 2021, showing a decline[11] - The net profit attributable to the owners of the company for the nine months ended September 30, 2022, was RMB 221,560 thousand, down from RMB 483,046 thousand in 2021[11] Cash Flow and Financial Position - Net cash used in operating activities for the nine months ended September 30, 2022, was RMB (49,118) thousand, compared to RMB (182,964) thousand for the same period in 2021, indicating an improvement[8] - Cash inflow from investment activities for the nine months ended September 30, 2022, was RMB 387,778 thousand, up from RMB 954,670 thousand in 2021, reflecting a significant decrease[8] - Total cash and cash equivalents as of September 30, 2022, amounted to RMB 1,534,017 thousand, down from RMB 1,304,205 thousand in 2021[8] - New bank loans added during the nine months ended September 30, 2022, were RMB 487,805 thousand, compared to RMB 1,896,393 thousand in 2021, indicating a reduction in borrowing[8] - The cash inflow from financing activities for the nine months ended September 30, 2022, was RMB (357,858) thousand, compared to RMB 11,578 thousand in 2021, reflecting a negative trend[8] Tax and Other Income - The company's income tax expense for the nine months ended September 30, 2022, was RMB 25,837 thousand, down from RMB 67,181 thousand in 2021, a decrease of 61.5%[17] - The total revenue from other income decreased from RMB 61,975 thousand in 2021 to RMB 47,735 thousand in 2022, a decline of 23%[14] - The deferred tax expense significantly decreased from RMB 53,319 thousand in 2021 to RMB 7,661 thousand in 2022, a reduction of 85.6%[17] Investments and Joint Ventures - The company’s interest income from loans to a joint venture decreased to RMB 13,468 thousand for the nine months ended September 30, 2022, from RMB 33,205 thousand in 2021[11] - Interest income from bank deposits increased from RMB 20,911 thousand in 2021 to RMB 26,084 thousand in 2022, representing a growth of 24.4%[14] - The share of profits from joint ventures decreased from RMB 589,174 thousand in 2021 to RMB 350,277 thousand in 2022, a decline of 40.6%[16] - The estimated interest income from joint ventures was RMB 44,010 thousand in 2021 and RMB 46,771 thousand in 2022, showing a slight increase of 6.2%[16] - The company declared a 5% income tax on dividends from joint ventures amounting to RMB 11,438 thousand in 2022, up from RMB 8,744 thousand in 2021, an increase of 30.5%[18] Foreign Exchange and Other Losses - The company reported a foreign exchange loss of RMB (87,809) thousand for the nine months ended September 30, 2022, compared to a gain of RMB 15,776 thousand in 2021[11] - The net exchange gain (loss) was RMB 7,654 thousand in 2021 compared to a loss of RMB 15,058 thousand in 2022, indicating a significant negative shift[15] - The company reported a net unrealized loss of RMB 12,056 thousand in 2021, while there was no unrealized loss reported in 2022, indicating a recovery[15]

Toll Revenue and Traffic Volume - The average daily toll revenue for the Guangzhou-Shenzhen Expressway and the Guangzhou-Zhuhai West Line decreased by 20% year-on-year to RMB 9.13 million, with total toll revenue amounting to RMB 1.65 billion[5]. - The average daily toll revenue for the Guangzhou-Shenzhen Expressway fell to RMB 6.21 million, while the average daily traffic volume decreased by 20% to 71,000 vehicles[6]. - The average daily toll revenue for the Guangzhou-Zhuhai West Line also dropped to RMB 2.92 million, with a 21% decline in average daily mixed traffic volume to 215,000 vehicles[6]. - The total toll revenue for the Guangzhou-Shenzhen Expressway in the first half of 2022 was RMB 1.125 billion, with a daily average toll revenue of RMB 6.21 million, reflecting a year-on-year decline of 20%[13]. - The average daily traffic volume on the Guangzhou-Shenzhen Expressway decreased by 20% and 17% for full-length and mixed traffic, respectively, compared to the previous year[13]. - In the first half of 2022, the total toll revenue for the Guangzhou-Zhuhai West Line Expressway was RMB 528 million, with average daily toll revenue down 20% year-on-year to RMB 2.92 million[19]. - The average daily traffic volume decreased by 20% to 41,000 vehicles, and the mixed traffic volume fell by 21% to 215,000 vehicles[19]. - The revenue from the Guangzhou-Zhuhai West Line Expressway showed a decline of 18% compared to the previous year, with a toll revenue of RMB 319 million[25]. Financial Performance - The company reported a net profit of RMB 287 million for the six months ended June 30, 2022, representing a year-on-year decrease of 38%[25]. - The company’s total revenue for the first half of 2022 was RMB 931 million, down 18% from the previous year[25]. - The company’s financial costs amounted