Financial Performance - The company's revenue for the six months ended June 30, 2024, was RMB 3,052,974 thousand, an increase from RMB 2,323,839 thousand in the same period of 2023, representing a growth of approximately 31.4%[3] - The gross profit for the same period was RMB 1,158,160 thousand, compared to RMB 1,325,201 thousand in 2023, indicating a decrease of about 12.6%[3] - The operating profit for the first half of 2024 was RMB 1,172,004 thousand, down from RMB 1,268,549 thousand in 2023, reflecting a decline of approximately 7.6%[3] - The net profit attributable to the owners of the company was RMB 808,769 thousand, compared to RMB 838,399 thousand in the previous year, a decrease of about 3.5%[2] - The company reported a total comprehensive income of RMB 821,855 thousand for the six months ended June 30, 2024, compared to RMB 844,954 thousand for the same period in 2023, reflecting a decrease of approximately 2.7%[11] - The company reported a basic and diluted earnings per share of RMB 0.4876 for the first half of 2024, down from RMB 0.5055 in the same period of 2023, a decrease of approximately 3.9%[2] - The pre-tax profit decreased by 7.45% to RMB 1,084,474 thousand, down from RMB 1,171,790 thousand in the previous year[41] - The net profit attributable to shareholders was RMB 809,871 thousand, a decline of 3.53% from RMB 839,500 thousand in the same period last year[41] Assets and Liabilities - The total assets as of June 30, 2024, amounted to RMB 23,402,129 thousand, an increase from RMB 21,776,552 thousand at the end of 2023, representing a growth of approximately 7.4%[6] - The total liabilities increased to RMB 9,424,248 thousand from RMB 7,631,261 thousand, indicating a rise of about 23.5%[7] - The company’s total liabilities for trade and other payables were not detailed in the provided content, but it is essential to monitor these figures for future financial health assessments[38] - The company’s total liabilities increased to RMB 2,241,391 thousand as of June 30, 2024, compared to RMB 842,815 thousand at the end of 2023[39] Cash Flow - Cash generated from operating activities was RMB 1,673,888 thousand for the six months ended June 30, 2024, slightly down from RMB 1,698,885 thousand in the previous year, indicating a decrease of about 1.5%[13] - The net cash generated from operating activities was RMB 1,284,586 thousand for the first half of 2024, compared to RMB 1,302,860 thousand in the same period of 2023, showing a decline of approximately 1.4%[13] - The company recorded a net increase in cash and cash equivalents of RMB 1,913,293 thousand for the six months ended June 30, 2024, compared to a decrease of RMB 304,699 thousand in the same period of 2023[14] - The company raised RMB 967,237 thousand from bank borrowings during the first half of 2024, a significant increase compared to RMB 80,000 thousand in the same period of 2023[14] - The company’s cash and cash equivalents at the end of June 30, 2024, stood at RMB 2,875,638 thousand, an increase from RMB 2,599,158 thousand at the end of June 30, 2023[14] Revenue Sources - Toll revenue decreased to RMB 1,862,327 thousand for the six months ended June 30, 2024, down from RMB 2,036,390 thousand in 2023, reflecting a decline of about 8.6%[20] - The revenue from the toll road business was RMB 1,889,910,710.06, reflecting a year-on-year decrease of 8.34%[53] - The company reported a significant increase in toll revenue due to the opening of new highways and the completion of the Ning An Expressway, contributing to overall revenue growth[49] Investments and Expenditures - The company reported a net cash used in investing activities of RMB 1,293,808 thousand for the first half of 2023, indicating significant investment outflows compared to the previous year[13] - The company completed an investment of RMB 6.64 million in the Anhui Transportation Investment Fund II during the reporting period[65] - The company participated in the establishment of the Anhui Transportation Jinshi Emerging Industry Equity Investment Fund, contributing RMB 10 million[66] Employee and Operational Insights - The total employee compensation for the reporting period was RMB 232,897,900, an increase from RMB 212,494,200 in the same period last year[54] - The company employed a total of 1,922 personnel as of June 30, 2024, compared to 1,910 personnel a year earlier[54] - The company has implemented a comprehensive training program to enhance employee skills and management capabilities[55] - The company has established a multi-channel career development and compensation promotion system to motivate employees[54] Corporate Governance and Risk Management - The company emphasizes high standards of corporate governance to enhance transparency and protect shareholder interests[71] - The company is focusing on the risks associated with industry policies, including the uncertainty surrounding the toll road management regulations[79] - The company is addressing the risk of expiring operating rights by expanding its highway resources and investing in new projects[80] - The company is sensitive to macroeconomic fluctuations, which directly impact its operational performance due to the correlation with GDP[81] Future Plans and Developments - The company plans to issue corporate bonds not exceeding RMB 5 billion to optimize its debt structure and meet funding needs[70] - The company intends to actively utilize information technology for segment marketing to transform passive strategies into proactive ones[83] - The company plans to enhance communication with the government and major shareholders to stay informed about network planning and project progress[83]

