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].

Revenue and Profitability - For the first quarter of 2023, the average daily toll revenue for the Guangzhou-Shenzhen Expressway increased by 34% to RMB 7,527,000 compared to RMB 5,636,000 in the same period of 2022[2] - The average daily toll revenue for the Guangzhou-Zhuhai West Line Expressway increased by 19% to RMB 3,374,000 from RMB 2,830,000 in the first quarter of 2022[2] - The average daily toll revenue for the Shenzhen section of the Jiangnan Expressway surged by 42% to RMB 1,545,000 from RMB 1,087,000 year-on-year[2] - Toll revenue for the three months ended March 31, 2023, was RMB 139,081,000, an increase of 42% compared to RMB 97,874,000 for the same period in 2022[15] - Total revenue for the three months ended March 31, 2023, reached RMB 234,508,000, significantly up from RMB 102,115,000 in the same period last year, marking a growth of 130%[15] - The segment performance for toll roads totaled RMB 155,913,000 for the three months ended March 31, 2023, compared to RMB 146,605,000 for the same period in 2022, reflecting a 6% increase[14] - The net profit attributable to the company's owners for the first quarter of 2023 was RMB 107,093,000, down from RMB 122,824,000 in the same period last year[5] - The net profit attributable to the owners of the company for the three months ended March 31, 2023, was RMB 107,093,000, down from RMB 122,824,000 in the same period last year, indicating a decrease of 12%[14] Cash Flow and Financial Position - The company's unaudited revenue for the first quarter of 2023 was RMB 234,508,000, a significant increase from RMB 102,115,000 in the same period of 2022[5] - Net cash from operating activities for the three months ended March 31, 2023, was RMB 194,696 thousand, a significant increase from RMB 58,696 thousand in the same period of 2022[8] - Cash generated from investment activities amounted to RMB 175,479 thousand for the three months ended March 31, 2023, compared to RMB 346,168 thousand in the same period of 2022[8] - The net cash from financing activities showed a decrease, with a net outflow of RMB 69,308 thousand for the three months ended March 31, 2023, compared to a net inflow of RMB 990 thousand in the same period of 2022[8] - The total cash and cash equivalents increased to RMB 2,265,849 thousand as of March 31, 2023, up from RMB 1,859,995 thousand at the end of the previous year[8] - The company received RMB 181,377 thousand in dividends during the three months ended March 31, 2023, indicating active investment returns[8] - The company reported an increase in restricted bank deposits, which rose by RMB 2,760 thousand during the reporting period[8] - The company's total assets as of March 31, 2023, were RMB 611,092,000, an increase from RMB 502,226,000 as of March 31, 2022[14] - Total assets as of March 31, 2023, were RMB 12,317,880,000, an increase from RMB 12,220,047,000 as of December 31, 2022[6] Operational Performance - The average daily mixed vehicle flow on the Guangzhou-Shenzhen Expressway rose by 30% to 609,000 vehicles from 468,000 vehicles year-on-year[2] - The average daily mixed vehicle flow on the Guangzhou-Zhuhai West Line Expressway grew by 18% to 256,000 vehicles compared to 217,000 vehicles in the same period last year[2] - The average daily mixed vehicle flow on the Shenzhen section of the Jiangnan Expressway increased by 56% to 175,000 vehicles from 112,000 vehicles in the first quarter of 2022[2] - The company focuses on toll highway projects and land development as its main operational segments, which are critical for resource allocation and performance evaluation[11] Financial Costs and Expenses - The company’s financial costs increased significantly to RMB 37,146,000 for the three months ended March 31, 2023, compared to RMB 6,729,000 in the same period last year[16] - The total tax expense for the group increased from RMB 19,551 thousand in 2022 to RMB 24,373 thousand in 2023, marking an increase of around 24.5%[19] - The group's deferred tax expense for corporate income tax increased from RMB 12,071 thousand in 2022 to RMB 17,058 thousand in 2023, showing a growth of approximately 41.4%[19] Investments and Acquisitions - The company has completed the acquisition of Jiangjiang Company, which is now included in the consolidated financial statements, reflecting the current group structure[10] - The company recognized construction revenue of RMB 95,427,000 for the three months ended March 31, 2023, compared to RMB 4,241,000 for the same period in 2022, representing a substantial increase[15] - The total segment revenue from land development projects was RMB 15,321,000 for the three months ended March 31, 2023, compared to RMB 5,025,000 in the same period last year[15] Shareholder Information - The basic earnings per share for the group decreased from RMB 122,824 thousand in 2022 to RMB 107,093 thousand in 2023, reflecting a decline of approximately 12.8%[20] - The number of ordinary shares used to calculate basic earnings per share remained constant at 3,081,690,283 shares for both years[20] Joint Ventures and Interest Income - The group's share of joint venture performance increased from RMB 139,703 thousand in 2022 to RMB 157,970 thousand in 2023, representing a growth of approximately 13%[18] - The estimated interest income recognized by the group from providing interest-free registered capital rose from RMB 15,271 thousand in 2022 to RMB 16,230 thousand in 2023, an increase of about 6.3%[18] - Interest income from bank deposits decreased to RMB 1,272,000 for the three months ended March 31, 2023, down from RMB 2,601,000 in the same period last year[16] - The group's estimated interest expenses related to providing interest-free registered capital increased from RMB (15,271) thousand in 2022 to RMB (16,230) thousand in 2023, reflecting a rise in financial obligations[18] Compliance and Review - The audit committee reviewed the accounting standards and practices adopted by the group for the three months ended March 31, 2023, ensuring compliance and accuracy in financial reporting[21]

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].