to RMB 9 million, while general and administrative expenses were RMB 20 million[25]. - The company’s bank deposit interest income was RMB 17 million, while the income from structured deposit investments was RMB 1 million[25]. - The net profit attributable to the company's owners for the first half of 2022 was RMB 286,582,000, compared to RMB 177,149,000 in the same period of 2021, reflecting a significant increase of approximately 62%[75]. - The total comprehensive income for the period was RMB 292,576,000, significantly higher than RMB 90,972,000 in the previous year, marking an increase of 221.5%[63]. - The total operating expenses, including interest and tax expenses, amounted to RMB 222,411,000, compared to RMB 203,989,000 in the previous year, reflecting an increase of about 9.3%[75]. - The company reported a tax expense of RMB 52,451,000 for the period, compared to RMB 18,750,000 in the previous year, representing an increase of 179.5%[63]. Joint Ventures and Acquisitions - The company is in the process of due diligence and asset evaluation for the potential acquisition of a 51% stake in Shenzhen Guangshen Haojiang Expressway Investment Co., Ltd.[5]. - The company has a potential acquisition of a 51% stake in Shenzhen Guangshen Yangjiang Expressway Investment Co., Ltd., with a memorandum of understanding signed on March 7, 2022[45]. - The company is collaborating with Guangdong Highway Construction to establish a joint venture for land development around the Luogang Interchange, pending government approval[18]. - The group’s share of joint venture performance decreased from RMB 353,368,000 in 2021 to RMB 246,326,000 in 2022, a decline of approximately 30.3%[82]. Economic Context and Future Outlook - The GDP growth for mainland China and Guangdong Province was 2.5% and 2.0% respectively in the first half of 2022, despite significant economic pressures[7]. - The company anticipates that the implementation of the government's economic stabilization policies will help restore economic stability in the Guangdong-Hong Kong-Macao Greater Bay Area[8]. - The Greater Bay Area had a total population exceeding 86 million and a GDP exceeding RMB 12.6 trillion in 2021, highlighting its economic significance[9]. - The company expects the Guangshen and Guangzhu West Line expressways to benefit from favorable policies, particularly in the Greater Bay Area[30]. - The company is focusing on market expansion and new technology development to enhance operational efficiency[108]. - The company has plans for future acquisitions to strengthen its market position[109]. - The company is committed to maintaining high corporate governance standards as per the corporate governance code[107]. Assets and Liabilities - The group maintains a dividend payout target of 100% of recurring income for the full year[30]. - The group's financial position includes assets and liabilities from the group headquarters and its share of joint ventures, with total assets of RMB 2,203 million as of June 30, 2022, compared to RMB 2,200 million as of December 31, 2021[32]. - The total assets amounted to RMB 12,965 million as of June 30, 2022, compared to RMB 12,789 million as of December 31, 2021, indicating an increase of 1.4%[36]. - The total liabilities increased to RMB 8,128 million from RMB 7,711 million as of December 31, 2021, reflecting a growth of 5.4%[36]. - The equity attributable to the owners of the company decreased to RMB 4,812 million as of June 30, 2022, down from RMB 5,056 million as of December 31, 2021, a decline of 4.8%[36]. - The debt-to-asset ratio improved to 34% as of June 30, 2022, from 29% as of December 31, 2021, showing a higher leverage position[36]. Dividends and Shareholder Information - The interim dividend declared is RMB 0.0575 per share, equivalent to HKD 0.0667299, representing 100% of the profit attributable to the owners for the six months ended June 30, 2022[46]. - The company will suspend share transfer registration on September 5, 2022, to determine shareholders eligible for the interim dividend[47]. - The company has a total of 2,213,449,666 shares held by its subsidiary, with a 43.49% ownership by Shenzhen Investment Holdings[55]. - The company declared dividends of RMB (332,495) thousand during the first half of 2022[67]. Operational Efficiency and Future Plans - The company plans to continue expanding its expressway projects and land development initiatives to enhance revenue streams in the future[75]. - The financial performance indicates a robust recovery trajectory post-pandemic, with strategic focus on operational efficiency and revenue growth[75]. - Ongoing research and development efforts are focused on enhancing product offerings and improving operational efficiency[111].