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2024, representing a year-on-year increase of 15%[11]. - The net profit attributable to shareholders reached RMB 300 million, up 20% compared to the same period last year[11]. - The company's operating revenue for the first half of 2024 reached ¥3,052,974,249.87, representing a 31.38% increase compared to ¥2,323,838,937.32 in the same period last year[18]. - The net profit attributable to shareholders of the listed company decreased by 3.53% to ¥809,871,026.64 from ¥839,500,426.23 year-on-year[18]. - The basic earnings per share for the first half of 2024 was ¥0.4883, down 3.53% from ¥0.5061 in the previous year[19]. - The total profit for the period was RMB 1,084,474 thousand, a decrease of 7.45% from RMB 1,171,790 thousand in the previous year[34]. - The company achieved a significant increase in construction service revenue, amounting to RMB 1,121,347,935.21, a 374.80% increase compared to RMB 236,174,410.82 in the first half of 2023[44]. - The company reported a total operating income of RMB 3,052,974,249.87 for the first half of 2024, representing a 31.38% increase compared to RMB 2,323,838,937.32 in the same period of 2023[41]. - The total comprehensive income for the first half of 2024 was ¥822,955,724.03, slightly down from ¥846,055,809.80 in the previous year[141]. Traffic and Operations - User traffic on the expressways increased by 10% year-on-year, with a total of 25 million vehicles recorded during the reporting period[11]. - The average daily traffic flow for the Hening Expressway in the first half of 2024 was 45,301 trips, a decrease of 3.30% from 46,848 trips in the same period of 2023[37]. - The total traffic volume for the Ninghuai Expressway segment decreased by 9.08% to 41,902 trips in the first half of 2024 compared to 46,086 trips in the same period of 2023[37]. - The company plans to expand its expressway network by 200 kilometers by the end of 2025, focusing on high-traffic regions[11]. - The company has a total operational mileage of approximately 609 kilometers and total assets of about RMB 23,362,607 thousand as of June 30, 2024[29]. Investments and Expansion - The company plans to invest RMB 386 million in the expansion of the Xuanguang Expressway, with all contributions completed by the end of March 2024[33]. - The company completed a significant non-equity investment in the Xuan Guang Expressway expansion PPP project, with an investment amount of RMB 1.121 billion during the reporting period, bringing the cumulative investment to RMB 5.014 billion[59]. - The company has allocated RMB 100 million for research and development of new road safety technologies in 2024[11]. - The company has established a smart operation command center and launched the "Wanmei Highway Brain" system to improve network monitoring and control capabilities[33]. Financial Position - The total assets increased by 7.47% to ¥23,362,606,972.27 from ¥21,738,743,118.83 at the end of the previous year[19]. - The total liabilities rose by 23.50% to ¥9,424,248,000 from ¥7,631,261,000 at the end of the previous year[28]. - The net cash flow from operating activities was ¥1,436,551,361.31, a slight increase of 0.59% compared to ¥1,428,122,285.48 in the same period last year[18]. - The company's gross profit margin for toll road operations was 60.49%, a decrease of 3.51 percentage points compared to the previous year[45]. - The company's accounts payable increased by 52.15% to RMB 961,086,382.95, primarily due to increased construction payables[53]. Risk Management and Compliance - The management highlighted potential risks related to regulatory changes in the transportation sector[5]. - The company aims to enhance operational management and reduce costs through refined management practices in response to policy execution challenges[66]. - The company will continue to monitor macroeconomic conditions and adjust strategies to mitigate risks associated with economic fluctuations[67]. - The company has not reported any significant related party transactions during the reporting period[116]. Employee and Governance - As of June 30, 2024, the company employed 1,922 personnel, an increase from 1,910 in the previous year, with total employee compensation amounting to RMB 232.9 million, up from RMB 212.5 million in the same period last year[82]. - The company has implemented a performance assessment system to link employee compensation with job value and performance, enhancing motivation and effectiveness[82]. - The new board of directors and supervisory board members were elected on June 6, 2024, with a three-year term starting from the same date[79]. Environmental Initiatives - The company has implemented comprehensive internal systems to manage noise, waste gas, wastewater, waste, and carbon emissions in compliance with national environmental laws and regulations[85]. - The company has promoted the use of environmentally friendly de-icing agents to minimize pollution to water sources and soil during winter[89]. - The company has organized various energy-saving and low-carbon promotional activities, aligning with national themes to enhance public awareness of ecological protection[94]. - The company has committed to continuous improvement of roadside environments through regular maintenance and cleaning of green spaces along highways[92]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 17,867[121]. - The largest shareholder, Anhui Transportation Holding Group Co., Ltd., holds 524,644,220 shares, representing 31.63% of the total shares[122]. - The company has not proposed any profit distribution or capital reserve transfer for the half-year period, with no shares or dividends allocated[80]. - The company has submitted the bond issuance application materials to the Shanghai Stock Exchange for review as of August 8, 2024[119].

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 [Table_Industry] 运输 究 安 徽皖通高速公路(0995) [评Tab级le_I：nve st] 增持 公司经营稳健，高分红持续 [当 Ta前bl价e_格Cu :r (P港ri元ce] ) 9.57 [Table_Date] 2024.06.08 海 [table_A ut岳ho鑫rs] ( 分析师) 0755-23976758 外 yuexin@gtjas.com [ 交Ta易ble数_M据ar ket] 公 登 记编号 S0880514030006 52周内股价区间(港元) 7.05-10.00 司 当前股本(百万股) 1,659 本 报告导读： 当 前市值(百万港元) 15,873 （ 皖通高速2023年ROE回升至十年高位，且2024Q1高基数下业绩同比持平。公司经 中 营稳健，预计高分红政策持续，高股息确定可期。2024年市场风险偏好决定空间。 国 投资要点： 52周内股价走势图 香 [T abl维e_持Su增mm持a评ry]级 。皖通高速投资运 ...

Financial Performance - The net profit for the year 2023, according to Chinese accounting standards, is RMB 1,624,943 thousand, while the profit under Hong Kong accounting standards is RMB 1,614,144 thousand[4]. - The distributable profit for shareholders for 2023 is RMB 1,614,144 thousand, with a proposed cash dividend of RMB 6.01 per 10 shares, totaling RMB 996,824.61 thousand[4]. - The company's operating revenue for 2023 reached CNY 6,631,337,271.78, representing a 27.37% increase compared to CNY 5,206,366,427.90 in 2022[19]. - Net profit attributable to shareholders for 2023 was CNY 1,659,928,716.34, up 14.87% from CNY 1,445,017,073.40 in 2022[19]. - The net cash flow from operating activities increased by 36.94% to CNY 2,653,472,269.21 in 2023, compared to CNY 1,937,699,977.46 in 2022[19]. - The total assets of the company as of the end of 2023 were CNY 21,738,743,118.83, a 2.04% increase from CNY 21,303,368,819.17 at the end of 2022[20]. - The net assets attributable to shareholders increased by 6.14% to CNY 12,656,911,593.98 at the end of 2023, compared to CNY 11,924,812,353.80 at the end of 2022[20]. - Basic earnings per share for 2023 were CNY 1.0008, reflecting a 14.87% increase from CNY 0.8712 in 2022[21]. - The weighted average return on net assets for 2023 was 14.12%, an increase of 1.82 percentage points from 12.30% in 2022[21]. - The net profit after deducting non-recurring gains and losses for 2023 was CNY 1,735,620,350.12, a 21.82% increase from CNY 1,424,748,352.88 in 2022[19]. Dividend Policy - The company has maintained a stable dividend policy, distributing a total of approximately RMB 8.415 billion in cash dividends since its listing, with a proposed cash dividend of RMB 0.601 per share for the current year, resulting in a payout ratio of 60.05%[129]. - The profit distribution plan for 2023 includes a cash dividend of RMB 996,824,610, which represents 60.05% of the net profit attributable to shareholders of the parent company[183]. - The company has committed to distributing no less than 60% of the net profit attributable to shareholders in cash dividends over the next three years (2021-2023) to enhance shareholder returns[181]. Risk Management and Compliance - The company has implemented a comprehensive risk monitoring system to strengthen internal controls and legal compliance[39]. - The company has conducted special audits and ongoing internal control evaluations to ensure the effectiveness of its internal control systems, with a focus on risk management and response strategies[130]. - The company has not engaged in any related party fund occupation during the reporting period, ensuring compliance with necessary legal approval procedures and risk control measures[128]. - The company has updated its internal control manual in 2023 to meet regulatory requirements and improve risk management practices[130]. - The company has implemented a comprehensive risk management framework, further enhancing its governance structure[185]. Strategic Development - The company plans to continue expanding its market presence and invest in new technologies to enhance operational efficiency[1]. - Future guidance indicates a focus on increasing revenue and profitability through strategic initiatives and potential acquisitions[1]. - The company is focused on capital operations to expand its main business scale and optimize its industrial structure, aiming to become a leading capital operation platform in the domestic market[101]. - The company is actively participating in the "Yangtze River Delta Integration" strategy, enhancing its main highway business and increasing asset scale through ongoing PPP projects[83]. - The company is advancing the construction of smart highways and has completed the safety control enhancement project for the He-Ning smart highway, which is now operational[103]. Governance and Management - The company has established a governance structure consisting of the shareholders' meeting, board of directors, supervisory board, and management team, enhancing decision-making efficiency[122]. - The board of directors comprises 7 members, including 2 executive directors, 2 non-executive directors, and 3 independent directors, ensuring diverse expertise in various fields[124]. - The company has implemented a new governance structure to enhance accountability and transparency in its operations[146]. - The company is committed to maintaining high standards of corporate governance and ethical practices[145]. - The company has a structured approach to determining remuneration based on market levels and company performance[156]. Operational Efficiency - The company has established a smart highway operation command center, enhancing the efficiency of operational services[37]. - The company is focused on optimizing its management system and improving economic efficiency through robust internal control measures[130]. - The company has seen a significant increase in management personnel, with several key appointments in various subsidiaries and affiliated companies[155]. - The company is actively managing its assets and investments to optimize returns and support future growth initiatives[94]. Market Position and Competition - The company is positioned to benefit from the national "Yangtze River Delta Integration" strategy and the "Yangtze Economic Belt" development strategy, enhancing the economic benefits of its road network[45]. - The company anticipates that competition from other transportation modes, such as high-speed rail, will not significantly impact highway transportation revenues[95]. - The toll road industry faces challenges such as limited revenue growth due to economic slowdown and rising construction and operational costs, impacting investment returns[80]. Employee Welfare - The employee welfare expenses for the reporting period amounted to RMB 386.675 million[174]. - The company paid a total of RMB 59.01 million for social insurance and RMB 29.83 million for housing provident fund in 2023[177]. - The company established an enterprise annuity plan, contributing RMB 19.90 million in 2023[177]. - The company conducted various training programs, including a specialized lecture on "Smart Transportation" to enhance employee engagement and knowledge[178].