Financial Performance - Net profit for the group fell by 33% year-on-year to RMB 107 million[2] - The company's basic earnings per share decreased from RMB 5.15 to RMB 3.46 year-on-year[4] - The net profit attributable to the owners of the company for the three months ended March 31, 2022, was RMB 106,574,000, compared to RMB 158,823,000 in the same period of 2021[10] - The net profit attributable to the company's shareholders for the three months ended March 31, 2022, was RMB 106,574, down from RMB 158,823 in 2021, indicating a decline of about 32.8%[18] - The company’s share of profits from joint ventures for the three months ended March 31, 2022, was RMB 123,531, compared to RMB 158,754 in 2021, reflecting a decrease of approximately 22.2%[15] Revenue and Traffic - Average toll revenue for the Guangzhou-Shenzhen Expressway decreased by 27% year-on-year to RMB 5,805,000, while the average toll revenue for the Guangzhou-Zhuhai West Line dropped by 20% to RMB 2,915,000[3] - Average daily traffic volume for the Guangzhou-Shenzhen Expressway decreased by 32% to 63,000 vehicles, and for the Guangzhou-Zhuhai West Line, it decreased by 23% to 41,000 vehicles[3] - Revenue from the Guangzhou-Shenzhen Expressway project for the three months ended March 31, 2022, was RMB 113,665,000, compared to RMB 310,752,000 in the same period of 2021, reflecting a decline[10] - The company reported a total segment revenue of RMB 470,513,000 for the three months ended March 31, 2022, down from RMB 470,513,000 in the same period of 2021[10] Assets and Liabilities - Total assets increased from RMB 7,171,742,000 as of December 31, 2021, to RMB 7,291,019,000 as of March 31, 2022[5] - The group’s total liabilities increased from RMB 2,093,257,000 to RMB 2,101,305,000[6] - The company’s total assets as of March 31, 2022, amounted to RMB 21,629,000, compared to RMB 10,372,000 in 2021, reflecting an increase of about 108.7%[13] Cash Flow and Financing - For the three months ended March 31, 2022, the net cash used in operating activities was RMB (10,087,000) compared to RMB (159,539,000) for the same period in 2021, indicating a significant reduction in cash outflow[7] - The net cash from investment activities for the three months ended March 31, 2022, was RMB 371,863,000, a decrease from RMB 527,707,000 in the same period of 2021[7] - New bank loans added during the three months ended March 31, 2022, amounted to RMB 440,098,000, down from RMB 1,310,685,000 in the previous year[7] - The total cash and cash equivalents increased to RMB 1,915,084,000 as of March 31, 2022, compared to RMB 891,292,000 at the end of the previous year[7] - The company’s total financing cash flow for the three months ended March 31, 2022, was RMB 989,000, a decrease from RMB 1,890,000 in the same period of 2021[7] Expenses and Income - The group’s other income decreased from RMB 21,629,000 to RMB 10,372,000[4] - Financial costs increased from RMB 4,031,000 to RMB 6,729,000[4] - The company incurred corporate general and administrative expenses of RMB (10,144,000) for the three months ended March 31, 2022, compared to RMB (9,647,000) in the previous year[10] - The company’s interest income from bank deposits was RMB 2,601,000 for the three months ended March 31, 2022[10] - The estimated interest income recognized by the company from providing interest-free registered capital was RMB 14,370,000 for the three months ended March 31, 2022, compared to RMB 15,271,000 in 2021, a decrease of about 5.9%[15] Tax and Other Financial Metrics - The company reported a total tax expense of RMB 8,930 for the three months ended March 31, 2022, compared to RMB 14,367 in 2021, a reduction of about 37.8%[16] - The deferred tax expense for the three months ended March 31, 2022, was RMB 7,480,000, down from RMB 8,703,000 in 2021, a decrease of approximately 14.1%[16] - The company declared a 5% withholding tax on dividends from joint ventures amounting to RMB 4,575,000 for the three months ended March 31, 2022[17] - The company reported a foreign exchange gain of RMB 5,118,000 for the three months ended March 31, 2022, compared to a loss of RMB 43,000 in 2021, indicating a significant turnaround[14] Acquisitions - The company completed the acquisition of Shenzhen Investment Holdings International Capital Holdings Infrastructure Co., Ltd., resulting in a 71.83% indirect ownership[2]

關於我們 深圳投控灣區發展有限公司（「本公司」，前稱合和公路基建有限公司） 於開曼群島註冊成立之有限公司，自二零零三年八月六日起在香港聯合 交易所有限公司上市，股份代號737（港幣櫃檯）及80737（人民幣櫃檯）。 深圳市投資控股有限公司為本公司的最終母公司。 本公司主要經營高速公路業務，發展策略聚焦於粵港澳大灣區內的基礎 設施建設和相關聯業務以及廣深高速公路沿線土地開發利用。 目 錄 2 財務摘要（按比例綜合法呈列） 3 五年財務摘要 6 主席報告書 10 股息及暫停辦理股份過戶登記手續 12 董事簡介 18 管理層討論及分析 18 業務回顧 33 財務回顧 48 其他 49 企業管治報告書 68 董事會報告書 81 獨立核數師報告書 87 綜合損益及其他全面收益表 88 綜合財務狀況表 89 綜合權益變動表 90 綜合現金流量表 91 綜合財務報表附註 141 附錄 — 綜合財務資料（按比例綜合法編製） 144 詞彙 150 公司資料 151 財務日誌 財務摘要 （按比例綜合法呈列） 0 200 400 600 800 0 400 800 1,200 1,600 2,000 2,400 612 689 3 ...