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 1,286,864,373.72, representing a year-on-year increase of 12.38%[3] - Net profit attributable to shareholders was CNY 459,671,340.30, showing a slight increase of 0.05% compared to the same period last year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 7.62% to CNY 433,717,075.67[3] - The company's basic and diluted earnings per share were both CNY 0.2771, reflecting a year-on-year increase of 0.05[3] - Total revenue for Q1 2024 reached ¥1,286,864,373.72, an increase of 12.4% compared to ¥1,145,086,806.22 in Q1 2023[27] - Net profit for Q1 2024 was ¥474,742,275.92, slightly down from ¥478,671,148.35 in Q1 2023, representing a decrease of 0.6%[28] Cash Flow and Financing - The net cash flow from operating activities was CNY 674,132,876.34, down 34.52% year-on-year, primarily due to a decrease in toll revenue[3][8] - Cash inflow from financing activities totaled $407,560,000 in Q1 2024, a significant increase from $80,000,000 in Q1 2023, representing a growth of 409.5%[31] - The net cash flow from financing activities was $341,313,693 in Q1 2024, compared to a negative cash flow of $6,001,223.83 in Q1 2023, indicating a turnaround in financing performance[31] - The net increase in cash and cash equivalents for Q1 2024 was $876,177,500.96, a substantial rise from $57,271,415.83 in Q1 2023, reflecting a growth of 1421.5%[31] - Cash received from borrowings increased to $400,000,000 in Q1 2024, up from $80,000,000 in Q1 2023, marking a 400% increase[31] - Cash paid for debt repayment was $7,310,000 in Q1 2024, a decrease from $25,810,000 in Q1 2023, reflecting a reduction of 71.7%[31] Assets and Liabilities - Total assets at the end of the reporting period were CNY 22,644,542,609.70, an increase of 4.17% from the end of the previous year[4] - Long-term borrowings increased to RMB 6,331,588,045.56 as of March 31, 2024, compared to RMB 5,959,721,502.65 as of December 31, 2023[25] - Total liabilities as of March 31, 2024, were RMB 8,047,356,035.50, up from RMB 7,623,858,820.55 at the end of 2023[25] - The company's retained earnings rose to ¥10,988,247,234.60 as of March 31, 2024, compared to ¥10,528,575,894.30 at the end of 2023, marking an increase of 4.4%[26] Operating Costs and Revenue - The company's operating costs increased by 54.06%, mainly due to the construction costs of expanded PPP projects[8] - The total toll revenue for the first quarter of 2024 was RMB 1,022,953,000, a decrease of 8.01% compared to RMB 1,112,082,000 in the same period of 2023[15] - The average daily traffic volume for the He Ning Expressway in Q1 2024 was 47,536 vehicles, down 5.76% from 50,444 vehicles in Q1 2023[15] - The company reported a decrease in toll revenue across several expressways, with the highest decline being 47.20% for the Xuanguang Expressway[15] Investments - Investment income surged by 154.69%, attributed to dividends from the CICC Anhui Expressway REIT fund[8] - The company completed an investment of RMB 6.6417 million in the Anhui Expressway Investment Fund during the reporting period[17] - The company invested RMB 10 million in the establishment of the Anhui Expressway Jinshi Emerging Industry Equity Investment Fund during the reporting period[18] Shareholder Information - 安徽省交通控股集团有限公司持有524,644,220股，占总股本的31.63%[10] - HKSCC NOMINEES LIMITED持有489,043,879股，占总股本的29.49%[10] - 招商局公路网络科技控股股份有限公司持有404,191,501股，占总股本的24.37%[10] - 香港中央结算有限公司持有24,063,843股，占总股本的1.45%[10] - 中国建设银行股份有限公司－银华富裕主题混合型证券投资基金持有8,318,138股，占总股本的0.50%[10] - 中国平安人寿保险股份有限公司－自有资金持有7,308,054股，占总股本的0.44%[10] - 丁秀玲持有4,914,735股，占总股本的0.30%[10] - 汇添富基金管理股份有限公司－社保基金1103组合持有4,662,600股，占总股本的0.28%[11] - 中国银行股份有限公司－易方达中证红利交易型开放式指数证券投资基金持有4,520,969股，占总股本的0.27%[11] - 上海浦东发展银行股份有限公司－招商中证红利交易型开放式指数证券投资基金持有4,014,700股，占总股本的0.24%[11] Accounting Standards - The company has adopted new accounting standards starting in 2024, which may impact financial reporting[31]

Financial Performance - The company's operating revenue for Q1 2024 was CNY 1,286,864,373.72, representing a year-on-year increase of 12.38%[4] - The net profit attributable to shareholders was CNY 459,671,340.30, showing a slight increase of 0.05% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 7.62% to CNY 433,717,075.67[4] - Total revenue for Q1 2024 reached ¥1,286,864,373.72, an increase of 12.4% compared to ¥1,145,086,806.22 in Q1 2023[22] - Net profit for Q1 2024 was ¥474,742,275.92, slightly down from ¥478,671,148.35 in Q1 2023, representing a decrease of 0.6%[22] Cash Flow - The net cash flow from operating activities decreased significantly by 34.52% to CNY 674,132,876.34, primarily due to a decline in toll revenue[7] - In Q1 2024, the company reported a net cash flow from operating activities of ¥674,132,876.34, a decrease of 34.5% compared to ¥1,029,461,546.80 in Q1 2023[24] - Cash inflow from investment activities was ¥191,156,277.79, significantly up from ¥36,677.88 in the same period last year[24] - The net cash flow from investment activities was -¥139,269,068.38, an improvement from -¥966,188,907.14 in Q1 2023[24] - The net cash flow from financing activities was ¥341,313,693.00, a turnaround from -¥6,001,223.83 in the previous year[26] Assets and Liabilities - The total assets at the end of the reporting period were CNY 22,644,542,609.70, an increase of 4.17% from the end of the previous year[5] - The company's total assets increased to ¥22,644,542,609.70 in Q1 2024, compared to ¥21,738,743,118.83 in Q1 2023, reflecting a growth of 4.2%[20] - Total liabilities rose to ¥8,047,356,035.50 in Q1 2024, up from ¥7,623,858,820.55 in Q1 2023, marking an increase of 5.6%[20] Shareholder Information - The equity attributable to shareholders increased by 3.63% to CNY 13,116,582,934.28 compared to the end of the previous year[5] - The total equity attributable to shareholders increased to ¥13,116,582,934.28 in Q1 2024 from ¥12,656,911,593.98 in Q1 2023, a growth of 3.6%[20] - The company's major shareholders include Anhui Transportation Holding Group Co., Ltd., holding 31.63% of the shares[8] - As of the end of the reporting period, the total number of A-share shareholders was 18,155, and H-share shareholders totaled 62[11] Traffic and Toll Revenue - The average daily traffic volume for the Huhang Expressway in Q1 2024 was 47,536 vehicles, a decrease of 5.76% compared to 50,444 vehicles in Q1 2023[14] - Toll revenue for the Huhang Expressway in Q1 2024 was RMB 345.602 million, down 4.29% from RMB 361.079 million in Q1 2023[14] - The traffic volume for the Ninghuai Expressway in Q1 2024 was 42,504 vehicles, a decrease of 11.86% from 48,223 vehicles in Q1 2023[15] - The total toll revenue for all expressways in Q1 2024 was RMB 1,022.953 million, reflecting an 8.01% decrease from RMB 1,112.082 million in Q1 2023[15] - The company reported a 34.27% decrease in traffic volume for the Xuanguang Expressway, with an average daily traffic of 20,861 vehicles in Q1 2024[14] Investments and Subsidies - The company recognized a fair value change gain of CNY 31,197,800.00 from its investment in a closed-end infrastructure securities investment fund[6] - The company received government subsidies amounting to CNY 3,635,430.08, related to construction funding for highway projects[6] - The company completed an investment of RMB 6.6417 million in the Anhui Transportation Control Investment Fund during the reporting period[18] - The company also invested RMB 10 million in the Anhui Transportation Control Jinshi Emerging Industry Equity Investment Fund during the reporting period[18] Cost and Expenses - Operating costs for Q1 2024 were ¥706,927,947.54, up 45.0% from ¥487,539,973.17 in Q1 2023[22] - The company provided a total of RMB 226 million in policy-related fee reductions during Q1 2024, including RMB 34 million for green channel vehicles[16] - Cash received from sales and services was ¥1,065,791,117.72, a decline of 35.1% from ¥1,646,294,503.14 in Q1 2023[24] - The company paid ¥133,564,241.20 for goods and services in Q1 2024, down from ¥381,347,631.91 in Q1 2023[24] - The company’s cash outflow for investment activities was ¥330,425,346.17, a decrease from ¥966,225,585.02 in the same quarter last year[24]

Financial Performance - The net profit for the year 2023, according to Chinese accounting standards, was RMB 1,624,943 thousand, while under Hong Kong accounting standards, it was RMB 1,614,144 thousand[4]. - The distributable profit for shareholders for 2023 is RMB 1,614,144 thousand, based on the lower amount calculated under domestic and foreign accounting standards[4]. - The company proposes a cash dividend of RMB 6.01 per 10 shares, totaling RMB 996,824.61 thousand to be distributed[4]. - The company's operating revenue for 2023 reached CNY 6,631,337,271.78, representing a 27.37% increase compared to CNY 5,206,366,427.90 in 2022[19]. - Net profit attributable to shareholders for 2023 was CNY 1,659,928,716.34, a 14.87% increase from CNY 1,445,017,073.40 in the previous year[19]. - The total profit for the year was RMB 2,266,764 thousand, up 14.66% from RMB 1,976,932 thousand in the previous year[48]. - The company's total assets as of the end of 2023 were CNY 21,738,743,118.83, a 2.04% increase from CNY 21,303,368,819.17 at the end of 2022[19]. - The net cash flow from operating activities for 2023 was CNY 2,653,472,269.21, reflecting a 36.94% increase compared to CNY 1,937,699,977.46 in 2022[19]. - The company's net profit growth rate is projected to be 44.13%[44]. - The company's revenue growth rate is expected to be around 10.58%[44]. Dividend Policy - The company has maintained a stable dividend policy, distributing cash dividends for 27 consecutive years, totaling approximately RMB 8.415 billion, with a per-share dividend of RMB 5.1075[119]. - For the current year, the company plans to distribute a cash dividend of RMB 0.601 per share, achieving a payout ratio of 60.05%[119]. - The net profit attributable to ordinary shareholders in the consolidated financial statements for the year is RMB 1,659,928,716.34, with a cash dividend payout ratio of 60.05%[166]. - The company has established a shareholder return plan for 2021-2023, committing to distribute no less than 60% of the annual net profit attributable to the parent company in cash[165]. Audit and Compliance - The company has received a standard unqualified audit report from Ernst & Young Hua Ming[4]. - The internal control audit report issued by Ernst & Young Huaming indicates effective financial reporting internal controls[170]. - The audit report for the 2023 annual financial statements was issued without any reservations, confirming the accuracy of the financial data presented[188]. - The domestic accounting firm, Ernst & Young Huaming, received a remuneration of RMB 1.38 million for its auditing services in 2023[191]. - The company has retained Ernst & Young Huaming as its domestic auditor for two consecutive years, ensuring continuity in audit practices[193]. - The company has complied with all relevant laws and regulations, fulfilling its social responsibilities towards stakeholders, including shareholders and employees[121]. - The company has not engaged in any non-standard opinion audit reports, ensuring compliance with regulatory standards[190]. Operational Developments - The company has initiated the construction of a smart highway and smart toll station, with the first local standards for smart highways being developed in the province[40]. - The company aims to enhance its core asset quality and is actively involved in PPP projects, with the expansion of the Gaijie project officially starting[38]. - The company has established a smart operation command center for highways, improving service efficiency and safety measures[37]. - The company is focusing on innovation as a key driver for growth, integrating new technologies into network safety and travel services[41]. - The company is exploring new strategies for market expansion and technological development in the transportation sector[43]. - The company is focusing on addressing weaknesses in road maintenance and safety, particularly as many road sections are aging[42]. - The company is committed to deepening state-owned enterprise reforms and optimizing assessment mechanisms[42]. Investment and Capital Expenditure - The company completed an investment of RMB 2.475 billion in the Xuan Guang Expressway expansion PPP project during the reporting period, with a cumulative investment of RMB 3.893 billion[84]. - The company invested RMB 529.11 million to increase its stake to 55.47% in Xuan Guang Company, which focuses on highway construction and management[83]. - The company has established the Anhui Haicui Jinshi Innovation Development Investment Fund with a capital contribution of RMB 500 million, of which RMB 50 million was paid during the reporting period[84]. - The company also set up the Anhui Jiaokong Jinshi Emerging Industry Equity Investment Fund with a capital contribution of RMB 200 million, with RMB 10 million paid during the reporting period[84]. - The company is actively pursuing market expansion through strategic acquisitions, as indicated by multiple proposals for asset purchases[146]. Employee and Social Responsibility - The total number of employees in the parent company is 1,302, and the total number of employees in major subsidiaries is 638, resulting in a combined total of 1,940 employees[157]. - The company paid a total of RMB 59.01 million for social insurance and RMB 29.83 million for housing provident fund in 2023[160]. - The company contributed RMB 19.90 million to the enterprise annuity plan in 2023 to incentivize employee retention[161]. - The company has actively participated in community service activities, with approximately 8,970 volunteer service hours recorded during the reporting period[180]. - The company has implemented strict waste management practices, including the recycling of hazardous office waste and the separate collection of kitchen waste[175]. Governance and Management - The company has established a governance structure that includes a shareholders' meeting, board of directors, supervisory board, and management team, ensuring effective decision-making and compliance with regulations[107]. - The board of directors consists of 7 members, including 3 independent directors with expertise in finance and management, enhancing the board's decision-making efficiency[111]. - The supervisory board, comprising 3 members, focuses on financial supervision and compliance, having held 10 meetings during the reporting period to oversee the company's operations[112]. - The company has conducted 4 periodic reports and 108 temporary announcements (59 A-share and 49 H-share) during the reporting period, ensuring compliance with information disclosure regulations[114]. - The company has focused on enhancing the effectiveness and transparency of its information disclosure practices, benefiting all shareholders equally[113]. - The company has maintained effective governance and control without any significant violations or issues affecting governance levels[171]. Future Outlook - The company provided a future outlook with a revenue guidance of 12 billion CNY for the next fiscal year, indicating a projected growth of 20%[131]. - The company aims to enhance its investment capabilities and profitability through strategic investments in emerging industries and infrastructure projects[82]. - The company plans to enhance its operational management platform and aims to become a leading highway operation management and capital operation platform during the "14th Five-Year Plan" period[94]. - The company anticipates challenges in revenue sustainability due to policy changes and external economic factors, emphasizing the need for high-quality development to address these issues[41]. - The company is committed to exploring "zero-carbon" park models and optimizing photovoltaic and other renewable energy projects[178].

Financial Performance - Total revenue for the fiscal year ended December 31, 2023, was RMB 6,631,337 thousand, an increase of 27.3% from RMB 5,206,366 thousand in 2022[2] - Gross profit for the same period was RMB 2,593,637 thousand, up 16.7% from RMB 2,222,171 thousand in 2022[2] - Operating profit increased to RMB 2,468,857 thousand, representing a growth of 12.5% compared to RMB 2,194,606 thousand in 2022[2] - Net profit attributable to the owners of the company was RMB 1,657,726 thousand, a rise of 14.7% from RMB 1,445,457 thousand in the previous year[2] - Basic and diluted earnings per share for 2023 were RMB 0.9995, compared to RMB 0.8715 in 2022, reflecting a 14.7% increase[2] - The company reported a total comprehensive income of RMB 1,660,573 thousand for 2023, compared to RMB 1,415,902 thousand in 2022, marking an increase of 17.3%[3] - The total profit for the year was RMB 2,266,764 thousand, up 14.66% from RMB 1,976,932 thousand in the previous year[38] - Net profit attributable to shareholders reached RMB 1,659,929 thousand, reflecting a 14.87% growth compared to RMB 1,445,017 thousand in 2022[38] - Basic earnings per share for 2023 was RMB 0.9995, compared to RMB 0.8715 in 2022, reflecting an increase of about 14.7%[24] Revenue Breakdown - Toll revenue increased to RMB 4,041,761 thousand in 2023, up 9.9% from RMB 3,676,379 thousand in 2022[14] - Revenue from construction and renovation services under franchise arrangements rose significantly to RMB 2,475,491 thousand, a 74.7% increase from RMB 1,417,554 thousand in 2022[14] - The group achieved toll revenue of RMB 4,041,761 thousand, a year-on-year increase of 9.94% compared to RMB 3,676,379 thousand in 2022[41] - The total toll revenue for the group in 2023 was RMB 4,164,678 thousand, compared to RMB 3,788,021 thousand in 2022, marking a 9.94% increase[42] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 21,776,552 thousand, slightly up from RMB 21,345,566 thousand in 2022[6] - Non-current assets, including toll road operating rights, increased to RMB 15,024,602 thousand from RMB 13,497,875 thousand, indicating a growth of 11.4%[5] - The total equity attributable to the owners of the company rose to RMB 12,688,049 thousand from RMB 11,958,153 thousand, reflecting a growth of 6.1%[6] - The company’s total liabilities decreased to RMB 13,750 thousand in 2023 from RMB 13,750 thousand in 2022, remaining stable[30] Expenses and Financial Management - Financial expenses decreased to RMB 213,627 thousand in 2023, down 5.8% from RMB 226,521 thousand in 2022[16] - Employee benefits expenses, including salaries and pensions, amounted to RMB 446,700 thousand in 2023, an increase from RMB 430,281 thousand in 2022[17] - Interest expenses on bank loans increased to RMB 230,254 thousand in 2023, compared to RMB 214,432 thousand in 2022[16] - The total tax expense for the group in 2023 was RMB 587,659 thousand, up from RMB 562,194 thousand in 2022, indicating a rise of approximately 4.5%[19] Investments and Capital Expenditures - The company has committed capital expenditures of RMB 4,337,572 thousand for 2023, significantly higher than RMB 259,494 thousand in 2022, showing a substantial increase[29] - The company has invested RMB 2 billion in the establishment of the New Emerging Industry Fund, with an additional RMB 1 million paid during the reporting period[59] - The company completed an investment of RMB 2.475 billion in the expansion of the Xuan Guang Expressway PPP project, with a cumulative investment of RMB 3.893 billion to date[59] - The company plans to invest in the Anhui Haicui Jinshi Innovation Development Investment Fund with a total target size of RMB 5 billion, with the company contributing RMB 500 million, accounting for 10% of the total[76] Corporate Governance and Compliance - The company has continuously improved its corporate governance in accordance with relevant laws and regulations, ensuring compliance with the requirements of the China Securities Regulatory Commission[66] - The Audit Committee held five meetings in 2023 to oversee internal audit systems and review financial information[68] - The company proposed revisions to its Articles of Association and related documents to enhance governance structure[66] - The company’s risk management and internal control systems were assessed, with a focus on major risk evaluations for 2023[70] Market and Industry Trends - The company anticipates continued growth in highway infrastructure investment, driven by economic development and government policies supporting transportation infrastructure[80] - The toll road industry faces challenges such as rising construction and operational costs, limiting revenue growth from toll fees[81] - The integration of new technologies such as AI and information technology into the transportation sector is expected to enhance operational efficiency and service quality[84]

关于安徽皖通高速公路股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 1、专项审计报告 2、附表 委托单位：安徽皖通高速公路股份有限公司 审计单位：安永华明会计师事务所（特殊普通合伙） 联系电话： 非经营性资金占用及其他关联资金往来情况的专项说明 安永华明（2024）专字第70043213_B02号 安徽皖通高速公路股份有限公司 安徽皖通高速公路股份有限公司董事会： 我们审计了安徽皖通高速公路股份有限公司的2023年度财务报表，包括2023年12 月31日的合并及公司资产负债表，2023年度的合并及公司利润表、股东权益变动表和 现金流量表以及相关财务报表附注，并于2024年3月28日出具了编号为安永华明（2024） 审字第70043213_B01号的无保留意见审计报告。 按照《上市公司监管指引第8号——上市公司资金往来、对外担保的监管要求》的 要求，安徽皖通高速公路股份有限公司编制了后附的2023年度非经营性资金占用及其 他关联资金往来情况汇总表（以下简称"汇总表"）。 如实编制和对外披露汇总表，并确保其真实性、合法性、完整性是安徽皖通高速 公路股份有限公司的责任。我们对汇总 ...

Financial Performance - The company's operating revenue for Q3 2023 reached ¥2,020,221,328.75, an increase of 72.84% compared to the same period last year[5]. - Net profit attributable to shareholders was ¥511,260,574.55, reflecting a slight increase of 0.78% year-on-year[5]. - The net profit after deducting non-recurring gains and losses was ¥481,653,796.99, showing a decrease of 1.47% compared to the previous year[5]. - The basic earnings per share for the quarter was ¥0.3083, up by 0.78% from the same period last year[5]. - The total operating revenue for the first three quarters of 2023 reached RMB 4.344 billion, an increase from RMB 3.985 billion in the same period of 2022, reflecting a growth of approximately 9.05%[24]. - The company's net profit for the first three quarters of 2023 was not explicitly stated, but the increase in operating revenue and decrease in financial expenses suggest a potential improvement in profitability[24]. - In Q3 2023, the company's net profit reached CNY 1,390,532,682.96, an increase of 20.8% compared to CNY 1,150,997,031.16 in Q3 2022[26]. - The total profit for Q3 2023 was CNY 1,843,048,123.10, up from CNY 1,578,164,080.97 in the same period last year, reflecting a growth of 16.8%[26]. - The company's operating profit for Q3 2023 was CNY 1,838,451,800.20, compared to CNY 1,579,087,329.85 in Q3 2022, marking an increase of 16.4%[26]. Assets and Equity - The total assets at the end of the reporting period amounted to ¥21,958,066,789.64, representing a 3.07% increase from the end of the previous year[5]. - The equity attributable to shareholders increased to ¥12,347,377,979.80, marking a 3.54% rise compared to the previous year[5]. - The total assets of the company as of September 30, 2023, were RMB 21.958 billion, compared to RMB 21.303 billion at the end of 2022, showing a growth of about 3.08%[23]. Cash Flow - The company reported a net cash flow from operating activities of ¥2,247,925,294.46, which is a 27.04% increase year-on-year[5]. - Cash flow from operating activities for the first three quarters of 2023 was CNY 2,247,925,294.46, up from CNY 1,769,476,114.56 in the same period of 2022, representing a growth of 27.0%[28]. - The company reported a net cash outflow from investing activities of CNY -1,501,599,695.43 in the first three quarters of 2023, an improvement from CNY -2,711,389,017.74 in the same period last year[28]. - The cash and cash equivalents at the end of Q3 2023 stood at CNY 2,253,471,520.30, down from CNY 2,768,327,975.10 at the end of Q3 2022[29]. - The company's cash and cash equivalents as of September 30, 2023, amounted to RMB 5.073 billion, up from RMB 4.731 billion at the end of 2022, representing an increase of approximately 7.25%[22]. Traffic and Toll Revenue - In Q3 2023, the average daily traffic volume for the HeNing Expressway was 48,804 vehicles, an increase of 30.41% compared to 37,424 vehicles in Q3 2022[12]. - Toll revenue for the HeNing Expressway in Q3 2023 was RMB 386,749 thousand, up 22.18% from RMB 316,539 thousand in Q3 2022[12]. - The average daily traffic volume for the Ninghuai Expressway in Q3 2023 was 50,325 vehicles, reflecting a 21.20% increase from the previous year[12]. - The average daily traffic volume for the Ningxuanhang Expressway increased by 177.44% to 12,177 vehicles in Q3 2023 compared to the previous year[12]. - The total toll revenue for the first nine months of 2023 was RMB 3,178,993 thousand, an increase of 11.46% compared to RMB 2,852,147 thousand in the same period of 2022[14]. Government Support and Acquisitions - The company received government subsidies amounting to ¥3,665,052.37 during the quarter, related to infrastructure projects[6]. - The company plans to acquire 100% equity of Anhui Liwu Expressway Co., Ltd. for RMB 366,600.39 thousand through issuing A-shares and cash payments[16]. - The company received approval from the State-owned Assets Supervision and Administration Commission for the acquisition transaction[16]. - The company will increase the annual cash dividend ratio to no less than 75% of the net profit attributable to the parent company from 2023 to 2025 following the acquisition[16]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 19,331, with the largest shareholder holding 31.63% of the shares[9]. - As of the end of the reporting period, the total number of A-share shareholders was 19,267, and H-share shareholders was 64[11]. Management Changes - The company appointed Wang Xiaowen as the new general manager following the resignation of previous executives[20]. Financial Expenses - The company reported a decrease in financial expenses from RMB 112.683 million in 2022 to RMB 77.373 million in 2023, a reduction of approximately 31.3%[24].